Document:

EX-10.9

 Exhibit 10.9 

THIS PROMISSORY NOTE (THIS “NOTE”) AND THE SECURITIES INTO WHICH THIS NOTE MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED. 

WORKING CAPITAL PROMISSORY NOTE 
  

			
	 Principal Amount: up to $690,000
 (as set forth
on the Schedule of Borrowings attached hereto as Exhibit A)
	  	 Dated as of January 25, 2021

New York, New York

 Lazard Growth Acquisition Corp. I, a Cayman Islands exempted company (the “Maker”), promises
to pay to the order of LGACo 1 LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to Six Hundred and Ninety Thousand Dollars ($690,000) (as
set forth on the Schedule of Borrowings attached hereto as Exhibit A) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of
immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1. Principal. The entire unpaid principal balance of this Note shall be payable by the Maker in full on the date (such date, the
“Maturity Date”) on which the Maker consummates an initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (an “Initial Business
Combination”), unless earlier accelerated upon the occurrence of an Event of Default (as defined herein). The principal balance may be prepaid by the Maker at any time without penalty. Under no circumstances shall any individual, including
but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2. Conversion at the Option of the Payee. At any time and from time to time, at the option of the Payee, all or a portion of any unpaid
and outstanding principal balance of this Note, subject to this paragraph 2, may be convertible into one or more redeemable warrants (the “Working Capital Warrants”), with each $1.50 of unpaid and outstanding principal balance of
this Note being convertible into one Working Capital Warrant (a “Conversion”). Each Working Capital Warrant, when and if issued, will entitle the Payee to purchase one Class A ordinary share of the Maker, par value $0.0001 per
share (each, an “Ordinary Share”), at an exercise price of $11.50 per Ordinary Share, subject to adjustment, and will otherwise have the terms set forth in that certain Warrant Agreement, substantially in the form of Exhibit
B hereto, to be entered into by the Maker and Continental Stock Transfer & Trust Company on the date (the “IPO Closing Date”) of the consummation of the Maker’s initial public offering of the Maker’s units
(the “IPO”). The Payee acknowledges and agrees that the Working Capital Warrants, when and if issued, will be subject to the terms of a letter agreement, substantially in the form of Exhibit C hereto, to be entered into on
the IPO Closing Date in connection with the IPO among the Maker, the Payee and certain other parties thereto. In no event shall more than 1,333,333 Working Capital Warrants be issued in the aggregate as a result of one or more Conversions. 

3. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

4. Drawdown Requests. The Maker and the Payee agree that the Maker may request up to Six Hundred and Ninety Thousand Dollars
($690,000) in the aggregate for costs and expenses reasonably related to the Maker’s working capital needs prior to the consummation of the Initial Business Combination. The principal of this Note may be drawn down from time to time prior to
the Maturity Date, upon request from the Maker to the Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless agreed
to by the Payee in its sole discretion. The Payee shall fund each Drawdown Request no later than three business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this
Note at any one time may not exceed Six Hundred and Ninety Thousand Dollars ($690,000). No fees, payments or other amounts shall be due to the Payee in connection with, or as a result of, any Drawdown Request by the Maker. 

5. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including without limitation reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

6. Events of Default. The occurrence of any of the following shall constitute an event of default (“Event of
Default”): 
 (a) Failure to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this
Note within five business days of the Maturity Date. 

 (b) Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case
under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of the Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become due, or the taking of corporate
action by the Maker in furtherance of any of the foregoing. 
 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days. 
 7. Remedies. 

(a) Upon the occurrence of an Event of Default specified in Section 6(a) hereof, the Payee may, by written notice to the Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

(b) Upon the occurrence of an Event of Default specified in Sections 6(b) or 6(c) hereof, the unpaid principal balance of this Note, and all
other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of the Payee. 

8. Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon may be sold upon any such writ in whole or in part in any order
desired by the Payee. 
 9. Unconditional Liability. The Maker hereby waives all notices in connection with the delivery, acceptance,
performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by the Payee with respect to the payment or other provisions of this Note,
and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder. 

10. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be in writing and
delivered (i) personally or sent by first class registered or certified mail or overnight courier service to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or
fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
business day after delivery to an overnight courier service or five days after mailing if sent by mail. 
 11. Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
 12.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

13. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (a “Claim”) in or to any distribution of or from the trust account (the “Trust Account”) to be established in which the proceeds of the IPO conducted by the Maker (including the deferred underwriting
discounts and commissions) and certain of the proceeds of the sale of the warrants issued in a private placement to occur in connection with the consummation of the IPO are to be deposited, as described in greater detail in the registration
statement and prospectus to be 

 
filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust
Account for any reason whatsoever; provided, however, that if the Maker completes an Initial Business Combination, the Maker shall repay the principal balance of this Note, which may be out of the proceeds released to the Maker from
the Trust Account. 
 14. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with,
the written consent of the Maker and the Payee. 
 15. Assignment. No assignment or transfer of this Note or any rights or
obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[Signature page follows] 

 IN WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this
Note to be duly executed by the undersigned as of the day and year first above written. 
  

			
	LAZARD GROWTH ACQUISITION CORP. I
	a Cayman Islands exempted company
		
	By:	 	 /s/ Alexander Stern

	Name:	 	Alexander F. Stern
	Title:	 	Executive Chairman

 [SIGNATURE PAGE TO WORKING
CAPITAL PROMISSORY NOTE] 

 EXHIBIT A 

SCHEDULE OF BORROWINGS 
 The following
increases or decreases in this Promissory Note have been made: 
  

							
	 Date of Increase

or Decrease
	  	
Amount of decrease in Principal
Amount of this Promissory Note
	  	 Amount of increase in Principal

Amount of this Promissory Note
	  	 Principal Amount of this
Promissory Note following such

decrease or increase

		  		  		  	
		  		  		  	
		  		  		  	

 EXHIBIT B 

FORM OF WARRANT AGREEMENT 

 

 EXHIBIT C 

FORM OF LETTER AGREEMENTEnertopia Corporation: Exhibit 4.1 - Filed by newsfilecorp.com

    

    

    ENERTOPIA CORPORATION

    STOCK OPTION PLAN

    (the "Plan")

    Dated for Reference June 11, 2014

    ARTICLE 1

    PURPOSE AND INTERPRETATION

    Purpose

    1.1 The purpose of this Plan will be to advance the interests of Enertopia Corporation (the "Company") by encouraging equity participation in the Company through the acquisition of common shares (the "Shares") of the Company.  It is the intention of the Company that this Plan will at all times be in compliance with the policies (the "CSE Policies") of the Canadian Securities Exchange ("CSE") and any inconsistencies between this Plan and the CSE Policies, whether due to inadvertence or changes in the CSE Policies, will be resolved in favour of the CSE Policies.

    Definitions

    2.1 In this Plan:

     "Affiliate" means a company that is a parent or subsidiary of the Company, or that is controlled by the same entity as the Company;

     "Associate" has the meaning assigned by the Securities Act;

     "Board" means the board of directors of the Company or any committee thereof duly empowered or authorized to grant options under this Plan;

     "CSE" means the Canadian National Stock Exchange;

    "CSE Policies" means the rules and policies of the CSE, as amended from time to time;

     "Company" means Enertopia Corporation and includes, unless the context otherwise requires, all of its subsidiaries of affiliates and successors according to law;

     "Consultant" means an individual or Consultant Company, other than an Employee, Officer or Director that:

    (i) provides on an ongoing bona fide basis, consulting, technical, managerial or like services to the Company or an Affiliate of the Company;

    (ii) in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention on the business and affairs of the Company or an Affiliate of the Company; and

    (iii) has a relationship with the Company or an Affiliate that enables the individual or Consultant Company to be knowledgeable about the business and affairs of the Company;

    

    
        2

    

     "Consultant Company" means for an individual consultant, a company or partnership of which the Person is an employee, shareholder or partner;

     "Directors" means the directors of the Company as may be elected from time to time;

     "Effective Date" for an Option means the date of grant of the Option by the Board;

     "Employee" means:

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

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

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

     "Exercise Price" means the amount payable per Optioned Share on the exercise of an Option, as specified in the Option Commitment relating to such Option and as determined in accordance with the terms of this Plan;

     "Expiry Date" means the day on which an Option lapses as specified in the Option Commitment relating to such Option or in accordance with the terms of this Plan;

     "Listed Shares" means the number of issued and outstanding Shares of the Company that have been accepted for listing on the CSE, but excluding dilutive securities not yet converted into Listed Shares;

     "Management Company Employee" means an individual employed by another Person providing management services to the Company which are required for the ongoing successful operation of the business enterprise of the Company;

     "Officer" means a duly appointed executive officer of the Company;

     "Option" means the right granted under this Plan to a Service Provider to purchase Optioned Shares;

     "Option Commitment" means the notice of grant of an Option delivered by the Company to a Service Provider and substantially in the form of Schedule "A" (as to an Option without vesting provisions) or Schedule "B" (as to an Option with vesting provisions) attached hereto;

     "Optioned Shares" means Shares that may be issued in the future to a Service Provider upon the exercise of an Option;

    

    
        3

    

     "Optionee" means the recipient of an Option granted under this Plan;

     "Person" means a company or an individual;

     "Plan" means this Stock Option Plan, the terms of which are set out herein or as may be amended;

     "Regulatory Approval" means the approval of the CSE and any other securities regulatory authority that may have lawful jurisdiction over this Plan and any Options granted under this Plan;

     "Securities Act" means the Securities Act, R.S.B.C. 1996, c.418, as amended from time to time;

     "Service Provider" means a Person who is a bona fide Director, Officer, Employee, Management Company Employee or Consultant, and also includes a company, of which 100% of the share capital is beneficially owned by one or more Service Providers; and

     "Shares" means the common shares of the Company.

    ARTICLE 2

    STOCK OPTION PLAN

    Establishment of Stock Option Plan

    2.1 There is hereby established this Plan to recognize contributions made by Service Providers and to create an incentive for their continuing assistance to the Company and its Affiliates. 

    Shares Issuable under the Plan

    2.2 Subject to CSE Policies, the aggregate number of Optioned Shares that may be issuable pursuant to Options granted under this Plan will be 17,400,000 Shares of the Company.

    Eligibility

    2.3 Options to purchase Optioned Shares may be granted under this Plan to Service Providers from time to time by the Board. 

    Options Granted Under this Plan

    2.4 All Options granted under this Plan will be evidenced by an Option Commitment substantially in the forms attached hereto as Schedule "A" or Schedule "B", showing the number of Optioned Shares, the term of the Option, the Exercise Price and a reference to vesting terms, if any.

    2.5 Subject to specific variations approved by the Board, all terms and conditions set out in this Plan will be deemed to be incorporated into and form part of an Option Commitment made hereunder.

    

    
        4

    

    Options Not Exercised

    2.6 In the event an Option granted under this Plan expires unexercised or is terminated by reason of dismissal of the Optionee for cause or is otherwise lawfully cancelled prior to exercise of the Option, the Optioned Shares that were issuable thereunder will be returned to the Plan and will be eligible for re-issue.

    Powers of the Board

    2.7 The Board will be responsible for the general administration of this Plan and the proper execution of its provisions, the interpretation of this Plan and the determination of all questions arising hereunder.  Without limiting the generality of the foregoing, the Board has the power to:

     (a) allot Shares for issuance in connection with the exercise of Options;

     (b) grant Options under this Plan;

    (c) subject to Regulatory Approval, amend, suspend, terminate or discontinue this Plan, or revoke or alter any action taken in connection therewith, except that no general amendment or suspension of this Plan will, without the written consent of all Optionees, alter or impair any Option previously granted under this Plan unless as a result of a change in CSE Policies; and

    (d) delegate all or such portion of its powers under this Plan as it may determine to one or more committees of the Board, either indefinitely or for such period of time as it may specify, and thereafter each such committee may exercise the powers and discharge the duties of the Board in respect of this Plan so delegated to the same extent as the Board is hereby authorized so to do.; and

    (e) may in its sole discretion amend this Plan (except for previously granted and outstanding Options), pursuant to paragraph 5.8.

    ARTICLE 3

    TERMS AND CONDITIONS OF OPTIONS

    Exercise Price

    3.1 The Exercise Price of an Option will be set by the Board at the time such Option is granted under this Plan, and, unless otherwise permitted under CSE Policies, cannot be less than the greater of the closing market price of the Listed Shares on (a) the trading day immediately prior to the date of grant of the Option; and (b) the date of grant of the Option.

    Term of Option

    3.2 An Option can be exercisable for a maximum of five (5) years from the Effective Date.

    3.3 Subject to paragraph 3.2, the term of an Option will be set by the Board at the time such Option is granted under this Plan.

    

    
        5

    

    Option Amendment

    3.4 Unless otherwise permitted under CSE Policies, the terms of an Option may not be amended after the Option is granted.

    Vesting of Options

    3.5 Vesting of Options is at the discretion of the Board and will generally be subject to:

    (a) the Service Provider remaining employed by or continuing to provide services to the Company or any of its subsidiaries and Affiliates, as well as, at the discretion of the Board, achieving certain milestones which may be defined by the Board from time to time or receiving a satisfactory performance review by the Company or its subsidiary or Affiliate during the vesting period; or

    (b) remaining as a Director of the Company or any of its subsidiaries or Affiliates during the vesting period.

    Optionee Ceasing to be a Service Provider

    3.6 The Option will expire immediately at such time as and no Option may be exercised after the Service Provider has left his or her employment/office or has been advised that his or her services are no longer required or that his or her service contract has expired, except as follows:

    (a) in the case of the death of an Optionee, any vested Option held by him or her at the date of death will become exercisable by the Optionee's lawful personal representatives, heirs or executors until the earlier of one year after the date of death of such Optionee and the date of expiration of the term otherwise applicable to such Option;

    (b) Options granted to an Optionee may be extended for such time period as the Board may determine but only to the extent that such Options were vested in the Optionee at the date the Optionee ceased to be so employed or provide services to the Company; and

    (c) in the case of an Optionee being dismissed from employment or service for cause, such Optionee's Options, whether or not vested at the date of dismissal, will immediately terminate without right to exercise same.

    Non-Assignable

    3.7 Subject to paragraph 3.6(a), all Options will be exercisable only by the Optionee to whom they are granted and will not be assignable or transferable.

    Adjustment of the Number of Optioned Shares

    3.8 The number of Shares subject to an Option will be subject to adjustment in the event and in the manner following:

    (a) in the event of a subdivision of Shares as constituted on the date of this Plan, at any time while an Option is in effect, into a greater number of Shares, the Company will thereafter deliver at the time of purchase of Optioned Shares, in addition to the number of Optioned Shares in respect of which the right to purchase is then being exercised, such additional number of Shares as result from the subdivision without an Optionee making any additional payment or giving any other consideration therefore;

    

    
        6

    

    (b) in the event of a consolidation of the Shares as constituted on the date of this Plan, at any time while an Option is in effect, into a lesser number of Shares, the Company will thereafter deliver and an Optionee will accept, at the time of purchase of Optioned Shares, in lieu of the number of Optioned Shares in respect of which the right to purchase is then being exercised, the lesser number of Shares as result from the consolidation;

    (c) in the event of any change of the Shares as constituted on the date of this Plan, at any time while an Option is in effect, the Company will thereafter deliver at the time of purchase of Optioned Shares the number of shares of the appropriate class resulting from the said change as an Optionee would have been entitled to receive in respect of the number of Shares so purchased had the right to purchase been exercised before such change;

    (d) in the event of a capital reorganization, reclassification or change of outstanding equity shares (other than a change in the par value thereof) of the Company, a consolidation, merger or amalgamation of the Company with or into any other company or a sale of the property of the Company as or substantially as an entirety at any time while an Option is in effect, an Optionee will thereafter have the right to purchase and receive, in lieu of the Optioned Shares immediately theretofore purchasable and receivable upon the exercise of the Option, the kind and amount of shares and other securities and property receivable upon such capital reorganization, reclassification, change, consolidation, merger, amalgamation or sale which the holder of a number of Shares equal to the number of Optioned Shares immediately theretofore purchasable and receivable upon the exercise of the Option would have received as a result thereof.  The subdivision or consolidation of Shares at any time outstanding (whether with or without par value) will not be deemed to be a capital reorganization or a reclassification of the capital of the Company for the purposes of this sub-paragraph 3.8(d);

    (e) an adjustment will take effect at the time of the event giving rise to the adjustment and the adjustments provided for in this paragraph are cumulative;

    (f) the Company will not be required to issue fractional shares in satisfaction of its obligations under this Plan.  Any fractional interest in a Share that would, except for the provisions of this sub-paragraph 3.8(f), be deliverable upon the exercise of an Option will be cancelled and will not be deliverable by the Company; and

    (g) if any questions arise at any time with respect to the Exercise Price or number of Optioned Shares deliverable upon exercise of an Option in any of the events set out in this paragraph 3.8, such questions will be conclusively determined by the Company's auditors, or, if they decline to so act, any other firm of Chartered Accountants in Vancouver, British Columbia (or in the city of the Company's principal executive office) that the Company may designate and who will have access to all appropriate records and such determination will be binding upon the Company and all Optionees.

    

    
        7

    

    ARTICLE 4

    COMMITMENT AND EXERCISE PROCEDURES

    Option Commitment

    4.1 Upon grant of an Options pursuant to this Plan, an authorized Director or Officer of the Company will deliver to the Optionee an Option Commitment detailing the terms of such Options and upon such delivery the Optionee will be subject to this Plan and have the right to purchase the Optioned Shares at the Exercise Price set out in such Option Commitment, subject to the terms and conditions of this Plan.

    Manner of Exercise

    4.2 An Optionee who wishes to exercise his or her Option may do so by delivering to the Company:

    (a) a written notice specifying the number of Optioned Shares being acquired pursuant to the Option; and

    (b) cash or a certified cheque payable to the Company for the aggregate Exercise Price for the Optioned Shares being acquired.

    Delivery of Certificate and Hold Periods

    4.3 As soon as practicable after receipt of the notice of exercise described in paragraph 4.2 and payment in full for the Optioned Shares being acquired, the Company will direct its transfer agent to issue a certificate to the Optionee for the appropriate number of Optioned Shares.  Such certificate will bear a legend stipulating any resale restrictions required under applicable securities laws.

    Withholding

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

    ARTICLE 5

    GENERAL

    Employment and Services

    5.1 Nothing contained in this Plan will confer upon or imply in favour of any Optionee any right with respect to office, employment or provision of services with the Company, or interfere in any way with the right of the Company to lawfully terminate the Optionee's office, employment or service at any time pursuant to the arrangements pertaining to same.  Participation in this Plan by an Optionee will be voluntary.

    

    
        8

    

    No Representation or Warranty 

    5.2 The Company makes no representation or warranty as to the future market value of Optioned Shares issued in accordance with the provisions of this Plan or to the effect of the Income Tax Act (Canada) or any other taxing statute governing the Options or the Optioned Shares issuable thereunder or the tax consequences to a Service Provider.  Compliance with applicable securities laws as to the disclosure and resale obligations of each Optionee is the responsibility of such Optionee and not the Company.

    No Rights as Shareholder

    5.3 No Optionee will have any of the rights as a shareholder of the Company in respec6t of the Optioned Shares subject to an Option until such Optioned Shares have been paid for in full and issued.

    No Prohibition on Other Arrangements

    5.4 Nothing contained in this Plan will prevent the Company or any of its Affiliates from adopting or continuing in effect other compensation arrangements and such arrangements may be either generally applicable or applicable only in specific cases.

    Interpretation

    5.5 The validity, construction and effect of this Plan, the grants of Options, the issue of Optioned Shares, any rules and regulations relating to this Plan and any Option Commitment, and all determinations made and actions taken pursuant to this Plan, will be governed and construed in accordance with the laws of the Province of British Columbia.

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

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

    

    
        9

    

    Amendment of this Plan

    5.8 The Board reserves the right, in its absolute discretion, to at any time amend, modify or terminate this Plan with respect to all Optioned Shares in respect of Options which have not yet been granted hereunder.  Any amendment to any provision of this Plan will be subject to any necessary Regulatory Approvals.

    Effective Date

    5.9 This Plan will become effective upon being adopted by the Board.

    

    SCHEDULE "A"

    ENERTOPIA CORPORATION

    STOCK OPTION PLAN DATED _________________, 2014

    OPTION COMMITMENT

    [No Vesting Provision]

    Notice is hereby given that, effective this ______________ day of _____________________________, 20___ (the "Effective Date"), ENERTOPIA CORPATION (the "Company") has granted to                                                                                                                                                      (the "Service Provider") an Option to acquire                                                          Shares (the "Optioned Shares") until 4:30 p.m. (Vancouver Time) on the ____ day of                                                         , 20___ (the "Expiry Date") at an exercise price (the "Exercise Price") of $_____ per Optioned Share.

    The grant of the Option evidenced hereby is made subject to the terms and conditions of the Company's Stock Option Plan dated October 21, 2011, (the "Plan") the terms and conditions of which are hereby incorporated. 

    To exercise your Option, you must deliver to the Company a written notice specifying the number of Optioned Shares you wish to acquire, together with cash or a certified cheque payable to the Company for the aggregate Exercise Price.  A certificate for the Optioned Shares so acquired will be issued by the Company's transfer agent as soon as practicable thereafter and will bear a minimum four month non-transferability legend from the date of this Option Commitment.

    The Company and the Service Provider represent that the Service Provider under the terms and conditions of the Plan is a bona fide [EMPLOYEE/ CONSULTANT/ MANAGEMENT COMPANY EMPLOYEE]                                                                        of the Company, entitled to receive Options under CSE Policies.

    ENERTOPIA CORPORATION

    ______________________________________
Authorized Signatory

    By signature hereunder,               [Service Provider]            hereby acknowledges receipt of this Option Commitment and hereby consents to the Company's collection, use and disclosure of his/her personal information for the purposes of the Company's grant of the Option evidenced by this Option Commitment.                              [Service Provider]               further acknowledges that, from time to time, the Company may be required to disclose such personal information to securities regulatory authorities and stock exchanges and, by providing such personal information to the Company,                             [Service Provider]               hereby expressly consents to such disclosure.

    ______________________________________
[Service Provider]

    

    SCHEDULE "B"

    ENERTOPIA CORPORATION

    STOCK OPTION PLAN DATED _______________, 2014

    OPTION COMMITMENT

     [Vesting Provisions]

    Notice is hereby given that, effective this ______________ day of _____________________________, 20___ (the "Effective Date"), ENERTOPIA CORPORATION (the "Company") has granted to                                                                                                                                                      (the "Service Provider") an Option to acquire                                                          Shares (the "Optioned Shares") until 4:30 p.m. (Vancouver Time) on the ____ day of                                                         , 20___ (the "Expiry Date") at an exercise price (the "Exercise Price") of $_____ per Optioned Share.

    The grant of the Option evidenced hereby is made subject to the terms and conditions of the Company's Stock Option Plan dated October 21, 2011, (the "Plan") the terms and conditions of which are hereby incorporated. 

    Optioned Shares will vest as follows:

    	 
	 
	 
	 

    To exercise your Option, you must deliver to the Company a written notice specifying the number of Optioned Shares you wish to acquire, together with cash or a certified cheque payable to the Company for the aggregate Exercise Price.  A certificate for the Optioned Shares so acquired will be issued by the Company's transfer agent as soon as practicable thereafter and will bear a minimum four month non-transferability legend from the date of this Option Commitment.

    The Company and the Service Provider represent that the Service Provider under the terms and conditions of the Plan is a bona fide [EMPLOYEE/ CONSULTANT/ MANAGEMENT COMPANY EMPLOYEE]                                                                        of the Company, entitled to receive Options under CSE Policies.

    ENERTOPIA CORPORATION

    ______________________________________
Authorized Signatory

    By signature hereunder,               [Service Provider]            hereby acknowledges receipt of this Option Commitment and hereby consents to the Company's collection, use and disclosure of his/her personal information for the purposes of the Company's grant of the Option evidenced by this Option Commitment.                              [Service Provider]               further acknowledges that, from time to time, the Company may be required to disclose such personal information to securities regulatory authorities and stock exchanges and, by providing such personal information to the Company,                             [Service Provider]               hereby expressly consents to such disclosure.

    ______________________________________
[Service Provider]

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