Document:

EXECUTION COPY

 

ADMINISTRATION AGREEMENT

between

GE EQUIPMENT TRANSPORTATION LLC, SERIES 2013-1,

as Issuer

and

GENERAL ELECTRIC CAPITAL CORPORATION,

as Administrator

Dated as of March 20, 2013

 

    	 	 	Administration Agreement

(GEET 2013-1)

    	 

    

 

Table
of Contents

 

Page

 

	1.	Duties of the Administrator	1
	2.	Records	6
	3.	Compensation	6
	4.	Additional Information to be Furnished to the Issuer	6
	5.	Independence of the Administrator	6
	6.	No Joint Venture	7
	7.	Other Activities of the Administrator	7
	8.	Term of Agreement; Resignation and Removal of the Administrator	7
	9.	Action upon Termination, Resignation or Removal	8
	10.	Notices	9
	11.	Amendments	9
	12.	Successors and Assigns	9
	13.	Governing Law	10
	14.	Other Interpretive Matters	11
	15.	Headings	11
	16.	Counterparts	11
	17.	Severability	12
	18.	Not Applicable to the Administrator in Other Capacities	12
	19.	Limitation of Liability of the Managing Member	12
	20.	Indemnification	12

 

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ADMINISTRATION AGREEMENT,
dated as of March 20, 2013, between GE Equipment Transportation LLC, Series 2013-1, a Delaware limited liability company (the “Issuer”),
and General Electric Capital Corporation, a Delaware corporation, as administrator (the “Administrator”).

 

RECITALS

 

WHEREAS,
the Issuer is issuing 0.26000% Class A-1 Notes, 0.50% Class A-2 Notes, 0.69% Class A-3 Notes, 0.90%, Class A-4 Notes (together
with the Class A-3 Notes, the Class A-2 Notes and the Class A-1 Notes, the “Class A Notes”), 1.23% Class B Notes
(the “Class B Notes”), and 1.54% Class C Notes (the “Class C Notes,” and together with the
Class A Notes and the Class B Notes, the “Notes”), pursuant to the Indenture, dated as of the date hereof (as amended
and supplemented from time to time in accordance with the provisions thereof, the “Indenture”), between
the Issuer and the Indenture Trustee (capitalized terms used herein and not otherwise defined herein are defined in the Indenture);

 

WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance of the Notes and of certain beneficial ownership
interests of the Issuer, including: (i) a Receivables Purchase and Sale Agreement, dated as of the date hereof (as amended and
supplemented from time to time, the “Purchase and Sale Agreement”), between the Issuer and CEF Equipment Holding
L.L.C., a Delaware limited liability company, as seller (the “Transferor”), (ii) the Indenture and (iii)
a Servicing Agreement, dated as of the date hereof (the “Servicing Agreement), between the Issuer and General Electric
Capital Corporation, as servicer (in such capacity, the “Servicer”) (the Servicing Agreement, the Purchase
and Sale Agreement and the Indenture, being hereinafter referred to collectively as the “Related Documents”);

 

WHEREAS,
pursuant to the Related Documents, the Issuer is required to perform certain duties in connection with: (a) the Notes and the collateral
therefor pledged pursuant to the Indenture (the “Collateral”) and (b) the ownership interests in the Issuer
(the registered holders of such interests being referred to herein as the “Owners”);

 

WHEREAS,
the Issuer desires to have the Administrator perform certain of the duties of the Issuer referred to in the preceding clause, and
to provide such additional services consistent with this Agreement and the Related Documents as the Issuer may from time to time
request; and

 

WHEREAS,
the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer
on the terms set forth herein;

 

NOW, THEREFORE,
in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

 

1.Duties of the Administrator.

 

(a)Duties with
Respect to the Indenture. The Administrator, on behalf of the Issuer, shall perform the administrative duties of the Issuer
under the Indenture. In addition, the Administrator, on behalf of the Issuer, shall consult with the Indenture Trustee regarding
the duties of the Issuer and the Indenture Trustee under the Indenture. The Administrator, on behalf of the Issuer, shall monitor
the performance of the Issuer and shall advise the Issuer when action is necessary to comply with the Issuer’s duties under
the Indenture. The Administrator, on behalf of the Issuer, shall prepare for execution by the Issuer or shall cause the preparation
by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the
duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Administrator, on
behalf of the Issuer, shall take all appropriate action that is the duty of the Issuer to take pursuant to such documents, including,
without limitation, such of the foregoing as are required with respect to the following matters (references in this Section are
to sections of the Indenture):

 

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(i)the
duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar
and the location, or change in location, of the Note Register (Section 2.4);

 

(ii)the
notification to the Indenture Trustee of the Payment Date on which the final installment of principal and interest on the Notes
will be paid (Section 2.7);

 

(iii)the
preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same
to the Indenture Trustee (Section 2.2);

 

(iv)the
maintenance of an office at the Corporate Trust Office for registration of transfer or exchange of Notes and where notices and
demands to or upon the Issuer in respect of the Notes and the Indenture may be served (Section 3.2);

 

(v)the
duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust (Sections 3.3 and 6.16);

 

(vi)the
direction to the Paying Agents to pay all sums held in trust by such Paying Agents to the Indenture Trustee for purposes of obtaining
the satisfaction and discharge of the Indenture (Sections 3.3 and 6.16);

 

(vii)the
observance and compliance by the Issuer in all material respects with (i) all laws applicable to it and (ii) all requisite and
appropriate organizational and other formalities in the management of its business and affairs and the conduct of the transactions
contemplated by the Indenture (Section 3.4);

 

(viii)the
preparation of all supplements, amendments and all writings, and such other actions, necessary or advisable to protect the Collateral
in accordance with Section 3.5 of the Indenture (Section 3.5);

 

(ix)the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel, in accordance with Section
3.6 of the Indenture, as to the Collateral, and the annual delivery of the Officer’s Certificate and certain other statements,
in accordance with Section 3.9 of the Indenture, as to compliance with the Indenture (Sections 3.6 and 3.9);

 

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(x)the
monitoring and enforcement of the obligations of the Servicer under the Servicing Agreement (Section 3.7);

 

(xi)upon
a consolidation or merger of the Issuer, the delivery to the Indenture Trustee of an Officer’s Certificate and an Opinion
of Counsel in accordance with Section 3.11 of the Indenture (Section 3.11(l));

 

(xii)the
preparation, execution and filing of all forms and documents necessary to pay all taxes in accordance with Section 3.8 of the Indenture
(Section 3.8);

 

(xiii)the
preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture
(Section 3.12(b));

 

(xiv)the
delivery of notice to the Indenture Trustee and the Rating Agencies of each Event of Default and each default by the Servicer of
its obligations under the Servicing Agreement and each default of the Transferor under the Purchase and Sale Agreement (Section
3.13);

 

(xv)the
monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s
Certificate and the obtaining of an Opinion of Counsel and an Independent Certificate relating thereto (Section 4.1);

 

(xvi)the
compliance with any written directive of the Indenture Trustee to the Issuer with respect to the sale of the Collateral in a commercially
reasonable manner if an Event of Default shall have occurred and be continuing (Section 5.2(a)(vi));

 

(xvii)the
delivery of a written demand to the Servicer to deliver the Receivable Files to the Indenture Trustee upon receipt by the Issuer
of a written demand for the same from the Indenture Trustee (Section 5.2(a)(vii));

 

(xviii)the
preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee (Section 6.8);

 

(xix)the
notification of the Indenture Trustee in writing if the Notes become listed on any stock exchange or market trading system (Section
6.14);

 

(xx)the
furnishing to the Indenture Trustee with the names and addresses of Noteholders during any period when the Indenture Trustee is
not the Note Registrar (Section 7.1);

 

(xxi)the
preparation, execution and filing with the Commission and the Indenture Trustee of the annual reports and of the information, documents
and other reports required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations
prescribed by, the Commission or, if the Issuer is not required to file with the Commission periodic information, documents or
reports, then the preparation, execution and filing with the Commission and the Indenture Trustee of such supplementary and periodic
information, documents and reports as may be prescribed by the Commission and, in each case, the transmission of such summaries,
as necessary, to the Noteholders (Section 7.3);

 

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(xxii)the
opening of one or more accounts in the Issuer’s name, the preparation of Issuer Orders, Officer’s Certificates and
Opinions of Counsel and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts
(Sections 8.2 and 8.6);

 

(xxiii)the
provision of written notices to Noteholders regarding special record dates, special payment dates and the amounts to be paid to
Noteholders on such dates (Section 8.3(d));

 

(xxiv)the
preparation of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and Independent Certificates,
if necessary, for the release of the Collateral as defined in the Indenture (Sections 8.7 and 8.8);

 

(xxv)the
preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures
and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

 

(xxvi)the
execution and delivery of new Notes conforming to any supplemental indenture (Section 9.5);

 

(xxvii)the
notification of Noteholders of redemption of the Notes (Section 10.2);

 

(xxviii)the
preparation of all Officer’s Certificates, Opinions of Counsel and Independent Certificates with respect to any requests
by the Issuer to the Indenture Trustee to take an action under the Indenture other than any request that (a) the Indenture Trustee
authenticate the Notes or (b) the Indenture Trustee pay amounts due and payable to the Issuer under the Indenture to the Issuer’s
assignee (Section 11.1(a));

 

(xxix)the
preparation and delivery of Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release
of property from the lien of the Indenture (Section 11.1(b));

 

(xxx)the
preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice
provisions (Section 11.6);

 

(xxxi)the
recording of the Indenture, if applicable (Section 11.13); and

 

(xxxii)the
filing with the Commission of the appropriate forms necessary to suspend reporting requirements under the Securities Exchange Act
(Section 7.4).

 

(b)Duties with Respect to the Issuer.
(i) The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or shall cause the preparation
by other appropriate Persons, of all such documents, reports, filings, instruments, certificates and opinions, as it shall be the
duty of the Issuer to perform, prepare, file or deliver pursuant to the Related Documents. At the request of the Issuer, the Administrator
shall take all appropriate action that it is the duty of the Issuer to take pursuant to the Related Documents. Subject to Section
5 of this Agreement, and in accordance with the directions of the Issuer, the Administrator, on behalf of the Issuer, shall
administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing and as are expressly requested by the Issuer, and are reasonably within the
capability of the Administrator.

 

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(ii)Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for promptly notifying
the Issuer in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income). Any
such notice shall specify the amount of any withholding tax required to be withheld pursuant to such provision.

 

(iii)Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the Administrator shall be responsible for performance of
the duties of the Managing Member set forth in Sections 8.2 and 8.3 of the Issuer Limited Liability Company Agreement with respect
to, among other things, accounting and reports to members; provided, however, that the Managing Member shall retain responsibility
for the distribution of the information necessary to enable each member to prepare its federal, state and local income tax returns.

 

(iv)The
Administrator shall satisfy its obligations with respect to clauses (ii) and (iii) by retaining, at the expense of
the Issuer, a firm of independent certified public accountants (the “Accountants”) acceptable to the Issuer,
which Accountants shall perform the obligations of the Administrator thereunder. In connection with clause (ii), the Accountants
will provide a letter in form and substance satisfactory to the Managing Member or the Issuer, as applicable, as to whether any
tax withholding is then required and, if required, the procedures to be followed with respect thereto to comply with the requirements
of the Code. The Accountants shall be required to update the letter in each instance that any additional tax withholding is subsequently
required or any previously required tax withholding shall no longer be required.

 

(v)In
carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions
with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings
shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less
favorable to the Issuer than would be available from unaffiliated parties.

 

(vi)The
Administrator hereby agrees to execute on behalf of the Issuer all such documents, reports, filings, instruments, certificates
and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Related Documents or otherwise by
law.

 

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(c)Non-Ministerial Matters. (i)
With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take
any action unless within a reasonable time before the taking of such action the Administrator shall have notified the Managing
Member or the Issuer, as applicable, of the proposed action and the Managing Member or the Issuer, as applicable, shall have consented
or provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters”
shall include, without limitation:

 

(A)the
amendment of or any supplement to the Indenture;

 

(B)the
initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer
(other than in connection with the collection of the Receivables);

 

(C)the
amendment, change or modification of the Related Documents;

 

(D)the
appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or
the appointment of successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, Paying
Agent or Indenture Trustee of its obligations under the Indenture; and

 

(E)the
removal of the Indenture Trustee.

 

(ii)Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not: (x) make any payments
to the Noteholders under the Related Documents or (y) take any other action that the Issuer directs the Administrator not to take
on its behalf.

 

2.Records.
The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books
of account and records shall be accessible for inspection by the Issuer or its designees at any time during normal business hours.

 

3.Compensation.
As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $3,000 per annum, 1/12 of which is payable in arrears on each
Payment Date, which payment shall be solely an obligation of the Issuer.

 

4.Additional
Information to be Furnished to the Issuer. The Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

 

5.Independence
of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent
the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer.

 

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6.No Joint
Venture. Nothing contained in this Agreement: (i) shall constitute the Administrator and the Issuer as members of any partnership,
joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any
liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to
incur any obligation or liability on behalf of the others.

 

7.Other Activities
of the Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses
or, in their sole discretion, from acting in a similar capacity as an administrator for any other Person even though such
Person may engage in business activities similar to those of the Issuer.

 

8.Term of Agreement; Resignation
and Removal of the Administrator. (a) This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

(b)Subject to Section
8(g), the Administrator may resign its duties hereunder by providing the Issuer and the Servicer with at least sixty (60) days’
prior written notice.

 

(c)Subject to Section
8(e), the Issuer may remove the Administrator without cause by providing the Administrator and the Servicer with at least sixty
(60) days’ prior written notice.

 

(d)Subject to Section
8(e), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator and the Servicer if any of the following events shall occur:

 

(i)the
Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall
not cure such default within ten (10) days (or, if such default cannot be cured in such time, shall not give within ten (10) days
such assurance of cure as shall be reasonably satisfactory to the Issuer);

 

(ii)a
court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been
vacated within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs;
or

 

(iii)the
Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the
appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator or
any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of
its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become
due.

 

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The Administrator agrees
that if any of the events specified in clauses (ii) or (iii) of this subsection shall occur, it shall give written
notice thereof to the Issuer, the Servicer and the Indenture Trustee within seven (7) days after the occurrence of such event.

 

(e)Upon the Administrator’s
receipt of notice of termination, pursuant to Sections 8(c) or (d), or the Administrator’s resignation
in accordance with this Agreement, the predecessor Administrator shall continue to perform its functions as Administrator
under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date
is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of: (x)
the date forty-five (45) days from the delivery to the Issuer, the Indenture Trustee and the Servicer of written notice of such
resignation (or written confirmation of such notice) in accordance with this Agreement and (y) the date upon which the predecessor
Administrator shall become unable to act as Administrator, as specified in the notice of resignation and accompanying Opinion of
Counsel. In the event of the Administrator’s termination hereunder, the Issuer shall appoint a successor Administrator, and
the successor Administrator shall accept its appointment by a written assumption.

 

(f)Upon appointment,
the successor Administrator shall be the successor in all respects to the predecessor Administrator and shall be subject to all
the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Administrator and shall
be entitled to the compensation specified in Section 3 and all the rights granted to the predecessor Administrator
by the terms and provisions of this Agreement.

 

(g)No resignation
or removal of the Administrator pursuant to this Section shall be effective until: (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement
in the same manner as the Administrator is bound hereunder.

 

(h)The appointment
of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

 

(i)The Administrator
or the Issuer, as the case may be, shall provide to the Indenture Trustee a copy of all notices required to be delivered under
this Article 8.

 

9.Action
upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8(a), or the resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively,
the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the
Issuer all property and documents of or relating to the Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 8(b) or (c), respectively, the Administrator shall
cooperate with the Issuer and the Indenture Trustee and take all reasonable steps requested to assist the Issuer and the Indenture
Trustee in making an orderly transfer of the duties of the Administrator.

 

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10.Notices.
Any notice, report or other communication given hereunder shall be in writing and addressed as follows:

 

		(a)	if to the Issuer, to:

 

GE Equipment Transportation LLC, Series 2013-1

c/o General Electric Capital Corporation

10 Riverview Drive

Danbury, Connecticut 06810

Attention: Capital Markets Operations

 

		(b)	if to the Administrator, to:

 

General Electric Capital Corporation,

as Administrator

201 Merritt 7

Norwalk, Connecticut 06851

Attention: General Counsel

Telephone:(203) 229-5000

Facsimile:(203) 956-4296

 

		(c)	if to the Indenture Trustee, to:

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, NY 10013

Attention: Agency and Trust – GE Equipment Transportation 2013-1

 

or to such other address as any party shall
have provided to the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such
notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above.

 

11.Amendments.
This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Issuer and the Administrator.
Promptly after the execution of any such amendment (or, in the case of a Rating Agency, ten (10) days prior thereto), the Administrator
shall furnish written notification of the substance of such amendment or consent to each Noteholder and each Rating Agency.

 

12.Successors
and Assigns. This Agreement may not be assigned by the Administrator unless such assignment is previously consented to
in writing by the Issuer and subject to the satisfaction of the Rating Agency Condition in respect thereof. An assignment with
such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator
is bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the
Issuer to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator,
provided that such successor organization executes and delivers to the Issuer an agreement in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject
to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

 

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13.Governing Law. GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401(1) AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS, BUT WITHOUT
REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

(b)EACH PARTY HERETO
HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT
OF OR RELATING TO THIS AGREEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO
BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO PRECLUDE ANY OF THE PARTIES FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION
TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF SUCH PARTY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION
IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED
UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT
AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 10 AND THAT SERVICE
SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN
THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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(c)BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT
PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT
THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

14.Other
Interpretive Matters. All terms defined directly or by incorporation in this Agreement shall have the defined meanings
when used in any document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement, unless the
context otherwise requires: (a) accounting terms not otherwise defined herein and accounting terms partly defined herein to the
extent not defined, shall have the respective meanings given to them under generally accepted accounting principles; and unless
otherwise provided, references to any month, quarter or year refer to a fiscal month, quarter or year as determined in accordance
with the GE Capital fiscal calendar; (b) references to any amount as on deposit or outstanding on any particular date means such
amount at the close of business on such day; (c) the words “hereof,” “herein”
and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (d) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits
in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition
refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including”
means “including without limitation”; (f) references to any law or regulation refer to that law or regulation
as amended from time to time and include any successor law or regulation; (g) references to any agreement refer to that agreement
as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with
its terms; (h) references to any Person include that Person’s successors and assigns; and (i) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

15.Headings.
The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

 

16.Counterparts.
This Agreement may be executed in counterparts, all of which when so executed shall together constitute but one and the same agreement.

 

    	 	-11-	Administration Agreement

(GEET 2013-1)

    	 

    

 

17.Severability.
Any provision of this Agreement that 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.

 

18.Not Applicable
to the Administrator in Other Capacities. Nothing in this Agreement shall affect any obligation that the Administrator
may have in any other capacity.

 

19.Limitation
of Liability of the Managing Member. Notwithstanding anything contained herein to the contrary, this instrument has been
countersigned by CEF Equipment Holding, L.L.C., not in its individual capacity but solely in its capacity as the Managing Member
of the Issuer, and in no event shall CEF Equipment Holding, L.L.C., in its individual capacity, or any beneficial owner of the
Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder,
as to all of which recourse shall be had solely to the assets of the Issuer.

 

20.Indemnification.
The Administrator shall indemnify the Issuer (and its officers, directors, employees and agents) for, and hold them harmless against,
any losses, liability or expense, including attorneys’ fees reasonably incurred by them, incurred without negligence or bad
faith on their part, arising out of or in connection with: (i) actions taken by either of them pursuant to instructions given by
the Administrator pursuant to this Agreement or (ii) the failure of the Administrator to perform its obligations hereunder. The
indemnities contained in this Section shall survive the termination of this Agreement and the resignation or removal of the Administrator
or the Issuer.

 

[signature page follows]

 

    	 	-12-	Administration Agreement

(GEET 2013-1)

    	 

    

 

IN WITNESS WHEREOF, the parties have
caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	GE EQUIPMENT TRANSPORTATION LLC, SERIES 2013-1
		 	 
	 	By:	CEF Equipment Holding, L.L.C.,
	 	 	its Managing Member
	 	 	 
	 	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	Name: 	Thomas A. Davidson
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrator
	 	 
	 	 
	 	By: 	/s/ Thomas A. Davidson
	 	Name:	Thomas A. Davidson
	 	Title:	Attorney-In-Fact

 

Accepted and agreed:

CEF EQUIPMENT HOLDING, L.L.C.,

not
in its individual capacity but

solely as Managing Member under

the Issuer Limited Liability

Company Agreement

 

	By: 	/s/ Thomas A. Davidson	 
	Name: 	Thomas A. Davidson	 
	Title: 	Attorney-In-Fact	 

 

    	 	S-1	Administration Agreement

(GEET 2013-1)SHAREHOLDER RIGHTS PLAN AGREEMENT

 

April 27, 2012

 

between

 

ATNA RESOURCES LTD.

 

and

 

COMPUTERSHARE TRUST COMPANY OF CANADA

 

as Rights Agent

 

    	 

    	 

    

 

SHAREHOLDER
RIGHTS PLAN AGREEMENT

 

Table of Contents

 

	 	 	Page
	 	 	 
	1.	INTERPRETATION	2
	 	 	 
	1.1	Certain Definitions	2
	1.2	Holder	17
	1.3	Acting Jointly or in Concert	17
	1.4	Application of Statutes, Regulations and Rules	17
	1.5	Currency	17
	1.6	Headings and References	17
	1.7	Singular, Plural, etc.	17
	1.8	Generally Accepted Accounting Principles	17
	 	 	 
	2.	THE RIGHTS	18
	 	 	 
	2.1	Issuance and Legend on Common Share Certificates	18
	2.2	Initial Exercise Price: Exercise of Rights: Detachment of Rights	18
	2.3	Adjustments to Exercise Price, Number of Rights	21
	2.4	Date on Which Exercise is Effective	27
	2.5	Execution, Authentication, Delivery and Dating of Rights Certificates	27
	2.6	Registration, Registration of Transfer and Exchange	28
	2.7	Mutilated, Destroyed, Lost and Stolen Rights Certificates	28
	2.8	Persons Deemed Owners	29
	2.9	Delivery and Cancellation of Certificates	29
	2.10	Agreement of Rights Holders	29
	 	 	 
	3.	ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS	30
	 	 	 
	3.1	Flip-in Event	30
	 	 	 
	4.	THE RIGHTS AGENT	32
	 	 	 
	4.1	General	32
	4.2	Merger or Amalgamation or Change of Name of Rights Agent	33
	4.3	Duties of Rights Agent	33
	4.4	Change of Rights Agent	35
	4.5	Compliance with Anti-Money Laundering Legislation	36
	4.6	Fiduciary Duties of the Directors	36
	 	 	 
	5.	MISCELLANEOUS	36
	 	 	 
	5.1	Redemption and Waiver	36
	5.2	Expiration	38
	5.3	Issuance of New Rights Certificates	38
	5.4	Supplements and Amendments	38
	5.5	Fractional Rights and Fractional Common Shares	40
	5.6	Rights of Action	40
	5.7	Holder of Rights Not Deemed a Shareholder	41

 

    	 

    	 

    

 

	5.8	Notice of Proposed Actions	41
	5.9	Notices	41
	5.10	Costs of Enforcement	42
	5.11	Successors	42
	5.12	Benefits of this Agreement	43
	5.13	Governing Law	43
	5.14	Counterparts	43
	5.15	Severability	43
	5.16	Determinations and Actions by the Board of Directors	43
	5.17	Effective Date	43
	5.18	Approval of Holders of Rights	44
	5.19	Declaration as to Non-Canadian and Non-United States Holders	44
	5.20	Regulatory Approvals	45
	5.21	U.S. Registration	45
	5.22	Privacy Legislation	45
	5.23	Time of the Essence	46
	 	 	 
	EXHIBIT “A” Form of Rights Certificate	1

 

    	ii

    	 

    

 

SHAREHOLDER
RIGHTS PLAN AGREEMENT

 

THIS SHAREHOLDER RIGHTS PLAN AGREEMENT is made as of April 27,
2012,

 

BETWEEN:

 

Atna Resources
Ltd., a corporation incorporated under the laws of British Columbia

 

(the “Corporation”)

 

AND:

 

COMPUTERSHARE TRUST COMPANY OF CANADA, a trust
company incorporated under the laws of Canada, as rights agent

 

(the “Rights Agent”)

 

WHEREAS:

 

A.          The
Board of Directors of the Corporation, in the exercise of their fiduciary duties, have determined that it is advisable and in the
best interests of the Corporation to adopt a new shareholder rights plan to: (a) ensure, to the extent possible that all holders
of the Common Shares (as hereinafter defined) of the Corporation and the Board of Directors have adequate time to consider and
evaluate any unsolicited bid for the Common Shares; (b) provide the Board of Directors with adequate time to identify, develop
and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited bid; (c) encourage the fair treatment
of the Corporation’s securityholders in connection with any Take-over Bid (as hereinafter defined) made for the Common Shares;
and (d), generally, to assist the Board of Directors in enhancing shareholder value (the “Rights Plan” or this
“Agreement”);

 

B.           In
connection with the implementation of the Rights Plan, the Board of Directors of the Corporation:

 

		(a)	authorized the issuance of one Right in respect of each
Common Share outstanding as of 5:00 p.m. on the date of this Agreement (the “Record Time”) to each holder of
record of Common Shares as of the Record Time;

 

		(b)	authorized the issuance of one Right in respect of each
Common Share issued after the Record Time and prior to the earlier of the Separation Time and the Expiration Time;

 

C.           Each
Right entitles the holder thereof, after the Separation Time, to purchase securities of the Corporation pursuant to the terms and
subject to the conditions set forth in this Agreement; and

 

D.           The
Rights Agent has agreed to act on behalf of the Corporation in connection with the issuance, transfer, exchange and replacement
of Rights Certificates, the exercise of Rights and other matters referred to in this Agreement.

 

NOW, THEREFORE, in consideration of the premises and
respective agreements set forth herein, the parties hereby agree as follows:

 

    	 

    	 

    

 

		1.	INTERPRETATION

 

		1.1	Certain Definitions

 

In this Agreement, unless the context otherwise requires:

 

		(a)	“1933 Act” shall mean the United States Securities Act of 1933, as amended, and the rules and regulations
thereunder, and any comparable or successor laws or regulations thereto.

 

		(b)	“1934 Act” shall mean the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder, and any comparable or successor laws or regulations thereto.

 

		(c)	“Acquiring Person” means any Person who is the Beneficial Owner of 20% or more of the outstanding Voting
Shares; provided, however, that the term “Acquiring Person” shall not include:

 

		(i)	the Corporation or any Subsidiary of the Corporation, or

 

		(ii)	an underwriter or member of a banking or selling group that acquires Voting Shares from the Corporation in connection with
a distribution by the Corporation to the public of securities pursuant to an underwriting agreement with the Corporation, or

 

		(iii)	any Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares solely as a result of one or any
combination of:

 

		(A)	a Corporate Acquisition which increases the percentage of Voting Shares Beneficially Owned by such Person to or above 20% or
more of the Voting Shares then outstanding;

 

		(B)	a Permitted Bid Acquisition;

 

		(C)	an Exempt Acquisition;

 

		(D)	a Pro-Rata Acquisition; or

 

		(E)	a Convertible Security Acquisition,

 

in each such case, until such time
thereafter as such Person shall become the Beneficial Owner (other than pursuant to any one or more of a Corporate Acquisition,
a Permitted Bid Acquisition, an Exempt Acquisition, a Pro-Rata Acquisition, or a Convertible Security Acquisition) of additional
Voting Shares constituting more than 1% of the Voting Shares then outstanding, in which event such Person shall become an “Acquiring
Person” as of the date and time such Person becomes the Beneficial Owner of such additional Voting Shares; or

 

    	2

    	 

    

 

		(iv)	for a period of 10 days after the Disqualification Date (as hereinafter defined), any Person who becomes the Beneficial Owner
of 20% or more of the outstanding Voting Shares as a result of such Person becoming disqualified from relying on clause (B) of
the definition of Beneficial Owner solely because such Person or the Beneficial Owner of such Voting Shares has participated in,
proposes or intends to make or is participating in a Take-over Bid or any plan or proposal relating thereto or resulting therefrom,
either alone or by acting jointly or in concert with any other Person. In this definition, “Disqualification Date”
means the first date of public announcement (which shall, for the purposes of this definition, include a report filed pursuant
to Part 5 of MI 62-104) of facts indicating that such Person or the Beneficial Owner of such Voting Shares has or is making or
has announced an intention to make a Take-over Bid alone or by acting jointly or in concert with any other Person; or

 

		(v)	any Person (a “Grandfathered Person”) who is the Beneficial Owner of 20% or more of the Voting Shares determined
as at the Record Time, provided, however, that this exception shall not, and shall cease to, apply if, after the Record Time the
Grandfathered Person: (A) ceases to own 20% or more of the outstanding Voting Shares; or (B) becomes the Beneficial Owner of more
than 1% of the number of outstanding Voting Shares then outstanding in addition to those Voting Shares such Person already holds
other than pursuant to a Corporate Acquisition, a Permitted Bid Acquisition, an Exempt Acquisition, a Pro Rata Acquisition, or
a Convertible Security Acquisition or any combination thereof or through the exercise of existing rights to acquire additional
Voting Shares from the Corporation where such rights were owned by the Grandfathered Person at the Record Time.

 

		(d)	“Affiliate”, when used to indicate a relationship with a specified Person, means a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified
Person and a body corporate shall be deemed to be an Affiliate of another body corporate if one of them is the Subsidiary of the
other or if both are, directly or indirectly, Subsidiaries of the same body corporate or if each of them is controlled by the same
Person.

 

		(e)	"Associate" means, when used to indicate a relationship with a specified Person:

 

		(i)	a corporation of which that Person owns, at law or in equity, shares or securities currently convertible into shares carrying
more than 10% of the Voting Rights exercisable with respect to the election of directors under all circumstances or by reason of
the occurrence of an event that has occurred and is continuing, or a currently exercisable option or right to purchase such shares
or such convertible securities and with whom that Person is acting jointly or in concert;

 

		(ii)	a partner of that Person acting on behalf of the partnership of which they are partners;

 

    	3

    	 

    

 

		(iii)	a trust or estate in which that Person has a beneficial interest and with whom that Person is acting jointly or in concert
or in which that Person has a beneficial interest of 50% or more or in respect of which that Person serves as a trustee or in a
similar capacity provided, however, that a Person shall not be an associate of a trust by reason only of the fact that such Person
serves as a trustee or any similar capacity in relation to such trust if such Person is duly licensed to carry on the business
of a trust company under the laws of Canada or any province or territory thereof or if the ordinary business of such Person includes
the management of investment funds for unaffiliated investors and such Person acts as trustee or in a similar capacity in relation
to such trust in the ordinary course of such business; and

 

		(iv)	a spouse of that Person, any person of the same or opposite sex with whom that person is living in a conjugal relationship
outside marriage, a child of that Person or a relative of that Person if that relative has the same residence as that Person.

 

		(f)	A Person shall be deemed the “Beneficial Owner” and to have “Beneficial Ownership” of
and to “Beneficially Own”:

 

		(i)	any securities of which such Person or any of such Person’s Affiliates or Associates is the owner at law or in equity;

 

		(ii)	any securities of which such Person or any of such Person’s Affiliates or Associates has the right to become the owner
at law or in equity (where such right is exercisable immediately or within a period of 60 days, whether or not upon the condition
or occurrence of any contingency or the making of one or more payments) upon the exercise of any conversion right, exchange right,
purchase right (other than the Rights) or pursuant to any agreement, arrangement, pledge or understanding, whether or not in writing,
other than:

 

		(A)	customary agreements with and between underwriters and banking group or selling group members with respect to a distribution
of securities pursuant to a prospectus or by way of a private placement; and

 

		(B)	pledges of securities in the ordinary course of the pledgee’s business as a lender granted as security for bona fide
indebtedness; and

 

		(iii)	any securities that are Beneficially Owned within the meaning of clauses (i) or (ii) of this definition by any other Person
with which such Person is acting jointly or in concert,

 

provided that a Person shall
not be deemed the “Beneficial Owner” of, or to have “Beneficial Ownership” of, or to “Beneficially
Own”, any security of the Corporation as a result of the following circumstances:

 

    	4

    	 

    

 

		(A)	where: (1) the holder of such security has agreed to deposit or tender such security to a Take-over Bid made by such Person
or any of such Person’s Affiliates or Associates or any other Person referred to in clause (iii) of this definition pursuant
to a Permitted Lock-up Agreement; or (2) such security has been deposited or tendered pursuant to a Take-over Bid made by such
Person or any of such Person’s Affiliates or Associates or made by any other Person acting jointly or in concert with such
Person until such deposited or tendered security has been taken up or paid for, whichever shall first occur;

 

		(B)	such Person, any Affiliate or Associate of such Person or any other Person acting jointly or in concert with such Person holds
such security; provided that:

 

		(1)	the ordinary business of such Person (the “Investment Manager”) includes the management or administration
of investment funds or mutual funds for other Persons and such security is held by the Investment Manager in the ordinary course
of such business in the performance of the Investment Manager’s duties for the account of any other Person (a “Client”)
including non-discretionary accounts held on behalf of a Client by a broker or dealer or broker-dealer registered under applicable
law;

 

		(2)	such Person (the “Trust Company”) is licensed to carry on the business of a trust company under applicable
law and, as such, acts as trustee or administrator or in a similar capacity in relation to the estates of deceased or incompetent
Persons (each, an “Estate Account”) or in relation to other accounts (each, an “Other Account”)
and holds such security in the ordinary course of and for the purposes of the activities of such Estate Accounts or for such Other
Accounts;

 

		(3)	such Person (the “Statutory Body”) is established by statute for purposes that include, and the ordinary
business or activity of such Person includes, the management of investment funds for employee benefit plans, pension plans, insurance
plans, or various public bodies and the Statutory Body holds such security in the ordinary course of and for the purposes of its
activities as such; or

 

		(4)	such Person (the “Plan Administrator”) is the administrator or the trustee of one or more pension funds
or plans registered under the laws of Canada or the United States of America or any province or state thereof (each, a “Plan”)
or is a Plan and such security is Beneficially Owned or held by the Person in the ordinary course of and for the purposes of its
activities as such;

 

    	5

    	 

    

 

provided, however, that in any of
the foregoing cases, the Investment Manager, the Trust Company, the Statutory Body, the Plan Administrator or the Plan, as the
case may be: (1) did not acquire and does not Beneficially Own or hold such security for the purpose of or with the effect of changing
or influencing the control of the issuer thereof, either alone or acting jointly or in concert with any other person, or in connection
with or as a participant in any transaction having that purpose or effect; and (2) is not then making or has not then announced
an intention to make a Take-over Bid, alone or by acting jointly or in concert with any other Person, other than an Offer to Acquire
Voting Shares or other securities pursuant to a distribution by the Corporation, a Permitted Bid or by means of ordinary market
transactions (including pre-arranged trades entered into in the ordinary course of business of such Person) executed through the
facilities of a stock exchange or organized over-the-counter market in respect of securities of the Corporation;

 

		(C)	such Person is a Client of the same Investment Manager as another Person on whose account the Investment Manager holds such
security, or because such Person is an Estate Account or an Other Account of the same Trust Company as another Person on whose
account the Trust Company holds such security or because such Person is a Plan with the same Plan Administrator as another Plan
on whose account the Plan Administrator holds such security;

 

		(D)	such Person is a Client of an Investment Manager and such security is owned at law or in equity by the Investment Manager or
because such Person is an Estate Account or an Other Account of a Trust Company and such security is owned at law or in equity
by the Trust Company or such Person is a Plan and such security is owned at law or in equity by the Plan Administrator of such
Plan; or

 

		(E)	such Person is the registered holder of securities as a result of carrying on the business, or acting as a nominee, of a securities
depositary.

 

For purposes of this Agreement, the
percentage of Voting Shares Beneficially Owned by any Person at any time shall be and be deemed to be the product determined by
the formula:

 

	100 X   	A
	B

 

		where: A =	the number of votes for the election of all directors
generally attached to the Voting Shares Beneficially Owned by such Person at such time; and
	 	 	 
	 	        B =	the number of votes for the election of all directors
generally attaching to all Voting Shares actually outstanding.

 

		

 

    	6

    	 

    

 

Where any Person is deemed to Beneficially
Own unissued Voting Shares, such Voting Shares shall be deemed to be outstanding for the purpose of calculating the percentage
of Voting Shares Beneficially Owned by such Person, but unissued Voting Shares which another Person may be deemed to Beneficially
Own shall not be included in the denominator of the above formula.

 

		(g)	“Board of Directors” means the board of directors of the Corporation.

 

		(h)	“Business Day” means any day other than a Saturday, Sunday or, unless otherwise specified, a day on which
Canadian chartered banks in Vancouver, British Columbia, (or after the Separation Time, the principal office of the Rights Agent
in Vancouver, British Columbia) are generally authorized or obligated by law to close.

 

		(i)	“Canadian-U.S. Exchange Rate” means, on any date, the inverse of the U.S.-Canadian Exchange Rate.

 

		(j)	“Canadian Dollar Equivalent” of any amount which is expressed in United States dollars means, on any date,
the Canadian dollar equivalent of such amount determined by reference to the Canadian-U.S. Exchange Rate in effect on such date.

 

		(k)	“Close of Business” on any given date means 5:00 p.m. (Vancouver time, unless otherwise specified), on such
date provided, however, that if such date is not a Business Day, Close of Business on such date shall mean 5:00 p.m., Vancouver
time, unless otherwise specified, on the next succeeding Business Day.

 

		(l)	“Common Share(s)” means the common shares which the Corporation is authorized to issue, as such common shares
may be subdivided, consolidated, reclassified or otherwise changed from time to time, and “common shares” when used
with reference to any Person other than the Corporation means the class or classes of shares (or similar equity interests) with
the greatest per share voting power entitled to vote generally in the election of all directors of such other Person or the equity
securities or other equity interest having power (whether or not exercised) to control or direct the management of such other Person
or, if such other Person is a Subsidiary of another Person, of the Person or Persons (other than an individual) which ultimately
control such first mentioned other Person.

 

		(m)	“Competing Permitted Bid” means a Take-over Bid that:

 

		(i)	is made after a Permitted Bid or Competing Permitted Bid has been made and prior to the expiry of that Permitted Bid or Competing
Permitted Bid (in this definition, the “Prior Bid”);

 

		(ii)	satisfies all components of the definition of a Permitted Bid other than the requirements set out in clauses (ii)(A), (B),
and (D) of that definition; and

 

		(iii)	contains, and the taking up and payment for securities tendered or deposited thereunder are subject to, irrevocable and unqualified
conditions that:

 

    	7

    	 

    

 

		(A)	no Common Shares shall be taken up or paid for pursuant to the Take-over Bid (x) prior to the Close of Business on a date that
is not earlier than the later of 35 days after the date of such Take-over Bid and the earliest date on which Common Shares may
be taken up or paid for under any Prior Bid in existence at the date of such Take-over Bid, and (y) prior to the 60th day after
the date on which the earliest Prior Bid was made and then only if, at the time that such Common Shares are first taken up or paid
for, more than 50% of the then outstanding Common Shares held by Independent Shareholders have been deposited or tendered pursuant
to the Take-over Bid and not withdrawn;

 

		(B)	Common Shares may be deposited pursuant to such Take-over Bid, unless the Take-over Bid is withdrawn, at any time prior to
the Close of Business on the date that the Prior Bid described in clause (A) above expires; and

 

		(C)	in the event that the requirement set forth in subclause (iii)(A)(y) of this definition is satisfied, the Offeror will make
a public announcement of that fact and the Take-over Bid will remain open for deposits and tenders of Common Shares for not less
than 10 days from the date of such public announcement;

 

provided always that a Competing
Permitted Bid will cease to be a Competing Permitted Bid at any time when such bid ceases to meet any of the provisions of this
definition and provided that, at such time, any acquisition of Voting Shares made pursuant to such Competing Permitted Bid, including
any acquisition of Voting Shares theretofore made, will cease to be a Permitted Bid Acquisition.

 

		(n)	“controlled” a Person shall be deemed to be “controlled” by another Person or two or more Persons
if:

 

		(i)	securities entitled to vote in the election of directors (including, for Persons other than corporations, the administrators,
managers, trustees or other persons performing similar functions in respect of any such Person) carrying more than 50% of the votes
for the election of directors are held, directly or indirectly, by or for the benefit of the other Person or Persons; and

 

		(ii)	the votes carried by such securities are entitled, if exercised, to elect, appoint or designate a majority of the board of
directors of such corporation or other Person;

 

and “controls”,
“controlling” and “under common control with” shall be interpreted accordingly.

 

		(o)	“Convertible Securities” means at any time any securities issued by the Corporation from time to time (other
than the Rights) carrying any exercise, conversion, or exchange right pursuant to which the holder thereof may acquire Voting Shares
or other securities which are convertible into or exercisable or exchangeable for Voting Shares.

 

    	8

    	 

    

 

		(p)	“Convertible Security Acquisition” means the acquisition of Voting Shares upon the exercise of Convertible
Securities received by a Person pursuant to a Permitted Bid Acquisition, an Exempt Acquisition or a Pro-Rata Acquisition.

 

		(q)	“Co-Right Agent” has the meaning ascribed to that term in subsection 4.1(a) hereof.

 

		(r)	“Corporation” has the meaning ascribed to that term in subsection 2.1(b) hereof.

 

		(s)	“Corporate Acquisition” means an acquisition, redemption or cancellation by the Corporation of Voting Shares
which, by reducing the number of Voting Shares outstanding, increases the percentage of Voting Shares Beneficially Owned by any
Person.

 

		(t)	“Election to Exercise” has the meaning ascribed to that term in subsection 2.2(d)(i) hereof.

 

		(u)	“Exempt Acquisition” means the acquisition of Voting Shares or Convertible Securities: (i) in respect of
which the Board of Directors has waived the application of Section 3.1 pursuant to the provisions of subsections 5.1(b),
(c) or (d) hereof, (ii) pursuant to a regular dividend reinvestment or other similar share purchase plan of the Corporation made
available by it to all holders of Voting Shares of a class or series or Voting Shares where such plan permits the holder to direct
that dividends paid in respect of such Voting Shares be applied to the purchase from the Corporation of further securities of the
Corporation, or (iii) pursuant to a distribution of Voting Shares, or securities convertible into or exchangeable for Voting Shares,
made by the Corporation pursuant to a prospectus or a securities exchange take-over bid, by way of a private placement or pursuant
to an issuance of securities in connection with an acquisition, provided that such private placement or issuance of securities
has received the approval of the Board of Directors and all applicable securities regulatory authorities and the Person acquiring
such Voting Shares or Convertible Securities does not thereby acquire a greater percentage of such Voting Shares or Convertible
Securities than such Person’s percentage of Voting Shares Beneficially Owned immediately prior to such acquisition; or (iv)
pursuant to a plan of arrangement, amalgamation or other statutory procedure requiring approval by shareholders at a duly-called
meeting.

 

		(v)	“Exercise Price” means, as of any date, the price at which a holder may purchase the securities issuable
upon exercise of one whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall be $100.00.

 

		(w)	“Expansion Factor” has the meaning ascribed to that term in subsection 2.3(x) hereof.

 

		(x)	“Expiration Time” means the earliest of (i) the Termination Time, (ii) the Close of Business on the date
on which the first annual meeting of shareholders of the Corporation following the third anniversary of the date of this Agreement
is held; and (iii) the Close of Business on the date this Agreement becomes void pursuant to the provisions of Section 5.17
hereof.

 

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		(y)	“Fiduciary” means, when acting in that capacity, a trust company registered under the trust company legislation
of Canada or any province thereof or a portfolio manager registered under the securities legislation of one or more provinces of
Canada.

 

		(z)	“Flip-in Event” means a transaction or event that results in a Person becoming an Acquiring Person.

 

		(aa)	“Independent Shareholders” means all holders of Common Shares other than (i) any Acquiring Person, (ii)
any Offeror, (iii) any Affiliate or Associate of any Acquiring Person or Offeror, (iv) any Person acting jointly or in concert
with any Person referred to in clauses (i), (ii) or (iii) above, and (v) any employee benefit plan, deferred profit sharing plan,
stock participation plan or trust for the benefit of employees of the Corporation or a directly or indirectly wholly-owned Subsidiary
of the Corporation, unless the beneficiaries of such plan or trust direct the manner in which such Common Shares are to be voted
or direct whether the Common Shares are to be tendered to a Take-over Bid. For greater certainty, persons who are exempt from the
definition of “Beneficial Owner” by virtue of any of paragraphs (A) through (E) of the definition of “Beneficial
Owner” shall be “Independent Shareholders” until they cease to be “Independent Shareholders” in accordance
with this definition.

 

		(bb)	“Market Price” per security of any securities on any date means the average of the daily closing prices
per security of such securities (determined as described below) on each of the 20 consecutive Trading Days through and including
the Trading Day immediately preceding such date; provided, however, that if an event of a type analogous to any of the events described
in Section 2.3 hereof shall have caused the closing prices used to determine the Market Price on any Trading Days not to be
fully comparable with the closing price on such date (or, if such date is not a Trading Day, on the immediately preceding Trading
Day), each such closing price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment provided
for in Section 2.3 hereof in order to make it fully comparable with the closing price on such date (or, if such date is not
a Trading Day, on the immediately preceding Trading Day). The closing price per security of any securities on any date shall be:

 

		(i)	the closing board lot sale price on such date or, if such price is not available, the average of the closing bid and asked
prices per security, in each case, as reported by the principal Canadian stock exchange on which such securities are listed or
admitted to trading, or if for any reason neither of such prices is available on such day or the securities are not listed or admitted
to trading on a Canadian stock exchange, the closing board lot sale price or, if such price is not available, the average of the
closing bid and asked prices, for such securities as reported by such other securities exchange on which such securities are listed
or admitted for trading;

 

		(ii)	if, for any reason, none of such prices is available on such date or the securities are not listed or admitted to trading on
a Canadian stock exchange or other securities exchange, the last sale price, or in case no sale takes place on such date, the average
of the high bid and low asked prices for such securities in the over-the-counter market, as quoted by any reporting system then
in use (as selected by the Board of Directors); or

 

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		(iii)	if the securities are not listed or admitted to trading as contemplated in clauses (i) or (ii) above, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the securities selected by the Board of Directors;

 

provided, however, that if
on any such date the closing price per security cannot be determined in accordance with the foregoing, the closing price per security
of such securities on such date shall mean the fair value per security of such securities on such date as determined by the Board
of Directors, after consultation with a nationally or internationally recognized investment banking firm as to the fair value per
security of such securities. The Market Price shall be expressed in Canadian dollars and if initially determined in respect of
any day forming part of the 20 consecutive Trading Day period in question in United States dollars, such amount shall be translated
into Canadian dollars at the Canadian Dollar Equivalent thereof on such date.

 

		(cc)	“MI 62-104” means Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, as amended, and
as adopted by the British Columbia Securities Commission.

 

		(dd)	“Offer to Acquire” includes:

 

		(i)	an offer to purchase, or a solicitation of an offer to sell, Common Shares or Convertible Securities; and

 

		(ii)	an acceptance of an offer to sell Common Shares or Convertible Securities, whether or not such offer to sell has been solicited;

 

or any combination thereof, and the
Person accepting an offer to sell shall be deemed to be making an Offer to Acquire to the Person that made the offer to sell.

 

		(ee)	“Offeror” means a Person who is making or has announced a current intention to make a Take-over Bid (including
a Permitted Bid or Competing Permitted Bid but excluding an ordinary market transaction (including a prearranged trade in the ordinary
course of business) contemplated in paragraph (v) of the definition of Beneficial Owner) but only so long as the Take-over Bid
so announced or made has not been withdrawn or terminated or has not expired.

 

		(ff)	“Permitted Bid” means a Take-over Bid which is made by means of a Take-over Bid circular and which also
complies with the following additional provisions:

 

		(i)	the Take-over Bid is made to all holders of record of Voting Shares (other than the Offeror);

 

		(ii)	the Take-over Bid shall contain, and the take-up and payment for securities tendered or deposited thereunder shall be subject
to, irrevocable and unqualified conditions that:

 

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		(A)	no Voting Shares shall be taken up or paid for pursuant to the Take-over Bid (x) prior to the Close of Business (Vancouver
time) on a date which is not earlier than 60 days following the date of the Take-over Bid circular is sent to shareholders of the
Corporation and (y) then only if, at the Close of Business on the date Voting Shares are first taken up or paid for under the Take-over
Bid, more than 50% of the then outstanding Voting Shares held by Independent Shareholders have been deposited or tendered pursuant
to the Take-over Bid and not withdrawn;

 

		(B)	Voting Shares may be deposited pursuant to such Take-over Bid, unless such Take-over Bid is withdrawn, at any time prior to
the date Voting Shares are first taken up or paid for under the Take-over Bid;

 

		(C)	any Voting Shares deposited pursuant to the Take-over Bid may be withdrawn until taken up and paid for; and

 

		(D)	in the event that the requirement set forth in subclause (A)(y) of this definition is satisfied, the Offeror will make a public
announcement of that fact and the Take-over Bid will remain open for deposits and tender of Common Shares for not less than 10
days from the date of such public announcement;

 

provided always that a Permitted Bid
will cease to be a Permitted Bid at any time when such bid ceases to meet any of the provisions of this definition and any acquisitions
of Common Shares made pursuant to such Permitted Bid, including any acquisition of Common Shares theretofore made, will cease to
be a Permitted Bid Acquisition.

 

		(gg)	“Permitted Bid Acquisition” means a Share acquisition made pursuant to a Permitted Bid or Competing Permitted
Bid.

 

		(hh)	“Permitted Lock-Up Agreement” means an agreement between a Person and one or more holders of Voting Shares
or Convertible Securities (each, a "Locked-up Person") (the terms of which are publicly disclosed and a copy of
which is made available to the public, including the Corporation, not later than the date of the Lock-up Bid (as defined below)
or, if the Lock-up Bid has been made prior to the date on which such agreement is entered into, not later than the date of such
agreement and if such date is not a Business Day, the next Business Day) pursuant to which each such Locked-up Person agrees to
deposit or tender Voting Shares or Convertible Securities (or both) to a Take-over Bid (the "Lock-up Bid") made
or to be made by the Person, any of such Person's Affiliates or Associates or any other Person acting jointly or in concert with
such Person, provided that:

 

		(i)	the agreement permits any Locked-up Person to terminate its obligation to deposit or tender to or withdraw Voting Shares or
Convertible Securities from the Lock-up Bid in order to tender or deposit the Voting Shares or Convertible Securities to another
Take-over Bid or support another transaction prior to the Voting Shares or Convertible Securities being taken up and paid for under
the Lock-Up Bid:

 

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		(A)	at a price or value per Voting Share or Convertible Security that exceeds the price or value per Voting Share or Convertible
Security offered under the Lock-Up Bid; or

 

		(B)	if:

 

		(1)	the price or value per Common Share offered under the other Take-over Bid or transaction exceeds by as much as or more than
a specified amount (the "Specified Amount") the price or value per Common Share offered under the Lock-up Bid,
provided that such Specified Amount is not greater than 7% of the price or value per Common Share offered under the Lock-up Bid;
or

 

		(2)	the number of Voting Shares to be purchased under the other Take-over Bid or transaction exceeds by as much as or more than
a specified number (the "Specified Number") the number of Voting Shares that the Offeror has offered to purchase
under the Lock-up Bid at a price or value per Common Share that is not less than the price or value per Common Share offered under
the Lock-up Bid, provided that the Specified Number is not greater than 7% of the number of Voting Shares offered to be purchased
under the Lock-up Bid,

 

and, for greater clarity, the agreement
may contain a right of first refusal or require a period of delay to give such Person an opportunity to match a higher price in
another Take-over Bid or transaction or other similar limitation on a Locked-up Person's right to withdraw Voting Shares or Convertible
Securities from the agreement, so long as the limitation does not preclude the exercise by the Locked-up Person of the right to
withdraw Voting Shares or Convertible Securities during the period of the other Take-over Bid or transaction; and

 

		(ii)	no "break-up" fees, "top-up" fees, penalties, expenses or other amounts that exceed in the aggregate the
greater of:

 

		(A)	the cash equivalent of 2.5% of the price or value of the consideration payable under the Lock-up Bid to a Locked-up Person;
and

 

		(B)	50% of the amount by which the price or value of the consideration payable under another Take-over Bid or transaction to a
Locked-up Person exceeds the price or value of the consideration that such Locked-up Person would have received under the Lock-up
Bid,

 

    	13

    	 

    

 

shall be payable by a Locked-up
Person pursuant to the agreement in the event a Locked-up Person fails to deposit or tender Voting Shares or Convertible Securities
to the Lock-up Bid or withdraws Voting Shares or Convertible Securities in order to accept the other Take-over Bid or support another
transaction.

 

		(ii)	“Person” includes any individual, firm, partnership, limited liability company, association, trust, body
corporate, joint venture, syndicate or other form of unincorporated organization, government and its agencies and instrumentalities
or other entity or group (whether or not having legal personality) and any successor (by merger, statutory amalgamation or arrangement,
or otherwise) thereof.

 

		(jj)	“Privacy Laws” has the meaning ascribed to that term in subsection 5.22 hereof.

 

		(kk)	“Pro-Rata Acquisition” means the acquisition of Voting Shares or Convertible Securities: (i) as a result
of a stock dividend, stock split or other event pursuant to which a Person receives or acquires Voting Shares or securities convertible
into or exchangeable for Voting Shares on the same pro-rata basis as all other holders of Voting Shares or the same class or series;
or (ii) pursuant to a regular dividend reinvestment plan or other plan of the Corporation made available by the Corporation to
the holders of Voting Shares where such plan permits the holder to direct that the dividends paid in respect of such Voting Shares
be applied to the purchase from the Corporation of further securities of the Corporation; or (iii) pursuant to the receipt and/or
exercise of rights issued by the Corporation on a pro-rata basis to all holders of a class or series of Voting Shares to subscribe
for or purchase Voting Shares or securities convertible into or exchangeable for Voting Shares provided that such rights are acquired
directly from the Corporation and not from any other Person and further provided that such Person acquiring such Voting Shares
or Convertible Securities does not thereby acquire a greater percentage of Voting Shares or Convertible Securities than such Person’s
percentage of Voting Shares Beneficially Owned immediately prior to such acquisition; or (iv) pursuant to a distribution by the
Corporation of Voting Shares or Convertible Securities (and the conversion or exchange of such securities) made pursuant to a prospectus
or by way of a private placement by the Corporation provided that such Person acquiring such Voting Shares or Convertible Securities
does not thereby acquire a greater percentage of Voting Shares or Convertible Securities than such Person’s percentage of
Voting Shares Beneficially Owned immediately prior to such acquisition; or (v) pursuant to a plan of arrangement, amalgamation
or other statutory procedure requiring approval by shareholders at a duly called meeting.

 

		(ll)	“Record Time” has the meaning ascribed thereto in the preambles to this Agreement.

 

		(mm)	“Redemption Price” has the meaning ascribed to that term in subsection 5.1(a) hereof.

 

		(nn)	“Regular Periodic Cash Dividends” means cash dividends paid at regular intervals in any fiscal year of the
Corporation to the extent that such cash dividends do not exceed, in the aggregate, the greatest of:

 

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		(i)	200% of the aggregate amount of cash dividends declared payable by the Corporation on its Common Shares in its immediately
preceding fiscal year; and

 

		(ii)	100% of the aggregate consolidated net income of the Corporation, before extraordinary items, for its immediately preceding
fiscal year.

 

		(oo)	“Rights” means the herein described rights to purchase securities of the Corporation pursuant to the terms
and subject to the conditions set forth herein.

 

		(pp)	“Rights Agent” has the meaning ascribed thereto in the preamble to this Agreement.

 

		(qq)	“Rights Agreement” has the meaning ascribed to that term in subsection 2.1(b) hereof.

 

		(rr)	“Rights Certificate” has the meaning ascribed to that term in subsection 2.2(c) hereof.

 

		(ss)	“Rights Plan” has the meaning ascribed thereto in the preamble to this Agreement.

 

		(tt)	“Rights Register” and “Rights Registrar” shall have the respective meanings ascribed
thereto in subsection 2.6(a) hereof.

 

		(uu)	“Securities Act (British Columbia)” means the Securities Act, R.S.B.C. 1996, c. 418, as amended,
and the rules and regulations thereunder, and any comparable or successor laws or regulations thereto.

 

		(vv)	“Separation Time” means the Close of Business (Vancouver time) on the tenth Trading Day after the earliest
of:

 

		(i)	the Stock Acquisition Date (as hereinafter defined);

 

		(ii)	the date of the commencement of, or first public announcement of the intent of any Person (other than the Corporation or any
Subsidiary of the Corporation) to commence, a Take-over Bid (other than a Permitted Bid or a Competing Permitted Bid, as the case
may be); and

 

		(iii)	the date upon which a Permitted Bid or Competing Permitted Bid ceases to be such;

 

or such later date as may be determined
by the Board of Directors in good faith, provided that: (A) if the foregoing results in a Separation Time being prior to the Record
Time, the Separation Time shall (subject to any determination of the Board of Directors as aforesaid) be the Record Time; (B) if
any such Take-over Bid expires, is cancelled, is terminated or is otherwise withdrawn prior to the Separation Time without securities
deposited thereunder being taken up and paid for, then such Take-over Bid shall be deemed, for purposes of this definition, never
to have been made; and (C) if the Board of Directors determines, pursuant to Section 5.1, to waive the application of Section 3.1
to a Flip-In Event, then the Separation Time in respect of such Flip-In Event shall be deemed never to have occurred.

 

		(ww)	“Shares” means shares in the capital of the Corporation.

 

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		(xx)	“Stock Acquisition Date” means the first date of public announcement (which, for purposes of this definition,
shall include, without limitation, a report filed pursuant to Section 5.2 of MI 62-104, as amended from time to time and any
provision substituted therefor) by the Corporation or an Offeror or an Acquiring Person of facts indicating that a Person has become
an Acquiring Person.

 

		(yy)	“Subsidiary”:

 

A body corporate is a Subsidiary of
another body corporate if:

 

		(i)	it is controlled by (A) that other, or (B) that other and one or more bodies corporate, each of which is controlled by that
other, or (C) two or more bodies corporate, each of which is controlled by that other, or

 

		(ii)	it is a Subsidiary of a body corporate that is that other’s Subsidiary.

 

		(zz)	“Take-over Bid” means an Offer to Acquire outstanding Voting Shares or Convertible Securities (or both),
where the securities subject to the Offer to Acquire, together with the Voting Shares, if any, into which the securities subject
to the Offer to Acquire are convertible, exchangeable or exercisable and the Voting Shares Beneficially Owned by the Offeror at
the date of the Offer to Acquire constitute, in the aggregate, 20% or more of the then outstanding Voting Shares.

 

		(aaa)	“Termination Time” means the time at which the right to exercise Rights shall terminate pursuant to Section 5.1
hereof.

 

		(bbb)	“Trading Day”, when used with respect to any securities, means a day on which the principal securities exchange
in Canada on which such securities are listed or admitted to trading is open for the transaction of business, or if the securities
are not listed or admitted to trading on any securities exchange in Canada, a Business Day.

 

		(ccc)	“Transferee” has the meaning ascribed to that term in subsection 3.1(b)(ii) hereof.

 

		(ddd)	“U.S.-Canadian Exchange Rate” means, on any date:

 

		(i)	if on such date the Bank of Canada sets an average noon spot rate of exchange for the conversion of one United States dollar
into Canadian dollars, such rate; and

 

		(ii)	in any other case, the rate for such date for the conversion of one United States dollar into Canadian dollars calculated in
the manner which shall be determined by the Board of Directors from time to time.

 

		(eee)	“U.S. Dollar Equivalent” of any amount which is expressed in Canadian dollars means, on any date, the United
States dollar equivalent of such amount determined by reference to the U.S.-Canadian Exchange Rate on such date.

 

		(fff)	“Voting Shares” means, collectively, the Common Shares and any other Shares entitled to vote generally for
the election of directors.

 

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		1.2	Holder

 

As used in this Agreement, unless the context otherwise requires,
the term “holder” when used with reference to Rights, means the registered holder of such Rights or, prior to the Separation
Time, the associated Common Shares.

 

		1.3	Acting Jointly or in Concert

 

For purposes of this Agreement, a Person is acting jointly or
in concert with another Person if such Person has any agreement, arrangement or understanding (whether formal or informal and whether
or not in writing) with such other Person to acquire or Offer to Acquire any Voting Shares (other than (A) customary agreements
with and between underwriters and banking group or selling group members with respect to a distribution of securities of the Corporation
by way of prospectus or private placement; or (B) pursuant to a pledge of securities in the ordinary course of business).

 

		1.4	Application of Statutes, Regulations and Rules

 

Unless the context otherwise requires, any reference herein
to a specific section, subsection, clause or rule of any act or regulation shall be deemed to refer to the same as it may be amended,
re-enacted or replaced or, if repealed and there shall be no replacement therefore, to the same as it is in effect on the date
of this Agreement.

 

		1.5	Currency

 

All sums of money which are referred to in this Agreement are
expressed in lawful money of Canada, unless otherwise specified.

 

		1.6	Headings and References

 

The headings of the Articles and Sections of this Agreement
and the Table of Contents are inserted for convenience of reference only and shall not affect the construction or interpretation
of this Agreement. All references to Articles, Sections and Exhibits are to articles and sections of and exhibits to, and forming
part of, this Agreement. The words “hereto”, “herein”, “hereof”, “hereunder”, “this
Agreement”, “the Rights Agreement” and similar expressions refer to this Agreement including the Exhibits, as
the same may be amended, modified or supplemented at any time or from time to time.

 

		1.7	Singular, Plural, etc.

 

In this Agreement, where the context so admits, words importing
the singular number include the plural and vice versa and words importing gender include the masculine, feminine and neuter genders.

 

		1.8	Generally Accepted Accounting Principles

 

Wherever in this Agreement reference is made to generally accepted
accounting principles, such reference shall be deemed to be IFRS (as such term is defined under National Instrument 14-101-Definitions)
or such other accounting standards applicable at securities law to the Corporation at the relevant time, applicable on a consolidated
basis (unless otherwise specifically provided herein to be applicable on an unconsolidated basis) as at the date on which a calculation
is made or required to be made in accordance with generally accepted accounting principles. Where the character or amount of any
asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation
is required to be made for the purpose of this Agreement or any document, such determination or calculation shall, to the extent
applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with
generally accepted accounting principles applied on a consistent basis.

 

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		2.	THE RIGHTS

 

		2.1	Issuance and Legend on Common Share Certificates

 

		(a)	The Corporation shall issue in accordance with the terms hereof one Right in respect of each Common Share outstanding at the
Record Time and one Right in respect of each Common Share that may be issued after the Record Time and prior to the earlier of
the Separation Time and the Expiration Time. Notwithstanding the foregoing, the Corporation shall issue one Right in respect of
each Common Share issued after the Record Time upon the exercise of rights after the Separation Time but prior to the Expiration
Time pursuant to the terms of the Convertible Securities outstanding at the Record Time.

 

		(b)	Certificates for Common Shares issued after the Record Time hereof but prior to the earlier of the Separation Time and the
Expiration Time shall evidence one Right for each Common Share represented thereby and shall have impressed, printed, or written
thereon or otherwise affixed thereto a legend in substantially the following form:

 

“Until the Separation Time
(as such term is defined in the Rights Agreement referred to below), this certificate also evidences and entitles the holder hereof
to certain Rights as set forth in a Shareholder Rights Plan Agreement, made as of April 27, 2012, (the “Rights Agreement”),
between Atna Resources Ltd. (the “Corporation”) and Computershare Trust Company of Canada, as Rights Agent,
the terms of which are hereby incorporated herein by reference and a copy of which is on file and may be inspected during normal
business hours at the principal executive offices of the Corporation. Under certain circumstances, as set forth in the Rights Agreement,
such Rights may be amended or redeemed, may expire, may become void, or may be evidenced by separate certificates and may no longer
be evidenced by this certificate. The Corporation will mail or arrange for the mailing of a copy of the Rights Agreement to the
holder of this certificate without charge as soon as practicable after the receipt of a written request therefor.”

 

Certificates representing Common Shares that are issued and
outstanding at the Record Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of
a legend in substantially the foregoing form until the earlier of the Separation Time and the Expiration Time.

 

		2.2	Initial Exercise Price: Exercise of Rights: Detachment of Rights

 

		(a)	Subject to adjustment as herein set forth, including subsections 3.1(a) and 3.1(b), each Right will entitle the holder thereof,
after the Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price (or its U.S. Dollar Equivalent
on the Business Day immediately preceding the date of exercise of the Right), one Common Share. Notwithstanding any other provision
of this Agreement, any Rights held by the Corporation or any of its Subsidiaries shall be void.

 

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		(b)	Until the Separation Time:

 

		(i)	the Rights shall not be exercisable and no Right may be exercised; and

 

		(ii)	for administrative purposes, each Right shall be evidenced by the certificate for the associated Common Share registered in
the name of the holder thereof (which certificate shall be deemed to represent a Rights Certificate) and shall be transferable
only together with, and shall be transferred by a transfer of, such associated Common Share.

 

		(c)	From and after the Separation Time and prior to the Expiration Time, the Rights: (i) may be exercised and (ii) shall be registered
and transferable independent of the Common Shares. Promptly following the Separation Time, the Corporation shall prepare and the
Rights Agent shall mail to each holder of record of Common Shares as of the Separation Time (other than an Acquiring Person, any
other Person whose Rights are or become void pursuant to the provisions of subsection 3.1(b) hereof and, in respect of any
Rights Beneficially Owned by such Acquiring Person which are not held of record by such Acquiring Person, the holder of record
of such Rights), at such holder’s address as shown in the records of the Corporation (the Corporation hereby agreeing to
furnish copies of such records to the Rights Agent for this purpose):

 

		(i)	a certificate (a “Rights Certificate”) in substantially the form of Exhibit “A” hereto appropriately
completed and registered in such holder’s name, representing the number of Rights held by such holder at the Separation Time
and having such marks of identification or designation and such legends, summaries or endorsements printed thereon as the Corporation
may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange or quotation
system on which the Rights may from time to time be listed or traded, or to conform to usage; and

 

		(ii)	a disclosure statement describing the Rights.

 

		(d)	Rights may be exercised in whole at any time or in part from time to time on any Business Day after the Separation Time and
prior to the Expiration Time by submitting to the Rights Agent at its office in the City of Vancouver, British Columbia or at any
other office of the Rights Agent in the cities specified in the Rights Certificate or designated from time to time for that purpose
by the Corporation after consultation with the Rights Agent:

 

		(i)	the Rights Certificate evidencing such Rights together with an Election to Exercise (an “Election to Exercise”)
substantially in the form attached to the Rights Certificate, appropriately completed and duly executed by the holder or his executors
or administrators or other personal representatives or his legal attorney duly appointed by instrument in writing in form and executed
in a manner reasonably satisfactory to the Rights Agent; and

 

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		(ii)	payment by certified cheque, bank draft or money order payable to the order of the Corporation, of a sum equal to the Exercise
Price multiplied by the number of Rights being exercised and a sum sufficient to cover any transfer tax or charge which may be
payable in respect of any transfer involved in the issuance, transfer or delivery of Rights Certificates or the issuance, transfer
or delivery of certificates for Common Shares in a name other than that of the holder of the Rights being exercised.

 

		(e)	Upon receipt of a Rights Certificate accompanied by a duly completed and executed Election to Exercise, which does not indicate
that Rights evidenced by such Rights Certificate have become void pursuant to subsection 3.1(b) hereof, and payment as set
forth in subsection 2.2(d) above, the Rights Agent (unless otherwise instructed by the Corporation) shall thereupon promptly:

 

		(i)	requisition from a transfer agent of the Common Shares certificates representing the number of Common Shares purchased by the
holder of Rights (the Corporation hereby irrevocably authorizing its transfer agents to comply with all such requisitions);

 

		(ii)	when appropriate, requisition from the Corporation the amount of cash to be paid in lieu of issuing fractional Common Shares;

 

		(iii)	after receipt of such Common Share certificates, deliver the same to the registered holder or, upon the order of the registered
holder of such Rights Certificate, registered in such name or names as may be designated by such holder together with, where applicable,
any cash payment in lieu of a fractional interest; and

 

		(iv)	tender to the Corporation all payments received on exercise of the Rights.

 

		(f)	In case the holder of any Rights shall exercise less than all the Rights evidenced by such holder’s Rights Certificate,
a new Rights Certificate evidencing (subject to the provisions of subsection 5.5(a) hereof) the Rights remaining unexercised
will be issued by the Rights Agent to such holder or to such holder’s duly authorized assigns.

 

		(g)	The Corporation covenants and agrees to:

 

		(i)	take all such action as may be necessary on its part and within its power to ensure that all Shares delivered upon the due
exercise of Rights shall, at the time of delivery of the certificates evidencing such Shares (subject to payment of the Exercise
Price), be duly and validly authorized, executed, issued and delivered and be fully paid and non-assessable;

 

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		(ii)	take all reasonable action as may be necessary on its part and within its power to comply with any applicable requirements
of the Business Corporations Act (British Columbia), the Securities Act (British Columbia) or comparable legislation
of each of the provinces and territories of Canada, and the rules and regulations thereunder, the 1933 Act and the 1934 Act, or
and any other applicable law, rule or regulation, in connection with the issuance and delivery of the Rights Certificates and of
any securities of the Corporation upon exercise of Rights;

 

		(iii)	use its reasonable efforts to cause all Shares of the Corporation issued upon exercise of Rights to be listed upon the Toronto
Stock Exchange or such other stock exchange on which the Common Shares are listed at that time;

 

		(iv)	pay, when due and payable, any and all applicable taxes (not including any taxes referable to the income or profit of the holder
or exercising Person or any liability of the Corporation to withhold tax) and charges which may be payable in respect of the original
issuance or delivery of the Rights Certificates or of any Shares of the Corporation issued upon the exercise of Rights, provided
that the Corporation shall not be required to pay any transfer tax or charge which may be payable in respect of any transfer involved
in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates for securities in a name other than
that of the registered holder of the Rights being transferred or exercised;

 

		(v)	if necessary, cause to be reserved and kept available out of its authorized and unissued Common Shares, the number of Common
Shares that, as provided in this Agreement, will from time to time be sufficient to permit the exercise in full of all outstanding
Rights; and

 

		(vi)	after the Separation Time, except as permitted by Section 5.1 or Section 5.4 hereof, not take (or permit any Subsidiary
to take) any action, if at the time such action is taken, it is reasonably foreseeable that such action will diminish substantially
or otherwise eliminate the benefits intended to be afforded by the Rights.

 

		2.3	Adjustments to Exercise Price, Number of Rights

 

Subject to Section 5.19, the Exercise Price, the number
and kind of Shares subject to purchase upon exercise of each Right and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 2.3.

 

		(a)	If the Corporation shall, at any time after the Record Time and prior to the Expiration Time:

 

		(i)	declare or pay a dividend on the Common Shares payable in Common Shares (or other Shares or securities exchangeable for or
convertible into or giving a right to acquire Common Shares or other Shares) other than pursuant to any optional share dividend
program;

 

		(ii)	subdivide or change the outstanding Common Shares into a greater number of Common Shares;

 

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		(iii)	consolidate or change the outstanding Common Shares into a smaller number of Common Shares; or

 

		(iv)	issue any Common Shares (or other shares of capital or securities exchangeable for or convertible into or giving a right to
acquire Common Shares or other Shares) in respect of, in lieu of, or in exchange for, existing Common Shares in a reclassification
or redesignation of Common Shares, an amalgamation or statutory arrangement;

 

the Exercise Price and the number of Rights outstanding,
or, if the payment or effective date therefor shall occur after the Separation Time, the securities purchasable upon exercise of
Rights shall be adjusted in the manner set forth below. If an event occurs which would require an adjustment under both this Section 2.3
and subsection 3.1(a), the adjustment provided for in this Section 2.3 shall be in addition to, and shall be made prior
to, any adjustment required under subsection 3.1(a). If the Exercise Price and number of Rights are to be adjusted:

 

		(x)	the Exercise Price in effect after such adjustment shall be equal to (a) the Exercise Price in effect immediately prior to
such adjustment, divided by (b) the number of Common Shares (or other Shares of capital) that a holder of one Common Share immediately
prior to such dividend, subdivision, change, consolidation or issuance would hold immediately thereafter as a result thereof (the
“Expansion Factor”) assuming the exercise of all such exchange or conversion rights, if any; and

 

		(y)	each Right held prior to such adjustment shall automatically become that number of Rights equal to the Expansion Factor, and
the adjusted number of Rights shall be deemed to be distributed among the Common Shares with respect to which the original Rights
were associated (if they remain outstanding) and the Shares issued in respect of such dividend, subdivision, change, consolidation
or issuance, so that each such Common Share (or other whole share or security exchangeable for or convertible into a whole Share
of capital) shall have exactly one Right associated with it.

 

If the securities purchasable upon exercise of Rights
are to be adjusted as provided above, the securities purchasable upon exercise of each Right after such adjustment shall be the
securities that a holder of the securities purchasable upon exercise of one Right immediately prior to such dividend, subdivision,
change, consolidation or issuance would hold immediately thereafter as a result thereof. To the extent that any such rights of
exchange, conversion or acquisition are not exercised prior to the expiration thereof, the Exercise Price shall be readjusted to
the Exercise Price which would then be in effect based upon the number of Common Shares (or securities convertible into or exchangeable
for Common Shares) actually issued upon the exercise of such rights. If, after the Record Time and prior to the Expiration Time,
the Corporation shall issue any shares of its authorized capital, other than Common Shares in a transaction of a type described
in the first sentence of this subsection 2.3(a), such shares shall be treated herein as nearly equivalent to Common Shares
as may be practicable and appropriate under the circumstances and the Corporation and the Rights Agent agree to amend this Agreement
in order to effect such treatment.

 

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		(b)	If the Corporation shall, at any time after the Record Time and prior to the Separation Time, fix a record date for the making
of a distribution to all holders of Common Shares of rights, options or warrants entitling them (for a period expiring within 45
days after such record date) to subscribe for or purchase Common Shares (or securities convertible into or exchangeable for or
carrying a right to purchase or subscribe for Common Shares) at a price per Common Share (or, in the case of a security convertible
into or exchangeable for or carrying a right to purchase or subscribe for Common Shares, having a conversion, exchange or exercise
price (including the price required to be paid to purchase such convertible or exchangeable security or right) per share) that
is less than the Market Price per Common Share on such record date, the Exercise Price shall be adjusted. The Exercise Price in
effect after such record date shall equal the Exercise Price in effect immediately prior to such record date multiplied by a fraction,
of which:

 

		(i)	the numerator shall be the number of Common Shares outstanding on such record date plus the number of Common Shares to be offered
for subscription or purchase (or into which the convertible or exchangeable securities or rights so to be offered are initially
convertible, exchangeable or exercisable) which the aggregate offering price of the total number of Common Shares so to be offered
(and/or the aggregate initial conversion, exchange or exercise price of the convertible or exchangeable securities or rights so
to be offered (including the price required to be paid to purchase such convertible or exchangeable securities or rights)) would
purchase at the Market Price per Common Share on such record date; and

 

		(ii)	the denominator shall be the number of shares of Common Shares outstanding on such record date plus the number of additional
Common Shares to be offered for subscription or purchase (or into which the convertible or exchangeable securities or rights so
to be offered are initially convertible, exchangeable or exercisable). In case such subscription price may be paid in a form other
than cash, the value of such non-cash consideration shall be as determined by the Board of Directors, whose determination shall
be described in a certificate filed with the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights.
Such adjustment shall be made whenever such a record date is fixed. To the extent that any such rights or warrants are not so issued
or, if issued, are not exercised prior to the expiration thereof, the Exercise Price shall be readjusted to the Exercise Price
which would then be in effect if such record date had not been fixed or to the Exercise Price which would then be in effect based
upon the number of Common Shares (or securities convertible into or exchangeable for Common Shares) actually issued upon the exercise
of such rights or warrants, as the case may be. For purposes of this Agreement, the granting of the right to purchase Common Shares
(whether previously unissued, treasury shares or otherwise) pursuant to any optional dividend reinvestment plan and/or any Common
Share purchase plan providing for the reinvestment of dividends payable on securities of the Corporation and/or employee stock
option, stock purchase or other employee benefit plan (so long as such right to purchase is in no case evidenced by the delivery
of rights or warrants) shall not be deemed to constitute an issue of rights, options or warrants by the Corporation; provided,
however, that, in the case of any dividend reinvestment plan, the right to purchase Common Shares is at a price per share of not
less than 90% of the then current market price per share (determined as provided in such plan) of the Common Shares.

 

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		(c)	If the Corporation shall, at any time after the Record Time and prior to the Separation Time, fix a record date for the making
of a distribution to all holders of Common Shares of evidences of indebtedness or assets (other than a Regular Periodic Cash Dividend
or a dividend paid in Common Shares) or rights, options or warrants (excluding those referred to in subsections 2.3(a) or
2.3(b)), the Exercise Price shall be adjusted as follows: the Exercise Price in effect after such record date shall, subject to
adjustment as provided in the penultimate sentence of subsection 2.3(b), equal the Exercise Price in effect immediately prior
to such record date less the fair market value (as determined by the Board of Directors, whose determination shall be described
in a statement filed with the Rights Agent) of the portion of the assets, evidences of indebtedness, rights, options or warrants
so to be distributed applicable to the securities purchasable upon exercise of one Right.

 

		(d)	Each adjustment made pursuant to this Section 2.3 shall be made as of:

 

		(i)	the payment or effective date for the applicable dividend, subdivision, change, consolidation or issuance in the case of an
adjustment made pursuant to subsection 2.3(a) above; and

 

		(ii)	the record date for the applicable dividend or distribution, in the case of an adjustment made pursuant to subsections 2.3(b)
or 2.3(c) above.

 

		(e)	Subject to the prior consent of the holders of Common Shares or Rights obtained in accordance with the provisions of subsections 5.4(b)
or (c) hereof, as applicable, if the Corporation shall, at any time after the Record Time and prior to the Expiration Time, issue
any Shares (other than Common Shares), or rights or warrants to subscribe for or purchase any such Shares, or securities convertible
into or exchangeable for any such Shares, in a transaction referred to in clause (a)(i) or (a)(iv) of this Section 2.3 and if the
Board of Directors determines that the adjustments contemplated by subsections 2.3(a), (b) and (d) above in connection with
such transaction will not appropriately protect the interests of the holders of Rights, the Board of Directors may determine what
other adjustments to the Exercise Price, number of Rights and/or securities purchasable upon exercise of Rights would be appropriate
and, notwithstanding such clauses, such adjustments (rather than the adjustments contemplated by subsections 2.3(a), (b) and
(d) above) shall be made and the Corporation and the Rights Agent shall amend this Agreement as appropriate to provide for such
adjustments.

 

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		(f)	Anything herein to the contrary notwithstanding, no adjustment to the Exercise Price shall be required unless such adjustment
would require an increase or decrease of at least 1% in such Exercise Price; provided, however, that any adjustments which by reason
of this subsection 2.3(f) are not required to be made shall be carried forward and taken into account in any subsequent adjustment.
Each adjustment made pursuant to this Section 2.3 shall be calculated to the nearest cent or to the nearest one ten-thousandth
of a Common Share or Right, as the case may be.

 

		(g)	All Rights originally issued by the Corporation subsequent to any adjustment made to the Exercise Price hereunder shall evidence
the right to purchase, at the adjusted Exercise Price, the number of Common Shares purchasable from time to time hereunder upon
exercise of the Rights, all subject to further adjustment as provided herein.

 

		(h)	Unless the Corporation shall have exercised its election as provided in subsection 2.3(i) hereof, upon each adjustment
of the Exercise Price as a result of the calculations made in subsections 2.3(b) or (c) above, each Right outstanding immediately
prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number
of Common Shares (calculated to the nearest one ten-thousandth) obtained by:

 

		(i)	multiplying (A) the number of Common Shares purchasable upon the exercise of a Right immediately prior to this adjustment,
by (B) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price; and

 

		(ii)	dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price.

 

		(i)	The Corporation may elect on or after the date of any adjustment of the Exercise Price to adjust the number of Rights, in lieu
of any adjustment in the number of Common Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after
the adjustment in the number of Rights shall be exercisable for the number of Common Shares for which a Right was exercisable immediately
prior to such adjustment. Each Right held of record immediately prior to such adjustment of the number of Rights shall become the
number of Rights (calculated to the nearest one ten-thousandth) obtained by dividing the Exercise Price in effect immediately prior
to the adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise Price. The
Corporation shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the
adjustment and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Exercise
Price is adjusted or any date thereafter, but, if the Rights Certificates have been issued, shall be at least 10 calendar days
after the date of the public announcement. If Rights Certificates have been issued, upon each adjustment of the number of Rights
pursuant to this subsection 2.3(j), the Corporation shall, as promptly as practicable, cause to be distributed to holders
of record of Rights Certificates on such record date, Rights Certificates evidencing the additional Rights to which such holder
shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such holders
of record in substitution or replacement for the Rights Certificates held by such holders prior to the date of adjustment, and
upon surrender thereof, if required by the Corporation, new Rights Certificates evidencing all the Rights to which such holders
shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued, executed and countersigned in
the manner provided for herein and may bear, at the option of the Corporation, the adjusted Exercise Price and shall be registered
in the names of the holders of record of Rights Certificates on the record date specified in the public announcement.

 

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		(j)	Irrespective of any adjustment or change in the Exercise Price or the number of securities purchasable upon the exercise of
the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per share and
the number of securities so purchasable which were expressed in the initial Rights Certificates issued hereunder.

 

		(k)	If, as a result of an adjustment made pursuant to Section 3.1, the holder of any Right thereafter exercised shall become
entitled to receive any securities other than Common Shares, thereafter the number of such other securities so receivable upon
exercise of any Right and the applicable Exercise Price thereof shall be subject to adjustment from time to time in a manner and
on terms as nearly equivalent as may be practicable to the provisions with respect to the Common Shares contained in the foregoing
subsections of this Section 2.3 and the provisions of this Agreement with respect to the Common Shares shall apply on like
terms to any such other securities.

 

		(l)	In any case in which this Section 2.3 shall require that any adjustment in the Exercise Price be made effective as of
a record date for a specified event, the Corporation may elect to defer, until the occurrence of such event, the issuance to the
holder of any Right exercised after such record date of the number of Common Shares and other securities of the Corporation, if
any, issuable upon such exercise over and above the number of Common Shares and other securities of the Corporation, if any, issuable
upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Corporation
shall deliver to such holder an appropriate instrument evidencing such holder’s right to receive such additional Common Shares
or other securities upon the occurrence of the event requiring such adjustment.

 

		(m)	Notwithstanding anything in this Section 2.3 to the contrary, the Corporation shall be entitled to make such reductions
in the Exercise Price, in addition to those adjustments expressly required by this Section 2.3, as and to the extent that
the Board of Directors determines advisable in order that any (i) subdivision or consolidation of the Common Shares, (ii) issuance
of any Common Shares at less than applicable Market Price, (iii) issuance of any Common Shares or securities that by their terms
are exchangeable for or convertible into or give a right to acquire Common Shares, (iv) stock dividends, or (v) issuance of rights,
options or warrants referred to in this Section 2.3, hereafter made by the Corporation to holders of its Common Shares, and
subject to applicable taxation laws, shall not be taxable to such shareholders.

 

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		(n)	Whenever an adjustment to the Exercise Price or a change in the securities purchasable upon the exercise of Rights is made
pursuant to this Section 2.3, the Corporation shall promptly:

 

		(i)	prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment;

 

		(ii)	file with the Rights Agent and with each transfer agent for the Common Shares, a copy of such certificate; and

 

		(iii)	cause notice of the particulars of such adjustment or change to be delivered to the holders of the Rights.

 

Failure to file such certificate or to cause such notice
to be given as aforesaid, or any defect therein, shall not affect the validity of any such adjustment or change.

 

		2.4	Date on Which Exercise is Effective

 

Each Person in whose name any certificate for Shares is issued
upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such Shares represented thereby
on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly submitted (together
with a duly completed Election to Exercise) and payment of the Exercise Price for such Rights (and any applicable transfer taxes
and other charges payable by the exercising holder hereunder) was made; provided, however, that, if the date of such submission
and payment is a date upon which the relevant Share transfer books of the Corporation are closed, such Person shall be deemed to
have become the recorded holder of such Shares on, and such certificate shall be dated, the next succeeding Business Day on which
the said Share transfer books of the Corporation are open.

 

		2.5	Execution, Authentication, Delivery and Dating of Rights Certificates

 

		(a)	The Rights Certificates shall be executed on behalf of the Corporation by any two of its Chairman, President and Chief Executive
Officer, its Chief Financial Officer or its Corporate Secretary. The signature of any of these officers on the Rights Certificates
may be manual or facsimile.

 

		(b)	Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the
Corporation shall bind the Corporation, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the countersignature and delivery of such Rights Certificates.

 

		(c)	Promptly after the Corporation learns of the Separation Time, the Corporation shall notify the Rights Agent of such Separation
Time and shall deliver Rights Certificates executed by the Corporation to the Rights Agent for countersignature, and the Rights
Agent shall countersign (manually or by facsimile signature in a manner satisfactory to the Corporation) and deliver such Rights
Certificates (and a disclosure statement as described in Section 2.2(c)) to the holders of the Rights pursuant to subsection 2.2(c)
hereof. No Rights Certificate shall be valid for any purpose until countersigned by the Rights Agent in the manner described above.

 

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		(d)	Each Rights Certificate shall be dated the date of countersignature thereof.

 

		2.6	Registration, Registration of Transfer and Exchange

 

		(a)	The Corporation shall cause to be kept a register (the “Rights Register”) in which, subject to such reasonable
regulations as it may prescribe, the Corporation shall provide for the registration and transfer of Rights. The Rights Agent is
hereby appointed “Rights Registrar” for the purpose of maintaining the Rights Register for the Corporation and registering
Rights and transfers of Rights as herein provided. If the Rights Agent shall cease to be the Rights Registrar, the Rights Agent
shall have the right to examine the Rights Register at all reasonable times during normal business hours.

 

After the Separation Time and prior to the Expiration
Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of subsection 2.6(c)
below, the Corporation shall execute, and the Rights Agent shall countersign, register and deliver, in the name of the holder or
the designated transferee or transferees, as required pursuant to the holder’s instructions, one or more new Rights Certificates
evidencing the same aggregate number of Rights as did the Rights Certificate so surrendered.

 

		(b)	All Rights issued upon any registration of transfer or exchange of Rights Certificates shall be the valid obligations of the
Corporation, and such Rights shall be entitled to the same benefits under this Agreement as the Rights surrendered upon such registration
of transfer or exchange.

 

		(c)	Every Rights Certificate surrendered for registration of transfer or exchange shall have the form of assignment thereon duly
completed and endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Corporation or the Rights
Agent, as the case may be, duly executed by the registered holder thereof or such holder’s attorney duly authorized in writing.
As a condition to the issuance of any new Rights Certificate under this Section 2.6, the Corporation may require the payment
by the holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and other
expenses (including the reasonable fees and expenses of the Rights Agent) in connection therewith.

 

		(d)	The Corporation shall not be required to register the transfer or exchange of any Rights after the Rights have been terminated
pursuant to the provisions of this Agreement.

 

		2.7	Mutilated, Destroyed, Lost and Stolen Rights Certificates

 

		(a)	If any mutilated Rights Certificate is surrendered to the Rights Agent prior to the Expiration Time, the Corporation shall
execute and the Rights Agent shall countersign and deliver a new Rights Certificate evidencing the same number of Rights as did
the Rights Certificate so surrendered.

 

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		(b)	If there shall be delivered to the Corporation and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction
of the destruction, loss or theft of any Rights Certificate and (ii) such security or indemnity as may be required by them to save
each of them and their respective agents harmless, then, in the absence of notice to the Corporation or the Rights Agent that such
Rights Certificate has been acquired by a bona fide purchaser, the Corporation shall execute and upon the Corporation’s request,
the Rights Agent shall countersign and deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights
Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen.

 

		(c)	As a condition to the issuance of any new Rights Certificate under this Section 2.7, the Corporation may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the reasonable fees and expenses of the Rights Agent) in connection therewith.

 

		(d)	Every new Rights Certificate issued pursuant to this Section 2.7 in lieu of any destroyed, lost or stolen Rights Certificate
shall evidence an original additional contractual obligation of the Corporation, whether or not the destroyed, lost or stolen Rights
Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Rights duly issued hereunder.

 

		2.8	Persons Deemed Owners

 

Prior to due presentment of a Rights Certificate (or, prior
to the Separation Time, the associated Common Share certificate) for registration of transfer, the Corporation, the Rights Agent
and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose name such Rights Certificate (or, prior
to the Separation Time, such Common Share certificate) is registered as the absolute owner thereof and of the Rights evidenced
thereby for all purposes whatsoever and the Company and the Rights Agent shall not be affected by any notice or knowledge to the
contrary except as required by statute or by order of a court of competent jurisdiction. As used in this Agreement, unless the
context otherwise requires, the term “holder” of any Rights means the registered holder of such Rights (or, prior to
the Separation Time, the associated Shares).

 

		2.9	Delivery and Cancellation of Certificates

 

All Rights Certificates surrendered upon exercise or for redemption,
registration of transfer or exchange shall, if surrendered to any Person other than the Rights Agent, be delivered to the Rights
Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Corporation may at any time deliver to the Rights
Agent for cancellation any Rights Certificates previously countersigned and delivered hereunder which the Corporation may have
acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the Rights Agent. No
Rights Certificates shall be countersigned in lieu of or in exchange for any Rights Certificates cancelled, as provided in this
Section 2.9, except as expressly permitted by this Agreement. The Rights Agent shall destroy all cancelled Rights Certificates
and deliver a certificate of destruction to the Corporation.

 

		2.10	Agreement of Rights Holders

 

Every holder of Rights, by accepting the same, consents and
agrees with the Corporation and the Rights Agent and with every other holder of Rights that:

 

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		(a)	prior to the Separation Time, each Right shall be transferable only together with, and shall be transferred by a transfer of,
the associated Common Share;

 

		(b)	after the Separation Time, the Rights Certificates shall be transferable only on the Rights Register, as provided herein;

 

		(c)	prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate)
for registration of transfer, the Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent may deem and
treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate)
is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or
writing on such Rights Certificate or the associated Common Share certificate made by anyone other than the Corporation or the
Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall be affected by any notice to
the contrary;

 

		(d)	such holder has waived all rights to receive any fractional Right or fractional Share upon exercise of a Right;

 

		(e)	such holder is otherwise bound by and subject to the provisions of this Agreement, as amended from time to time in accordance
with the terms hereof in respect of all Rights held;

 

		(f)	this Agreement may be supplemented or amended from time to time pursuant and subject to Section 5.4 and the last sentence of
the penultimate paragraph of subsection 2.3(a) hereof upon the sole authority of the Board of Directors without the approval
of any holder of Rights; and

 

		(g)	notwithstanding anything in this Agreement to the contrary, neither the Corporation nor the Rights Agent shall have any liability
to any holder of a Right or any other Person as a result of its inability to perform any of its obligations under this Agreement
by reason of any preliminary or permanent injunction or other order, decree or ruling by a court of competent jurisdiction or by
a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation.

 

		3.	ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS

 

		3.1	Flip-in Event

 

		(a)	Subject to the provisions of Sections 2.2, 3.1(b) and 5.1 hereof and except as provided below, if prior to the Expiration
Time a Flip-in Event shall occur, each Right shall thereafter constitute, effective at the Close of Business on the tenth Business
Day after the relevant Stock Acquisition Date or such longer period as may be required to satisfy the requirements of applicable
securities laws, including the 1933 Act and the 1934 Act, the right to purchase from the Corporation, upon exercise thereof in
accordance with the terms hereof, that number of Common Shares of the Corporation having an aggregate Market Price on the date
of consummation or occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise
Price (such right to be appropriately adjusted in a manner analogous to the applicable adjustment provided for in Section 2.3
hereof in the event that, after such date of consummation or occurrence, an event of a type analogous to any of the events described
in Section 2.3 hereof shall have occurred with respect to such Common Shares).

 

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		(b)	Notwithstanding anything in this Agreement to the contrary, upon the occurrence of a Flip-in Event, any Rights that are or
were Beneficially Owned on or after the earlier of the Separation Time and the Stock Acquisition Date by:

 

		(i)	an Acquiring Person (or any Person acting jointly or in concert with an Acquiring Person or with an Affiliate or Associate
of an Acquiring Person); or

 

		(ii)	a direct or indirect transferee of, or other successor in title to, such Rights (a “Transferee”), who becomes
a Transferee concurrently with or subsequent to the Acquiring Person becoming an Acquiring Person, in a transfer, whether or not
for consideration, that the Board of Directors has determined is part of a plan, understanding or scheme of an Acquiring Person
(or an Affiliate or Associate of an Acquiring Person or any Person acting jointly or in concert with an Acquiring Person or an
Affiliate or Associate of an Acquiring Person) that has the purpose or effect of avoiding the provisions of this subsection 3.1(b)
applicable in the circumstances contemplated in clause (i) hereof;

 

shall thereupon become and be null and void and any
holder of such Rights (including any Transferee) shall thereafter have no rights whatsoever with respect to such Rights, whether
under any provision of this Agreement or otherwise. The holder of any Rights represented by a Rights Certificate which is submitted
to the Rights Agent, or any Co-Rights Agent, as hereinafter defined, upon exercise or for registration of transfer or exchange
which does not contain the necessary certifications set forth in the Rights Certificate establishing that such Rights are not void
under this subsection 3.1(b) shall be deemed to be an Acquiring Person for the purposes of this subsection 3.1(b) and
such rights shall be null and void.

 

		(c)	Any Rights Certificate that represents Rights Beneficially Owned by a Person described in either clauses (i) or (ii) of subsection 3.1(b)
hereof or transferred to any nominee of any such Person, and any Rights Certificate issued upon the transfer, exchange or replacement
of any other Rights Certificate referred to in this sentence shall contain and be deemed to contain the following legend:

 

“The Rights represented by this Rights Certificate
were issued to a Person who was an Acquiring Person or an Affiliate or an Associate of an Acquiring Person (as such terms are defined
in the Rights Agreement) or was acting jointly or in concert with any of them. This Rights Certificate and the Rights represented
hereby shall become void in the circumstances specified in subsection 3.1(b) of the Rights Agreement.”

 

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provided, however, that the Rights Agent shall
not be under any responsibility to ascertain the existence of facts that would require the imposition of such legend but shall
be required to impose such legend only if instructed to do so by the Corporation or if a holder fails to certify upon transfer
or exchange in the space provided on the Rights Certificate that such holder is not an Acquiring Person or an Affiliate or Associate
thereof or acting jointly or in concert with any of them. The issuance of a Rights Certificate without the legend referred to in
this subsection shall be of no effect on the provisions of this subsection.

 

		4.	THE RIGHTS AGENT

 

		4.1	General

 

		(a)	The Corporation hereby appoints the Rights Agent to act as agent for the Corporation and the holders of Rights in accordance
with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Corporation may from time to time
appoint one or more co-rights agents (each, a “Co-Rights Agent”) as it may deem necessary or desirable subject
to the approval of the Rights Agent, which approval shall not be unreasonably withheld. In such event, the respective duties of
the Rights Agent and any Co-Rights Agent shall be as the Corporation may determine with the written approval of the Rights Agent.
The Corporation agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time
to time on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration
and execution of this Agreement and the exercise and performance of its duties hereunder. The Corporation also agrees to indemnify
the Rights Agent, its officers, directors, employees and agents for, and to hold them harmless against, any loss, liability, or
expense, incurred without gross negligence, bad faith or wilful misconduct on the part of the Rights Agent, its officers, directors,
employees or agents, for anything done or omitted by them in connection with the acceptance and performance of this Agreement,
including legal costs and expenses, which right to indemnification shall survive the termination of this Agreement or the resignation
or removal of the Rights Agent.

 

		(b)	The Rights Agent shall be protected from, and shall incur no liability for or in respect of, any action taken, suffered or
omitted by it in connection with its performance of this Agreement in reliance upon any certificate for Common Shares, Rights Certificate,
certificate for other securities of the Corporation, instrument of assignment or transfer, power of attorney, endorsement, affidavit,
letter, notice, direction, consent, certificate, opinion, statement or other paper or document reasonably believed by it in good
faith to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons.

 

		(c)	The Corporation shall inform the Rights Agent in a reasonably timely manner of events which may materially affect the administration
of this Agreement by the Rights Agent and, at any time upon written request, shall provide to the Rights Agent an incumbency certificate
certifying the then current officers of the Corporation; provided that failure to inform the Rights Agent of any such events, or
any defect therein shall not affect the validity of any action taken hereunder in relation to such events.

 

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		4.2	Merger or Amalgamation or Change of Name of Rights Agent

 

		(a)	Any body corporate into which the Rights Agent or any successor Rights Agent may be merged or amalgamated with or into, or
any body corporate succeeding to the securityholder services business of the Rights Agent or any successor Rights Agent shall be
the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part
of any of the parties hereto, provided that such body corporate would be eligible for appointment as a successor Rights Agent under
the provisions of Section 4.4 hereof.

 

In case, at the time such successor Rights Agent succeeds
to the agency created by this Agreement, any of the Rights Certificates have been countersigned but not delivered, any such successor
Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned;
and, in case at that time any of the Rights Certificates have not been countersigned, any successor Rights Agent may countersign
such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and,
in all such cases, such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.

 

		(b)	In case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates
so countersigned; and, in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent
may countersign such Rights Certificates either in its prior name or in its changed name; and, in all such cases, such Rights Certificates
shall have the full force provided in the Rights Certificates and in this Agreement.

 

		4.3	Duties of Rights Agent

 

The Rights Agent undertakes the duties and obligations imposed
by this Agreement upon the following terms and conditions, by all of which the Corporation and the holders of Rights Certificates,
by their acceptance thereof, shall be bound:

 

		(a)	The Rights Agent may retain and consult with legal counsel (who may be legal counsel for the Corporation), and the opinion
of such counsel will be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by
it in good faith and in accordance with such opinion. The Corporation shall reimburse the Rights Agent for all reasonable legal
fees and disbursements incurred in connection with this Section 4.3(a).

 

		(b)	Whenever, in the performance of its duties under this Agreement, the Rights Agent deems it necessary or desirable that any
fact or matter be proved or established by the Corporation prior to taking or suffering any action or refraining from taking any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a certificate signed by an individual reasonably believed by the Rights Agent to be
the Chairman, the Chief Executive Officer, the Chief Financial Officer or any Vice-President and by the Secretary or any Assistant
Secretary of the Corporation and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights
Agent for any action taken, omitted or suffered in good faith by it under the provisions of this Agreement in reliance upon such
certificate.

 

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		(c)	The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or wilful misconduct and that of its
officers, directors, employees and agents.

 

		(d)	The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the certificates for Shares or the Rights Certificates (except its countersignature thereof) or be required to verify the
same, but all such statements and recitals are and will be deemed to have been made by the Corporation only.

 

		(e)	The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution
of any Share certificate or Rights Certificate (except its countersignature thereof); nor will it be responsible for any breach
by the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible
for any change in the exercisability of the Rights (including the Rights becoming void pursuant to subsection 3.1(b) hereof)
or any adjustment required under the provisions of Section 2.3 hereof or responsible for the manner, method or amount of any
such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the
exercise of Rights after receipt of the certificate contemplated by Section 2.3 hereof describing any such adjustment); nor
will it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Shares
to be issued pursuant to this Agreement or any Rights or as to whether any Shares shall, when issued, be duly and validly authorized,
executed, issued and delivered and be fully paid and non-assessable.

 

		(f)	The Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

		(g)	The Rights Agent is hereby authorized to rely upon and directed to accept written instructions (including by electronic mail)
with respect to the performance of its duties hereunder from any Person reasonably believed by the Rights Agent to be the Chairman,
the Chief Executive Officer, the Chief Financial Officer or any Vice-President or the Secretary or any Assistant Secretary of the
Corporation, and to apply to such Persons for advice or instructions in connection with its duties, and it shall not be liable
for any action taken, omitted or suffered by it in good faith in accordance with instructions of any such Person.

 

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		(h)	The Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in Shares, Rights
or other securities of the Corporation or become pecuniarily interested in any transaction in which the Corporation may be interested,
or contract with or lend money to the Corporation or otherwise act as fully and freely as though it were not Rights Agent under
this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation or for any
other legal entity.

 

		(i)	The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, omission,
default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting from any such act,
omission, default, neglect or misconduct, provided reasonable care was exercised in good faith in the selection and continued employment
thereof.

 

		4.4	Change of Rights Agent

The Rights Agent may resign and be discharged from its duties
under this Agreement upon 60 days’ notice (or such lesser notice as is acceptable to the Corporation) in writing delivered
or mailed to the Corporation and to each transfer agent of Common Shares by first class mail, and mailed or delivered to the holders
of the Rights in accordance with Section 5.9 hereof. The Corporation may remove the Rights Agent upon 30 days’ notice
in writing, mailed or delivered to the Rights Agent and to each transfer agent of the Common Shares by first class mail, and mailed
to the holders of the Rights in accordance with Section 5.9 hereof. If the Rights Agent should resign or be removed or otherwise
become incapable of acting, the Corporation shall appoint a successor to the Rights Agent. If the Corporation fails to make such
appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity
by the resigning or incapacitated Rights Agent or by the holder of any Rights (which holder shall, with such notice, submit such
holder’s Rights Certificate for inspection by the Corporation), then the Rights Agent or the holder of any Rights may apply,
at the Corporation’s expense, to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor
Rights Agent, whether appointed by the Corporation or by such a court, shall be a body corporate incorporated under the laws of
Canada or a province thereof authorized to carry on the business of a trust company in the Province of British Columbia. After
appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent, upon receipt of all fees and
expenses outstanding to the predecessor Rights Agent by the Corporation, shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary
for the purpose. Not later than the effective date of any such appointment, the Corporation shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing to the holders
of the Rights. Failure to give any notice provided for in this Section 4.4, however, or any defect therein, shall not affect
the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as
the case may be. Following the resignation of the Rights Agent and until the appointment of a successor Rights Agent, the Corporation
shall be entitled to act in the capacity of the Rights Agent under this Agreement.

 

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		4.5	Compliance with Anti-Money Laundering Legislation

 

The Rights Agent shall retain the right not to act and shall
not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Rights Agent reasonably
determines that such an act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline. Further, should the Rights Agent reasonably determine at any time that its acting under this
Agreement has resulted in it being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline, then it shall have the right to resign on 10 days’ prior written notice to the Corporation, provided: (i) that
the Rights Agent’s written notice shall describe the circumstances of such non-compliance; and (ii) that, if such circumstances
are rectified to the Rights Agent’s satisfaction within such 10 day period, then such resignation shall not be effective.

 

		4.6	Fiduciary Duties of the Directors

 

Nothing contained herein shall be construed to suggest or imply
that the Board of Directors shall not be entitled to recommend that holders of the Voting Shares and/or Convertible Securities
reject or accept any Take-over Bid or take any other action including the commencement, prosecution, defence or settlement of any
litigation and the solicitation of additional or alternative Take-over Bids or other proposals to shareholders that the Board of
Directors believes is necessary or appropriate in the exercise of its fiduciary duties.

 

		5.	MISCELLANEOUS

 

		5.1	Redemption and Waiver

 

The Corporation shall give prompt written notice to the Rights
Agent of any waiver of the application of Section 3.1 made by the Board of Directors acting in good faith under this Section 5.1.
In addition,

 

		(a)	Subject to the prior consent of the holders of Voting Shares or Rights obtained as set forth in Section 5.4(b) or Section 5.4(c)
hereof, the Board of Directors, acting in good faith, at any time prior to the occurrence of a Flip-in Event as to which the application
of Section 3.1 has not been waived pursuant to this Section 5.1, may elect to redeem all but not less than all of the
then outstanding Rights at a redemption price of $0.00001 per Right appropriately adjusted in a manner analogous to the applicable
adjustment to the Exercise Price provided for in Section 2.3 hereof, if an event analogous to any of the events described
in Section 2.3 hereof, shall have occurred (such redemption price being herein referred to as the “Redemption Price”).

 

		(b)	Subject to the prior consent of the holders of Voting Shares or Rights obtained as set forth in Section 5.4(b) or Section 5.4(c)
hereof, the Board of Directors, acting in good faith, may, at any time prior to the occurrence of a Flip-in Event, waive the application
of Section 3.1 hereof, to such Flip-in Event, if such Flip-in Event would occur by reason of an acquisition of Common Shares
other than pursuant to a Take-over Bid made by means of a Take-over Bid circular to all holders of record of Common Shares and
other than in the circumstances set forth in subsection 5.1(d) hereof.

 

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		(c)	Prior to the occurrence of a Flip-in Event as to which the application of Section 3.1 has not been waived pursuant to this
paragraph, upon written notice to the Rights Agent, the Board of Directors may waive the application of Section 3.1 hereof,
to such Flip-in Event but only if such Flip-in Event occurs as a result of a Take-over Bid made by way of a Take-over Bid circular
sent to all holders of record of Common Shares; provided, however, that if the Board of Directors waives the application of Section 3.1
hereof, to a particular Flip-in Event, the Board of Directors shall be deemed to have waived the application of Section 3.1
hereof, to any other Flip-in Event occurring by reason of any Take-over Bid which is made by means of a Take-over Bid circular
to all holders of record of Common Shares (i) prior to the granting of such a waiver, or (ii) thereafter and prior to the expiry
of any Take-over Bid in respect of which a waiver is, or is deemed to have been, granted under this subsection 5.1(c).

 

		(d)	The Board of Directors, acting in good faith, may waive the application of Section 3.1 to a Flip-in Event provided that
the following conditions are satisfied:

 

		(i)	the Board of Directors has determined that the Acquiring Person became an Acquiring Person by inadvertence and without any
intention to become, or knowledge that it would become, an Acquiring Person; and

 

		(ii)	such Acquiring Person has reduced its Beneficial Ownership of Common Shares or has entered into a contractual arrangement with
the Corporation, acceptable to the Board of Directors, to do so within thirty (30) days of the date on which such contractual arrangement
is entered into, such that at the time of the waiver pursuant to this subsection 5.1(d), it is no longer an Acquiring Person.

 

If such Person remains an Acquiring Person following
such period, such date shall be deemed to be the date of occurrence of a further Share Acquisition Date and Section 3.1 shall apply
thereto.

 

		(e)	If a Person acquires, pursuant to a Permitted Bid or a Competing Permitted Bid or pursuant to an Exempt Acquisition occurring
under subsection 5.1(c) hereof, outstanding Common Shares, other than Common Shares Beneficially Owned at the date of such
Permitted Bid, Competing Permitted Bid or Exempt Acquisition by such Person, the Board of Directors of the Corporation shall, notwithstanding
the provisions of subsection 5.1(a) hereof, immediately upon the consummation of such acquisition and without further formality
be deemed to have elected to redeem, and shall redeem, the Rights at the Redemption Price.

 

		(f)	If the Board of Directors has elected to or is deemed to have elected to redeem the Rights and, in circumstances where subsection 5.1(a)
is applicable, (i) the right to exercise the Rights will thereupon, without further action and without notice, terminate and the
only right thereafter of the holders of Rights shall be to receive the Redemption Price, and (ii) no further Rights shall thereafter
be issued.

 

		(g)	Within 10 Business Days of the Board of Directors electing or having been deemed to have elected to redeem the Rights, the
Corporation shall give notice of redemption to the holders of record of the then outstanding Rights by mailing such notice to each
such holder at its last address as it appears upon the Rights Register of the Rights Agent, or, prior to the Separation Time, on
the share register maintained by the Corporation’s transfer agent. Each such notice of redemption shall state the method
by which the payment of the Redemption Price shall be made.

 

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		(h)	Where a Take-over Bid that is not a Permitted Bid or Competing Permitted Bid expires, is withdrawn or otherwise terminated
after the Separation Time has occurred and prior to the occurrence of a Flip-in Event, the Board of Directors may elect to redeem
all of the outstanding Rights at the Redemption Price.

 

		(i)	The Corporation shall give prompt written notice to the Rights Agent of any waiver of the application of Section 3.1 made
by the Board of Directors under this Section 5.1.

 

		(j)	Upon the Rights being redeemed pursuant to Section 5.1(h) above, all the provisions of this Agreement shall continue to
apply as if the Separation Time had not occurred and Rights Certificates representing the number of Rights held by each holder
of record of Common Shares as of the Separation Time had not been mailed to each such holder and for all purposes of this Agreement,
the Separation Time shall be deemed not to have occurred and the rights shall remain attached to the outstanding Common Shares,
subject to and in accordance with the provisions of this Agreement.

 

		5.2	Expiration

 

No Person shall have any rights pursuant to or arising out of
this Agreement or in respect of any Right after the Expiration Time, except as provided in Section 4.1 hereof.

 

		5.3	Issuance of New Rights Certificates

 

Notwithstanding any of the provisions of this Agreement or of
the Rights to the contrary, the Corporation may, at its option, issue new Rights Certificates evidencing Rights in such form as
may be approved by the Board of Directors to reflect any adjustment or change in the number or kind or class of Shares purchasable
upon exercise of Rights made in accordance with the provisions of this Agreement.

 

		5.4	Supplements and Amendments

 

		(a)	The Corporation may make, with the approval of the Board of Directors but without the approval of the holders of Rights or
Voting Shares, any supplements or amendments to this Agreement: (i) specifically contemplated in subsection 2.10(f); (ii)
to correct any clerical or typographical error; or (iii) which are required to maintain the validity and effectiveness of the Agreement
as a result of any change in any applicable laws, rules or regulatory requirements. The Corporation may, prior to the date of any
shareholders meeting referred to in Section 5.17, supplement, amend, vary or delete any of the provisions of this Agreement
without the approval of any holder of Rights or Common Shares, where the Board of Directors deems in good faith that such action
is necessary or desirable. Notwithstanding anything in this Section 5.4 to the contrary, no such supplement or amendment shall
be made to the provisions of Article 4 except with the written concurrence of the Rights Agent to such supplement or amendment.

 

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		(b)	Subject to subsection 5.4(a) above, the Corporation, with the prior consent of a majority of the holders of Voting Shares
obtained as set forth below, at any time before the Separation Time, amend, vary or rescind any of the provisions of this Agreement
and the Rights (whether or not such action would materially adversely affect the interests of the holders of Rights generally).
Such consent shall be deemed to have been given if provided by the holders of Voting Shares at a special meeting of the holders
of Voting Shares called and held in compliance with applicable laws, rules and regulatory requirements and the requirements in
the articles and by-laws of the Corporation. Subject to compliance with any requirements imposed by the foregoing, consent shall
be deemed to have been given if the proposed amendment, variation or rescission is approved by the affirmative vote of a majority
of the votes cast by all Independent Shareholders represented in person or by proxy at the special meeting.

 

		(c)	The Corporation may, with the prior consent of the holders of Rights obtained as set forth below, at any time after the Separation
Time and before the Expiration Time, amend, vary or rescind any of the provisions of this Agreement and the Rights (whether or
not such action would materially adversely affect the interests of the holders of Rights generally). Such consent shall be deemed
to have been given if provided by the holders of Rights at a special meeting of holders of Rights called and held in compliance
with applicable laws, rules and regulatory requirements and, to the extent possible, with the requirements in the articles and
by-laws of the Corporation applicable to meetings of holders of Common Shares, applied mutatis mutandis. Subject to compliance
with any requirements imposed by the foregoing, consent shall be deemed to have been given if the proposed amendment, variation
or rescission is approved by the affirmative vote of a majority of the votes cast by holders of Rights (other than holders of Rights
whose Rights have become null and void pursuant to subsection 3.1 hereto), represented in person or by proxy at the special
meeting.

 

		(d)	Any amendments made by the Corporation to this Agreement pursuant to subsection 5.4(a) above which are required to maintain
the validity and effectiveness of this Agreement as a result of any change in any applicable laws, rules or regulatory requirements
shall:

 

		(i)	if made before the Separation Time, be submitted to the holders of Common Shares at the next meeting of shareholders and the
shareholders may, by the majority referred to in subsection 5.4(b) above hereto, confirm or reject such amendment; and

 

		(ii)	if made after the Separation Time, be submitted to the holders of Rights at a meeting to be called in accordance with the provisions
of Section 5.4(c) hereof.

 

		(e)	The Corporation shall be required to provide the Rights Agent with notice in writing of any such amendment, rescission or variation
to this Agreement, as referred to in this Section 5.4, within five days or effecting such amendment, rescission or variation.

 

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Any such amendment shall, unless the Board of Directors
otherwise stipulates, be effective from the date of the resolution of the Board of Directors adopting such amendment, until it
is confirmed or rejected or until it ceases to be effective (as described in the next sentence) and, where such amendment is confirmed,
it continues in effect in the form so confirmed. If such amendment is rejected by the shareholders of the Corporation or the holders
of Rights or is not submitted to the shareholders of the Corporation or holders of Rights as required, then such amendment shall
cease to be effective from and after the termination of the meeting at which it was rejected or to which it should have been but
was not submitted or if such a meeting of the holders of Rights is not called within a period of 90 days of the making of any such
amendment, at the end of such period, and no subsequent resolution of the Board of Directors to amend this Agreement to substantially
the same effect shall be effective until confirmed by the shareholders of the Corporation or holders of Rights, as the case may
be.

 

		5.5	Fractional Rights and Fractional Common Shares

 

		(a)	The Corporation shall not be required to issue fractions of Rights or to distribute Rights Certificates which evidence fractional
Rights. In lieu of issuing fractional Rights, the Corporation shall pay to the registered holders of the Right Certificates, at
the time such fractional Rights would otherwise be issuable, an amount in cash equal to the same fraction of the Market Price of
one whole Right that the fraction of a Right that would otherwise be issuable is of one whole Right. The Rights Agent shall have
no obligation to make any payments in lieu of fractional Rights unless the Corporation shall have provided the Rights Agent with
the necessary funds to pay in full all amounts payable in accordance with Section 2.2(e).

 

		(b)	The Corporation shall not be required to issue fractions of Common Shares upon exercise of the Rights or to distribute certificates
which evidence fractional Common Shares or other securities. In lieu of issuing fractional Common Shares or other securities, the
Corporation shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein provided,
an amount in cash equal to the same fraction of the Market Price of one Common Share that the fraction of a Common Share that would
otherwise be issuable upon the exercise of such Right is of a whole Common Share. The Rights Agent shall have no obligation to
make any payments in lieu of fractional Common Shares unless the Corporation shall have provided the Rights Agent with the necessary
funds to pay in full all amounts payable in accordance with Section 2.2(e).

 

		5.6	Rights of Action

 

Subject to the terms of this Agreement all, rights of action
in respect of this Agreement, other than rights of action vested solely in the Rights Agent, are vested in the respective registered
holders of the Rights, and any registered holder of any Rights, without the consent of the Rights Agent or of the registered holder
of any other Rights may, on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders
of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Corporation to enforce, or otherwise
act in respect of, such holder’s right to exercise such holder’s Rights in the manner provided in such holder’s
Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it
is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement
and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations
of the obligations of any Person subject to this Agreement.

 

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		5.7	Holder of Rights Not Deemed a Shareholder

 

No holder, as such, of any Rights shall be entitled to vote
other than pursuant to Sections 5.4 and 5.18 hereof, receive dividends or be deemed for any purpose the holder of Common Shares
or any other securities, which may at any time be issuable on the exercise of such Rights, nor shall anything contained herein
or in any Rights Certificate be construed to confer upon the holder of any Rights, as such, any of the rights of a shareholder
of the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting
thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders
(except as provided in Section 5.8 hereof), or to receive dividends or subscription rights, or otherwise, until such Rights
shall have been exercised in accordance with the provisions hereof.

 

		5.8	Notice of Proposed Actions

 

If, after the Separation Time and prior to the Expiration Time:

 

		(i)	there shall occur an adjustment in the Rights attaching to the Rights pursuant to Section 3.1 as a result of the occurrence
of a Flip-in Event; or

 

		(ii)	the Corporation proposes to effect the liquidation, dissolution or winding up of the Corporation or the sale of all or substantially
all of the Corporation’s assets;

 

then, in each such case, the Corporation shall give to each
holder of a Right, in accordance with Section 5.9, a notice of such event or proposed action, which shall specify the date
on which such change to the Rights, liquidation, dissolution or winding up occurred or is to take place, and such notice shall
be so given within 10 Business Days after the occurrence of a change to the Rights and not less than 20 Business Days prior to
the date of taking such proposed action by the Corporation.

 

		5.9	Notices

 

Any notice, demand or other communication required or permitted
to be given or made by the Rights Agent or by the holder of any Rights to or on the Corporation or by the Corporation or by the
holder of any Rights to or on the Rights Agent shall be in writing and shall be sufficiently given or made if:

 

		(i)	delivered in person on a Business Day and left with the receptionist or other responsible employee at the relevant address
set forth below; or

 

		(ii)	except during any general interruption of postal services due to strike, lockout or other cause, sent by first-class mail;
or

 

		(iii)	sent by telegraph, facsimile or other form of recorded electronic communication, charges prepaid and confirmed in writing as
aforesaid;

 

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if to the Corporation, addressed to it at:

 

1055 West Georgia Street, Suite 3000

Vancouver, BC

V6E 3R3

 

Attention: President and Chief Executive Officer

Fax No.: 604-646-2634

 

and if to the Rights Agent, addressed to it at:

 

Computershare Trust Company of Canada

510 Burrard Street, 2nd Floor

Vancouver, British Columbia

V6C 3B9

 

Attention: Manager, Client Services

Facsimile No.: (604) 661-9401

 

Notices, demands or other communications required or permitted
to be given or made by the Corporation or the Rights Agent to or on the holder of any Rights shall be in writing and shall be sufficiently
given or made if delivered personally to such holder or delivered or mailed by first-class mail to the address of such holder as
it appears on the Rights Register maintained by the Rights Registrar, or, prior to the Separation Time, in the register of Shareholders
maintained by the transfer agent for the Common Shares.

 

Any notice so given or made shall be deemed to have been given
and to have been received on the day of delivery, if so delivered; on the third Business Day (excluding each day during which there
exists any general interruption of postal service due to strike, lockout, or other cause) following the mailing thereof, if so
mailed; and on the day of telegraphing, telecopying or sending of the same by other means of recorded electronic communication
(provided such sending is during the normal business hours of the addressee on a Business Day and if not, on the first Business
Day thereafter). Each of the Corporation and the Rights Agent may from time to time change its address for notice by notice to
the other given in the manner aforesaid.

 

		5.10	Costs of Enforcement

 

The Corporation agrees that if the Corporation fails to fulfill
any of its obligations pursuant to this Agreement, then the Corporation shall reimburse the holder of any Rights for the costs
and expenses (including reasonable legal fees) incurred by such holder in respect of actions to enforce his rights pursuant to
any Rights or this Agreement.

 

		5.11	Successors

 

All the covenants and provisions of this Agreement by or for
the benefit of the Corporation or the Rights Agent shall bind and inure to the benefit of their respective successors and permitted
assigns hereunder.

 

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		5.12	Benefits of this Agreement

 

Nothing in this Agreement shall be construed to give to any
Person other than the Corporation, the Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim
under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Corporation, the Rights Agent and the
holders of the Rights.

 

		5.13	Governing Law

 

This Agreement and each Right issued hereunder shall be deemed
to be a contract made under the laws of the Province of British Columbia and for all purposes shall be governed by and construed
in accordance with the laws of such Province applicable to contracts to be made and performed entirely within such Province.

 

		5.14	Counterparts

 

This Agreement may be executed in any number of counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

		5.15	Severability

 

If any term or provision hereof or the application thereof to
any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective
as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the
remaining terms and provisions hereof or the application of such term or provision to circumstances other than those as to which
it is held invalid or unenforceable.

 

		5.16	Determinations and Actions by the Board of Directors

 

All actions, calculations and determinations (including all
omissions with respect to the foregoing) which are done or made by the Board of Directors, in good faith, shall not subject the
Board of Directors to any liability to the holders of the Rights.

 

		5.17	Effective Date

 

This Agreement is effective in accordance with its terms from
the date hereof; provided that unless confirmed by ordinary resolution passed by a majority of the votes cast by Independent Shareholders
present in person or voting by proxy and who vote in respect of confirmation of this Agreement (subject to any additional requirements
relating to such vote prescribed by a stock exchange on which the Common Shares are listed) at a meeting of shareholders of the
Corporation to be held not later than July 31, 2012 this Agreement shall be of no further force or effect and all Rights issued
hereunder shall be void from the first to occur of: (i) the termination of such meeting; and (ii) the Close of Business (Vancouver
time) on July 31, 2012.

 

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This Agreement must be reconfirmed by a resolution passed by
a majority of the votes cast by Independent Shareholders (subject to any additional requirements related to such vote prescribed
by a stock exchange on which the Common Shares are then listed) at the annual shareholder meeting of the corporation to be held
in 2015 and at every third annual meeting of the Corporation thereafter.  If this Agreement is not so reconfirmed or is not
presented for reconfirmation at such annual meeting, this Agreement and all outstanding Rights shall terminate and be void and
of no further force and effect on and from the date of termination of such annual meeting; provided that, such termination shall
not occur if a Flip-in Event has occurred (other than a Flip-in Event which has been waived pursuant to Section 5.1 hereof), prior
to the date upon which this Agreement would otherwise terminate pursuant to this Section 5.17.

 

		5.18	Approval of Holders of Rights

 

If, after the Separation Time, the approval of holders of Rights
is required in respect of a supplement or amendment to this Agreement made pursuant to Section 5.4 hereof, the Board of Directors
shall, within 31 days after the implementation of any such supplement or amendment, call a special meeting of the holders of Rights
to consider and, if thought fit, to pass a resolution approving the supplement or amendment, and such supplement or amendment shall
be deemed to have been approved if such resolution receives the affirmative vote of a majority of the votes cast by holders of
Rights represented at the meeting in person or by proxy excluding any Rights which are then void pursuant to the provisions of
subsection 3.1(b) hereof. In respect of any such meeting required to be held:

 

		(i)	the Board of Directors shall fix a date for the meeting, which date shall be as soon as practicable after the implementation
of any supplement or amendment requiring approval, but not more than 110 days thereafter;

 

		(ii)	the Board of Directors of the Corporation shall fix a record date for determining the holders of Rights entitled to receive
notice of such meeting in a manner analogous to the procedures set out in National Instrument 54-101 of the Canadian Securities
Administrators (as such policy may be amended or replaced from time to time, and as required in order to conform to the requirements
of any applicable securities legislation or policy) and the rules of any stock exchange on which the Common Shares are then listed,
and the articles and by-laws of the Corporation; and

 

		(iii)	each Right shall be entitled to one vote at such meeting and, in all other respects, the rules applicable to meetings of shareholders
set forth in the articles and by-laws of the Corporation shall apply in respect of such meeting of holders of Rights, mutatis mutandis.

 

		5.19	Declaration as to Non-Canadian and Non-United States Holders

 

If, upon the advice of outside counsel, any action or event
contemplated by this Agreement would require compliance with the securities laws or comparable legislation of a jurisdiction outside
of Canada and the United States of America, the Board of Directors acting in good faith may take such actions as it may deem appropriate
to ensure that such compliance is not required, including without limitation establishing procedures for the issuance to a Canadian
resident Fiduciary of Rights or securities issuable on exercise of Rights, the holding thereof in trust for the Persons entitled
thereto (but reserving to the Fiduciary or to the Fiduciary and the Corporation, as the Corporation may determine, absolute discretion
with respect thereto) and the sale thereof and remittance of the proceeds of such sale, if any, to the Persons entitled thereto.
In no event shall the Corporation or the Rights Agent be required to issue or deliver Rights or securities issuable on exercise
of Rights to Persons who are citizens, residents or nationals of any jurisdiction other than Canada and any province or territory
thereof and the United States of America and any state thereof in which such issue or delivery would be unlawful without registration
of the relevant Persons or securities for such purposes.

 

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		5.20	Regulatory Approvals

 

Any obligation of the Corporation or action or event contemplated
by this Agreement, or any amendment or supplement to this Agreement, shall be subject to receipt of any requisite approval or consent
from any governmental or regulatory authority having jurisdiction, including the Toronto Stock Exchange and any other stock exchange
on which the Corporation’s Securities are listed while any securities of the Corporation are listed and posted for trading
thereon and for a period of 6 months thereafter.

 

		5.21	U.S. Registration

 

(a) Notwithstanding anything to the contrary, no Rights shall
be deemed issued to a U.S. holder until a registration of the Rights under Section 12(b) of the U.S. Securities Exchange Act of
1934, as amended, is effective, but, regardless of when that registration shall become effective, the Rights shall be effective
in accordance with Section 2 in respect of each Common Share outstanding at the Record Time and each Common Share that may
be issued after the Effective Time and prior to the earlier of the Separation Time and the Expiration Time.

 

(b) The Corporation shall use its best efforts to (i) file,
as soon as practicable following the Separation Time, a registration statement under the 1933 Act, with respect to the securities
purchasable upon exercise of the Rights on an appropriate form, (ii) cause such registration statement to become effective as soon
as practicable after such filing, and (iii) cause such registration statement to remain effective (with a prospectus at all times
meeting the requirements of the 1933 Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for
such securities, and (B) the Expiration Time. The Corporation will also take such action as may be appropriate under, or to ensure
compliance with, the securities or "blue sky" laws of the various states in connection with the exercisability of the
Rights. The Corporation may temporarily suspend, for a period of time not to exceed ninety (90) days after the date set forth in
clause (i) of the first sentence of this Section 5.21(b), the exercisability of the Rights in order to prepare and file such registration
statement and permit it to become effective. Upon any such suspension, the Corporation shall issue a public announcement stating
that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension
has been rescinded.

 

		5.22	Privacy Legislation

 

The parties acknowledge that federal and/or provincial legislation
that addresses the protection of individual’s personal information (collectively, “Privacy Laws”) applies
to obligations and activities under this Agreement. Despite any other provision of this Agreement, neither party will take or direct
any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Corporation will, prior to transferring
or causing to be transferred personal information to the Rights Agent, obtain and retain required consents of the relevant individuals
to the collection, use and disclosure of their personal information, or will have determined that such consents either have previously
been given upon which the parties can rely or are not required under the Privacy Laws. The Rights Agent will use commercially reasonable
efforts to ensure that its services hereunder comply with Privacy Laws.

 

    	45

    	 

    

 

		5.23	Time of the Essence

 

Time shall be of the essence in this Agreement.

 

[Remainder of page intentionally left blank.]

 

    	46

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed as of the date first above written,

 

	 	ATNA RESOURCES LTD.
	 	 	 
	 	Per:	“James K.B. Hesketh”
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY OF CANADA
	 	 	 
	 	Per:	“Anita Basi”
	 	 	 
	 	Per:	“Evelyn Hsu”

 

    	47

    	 

    

 

EXHIBIT
“A”

Form of Rights Certificate

 

ATNA RESOURCES LTD.

 

	Certificate No. _______	____________ Rights

  

THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION
OF THE CORPORATION, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES (SPECIFIED IN THE RIGHTS AGREEMENT),
RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY PERSON ACTING JOINTLY OR IN CONCERT WITH AN ACQUIRING PERSON OR WITH AN
ASSOCIATE OR AFFILIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE
FOREGOING WILL BECOME VOID WITHOUT ANY FURTHER ACTION.

 

RIGHTS CERTIFICATE

 

This certifies that ____________________ or registered assigns,
is the registered holder of the number of Rights set forth above, each of which entitles the registered holder thereof, subject
to the terms, provisions and conditions of the Shareholder Rights Plan Agreement made as of April 27, 2012 (as amended, restated,
or revised the “Rights Agreement”) between ATNA RESOURCES LTD., a corporation incorporated under the Business
Corporations Act (British Columbia) (the “Corporation”), and COMPUTERSHARE TRUST COMPANY OF CANADA, a company
incorporated under the laws of Canada, as rights agent (the “Rights Agent”, which term shall include any successor
Rights Agent under the Rights Agreement), to purchase from the Corporation at any time after the Separation Time and prior to the
Expiration Time (as such terms are defined in the Rights Agreement), one fully paid common share in the capital of the Corporation
(a “Common Share”) (subject to adjustment as provided in the Rights Agreement) at the Exercise Price referred
to below, upon presentation and surrender of this Rights Certificate together with a duly completed and executed Election to Exercise
(as such term is defined in the Rights Agreement) at the principal office of the Rights Agent in the City of Vancouver, Canada.
The Exercise Price (as such term is defined in the Rights Agreement) shall initially be $100.00 per Right and shall be subject
to adjustment in certain events as provided in the Rights Agreement.

 

This Rights Certificate is subject to all of the terms, provisions
and conditions of the Rights Agreement which terms, provisions and conditions are hereby incorporated herein by this reference
and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Rights Agent, the Corporation and the holders of the Rights Certificates.
Copies of the Rights Agreement are on file at the registered office of the Corporation and are available upon written request.

 

This Rights Certificate, with or without other Rights Certificates,
upon surrender at any office of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or
Rights Certificates of like tenor and date evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced
by the Rights Certificate or Rights Certificates so surrendered. If this Rights Certificate shall be exercised in part, the registered
holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of
whole Rights not exercised.

 

    	 

    	 

    

 

Subject to the provision of the Rights Agreement, the Rights
evidenced by this Rights Certificate may, and under certain circumstances are required to, be redeemed by the Corporation at a
redemption price of $0.00001 per Right.

 

No fractional Common Shares will be issued upon the exercise
of any Right or Rights evidenced hereby, nor will Rights Certificates be issued for less than one whole Right. In lieu thereof,
a cash payment will be made as provided in the Rights Agreement.

 

No holder of this Rights Certificate, as such, shall be entitled
to vote (except for those matters solely voted on by holders of Rights as provided in the Right Agreement) or receive dividends
or be deemed for any purpose the holder of Common Shares or of any other securities of the Corporation which may at any time be
issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the rights of a shareholder of the Corporation or any right to vote for the election of directors
or upon any matter submitted to shareholders of the Corporation at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting shareholders of the Corporation (except as expressly provided
in the Rights Agreement), or to receive dividends, distributions or subscription rights, or otherwise, until the Rights evidenced
by this Rights Certificate shall have been exercised as provided in the Rights Agreement.

 

This Rights Certificate shall not be valid or obligatory for
any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile signature of the proper officers of the
Corporation and its corporate seal.

 

	Date:	 	 	 	 
	 	 	 	 	 
	ATTEST:	 	ATNA RESOURCES LTD.
	 	 	 	 	 
	 	 	 	Per:	 
	 	 	 	 	 
	Countersigned:	 
	 	 	 	 	 
	COMPUTERSHARE TRUST COMPANY OF CANADA
	 	 	 	 	 
	Per:	 	 	 	 
	 	Authorized Signature	 	 	 
	 	 	 	 	 
	Date:	 	 	 	 

 

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[Form of Reverse Side of Rights Certificate]

 

FORM OF ASSIGNMENT

 

(To be executed by the registered holder
if such

holder desires to transfer the Rights Certificates.)

 

	FOR VALUE RECEIVED	 
	hereby sells, assigns and transfers

 

	unto 	 
	 
	(Please print name and address of transferee)

 

this Rights Certificate, together with all right, title and
interest therein, and does hereby irrevocably constitute and appoint ____________________________________ attorney, to transfer
the within Rights Certificate on the books of the within-named Corporation, with full power of substitution.

 

	Date:	 	 	 
	 	 	 	 
	Signature Guaranteed	 	 
	 	 	 	Signature

 

(Signature must correspond to name as written upon the face
of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 

(Signature must be guaranteed by a Canadian Schedule I chartered
bank, or a financial institution that is a member of a recognized Medallion Program (STAMP, MSP or SEMP).

 

	 

 

(To be completed if true)

CERTIFICATION

 

The undersigned hereby represents and certifies, for the
benefit of all holders of Rights and Common Shares, that the Rights evidenced by this Rights Certificate are not, and, to the knowledge
of the undersigned, have never been, Beneficially Owned by an Acquiring Person or any Person acting jointly or in concert with
any Acquiring Person or with any Affiliate or Associate of any of the foregoing (all as defined in the Rights Agreement).

 

	 
	Signature
	 
	 

 

NOTICE

 

In the event the certification set forth above is not completed
in connection with a purported assignment, the Beneficial Owner of the Rights evidenced by this Rights Certificate will be deemed
to be an Acquiring Person or a Person acting jointly or in concert with such Acquiring Person or an Affiliate or Associate of such
Acquiring Person (all as defined in the Rights Agreement) and, accordingly, the Rights evidenced by this Rights Certificate will
be null and void.

 

    	 

    	 

    

 

[To be attached to each Rights Certificate]

 

FORM OF ELECTION TO EXERCISE

 

(To be executed if holder desires to

exercise the Rights Certificate.)

 

TO: ATNA RESOURCES LTD.

 

The undersigned hereby irrevocably elects to exercise __________________________________
whole Rights represented by the attached Rights Certificate to purchase the Shares issuable upon the exercise of such Rights and
requests that certificates for such Shares be issued in the name of:

 

	 
	 
	Address:
	 
	 
	 

 

	Social Insurance, Social Security or

Other Taxpayer Identification Number:	 

 

If such number of Rights shall not be all the whole Rights evidenced
by this Rights Certificate, a new Rights Certificate for the balance of such whole Rights shall he registered in the name of and
delivered to:

 

	Address:
	 
	 
	 

 

	Social Insurance, Social Security or	 
	Other Taxpayer Identification Number:	 

 

	Date:	 	 	 
	 	 	 	 
	Signature Guaranteed	 	 
	 	 	 	Signature
	 	 	 	 
	 	 	 	(Signature must correspond to name as written upon
the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 

    	 

    	 

    

 

(Signature must be guaranteed by a Canadian Schedule I chartered
bank, or a financial institution that is a member of a recognized Medallion Program (STAMP, MSP or SEMP).

 

	 
	(To be completed if true)

 

CERTIFICATION

 

The undersigned hereby represents, for the benefit of all
holders of Rights and Shares, that the Rights evidenced by this Rights Certificate are not, and, to the knowledge of the undersigned,
have never been, Beneficially Owned by an Acquiring Person or any Person acting jointly or in concert with any Acquiring Person
or with any Affiliate or Associate of any of the foregoing (all as defined in the Rights Agreement).

 

	 	 
	 	Signature

 

	 

 

NOTICE

 

In the event the certification set forth above is not completed
in connection with a purported exercise, the Beneficial Owner of the Rights evidenced by this Rights Certificate will be deemed
to be an Acquiring Person or a Person acting jointly or in concert with an Acquiring Person or an Affiliate or Associate of an
Acquiring Person (all as defined in the Rights Agreement) and, accordingly, the Rights evidenced by this Rights Certificate will
be null and void.

 

    	2

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