<SEC-DOCUMENT>0001104659-21-127616.txt : 20211019
<SEC-HEADER>0001104659-21-127616.hdr.sgml : 20211019
<ACCEPTANCE-DATETIME>20211019170017
ACCESSION NUMBER:		0001104659-21-127616
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20211019
DATE AS OF CHANGE:		20211019
EFFECTIVENESS DATE:		20211019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN NATIONAL GAMING INC
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260361
		FILM NUMBER:		211331754

	BUSINESS ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD STE 200
		STREET 2:		WYOMISSING PROFESSIONAL CENTER
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		6103732400

	MAIL ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD
		STREET 2:		SUITE 200
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2130248d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>As filed with the U.S.
Securities and Exchange Commission on October&nbsp;19, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN NATIONAL GAMING,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pennsylvania</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23-2234473</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
    or other jurisdiction of<BR>
    incorporation or organization)</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(I.R.S.
    Employer<BR>
    Identification Number)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>825 Berkshire Blvd., Suite&nbsp;200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wyomissing,&nbsp;Pennsylvania&nbsp;19610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(610)&nbsp;373-2400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Score Media and Gaming Inc.
Second Amended and Restated Stock Option and Restricted Stock Unit Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Vice President, Chief Legal Officer
and Secretary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>825 Berkshire Blvd., Suite&nbsp;200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wyomissing,&nbsp;Pennsylvania&nbsp;19610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(610) 378-8214</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>51 West 52nd Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10019</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>(212) 403-1000</B></P>

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

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

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

<DIV STYLE="padding: 0in 0in 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether Registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo;
in Rule&nbsp;12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of Securities Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of securities to be registered</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    to be<BR>
    registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    maximum<BR>
    offering price per share<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    maximum<BR>
    aggregate offering price<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt 1.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<BR>
    registration fee</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $0.01 par value per share:</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">783,707</FONT>
    shares<SUP>(2)</SUP></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT>78.32</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61,379,933</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5,690</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $0.01 par value per share:</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266,886</FONT>
    shares<SUP>(3)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$78.32</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$20,902,512</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,938</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Pursuant to Rule&nbsp;416(a)&nbsp;under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement shall also cover an indeterminate number of additional
shares of common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;) of Penn National Gaming,&nbsp;Inc. (&ldquo;Penn National&rdquo;
or the &ldquo;Company&rdquo;), which may become issuable under the equity plan being registered pursuant to this registration statement
by reason of stock dividends, stock splits, recapitalizations or any other similar transaction effected without the receipt of consideration
leading to an increase in the number of outstanding shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;Represents
shares of Penn National Common Stock issuable upon the exercise or settlement, as applicable, of equity awards issued pursuant to the
</FONT><FONT STYLE="color: #231f20">Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan
</FONT>(the &ldquo;Score Media Plan&rdquo;) which equity awards were converted into equity awards in respect of Penn National Common
Stock pursuant to an arrangement agreement, dated as of August&nbsp;4, 2021 (as amended, the &ldquo;Arrangement Agreement&rdquo;), by
and among Penn National, 1317774 B.C. Ltd., a British Columbia corporation and an indirect subsidiary of Penn National, and Score Media
and Gaming Inc., a British Columbia corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;Represents shares of Penn National Common Stock issuable
pursuant to equity awards to be granted under the Score Media Plan pursuant to the share reserve under the Score Media Plan, which was
converted into a share reserve relating to Penn National Common Stock in connection with the transactions contemplated by the Arrangement
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)&nbsp;Estimated
in accordance with Rules&nbsp;457(c)&nbsp;and 457(h)&nbsp;under the Securities Act solely for the purpose of calculating the registration
fee. The maximum offering price per share and the maximum aggregate offering price are based on the average of $79.81</FONT> (high)
and $76.83 (low) sale price of Penn National&rsquo;s Common Stock as reported on the NASDAQ Global Select Market on October 15,
2021.</P>

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

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

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

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

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

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

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This registration statement on Form&nbsp;S-8
is filed by Penn National in connection with the consummation on October&nbsp;19, 2021 of the transactions contemplated by, and in accordance
with the terms and conditions of, an arrangement agreement, dated as of August&nbsp;4, 2021 (as amended, the &ldquo;Arrangement Agreement&rdquo;),
by and among Penn National, 1317774 B.C. Ltd., a British Columbia corporation and an indirect subsidiary of Penn National (&ldquo;Purchaser&rdquo;),
and Score Media and Gaming Inc., a British Columbia corporation (&ldquo;theScore&rdquo;), pursuant to which Purchaser, among other things,
acquired all of the Class&nbsp;A Subordinate Voting Shares (&ldquo;theScore Class&nbsp;A Shares&rdquo;) and Special Voting Shares (together
with theScore Class&nbsp;A Shares, the &ldquo;Shares&rdquo;) of theScore, other than Shares held by the Company or its subsidiaries.
The transactions contemplated by the Arrangement Agreement were implemented by way of a court-approved plan of arrangement (the &ldquo;Plan
of Arrangement&rdquo;) under Division 5 of Part&nbsp;9 of the Business Corporations Act (British Columbia), as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Arrangement Agreement and Plan
of Arrangement, on October&nbsp;19, 2021, (a)&nbsp;each outstanding and unvested stock option of theScore held by an employee of theScore,
was converted into an option of the Company (a &ldquo;Company Option&rdquo;) to purchase a number of shares of Company Common Stock,
determined in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and the Plan of Arrangement, and
(b)&nbsp;each outstanding award of restricted share units of theScore held by an employee of theScore, converted into a restricted stock
unit award in respect of a number of shares of Company Common Stock (a &ldquo;Company RSU&rdquo;) determined in accordance with and pursuant
to the terms and conditions of the Arrangement Agreement and the Plan of Arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the consummation of the transactions contemplated
by the Arrangement Agreement and the Plan of Arrangement, the Company assumed the Score Media Plan and the remaining share reserve thereunder,
which was converted into a share reserve relating to shares of Company Common Stock based on the equity award exchange ratio applicable
to outstanding equity awards of theScore under the terms of the Arrangement Agreement and the Plan of Arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This registration statement registers shares of
Company Common Stock which may be issuable pursuant to the Score Media Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><B>PART&nbsp;I</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information to be specified
in Item 1 and Item 2 of Part&nbsp;I of this registration statement is omitted from this filing in accordance with the provisions of Rule&nbsp;428
under the Securities Act and the introductory note to Part&nbsp;I of Form&nbsp;S-8. The documents containing the information to be specified
in Part&nbsp;I will be delivered to the holders as required by Rule&nbsp;428(b)(1).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation
of Documents by Reference.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents filed by the Company with the U.S. Securities
and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), are incorporated herein by reference:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">our
                                            Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our
                                            Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000017/penn-20210331.htm" STYLE="-sec-extract: exhibit">March&nbsp;31,
                                            2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000046/penn-20210630.htm" STYLE="-sec-extract: exhibit">June&nbsp;30,
                                            2021;</A></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            information in our Definitive Proxy Statement on Schedule 14A for our Annual Meeting of Shareholders
                                            that is incorporated by reference in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our
                                            Current Reports on Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921000097/tm2039617d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;4,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000119312521113920/d119433d8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;13,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000025/penn-20210607.htm" STYLE="-sec-extract: exhibit">June&nbsp;8,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000029/penn-20210609.htm" STYLE="-sec-extract: exhibit">June&nbsp;11,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000034/penn-20210617.htm" STYLE="-sec-extract: exhibit">June&nbsp;21,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921088276/tm2120561d2_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;1,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000044/penn-20210805.htm" STYLE="-sec-extract: exhibit">August&nbsp;5,
                                            2021</A> (accepted at 4:55 p.m.), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921109551/tm2125595d2_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;26,
                                            2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000050/penn-20210917.htm" STYLE="-sec-extract: exhibit">September&nbsp;20,
                                            2021</A> and  <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921127592/tm2130248d2_8k.htm" STYLE="-sec-extract: exhibit">October 19, 2021</A> (other than the portions of those documents furnished and not deemed
                                            to be filed); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            description of the Company&rsquo;s Common Stock included in <A HREF="https://www.sec.gov/Archives/edgar/data/921738/000092173820000009/pennex44123119.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.4</A>
                                            to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173820000009/penn1231201910k.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2019</A>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference in this registration statement and to be a part hereof from the date of filing of such documents. Any statement contained
herein or in a document all or a portion of which is incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, no information
is incorporated by reference in this registration statement where such information under applicable forms and regulations of the Commission
is not deemed to be &ldquo;filed&rdquo; under Section&nbsp;18 of the Exchange Act or otherwise subject to the liabilities of that section,
unless the report or filing containing such information indicates that the information therein is to be considered &ldquo;filed&rdquo;
under the Exchange Act or is to be incorporated by reference in this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
of Securities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests
of Named Experts and Counsel</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Sections 1741 and 1742 of the Pennsylvania
Business Corporation Law (the &ldquo;PBCL&rdquo;), a business corporation has the power to indemnify any person who was or is a party,
or is threatened to be made a party, to any threatened, pending or completed action or proceeding, whether civil, criminal, administrative
or investigative, by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at
the request of the corporation as a director or officer of another corporation or other enterprise, against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action
or proceeding, if such person acted in good faith in a manner he or she reasonably believed to be in, or not opposed to, the best interests
of the corporation, and, with respect to any criminal proceeding, had no reasonable cause to believe his or her conduct was unlawful.
In the case of a threatened, pending or completed action or proceeding by or in the right of the corporation, such indemnification only
covers expenses (including attorneys&rsquo; fees) actually and reasonably incurred in defense and settlement of such action and excludes
judgments and amounts paid in settlement with respect to such action or proceeding, and no indemnification can be made for expenses if
such person has been adjudged to be liable to the corporation unless, and only to the extent that, a court determines upon application
that, despite the adjudication of liability but in view of all the circumstances, such person is fairly and reasonably entitled to indemnity
for the expenses that the court deems proper.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Section&nbsp;1744 of the PBCL provides
that, unless ordered by a court, any indemnification referred to above shall be made by the corporation only as authorized in the specific
case upon a determination that indemnification is proper in the circumstances because the indemnitee has met the applicable standard
of conduct. Such determination shall be made:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&nbsp;by the board of directors by a majority
vote of a quorum consisting of directors who were not parties to the proceeding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;if such a quorum is not obtainable, or
if obtainable and a majority vote of a quorum of disinterested directors so directs, by independent legal counsel in a written opinion;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the above, Section&nbsp;1743 of
the PBCL provides that, to the extent that a director or officer of a business corporation has been successful on the merits or otherwise
in defense of a proceeding referred to above, or in defense of any claim, issue or matter therein, such person shall be indemnified against
expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, &nbsp;Section&nbsp;1745 of the PBCL provides
that expenses (including attorneys' fees) incurred by an officer or director of a business corporation in defending any such proceeding
may be paid by the corporation in advance of the final disposition of the proceeding upon receipt of an undertaking to repay the amount
advanced if it is ultimately determined that the indemnitee is not entitled to be indemnified by the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, &nbsp;Section&nbsp;1746 of the PBCL provides
that the indemnification and advancement of expenses provided by, or granted pursuant to, the foregoing provisions is not exclusive of
any other rights to which a person seeking indemnification may be entitled under any bylaw, agreement, vote of shareholders or disinterested
directors or otherwise, and that indemnification may be granted under any bylaw, agreement, vote of shareholders or directors or otherwise
for any action taken or any failure to take any action whether or not the corporation would have the power to indemnify the person under
any other provision of law and whether or not the indemnified liability arises or arose from any action by or in the right of the corporation;
provided, however, that no indemnification may be made in any case where the act or failure to act giving rise to the claim for indemnification
is determined by a court to have constituted willful misconduct or recklessness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8.01 of the Penn National bylaws
provide for indemnification, to the fullest extent permitted by Pennsylvania law, for directors, officers and certain employees against
all liability, loss and expense (including attorneys&rsquo; fees, judgments, fines and amounts paid in settlement) actually and reasonably
incurred by such person by reason of the fact that such person is or was a director or officer of Penn National, or is or was serving
at the request of Penn National as a director, officer, employee, agent, fiduciary or trustee of another corporation or of a partnership,
joint venture, trust, employee benefit plan or other enterprise or entity. The Penn National bylaws also require the advancement of expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1747 of the PBCL permits a Pennsylvania
business corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation,
or is or was serving at the request of the corporation as a director or officer of another corporation or other enterprise, against any
liability asserted against such person and incurred by such individual in any such capacity, or arising out of his or her status as such,
whether or not the corporation or other enterprise would have the power to indemnify the person against such liability under the provisions
described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8.07 of the Penn National bylaws
provides that, among other things, it may purchase and maintain insurance to secure its indemnification provisions. Penn National maintains
directors&rsquo; and officers&rsquo; liability insurance covering its directors and officers with respect to liabilities, including liabilities
under the Securities Act, which they may incur in connection with their serving as such. Under this insurance, Penn National may receive
reimbursement for amounts as to which the directors and officers are indemnified by Penn National under the bylaw indemnification provisions
described above. Such insurance also provides certain additional coverage for the directors and officers against certain liabilities
even though such liabilities may not be covered by the bylaw indemnification provisions described above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As permitted by &nbsp;Section&nbsp;1713(a)&nbsp;of
the PBCL, Section&nbsp;4.14 of the Penn National bylaws provide that no director shall be personally liable, as such, for monetary damages
for any action taken, or failure to take any action, unless (i)&nbsp;the director has breached or failed to perform the duties of his
or her office under the articles, bylaws or the PBCL; and (ii)&nbsp;the breach or failure to perform constitutes self-dealing, willful
misconduct or recklessness. Section&nbsp;1713(b)&nbsp;of the PBCL states that this exculpation from liability does not apply to the responsibility
or liability of a director pursuant to any criminal statute or the liability of a director for the payment of taxes pursuant to federal,
state or local law. It is uncertain whether this provision will control with respect to liabilities imposed upon directors by federal
law, including federal securities laws. Section&nbsp;1715(d)&nbsp;of the PBCL creates a presumption, subject to exceptions, that a director
acted in the best interests of the corporation. Section&nbsp;1712 of the PBCL, in defining the standard of care a director owes to a
corporation, provides that a director stands in a fiduciary relation to the corporation and must perform his or her duties as a director
or as a member of any committee of the board of directors in good faith, in a manner he or she reasonably believes to be in the best
interests of the corporation and with such care, including reasonable inquiry, skill and diligence, as a person of ordinary prudence
would use under similar circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summaries are subject to the complete
text of the PBCL and the Penn National articles of incorporation and bylaws and are qualified in their entirety by reference thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption
from Registration Claimed.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; text-align: center; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><B>Exhibit<BR>
    No.</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 91%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Description
    of Exhibit</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/921738/000092173821000034/articlesofincorporation-62.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/921738/000092173821000034/articlesofincorporation-62.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second
    Amended and Restated Articles of Incorporation of Penn National Gaming,&nbsp;Inc (incorporated by reference to Exhibit&nbsp;99.1 to
    the Company&rsquo;s Current Report on Form&nbsp;8-K filed on June&nbsp;21, 2021).&nbsp;&nbsp;(SEC File No.&nbsp;000-24206). </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/921738/000110465919032963/a19-10732_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/921738/000110465919032963/a19-10732_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourth
    Amended and Restated Bylaws of Penn National Gaming,&nbsp;Inc., as amended on May&nbsp;28, 2019 (incorporated by reference to Exhibit&nbsp;3.1
    to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on May&nbsp;31, 2019).&nbsp;&nbsp;(SEC File No.&nbsp;000-24206).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2130248d1_ex4-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2130248d1_ex4-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Score
    Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2130248d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2130248d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Ballard Spahr LLP.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2130248d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2130248d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Ballard Spahr LLP (included in Exhibit&nbsp;5.1).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="tm2130248d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2130248d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Deloitte&nbsp;&amp; Touche LLP,&nbsp;Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/921738/000110465918050216/a18-18423_1s8.htm#SIGNATURES_121912" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="https://www.sec.gov/Archives/edgar/data/921738/000110465918050216/a18-18423_1s8.htm#SIGNATURES_121912" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers
    of Attorney (included on signature page&nbsp;of this registration statement).</FONT></A></TD></TR>
  </TABLE>



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

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The undersigned registrant hereby undertakes:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>To file, during any period in which offers or sales are being made,
                                            a post-effective amendment to this registration statement:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
                                            the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the
                                            effective date of the registration statement (or the most recent post-effective amendment
                                            thereof) which, individually or in the aggregate, represent a fundamental change in the information
                                            set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease
                                            in volume of securities offered (if the total dollar value of securities offered would not
                                            exceed that which was registered) and any deviation from the low or high end of the estimated
                                            maximum offering range may be reflected in the form of prospectus filed with the Commission
                                            pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent
                                            no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
                                            of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of distribution
                                            not previously disclosed in the registration statement or any material change to such information
                                            in the registration statement;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I></FONT>,
<I>however</I>, that Paragraphs (1)(a)(i)&nbsp;and (1)(a)(ii)&nbsp;of this section do not apply if the information required to be included
in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>That, for the purpose of determining any liability under the Securities
                                            Act, each such post-effective amendment shall be deemed to be a new registration statement
                                            relating to the securities offered therein, and the offering of such securities at that time
                                            shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>To remove from registration by means of a post-effective amendment
                                            any of the securities being registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The undersigned registrant hereby undertakes that, for purposes of determining
                                            any liability under the Securities Act, each filing of the registrant&rsquo;s annual report
                                            pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and,
                                            where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
                                            to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference in the
                                            registration statement shall be deemed to be a new registration statement relating to the
                                            securities offered therein, and the offering of such securities at that time shall be deemed
                                            to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Insofar as indemnification for liabilities arising under the Securities
                                            Act may be permitted to directors, officers and controlling persons of the registrant pursuant
                                            to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
                                            of the Securities and Exchange Commission such indemnification is against public policy as
                                            expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
                                            for indemnification against such liabilities (other than the payment by the registrant of
                                            expenses incurred or paid by a director, officer or controlling person of the registrant
                                            in the successful defense of any action, suit or proceeding) is asserted by such director,
                                            officer or controlling person in connection with the securities being registered, the registrant
                                            will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
                                            submit to a court of appropriate jurisdiction the question whether such indemnification by
                                            it is against public policy as expressed in the Securities Act and will be governed by the
                                            final adjudication of such issue.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Wyomissing, Commonwealth of Pennsylvania, on this 19th day of October, 2021.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">PENN NATIONAL GAMING,&nbsp;INC.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Harper Ko</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">Name:</TD><TD STYLE="width: 45%">Harper Ko</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Title:</TD><TD>Executive Vice President, Chief Legal Officer and Secretary</TD></TR>
                                                                                                      </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BE IT KNOWN BY THESE PRESENT, that each person
whose signature appears below constitutes and appoints Jay A. Snowden and Harper Ko and each of them, his or her true and lawful attorney(s)-in-fact
and agent(s), with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and
all capacities, to sign any or all amendments to this registration statement and to file the same, with all exhibits and schedules thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney(s)-in-fact and
agent(s)&nbsp;full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact
and agent(s), or their substitute(s), may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signatures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jay A. Snowden</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">President,
                                            Chief Executive Officer and Director </FONT>(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19,
                                            2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay A. Snowden</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Felicia
    Hendrix</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Executive
                                            Vice President and Chief Financial Officer </FONT>(Principal Financial Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19,
                                            2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Felicia Hendrix</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christine
    LaBombard</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Senior
                                            Vice President and Chief Accounting Officer </FONT>(Principal Accounting Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19,
                                            2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christine LaBombard</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David A.
    Handler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
                                            Chairman of the Board</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19,
                                            2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David A. Handler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Vimla Black-Gupta</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19,
                                            2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vimla Black-Gupta</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signatures</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John M. Jacquemin</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John M. Jacquemin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Marla Kaplowitz</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marla Kaplowitz</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ronald J. Naples</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ronald J. Naples</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Saul V. Reibstein</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Saul V. Reibstein</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jane Scaccetti</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane Scaccetti</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Barbara Z. Shattuck Kohn</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;19, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barbara Z. Shattuck Kohn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>tm2130248d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 4.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCORE MEDIA AND GAMING INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED STOCK OPTION AND
RESTRICTED STOCK UNIT PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Effective February&nbsp;10, 2021</B></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;I
    Defined Terms</FONT></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;II
    Purpose of Plan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;III
    Administration of the Plan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;IV
    Shares Subject to Plan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;V
    Eligibility, Grant and Certain Terms of Awards</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VI
    Termination; Death</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VII
    Options</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VIII
    Restricted Share Units</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;IX
    Certain Adjustments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;X
    Amendment or Discontinuance of Plan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;XI
    Miscellaneous Provisions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;XII
    Shareholder and Regulatory Approval</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  </TABLE>


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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;I</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Defined Terms</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Where
used herein, the following terms will have the following meanings, respectively:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Laws</B>&rdquo; means all securities, corporate and other laws, rules, policies and
regulations (whether Canadian or foreign, and whether established by federal, provincial or territorial governmental bodies or securities
regulatory authorities) and all stock exchange requirements applicable to the Corporation in relation to the administration and implementation
of the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Associate</B>&rdquo; has the meaning set forth in Part&nbsp;I of the TSX Company Manual;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Award</B>&rdquo; means a grant under the Plan of Options or Restricted Share Units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Black Out Period</B>&rdquo; means any period during which a policy of the Corporation prevents
an Insider from trading in securities of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Board</B>&rdquo; means the board of directors of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day, other than a Saturday, Sunday or a statutory holiday
on which the Exchange is open for trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Clawback Policy</B>&rdquo; has the meaning attributed thereto in Section&nbsp;5.6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Committee</B>&rdquo; has the meaning attributed thereto in Article&nbsp;III hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Corporation</B>&rdquo; means Score Media and Gaming Inc. and includes any successor corporation
thereto;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Eligible Person</B>&rdquo; means any director, officer or Employee of the Corporation and its
Subsidiaries, or a Service Provider;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(k)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employee</B>&rdquo; means: (a)&nbsp;an individual who is considered an employee of the Corporation
or its Subsidiary under the <I>Income Tax Act</I> (Canada) (and for whom income tax, employment insurance and CPP deductions must be made
at source); (b)&nbsp;an individual who works full-time for the Corporation or its Subsidiary providing services normally provided by an
employee and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of
the Corporation, but for whom income tax deductions are not made at source; or (c)&nbsp;an individual who works for the Corporation or
its Subsidiary on a continuing and regular basis for a minimum amount of time per week providing services normally provided by an employee
and who is subject to the same control and direction by the Corporation over the details and methods of work as an employee of the Corporation,
but for whom income tax deductions are not made at source;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(l)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employee Optionee</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.1 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(m)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employee Optionee Termination Date</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.1
hereof;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(n)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employee RSU Grantee</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.7 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(o)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employee RSU Grantee Termination Date</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.7
hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(p)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Exchange</B>&rdquo; means the Toronto Stock Exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(q)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Holding Company</B>&rdquo; means a holding company wholly-owned by an Eligible Person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(r)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Insider</B>&rdquo; has the meaning set forth in Part&nbsp;I of the TSX Company Manual;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(s)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Market Price</B>&rdquo; means the closing price of the Shares on the Exchange on the Business
Day immediately preceding the day on which the Options are granted or, if no Shares have been traded on such immediately preceding Business
Day, the weighted average trading price for the five Business Days on which Shares have been traded immediately preceding the day on which
the Options are granted, or such other amount as the Committee may determine to be the fair market value of a Share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(t)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Option</B>&rdquo; means an option to purchase Shares granted under the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(u)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Option Price</B>&rdquo; means the price per Share at which Shares may be purchased under the
Option as the same may be adjusted from time to time in accordance with Article&nbsp;IX hereof, which for greater certainty will never
be less than the Market Price on the date of the grant of the Option;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Optionee</B>&rdquo; means a person to whom an Option has been granted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(w)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Participant</B>&rdquo; means the holder of an outstanding Award granted or awarded under the
Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(x)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Plan</B>&rdquo; means this Amended and Restated Stock Option and Restricted Stock Unit Plan
of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(y)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>RSU Grantee</B>&rdquo; means a person to whom a Restricted Share Unit has been awarded;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(z)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Restricted Share Unit</B>&rdquo; means a right to receive Shares in the settlement of an Award
granted pursuant to Article&nbsp;VIII of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(aa)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>RSU Grant Date</B>&rdquo; means the date that the Restricted Share Unit is granted to an RSU
Grantee under the Plan, as evidenced by the Restricted Share Unit grant letter, and refers also to the date that the Restricted Share
Unit is credited to the RSU Grantee which must always be in the same calendar year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(bb)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Service Provider</B>&rdquo; has the meaning set forth in Section&nbsp;613(b)&nbsp;of the TSX
Company Manual;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(cc)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Services Optionee</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.3 hereof;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(dd)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Services Optionee Termination Date</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.3
hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ee)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Services RSU Grantee&rdquo; </B>has the meaning attributed thereto in Section&nbsp;6.8 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ff)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Services RSU Grantee Termination Date</B>&rdquo; has the meaning attributed thereto in Section&nbsp;6.8
hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(gg)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Shares</B>&rdquo; means the Class&nbsp;A Subordinate Voting Shares in the capital of the Corporation,
or such other shares or securities to which a Participant may be entitled as a result of an adjustment in accordance with Article&nbsp;IX;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(hh)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means any body corporate which is a &ldquo;subsidiary&rdquo; (as such
term is defined in the corporate statute governing the Corporation, as the same may be amended from time to time); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>TSX Company Manual</B>&rdquo; means the TSX Company Manual of the Exchange (as the same may
be amended from time to time).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
this Plan, words imparting the singular number only will include the plural and vice versa and words imparting the masculine will include
the feminine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
headings of the articles of this Plan are inserted herein solely to facilitate the reading hereof and will not be used to interpret the
Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
references in the Plan text to a currency or to amounts expressed in dollars will refer to the currency having legal tender in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Plan will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;II</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Purpose of Plan</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
purpose of the Plan is to advance the interests of the Corporation by encouraging the directors, officers, Employees and Service Providers
of the Corporation and its Subsidiaries to acquire Shares thereby:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">increasing the proprietary interests of such persons in the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">further aligning the interests of such persons with the interests of the Corporation&rsquo;s shareholders
generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">encouraging such persons to remain associated with the Corporation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">enhancing the Corporation&rsquo;s ability to attract, retain and motivate key personnel and reward significant
performance achievements.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;III</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Administration of the Plan</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to any agreement to the contrary entered into by the Corporation: (i)&nbsp;the Plan will be administered by the Human Resources and Compensation
Committee (the &ldquo;<B>Committee</B>&rdquo;) appointed by the Board; and (ii)&nbsp;the members of the Committee will serve at the pleasure
of the Board and vacancies occurring in the Committee will be filled by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Committee will select one of its members as its Chairman and will hold its meetings at such time and place as it deems advisable. A majority
of the members of the Committee will constitute a quorum and all actions of the Committee will be taken by a majority of the members present
at any meeting. Any action of the Committee may be taken by an instrument or instruments in writing signed by all members of the Committee,
and any action so taken will be as effective as if it had been passed by a majority of the votes cast by the members of the Committee
present at a meeting of such members duly called and held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the limitations of the Plan, the Committee will have the power and authority to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">adopt, amend and rescind such administrative guidelines and other rules&nbsp;and regulations for carrying
out the purposes, provisions and administration of the Plan as it, from time to time, deems advisable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">interpret the Plan and make all other determinations and take all other actions in connection with the
implementation and administration of the Plan and any Award granted pursuant to the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">determine which Eligible Persons will be granted Options and Restricted Share Units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">determine the Option Price;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">determine the time or times when Awards will be granted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">determine if the Shares which are subject to an Award will be subject to any restrictions upon the exercise
or settlement of such Award; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">prescribe the form of the instruments relating to the grant, exercise, settlement and other terms of Awards.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee&rsquo;s administration guidelines,
rules, regulations, interpretations and determinations will be final, binding and conclusive upon the Corporation and all other persons
for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;IV</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Shares Subject to Plan</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Awards
may be granted in respect of authorized and unissued Shares provided that the aggregate number of Shares that may be issued, at any time,
under this Plan (subject to adjustment or increase of such number pursuant to the provisions of Article&nbsp;IX hereof) will not exceed
65,000,000 Shares provided that the Board will have the right from time to time, to increase such number subject to Applicable Laws. For
the purposes of this Plan, the Corporation will reserve such number of Shares out of its authorized and unissued Shares. Shares in respect
of Awards that have expired, terminated or been cancelled for any reason without being exercised will be available for subsequent grants
of Awards under the Plan. No fractional Shares may be purchased or issued under the Plan. For purposes of this Section&nbsp;4.1, the number
of Shares that will be counted against the Plan in respect of Restricted Share Units will be equal to the number of Shares the RSU Grantees
would be entitled to receive under the Plan if the Restricted Share Units were settled on the RSU Grant Dates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
maximum number of Shares that may be issued to any one Participant under the Plan and any other share-based compensation arrangement adopted
by the Corporation, at any time in any twelve (12) month period, will not exceed 5% of the Shares issued and outstanding at the date on
which the Award was granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
aggregate number of Shares that may be issuable, at any time, under Awards awarded to Insiders (as a group), together with Shares that
may be issuable under awards awarded to Insiders (as a group) under any other share-based compensation arrangement adopted by the Corporation,
may not exceed 10% of the issued and outstanding Shares. The aggregate number of Shares that may be issued, within any twelve (12) month
period, under Awards awarded to Insiders (as a group), together with Shares that may be issued under awards awarded to Insiders (as a
group) under any other share-based compensation arrangement adopted by the Corporation, may not exceed 10% of the issued and outstanding
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;V</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Eligibility, Grant and Certain Terms of Awards</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Options
and Restricted Share Units may be granted or awarded to Eligible Persons on terms and conditions (including vesting) approved by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Awards
will be granted or awarded by the Corporation only pursuant to recommendations of the Committee; provided and to the extent that such
recommendations are approved by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
any other term of this Plan, no Award will have an expiry date that is more than ten (10)&nbsp;years from the date on which the Award
was granted or awarded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
required by any Applicable Laws, upon the granting of Awards to Employees or Service Providers, the Corporation will represent to the
Exchange that said Participants are <I>bona fide</I> Employees or Service Providers, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>An
Award is personal to the Participant (but upon written notice by the Participant, any Award that might otherwise be granted or awarded
to that Participant will be granted or awarded, in whole or in part, to a Holding Company established by and for the sole benefit of the
Participant) and may not be sold, assigned, pledged, transferred or encumbered in any way (except to a Holding Company established by
and for the sole benefit of the Participant).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
any other provisions in this Plan, the Corporation may cancel any Award, require reimbursement of any Award by a Participant and effect
any other right of recovery or recoupment of the cash value of any equity or other compensation provided under the Plan under Applicable
Laws, stock exchange listing requirements or in accordance with any policies of the Corporation that may be adopted or modified from time
to time (each, a &ldquo;<B>Clawback Policy</B>&rdquo;). By accepting an Award, the Participant is agreeing to be bound by any Clawback
Policy as in effect on the date of grant (or as may be adopted or modified from time to time by the Corporation to comply with Applicable
Laws or stock exchange listing requirements).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;VI</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Termination; Death</FONT></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section&nbsp;6.2 hereof and to any express resolution passed by the Committee with respect to an Option, an Option, and all rights
to purchase Shares pursuant thereto granted to a director, officer or Employee of the Corporation or its Subsidiaries (an &ldquo;<B>Employee
Optionee</B>&rdquo;), will expire and terminate immediately upon the date on which the Employee Optionee ceases to be an Employee Optionee
(such date being referred to herein as the &ldquo;<B>Employee Optionee Termination Date</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If,
before the expiry of an Option in accordance with the terms thereof, the employment of an Employee Optionee by the Corporation or its
Subsidiaries will terminate for any reason whatsoever other than termination by reason of the death of the Employee Optionee, such Option
may, subject to the terms thereof and any other terms of the Plan, be exercised at any time within sixty (60) days after the Employee
Optionee Termination Date (but in any case prior to the expiry of the Option in accordance with the terms thereof), but only to the extent
that the Employee Optionee was entitled to exercise such Options at the Employee Optionee Termination Date. In the event of the death
of an Employee Optionee and, subject to Section&nbsp;7.3 hereof, the legal representatives of the Employee Optionee may exercise the Options
held by the Employee Optionee on the foregoing terms provided the Options are exercised or settled within one hundred and eighty (180)
days of the Employee Optionee Termination Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limitation, and for greater certainty
only, this section will apply regardless of whether the Employee Optionee was dismissed with or without cause and regardless of whether
the Employee Optionee received compensation in respect of dismissal or was entitled to a notice period of termination which would otherwise
have permitted a greater portion of the Options to vest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to Section&nbsp;6.4 hereof and to any express resolution passed by the Committee with respect to an Option, an Option, and all rights
to purchase Shares pursuant thereto granted to any Service Provider (a &ldquo;<B>Services Optionee</B>&rdquo;), will expire and terminate
immediately upon the date on which the written agreement by which such Services Optionee was retained was terminated (such date being
referred to herein as the &ldquo;<B>Services Optionee Termination Date</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If,
before the expiry of an Option in accordance with the terms thereof, the written agreement by which a Services Optionee was retained is
terminated, such Option may, subject to the terms thereof and the other terms of the Plan, be exercised by the Services Optionee at any
time within sixty (60) days of the Services Optionee Termination Date (but in any event prior to the expiry of the Option in accordance
with the terms thereof), but only to the extent that the Services Optionee was entitled to exercise such Option at the Services Optionee
Termination Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event that, prior to the exercise of any Option, the Committee is notified that the relevant Optionee is incapable, the legal representative
of the Optionee may exercise the Options held by the Optionee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the date on which an Option expires occurs during or within ten (10)&nbsp;Business Days after the last day of a Black Out Period, then
the date on which such Option expires will be deemed to be the last Business Day of such ten (10)&nbsp;Business Day period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>RSU Grantees</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to any express resolution passed by the Committee with respect to any Restricted Share Unit, a Restricted Share Unit which has not yet
vested, and all rights to have such Restricted Share Unit settled in accordance with Section&nbsp;8.1, will be forfeited immediately upon
the date on which the RSU Grantee who is a director, officer or Employee of the Corporation or its Subsidiaries (an &ldquo;<B>Employee
RSU Grantee</B>&rdquo;) ceases to be an Employee RSU Grantee (such date being referred to herein as the &ldquo;<B>Employee RSU Grantee
Termination Date</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limitation, and for greater certainty
only, this section will apply regardless of whether the RSU Grantee was dismissed with or without cause and regardless of whether the
RSU Grantee received compensation in respect of dismissal or was entitled to a notice period of termination which would otherwise have
permitted a greater portion of the Restricted Share Units to vest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to any express resolution passed by the Committee with respect to any Restricted Share Unit, a Restricted Share Unit which has not yet
vested, and all rights to have such Restricted Share Unit settled in accordance with Section&nbsp;8.1, will be forfeited immediately upon
the date on which the written agreement by which the RSU Grantee who is a Service Provider was retained (a &ldquo;<B>Services RSU Grantee</B>&rdquo;)
was terminated (such date being referred to herein as the &ldquo;<B>Services RSU Grantee Termination Date</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;VII</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Options</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Option Price on Shares which are the subject of any Option will in no circumstances be lower than the Market Price of the Shares at the
date on which the Option was granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the provisions of the Plan, an Option which has vested may be exercised at any time prior to the expiry of the Option in accordance
with the terms thereof by delivery to the Corporation at its registered office of (i)&nbsp;a written notice of exercise in such form as
from time to time prescribed by the Committee which may include representations, warranties, covenants and other agreements and undertakings
of the Optionee as the Committee may deem appropriate, signed by the Optionee or, if applicable, the legal representatives of such Optionee,
addressed to the Chief Financial Officer of the Corporation specifying the number of Shares with respect to which the Option is being
exercised, (ii)&nbsp;payment, in full, of the Option Price of the Shares to be purchased in cash or by bank draft or certified cheque
at the time of such exercise, and (iii)&nbsp;evidence to the satisfaction of the Committee that all applicable taxes (including but not
limited to withholding taxes) have been adequately provided for. Certificates for such Shares will be issued and delivered to the Optionee
within a reasonable time following the receipt of such notice and payment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event of the exercise of any Options by the legal representative of an Optionee holding such Options, the legal representative will
also deliver to the Corporation evidence satisfactory to the Corporation of the legal representative&rsquo;s authority to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
any of the provisions contained in the Plan or in any Option, the Corporation&rsquo;s obligation to issue Shares to an Optionee pursuant
to the exercise of an Option will be subject to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">completion of such registration or other qualification of such Shares or obtaining approval of such government
authority as the Corporation will determine to be necessary or advisable in connection with the authorization, issuance or sale thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the admission of such Shares to listing on any stock exchange on which the Shares may then be listed;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the receipt from the Optionee of such representatives, agreements and undertaking, including as to future
dealings in such Shares, as the Corporation or its counsel determines to be necessary or advisable in order to safeguard against the violation
of the securities laws of any jurisdiction.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this connection the Corporation will, to the
extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance
of such Shares in compliance with Applicable Laws and for the listing of such Shares on any stock exchange on which the Shares are then
listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;VIII</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Restricted Share Units</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
number of Restricted Share Units awarded to an RSU Grantee will be credited to the RSU Grantee&rsquo;s account, effective as of the RSU
Grant Date. A Restricted Share Unit granted to an RSU Grantee will entitle the RSU Grantee, subject to the RSU Grantee&rsquo;s satisfaction
of any conditions, restrictions, performance objectives, vesting period or limitations imposed under the Plan or set out in the Restricted
Share Unit grant letter, to receive a payment in fully paid Shares issued from treasury of the Corporation on the date when the Restricted
Share Unit is vested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the absolute discretion of the Committee, the Committee may elect to credit each RSU Grantee holding Restricted Share Units with additional
Restricted Share Units upon the payout of dividends on the Shares. In such case, the number of additional Restricted Share Units will
be equal to the aggregate value of dividends that would have been paid to the RSU Grantee if the Restricted Share Units in the RSU Grantee&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. The additional
Restricted Share Units will vest on the date that the particular Award of Restricted Share Units to which the additional Restricted Share
Units relate are fully vested.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
grant of a Restricted Share Unit under the Plan shall be evidenced by a Restricted Share Unit grant letter of the Corporation, in such
form as may be approved by the Committee from time to time, and signed in acknowledgement by the RSU Grantee. Such Restricted Share Unit
grant letter shall be subject to all applicable terms and conditions of the Plan and may include performance vesting conditions or any
other terms and conditions (including clawback provisions) which are not inconsistent with the Plan and which the Committee deems appropriate
for inclusion in a Restricted Share Unit grant letter. The provisions of the various Restricted Share Unit grant letters issued under
the Plan need not be identical. Any Restricted Share Unit granted hereunder will be settled according to the terms of the Plan and at
such times and under such conditions as determined by the Committee and set forth in the Restricted Share Unit grant letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event that an Employee RSU Grantee Termination Date or a Services RSU Grantee Termination Date occurs by reason of the RSU Grantee&rsquo;s
death, or in the event that the Committee is notified that an RSU Grantee to whom a settlement of Restricted Share Units is owed is incapable,
the RSU Grantee&rsquo;s legal representative will deliver to the Corporation evidence satisfactory to the Corporation of the legal representative&rsquo;s
authority to receive the Shares upon settlement of the Restricted Share Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;IX</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Certain Adjustments</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Board will have the power to make adjustments, as it deems appropriate, with respect to Awards previously granted or to be granted under
this Plan, in the number of Shares subject to Awards and the number of Shares which may be released under this Plan in the event of and
in order to adjust for the effect of any subdivision or consolidation of the Shares, stock dividends or similar distributions (other than
dividends or distributions in the ordinary course), reclassification or conversion of the Shares, recapitalization, reorganization or
distributions, or any other event which, in the opinion of the Board, necessitates action by way of adjustment to the terms of the outstanding
Awards. The Board will exercise the power to adjust pursuant to this Article&nbsp;IX in good faith and in an equitable manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to any Applicable Laws, the determination and judgment of the Board with respect to any adjustment made pursuant to this Article&nbsp;IX
will be conclusive and binding upon each Participant and each Participant will accept, at the time of exercise or settlement of any Award
held, such lesser or greater number of Shares or other securities as will result from such adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the provisions of this Plan and unless otherwise determined by the Board, in the event of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">an amalgamation, arrangement, consolidation, amendment to the terms of a class of equity securities or
any other transaction of the Corporation, as a consequence of which the interest of a holder of an equity security of the Corporation
may be terminated without the holder&rsquo;s consent, regardless of whether the equity security is replaced with another security (a &ldquo;business
combination&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">a dissolution or liquidation of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">the sale of all or substantially all of the assets of the Corporation; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">any other transaction or series of related transactions which does not result in the shareholders of the
Corporation immediately prior to such transaction or series of related transactions holding 50% or more of the voting power of the surviving
or continuing entity following such transaction or series of related transactions<FONT STYLE="color: #020100">;</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then, at the option of the Corporation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">any or all outstanding Awards may be assumed by the successor or continuing entity (if any) and such assumption
shall be binding on all Participants or the successor or continuing entity may provide substantially similar consideration to Participants
as was provided to shareholders of the Corporation (after taking into account the existing provisions of the Awards);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vi)</FONT></TD><TD STYLE="text-align: justify">in the case of a take-over bid, the Corporation will be entitled to accelerate the exercise or settlement
of Awards and:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(A)</FONT></TD><TD STYLE="text-align: justify">the Optionee may elect to exercise all or any of the Options (whether vested or not at the time) pursuant
to Section&nbsp;7.2 hereof for the purpose of tendering such Shares under such formal bid (which exercise shall be conditional upon the
offeror taking up Shares under its take-over bid); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(B)</FONT></TD><TD STYLE="text-align: justify">the Restricted Share Units (whether vested or not at the time) will be settled in Shares for the purpose
of tendering such Shares under such formal bid (which settlement shall be conditional upon the offeror taking up Shares under its take-over
bid); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(vii)</FONT></TD><TD STYLE="text-align: justify">in the case of a business combination, the Corporation may terminate all of the Awards granted under this
Plan at the time of and subject to the completion of such business combination by giving at least ten (10)&nbsp;days prior written notice
of such termination to each of the Participants and paying to each of the Participants at the time of completion of such business combination
an amount equal to the fair market value of the Awards held by such Participant as determined by a recognized investment dealer in Canada
which has not otherwise been retained by the Corporation or any of its Subsidiaries or any other person in connection with such business
combination. Otherwise, any outstanding Awards will be treated as provided in the applicable agreement or plan with respect to such transaction.
In the event that the successor or continuing entity (if any) refuses to assume or substitute any outstanding Awards as provided herein,
the Corporation will so notify the Participants in writing and unless otherwise determined by the Board, the Participants will have ten
(10)&nbsp;Business Days following the date such notice was given to exercise the Awards held by them to the extent that they were entitled
to exercise them as at the date of such notice, failing which such Awards shall be deemed to expire.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;X</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Amendment or Discontinuance of Plan</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Board may amend, suspend or terminate the Plan, or any portion thereof, at any time and without shareholder approval, subject to those
provisions of Applicable Laws, if any, that require the approval of shareholders or any governmental or regulatory body, except that shareholder
approval will be required for the following types of amendments to the Plan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">amendments to the number of Shares issuable under the Plan, including an increase to a fixed maximum number
of Shares or a change from a fixed maximum number of Shares to a fixed maximum percentage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">any amendment which reduces the Option Price of an Option that is held by an Insider;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">any amendment extending the term of an Option (or a Restricted Share Unit, if applicable) that is held
by an Insider beyond its original expiry date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iv)</FONT></TD><TD STYLE="text-align: justify">any amendments that would result in any limits in this Plan on participation by Insiders, as set forth
in Article&nbsp;IV hereof, being removed or exceeded; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(v)</FONT></TD><TD STYLE="text-align: justify">amendments required to be approved by shareholders under Applicable Law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where shareholder approval is sought for amendments
under subsections (ii)&nbsp;- (iv)&nbsp;above, the votes attached to Shares held directly or indirectly by Insiders and Associates of
Insiders benefiting from the amendment will be excluded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limiting the generality of the foregoing,
the Board may make the following types of amendments to the Plan without seeking shareholder approval:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">amendments of a &ldquo;housekeeping&rdquo; or ministerial nature including, without limiting the generality
of the foregoing, any amendment for the purpose of curing any ambiguity, error or omission in the Plan or to correct or supplement any
provision of the Plan that is inconsistent with any other provision of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">amendments necessary to comply with the provisions of Applicable Laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">amendments respecting administration of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">any amendment to the vesting provisions of the Plan or any Award;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">any amendment to the early termination provisions of the Plan or any Award, whether or not such Award
is held by an Insider, provided such amendment does not entail an extension beyond the original expiry date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">the addition of any form of financial assistance by the Corporation for the acquisition by all or certain
categories of Participants of Shares under the Plan, and the subsequent amendment of any such provision which is more favourable to Participants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">the addition or modification of a cashless exercise feature, payable in cash or Shares, which provides
for a full deduction of the number of underlying Shares from the Plan reserve;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify">amendments necessary to suspend or terminate the Plan in whole or in part; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">any other amendment, whether fundamental or otherwise, not requiring shareholder approval under Applicable
Laws.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;XI</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Miscellaneous Provisions</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
Participant shall be solely liable for any and all federal, state, provincial, local or foreign taxes of any kind (&ldquo;<B>Taxes</B>&rdquo;),
including but not limited to income taxes, withholding taxes, social security, pension or other premiums and employment insurance premiums
or taxes, arising in respect of any Awards and/or Shares issued or transferred upon the exercise or settlement thereof. The satisfaction
by the Participant (or the provision therefor to the satisfaction of the Corporation) of all such Taxes shall be a condition precedent
to the grant or award of any Award or the receipt of any payment or Shares pursuant to the terms of the Plan. In the event that the Corporation
(or a Subsidiary, in either case, the &ldquo;<B>Employer</B>&rdquo; for purposes of this Section&nbsp;11.1) is required to withhold, pay
or provide for Taxes as a result of the grant, exercise or settlement of Awards, the issuance or transfer of Shares or other transaction
contemplated under the Plan, the Corporation may require that the Participant make a payment in immediately available funds to the Employer
sufficient to cover all Taxes payable in accordance with Applicable Laws (&ldquo;<B>Required Taxes</B>&rdquo;), in an amount determined
by the Corporation in its sole discretion and at the relevant time. Alternatively, the Corporation (or the Employer) may in its sole discretion
satisfy or provide for any such Required Taxes by (i)&nbsp;requiring that the Participant surrender to the Corporation, or authorize and
direct the Corporation to sell, a number of Shares sufficient to generate proceeds equal to the Required Taxes, (ii)&nbsp;satisfying the
Required Taxes from a Participant&rsquo;s salary or other compensation, or (iii)&nbsp;any other method acceptable to the Corporation.
Each Participant acknowledges that such Participant has satisfied himself or herself in relation to all tax matters relevant to the acquisition,
holding, exercise, disposition and/or transfer of Awards or Shares in connection with the Plan. It is the Participant&rsquo;s responsibility
to complete and file any tax returns in respect of such Participant&rsquo;s participation in the Plan. The Corporation shall not be responsible
for any Tax consequences to the Participant in connection with the Participant&rsquo;s participation in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Plan is purely voluntary on the part of the Corporation and the continuance of this Plan will not be deemed to constitute a contract between
the Corporation or its Subsidiaries and any Employee or other Eligible Person or to be consideration for or a condition of any person
acting as a director, officer, Employee or Service Provider of the Corporation or its Subsidiaries. Neither the adoption of this Plan
by the Corporation nor any action of the Board or the Committee will be deemed to give any person any right to be granted an Award or
any of the rights hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nothing
contained in this Plan will be construed to prevent the Corporation or any of its Subsidiaries from taking any corporate action which
is determined by their respective board of directors to be appropriate or in the best interests of the Corporation or any of its Subsidiaries,
whether or not such action would have an adverse effect on this Plan or any Awards granted under this Plan and no person will have any
claim against the Corporation or any of its Subsidiaries as a result of any such action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
holder of an Award will not have any rights as a shareholder of the Corporation with respect to any of the Shares issuable upon the exercise
or settlement of such Award until such holder will have exercised an Option or a Restricted Share Unit will have been settled in accordance
with the terms of the Plan (including, but not limited to, tendering payment in full of the Option Price of the Shares in respect of which
an Option is being exercised).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nothing
in the Plan or any Award will confer upon any Participant any right to continue in the employ of the Corporation or its Subsidiaries or
affect in any way the right of the Corporation or its Subsidiaries to terminate his or her employment at any time or remove any person
from his or her office or employment at any time; nor will anything in the Plan or any Award be deemed or construed to constitute an agreement,
or an expression of intent, on the part of the Corporation or its Subsidiaries to extend the employment of any Participant beyond the
time which he or she would normally be retired pursuant to the provisions of any present or future retirement plan of the Corporation
or any of its Subsidiaries or any present or future retirement policy of the Corporation or any of its Subsidiaries, or beyond the time
at which he or she would otherwise be retired pursuant to the provisions of any contract of employment with the Corporation or any of
its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nothing
in the Plan or any Award will confer on any Participant who is a Services Optionee or is not an Employee Optionee any right to continue
providing ongoing services to the Corporation or any entity controlled by the Corporation or affect in any way the right of the Corporation
or any such entity to terminate his, her or its contract at any time; nor will anything in the Plan or any Award be deemed or construed
as an agreement, or an expression of intent, on the part of the Corporation or any such entity to extend the time for the performance
of the ongoing services beyond the time specified in the contract with the Corporation or any such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Corporation makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of
the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Article&nbsp;XII</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
Shareholder and Regulatory Approval</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Plan will be subject to the requisite approval of the shareholders of the Corporation to be given by a resolution passed at a meeting
of the shareholders of the Corporation, and to acceptance by the Exchange. Any Awards granted prior to such approval and acceptance will
be conditional upon such approval and acceptance being given and no Option may be exercised or Restricted Share Unit settled unless and
until such approval and acceptance is given.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. Appendix to the Score Media and Gaming
Inc.<BR>
Second Amended and Restated Stock Option and<BR>
Restricted Stock Unit Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Special Appendix sets forth special provisions
of the Score Media and Gaming Second Amended and Restated Option and Restricted Stock Unit Plan (the &ldquo;<B>Plan</B>&rdquo;) that apply
to Participants that are subject to Section&nbsp;409A of the United States Internal Revenue Code of 1986, as amended. Terms defined in
the Plan and used herein shall have the meanings set forth in the Plan document, as amended from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Special Appendix:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">1.1.</TD><TD STYLE="text-align: justify">&ldquo;<B>Code</B>&rdquo; means the United States Internal Revenue Code of 1986, as amended, and any applicable United States Treasury
Regulations and other binding regulatory guidance thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">1.1.</TD><TD STYLE="text-align: justify">&ldquo;<B>Section&nbsp;409A</B>&rdquo; means Section&nbsp;409A of the Code.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">1.2.</TD><TD STYLE="text-align: justify">&ldquo;<B>US Taxpayer</B>&rdquo; means a Participant who is a citizen or permanent resident of the United States for purposes of the
Code or a Participant for whom the compensation under this Plan would otherwise be subject to income tax under the Code.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B>COMPLIANCE WITH SECTION&nbsp;409A</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.1.</TD><TD STYLE="text-align: justify"><U>In General</U>. Notwithstanding any provision of the Plan to the contrary, it is intended that any payments under the Plan either
be exempt from or comply with Section&nbsp;409A, and all provisions of the Plan shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under Section&nbsp;409A. Each US Taxpayer is solely responsible and liable for the
satisfaction of all taxes and penalties that may be imposed on or for the account of such US Taxpayer in connection with the Plan or any
other plan maintained by the Company (including any taxes and penalties under Section&nbsp;409A), and neither the Company nor any Subsidiary
of the Company shall have any obligation to indemnify or otherwise hold such US Taxpayer (or any beneficiary) harmless from any or all
of such taxes or penalties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.2.</TD><TD STYLE="text-align: justify"><U>Exercise Price</U>. For the avoidance of doubt and notwithstanding anything to the contrary in Section&nbsp;7.1 of the Plan or
otherwise, any Option issued to a US Taxpayer shall have per Share exercise price that is no less than &ldquo;fair market value&rdquo;
on the date of grant which value shall be determined in accordance with Section&nbsp;409A of the Code.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.3.</TD><TD STYLE="text-align: justify"><U>Adjustments</U>. Notwithstanding any provision of the Plan or otherwise, any adjustment to an Option issued to a US Taxpayer shall
be made in accordance with the requirements of Section&nbsp;409A.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Amendment of Appendix</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
Section&nbsp;10.1 of the Plan, the Board shall retain the power and authority to amend or modify this Special Appendix to the extent the
Board in its sole discretion deems necessary or advisable to comply with any guidance issued under Section&nbsp;409A. Such amendments
may be made without the approval of any US Taxpayer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Grant of Options to U.S. Employees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Board is authorised under this Appendix, in its sole discretion, to issue Options to U.S. residents as nonqualified stock options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
term of an Option granted to a U.S. residents or taxpayers may not be extended except in a manner compliant with Section&nbsp;409A of
the U.S. Internal Revenue Code of 1986 and the regulations issued thereunder (the &ldquo;<B>Code</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Grant of Restricted Stock Units to U.S. Employees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
Section&nbsp;8.3 of the Plan, all Shares to be issued pursuant to Restricted Stock Units awarded to U.S. residents or taxpayers shall
be issued no later than March&nbsp;15<SUP>th</SUP> in the year following the year of vesting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Board will have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions
of the laws of foreign countries in which the Corporation or its Subsidiaries may operate to assure the viability of the benefits from
Options grants to Participants employed in such countries and to meet the objectives of this Appendix and the Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Participants
who are residents of the State of California will be subject to the additional terms and conditions set forth in Attachment A to this
Appendix.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compliance with Applicable Laws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
terms of this Appendix, the Plan (including any terms of the Plan that permit adjustments or modifications to the terms of the Plan or
any Awards), the Award, and any applicable Attachment for compliance with the laws of any state shall be interpreted and applied in a
manner consistent with all Applicable Laws, including the requirements under Sections 409A and 424 of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000"><B>Attachment&nbsp;A</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
TO THE SCORE MEDIA AND GAMING INC.<BR>
SECOND AMENDED AND RESTATED STOCK OPTION AND<BR>
RESTRICTED STOCK UNIT PLAN<BR>
(FOR CALIFORNIA RESIDENTS ONLY)</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Attachment A to the U.S. Appendix (the &ldquo;<B>Appendix</B>&rdquo;)
of the Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan (the &ldquo;<B>Plan</B>&rdquo;)
shall have application only to Participants who are residents of the State of California. Capitalized terms contained herein shall have
the same meanings given to them in the Appendix, unless otherwise provided in this Attachment. <B>Notwithstanding any provision contained
in the Plan to the contrary and to the extent required by Applicable Laws, the following terms and conditions shall apply to all Awards
granted to residents of the State of California, until such time as the Shares become a &ldquo;listed security&rdquo; under the U.S. Securities
Act of 1933, as amended, or otherwise qualify for an exemption from the applicable provisions of the California Code:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
Options are surrendered, terminated or expire without being exercised, new Options may be granted covering Shares not purchased under
such lapsed Options or issued pursuant to such forfeited Restricted Share Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Option Price for Options shall be at least 100% of the Market Price of the Shares on the date of grant of the Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Awards
shall be non-transferrable other than by will or the laws of descent and distribution. Notwithstanding the foregoing, the Committee, in
its discretion, may permit distribution of an Option to an inter vivos or testamentary trust in which the Option is to be passed to beneficiaries
upon the death of the trustor (settlor), or by gift to &ldquo;immediate family&rdquo; as that term is defined in Rule&nbsp;16a-1(e)&nbsp;of
the U.S. Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless
employment is terminated for cause, the right to exercise an Option in the event of termination of employment, to the extent that the
Optionee is otherwise entitled to exercise an Option on the date employment terminates, shall be</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">at least six&nbsp;months from the date of termination of employment if termination was caused by death
or disability (as determined pursuant to Applicable Laws); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">at least 30 days from the date of termination if termination of employment was caused by other than death
or disability (as determined pursuant to Applicable Laws);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">but in no event later than the remaining term of the Option</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Award may be granted to a resident of California more than ten years after the earlier of the date of adoption of the Appendix by the
Board and the date the Appendix is approved by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
Option exercised or issuance of Shares pursuant to an RSU before shareholder approval is obtained shall be rescinded if shareholder approval
is not obtained within 12 months before or after the date of the first grant to a California resident. Such shares shall not be counted
in determining whether such approval is obtained.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Option may have an exercise period longer than ten years from the date the Option is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the occurrence of any event set forth in Section&nbsp;9.1 of the Plan, the Board shall make such proportionate adjustments to outstanding
Awards and the Plan as required under Sections 260.140.41 and 260.140.42 of Title 10 of the California Code of Regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Corporation shall provide annual financial statements of the Corporation to each California resident holding an outstanding Award under
the Plan. Such financial statements need not be audited and need not be issued to key employees whose duties at the Corporation assure
them access to equivalent information. This Section&nbsp;9 shall not apply if the Plan (including the Appendix) complies will all conditions
of Rule&nbsp;701 of the Securities Act of 1933, as amended.</P>

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2130248d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2130248d1_ex5-1img01.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2130248d1_ex5-1img02.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Board of Directors<BR>
Penn National Gaming,&nbsp;Inc.<BR>
825 Berkshire Blvd.<BR>
Suite&nbsp;200<BR>
Wyomissing, PA&nbsp;&nbsp;19610</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Registration Statement on Form&nbsp;S-8</U></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are acting as counsel to Penn National Gaming,&nbsp;Inc., a Pennsylvania
corporation (the <B>&ldquo;Company&rdquo;</B>), in connection with its registration statement on Form&nbsp;S 8 (the <B>&ldquo;Registration
Statement&rdquo;</B>), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;)
relating to the proposed issuance of up to 1,050,593 shares of common stock, par value $0.01 per share of the Company (the <B>&ldquo;Shares&rdquo;</B>)
pursuant to the Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan (the <B>&ldquo;Plan&rdquo;</B>).
This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5)&nbsp;of Regulation
S K in connection with the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this opinion letter, we have examined copies of such
agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In
our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons,
the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic
original documents of all documents submitted to us as copies (including telecopies). As to all matters of fact, we have relied on the
representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied
on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The opinion expressed below is based on the assumption that the Registration
Statement has been filed by the Company with the Securities and Exchange Commission and will have become effective before any of the Shares
are issued, and that persons acquiring the Shares will do so strictly in accordance with the terms of the Plan and will receive a prospectus
containing all the information required by Part&nbsp;I of the Registration Statement before acquiring such Shares. The opinion is also
based on the assumption that the Shares will continue to be duly and validly authorized on the dates that the Shares are issued to participants
pursuant to the terms of the Plan and, upon the issuance of any of the Shares, the total number of shares of common stock of the Company
issued and outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of shares of common stock
that the Company is then authorized to issue under its Articles of Incorporation, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter is based as to matters of law solely on the Pennsylvania
Business Corporation Law, as amended. We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon, subject to and limited by the foregoing, we are of the
opinion that the Shares, when issued pursuant to the Plan in accordance with the terms and conditions thereof (including, where applicable,
the payment of any exercise price, the satisfaction of any vesting or forfeiture restrictions and the achievement of applicable performance
goals), will be validly issued, fully paid, and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion letter has been prepared for use in connection with the
Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the
Registration Statement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1
to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent
is required by Section&nbsp;7 of the Act.</P>

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

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2130248d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consent of Independent Registered Public Accounting Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form&nbsp;S-8 of our reports dated February&nbsp;26, 2021 relating to the financial statements of Penn National Gaming,&nbsp;Inc. and
the effectiveness of Penn National Gaming,&nbsp;Inc.&rsquo;s internal control over financial reporting, appearing in the Annual Report
on Form&nbsp;10-K of Penn National Gaming,&nbsp;Inc. for the year ended December&nbsp;31, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte&nbsp;&amp; Touche LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October&nbsp;19, 2021</P>

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

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

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

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<SEQUENCE>5
<FILENAME>tm2130248d1_ex5-1img01.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
