<SEC-DOCUMENT>0001137171-13-000119.txt : 20130325
<SEC-HEADER>0001137171-13-000119.hdr.sgml : 20130325
<ACCEPTANCE-DATETIME>20130325150313
ACCESSION NUMBER:		0001137171-13-000119
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130325
FILED AS OF DATE:		20130325
DATE AS OF CHANGE:		20130325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		13713887

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5
		BUSINESS PHONE:		(604) 687-4018

	MAIL ADDRESS:	
		STREET 1:		SUITE 1188 - BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2B5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO GOLD CORP                                      /FI
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k03222013.htm
<DESCRIPTION>ELDORADO GOLD CORPORATION - 6-K
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title>CA Filed by Filing Services Canada Inc. 403-717-3898</title>
</head>

<body>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">&nbsp;</p>

<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>March, 2013</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><br>
      1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="left">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper
of a Form&nbsp;6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's &quot;home country&quot;), or under the rules of the
home country exchange on which the registrant's securities are traded, as long
as the report or other document is not a press release, is not required to be
and has not been distributed to the registrant's security holders, and, if
discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:&nbsp;
        March 25, 2013</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Dawn Moss<br>
        <br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dawn
        Moss, Corporate Secretary</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">Exhibits</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.1&nbsp;&nbsp;&nbsp;<a href="employeeoption.htm">
Incentive Stock Option Plan Employees, Consultants &amp; Advisors
Amended and Restated as of May 5, 2011 and as of October 25, 2012</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">99.2&nbsp;&nbsp;&nbsp;
<a href="dooption.htm">Incentive Stock Option Plan Officers &amp; Directors Amended and Restated
as of May 5, 2011 and as of October 25, 2012</a></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt">&nbsp;</p>
<hr>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>dooption.htm
<DESCRIPTION>INCENTIVE STOCK OPTION PLAN OFFICERS & DIRECTORS AMENDED AND RESTATED AS OF MAY 5, 2011 AND AS OF OCTOBER 25, 2012
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">ELDORADO GOLD CORPORATION<BR>
INCENTIVE STOCK OPTION PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OFFICERS &amp; DIRECTORS<BR>
Amended and Restated<BR>
as of May 5, 2011 and as of October 25, 2012</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purpose of the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The purpose of the Plan is to (a)&nbsp;attract and retain superior directors and officers engaged to provide ongoing services
to the Company, to provide an incentive for such persons to put forth maximum effort for the continued success and growth of the
Company, and in combination with these goals, to encourage their equity participation in the Company; and (b)&nbsp;closely align
the personal interests of such directors and officers with those of the shareholders by providing them with the opportunity, through
options, to acquire common shares in the capital of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purposes of the Plan, the following terms have the respective meanings set forth below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&#8220;Black-Out Period&#8221; means that period during which a trading black-out period is imposed
by the Company to restrict trades in the Company&#8217;s securities by an Eligible Person or Permitted Assign;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&#8220;Board&#8221; means the board of directors of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&#8220;Business Combination&#8221; has the meaning ascribed to the term in Subsection 10.7 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&#8220;Cause&#8221; means any act, which at common law in the applicable jurisdiction, would be
considered cause for dismissal without the obligation to provide notice or pay in lieu of notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&#8220;Change of Control&#8221; means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">an acquisition of 40% or more of the voting rights attached to all outstanding voting shares of
the Company by a person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding,
or by virtue of a related series of such events, and whether by transfer of existing shares or by issuance of shares from treasury
or both; or</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the amalgamation, consolidation or combination of the Company with, or merger of the Company into,
any other person, whether by way of amalgamation, arrangement or otherwise, unless (1) the Company is the surviving person or the
person formed by such amalgamation, consolidation or combination, or into which the Company has merged, is a corporation and (2)
immediately after giving effect to such transaction at least 60% of the voting rights attached to all outstanding voting shares
of the Company or the corporation resulting from such amalgamation, consolidation or combination, or into which the Company is
merged, as the case may be are owned by persons who held the voting rights attached to all outstanding voting shares of the Company
immediately before giving effect to such transaction; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the direct or indirect transfer, conveyance, sale, lease or other disposition, by virtue of a single
event or a related series of such events, of 90% or more of the assets of the Company based on gross fair market value to any person
unless (1) such disposition is to a corporation and (2) immediately after giving effect of such disposition, at least 60% of the
voting rights attached to all outstanding voting shares of such corporation are owned by the Company or its related entities or
by persons who held the voting rights attached to all outstanding voting shares of the Company immediately before giving effect
to such disposition; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">individuals who are elected by the shareholders to the Board at the beginning of any one year term
to constitute the directors of the Company cease for any reason in such year to constitute at least 50% of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&#8220;Company&#8221; means Eldorado Gold Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&#8220;Compensation Committee&#8221; means the compensation committee of the Board and if there
is none, means the full Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&#8220;Eligible Person&#8221; means, from time to time, any director or officer of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&#8220;Exchange&#8221; means, if the Shares are listed on the TSX, the TSX and, if the Shares are
not listed on the TSX, any other principal exchange upon which the Shares are listed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&#8220;Grant Date&#8221; has the meaning ascribed to that term in Subsection 5.1 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&#8220;Insider&#8221; means a reporting insider as defined under National Instrument 55-104 &#8211;
Insider Reporting Requirements and Exemptions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&#8220;Market Value&#8221; of a Share means, on any given day, the closing board lot sale price
per share of Shares on the Exchange on the trading day immediately preceding the relevant date and if there was not a board lot
sale on the Exchange on such date, then the last board lot sale prior thereto;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&#8220;NI&nbsp;45-106&#8221; means National Instrument 45-106 &#8211; Prospectus and Registration
Exemptions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&#8220;Option&#8221; means an option, granted pursuant to Section 5 hereof, to purchase a Share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&#8220;Option Period&#8221; has the meaning ascribed to that term in Subsection 6.3 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&#8220;Option Price&#8221; means the price per Share at which Shares may be purchased under the
Option, as determined pursuant to Paragraph 5.1(b) hereof and as may be adjusted in accordance with Section 10 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&#8220;Optionee&#8221; means an Eligible Person to whom an Option has been granted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&#8220;Permitted Assign&#8221; means for an Eligible Person, a holding entity (as defined in Section
2.22 of NI 45-106) or an RRSP or RRIF of that person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&#8220;Plan&#8221; means the Incentive Stock Option Plan of the Company as set forth herein as
the same may be amended and/or restated from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&#8220;related entity&#8221; has the meaning ascribed to that term in Section 2.22 of NI&nbsp;45&#8209;106;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&#8220;Securities Regulators&#8221; has the meaning ascribed to that term in Section 11 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&#8220;security based compensation arrangement&#8221; means</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">stock option plans of the Company for the benefit of employees, insiders, service providers or
any one of such groups;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">individual stock options granted to employees, service providers or insiders if not granted pursuant
to a plan previously approved by the Company&#8217;s shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">stock purchase plans where the Company provides financial assistance or where the Company matches
the whole or a portion of the securities being purchased;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">stock appreciation rights involving issuances of securities from treasury of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any other compensation or incentive mechanism involving the issuance or potential issuances of
securities from treasury of the Company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">security purchases from treasury by an employee, insider or service provider which is financially
assisted by the Company by any means whatsoever,</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify">and for greater certainty, arrangements
which do not involve the issuance from treasury or potential issuance from treasury of the Company are not security based compensation
arrangements;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&#8220;Share&#8221; means, subject to Section 10 hereof, a Common share without nominal or par
value in the capital of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&#8220;Shareholder&#8221; means a registered holder of Shares of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&#8220;Take-Over Bid&#8221; has the meaning ascribed to the term in Subsection 10.6 hereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&#8220;TSX&#8221; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise indicated, all dollar amounts referred to in this Option Plan are in Canadian funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used in this Plan,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">words importing the masculine gender shall include the feminine and neuter genders, words importing
the singular shall include the plural and vice versa, unless the context otherwise requires and references to person includes any
individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without
share capital), unincorporated association, trust, trustee, executor, administrator or other legal representative; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the term &#8220;include&#8221; (or words of similar import) is not limiting whether or not non-limiting
language (such as &#8220;without limitation&#8221; or words of similar import) is used with reference thereto.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Administration of the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan shall be administered by the Compensation Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Chief Executive Officer of the Company shall periodically make recommendations to the Compensation Committee as to the
grant of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Compensation Committee shall, periodically, after considering the Chief Executive Officer&#8217;s recommendations, make
recommendations to the Board as to the grant of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the powers granted to the Board under the Plan and subject to the terms of the Plan, the Board shall have
full and complete authority to grant Options, to interpret the Plan, to prescribe such rules and regulations as it deems necessary
for the proper administration of the Plan and to make such determinations and to take such actions in connection therewith as it
deems necessary or advisable. Any such interpretation, rule, determination or other act of the Board shall be conclusively binding
upon all persons.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may authorize one or more officers of the Company to execute and deliver and to receive documents on behalf of
the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Shares Subject to the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Effective May 5, 2011, the maximum number of Shares which may be issued under the Plan from and after May 5, 2011 shall
not exceed 13,654,234 Shares, subject to adjustment as provided in Section&nbsp;10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The total number of Shares that may be reserved for issuance to any one Optionee pursuant to Options shall not exceed 1%
of the Shares of the Company issued and outstanding on a non-diluted basis on the Grant Date of the Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The total number of Shares that may be reserved for issuance to all non-executive directors pursuant to Options shall not
exceed three-quarters of one percent (0.75%) of the Shares outstanding on a non-diluted basis on the Grant Date of the Options.
Within any one financial year period, the total value of Options granted to a non-executive director, as determined by the Board
on the Grant Date, shall not exceed $100,000. Notwithstanding Subsection 5.1, in determining those non-executive directors entitled
to grants of Options and the number of Options to be granted to non-executive directors, the Board shall not discriminate against
any particular non-executive director and shall make such determinations in accordance with its duties to act honestly and in good
faith with a view to the best interest of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Plan to the contrary:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the maximum number of Shares issuable pursuant to Options granted under the Plan to Insiders together
with the number of Shares issuable to Insiders pursuant to Options granted under the Company&#8217;s Employees, Consultants &amp;
Advisors Incentive Stock Option Plan (as may be amended and restated from time to time) and any other security based compensation
arrangements shall not exceed 9% of the Shares issued and outstanding on a non-diluted basis at the Grant Date of the Options;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">within any one-year period, the maximum number of Shares issued pursuant to Options granted under
the Plan to Insiders, together with the number of Shares issued to Insiders pursuant to Options granted under the Company&#8217;s
Employees, Consultants &amp; Advisors Incentive Stock Option Plan (as may be amended and restated from time to time) and any other
security based compensation arrangements shall not exceed 9% of the Shares issued and outstanding on a non-diluted basis.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Any entitlement to acquire Shares granted
pursuant to the Plan or otherwise prior to the grantee becoming an Insider shall be excluded for the purpose of the limits set
out above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options may be granted in respect of authorized and unissued Shares. Shares in respect of which Options have expired, cancelled
or otherwise terminated for any reason (other than exercise of the Options) shall be available for subsequent Options under the
Plan.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No fractional Shares may be purchased or issued under the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Grants of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of the Plan, the Board shall, in its sole discretion and from time to time, determine those Eligible
Persons to whom Options shall be granted and the date on which such Options are to be granted (the &#8220;Grant Date&#8221;). The
Board shall also determine, in its sole discretion, in connection with each grant of Options:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the number of Options to be granted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Option Price applicable to each Option, provided that the Option Price shall not be less than
the Market Value per Share on the Grant Date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the other terms and conditions (which need not be identical and which, without limitation, may
include non-competition provisions) of all Options covered by any grant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Eligibility, Vesting and Terms of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options may be granted to Eligible Persons only.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the adjustments provided for in Section 10 hereof, each Option shall entitle the Optionee to purchase one Share.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The option period (the &#8220;Option Period&#8221;) of each Option commences on the Grant Date and expires no later than
at 4:30 p.m. Vancouver time on the fifth anniversary of the Grant Date. If an Option expires during a Black-Out Period then, notwithstanding
any other provision of the Plan, the Option shall expire 10 business days after the Black-Out Period is lifted by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without restricting the authority of the Board in respect of the terms of Options to be granted hereunder, the Board may
at its discretion, in respect of any such Option, provide that the right to exercise such Option will vest in instalments over
the life of the Option, with the Option being fully-exercisable only when such required time period or periods have elapsed, and
in connection therewith determine the terms under which vesting of the Options may be accelerated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Optionee whose employment, engagement or directorship with the Company is terminated</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by the Company, for any reason other than for Cause, at any time in the 12<B> </B>months following
a Change of Control of the Company, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by the Optionee, if the Company makes a material adverse change in the location, salary, duties
or responsibilities assigned to the Optionee, at any time in the 12<B> </B>months following a Change of Control of the Company
and the Optionee has provided notice in writing to the Company
within 30 days of such material adverse change to terminate employment, engagement or directorship, then any outstanding
Options that have not yet vested on the date of termination shall be deemed to have vested on such date.</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision hereunder,<B> </B>pursuant to the Company&#8217;s Compensation Policy for non-executive
directors, at the discretion of the Board, non-executive directors may be granted up to a maximum of 100,000 fully vested Options
upon initial election or appointment to the Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 8, an Option which is not subject to vesting, may be exercised (in each case rounded down to the nearest
full Share) at any time during the Option Period. Subject to Section 8, an Option which is subject to vesting, may once vested,
be exercised (in each case rounded down to the nearest full Share) at any time during the Option Period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Option is personal to the Optionee and is non-assignable and non-transferable otherwise than:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by will or by the laws governing the devolution of property in the event of death of the Optionee;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with the prior consent of the Board, to a Permitted Assign.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Option Agreement</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the grant of an Option, the Company and the Optionee shall enter into an option agreement, in a form set out in Appendix
A or in such form as approved by the Board, subject to the terms and conditions of the Plan, which agreement shall set out the
Optionee&#8217;s agreement that the Options are subject to the terms and conditions set forth in the Plan as it may be amended
or replaced from time to time, the Grant Date, the name of the Optionee, the Optionee&#8217;s position with the Company, the number
of Options, the Option Price, the expiry date of the Option Period and any vesting or other terms and conditions as the Board may
deem appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination of Employment, Engagement or Directorship</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event an Optionee&#8217;s employment, engagement or directorship terminates for any reason other than death or cause,
the Optionee may exercise any Option granted hereunder to the extent such Option was exercisable and had vested on the date of
termination no later than 365 days after such termination or such later date within the Option Period first established by the
Board for such Option as the Board may fix; provided, however, that in no event shall any Option be exercisable following the expiration
of the Option Period applicable thereto. In the event an Optionee&#8217;s employment, engagement or directorship is terminated
for cause, each Option held by the Optionee that has not been effectively exercised prior to such termination shall lapse and become
null and void immediately upon such termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of the death of an Optionee, either while in the employment or engagement or while a director of the Company,
the Optionee&#8217;s estate may, within 365 days from the date of the Optionee&#8217;s death, exercise
any Option granted hereunder to the extent such Option was exercisable and had vested on the date of the Optionee&#8217;s death;
provided, however, that no Option shall be exercisable following the expiration of the Option Period applicable thereto. The Optionee&#8217;s
estate shall include only the executors or administrators of such estate and persons who have acquired the right to exercise such
Option directly from the Optionee by bequest or inheritance.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may also in its sole discretion increase the periods permitted to exercise all or any of the Options covered by
any Grant following a termination of employment, engagement or directorship as provided in Subsections 8.1 or 8.2 above, if allowable
under applicable law; provided, however, that in no event shall any Option be exercisable following the expiration of the Option
Period applicable thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan shall not confer upon any Optionee any right with respect to a continuation of employment, engagement or directorship
of, the Company nor shall it interfere in any way with the right of the Company to terminate any Optionee&#8217;s employment, engagement
or directorship at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise agreed to in writing by the Board in accordance with this Section, references to &#8220;termination&#8221;,
&#8220;date of termination&#8221; or similar references in this Section&nbsp;8 and in Subsection 6.5 in the case of officers who
are also employees, are deemed to be the last day of active employment with the Company or its related entity, as the case may
be, regardless of any salary continuance or notice period required under applicable law or the reason for termination of employment
(whether with or without cause or with or without notice), and in the case of a Permitted Assign are deemed to be the termination
of the Eligible Person that the Permitted Assign is related to.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For greater certainty (and subject to Subsections 6.5 and 8.5), an Option that has not become vested on the date that the
relevant termination event referred to in this Section&nbsp;8 occurred, shall not be or become exercisable and shall be cancelled.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">9.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery to the Company at its head
office of a written notice of exercise addressed to the President and Chief Executive Officer, the Chief Financial Officer or the
Corporate Secretary of the Company specifying the number of Shares with respect to which the Option is being exercised, together
with the appropriate form of payment (to be determined by the Company) for the aggregate of the Option Prices to be paid for the
Shares to be purchased. Certificates for such Shares shall be issued and delivered to the Optionee within a reasonable time following
the receipt of such notice and payment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustment on Alteration of Share Capital</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In
the event of a subdivision, consolidation or reclassification of outstanding Shares or other capital adjustment, the number
of Shares reserved or authorized to be reserved under the Plan, the number of Shares receivable on the exercise of an
Option and the Option Price therefor shall be increased or reduced proportionately and such other adjustments shall be made
as may be deemed necessary or equitable by
the Board in its sole discretion and such adjustment shall be binding for all purposes.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company amalgamates, consolidates or combines with or merges with or into another body corporate, whether by way
of amalgamation, arrangement or otherwise (the right to do so being hereby expressly reserved), any Share receivable on the exercise
of an Option shall be converted into the securities, property or cash which the Optionee would have received upon such amalgamation,
consolidation, combination or merger if the Optionee had exercised his or her Option immediately prior to the effective date of
such amalgamation, consolidation, combination or merger and the Option Price shall be adjusted as may be deemed necessary or equitable
by the Board in its sole discretion and such adjustment shall be binding for all purposes of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of a change in the Company&#8217;s currently authorized Shares which is limited to a change in the designation
thereof, the shares resulting from any such change shall be deemed to be Shares within the meaning of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any other change affecting the Shares, such adjustment, if any, shall be made as may be deemed necessary
or equitable by the Board in its sole discretion to properly reflect such event and such adjustment be binding for all purposes
of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No adjustment provided in this Section 10 shall require the Company to issue a fractional Share and the total adjustment
with respect to each Option shall be limited accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time when an Option granted under the Plan remains unexercised, an offer (&#8220;Take-over Bid&#8221;) to purchase
all of the Shares of the Company is made by a third party, the Company shall use its best efforts to bring such offer to the attention
of the Optionee as soon as practicable and the Board may, in a fair and equitable manner, at its option, require the acceleration
of the time for the exercise of the Options granted under the Plan and of the time for the fulfillment of any conditions or restrictions
on such exercise (including without limitation, vesting requirements).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision herein, if because of a proposed merger, amalgamation or other corporate arrangement
or reorganization, the exchange or replacement of Shares in the Company for securities, property or cash in or from another company
is imminent (&#8220;Business Combination&#8221;), the Board may, in a fair and equitable manner, determine the manner in which
all unexercised option rights granted under the Plan shall be treated including, for example, requiring the acceleration of the
time for the exercise of such rights by the Optionees and of the time for the fulfillment of any conditions or restrictions on
such exercise (including without limitation, vesting requirements) or providing that any Share which would be receivable prior
to the effective time of the Business Combination on the exercise of an Option be replaced with the securities, property or cash
which the Optionee would have received if the Optionee had exercised his or her Option immediately prior to the effective time
of the Business Combination and make any necessary adjustment, including adjustments to the Option Price, as may be deemed necessary
or equitable by the Board in its sole discretion. All determinations of the Board under this Subsection 10.7 shall be binding for
all purposes of the Plan. Any adjustments made by the Board in the context of a Business Combination are subject to TSX approval.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to permit Optionees to participate in a proposed Take-over Bid made by means of a take-over bid circular or a proposed
Business Combination that could result in a Change of Control, the Board may make appropriate provisions for the exercise of options
(whether vested or not) conditional upon the Shares resulting therefrom being taken up and paid for under the Take-over Bid or
the completion of the Business Combination, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Regulatory Approval</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any of the provisions contained in the Plan or any Option, the Company&#8217;s obligation to grant Options
and issue Shares and to issue and deliver certificates for such securities to an Optionee pursuant to the exercise of an Option
shall be subject to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities
in Canada and the United States (&#8220;Securities Regulators&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">compliance with the requirements of the Exchange; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">receipt from the Optionee of such covenants, agreements, representations and undertakings, including
as to future dealings in such Shares, as the Company determines to be necessary or advisable in order to safeguard against the
violation of the securities laws of any jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall in no event be obligated to take any action in order to cause the issuance and delivery of such certificates
to comply with any laws, regulations, rules, orders or requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provisions in the Plan or any Option, if any amendment, modification or termination to the provisions
hereof or any Option made pursuant hereto are required by any Securities Regulators, a stock exchange or a market as a condition
of approval to a distribution to the public of any Shares or to obtain or maintain a listing or quotation of any Shares, the Board
is authorized to make such amendments and thereupon the terms of the Plan, any Options, including any option agreement made pursuant
hereto, shall be deemed to be amended accordingly without requiring the consent or agreement of any Optionee or shareholder approval.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">12.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Optionee entitled to Shares as a result of the exercise of an Option shall not be deemed for any purpose to be, or to
have rights as, a shareholder of the Company by such exercise, except to the extent Shares are issued therefor and then only from
the date such Shares are issued. No adjustment shall be made for dividends or distributions or other rights for which the record
date is prior to the date such Shares are issued pursuant to the exercise of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">12.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall be required to withhold any amounts by reason of any federal, provincial, state, local or other rules
or regulations concerning taxes or social security contributions in respect of the issuance or delivery of Shares to the Optionee,
the Company may deduct and withhold such amount or amounts from any payment made by the Company to such Optionee, whether or not
such payment is made pursuant to this Plan. In addition, or as an alternative to such withholding from
payments, the Company may require an Optionee, as a condition of exercise of an Option, to pay to the Company an amount not exceeding
the total of the withholding obligation of the Company arising in respect of the issuance or delivery of Shares to the Optionee,
or to reimburse the Company for such amount. Under no circumstances shall the Company be responsible for funding the payment of
any tax on behalf of any Eligible Person, any Permitted Assign or any transferee of an Option as permitted hereunder, or for providing
any tax advice to them.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment and Termination</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan has been amended and restated as of May 5, 2011 and as of October 25, 2012. Any amendments made are effective as
of the date amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may, subject to Shareholder approval, amend the Plan at any time. Notwithstanding the foregoing, the Board is
specifically authorized to amend or revise the terms of the Plan without obtaining Shareholder approval in the following circumstances:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to change the termination provisions of the Options or Plan which does not extend beyond the original
expiry date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to add a cashless exercise feature, payable in cash or securities, whether or not the feature provides
for a full deduction of the number of underlying securities from the reserved Shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">other amendments of a housekeeping nature, including the correction or rectification of any ambiguities,
defective or inconsistent provisions, errors, mistakes or omissions herein and updating provisions herein to reflect changes in
the governing laws, including tax laws, and the TSX requirements.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Except as otherwise permitted by the
TSX, amendments to this provision as well as amendments to the number of Shares issuable under the Plan (including an increase
to a fixed maximum number of Shares or a fixed maximum percentage of Shares, as the case may be, or a change from a fixed maximum
number of shares to a fixed maximum percentage), may not be made without obtaining approval of the Shareholders in accordance with
TSX requirements. For greater certainty, an increase does not include reloading after exercise under a fixed maximum number or
percentage provided the fixed maximum or percentage is not increased and the Plan otherwise permits reloading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may suspend or terminate the Plan at any time. No action by the Board to terminate the Plan pursuant to this Section
13 shall affect any Options granted hereunder pursuant to the Plan prior to termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set out below, the Board may (without Shareholder approval) amend, modify or terminate any outstanding Option,
including, but not limited to, substituting another award of the same or of a different type or changing the date of exercise;
provided, however that, the Optionee&#8217;s consent to such action shall be required unless the Board determines that the action,
when taken with any related action, would not materially and adversely affect the Optionee or is specifically permitted hereunder.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The exercise price of any outstanding
Options may not be reduced and the original Option Period extended unless Shareholder approval is obtained by way of a resolution
passed by a majority of the votes cast by the Shareholders at a meeting of Shareholders. The Option Price of any outstanding Options
may not be reduced and the original term of the Option Period may not be extended to the benefit of Insiders unless disinterested
Shareholder approval is obtained in accordance with TSX requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">APPENDIX A</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OFFICERS &amp; DIRECTORS INCENTIVE
STOCK OPTION PLAN</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OF ELDORADO GOLD COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(&#8220;the Company&#8221;)</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OPTION AGREEMENT</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">This Option Agreement
is entered into between the Company and the Optionee named below pursuant to the Company&#8217;s Incentive Stock Option Plan (the
&#8220;Plan&#8221;) a copy of which is attached hereto, and confirms the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Grant Date:</TD>
    <TD STYLE="width: 68%; border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Optionee:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Optionee&#8217;s Position<BR> with the Company:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Number of Options:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Option Price<BR> ($ per Share):</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Vesting Period:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Expiry Date of<BR> Option Period:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subject to the Plan, each Option that
has vested entitles the Optionee to purchase one Share at any time up to 4:30 p.m. Vancouver time on the expiry date of the Option
Period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This Option Agreement is subject to
the terms and conditions set out in the Plan, as amended or replaced from time to time. In the case of any inconsistency between
this Option Agreement and the Plan, the Plan shall govern.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Optionee acknowledges and agrees
that the Optionee will, at all times, act in strict compliance with any and all applicable laws and any policies of the Company
applicable to the Optionee in connection with the Plan.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Optionee hereby acknowledges that
he or she has not received any advice from the Corporation as to tax or legal ramification of the grant of Options hereunder and
has been advised to seek independent tax advice as he or she deems necessary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unless otherwise indicated, all defined
terms shall have the respective meanings attributed thereto in the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">By signing this agreement, the Optionee
acknowledges that he, she, or his or her authorized representative has read and understands the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF
the parties hereto have executed this Option Agreement as of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">ELDORADO GOLD CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="width: 40%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Acknowledged and Agreed to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 46%; padding-right: 0.1in; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Signature of Optionee</TD>
    <TD STYLE="padding-right: 0.1in">)</TD>
    <TD STYLE="text-align: left">Signature of Witness</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in">Name and Title of Optionee</TD>
    <TD STYLE="padding-right: 0.1in">)</TD>
    <TD STYLE="text-align: left">Name of Witness</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>employeeoption.htm
<DESCRIPTION>INCENTIVE STOCK OPTION PLAN EMPLOYEES, CONSULTANTS & ADVISORS AMENDED AND RESTATED AS OF MAY 5, 2011 AND AS OF OCTOBER 25, 2012
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">ELDORADO GOLD
CORPORATION</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">INCENTIVE STOCK OPTION PLAN</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">EMPLOYEES, CONSULTANTS &amp; ADVISORS<BR>
Amended and Restated as of May 5, 2011 and as of October 25, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purpose of the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The purpose of this Plan is to (a) assist the Company in attracting, retaining and motivating employees and consultants
of the Company and of its related entities and directors and officers of the Company&#8217;s related entities; and (b) closely
align the personal interests of such employees, consultants, directors and officers with those of the shareholders by providing
them with the opportunity, through options, to acquire common shares in the capital of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purposes of the Plan, the following terms have the respective meanings set forth below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&#8220;Black-Out Period&#8221; means that period during which a trading black-out period is imposed
by the Company to restrict trades in the Company&#8217;s securities by an Eligible Person or Permitted Assign;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&#8220;Board&#8221; means the board of directors of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&#8220;Business Combination&#8221; has the meaning ascribed to the term in Subsection 10.7 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&#8220;Cause&#8221; means any act, which at common law in the applicable jurisdiction, would be
considered cause for dismissal without the obligation to provide notice or pay in lieu of notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&#8220;Change of Control&#8221; means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">an acquisition of 40% or more of the voting rights attached to all outstanding voting shares of
the Company by a person or combination of persons acting in concert by virtue of an agreement, arrangement, commitment or understanding,
or by virtue of a related series of such events, and whether by transfer of existing shares or by issuance of shares from treasury
or both; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the amalgamation, consolidation or combination of the Company with, or merger of the Company into,
any other person, whether by way of amalgamation, arrangement or otherwise, unless (1) the Company is the surviving person or the
person formed by such amalgamation, consolidation or combination, or into which the Company has merged, is a corporation and (2)
immediately after giving effect to such transaction at least 60% of the voting rights attached
to all outstanding voting shares of the Company or the corporation resulting from such amalgamation, consolidation or combination,
or into which the Company is merged, as the case may be are owned by persons who held the voting rights attached to all outstanding
voting shares of the Company immediately before giving effect to such transaction; or</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the direct or indirect transfer, conveyance, sale, lease or other disposition, by virtue of a single
event or a related series of such events, of 90% or more of the assets of the Company based on gross fair market value to any person
unless (1) such disposition is to a corporation and (2) immediately after giving effect of such disposition, at least 60% of the
voting rights attached to all outstanding voting shares of such corporation are owned by the Company or its related entities or
by persons who held the voting rights attached to all outstanding voting shares of the Company immediately before giving effect
to such disposition; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">individuals who are elected by the shareholders to the Board at the beginning of any one year term
to constitute the directors of the Company cease for any reason in such year to constitute at least 50% of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&#8220;Company&#8221; means Eldorado Gold Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&#8220;Compensation Committee&#8221; means the compensation committee of the Board and if there
is none, means the full Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&#8220;Consultant&#8221; has the same meaning ascribed to that term under Section 2.22 of NI&nbsp;45-106;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&#8220;Eligible Person&#8221; means, from time to time, a full-time or part-time employee of the
Company or of a related entity of the Company, Consultant of the Company or of a related entity of the Company, or director or
officer of a related entity of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&#8220;Exchange&#8221; means, if the Shares are listed on the TSX, the TSX and, if the Shares are
not listed on the TSX, any other principal exchange upon which the Shares are listed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&#8220;Grant Date&#8221; has the meaning ascribed to that term in Subsection 5.1 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&#8220;Insider&#8221; means a reporting insider as defined under National Instrument 55-104 &#8211;
<I>Insider Reporting Requirements and Exemptions</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&#8220;Market Value&#8221; of a Share means, on any given day, the closing board lot sale price
per share of Shares on the Exchange on the trading day immediately preceding the relevant date and if there was not a board lot
sale on the Exchange on such date, then the last board lot sale prior thereto;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&#8220;NI&nbsp;45-106&#8221; means National Instrument 45-106 &#8211; <I>Prospectus and Registration
Exemptions</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&#8220;Option&#8221; means an option, granted pursuant to Section 5 hereof, to purchase a Share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&#8220;Option Period&#8221; has the meaning ascribed to that term in Subsection 6.3 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&#8220;Option Price&#8221; means the price per Share at which Shares may be purchased under the
Option, as determined pursuant to Paragraph 5.1(b) hereof and as may be adjusted in accordance with Section 10 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&#8220;Optionee&#8221; means an Eligible Person to whom an Option has been granted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&#8220;Permitted Assign&#8221; means for an Eligible Person, a holding entity (as defined in Section
2.22 of NI 45-106) or an RRSP or RRIF of that person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&#8220;Plan&#8221; means the Incentive Stock Option Plan of the Company as set forth herein as
the same may be amended and/or restated from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&#8220;related entity&#8221; has the meaning ascribed to that term in Section 2.22 of NI&nbsp;45&#8209;106;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&#8220;Securities Regulators&#8221; has the meaning ascribed to that term in Section 11 hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&#8220;security based compensation arrangement&#8221; means</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">stock option plans of the Company for the benefit of employees, insiders, service providers or
any one of such groups;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">individual stock options granted to employees, service providers or insiders if not granted pursuant
to a plan previously approved by the Company&#8217;s shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">stock purchase plans where the Company provides financial assistance or where the Company matches
the whole or a portion of the securities being purchased;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">stock appreciation rights involving issuances of securities from treasury of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any other compensation or incentive mechanism involving the issuance or potential issuances of
securities from treasury of the Company; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">security purchases from treasury by an employee, insider or service provider which is financially
assisted by the Company by any means whatsoever, and for greater certainty, arrangements
which do not involve the issuance from treasury or potential issuance from treasury of the Company are not security based compensation
arrangements;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD><TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&#8220;Share&#8221; means, subject to Section 10 hereof, a Common share without nominal or par
value in the capital of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&#8220;Shareholder&#8221; means a registered holder of Shares<B> </B>of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&#8220;Take-Over Bid&#8221; has the meaning ascribed to the term in Subsection 10.6 hereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&#8220;TSX&#8221; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise indicated, all dollar amounts referred to in this Option Plan are in Canadian funds.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used in this Plan,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">words importing the masculine gender shall include the feminine and neuter genders, words importing
the singular shall include the plural and vice versa, unless the context otherwise requires and references to person includes any
individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without
share capital), unincorporated association, trust, trustee, executor, administrator or other legal representative; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the term &#8220;include&#8221; (or words of similar import) is not limiting whether or not non-limiting
language (such as &#8220;without limitation&#8221; or words of similar import) is used with reference thereto.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Administration of the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan shall be administered by the Compensation Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Chief Executive Officer of the Company shall periodically make recommendations to the Compensation Committee as to the
grant of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Compensation Committee shall, periodically, make recommendations to or, if the power to grant options has been delegated
to the Compensation Committee, report to the Board as to the grant of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the powers granted to the Board under the Plan and subject to the terms of the Plan, the Board shall have
full and complete authority to grant Options, to interpret the Plan, to prescribe such rules and regulations as it deems necessary
for the proper administration of the Plan and to make such determinations and to take such actions in connection therewith as it
deems necessary or advisable. Any such interpretation, rule, determination or other act of the Board shall be conclusively binding
upon all persons.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may delegate any or all of its authority, rights, powers and discretion with respect to the Plan to the Compensation
Committee. Upon any such delegation the Compensation Committee as well as the Board, shall be entitled to exercise any or all such
authority, rights, power and discretion with respect to the Plan and when used in the context of this Plan &#8220;Board&#8221;
shall be deemed to include the Compensation Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">3.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may authorize one or more officers of the Company to execute and deliver and to receive documents on behalf of
the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Shares Subject to the Plan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Effective May 5, 2011, the maximum number of Shares which may be issued under the Plan from and after May 5, 2011 shall
not exceed 17,067,794 Shares, subject to adjustment as provided in Section&nbsp;10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall Options be granted entitling any single individual to purchase in excess of one half of one percent (0.5%)
of the issued and outstanding Shares on a non-diluted basis on the Grant Date of the Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The total number of Shares that may be reserved for issuance to all non-executive directors pursuant to Options shall not
exceed three-quarters of one percent (0.75%) of the Shares outstanding on a non-diluted basis on the Grant Date of the Options.
Within any one financial year period, the total value of Options granted to a non-executive director, as determined by the Board
on the Grant Date, shall not exceed $100,000. Notwithstanding Subsection 5.1, in determining those non-executive directors entitled
to grants of Options and the number of Options to be granted to non-executive directors, the Board shall not discriminate against
any particular non-executive director and shall make such determinations in accordance with its duties to act honestly and in good
faith with a view to the best interest of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Plan to the contrary:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the maximum number of Shares issuable pursuant to Options granted under the Plan to Insiders, together
with the number of Shares issuable to Insiders pursuant to Options granted under the Company&#8217;s Officers &amp; Directors Incentive
Stock Option Plan (as may be amended and restated from time to time) and any other security based compensation arrangements, shall
not exceed 9% of the Shares issued and outstanding on a non-diluted basis at the Grant Date of the Options; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">within any one-year period, the maximum number of Shares issued pursuant to Options granted under
the Plan to Insiders, together with the number of Shares issued to Insiders pursuant to Options granted under the Company&#8217;s
Officers &amp; Directors Incentive Stock Option Plan (as may be amended and restated from time to time) and any other security
based compensation arrangements, shall not exceed 9% of the Shares issued and outstanding on a non-diluted basis.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Any entitlement to acquire Shares granted
pursuant to the Plan or otherwise prior to the grantee becoming an Insider shall be excluded for the purpose of the limits set
out above.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options may be granted in respect of authorized and unissued Shares. Shares in respect of which Options have expired, cancelled
or otherwise terminated for any reason (other than exercise of the Options) shall be available for subsequent Options under the
Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">4.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No fractional Shares may be purchased or issued under the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Grants of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of the Plan, the Board shall, in its sole discretion and from time to time, determine those Eligible
Persons to whom Options shall be granted and the date on which such Options are to be granted (the &#8220;Grant Date&#8221;). The
Board shall also determine, in its sole discretion, in connection with each grant of Options:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the number of Options to be granted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Option Price applicable to each Option, provided that the Option Price shall not be less than
the Market Value per Share on the Grant Date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the other terms and conditions (which need not be identical and which, without limitation, may
include non-competition provisions) of all Options covered by any grant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Eligibility, Vesting and Terms of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options may be granted to Eligible Persons only.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the adjustments provided for in Section 10 hereof, each Option shall entitle the Optionee to purchase one Share.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The option period (the &#8220;Option Period&#8221;) of each Option commences on the Grant Date and expires no later than
at 4:30 p.m. Vancouver time on the fifth anniversary of the Grant Date. If an Option expires during a Black-Out Period, then, notwithstanding
any other provision of the Plan, the Option shall expire 10 business days after the Black-Out Period is lifted by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without restricting the authority of the Board in respect of the terms of Options to be granted hereunder, the Board may
at its discretion, in respect of any such Option, provide that the right to exercise such Option will vest in instalments over
the life of the Option, with the Option being fully-exercisable only when such required time period or periods have elapsed, and
in connection therewith determine the terms under which vesting of the Options may be accelerated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Optionee whose employment, engagement or directorship is terminated:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by the Company or a related entity to Company, for any reason other than for Cause or in the case
of a Consultant, breach of contract, at any time in the 12&nbsp;months following a Change of Control of the Company, or</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by the Optionee, if the Company or a related entity to the Company makes a material adverse change
in the location, salary, duties or responsibilities assigned to the Optionee, at any time in the 12 months following a Change of
Control of the Company and the Optionee has provided notice in writing to the Company within 30 days of such material adverse change
to terminate employment, engagement or directorship,</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">then any outstanding Options that have
not yet vested on the date of termination shall be deemed to have vested on such date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 8, an Option which is not subject to vesting, may be exercised (in each case rounded down to the nearest
full Share) at any time during the Option Period. Subject to Section 8, an Option which is subject to vesting, may once vested,
be exercised (in each case rounded down to the nearest full Share) at any time during the Option Period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">6.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Option is personal to the Optionee and is non-assignable and non-transferable otherwise than:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">by will or by the laws governing the devolution of property in the event of death of the Optionee;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with the prior consent of the Board, to a Permitted Assign.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Option Agreement</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the grant of an Option, the Company and the Optionee shall enter into an option agreement, in a form set out in Appendix
A or in such form as approved by the Board, subject to the terms and conditions of the Plan, which agreement shall set out the
Optionee&#8217;s agreement that the Options are subject to the terms and conditions set forth in the Plan as it may be amended
or replaced from time to time, the Grant Date, the name of the Optionee, the Optionee&#8217;s position with or relationship to
the Company or a related entity, the number of Options, the Option Price, the expiry date of the Option Period and any vesting
or other terms and conditions as the Board may deem appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination of Employment, Engagement or Directorship</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event an Optionee&#8217;s employment, engagement or directorship terminates for any reason other than death or cause,
the Optionee may exercise any Option granted hereunder to the extent such Option was exercisable and had vested on the date of
termination no later than 30 days after such termination or such later date within the Option Period first established by the Board
for such Option as the Board may fix; provided, however, that in no event shall any Option be exercisable following the expiration
of the Option Period applicable thereto. In the event an Optionee&#8217;s employment, engagement or directorship is terminated
for cause, each Option held by the Optionee that has not been effectively exercised prior to such termination shall lapse and become
null and void immediately upon such termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of the death of an Optionee, either while in the employment or engagement or while a director of the Company,
the Optionee&#8217;s estate may, within 365 days from the date of the Optionee&#8217;s death, exercise
any Option granted hereunder to the extent such Option was exercisable and had vested on the date of the Optionee&#8217;s death;
provided, however, that no Option shall be exercisable following the expiration of the Option Period applicable thereto. The Optionee&#8217;s
estate shall include only the executors or administrators of such estate and persons who have acquired the right to exercise such
Option directly from the Optionee by bequest or inheritance.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may also in its sole discretion increase the periods permitted to exercise all or any of the Options covered by
any Grant following a termination of employment, engagement or directorship as provided in Subsections 8.1 or 8.2 above, if allowable
under applicable law; provided, however, that in no event shall any Option be exercisable following the expiration of the Option
Period applicable thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan shall not confer upon any Optionee any right with respect to a continuation of employment, engagement or directorship
of, the Company nor shall it interfere in any way with the right of the Company to terminate any Optionee&#8217;s employment, engagement
or directorship at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise agreed to in writing by the Board in accordance with this Section, references to &#8220;termination&#8221;,
&#8220;date of termination&#8221; or similar references in this Section 8 and in Subsection 6.5:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">in the case of an employee (including officers who are also employees), are deemed to be the last
day of active employment by the employee with the Company or its related entity, as the case may be, regardless of any salary continuance
or notice period required under applicable law or the reason for termination of employment (whether with or without cause or with
or without notice);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of a Consultant, are deemed to be to the date the person engaged as a Consultant by
the Company or related entity ceases to provide, or is directed to cease to provide, services to the Company or related entity
(whichever is earlier); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in the case of a Permitted Assign, are deemed to be to the termination of the director, officer,
employee or Consultant that the Permitted Assign is related to.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">8.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For greater certainty (and subject to Subsections 6.5 and 8.5), an Option that has not become vested on the date that the
relevant termination event referred to in this Section&nbsp;8 occurred, shall not be or become exercisable and shall be cancelled.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Exercise of Options</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">9.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of the Plan, an Option may be exercised from time to time by delivery to the Company at its head
office of a written notice of exercise addressed to the President and Chief Executive Officer, the Chief Financial Officer or the
Corporate Secretary of the Company specifying the number of Shares with respect to which the Option is being exercised, together
with the appropriate form of payment (to be determined by the Company) for the aggregate of the Option Prices to
be paid for the Shares to be purchased. Certificates for such Shares shall be issued and delivered to the Optionee within a reasonable
time following the receipt of such notice and payment.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Adjustment on Alteration of Share Capital</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of a subdivision, consolidation or reclassification of outstanding Shares or other capital adjustment, the
number of Shares reserved or authorized to be reserved under the Plan, the number of Shares receivable on the exercise of an Option
and the Option Price therefor shall be increased or reduced proportionately and such other adjustments shall be made as may be
deemed necessary or equitable by the Board in its sole discretion and such adjustment shall be binding for all purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company amalgamates, consolidates or combines with or merges with or into another body corporate, whether by way
of amalgamation, arrangement or otherwise (the right to do so being hereby expressly reserved), any Share receivable on the exercise
of an Option shall be converted into the securities, property or cash which the Optionee would have received upon such amalgamation,
consolidation, combination or merger if the Optionee had exercised his or her Option immediately prior to the effective date of
such amalgamation, consolidation, combination or merger and the Option Price shall be adjusted as may be deemed necessary or equitable
by the Board in its sole discretion and such adjustment shall be binding for all purposes of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of a change in the Company&#8217;s currently authorized Shares which is limited to a change in the designation
thereof, the shares resulting from any such change shall be deemed to be Shares within the meaning of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any other change affecting the Shares, such adjustment, if any, shall be made as may be deemed necessary
or equitable by the Board in its sole discretion to properly reflect such event and such adjustment be binding for all purposes
of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No adjustment provided in this Section 10 shall require the Company to issue a fractional Share and the total adjustment
with respect to each Option shall be limited accordingly.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time when an Option granted under the Plan remains unexercised, an offer (&#8220;Take-over Bid&#8221;) to purchase
all of the Shares of the Company is made by a third party, the Company shall use its best efforts to bring such offer to the attention
of the Optionee as soon as practicable and the Board may, in a fair and equitable manner, at its option, require the acceleration
of the time for the exercise of the Options granted under the Plan and of the time for the fulfillment of any conditions or restrictions
on such exercise (including without limitation, vesting requirements).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision herein, if because of a proposed merger, amalgamation or other corporate arrangement
or reorganization, the exchange or replacement of Shares in the Company for securities, property or cash in or from another company
is imminent (&#8220;Business Combination&#8221;), the Board may, in a fair and equitable manner, determine the manner in which
all unexercised option rights granted under the Plan shall be treated including, for example, requiring the acceleration of the
time for the exercise of such rights by the Optionees and of the time for the fulfillment
of any conditions or restrictions on such exercise (including without limitation, vesting requirements) or providing that any Share
which would be receivable prior to the effective time of the Business Combination on the exercise of an Option be replaced with
the securities, property or cash which the Optionee would have received if the Optionee had exercised his or her Option immediately
prior to the effective time of the Business Combination and make any necessary adjustment, including adjustments to the Option
Price, as may be deemed necessary or equitable by the Board in its sole discretion. All determinations of the Board under this
Subsection 10.7 shall be binding for all purposes of the Plan. Any adjustments made by the Board in the context of a Business Combination
are subject to TSX approval.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to permit Optionees to participate in a proposed Take-over Bid made by means of a take-over bid circular or a proposed
Business Combination that could result in a Change of Control, the Board may make appropriate provisions for the exercise of options
(whether vested or not) conditional upon the Shares resulting therefrom being taken up and paid for under the Take-over Bid or
the completion of the Business Combination, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Regulatory Approval</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any of the provisions contained in the Plan or any Option, the Company&#8217;s obligation to grant Options<B>
</B>and issue Shares and to issue and deliver certificates for such securities to an Optionee pursuant to the exercise of an Option
shall be subject to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">compliance with all applicable laws, regulations, rules, orders of governmental or regulatory authorities
in Canada and the United States (&#8220;Securities Regulators&#8221;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">compliance with the requirements of the Exchange; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">receipt from the Optionee of such covenants, agreements, representations and undertakings, including
as to future dealings in such Shares, as the Company determines to be necessary or advisable in order to safeguard against the
violation of the securities laws of any jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall in no event be obligated to take any action in order to cause the issuance and delivery of such certificates
to comply with any laws, regulations, rules, orders or requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">11.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provisions in the Plan or any Option, if any amendment, modification or termination to the provisions
hereof or any Option made pursuant hereto are required by any Securities Regulators, a stock exchange or a market as a condition
of approval to a distribution to the public of any Shares or to obtain or maintain a listing or quotation of any Shares, the Board
is authorized to make such amendments and thereupon the terms of the Plan, any Options, including any option agreement made pursuant
hereto, shall be deemed to be amended accordingly without requiring the consent or agreement of any Optionee or shareholder approval.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">12.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An Optionee entitled to Shares as a result of the exercise of an Option shall not be deemed for any purpose to be, or to
have rights as, a shareholder of the Company by such exercise, except to the extent Shares are issued therefor and then only from
the date such Shares are issued. No adjustment shall be made for dividends or distributions or other rights for which the record
date is prior to the date such Shares are issued pursuant to the exercise of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">12.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company or any of its related entities shall be required to withhold any amounts by reason of any federal, provincial,
state, local or other rules or regulations concerning taxes or social security contributions in respect of the issuance or delivery
of Shares to the Optionee, the Company or the related entity may deduct and withhold such amount or amounts from any payment made
by the Company or the related entity to such Optionee, whether or not such payment is made pursuant to this Plan. <B> </B>In addition,
or as an alternative to such withholding from payments, the Company or any related entity with a withholding obligation as described
above may require an Optionee, as a condition of exercise of an Option, to pay to the Company or related entity, as the case may
be, an amount not exceeding the total of the withholding obligation of the Company or related entity arising in respect of the
issuance or delivery of Shares to the Optionee, or to reimburse the Company or related entity for such amount. <B> </B>Under no
circumstances shall the Company or any related entity be responsible for funding the payment of any tax on behalf of any Eligible
Person, any Permitted Assign or any transferee of an Option as permitted hereunder, or for providing any tax advice to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-underline-style: none">13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment and Termination</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Plan has been amended and restated as of May 5, 2011 and as of October 25, 2012. Any amendments made are effective as
of the date amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may, subject to Shareholder approval, amend the Plan at any time. Notwithstanding the foregoing, the Board is
specifically authorized to amend or revise the terms of the Plan without obtaining Shareholder approval in the following circumstances:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to change the termination provisions of the Options or Plan which does not extend beyond the original
expiry date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to add a cashless exercise feature, payable in cash or securities, whether or not the feature provides
for a full deduction of the number of underlying securities from the reserved Shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">other amendments of a housekeeping nature, including the correction or rectification of any ambiguities,
defective or inconsistent provisions, errors, mistakes or omissions herein and updating provisions herein to reflect changes in
the governing laws, including tax laws, and the TSX requirements.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Except as otherwise permitted by the
TSX, amendments to this provision as well as amendments to the number of Shares issuable under the Plan (including an increase
to a fixed maximum number of Shares or a fixed maximum percentage of Shares, as the case may be, or a change from a fixed maximum
number of shares to a fixed maximum percentage), may not be made without obtaining approval of the Shareholders
in accordance with TSX requirements. For greater certainty, an increase does not include reloading after exercise under a fixed
maximum number or percentage provided the fixed maximum or percentage is not increased and the Plan otherwise permits reloading.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may suspend or terminate the Plan at any time. No action by the Board to terminate the Plan pursuant to this Section
13 shall affect any Options granted hereunder pursuant to the Plan prior to termination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">13.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set out below, the Board may (without Shareholder approval) amend, modify or terminate any outstanding Option,
including, but not limited to, substituting another award of the same or of a different type or changing the date of exercise;
provided, however that, the Optionee&#8217;s consent to such action shall be required unless the Board determines that the action
when taken with any related action, would not materially and adversely affect the Optionee or is specifically permitted hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The exercise price of any outstanding
Options may not be reduced and the original Option Period extended unless Shareholder approval is obtained by way of a resolution
passed by a majority of the votes cast by the Shareholders at a meeting of Shareholders. The Option Price of any outstanding Options
may not be reduced and the original term of the Option Period may not be extended to the benefit of Insiders, unless disinterested
Shareholder approval is obtained in accordance with TSX requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">APPENDIX A</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">INCENTIVE STOCK OPTION PLAN</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">EMPLOYEES, CONSULTANTS &amp; ADVISORS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OF ELDORADO GOLD COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(&#8220;the Company&#8221;)</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">OPTION AGREEMENT</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">This Option Agreement
is entered into between the Company and the Optionee named below pursuant to the Company&#8217;s Incentive Stock Option Plan (the
&#8220;Plan&#8221;) a copy of which is attached hereto, and confirms the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Grant Date:</TD>
    <TD STYLE="width: 68%; border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Optionee:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Optionee&#8217;s Position with/relationship to <BR> the Company or <BR> related entity:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Number of Options:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Option Price<BR> ($ per Share):</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">$</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Vesting Period:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Expiry Date of <BR> Option Period:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subject to the Plan, each Option that
has vested entitles the Optionee to purchase one Share at any time up to 4:30 p.m. Vancouver time on the expiry date of the Option
Period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This Option Agreement is subject to
the terms and conditions set out in the Plan, as amended or replaced from time to time. In the case of any inconsistency between
this Option Agreement and the Plan, the Plan shall govern.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Optionee acknowledges and agrees
that the Optionee will, at all times, act in strict compliance with any and all applicable laws and any policies of the Company
applicable to the Optionee in connection with the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Optionee hereby acknowledges that
he or she has not received any advice from the Corporation as to tax or legal ramification of the grant of Options hereunder and
has been advised to seek independent tax advice as he or she deems necessary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unless otherwise indicated, all defined
terms shall have the respective meanings attributed thereto in the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">By signing this agreement, the Optionee
acknowledges that he, she, or his or her authorized representative has read and understands the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF
the parties hereto have executed this Option Agreement as of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">ELDORADO GOLD CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="width: 40%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Acknowledged and Agreed to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 46%; padding-right: 0.1in; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Signature of Optionee</TD>
    <TD STYLE="padding-right: 0.1in">)</TD>
    <TD STYLE="text-align: left">Signature of Witness</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.1in 0 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.1in">Name and Title of Optionee</TD>
    <TD STYLE="padding-right: 0.1in">)</TD>
    <TD STYLE="text-align: left">Name of Witness</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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