<SEC-DOCUMENT>0001279569-17-000559.txt : 20170322
<SEC-HEADER>0001279569-17-000559.hdr.sgml : 20170322
<ACCEPTANCE-DATETIME>20170322103938
ACCESSION NUMBER:		0001279569-17-000559
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20170322
FILED AS OF DATE:		20170322
DATE AS OF CHANGE:		20170322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Gold Inc. /FI
		CENTRAL INDEX KEY:			0000800166
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31722
		FILM NUMBER:		17705904

	BUSINESS ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		(416) 324-6000

	MAIL ADDRESS:	
		STREET 1:		181 BAY STREET, SUITE 3510
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRC RESOURCES CORP                                      /FI
		DATE OF NAME CHANGE:	19860904
</SEC-HEADER>
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<SEQUENCE>1
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<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;<BR>
&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>Form
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For the month of
 March 2017.</P>

<P STYLE="margin: 0">Commission File Number 001-31722</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>New
Gold Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 3510 &ndash; 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Toronto, Ontario M5J 2T3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Canada</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">(Address of principal executive office)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form 20-F
&#9744;&nbsp;Form 40-F &#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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): &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Note</B>: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
holders.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">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): <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Note: </B>Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 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&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange
on which the registrant&rsquo;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&rsquo;s security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DOCUMENTS
FILED AS PART OF THIS FORM 6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></td>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center">99.1</td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Option Plan</FONT></TD></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>99.2</td>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Long Term Incentive Plan</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEW GOLD INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<tr>
    <td style="vertical-align: top; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 6%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Lisa Damiani</I></FONT></td>
    <TD STYLE="vertical-align: top; width: 3%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;March
    22, 2017</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><P STYLE="margin: 0">Lisa Damiani, Vice President, General Counsel and Corporate Secretary</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991.htm
<DESCRIPTION>STOCK OPTION PLAN
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 12pt"><IMG SRC="logo.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">New Gold Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">2011 Stock Option Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">Initially approved by the Shareholders
on <FONT STYLE="font-family: Times New Roman, Times, Serif">May 4</FONT>, 2011<BR>
Amended by the Board on February 28, 2014<BR>
Approved by the Shareholders on April 30, 2014</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE&nbsp;1<BR>
GENERAL PROVISIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">Interpretation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">For the purposes of the Plan, the following terms have the following meanings:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means
an affiliate of the Company within the meaning of Section 1.3 of NI 45-106;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Associate</B>&rdquo; has
the meaning set out in Section 2.22 of NI 45-106;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means
the board of directors of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Change of Control</B>&rdquo;
means the occurrence of any one or more of the following events:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Company is not the surviving entity in a merger, amalgamation or other reorganization (or survives
only as a subsidiary of an entity other than a previously wholly-owned subsidiary of the Company);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Company sells, leases or exchanges greater than 50% of its assets to any other person or entity
(other than an Affiliate of the Company);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a resolution is adopted to wind-up, dissolve or liquidate the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any person, entity or group of persons or entities acting jointly or in concert (the &ldquo;Acquiror&rdquo;)
acquires, or acquires control (including, without limitation, the power to vote or direct the voting) of, voting securities of
the Company which, when added to the voting securities owned of record or beneficially by the Acquiror or which the Acquiror has
the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or Associates
and/or affiliates of the Acquiror to cast or direct the casting of 40% or more of the votes attached to all of the Company's outstanding
voting securities which may be cast to elect directors of the Company or the successor company (regardless of whether a meeting
has been called to elect directors) and as a result of such acquisition of control, directors of the Company holding such office
immediately before such acquisition of control shall not constitute a majority of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">as a result of or in connection with: (A) the contested election of directors or (B) a transaction
referred to in paragraph (i) above, the nominees named in the most recent management information circular of the Company for election
to the board of directors of the Company shall not constitute a majority of the Board; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the Board adopts a resolution to the effect that a Change of Control has occurred or is imminent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">For the purposes of the text above,
&ldquo;voting securities&rdquo; means common shares of the Company and any other shares entitled to vote for the election of directors,
and shall include any securities, whether or not issued by the Company, which are not shares entitled to vote for the election
of directors but which are convertible into or exchangeable for shares which are entitled to vote for the election of directors,
including any options or rights to purchase such shares or securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Company</B>&rdquo; means
New Gold Inc. and includes any successor to New Gold Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&quot;<B>Eligible Contractor</B>&quot;
means a person who is not an employee, officer or director of the Company that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">is engaged to provide on a <I>bona fide</I> basis consulting, technical, management or other services
to the Company or any Affiliates under a written contract with the Company or the Affiliate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the reasonable opinion of the Board, spends or will spend a significant amount of time and attention
on the affairs and business of the Company or an Affiliate; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">who otherwise qualifies as a &ldquo;consultant&rdquo; under section 2.22 of NI 45-106 ;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Eligible Person</B>&rdquo;
means, subject to all applicable laws, (A) in respect of any grant of Options by the Company any director, employee, officer or
Eligible Contractor of (i) the Company or (ii) any Affiliate (and includes any such person (other than an Eligible Contractor)
who is on a leave of absence authorized by the Board or the board of directors of any Affiliate), and (B) in respect of any assignment
of Options by a person in (A) above pursuant to Section 2.5, means any Permitted Assign of such person as the context requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Exchange</B>&rdquo; means
the TSX, the NYSE Amex Equities or such other stock exchange or quotation system on which the Shares are listed or quoted from
time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Exchange Rate</B>&rdquo;
means the noon spot rate published by the Bank of Canada on the date the Option is granted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Holding Entity</B>&rdquo;
has the meaning set out in Section 2.22 of NI 45-106;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>ISO</B>&rdquo; means an
Option granted to a US Participant that is intended to qualify as an &ldquo;incentive stock option&rdquo; within the meaning of
section 422 of the IRS Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Insider</B>&rdquo; means
any officer, director or other &ldquo;insider&rdquo; as defined by the Toronto Stock Exchange Company Manual, from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>IRS Code</B>&rdquo; means
the United States Internal Revenue Code of 1986, as amended and the regulations and other guidance issued under the code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>LTIP</B>&rdquo; means the
Company&rsquo;s Long Term Incentive Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Market Price</B>&rdquo;
means at any date in respect of the Shares shall be, the volume weighted average trading price of such Shares on the TSX for the
five trading days ending on the last trading date immediately preceding the date as of which the Market Price is determined. In
the event that the Shares are not then listed and posted for trading on the TSX, the Market Price shall be the fair market value
of such Shares as determined by the Board in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>NI 45-106</B>&rdquo; means
<I>National Instrument 45-106 - Prospects and Registration Exemptions</I>, as may be amended or replaced from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>NQSO</B>&rdquo; means any
Option granted to a US Participant that is not an ISO;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify"><B>&ldquo;Option</B>&rdquo; means
an option to purchase Shares granted to an Eligible Person pursuant to the terms of the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Participant</B>&rdquo;
means an Eligible Person to whom an Option has been granted;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Permitted Assign</B>&rdquo;
means:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a Holding Entity of a Participant; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a RRSP, RRIF or TFSA of a Participant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Plan</B>&rdquo; means this
2011 stock option plan of the Company, as it may be amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Resignation</B>&rdquo;
means the cessation of board membership by a director, or employment (as an officer or employee) of the Participant with the Company
or an Affiliate as a result of resignation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Retirement</B>&rdquo; means
the Participant ceasing to be an employee, officer or director of the Company or an Affiliate after attaining a stipulated age
in accordance with the Company&rsquo;s normal retirement policy or earlier with the Company's consent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&ldquo;<B>Retirement
Date</B>&rdquo; means the date on which a Participant satisfies the conditions for Retirement, as agreed between the Participant
and the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>RRIF</B>&rdquo; means a
registered retirement income fund as defined in the <I>Income Tax Act</I> (Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>RRSP</B>&rdquo; means a
registered retirement savings plan as defined in the <I>Income Tax Act</I> (Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Shares</B>&rdquo; means
the common shares in the capital of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholder</B></FONT>&rdquo;
means a holder of Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means
a &ldquo;subsidiary corporation&rdquo;, whether now or hereafter existing, as defined in section 424(f) of the IRS Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>10% Shareholder</B>&rdquo;
means a US Participant who, at the time an ISO is granted, owns securities representing more than 10% of the voting power of all
classes of shares of the Company or any Subsidiary, taking into account the attribution rules under section 424(d) of the IRS Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>Termination Date</B>&rdquo;
means the date on which the Participant ceases to be an Eligible Person subject to section 2.6(b): (i) in the case of a director,
the Termination Date occurs on the termination of board membership of the director by the Company or any Affiliate, the failure
to re-elect or re-appoint the individual as a director of the Company or an Affiliate or the date of his Resignation, other than
through Retirement; (ii) in the case of an employee, the Termination Date occurs on the date of termination of the employment of
the employee, indicated in the Company&rsquo;s notice of termination, with or without cause, as the context requires by the Company
or an Affiliate, or the effective date of his Resignation, other than through Retirement, or in the case of an officer, upon removal
of or failure to re-elect or re-appoint the individual as an officer of the Company or an Affiliate, or the effective date of his
Resignation, other than through Retirement, (iii) in the case of an Eligible Contractor, the date of termination of the services
of the Eligible Contractor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>TFSA</B>&rdquo; means a
tax-free savings account as described in the <I>Income Tax Act</I> (Canada);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the
Toronto Stock Exchange; and</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify">&ldquo;<B>US Participant</B>&rdquo;
means a Participant that is subject to federal income tax in the United States of America pursuant to the IRS Code and any relevant
tax convention.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><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 Plan, words imparting the singular number only shall include the plural and vice versa and
words imparting the masculine shall include the feminine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Plan and all matters to which reference is made in the Plan shall be governed by and interpreted
in accordance with the laws of the Province of British Columbia and the applicable laws of Canada.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">Purpose</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; text-indent: 0.5in">The purpose of the
Plan is to advance the interests of the Company by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">providing Eligible Persons with additional incentive;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">encouraging equity ownership in the Company by such Eligible Persons;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">increasing the proprietary interest of Eligible Persons in the success of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">encouraging Eligible Persons to remain with the Company or its Affiliates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">attracting new directors, employees, officers and service providers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">Administration</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Plan shall be administered by the Board or a committee of the Board duly appointed for this
purpose by the Board and consisting of not less than three directors of the Company. If a committee is appointed for this purpose,
the following references to the Board will be deemed to be references to the committee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to the limitations of the Plan, the Board shall have the authority to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">grant Options;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">determine the terms, limitations, restrictions and conditions respecting Option granted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">interpret the Plan and adopt, amend and rescind such administrative guidelines and other rules
and regulations relating to the Plan as it shall from time to time deem advisable subject to required prior approval by any applicable
regulatory authority or Shareholders; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">make all other determinations and take all other actions in connection with the implementation
and administration of the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Board&rsquo;s guidelines, rules, regulations, interpretations and determinations pursuant to
or relating to the Plan shall be conclusive and binding upon the Company and all other persons, including without limitation all
Participants. No member of the Board or any person acting pursuant to the authority delegated by it under the Plan shall be liable
for any action or determination in connection with the Plan made or taken in good faith.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">Shares Reserved</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The aggregate number of Shares which may be reserved for issuance under the Plan and all other
security based compensation arrangements of the Company (excluding the LTIP) shall not exceed 3.5% of the Shares (on a non-diluted
basis) issued and outstanding from time to time. No fractional Shares shall be issued and the Board may determine the manner in
which fractional share values shall be treated. If any Options granted under the Plan are cancelled or terminated in accordance
with the Plan without being exercised then the Shares subject to those Options will again be available to be granted under the
Plan.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">For greater certainty, any increase in the issued and outstanding Shares will result in an increase
in the available number of the Shares issuable under the Plan, and exercises of Options will make new grants available under the
Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The maximum number of Shares which may be reserved for issuance to any one person under the Plan
shall be 5% of the Shares issued and outstanding at the time of the grant (on a non-diluted basis) less the aggregate number of
Shares reserved for issuance to such person under any other security based compensation arrangements of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">If there is a change in or substitution or exchange of the outstanding Shares by reason of any
stock dividend or split, recapitalization, merger, amalgamation, arrangement, consolidation, reorganization, combination or exchange
of shares, or other corporate change, the Board shall make, subject to the prior approval (if required) of the relevant Exchange(s),
appropriate substitution or adjustment in:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the number or kind of securities reserved for issuance pursuant to the Plan; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the number or kind of securities subject to unexercised Options granted and the option exercise
price of such securities; provided however that no substitution or adjustment shall obligate the Company to issue or sell fractional
securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Company shall at all times during the term of the Plan reserve and keep available such number
of Shares as will be sufficient to satisfy the requirements of the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">Limits with respect to Insiders</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><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 to Insiders under the Plan and any other security based compensation
arrangements of the Company shall be 10% of the Shares issued and outstanding at the time of the grant (on a non-diluted basis).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The maximum number of Shares which may be issued to Insiders under the Plan and any other security
based compensation arrangements of the Company within a 12 month period shall be 10% of the Shares, issued and outstanding at the
time of the issuance (on a non-diluted basis).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">In addition, grants of Options to non-employee directors should not exceed the lesser of (i) 1%
of the total number of Shares issued and outstanding at the time of issuance (on a non-diluted basis) and (ii) an annual equity
value of $100,000 to each director (based on the grant date fair value of the Options);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify">Non-Exclusivity</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">Nothing contained in the Plan shall
prevent the Board from maintaining or adopting other or additional compensation arrangements, subject to any required approvals.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">Amendment or Termination</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 1.7(b) below, the Board may at any time, and from time to time, and without
Shareholder approval amend any provision of the Plan, or the terms of any Options granted, or terminate the Plan, subject to any
applicable regulatory or Exchange requirements or approvals at the time of such amendment or termination, including, without limitation,
making amendments:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">to Section 2.3 relating to the exercise of Options, including by the inclusion of a cashless exercise
feature whereby payment is in cash or Shares or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">deemed by the Board to be necessary or advisable because of any change in applicable securities
laws or other laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">to the definitions set out in Section 1.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">to the Change of Control provisions provided for in Section 3.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">to Section 1.3 relating to the administration of the Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">to the vesting provisions of any outstanding Options;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">to postpone or adjust any exercise of any Option or the issuance of any Shares pursuant to the
Plan as the Board in its discretion may deem necessary in order to permit the Company to effect or maintain registration of the
Plan or the Shares issuable pursuant to the Plan under the securities laws of any applicable jurisdiction, or to determine that
the Shares and the Plan are exempt from such registration; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">fundamental or otherwise, not requiring Shareholder approval under applicable laws or the rules
of an Exchange, including amendments of a &ldquo;clerical&rdquo; or &ldquo;housekeeping&rdquo; nature and amendments to ensure
that the Options granted under the Plan will comply with any provisions respecting income tax and other laws in force in any country
or jurisdiction of which an Eligible Person may from time to time be resident or a citizen.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding Section 1.7(a), the Board shall not be permitted to amend the following without
first having obtained the approval of a majority of the holders of the Shares voting at a duly called and held meeting of Shareholders
and, in the case of an amendment to Section 1.5 so as to increase the Insider participation limits, approval of a majority of the
Shareholders voting at a duly called and held meeting of Shareholders excluding shares voted by Insiders who are Eligible Persons:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Section 1.4(a) in order to increase the maximum number of Shares which may be issued under the
Plan or Section 1.5 so as to increase the Insider participation limits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Section 2.2 or this Section 1.7 so as to increase the ability of the Board to amend the Plan without
Shareholder approval;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the definitions of &ldquo;Eligible Person&rdquo; and &ldquo;Permitted Assigns&rdquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">subject to Section 1.4(d), the exercise price of any Option issued under the Plan where such amendment
reduces the exercise price of such Option (for this purpose, a cancellation or termination of an Option of a Participant prior
to its expiry for the purpose of re-issuing Options to the same Participant with a lower exercise price shall be treated as an
amendment to reduce the exercise price of an Option);</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">to Section 2.5 relating to the transferability of Options; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the term of any Option issued under the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Any amendment or termination of an Option shall not materially and adversely alter the terms or
conditions of any Option or materially and adversely impair any right of any Participant under any Option granted before the date
of any such amendment or termination without the consent of such Participant, except as otherwise required by law or as provided
in the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">If the Plan is terminated, the provisions of the Plan and any administrative guidelines, and other
rules adopted by the Board and in force at such time, will continue in effect as long as any Options under the Plan or any rights
pursuant thereto remain outstanding. However, notwithstanding the termination of the Plan, the Board may make any amendments to
the Plan or Options it would be entitled to make if the Plan were still in effect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify">Compliance with Legislation</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">The Plan, the grant and exercise
of Options under the Plan and the Company&rsquo;s obligation to sell and deliver Shares upon exercise of Options shall be subject
to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulations of the Exchange and to
such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Company, be required. The Company
shall not be obligated by any provision of the Plan or the grant of any Option under the Plan to issue Shares in violation of such
laws, rules and regulations or any condition of such approvals. In addition, the Company shall have no obligation to issue any
Shares pursuant to the Plan unless such Shares shall have been duly listed with the Exchange. The Company shall, to the extent
necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary for issuances
of such Shares in compliance with applicable laws and for the admission to listing of such Shares on the Exchange. Shares issued
and sold to Participants may be subject to limitations on sale or resale under applicable securities laws.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE&nbsp;2<BR>
OPTIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Grants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to the provisions of the Plan, the Board shall have the authority to determine the terms,
limitations, restrictions and conditions, if any, applicable to the vesting or to the exercise of an Option, including without
limitation, the nature and duration of the restrictions, if any, to be imposed upon the sale or other disposition of Shares acquired
upon exercise of the Option, and the nature of the events, if any, and the duration of the period in which any Participant&rsquo;s
rights in respect of Shares acquired upon exercise of an Option may be forfeited. An Eligible Person may receive Options on more
than one occasion under the Plan and may receive separate Options on any one occasion. In addition (and without limitation to the
preceding text), at the sole discretion of the Board, at the time of the grant, Options may be made subject to any recoupment,
reimbursement or claw-back compensation policy as may be adopted by the Board from time to time (e.g. to address matters such as
fraud, or other significant misconduct of a Participant).</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The award of an Option to an Eligible Person at any time shall neither entitle such Eligible Person
to receive nor preclude such Eligible Person from receiving a subsequent Option.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Options may be granted so that they qualify as ISOs under section 422 of the IRS Code in accordance
with the requirements and limitations in Section 4.3 below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Each Option shall be confirmed by an option agreement, or option grant letter or other form of
confirmation (electronic or otherwise) as prescribed by the Board from time to time. Subject to specific variations approved by
the Board in respect of any Options all terms and conditions set out in the Plan will be incorporated by reference into and form
part of any Option granted under the Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">Option Exercise Price</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Board will establish the exercise price of an Option at the time each Option is granted based
on the terms set out under Section 2.2(b).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to Section 4.3(d), the exercise price of an Option as established by the Board pursuant
to Section 2.2(a) will not be less than the Market Price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">Exercise of Options</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Options granted must be exercised no later than five years after the date of grant or such lesser
period as the Board may approve. In the event that any Option expires during, or within 48 hours after a Company-imposed blackout
period on the trading of securities of the Company, such expiry will become the tenth day after the end of the blackout period.
A minimum of 100 Shares must be purchased by a Participant upon exercise of Options at any one time (or, if less the remainder
of Shares available for purchase pursuant to all Options granted to such Participant).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The exercise price (and any applicable withholding taxes) of each Option to purchase Shares shall
be paid in full by certified cheque, or in another manner deemed acceptable to the Company, at the time of such exercise, and upon
receipt of payment in full, but subject to the terms of the Plan and the related option agreement, the number of Shares in respect
of which the Option is exercised shall be duly issued as fully paid and non-assessable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Subject to the provisions of the Plan and the related option agreement, an Option may be exercised
from time to time as advised by the Company from time to time and upon payment in full of the Option exercise price of the Shares
to be purchased and any applicable withholding taxes. Certificates for such Shares shall be issued and delivered to the Participant
within a reasonable period of time following the receipt of such notice and payment but in any event not exceeding five business
days.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">Withholding Taxes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">For certainty and notwithstanding
any other provision of the Plan, the Company or any Affiliate may take such steps as it considers necessary or appropriate for
the deduction or withholding of any income taxes or other amounts which the Company or any Affiliate is required by any law or
regulation of any governmental authority whatsoever to deduct or withhold in connection with any Share issued pursuant to the Plan,
including, without limiting the generality of the foregoing, (a) withholding of all or any portion of any amount otherwise owing
to a Participant; (b) the suspension of the issue of Shares to be issued under the Plan, until such time as the Participant has
paid to the Company or any Affiliate an amount equal to any amount which the Company or Affiliate is required to deduct or withhold
by law with respect to such taxes or other amounts together with the exercise price for the Shares; and/or (c) withholding and
causing to be sold, by it as a trustee on behalf of a Participant, such number of Shares as it determines to be necessary to satisfy
the withholding obligation. By participating in the Plan, the Participant consents to any such sale and authorizes the Company
or any Affiliate, as applicable, to effect the sale of such Shares on behalf of the Participant and to remit the appropriate amount
to the applicable governmental authorities. Neither the Company nor any applicable Affiliate shall be responsible for obtaining
any particular price for the Shares nor shall the Company or any applicable Affiliate be required to issue any Shares under the
Plan unless the Participant has made suitable arrangements with the Company and any applicable Affiliate to fund any withholding
obligation.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">Transfer of Options</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 2.5(b), Options shall be non-assignable and non-transferable by the Participants
otherwise than by will or the laws of descent and distribution, and shall be exercisable only by the Participant during the lifetime
of the Participant and only by the Participant&rsquo;s legal representative after death of the Participant in accordance with the
Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding Section 2.5(a), Options may, with the prior approval of the Board, be assigned
by a Participant to a Permitted Assign of such Participant, following which such Options shall be non-assignable and non-transferable
by such Permitted Assign, except, with the prior approval of the Board, to another Permitted Assign, otherwise than by will or
the laws of descent and distribution, and shall be exercisable only by such Permitted Assign during the lifetime of such Permitted
Assign and only by such Permitted Assign&rsquo;s legal representative after death of such Permitted Assign in accordance with the
Plan. Notwithstanding the foregoing, an ISO may not be transferred or assigned in any manner other than (i) by will or the laws
of descent and distribution or (ii) to the extent required by a domestic relations order. An improper transfer of any Options will
not create any rights in the purported transferee, will cause the immediate termination of the Options, and the Company will not
issue any Shares upon the attempted exercise of improperly transferred Options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">Termination, Retirement or Death</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Except as otherwise determined by the Board and subject to the limitation that Options may not
be exercised later than five years from their date of grant:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person for any reason whatsoever other than death, Retirement
or termination for cause, each vested Option held by the Participant will cease to be exercisable 90 days after the Termination
Date, or in accordance with the Participant&rsquo;s employment agreement that was previously approved by the Board or such longer
period as determined by the Board; for greater certainty, such determination may be made at any time subsequent to the date of
grant of Options, but none will be outstanding for a period that exceeds the expiry date of the Option. If any portion of an Option
is not vested by a Participant&rsquo;s Termination Date, that portion of the Option may not be exercised by the Participant unless
the Board determines otherwise.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">If a Participant ceases to be an Eligible Person because his relationship with the Company or an
Affiliate is terminated by the Company or the Affiliate, as applicable, for cause, his Options shall cease to be exercisable immediately
upon such termination on the Termination Date.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">if a Participant retires, upon such Retirement the Participant&rsquo;s Options will vest on his
or her Retirement Date and the Participant may exercise these Options within 180 days following the his or her Retirement Date
or such longer period as determined by the Board, for greater certainty such determination may be made at any time after the date
of grant of the Options, provided that no Option shall remain outstanding for any period which exceeds the earlier of (i) the expiry
date of such Option; and (ii) 12 months following the Retirement Date of the Participant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">if a Participant dies, upon such death the Participant&rsquo;s Options will immediately vest and
the legal representative of the Participant may exercise the Participant&rsquo;s Options within 180 days following the death of
the Participant or such longer period as determined by the Board, for greater certainty such determination may be made at any time
after the date of grant of the Options, provided that no Option shall remain outstanding for any period which exceeds the earlier
of (i) the expiry date of such Option; and (ii) 12 months following the date of death of the Participant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">notwithstanding the foregoing, an ISO may not be exercisable by a US Participant beyond the earlier
of the date that is three months following the US Participant&rsquo;s termination of employment with the Company and all Subsidiaries
for reasons other than death or disability or the expiry date of such ISO. In the event of the death of a US Participant (including
during the three month period after the US Participant&rsquo;s Termination Date) or in the event of a termination of employment
due to disability (as determined under section 422(c)(6) of the IRS Code), no ISO still held by such US Participant may be exercised
beyond the earlier of the date that is 12 months after the date of such death or disability or the expiry date of such ISO.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Any Participant to whom an Option is granted under the Plan who subsequently ceases to hold the
position in which he or she received such Option shall continue to be eligible to hold such Option as a Participant as long as
he or she otherwise falls within the definition of &ldquo;Eligible Person&rdquo; in any capacity.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE&nbsp;3<BR>
CHANGE OF CONTROL</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Change of Control</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD STYLE="text-align: justify">In the event of a proposed Change of Control, the Board may, in its discretion, conditionally
or otherwise and on such terms as it sees fit, accelerate the vesting of all of a Participant&rsquo;s unvested Options to a date
determined by the Board, such that all of a Participant&rsquo;s Options will immediately vest at such time. In such event, all
Options so vested will be exercisable, conditionally, from such date until their respective expiry dates so as to permit the Participant
to participate in such Change of Control. For greater certainty, upon a Change of Control, Participants shall not be treated any
more favourably than Shareholders with respect to the consideration that the Participants may be entitled to receive for their
Shares. </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If a Participant elects to exercise its Options following a Change of Control, the Participant
shall be entitled to receive, and shall accept, in lieu of the number of Shares which he was entitled upon such exercise, the kind
and amount of shares and other securities, property or cash which such holder could have been entitled to receive as a result of
such Change of Control, on the effective date thereof, had he been the registered holder of the number of Shares to which he was
entitled to purchase upon exercise of such Options.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">Right to Terminate Options on Sale of Company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">Notwithstanding any other provision
of the Plan, if the Board at any time by resolution declares it advisable to do so in connection with any proposed sale or conveyance
of all or substantially all of the property and assets of the Company or any proposed merger, consolidation, amalgamation or offer
to acquire all of the outstanding Shares (collectively, the &ldquo;Proposed Transaction&rdquo;), the Company may give written notice
to all Participants advising them that, within 30-days or such greater period as the Board determines in its sole discretion after
the date of the notice and not thereafter, each Participant must advise the Board whether the Participant desires to exercise its
Options before the closing of the Proposed Transaction, and that upon the failure of a Participant to provide such notice within
the 30-day period or such greater period as the Board determines in its sole discretion, all rights of the Participant will terminate,
provided that the Proposed Transaction is completed within 180 days after the date of the notice. If the Proposed Transaction is
not completed within the 180-day period, no right under any Option will be exercised or affected by the notice, except that the
Option may not be exercised between the date of expiration of the 30-day period or such greater period as the Board determines
in its sole discretion and the day after the expiration of the 180-day period. If a Participant gives notice that the Participant
desires to exercise its Options before the closing of the Proposed Transaction, then all Options which the Participant elected
by notice to exercise will be exercised immediately before the effective date of the Proposed Transaction or such earlier time
as may be required to complete the Proposed Transaction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE&nbsp;4<BR>
MISCELLANEOUS PROVISIONS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">No Rights as Shareholder</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">The holder of an Option shall not
have any rights as a Shareholder with respect to any of the Shares underlying an Option until such holder has exercised such Option
in accordance with the terms of the Plan (including tendering payment in full of the exercise price in respect of which the Option
is being exercised and paying applicable withholding taxes).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">No Rights to Continued Employment or Engagement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">Nothing in the Plan or any Option
shall confer upon a Participant any right to continue in the employment or engagement of the Company or any Affiliate or affect
in any way the right of the Company or any Affiliate to terminate his employment or engagement at any time; nor shall anything
in the Plan or any Option be deemed or construed to constitute an agreement, or an expression of intent, on the part of the Company
or any Affiliate to extend the employment or engagement of any Participant beyond the date on which he would normally be retired
pursuant to the provisions of any present or future retirement plan of the Company or any Affiliate, or beyond the date on which
his relationship with the Company or any Affiliate would otherwise be terminated pursuant to the provisions of any employment,
consulting or other contract for services with the Company or any Affiliate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Special Requirements for US Participants</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of the Plan to the contrary, the aggregate number of Shares
available for ISOs is 10,000,000, subject to adjustment pursuant to Section 1.4 of the Plan and subject to the provisions of sections
422 and 424 of the IRS Code.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Individuals eligible to receive ISOs are US Participants who are employees of the Company or a
Subsidiary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Each option agreement or grant letter shall specify whether the related Option is an ISO or a NQSO.
If no such specification is made, the related Option will be an NQSO.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">An ISO shall be treated as a NQSO to the extent that the aggregate Market Price (determined as
of the applicable grant date) with respect to which ISOs are exercisable by the US Participant for the first time during any calendar
year (pursuant to the Plan and all other plans of the Company and of any Affiliate for purposes of section 422 of the IRS Code)
will exceed US$100,000 or any other limitation subsequently set out in section 422(d) of the IRS Code. If two or more Options designated
as ISOs first become exerciseable in the same calendar year, the $100,000 limit shall be applied to the Options in the order in
which they were granted, and any Shares whose value exceeds the limit shall be deemed to be covered by an NQSO.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The exercise price per Share of an ISO granted to a 10% Shareholder will be not less than 110%
of the Market Price on the applicable grant date and such ISO shall not be exercisable later than the expiration of five years
after the date of grant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">An ISO may only be granted within the 10-year period beginning from the earlier of the date the
Plan is adopted by the Board or the date the Plan is approved by Shareholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">If the Board determines to extend the exercise period of an ISO pursuant to its authority under
Section 2.3 above or to make any other revision to the terms of an ISO, such Option shall thereafter be treated as a NQSO to the
extent required under sections 422 and 424 of the IRS Code.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">No NQSO shall be granted to a US Participant unless, with respect to such US Participant, the Shares
constitute &ldquo;service recipient stock&rdquo; under section 409A of the IRS Code. Notwithstanding any provision in the Plan
to the contrary, any revision to the terms of an NQSO granted to a US Participant shall be made only if it does not create adverse
tax consequences under section 409A of the IRS Code.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0 9pt; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE&nbsp;5<BR>
ADOPTION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">Effectiveness</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-align: justify">The Plan shall be effective upon
the approval by the Shareholders.</P>



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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex992.htm
<DESCRIPTION>LONG TERM INCENTIVE PLAN
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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



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

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

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

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

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.2</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NEW GOLD INC.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>LONG TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(Revised 2014)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">DEFINITIONS AND INTERPRETATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Plan, unless such word or term is otherwise defined herein or the context in which such word or term is used
herein otherwise requires, the following words and terms with the initial letter or letters thereof capitalized shall have the
following meanings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">&ldquo;<B>Achieved Performance Ratio</B>&rdquo; means, for any Share Unit, the percentage, ranging
from 50% to 150% (or within such other range as the Board may determine from time to time), quantifying the performance achievement
realized on an Entitlement Date determined in accordance with the performance conditions or measures and other terms outlined in
the Share Unit grant letter evidencing such Share Unit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">&ldquo;<B>Act</B>&rdquo; means the <I>Business Corporations Act</I> (British Columbia), or its
successor, as amended, from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means any corporation that is an affiliate of the Corporation as
defined in National Instrument 45-106 - <I>Prospectus and Registration Exemptions</I>, as may be amended from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: justify">&ldquo;<B>Associate</B>&rdquo; with any person or company, is as defined in the <I>Securities Act</I>
(British Columbia), as may be amended from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: justify">&ldquo;<B>Board</B>&rdquo; means the Board of Directors of the Corporation or if established and
duly authorized to act, a committee appointed for such purpose by the Board of Directors of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: justify">&ldquo;<B>Change of Control</B>&rdquo; means the occurrence of any one or more of the following
events:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(i)</TD><TD STYLE="text-align: justify">the Corporation is not the surviving entity in a merger, amalgamation or other reorganization (or
survives only as a subsidiary of an entity other than a previously wholly-owned subsidiary of the Corporation);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(ii)</TD><TD STYLE="text-align: justify">the Corporation sells, leases or exchanges greater than 50% of its assets to any other person or
entity (other than an Affiliate of the Corporation);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(iii)</TD><TD STYLE="text-align: justify">a resolution is adopted to wind-up, dissolve or liquidate the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(iv)</TD><TD STYLE="text-align: justify">any person, entity or group of persons or entities acting jointly or in concert (the &ldquo;<B>Acquiror</B>&rdquo;)
acquires, or acquires control (including, without limitation, the power to vote or direct the voting) of, voting securities of
the Corporation which, when added to the voting securities owned of record or beneficially by the Acquiror or which the Acquiror
has the right to vote or in respect of which the Acquiror has the right to direct the voting, would entitle the Acquiror and/or
Associates and/or affiliates of the Acquiror to cast or direct the casting of 40% or more of the votes attached to all of the Corporation's
outstanding voting securities which may be cast to elect directors of the Corporation or the successor corporation (regardless
of whether a meeting has been called to elect directors) and as a result of such acquisition of control, directors of the Corporation
holding such office immediately prior to such acquisition of control shall not constitute a majority of the Board;</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 119.25pt; text-align: left; text-indent: -47.95pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 119.25pt; text-align: justify; text-indent: -47.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(v)</TD><TD STYLE="text-align: justify">as a result of or in connection with: (A) the contested election of directors or (B) a transaction
referred to in paragraph (i) above, the nominees named in the most recent management information circular of the Corporation for
election to the board of directors of the Corporation shall not constitute a majority of the Board; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.3pt"></TD><TD STYLE="width: 47.95pt">(vi)</TD><TD STYLE="text-align: justify">the Board adopts a resolution to the effect that a Change of Control as defined herein has occurred
or is imminent.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.25pt; text-align: justify">For the purposes of the foregoing,
&ldquo;<B>voting securities</B>&rdquo; means common shares of New Gold and any other shares entitled to vote for the election of
directors, and shall include any securities, whether or not issued by New Gold, which are not shares entitled to vote for the election
of directors but which are convertible into or exchangeable for shares which are entitled to vote for the election of directors,
including any options or rights to purchase such shares or securities;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -35.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: justify">&ldquo;<B>Corporation</B>&rdquo; means New Gold Inc., a corporation existing under the Act, and
includes any successor corporation thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: justify">&quot;<B>Eligible Contractors</B>&quot; means (A) persons who are not employees, officers or directors
of the Corporation that (i) are engaged to provide on a bona fide basis consulting, technical, management or other services to
the Corporation or any Affiliates under a written contract with the Corporation or the Affiliate and (ii) in the reasonable opinion
of the Board, spend or will spend a significant amount of time and attention on the affairs and business of the Corporation or
an Affiliate; and (B) directors of the Corporation that (i) are engaged, beyond the scope of their regular duties as a director,
to provide on a bona fide basis consulting, technical, management or other services to the Corporation or any Affiliates under
a written contract with the Corporation or the Affiliate and (ii) in the reasonable opinion of the Board, spend or will spend a
significant amount of time and attention on the affairs and business of the Corporation or an Affiliate in connection with such
engagement. It does not include persons to whom the Corporation&rsquo;s offer of Shares would be deemed to be received in Australia,
such as Australian residents or persons with a registered address in Australia;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">&ldquo;<B>Entitlement Date</B>&rdquo; means the date as determined by the Board in its sole discretion
in accordance with the Plan, provided, in the case of Participants who are liable to taxation under the provisions of the <I>Income
Tax Act</I> (<I>Canada</I>) in respect of amounts payable under this Plan, that such date, or amendment of such date as contemplated
by section 3.8 of this Plan, shall not be later than December 31 of the third calendar year following the calendar year in which
the services were performed in respect of the corresponding Share Unit Award or such later date as may be permitted under paragraph
(k) the definition of &ldquo;salary deferral arrangement&rdquo; in subsection 248(1) of the <I>Income Tax Act</I> (Canada) as amended
from time to time, or other applicable provisions thereof, so as to ensure that the Plan is not considered to be a &ldquo;salary
deferral arrangement&rdquo; for purposes of the <I>Income Tax Act</I> (Canada);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">J.</TD><TD STYLE="text-align: justify">&ldquo;<B>Grant Date</B>&rdquo; means the date that a Share Unit Award is granted to a Participant
under this Plan, as evidenced by the register or registers maintained by the Corporation for Share Unit Awards;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">K.</TD><TD STYLE="text-align: justify">&ldquo;<B>Insider</B>&rdquo; means: (i) an insider as defined in the <I>Securities Act</I> (British
Columbia), as may be amended from time to time, other than a person who is an Insider solely by virtue of being a director or senior
officer of an Affiliate; and (ii) an Associate of any person who is an insider by virtue of (i);</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">L.</TD><TD STYLE="text-align: justify">&ldquo;<B>Market Price</B>&rdquo; at any date in respect of the Shares shall be, the volume weighted
average trading price of such Shares on the TSX for the five trading days ending on the last trading date immediately before the
date on which the Market Price is determined. In the event that the Shares are not then listed and posted for trading on the TSX,
the Market Price shall be the fair market value of such Shares as determined by the Board in its sole discretion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">M.</TD><TD STYLE="text-align: justify">&ldquo;<B>Participant</B>&rdquo; means any director, employee, officer or Eligible Contractor of
the Corporation or any Affiliate of the Corporation or of any Affiliate to whom Share Units are granted hereunder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">N.</TD><TD STYLE="text-align: justify"><B>&ldquo;Plan</B>&rdquo; means this Long Term Incentive Plan, as same may be amended from time
to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">O.</TD><TD STYLE="text-align: justify">&ldquo;<B>Required Shareholder Approva</B>l&rdquo; means the approval of this Plan by the shareholders
of the Corporation, as may be required by the TSX or any other Stock Exchange on which the Shares are listed, as a plan allowing
for the issuance of Shares from treasury to satisfy Share Units on an applicable Entitlement Date, as contemplated in Article 4;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">P.</TD><TD STYLE="text-align: justify">&ldquo;<B>Resignation</B>&rdquo; means the cessation of board membership by a director, or employment
(as an officer or employee) of the Participant with the Corporation or an Affiliate as a result of resignation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Q.</TD><TD STYLE="text-align: justify">&ldquo;<B>Retirement</B>&rdquo; means the Participant ceasing to be an employee, officer or director
of the Corporation or an Affiliate after attaining a stipulated age in accordance with the Corporation&rsquo;s normal retirement
policy or earlier with the Corporation's consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">R.</TD><TD STYLE="text-align: justify">&ldquo;<B>Shares</B>&rdquo; means the common shares in the capital of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">S.</TD><TD STYLE="text-align: justify">&ldquo;<B>Share Unit</B>&rdquo; means a unit (which may be referred to as a restricted share unit
or a performance share unit) credited by means of an entry on the books of the Corporation to a Participant, representing the right
to receive on the Participant&rsquo;s Entitlement Date a cash payment equal to the then Market Price of a Share (subject to adjustments),
and, if applicable, multiplied by the Achieved Performance Ratio. Subject to the Required Shareholder Approval being obtained,
if the Board so elects, the Corporation may satisfy the amount for such payment obligation by issuing such number of Shares from
treasury determined in accordance with Section 3.5(ii) and Article 4;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">T.</TD><TD STYLE="text-align: justify">&ldquo;<B>Share Unit Award</B>&rdquo; means an award of Share Units under this Plan to a Participant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">U.</TD><TD STYLE="text-align: justify">&ldquo;<B>Stock Exchange</B>&rdquo; means the TSX, the NYSE MKT or any other stock exchange on
which the Shares are listed for trading at the relevant time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">V.</TD><TD STYLE="text-align: justify">&ldquo;<B>Termination</B>&rdquo; means: (i) in the case of a director, the termination of board
membership of the director by the Corporation or any Affiliate, the failure to re-elect or re-appoint the individual as a director
of the Corporation or an Affiliate or Resignation, other than through Retirement; (ii) in the case of an employee, the termination
of the employment of the employee, with or without cause, as the context requires by the Corporation or an Affiliate or Resignation,
other than through Retirement or in the case of an officer, the removal of or failure to re-elect or re-appoint the individual
as an officer of the Corporation or an Affiliate, or Resignation, other than through Retirement, (iii) in the case of an Eligible
Contractor, the termination of the services of the Eligible Contractor by the Contractor or the Corporation or any Affiliate; provided
that in each case if the Participant continues as a director, employee, officer or Eligible Contractor after such Termination,
then a Termination will not occur until such time thereafter that the Participant ceases to be a director, employee, officer or
Eligible Contractor in accordance with this definition;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">W.</TD><TD STYLE="text-align: justify">&ldquo;<B>Triggering Event</B>&rdquo; means (i) in the case of a director, the termination of board
membership of the director by the Corporation or any Affiliate, the failure to re-elect or re-appoint the individual as a director
of the Corporation or an Affiliate; (ii) in the case of an employee, the termination of the employment of the employee, without
cause, as the context requires by the Corporation or an Affiliate or in the case of an officer, the removal of or failure to re-elect
or re-appoint the individual as an officer of the Corporation or an Affiliate; (iii) in the case of an employee or an officer,
a material adverse change imposed by the Corporation or the Affiliate (as the case may be) in duties, powers, rights, discretion,
prestige, salary, benefits, perquisites, as they exist, and with respect to financial entitlements, the conditions under and manner
in which they were payable, immediately prior to the Change of Control, or a material diminution of title imposed by the Corporation
or the Affiliate (as the case may be), as it exists immediately prior to the Change of Control; (iv) in the case of an Eligible
Contractor, the termination of the services of the Eligible Contractor by the Corporation or any Affiliate; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">X.</TD><TD STYLE="text-align: justify">&ldquo;<B>TSX</B>&rdquo; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
headings of all articles, Sections and paragraphs in this Plan are inserted for convenience of reference only and shall not affect
the construction or interpretation of this Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
the singular or masculine are used in this Plan, the same shall be construed as being the plural or feminine or neuter or vice
versa where the context so requires.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &quot;herein&rdquo;, &quot;hereby&rdquo;, &quot;hereunder&rdquo;, &quot;hereof&rdquo; and similar expressions mean or refer
to this Plan as a whole and not to any particular article, Section, paragraph or other part hereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise specifically provided, all references to dollar amounts in this Plan are references to lawful money of Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;2</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">PURPOSE AND ADMINISTRATION OF THE PLAN</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan provides for the granting of Share Unit Awards and the settlement of such Share Unit Awards through the payment of cash (or,
with respect to Share Units that are subject to performance conditions or measures, subject to the Required Shareholder Approval
and at the election of the Board in its sole discretion, the issuance of Shares from treasury) for services rendered, for the purpose
of advancing the interests of the Corporation, its Affiliates and its shareholders through the motivation, attraction and retention
of employees, officers and Eligible Contractors and the alignment of their interest with the interest of the Corporation&rsquo;s
shareholders. It is intended that this Plan not be treated as a &ldquo;salary deferral arrangement&rdquo; by reason of paragraph
(k) of the definition thereof in section 248(1) of the <I>Income Tax Act</I> (Canada).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall be administered by the Board and the Board shall have full authority to administer this Plan, including the authority
to interpret and construe any provision of this Plan and to adopt, amend and rescind such rules and regulations for administering
this Plan as the Board may deem necessary in order to comply with the requirements of this Plan. All actions taken and all interpretations
and determinations made by the Board in good faith shall be final and conclusive and shall be binding on the Participants and the
Corporation. No member of the Board shall be personally liable for any action taken or determination or interpretation made in
good faith in connection with this Plan and all members of the Board shall, in addition to their rights as directors of the Corporation,
be fully protected, indemnified and held harmless by the Corporation with respect to any such action taken or determination or
interpretation made in good faith. The appropriate officers of the Corporation are hereby authorized and empowered to do all things
and execute and deliver all instruments, undertakings and applications and writings as they, in their absolute discretion, consider
necessary for the implementation of this Plan and of the rules and regulations established for administering this Plan. All costs
incurred in connection with this Plan shall be for the account of the Corporation.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall maintain a register in which it shall record the name and address of each Participant and the number of Share
Units granted to each Participant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 3.1, the Board shall from time to time determine the Participants who may participate in this Plan. The Board shall
from time to time determine the Participants to whom Share Units shall be granted and the provisions and restrictions with respect
to such grant, all such determinations to be made in accordance with the terms and conditions of this Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;3</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">SHARE UNITS AWARDS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan is hereby established for employees, officers and Eligible Contractors of the Corporation and its Affiliates. No grant of
a Share Unit Award shall be made to a director of the Corporation, unless the director is an employee, officer or Eligible Contractor
of the Corporation or its Affiliate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Share Unit Award granted to a particular Participant in a calendar year will be a bonus for services rendered by the Participant
to the Corporation or an Affiliate, as the case may be, as determined in the sole and absolute discretion of the Board. The number
of Share Units awarded will be credited to the Participant&rsquo;s account, effective as of the Grant Date. Each Share Unit vests
on its Entitlement Date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">For the avoidance of doubt, a Participant
will have no right or entitlement whatsoever to receive any cash payment (or receive the equivalent in Shares) until the Entitlement
Date. For Participants subject to Australian tax law, on the Entitlement Date, a Participant shall not be entitled to any payment
or issue of Shares with respect to such Share Units unless the designated administrator of the Plan (as appointed by the Board
from time to time or if no such appointment is made, it shall be the Vice-President Human Resources or similar officer of the Corporation)
declares such payment payable to such Participant in his sole discretion<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the absolute discretion of the Board, the Board may elect to credit each Participant with additional Share Units as a bonus
in the event any dividend is paid on Shares. In such case, the number of additional Share Units will be equal to the aggregate
amount of dividends that would have been paid to the Participant if the Share Units in the Participant&rsquo;s account had been
Shares divided by the Market Price of a Share on the date on which dividends were paid by the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The additional Shares
Units will vest on the Participant&rsquo;s Entitlement Date of the particular Share Unit Award (and will be subject to the same
terms) to which the additional Share Units relate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise set forth in this section 3.4, a Share Unit Award granted to a Participant will entitle the Participant, subject to
the satisfaction of any conditions, performance conditions or measures, restrictions or limitations imposed under this Plan or
the applicable Share Unit grant letter, to receive on the Participant&rsquo;s Entitlement Date, as the case may be, a payment in
cash or the equivalent Shares (in accordance with, and subject to, Article 4) as contemplated in section 3.5 and as set forth in
the applicable Share Unit grant letter as provided for in section 3.7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">Notwithstanding the foregoing, unless
the Board determines otherwise, a Participant&rsquo;s Entitlement Date shall be accelerated as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in the event of the death of the Participant, the Participant&rsquo;s Entitlement Date shall be
the date of death; and</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">in the event of the total disability of the Participant, the Participant&rsquo;s Entitlement Date
shall be the date which is 60 days following the date on which the Participant becomes totally disabled.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
the event of the Termination with or without cause (or Retirement) of a Participant, all Share Units credited to the Participant
shall become void and the Participant shall have no entitlement and will forfeit any rights to any payment (or, for greater certainty,
Shares) under this Plan, except </FONT>as may otherwise be determined by the Board in its sole and absolute discretion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">For greater certainty, all amounts payable,
or Shares to be issued, to, or in respect of a Participant, on the settlement of Share Units shall be paid, or issued, to the Participant
or the Participant&rsquo;s estate on or immediately following the Entitlement Date provided in no case shall payment be made or
Shares issued after December 31 of the third calendar year following the year to which the bonus relates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 5.1, the Corporation will satisfy its payment obligation, net of any applicable taxes and other source deductions required
by law to be withheld by the Corporation (or any of its Affiliates), for the settlement of Share Units by either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">a payment in cash to the Participant equal to the Market Price of a Share on the Entitlement Date
multiplied by the number of Share Units being settled, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the issuance of Shares to the Participant (in accordance with Article 4) in an amount equal to
the number of Share Units being settled,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">in each case (in the case of Share Units
that are subject to performance conditions or measures) multiplied by the Achieved Performance Ratio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">In the event the Participant&rsquo;s Entitlement
Date is accelerated as a result of the death or total disability of the Participant in accordance with Section 3.4(i) or Section
3.4(ii), in the case of Share Units that are subject to performance conditions or measures, unless the Board determines otherwise,
the Achieved Performance Ratio will be calculated based on (x) in the case of any performance measurement periods that are complete
on or prior to the Entitlement Date, the actual performance, and (y) in the case of any performance measurement periods that are
not complete on or prior to the Entitlement Date, assuming 100% performance achievement during such measurement period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify">In the event the Participant&rsquo;s Entitlement
Date is accelerated in the circumstances contemplated in Section 3.10 or Section 3.11, in the case of Share Units that are subject
to performance conditions or measures, the Achieved Performance Ratio will be calculated based on (x) in the case of any performance
measurement periods that are complete on or prior to the Change of Control, the actual performance, and (y) in the case of any
performance measurement periods that are not complete on or prior to the Change of Control, assuming 150% performance achievement
during such measurement period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation will not contribute any amounts to a third party or otherwise set aside any amounts to fund its obligations under this
Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
grant of a Share Unit under this Plan shall be evidenced by a Share Unit grant letter issued to the Participant by the Corporation.
Such Share Unit grant letter shall be subject to all applicable terms and conditions of this Plan and may be subject to any other
terms and conditions which are not inconsistent with this Plan and which the Board deems appropriate for inclusion in a Share Unit
grant letter. The provisions of the various Share Unit grant letters issued under this Plan need not be identical.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrent
with the determination to grant Share Units to a Participant, the Board shall determine the Entitlement Date applicable to such
Share Units, provided the Board shall have discretion to amend the Entitlement Date after such grant. In addition, for Share Units
that may be satisfied by the issuance of Shares, the Board shall at the time they are granted, make such Share Units subject to
performance conditions or measures to be achieved by the Corporation, the Participant or a class of Participants, prior to the
Entitlement Date, for such Share Units.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board shall establish criteria for the grant of Share Units to Participants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Triggering Event occurs within the 12-month period immediately following a Change of Control pursuant to the provisions of Section
1.1F(i), (ii), (iv), (v) or (vi) (with respect to (vi), if the Board has adopted a resolution that a Change of Control has occurred),
all outstanding Share Units shall vest and the Entitlement Date shall occur, on the date of such Triggering Event.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">3.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a Change in Control pursuant to the provisions of Section 1.1F(iii), all Share Units outstanding shall immediately
vest and the Entitlement Date shall occur.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;4</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">ADDITIONAL PROVISION FOR<BR>
TREASURY BASED SHARE ISSUANCES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
4 shall become effective only on receipt by the Corporation of any Stock Exchange approval and of the Required Shareholder Approval.
On Article 4 becoming effective, the Corporation shall have the power, at the Board&rsquo;s discretion, to satisfy any obligation
of the Corporation under Share Units (including those outstanding at the time Article 4 becomes effective) that are subject to
performance conditions or measures by the issuance of Shares from treasury as determined in accordance with Section 3.5(b). If
the Required Shareholder Approval and Stock Exchange approval are not obtained, no Shares shall be issuable from treasury in respect
of Share Units issuable under this Plan. From the time after Article 4 becomes effective, the Board can, at its sole discretion,
grant Share Units that can only be satisfied by the issuance of Shares from treasury or by a cash payment or any combination thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum number of Shares made available for the Plan shall be determined from time to time by the Board, but in any case, shall
not exceed 1.25% of the Shares issued and outstanding from time to time, subject to adjustments pursuant to Section 6.6. The Plan
shall be a &ldquo;rolling plan&rdquo; and therefore when Share Units are settled, cancelled or terminated, Common Shares shall
automatically be available for the grant of new Share Units under this Plan. The aggregate number of Shares issuable to Insiders
pursuant to Share Units granted and all other security based compensation arrangements, at any time, shall not exceed 10% of the
total number of Shares then outstanding. The aggregate number of Shares issued to Insiders pursuant to Share Units and all other
security based compensation arrangements, within a one year period, shall not exceed 10% of the total number of Shares then outstanding.
For purposes of this Section 4.2, the number of Shares then outstanding shall mean the number of Shares outstanding on a non-diluted
basis immediately prior to the proposed grant of the applicable Share Units.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no case can a Participant immediately after being granted an award of Share Units (a) hold a beneficial interest in greater than
5% of the Shares in the Corporation nor (b) be in a position to control the casting of greater than 5% of the votes that might
be cast at a general meeting of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
Article 4 being effective, the Board may from time to time in its discretion (without shareholder approval) amend, modify and change
the provisions of the Plan (including any grant letters), including, without limitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">amendments of a house keeping nature; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">changes to the Entitlement Date of any Share Units.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">However, other than as set out above, any amendment,
modification or change to the provisions of the Plan which would:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">materially increase the benefits to the holder of the Share Units who is an Insider to the material
detriment of the Corporation and its shareholders;</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">increase the number of Shares or maximum percentage of Shares which may be issued pursuant to the
Plan other than by virtue of Section 6.6 of the Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">reduce the range of amendments requiring shareholder approval contemplated in this Section;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">permit Share Units to be transferred other than for normal estate settlement purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">change insider participation limits which would result in shareholder approval being required on
a disinterested basis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">materially modify the eligibility requirements for participation in the Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">modify the result that Participants residing in Australia forfeit their rights to any payment or
issue of Shares on Termination; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">modify section 4.3,</TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">shall only be effective on such amendment, modification
or change being approved by the shareholders of the Corporation. In addition, any such amendment, modification or change of any
provision of the Plan shall be subject to the approval, if required, by any Stock Exchange having jurisdiction over the securities
of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;5</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">WITHHOLDING TAXES</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation or its Affiliates may take such steps as are considered necessary or appropriate for the withholding of any taxes or
source deduction which the Corporation or its Affiliate is required by any law or regulation of any governmental authority whatsoever
to withhold in connection with any payment made, or Shares issued, under this Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><B>Article&nbsp;6</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">GENERAL</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall remain in effect until it is terminated by the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may amend or discontinue this Plan at any time in its sole discretion, provided that such amendment or discontinuance may
not in any manner adversely affect the Participant&rsquo;s rights under any Share Unit granted under this Plan. This section 6.2
shall be subject to the restrictions outlined in section 4.4 on Article 4 becoming effective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Any amendment of this Plan shall be such that
this Plan will not be considered a &ldquo;salary deferral arrangement&rdquo; as defined in subsection 248(1) of <I>Income Tax Act</I>
(Canada) or any successor provision thereto as amended from time to time, or other applicable provisions thereof, by reason of
this Plan continuously meeting the requirements under the exception in paragraph (k) of that definition. Notwithstanding the foregoing,
the Corporation shall obtain requisite Stock Exchange and/or shareholder approval in respect of amendments to this Plan, to the
extent such approvals are required by any applicable laws or regulations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
pursuant to a will or by the laws of descent and distribution, no Share Unit and no other right or interest of a Participant is
assignable or transferable.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of any Share Units shall have any rights as a shareholder of the Corporation. Except as otherwise specified herein, no holder
of any Share Units shall be entitled to receive, and no adjustment is required to be made for, any dividends, distributions or
any other rights declared for shareholders of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Plan shall confer on any Participant the right to continue as a director, employee, officer or Eligible Contractor of the
Corporation or any Affiliate, as the case may be, or interfere with the right of the Corporation or Affiliate, as applicable, to
remove such director, officer and/or employee or terminate its contractual relationship with such Eligible Contractor as applicable.
Nothing contained in this Plan shall confer or be deemed to confer on any Participant the right to continue in the employment of,
or to provide services to, the Corporation or its Affiliates nor to interfere or be deemed to interfere in any way with any right
of the Corporation or its Affiliates to discharge any Participant at any time for any reason whatsoever, with or without cause.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event there is any change in the Shares, whether by reason of a stock dividend, consolidation, subdivision, reclassification
or otherwise, an appropriate adjustment shall be made to outstanding Share Units by the Board, in its sole discretion, to reflect
such changes. If the foregoing adjustment shall result in a fractional Share or Share Unit, the fraction shall be disregarded.
All such adjustments shall be conclusive, final and binding for all purposes of this Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, all payments under this Plan to individuals subject to United States income tax shall be made no later
than the deadline set forth in section 1.409A-1(b)(4)(i) of the United States Treasury Regulations with respect to short-term deferrals
of compensation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Plan or any Share Unit contravenes any law or any order, policy, by-law or regulation of any regulatory body
having jurisdiction, then such provision shall be deemed to be amended to the extent necessary to bring such provision into compliance
therewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of
Canada applicable therein.</P>



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