<SEC-DOCUMENT>0001654954-18-004702.txt : 20180503
<SEC-HEADER>0001654954-18-004702.hdr.sgml : 20180503
<ACCEPTANCE-DATETIME>20180503155231
ACCESSION NUMBER:		0001654954-18-004702
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20180503
DATE AS OF CHANGE:		20180503
EFFECTIVENESS DATE:		20180503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224641
		FILM NUMBER:		18803598

	BUSINESS ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>forms-8shareunitplandenis.htm
<DESCRIPTION>FORM S-8 DATED MAY 3, 2018
<TEXT>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">As filed with
the Securities and Exchange Commission on May 3,
2018</font></font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Registration
No.&#xA0;333-&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<font style="font-size: 13px">
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<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">UNITED
STATES</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 16px">SECURITIES AND EXCHANGE
COMMISSION</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 16px">Washington, D.C. 20549</font></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">FORM
S-8</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 16px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">REGISTRATION
STATEMENT UNDER</font></font> <font style="font-size: 16px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 16px">THE SECURITIES ACT OF
1933</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 32px">Denison Mines Corp.</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">(Exact name of
registrant as specified in its charter)</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Ontario,
Canada</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">98-0622284</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"></font><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">(State
or other jurisdiction of</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">incorporation or
organization)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"></font><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">(I.R.S.
Employer</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">Identification
No.)</font></font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 49%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 51%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">1100 &#x2013;
40 University Avenue</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Toronto,
Ontario</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Canada</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">M5J
1T1</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">(Address of Principal Executive
Offices)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">(Zip Code)</font></font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 16px">Share Unit Plan</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">(Full title of the
plan)</font></font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">C T
Corporation System</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">111 Eighth
Avenue</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">New York, NY
10011</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">(Name and address of agent for
service)</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">(212)
894-8940</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="font-size: 11px">(Telephone number, including area code, of agent
for service)</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Copy to:</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold;">David
Cates</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Amanda
Willett</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Denison Mines
Corp.</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">1100
&#x2013; 40 University Avenue</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Toronto,
Ontario</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">M5J
1T1 Canada</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Tel:
(416) 979-1991</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px; width: 100%; border-bottom: solid 1px #000000">
<font style="font-size: 13px">
<!--Rule Below Paragraph--></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the
definitions of &#x201C;large accelerated filer,&#x201D;
&#x201C;accelerated filer&#x201D; and &#x201C;smaller reporting
company&#x201D; in Rule 12b-2 of the Exchange
Act.</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 54%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Large&#xA0;accelerated&#xA0;filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Accelerated&#xA0;filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2611;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 55%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Non-accelerated
filer</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 54%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#x2610;&#xA0;&#xA0;(Do not check
if a smaller reporting company)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Smaller&#xA0;reporting&#xA0;company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 55%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 18%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 54%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Emerging
growth&#xA0;company</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 18%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 55%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 24%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 2%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="5" style="vertical-align: bottom; width: 98%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;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
7(a)(2)(B) of the Securities Act</font></font></div>
</td>
<td style="vertical-align: bottom; width: 0%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">&#x2610;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
CALCULATION OF REGISTRATION FEE</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 25%; border-top: 2.25pt double #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Title
of securities</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">to
be registered</font></font> <font style="font-size: 70%; vertical-align: top; color: #000000; font-family: Times New Roman">
(1)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 17%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Amount to be</font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">registered</font> <font style="font-size: 70%; vertical-align: top; color: #000000; font-family: Times New Roman">
(2)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 19%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
</font><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">Proposed</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
maximum offering</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
price per share</font></font></div>
</td>
<td style="vertical-align: bottom; width: 23%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
</font><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">Proposed</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
maximum aggregate</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
offering price</font></font></div>
</td>
<td style="vertical-align: bottom; width: 16%; border-left: 0.75pt solid #000000; border-top: 2.25pt double #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Amount of</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
registration fee</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 25%; border-bottom: 1px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Common
shares, no par value</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 17%; border-left: 0.75pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><a name="_DV_M19"><!--anchor--></a></font><font style="font-weight: bold; font-family: Times\ New\ Roman;">15,000,000
<font style="color: rgb(0, 0, 0);">shares</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 19%; border-left: 0.75pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">$0.4686</font></font>
<font style="font-size: 70%; vertical-align: top; color: #000000; font-family: Times New Roman">
(3)</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.75pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
$7,029,000</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 16%; border-left: 0.75pt solid #000000; border-bottom: 1px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
$875.11</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(2)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Common shares, no par value, offered by
Denison Mines Corp. (the &#x201C;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Registrant</font><font style="color: rgb(0, 0, 0);">&#x201D;)
pursuant to its Share Unit Plan (adopted by the shareholders on May
3, 2018) (the &#x201C;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Plan</font><font style="color: rgb(0, 0, 0);">&#x201D;).</font></font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(3)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the &#x201C;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Securities
Act</font><font style="color: rgb(0, 0, 0);">&#x201D;), this
registration statement also covers an indeterminate number of
additional shares that may be offered and issued to prevent
dilution resulting from stock splits, stock dividends or similar
transactions as provided in the Plan.</font></font></font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(5)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Calculated in accordance with Rule 457(c)
and (h) based on the average of the high and low prices for the
Registrant&#x2019;s common shares reported on the NYSE American LLC
on</font> <font style="color: rgb(0, 0, 0);">April 30, 2018, which
was $0.4686 per share.</font></font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"></font><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">PART
I.</font></font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 120px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"></font><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Item&#xA0;
1.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
</font><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">Plan
Information.</font>*</font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 120px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">Item
2.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
Registrant Information and Employee Plan Annual
Information.*</font></font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"></font><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold; color: rgb(0, 0, 0);">*</font><font style="color: rgb(0, 0, 0);">The
information required by Part I to be contained in the Section 10(a)
prospectus is omitted from this registration statement in
accordance with the Note to Part I of Form S-8 and Rule 428, and
will be sent or given to participants as specified by Rule
428(b)(1) under the Securities Act.</font></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; PART
II.</font></font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold;"><font style="color: rgb(0, 0, 0);">INFORMATION
REQUIRED IN THE REGISTRATION
STATEMENT</font></font></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Item 3. &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
Incorporation of Documents by Reference.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">The
following documents, which have been filed with the Commission, are
incorporated herein by reference:</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">(a)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">The
Registrant&#x2019;s Annual Report on Form 40-F for the fiscal year
ended December 31, 2017 filed with the Commission on March 28, 2018
(File No. 001-33414).</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">(b)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">All other reports filed pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended
(the &#x201C;</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Exchange
Act</font><font style="color: rgb(0, 0, 0);">&#x201D;), since the
end of the fiscal year covered by the Annual Report on Form 40-F
filed with the Commission on March 28, 2018 incorporated by
reference herein pursuant to (a) above.</font></font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">(c)</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">The
description of the Registrant&#x2019;s securities contained in the
registration statement on Form 8-A filed with the Commission on
April 18, 2007, including any amendment or report filed for the
purposes of updating such description.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0; In addition, unless otherwise stated
herein, all documents subsequently filed with the Commission by the
Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act prior to the filing of a post-effective amendment to
this registration statement 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.</font> In addition, any
report furnished by the Registrant on Form 6-K shall be deemed to
be incorporated by reference in the registration statement if and
to the extent that such report on Form 6-K so
provides.</font><br></font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Any statement contained in a
document incorporated or deemed to be incorporated by reference or
deemed to be part of the registration statement shall be deemed to
be modified or superseded for purposes of the registration
statement to the extent that a statement contained in the
registration statement or in any other subsequently filed document
that also is, or is deemed to be, incorporated by reference or
deemed to be part of the registration statement modifies or
replaces such statement. Any statement contained in a document that
is deemed to be incorporated by reference or deemed to be part of
the registration statement after the most recent effective date may
modify or replace existing statements contained in the registration
statement. Any such statement so modified or replaced shall not be
deemed, except as so modified or replaced, to constitute a part of
the registration statement.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Item 4. Description of Securities.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Not
applicable.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Item 5. Interests of Named Experts and Counsel.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">None.</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-weight: bold; font-family: Times\ New\ Roman;">
Item 6. Indemnification of Directors and
Officers.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">The Registrant&#x2019;s Bylaws
provide that a director or officer will not be liable for monetary
damages incurred by the Registrant in the execution of the duties
of his office or in relation thereto unless due to his failure to
exercise the powers and to discharge the duties of his office
honestly, in good faith and in the best interests of the Registrant
and in connection therewith to exercise the degree of care,
diligence and skill that a reasonably prudent person would exercise
in comparable circumstances.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">In
addition, as permitted by the Ontario Business Corporations Act,
the Registrant&#x2019;s Bylaws provide that the Registrant will
indemnify its directors and officers and any former directors or
officers of the Registrant or persons who act or acted at the
Registrant&#x2019;s request as a director or officer of a body
corporate of which the Registrant is or was a shareholder or
creditor, and his or her heirs and legal representatives, against
all costs, charges and expenses, including an amount paid to settle
an action or satisfy a judgment, reasonably incurred by him or her
in respect of any civil, criminal or administrative action or
proceeding to which he or she is made a party by reason of being or
having been a director or officer of the Registrant or such body
corporate, if,</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(a) he or she acted honestly and
in good faith with a view to the best interests of the Registrant;
and</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(b) in the case of a criminal or
administrative action or proceeding that is enforced by a monetary
penalty, he or she had reasonable grounds for believing that his or
her conduct was lawful.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">The
Ontario Business Corporations Act also provides, and the
Registrant&#x2019;s Bylaws permit, that, with the approval of the
court, such persons may also be indemnified by the Registrant in
respect of an action by or on behalf of the Registrant or any such
body corporate to procure a judgment in its favor, to which the
person is made a party by reason of being or having been a director
or officer of the Registrant or such body corporate. Generally, any
director or officer who is entitled to an indemnity may also be
indemnified by the Registrant for all of his or her costs, charges
and expenses reasonably incurred in defending his or her position,
if he or she was substantially successful in his or her defense and
fulfills the conditions in clauses (a)&#xA0;and (b)
above.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">The Registrant maintains
liability insurance for its directors and officers acting in their
respective capacities in an aggregate amount of Cdn$40,000,000,
subject to the following deductibles: (a) Cdn$350,000 per
occurrence; (b) Cdn$350,000 for a loss due to a claim under
applicable Canadian securities laws; and (c) $350,000 for a loss
due to a claim under applicable U.S. securities laws. The premium
paid by the Registrant in 2017 for this coverage was Cdn$270,465
for the period from November 1, 2017 to November 1, 2018. No
amounts were paid by individual directors and officers for this
coverage. &#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">In addition, the Registrant has
entered into separate Indemnity Agreements with each of its
officers and directors, which Agreements provide for
indemnification of the director or officer against certain
judgments, penalties, fines and expenses incurred by each such
officer or director in connection with certain threatened, pending
or completed investigations, inquiries, hearings, actions or
proceedings.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">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 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.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">The
above discussion of the Registrant&#x2019;s Bylaws and Ontario law
is not intended to be exhaustive and is qualified in its entirety
by such Bylaws, the Registrant&#x2019;s Certificate of Incorporation
and Ontario Law.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
Item 7. &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0; Exemption from
Registration Claimed.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Not
Applicable.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 120px;"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Item
8.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Exhibits</font></font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">The following exhibits are filed
as part of this registration statement:</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times\ New\ Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Number</font></font></div>
</td>
<td style="vertical-align: bottom; width: 90%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold;">Description</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">4.1</font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px">Share Unit Plan (adopted by the
shareholders on May 3, 2018)</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">5.1</font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Opinion of Blake, Cassels &amp;
Graydon LLP</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">23.1</font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Consent of Blake, Cassels &amp;
Graydon (included in the Opinion filed as Exhibit
5.1)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">23.2</font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Consent of PricewaterhouseCoopers
LLP</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">24.1</font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Powers of Attorney (included on
the signature pages to this registration
statement)</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">
</font><font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">Item
9. Undertakings.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(a)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">The
undersigned Registrant hereby undertakes:</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(1)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">To file,
during any period in which offers or sales are being made, a
post-effective amendment to this registration
statement:</font></font></div>
</div>
</div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 144px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(i)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">To include
any prospectus required by Section 10(a)(3) of the Securities
Act;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 144px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(ii)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">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 the 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 424(b) if,
in the aggregate, the changes in the volume and price represent no
more than a 20% change in the maximum aggregate offering price set
forth in the &#x201C;Calculation of Registration Fee&#x201D; table in
the effective registration statement; and</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 144px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(iii)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">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;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="font-style: italic; color: rgb(0, 0, 0);">provided,
however,</font> <font style="color: rgb(0, 0, 0);">that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if the information required
to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in
this registration statement.</font></font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(2)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">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</font> <font style="font-style: italic; color: rgb(0, 0, 0);">bona fide</font>
<font style="color: rgb(0, 0, 0);">offering
thereof.</font></font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(3)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">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.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(b)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#x2019;s annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit
plan&#x2019;s annual report pursuant to Section 15(d) 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 bona
fide</font><font style="font-style: italic; color: rgb(0, 0, 0);">&#xA0;</font><font style="color: rgb(0, 0, 0);">offering
thereof.</font></font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="display: table-cell; width: 48px"><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="color: rgb(0, 0, 0);">(h)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-size: 13px"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman;">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
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 of 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.</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
</div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">SIGNATURES</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Pursuant to the requirements of
the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements
for filing on Form 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 Toronto, Province of Ontario,
Canada, on May 3, 2018</font>.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: right">
<table cellpadding="0" cellspacing="0" style="text-align: right; width: 45%; font-family: Times\ New\ Roman; font-size: 13px; margin: 0px 0px 0px auto;">
<tr>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 89%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 100%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">DENISON MINES
CORP.</font></font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: top; width: 100%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(Registrant)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" style="vertical-align: middle; width: 90%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">By:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 89%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">/s/ David
Cates</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 89%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">David Cates</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">President and Chief Executive
Officer</font></font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
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</div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><a name="poa">P</a>OWERS OF ATTORNEY</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and
appoints David Cates and Gabriel McDonald, and each of them, his
true and lawful attorneys-in-fact and agents, with full power of
substitution and resubstitution, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments to
the registration statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents and each of them, 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 or she might or could do in person,
hereby ratifying and confirming all said attorneys-in-fact and
agents of them or their substitute or substitutes, may lawfully do
or cause to be done by virtue thereof.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Pursuant to the requirements of
the Securities Act of 1933, as amended, this registration statement
has been signed below by the following persons in the capacities
indicated on May 3, 2018.</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="text-decoration: underline;"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Signature</font></font></font></div>
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<font style="font-size: 13px"><font style="text-decoration: underline;"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Title</font></font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman; text-decoration: underline;">&#xA0;&#xA0;&#xA0;
/s/ David
Cates&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font>
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0; &#xA0; David Cates</font></div>
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<td style="vertical-align: top; width: 55%;">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">President, Chief Executive
Officer and Director</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(Principal Executive
Officer)</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">/s/ Gabriel
McDonald&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; Gabriel
McDonald</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Vice President, Finance and Chief
Financial Officer</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(Principal Financial and
Accounting Officer)</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">/s/ W. Robert
Dengler&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0; W. Robert Dengler</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<td style="vertical-align: top; width: 5%;">
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</td>
<td style="vertical-align: top; width: 55%;">
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Director</font></font></div>
</td>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Brian D. Edgar</font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Director</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">/s/ Ron F. Hochstein &#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
&#xA0; <font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;&#xA0; Ron
F. Hochstein</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Director</font></font></div>
</td>
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<td style="vertical-align: top; width: 40%;">
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Kwang Hee Jeong</font> <font style="font-family: Times\ New\ Roman; font-size: 13px;"><br>
</font></div>
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</div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Director</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
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<td style="vertical-align: top; width: 40%;">
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;</font></font></div>
<font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Lukas H. Lundin</font> <font style="font-family: Times\ New\ Roman; font-size: 13px;"><br>
</font></div>
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</div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Chairman of the Board of
Directors</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
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<td style="vertical-align: top; width: 40%;">
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<font style="font-size: 13px">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">/s/ William Rand &#xA0; &#xA0;&#xA0;
&#xA0;
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
&#xA0;<font style="font-family: Times\ New\ Roman;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0;&#xA0;
William Rand</font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Director</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">

<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;"><font style="text-decoration: underline;">/s/ <font style="font-family: Times\ New\ Roman;">Catherine J.G.
Stefan</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font>&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></font></div>
<font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; &#xA0;&#xA0;&#xA0; &#xA0;&#xA0;
&#xA0;&#xA0;&#xA0; Catherine J.G. Stefan<br></font></div>
</td>
<td style="vertical-align: top; width: 5%;">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 55%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Lead Director of the Board of
Directors</font></font></div>
</td>
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</div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">AUTHORIZED
REPRESENTATIVE</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Pursuant to the requirements of
Section&#xA0;6(a) of the Securities Act of 1933, as amended, the
undersigned has signed this registration statement, solely in the
capacity of the duly authorized representative of Denison Mines
Corp. in the United States, in the City of Newark, State of
Delaware, on&#xA0;May 3,&#xA0;2018.</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">PUGLISI &amp;
ASSOCIATES</font></font></div>
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<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">By:</font></font></div>
</td>
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<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">/s/ Donald J.
Puglisi</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Name:</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: bottom; width: 89%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Donald J.
Puglisi</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 10%">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Title:</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Managing
Director</font></font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>shareunitplanvfinal.htm
<DESCRIPTION>SHARE UNIT PLAN (ADOPTED BY SHAREHOLDERS ON MAY 3, 2018)
<TEXT>
<html>
<head>
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<title>Blueprint</title>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">
DENISON MINES CORP.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
SHARE UNIT PLAN</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">
ARTICLE I</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 11px">INTRODUCTION</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">1.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Purpose of Plan</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">This
Plan provides for the granting of Share Unit Awards and payment in
respect thereof through the issuance of one Share from treasury of
the Company per Share Unit (subject to adjustments), subject to
obtaining the approval of the Stock Exchanges and the Required
Shareholder Approval, for services rendered, for the purpose of
advancing the interests of the Participants through payment of
compensation related to appreciation of the Shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">1.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Definitions</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Adjustment Factor</font>&#x201D; means the
factor by which the number of PSUs to be vested in the event of
Termination on Change of Control is determined to be adjusted, with
reference to the performance of the Company and the Participant
during the Performance Period, as determined by the Committee in
its sole discretion.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Affiliate</font>&#x201D; means any Company that
is an affiliate of the Company as defined in National Instrument
45-106 &#x2013; <font style="font-style: italic">Prospectus and
Registration Exemptions</font>, as may be amended from time to
time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Associate</font>&#x201D; with any person or
company, is as defined in the <font style="font-style: italic">Securities Act</font> (Ontario), as may be
amended from time to time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Board</font>&#x201D; means the Board of
Directors of the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(e)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Business Day</font>&#x201D; means any day other
than a Saturday, Sunday or statutory or civic holiday in the City
of Toronto, Ontario.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(f)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Cash Equivalent</font>&#x201D; means the amount
of money expressed in Canadian dollars equal to the product of the
Market Price multiplied by the number of vested Share Units in the
Participant&#x2019;s notional account, net of any applicable
withholding taxes, on the date that the Share Units are settled, as
applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(g)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Change of Control</font>&#x201D; means the
occurrence of any one or more of the following events:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(i)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">a consolidation,
merger, amalgamation, arrangement or other reorganization or
acquisition involving the Company or any of its Affiliates and
another corporation or other entity, as a result of which the
holders of Shares immediately prior to the completion of the
transaction hold less than 50% of the outstanding shares of the
successor corporation immediately after completion of the
transaction;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(ii)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the sale, lease,
exchange or other disposition, in a single transaction or a series
of related transactions, of all or substantially all of the assets,
rights or properties of the Company and its Subsidiaries on a
consolidated basis to any other person or entity, other than
transactions among the Company and its Subsidiaries;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(iii)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">a resolution is
adopted to wind-up, dissolve or liquidate the Company;</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(iv)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">any person, entity
or group of persons or entities acting jointly or in concert (the
&#x201C;<font style="font-weight: bold">Acquiror</font>&#x201D;)
acquires, or acquires control (including, without limitation, the
power to vote or direct the voting) of, voting securities of the
Company which, when added to the voting securities owned of record
or beneficially by the Acquiror or which the Acquiror has the right
to vote or in respect of which the Acquiror has the right to direct
the voting, would entitle the Acquiror and/or Associates and/or
affiliates of the Acquiror to cast or direct the casting of 50% or
more of the votes attached to all of the Company's outstanding
voting securities which may be cast to elect directors of the
Company or the successor corporation (regardless of whether a
meeting has been called to elect directors);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(v)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">as a result of or
in connection with: (A) a contested election of directors; or (B) a
consolidation, merger, amalgamation, arrangement or other
reorganization or acquisition involving the Company or any of its
Affiliates and another corporation or other entity (a
&#x201C;<font style="font-weight: bold">Transaction</font>&#x201D;),
fewer than 50% of the directors of the Company are persons who were
directors of the Company immediately prior to such Transaction;
or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(vi)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the Board adopts a
resolution to the effect that a Change of Control as defined herein
has occurred or is imminent.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 96px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">For the
purposes of the foregoing definition of Change of Control,
&#x201C;<font style="font-weight: bold">voting
securities</font>&#x201D; means Shares and any other shares entitled
to vote for the election of directors and shall include any
security, whether or not issued by the Company, which are not
shares entitled to vote for the election of directors but are
convertible into or exchangeable for shares which are entitled to
vote for the election of directors, including any options or rights
to purchase such shares or securities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(h)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Committee</font>&#x201D; means the Board or the
Compensation Committee or, if the Board so determines in accordance
with Section 2.2 of the Plan, any other committee of directors of
the Company authorized to administer the Plan from time to
time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(i)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Company</font>&#x201D; means Denison Mines Corp.
and includes any successor corporation thereof.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(j)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Compensation Arrangements</font>&#x201D; means
all security-based compensation arrangements, as such term is
defined in the TSX Company Manual, as such may be amended or
revised.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(k)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Deferred Entitlement</font>&#x201D; for a
Participant means the deferral of the payment of Shares under a
Share Unit to a date after the Entitlement Date;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(l)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Deferred Payment Date</font>&#x201D;<font style="font-weight: bold">&#xA0;</font>for a Participant means the date
after the Entitlement Date which is the earlier of (i) the date to
which the Participant has elected to defer receipt of Shares in
accordance with Section 3.4 of this Plan; and (ii) the date of the
Participant&#x2019;s Retirement, Resignation, Termination with Cause
or Termination Without Cause or Termination after Change of Control
of the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(m)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-weight: bold; font-size: 12px">Eligible Person&#x201D;</font>
<font style="font-size: 12px">means any officer, director, employee
or consultant of the Company or its Affiliates or any employee of
any management company providing services to the Company or its
Affiliates, and any such person&#x2019;s personal holding company,
as designated by the Board in its sole and absolute
discretion.</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times\ New\ Roman; font-size: 12px;">(n)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Entitlement Date&#x201D;</font> means the date
that a Share Unit is eligible for payment on or after the Vesting
Date, as determined by the Committee in its sole discretion in
accordance with the Plan and as outlined in the Grant Letter issued
to the Participant.</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(o)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Grant Date</font>&#x201D; means the effective
date that a Share Unit is awarded to a Participant under this Plan,
as evidenced by the Grant Letter.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(p)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Grant Letter</font>&#x201D; means the grant
letter issued to a Participant evidencing, and setting forth the
terms of, a Share Unit awarded to a Participant under this
Plan.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(q)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Insider</font>&#x201D; has the meaning ascribed
to such term in the TSX Company Manual.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(r)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Market Price</font>&#x201D; as at any date in
respect of the Shares shall be the closing price of the Shares on
the TSX or, if the Shares are not listed on the TSX, on the
principal stock exchange on which such Shares are traded, on the
trading day immediately prior to the relevant date. In the event
that the Shares are not then listed and posted for trading on a
stock exchange, the Market Price shall be the fair market value of
such Shares as determined by the Committee in its sole
discretion.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(s)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">NYSE</font>&#x201D; means NYSE American
LLC.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(t)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Participant</font>&#x201D; means a PSU
Participant or a RSU Participant, as applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(u)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Performance Criteria</font>&#x201D; means shall
mean criteria, if any, established by the Committee which, without
limitation, may include criteria based on the financial performance
and operational performance, including significant milestones of
the Company and/or an Affiliate.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(v)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Performance Period</font>&#x201D; means the
period within which Performance Criteria must be
satisfied.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(w)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Plan</font>&#x201D; means this Share Unit Plan,
as may be amended from time to time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(x)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">PSU</font>&#x201D; or &#x201C;<font style="font-weight: bold">Performance Share Unit</font>&#x201D; means a
unit credited by means of an entry on the books of the Company to a
PSU Participant, representing the right to receive one Share
(subject to adjustments) issued from treasury.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(y)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">PSU Participant</font>&#x201D; means an Eligible
Person who has been designated by the Company for participation in
the Plan and to whom a Performance Share Unit has been granted or
will be granted hereunder.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(z)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#xA0;&#x201C;<font style="font-weight: bold">Required
Shareholder Approval</font>&#x201D; means the approval of this Plan
by the shareholders of the Company, in accordance with the
requirements of the Stock Exchanges, as applicable.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(aa)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Resignation</font>&#x201D; means the cessation
of employment (as an officer or employee) or service as a director
of the Participant with the Company or an Affiliate as a result of
a resignation by the Participant, other than as a result of
Retirement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times\ New\ Roman; font-size: 12px;">(bb)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Retirement</font>&#x201D; means the Participant
ceasing to be an employee or officer of the Company or an Affiliate
as a result of a resignation by the Participant where the
Participant is at least 55 years of age; has completed 5 years of
service with Company or an Affiliate and the Participant has
indicated that the Participant intends to cease active full-time
employment from any employer.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(cc)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">RSU</font>&#x201D; or &#x201C;<font style="font-weight: bold">Restricted Share Unit</font>&#x201D; means a
unit credited by means of an entry on the books of the Company to
an RSU Participant, representing the right to receive one Share
(subject to adjustments) issued from treasury.</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px; font-family: Times New Roman">(dd)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">RSU Participant</font>&#x201D; means an Eligible
Person who has been designated by the Company for participation in
the Plan and to whom a Restricted Share Unit has been granted or
will be granted hereunder.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(ee)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Share Unit</font>&#x201D; means a Performance
Share Unit and/or a Restricted Share Unit.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(ff)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Share Unit Award</font>&#x201D; means an award
of Share Units under this Plan to a Participant.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(gg)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Shares</font>&#x201D; means the common shares in
the capital of the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(hh)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Stock Exchanges</font>&#x201D; means, as the
context requires, the TSX, NYSE or any other stock exchange on
which the Shares are listed for trading at the relevant
time.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(ii)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Termination on Change of Control</font>&#x201D;
means Termination Without Cause within 6 months of a Change of
Control.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(jj)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Termination With
Cause</font>&#x201D;<font style="font-weight: bold">&#xA0;</font>means
the termination of employment (as an officer or employee) of the
Participant with cause by the Company or an Affiliate for any of
the following acts or omissions:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(I)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">The willful failure
of the Participant to follow the reasonable and lawful instructions
of the Company or an Affiliate;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(II)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">The willful failure
of the Participant to perform the reasonable duties assigned to the
Participant by the Company or an Affiliate;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(III)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">Willful misconduct
by a Participant;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(IV)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">A material breach
or non-observance of any of the provisions any employment contract
between the Participant and the Company or any
Affiliate;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(V)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">Any conduct of the
Participant that tends to bring him or the Company (or an
Affiliate) into disrepute and which is not corrected within a
reasonable time after the Participant receives written notice from
the Company or an Affiliate; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 120px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 12px">(VI)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">Any other act or
omission constituting cause at common law.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(kk)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Termination Without Cause</font>&#x201D; means
the termination of employment (as an officer or employee) of the
Participant without cause by the Company or an Affiliate and, in
the case of an officer, includes the removal of or failure to
reappoint the Participant as an officer of the Company or an
Affiliate.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(ll)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">TSX</font>&#x201D; means the Toronto Stock
Exchange.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(mm)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">United States</font>&#x201D; means the United
States of America, its territories and possessions, any State of
the United States and the District of Columbia.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(nn)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">U.S. Securities Act</font>&#x201D; means the
United States Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(oo)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">U.S. Taxpayer</font>&#x201D; means a Participant
who is a U.S. citizen, U.S. permanent resident or U.S. tax resident
or a Participant for whom a benefit under this Plan would otherwise
be subject to U.S. taxation under the U.S. Internal Revenue Code of
1986, as amended, and the rulings and regulations in effect
thereunder.</font></div>
</div>
</div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(pp)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">&#x201C;<font style="font-weight: bold">Vesting Date</font>&#x201D; means the date or
dates determined in accordance with the terms of the Grant Letter
in respect of a PSU or RSU, on and after which a particular PSU or
RSU, as applicable, can be settled, subject to amendment or
acceleration from time to time in accordance with the terms of the
Plan.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">1.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">The headings of all
articles, sections and paragraphs in this Plan are inserted for
convenience of reference only and shall not affect the construction
or interpretation of this Plan.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">1.4</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">Whenever the
singular or masculine are used in this Plan, the same shall be
construed as being the plural or feminine or neuter or vice versa
where the context so requires.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">1.5</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">The words
"herein&#x201D;, "hereby&#x201D;, "hereunder&#x201D;, "hereof&#x201D;
and similar expressions mean or refer to this Plan as a whole and
not to any particular article, section, paragraph or other part
hereof.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">1.6</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">Unless otherwise
specifically provided, all references to dollar amounts in this
Plan are references to lawful money of Canada.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">
ARTICLE II</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 11px">ADMINISTRATION OF
THE PLAN</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">2.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Administration</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">This
Plan shall be administered by the Committee and the Committee shall
have full authority to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">determine the
Eligible Persons who may participate in this Plan;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">grant Share Unit
Awards;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">determine the
terms, including the limitations, restrictions, vesting period,
Performance Criteria, Performance Period, Adjustment Factor,
availability for cash settlement, and conditions, if any, of such
grants; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">administer this
Plan, including the authority to interpret and construe any
provision of this Plan and to adopt, amend and rescind such rules
and regulations for administering this Plan as the Committee may
deem necessary in order to comply with the requirements of this
Plan.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">All
actions taken and all interpretations and determinations made by
the Committee in good faith shall be final and conclusive and shall
be binding on the Participants and the Company. The appropriate
officers of the Company are hereby authorized and empowered to do
all things and execute and deliver all instruments, undertakings
and applications and writings as they, in their absolute
discretion, consider necessary for the implementation of this Plan
and of the rules and regulations established for administering this
Plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">No
member of the Board or any person acting pursuant to authority
delegated to it hereunder shall be personally liable for any action
taken or determination or interpretation made in good faith in
connection with this Plan and each member of the Board and each
such person shall, in addition to their rights as directors or
officers of the Company, as applicable, be fully protected,
indemnified and held harmless by the Company with respect to any
such action taken or determination or interpretation made in good
faith. All costs incurred in connection with this Plan shall be for
the account of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Nothing
contained herein shall prevent the Board from adopting other or
additional Compensation Arrangements or other compensation or
incentive mechanism of the Company. This Plan shall not in any way
fetter, limit, obligate, restrict or constrain the Committee with
regard to the allotment or issue of any Shares or any other
securities in the capital of the Company other than as specifically
provided in this Plan.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Subject
to Section 4.5, the Board may adopt such rules or regulations and
vary the terms of this Plan and any grant hereunder as it considers
necessary to address tax or other requirements of any applicable
non-Canadian jurisdiction. Without limiting the foregoing,
notwithstanding anything to the contrary in the Plan, the
provisions of Schedule &#x201C;A&#x201D; shall apply to Share Unit
Awards to a Participant who is a U.S. Taxpayer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">2.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176134"><!--anchor--></a><font style="text-decoration: underline">Delegation to
Committee</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">All of
the powers exercisable hereunder by the Board may, to the extent
permitted by applicable law and as determined by resolution of the
Board, be exercised by a committee of the Board, including the
Committee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">2.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Register</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
Company shall maintain a register in which it shall record the name
and address of each Participant and the number of Share Units (and
their corresponding key conditions and Entitlement Date) awarded to
each Participant.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">
ARTICLE III</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px"><font style="font-weight: bold">
SHARE UNIT AWARDS</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Share Unit Awards</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">A Share
Unit Award may be made to an Eligible Person as determined in the
sole and absolute discretion of the Committee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">At the
time of the grant, the Committee shall determine:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">whether to grant a
Performance Share Unit, and if so, the Performance Criteria, the
Performance Period, the Vesting Date and the Adjustment Factor, if
any, established by the Committee;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">whether to grant a
Restricted Share Unit, and if so, the Vesting Date;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">whether the
Participant shall be granted the right to elect to receive from the
Company the Cash Equivalent of all or a portion of the Share Units
that are the subject of a Share Unit Award in accordance with
Section 3.3 of the Plan; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">any other terms,
conditions and limitations permitted by and not inconsistent with
this Plan as the Committee may determine.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
Share Units awarded will be credited to the Participant&#x2019;s
account, effective as of the Grant Date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Settlement</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
Share Units will be settled as soon as practicable following the
first Business Day following the Entitlement Date or, if
applicable, the Deferred Payment Date, unless otherwise provided
under this Plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Each
Participant will be entitled to settlement by way of issuance of
Shares from treasury. Settlement in Shares will be completed by
delivery to the Participant of a share certificate or the entry of
the Participant&#x2019;s name on the share register for the Shares.
Shares issued from treasury will be issued in consideration for the
past services of the Participant to the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Alternatively,
certain Participants may be entitled, pursuant to the terms of
their Grant Letter or as otherwise may be determined by the
Committee, to elect to receive the Cash Equivalent of all or a
portion of their Shares in accordance with Section
3.3.</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">For the
avoidance of doubt, a Participant will have no right or entitlement
whatsoever to receive any Shares or, if applicable, the Cash
Equivalent until the Entitlement Date or, if applicable, the
Deferred Payment Date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Cash Equivalent</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">If the
Grant Letter provides that a Participant is eligible to elect to
receive the Cash Equivalent for the Shares that are the subject of
a particular Share Unit Award, the Participant may deliver written
notice to the Company, 30 days before the Entitlement Date,
notifying the Company of its election to receive the Cash
Equivalent in respect of any or all vested Share Units held by such
Participant. Notwithstanding any election by the Participant, the
Committee may, in its sole discretion, choose to settle the Share
Units with Shares issued from treasury in the manner set forth in
Section 3.2.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">For
purposes of determining the Cash Equivalent of a Share Unit, such
calculation will be made on the Entitlement Date based on the
Market Price, provided that if the Entitlement Date falls on a date
upon which a Participant is subject to a black-out period or
trading restriction imposed by the Company (but, for greater
certainty, not a cease trade order or other restriction imposed by
any person other than the Company), then the Cash Equivalent shall
be calculated based on the Market Price on the date that is seven
(7) days following the date the relevant black-out period or other
trading restriction imposed by the Company is lifted, terminated or
removed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Settlement
in cash will be completed by delivery to the Participant of a
cheque to the Participant representing the applicable Cash
Equivalent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">For the
avoidance of doubt, any Participant who elects to have a Deferred
Entitlement in accordance with Section 3.4 of this Plan will not be
eligible to receive the Cash Equivalent for such
Shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.4</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref505337281"><!--anchor--></a><font style="text-decoration: underline">Deferred Entitlement and Deferred
Payment Date</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">A
Participant may elect to defer to receive a Deferred Entitlement,
being the deferral of receipt of all or any part of their Shares
following the Entitlement Date until a Deferred Payment Date. Any
Participant who elects to have a Deferred Entitlement will not be
eligible to receive the Cash Equivalent for such Shares in
accordance with Section 3.3.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Participants
who elect to have a Deferred Entitlement must give the Company
written notice of such election not later than thirty (30) days
prior to the Entitlement Date. For certainty, Participants shall
not be permitted to give any such notice after the day which is
thirty (30) days prior to the Entitlement Date and a notice once
given may not be changed or revoked. A Participant who has elected
to have a Deferred Entitlement must then give the Company written
notice of the Deferred Payment Date not later than ten (10)
business days prior to the chosen Deferred Payment Date, which date
must be a Business Day.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event of the Retirement, Resignation, Termination with Cause,
Termination Without Cause or Termination on Change of Control of
the Participant following the Entitlement Date and prior to the
Deferred Payment Date, the Participant shall be entitled to receive
and the Company shall issue forthwith the applicable Shares in
satisfaction of the Share Units then held by the Participant that
have vested in accordance with the applicable provisions of this
Plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.5</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Dividends</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event a dividend is paid in cash or Shares to shareholders of the
Company on the Shares while a Share Unit is outstanding no payment
in cash or Shares shall be made to each Participant in respect of
Share Units; however, the Committee may, in its sole discretion,
elect to credit each Participant with additional Share Units
reflective of the cash or Share dividends to such Participant. In
such case, the number of additional Share Units will be equal to
the aggregate amount of dividends that would have been paid to the
Participant if the Share Units in the Participant&#x2019;s account
on the record date had been Shares divided by the Market Price of a
Share on the date on which dividends were paid by the Company. If
the foregoing shall result in a fractional Share Unit, the fraction
shall be disregarded.</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
additional Share Units will vest and be settled on the
Participant&#x2019;s Entitlement Date or, if applicable, the
Deferred Payment Date of the particular Share Unit Award to which
the additional Share Units relate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.6</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176736"><!--anchor--></a><font style="text-decoration: underline">Termination on Change of
Control</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event of a Termination on Change of Control:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">all unvested
Restricted Share Units outstanding pursuant to a Share Unit Award
shall automatically immediately vest on the date of such
Termination on Change of Control and the date of termination will
be the Entitlement Date for all such RSUs; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">If there are any
Performance Criteria of a Performance Share Unit that have not yet
been met, other than the passage of time, all PSUs shall vest on
the date of such Termination on Change of Control using an
Adjustment Factor as determined by the Committee, and the date of
termination will be the Entitlement Date for all such
PSUs.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Upon a
Change of Control, Participants shall not be treated any more
favourably than shareholders of the Company with respect to the
consideration the Participants would be entitled to receive for
their Shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.7</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176743"><!--anchor--></a><font style="text-decoration: underline">Death or Disability of
Participant</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event of:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the death of a
Participant, any unvested Share Units held by such Participant will
automatically vest on the date of death of such Participant and the
Shares underlying all Share Units held by such Participant will be
issued to the Participant&#x2019;s estate as soon as reasonably
practical thereafter; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the disability of a
Participant (as may be determined in accordance with the policies,
if any, or general practices of the Company or applicable
affiliate), any unvested Share Units held by such Participant will
automatically vest on the date on which the Participant is
determined to be totally disabled and the Shares underlying the
Share Units held will be issued to the Participant as soon as
reasonably practical thereafter.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.8</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176751"><!--anchor--></a><font style="text-decoration: underline">Retirement</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event of Retirement of a Participant, any unvested Share Units held
by such Participant will automatically vest on the date of
Retirement and the Shares underlying such Share Units will be
issued to the Participant as soon as reasonably practical
thereafter.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.9</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176681"><!--anchor--></a><font style="text-decoration: underline">Termination Without
Cause</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">In the event of
Termination Without Cause of a Participant that has been
continuously employed by the Company or any Affiliate for at least
two (2) years prior to the date of such Termination Without Cause
inclusive of any notice period, if applicable, any unvested Share
Units held by such Participant, that are not subject to Section
3.9(b) as a result of not being subject to Performance Criteria,
will automatically vest on the date of Termination Without Cause
and the Shares underlying such Share Units will be issued to the
Participant as soon as reasonably practical
thereafter.</font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px"><a name="_Ref383176683"><!--anchor--></a>In the event of
Termination Without Cause of a Participant that has been
continuously employed by the Company or any Affiliate for at least
two (2) years prior to the date of such Termination Without Cause
inclusive of any notice period, if applicable, any unvested PSUs
with Performance Criteria that have not been satisfied held by such
Participant will vest on the date of such Termination Without Cause
using an Adjustment Factor as determined by the Committee, and the
date of termination will be the Entitlement Date for all such PSUs,
unless otherwise stipulated in the Participant&#x2019;s Grant Letter
or as may otherwise be determined by the Committee in its sole and
absolute discretion.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">In the event of
Termination Without Cause of a Participant that has been
continuously employed by the Company or any Affiliate for less than
two (2) years prior to the date of such Termination Without Cause
inclusive of any notice period, if applicable, all of the
Participant&#x2019;s Share Units shall become void and the
Participant shall have no entitlement and will forfeit any rights
to any issuance of Shares under this Plan unless otherwise
stipulated in the Participant&#x2019;s Grant Letter.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.10</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176765"><!--anchor--></a><font style="text-decoration: underline">Termination With Cause or
Resignation</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event of Termination With Cause or the Resignation of a
Participant, all of the Participant&#x2019;s Share Units shall
become void and the Participant shall have no entitlement and will
forfeit any rights to any issuance of Shares under this Plan,
except as may otherwise be stipulated in the Participant&#x2019;s
Grant Letter or as may otherwise be determined by the Committee in
its sole and absolute discretion. Share Units that have vested but
that are subject to a Participant&#x2019;s election to set a
Deferred Payment Date shall be issued forthwith following the
Termination with Cause or the Resignation of the
Participant.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.11</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Share Unit Grant Letter</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Each
grant of a Share Unit under this Plan shall be evidenced by a Grant
Letter issued to the Participant by or on behalf of the Company.
Such Grant Letter shall be subject to all applicable terms and
conditions of this Plan and may include any other terms and
conditions which are not inconsistent with this Plan and which the
Committee deems appropriate for inclusion in a Grant Letter. Grant
Letters may be issued in electronic format or made available
through other electronic means and the provisions of the various
Grant Letters issued under this Plan need not be
identical.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">3.12</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Subject to Employment/Severance Agreements</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Sections
3.6, 3.7, 3.8, 3.9, 3.10, 4.10 and 4.11 shall be subject to any
employment/severance agreement between the Participant and the
Company or its Affiliates and in the event of any conflict between
Sections 3.6, 3.7, 3.8, 3.9, 3.10, 4.10 and 4.11 hereof and any
such employment/severance agreement, the provisions of such
employment/severance agreement will prevail.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">3.13</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Participation Limits</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
maximum number of Shares made available for issuance from treasury
under this Plan, subject to adjustments pursuant to this Plan,
shall not exceed 15,000,000 Shares. Any Shares subject to a Share
Unit which has been cancelled or terminated in accordance with the
terms of the Plan without settlement will again be available under
the Plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">This
Plan, together with all other Compensation Arrangements, shall not
result in:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the aggregate
number of Shares reserved for issuance to Insiders of the Company
(as a group), at any point in time, exceeding 10% of the
Company&#x2019;s total issued and outstanding Shares;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">within any one (1)
year period, the issuance to Insiders of the Company (as a group),
of an aggregate number of Shares exceeding 10% of the
Company&#x2019;s total issued and outstanding Shares;</font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the aggregate
number of Shares reserved for issuance to all non-employee
directors of the Company exceeding 1% of the Company&#x2019;s total
issued and outstanding Shares; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the grant to any
individual non-employee director of the Company of more than
$150,000 worth of Shares annually.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">For
greater certainty the number of Shares outstanding shall mean the
number of Shares outstanding on a non-diluted basis on the date
immediately prior to the proposed Grant Date.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">
ARTICLE IV</font></div>
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GENERAL</font></font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.1</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Effectiveness</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">This
Plan shall become effective upon Board approval, subject to the
acceptance and approval of the Plan by the Stock Exchanges and the
Required Shareholder Approval.</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">Subject
to and following the receipt of the approval of the Stock Exchanges
and the Required Shareholder Approval, the Company shall have the
power to satisfy any Share Unit obligation of the Company
(including those granted prior to and conditional on such
approvals) by the issuance of Shares from treasury at a rate of one
Share for each Share Unit, subject to adjustment. For greater
certainty, if the Required Shareholder Approval is not obtained,
such conditional grants will be void and no Shares may be issued
from treasury in respect of such Share Units.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.2</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Discontinuance of Plan</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">The
Committee or the Board, as the case may be, may discontinue this
Plan at any time in its sole discretion, and without shareholder
approval, provided that such discontinuance may not, without the
consent of the Participant, in any manner adversely affect the
Participant&#x2019;s rights under any Share Unit granted under this
Plan. In the event this Plan is discontinued by the Committee or
the Board the balance of outstanding Share Units shall be
maintained until the earlier of the Entitlement Date for, or the
termination, resignation, retirement, death or disability of, each
Participant as provided for under this Plan.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.3</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Non-Transferability</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">Except
pursuant to (a) a will or by the laws of descent and distribution,
or (b) any registered retirement savings plans or registered
retirement income funds of which the Participant is and remains the
annuitant; no Share Unit and no other right or interest of a
Participant is assignable or transferable.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event that a Participant receives Shares from the Company in
satisfaction of a grant of Share Units during a black-out period,
the Participant shall not be entitled to sell or otherwise dispose
of such Shares until such black-out period has
expired.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event that a Participant in the United States receives Shares from
the Company in satisfaction of a grant of Share Units pursuant to
an exemption from the registration requirements of the U.S.
Securities Act and applicable state securities laws, such Shares
will be &#x201C;restricted securities&#x201D;, as such term is
defined in Rule 144(a)(3) under the U.S. Securities Act, and may
not be offered, sold, pledged or otherwise transferred unless such
Shares are registered under the U.S. Securities Act and all
applicable state securities laws or in compliance with an exemption
or exclusion therefrom, and such Shares will bear a restrictive
legend to such effect.</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">4.4</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Income Taxes</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">The
Company or its Affiliates may take such steps as are considered
necessary or appropriate for the withholding of any taxes or other
source deduction which the Company or its Affiliate is required by
any law or regulation of any governmental authority whatsoever to
withhold in connection with the grant, vesting or settlement of
Share Units pursuant to this Plan, including a sale on behalf of a
Participant of a sufficient number of Shares to fund such
withholding obligation. For greater certainty, should it be deemed
necessary or appropriate by the Company or its Affiliate, no cash
payment will be made or Shares issued until an amount sufficient to
cover the applicable withholding taxes payable on settlement of the
Share Units has been received by the Company or its Affiliate, as
the case may be, or other arrangements have been made for payment
of the withholding taxes to the satisfaction of the Company or its
Affiliate, as the case may be. Without limiting the generality of
the foregoing, the Company or its Affiliate will have the right to
deduct from payments of any kind otherwise due to a Participant any
taxes of any kind required to be withheld by the Company or its
Affiliate, as the case may be, pursuant to this Plan.</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">4.5</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><a name="_Ref383176922"><!--anchor--></a><font style="text-decoration: underline">Amendments to the
Plan</font></font></div>
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<font style="font-family: Times New Roman; font-size: 12px">Until
such time as the Company receives the Required Shareholder
Approval, the Plan may be amended, suspended or terminated at any
time by the Committee in whole or in part. No amendment of the Plan
shall, without the consent of the Participants affected by the
amendment, or unless required by applicable law, adversely affect
the rights accrued to such Participants with respect to Share Units
granted prior to the date of the amendment.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Following
receipt of the Required Shareholder Approval, the Committee may
from time to time in its sole discretion, and without shareholder
or Participant approval, amend, modify and change the provisions of
this Plan, and Share Unit Award and/or any Grant Letter, in
connection with (without limitation):</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">amendments of a
housekeeping nature, including, without limitation, those made to
clarify the meaning of an existing provision, correct or supplement
any provision that is inconsistent with any other provision,
correct any grammatical or typographical errors or amend the
definitions in the Plan regarding administration of the
Plan;</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the addition or a
change to any vesting or settlement provisions of a Share
Unit;</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">changes to the
termination provisions of a Share Unit or the Plan;</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">(d)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">any amendment to
the Plan respecting administration of the Plan; and</font></div>
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<font style="font-family: Times New Roman; font-size: 12px">(e)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">amendments to
reflect changes to applicable securities or tax laws or that are
otherwise necessary to comply with applicable law or the
requirements of the TSX or any other regulatory body having
authority over the Company, the Plan, the Participants or the
shareholders.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 12px">However, any
amendment, modification or change to the provisions of this Plan
which would:</font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">materially increase
the benefits to the holder of the Share Units who is an Insider to
the material detriment of the Company and its
shareholders;</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(g)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">increase the
maximum number of Shares which may be issued from treasury pursuant
to Share Units granted pursuant to this Plan (other than by virtue
of adjustments pursuant to this Plan);</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(h)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">extend the expiry
date for Share Units granted to Insiders under the
Plan;</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(i)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">permit Share Units
to be transferred other than for normal estate settlement purposes
or to any registered retirement savings plans or registered
retirement income funds of which the participant is and remains the
annuitant;</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(j)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">remove or exceed
the Insider participation limits set forth in (a) to (d) of Section
3.13 of this Plan;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(k)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">amend the
definition of &#x201C;Participant&#x201D; to allow for additional
categories of Participants or otherwise materially modify the
eligibility requirements for participation in this
Plan;<font style="font-weight: bold; font-style: italic">&#xA0;</font><font style="font-style: italic">or</font></font></div>
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<div style="text-align: justify; display: table-cell"><font style="font-family: Times\ New\ Roman; font-size: 12px;">&#xA0;</font></div>
</div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">(l)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times\ New\ Roman; font-size: 12px;"><font style="font-family: Times New Roman; font-size: 12px">modify the amending
provisions of the Plan set forth in this Section
4.5,</font><br></font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">shall
only be effective on such amendment, modification or change being
approved by the shareholders of the Company. In addition, any such
amendment, modification or change of any provision of this Plan
shall be subject to the approval, if required, by any Stock
Exchange having jurisdiction over the securities of the
Company.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.6</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Participant Rights</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">No
holder of any Share Units shall have any rights as a shareholder of
the Company. Except as otherwise specified herein, no holder of any
Share Units shall be entitled to receive, and no adjustment is
required to be made for, any dividends, distributions or any other
rights declared for shareholders of the Company.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.7</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
No Right to Continued Employment or Service</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Nothing
in this Plan shall confer on any Participant the right to continue
as an employee or officer of the Company or any Affiliate, as the
case may be, or interfere with the right of the Company or
Affiliate, as applicable, to remove such officer and/or
employee.</font></div>
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<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.8</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Clawback</font></div>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
any other provision in the Plan, if the Participant is the CEO
and/or the CFO of the Company, the Participant&#x2019;s Share Unit
Awards will be subject to clawback in accordance with the policies
and procedures of the Company as adopted and amended by the Board,
from time to time.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.9</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Adjustments</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">In the
event there is any change in the Shares, whether by reason of a
stock dividend, consolidation, subdivision, reclassification or
otherwise, an appropriate adjustment may be made to outstanding
Share Units by the Committee, in its sole discretion, to reflect
such changes. If the foregoing adjustment shall result in a
fractional Share, the fraction shall be disregarded.<font style="font-weight: bold">&#xA0;</font>All such adjustments shall be
conclusive, final and binding for all purposes of this
Plan.</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.10</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Effect of Take-Over Bid</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">If a
bona fide offer (the "<font style="font-weight: bold">Offer</font>") for Shares is made to
shareholders generally (or to a class of shareholders that would
include the Participant), which Offer, if accepted in whole or in
part, would result in the offeror (the "<font style="font-weight: bold">Offeror</font>") exercising control over the
Company within the meaning of the Securities <font style="font-style: italic">Act</font> (Ontario), then the Company shall,
as soon as practicable following receipt of the Offer, notify each
Participant of the full particulars of the Offer. The Board will
have the sole discretion to amend, abridge or otherwise eliminate
any vesting schedule related to each Participant&#x2019;s Share
Units so that notwithstanding the other terms of this Plan, the
underlying Shares may be conditionally issued to each Participant
holding Share Units so (and only so) as to permit the Participant
to tender the Shares received in connection with the Share Units
pursuant to the Offer. If:</font></div>
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<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the Offer is not
complied with within the time specified therein;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the Participant
does not tender the Shares underlying the Share Units pursuant to
the Offer; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div><font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(c)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">all of the Shares
tendered by the Participant pursuant to the Offer are not taken up
and paid for by the Offeror,</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">then at
the discretion of the Committee or the Board, the Share Units shall
be deemed not to have been settled and the Shares or, in the case
of clause (c) above, the Shares that are not taken up and paid for,
shall be deemed not to have been issued and will be reinstated as
authorized but unissued Shares and the terms of the Share Units as
set forth in this Plan and the applicable Grant Letter shall again
apply to the Share Units.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.11</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px"><font style="text-decoration: underline">
Effect of Change of Control</font>.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Upon
the Company entering into an agreement relating to a transaction
which, if completed, would result in a Change of Control, or
otherwise becoming aware of a pending Change of Control, the
Company shall give written notice of the proposed Change of Control
to Participants, together with a description of the effect of such
Change of Control on outstanding Share Units, not less than seven
(7) days prior to the closing of the transaction resulting in the
Change of Control.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
anything else in this Plan or any Grant Letter, the Committee has
the right to provide for the conversion or exchange of any
outstanding Share Units into or for units, rights or other
securities in any entity participating in or resulting from a
Change of Control, provided that the value of previously granted
Share Units and the rights of Participants are not materially
adversely affected by any such changes.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">If the
surviving, successor or acquiring entity does not assume the
outstanding Share Units or substitute similar share units for the
outstanding Units:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(a)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the Plan will be
terminated effective immediately prior to the Change of Control and
all Restricted Share Units will be deemed to be vested Restricted
Share Units and a specified number of outstanding Performance Share
Units will be deemed to be vested Performance Share Units and will
be redeemed as of the termination date of the Plan. The number of
Performance Share Units that are deemed to be vested Performance
Share Units will be determined in Board&#x2019;s discretion using an
Adjustment Factor.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 48px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 12px">(b)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 12px">the Market Price of
the Share underlying a Share Unit will be determined and
crystallized using the Market Price of the Share on the date of the
Change of Control and, at such time, such Share Unit will
automatically convert into the entitlement of such Participant to
receive a cash payment, to be paid by the Company in the same
manner and timing as the underlying Share Unit would have been in
accordance with the Plan, provided however, that such cash payment
will not be paid later than December 31 of the third calendar year
following the year in which the services giving rise to the award
were rendered.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.12</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Unfunded Status of Plan</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">This
Plan shall be unfunded.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.13</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
No Interest</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">No
interest or other amounts shall accrue to a Participant in respect
of any amount payable by the Company to the Participant under this
Plan or a Share Unit.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.14</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Compliance with Laws</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">If any
provision of this Plan or any Share Unit contravenes any law or any
order, policy, by-law or regulation of any regulatory body having
jurisdiction, then such provision shall be deemed to be amended to
the extent necessary to bring such provision into compliance
therewith. The Company shall not be obliged by any provision of the
Plan or the grant of any Share Unit hereunder to issue Shares or
deliver a Cash Equivalent in violation of such laws, rules and
regulations or any condition of such approvals.</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">No
Units shall be granted, and no Shares shall be issued hereunder,
where such grant or issuance would require registration of the Plan
or the Shares under the securities laws of any foreign jurisdiction
(other than Canada or the United States) and any purported grant of
any Unit or issuance of any Shares hereunder in violation of this
provision shall be void.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.15</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Governing Law</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">This
Plan shall be governed by and construed in accordance with the laws
of the Province of Ontario and the federal laws of Canada
applicable therein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">4.16</font></div>
<div style="text-align: justify; display: table-cell"><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
Effective Dates and Amendments</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Approved
by the Board on March 8, 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Approved
by the Shareholders on May 3, 2018.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 11px"><br></font></div>
</div>
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<div id="pn" style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px"><br></font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 12px">
SCHEDULE &#x201C;A&#x201D;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">DENISON
MINES CORP.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">SHARE
UNIT PLAN</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
anything to the contrary in the Plan, the provisions of this
Schedule &#x201C;A&#x201D; shall apply to the Share Unit Awards made
to a Participant during the period that he or she is a U.S.
Taxpayer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman; font-size: 12px">
Retirement</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
Section 3.8 of the Plan, any unvested Share Units held by a
Participant that is a U.S. Taxpayer will automatically vest on the
date such Participant attains the age of 65 and the Shares
underlying such Share Units will be issued to the Participant
forthwith and in any event no later than March 15 of the following
calendar year.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; text-decoration: underline; font-family: Times New Roman; font-size: 12px">
Election of a Deferred Payment Date</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
Section 3.4 of the Plan, a Participant who is a U.S. Taxpayer shall
only be allowed to elect a Deferred Entitlement if such election is
delivered by written notice to the Company not less than twelve
(12) months before the Entitlement Date and only if such election
designates a Deferred Payment Date that is not less than five (5)
years after the original Entitlement Date. Notwithstanding the last
paragraph of Section 3.4 of the Plan, for any Participant who is a
U.S. Taxpayer, settlement of any Share Units shall not be
accelerated upon a Retirement, Resignation, Termination with Cause,
Termination Without Cause or Termination on Change of Control
unless such event also qualifies as a &#x201C;separation from
service&#x201D; under U.S. Treasury Regulation 1.409A-1(h) from the
Company or an Affiliate which is a &#x201C;service recipient&#x201D;
(as defined under U.S. Treasury Regulation 1.409A-1(h)(3)) in
relation to the Participant and shall also be subject to further
delay in settlement by six months and one day if the Participant
qualifies a &#x201C;specified employee&#x201D; as defined in Section
409A, except if the qualifying termination of service is on account
of the Participant&#x2019;s death. The determination of whether any
U.S. Taxpayer is a &#x201C;specified employee&#x201D; shall be
determined by the Board in accordance with U.S. Treasury Regulation
1.409A-1(i).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">Modification
of Plan Terms by Employment/Severance Agreements</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Notwithstanding
Section 3.12 of the Plan, no employment or severance agreement term
shall be applied to modify Sections 3.6, 3.7, 3.8, 3.9 or 3.10 if
such application shall cause a violation of Section 409A (as
defined below).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">Section
409A</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Share
Unit Awards will be designed and operated in such a manner that
they are either exempt from the application of, or comply with, the
requirements of Section&#xA0;409A of the U.S. Internal Revenue Code
and the U.S. Treasury Regulations and other U.S. Internal Revenue
Service guidance promulgated thereunder as in effect from time to
time (<font style="font-weight: bold">&#x201C;Section
409A&#x201D;</font>) and will be construed and interpreted in
accordance with such intent. To the extent that a Share Unit Award
or payment, or the settlement or deferral thereof, is subject to
Section&#xA0;409A, the Share Unit Award will be granted, paid,
settled or deferred in a manner that will meet the requirements of
Section&#xA0;409A, such that the grant, payment, settlement or
deferral will not be subject to the additional tax or interest
applicable under Section&#xA0;409A.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">Each
Participant is solely responsible and liable for the satisfaction
of all taxes and penalties that may be imposed on or for the
account of such Participant in connection with this Plan (including
any taxes and penalties under Section 409A), and neither the
Company nor any Affiliate shall have any obligation to indemnify or
otherwise hold such Participant or beneficiary or the
Participant&#x2019;s estate harmless from any or all such taxes or
penalties.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 12px">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 12px">No
Modification of Other Plan Terms</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 12px">All
provisions of the Plan shall continue to apply to a U.S. Taxpayer,
except to the extent that they have not been specifically modified
by this Schedule&#xA0;"A".</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 11px"><br></font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>opinion.htm
<DESCRIPTION>OPINION OF BLAKE, CASSELS & GRAYDON LLP
<TEXT>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">

<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><a name="ex5-1">E</a>xhibit 5.1 and <a name="ex-23">2</a>3.1</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">May 3, 2018</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Denison Mines
Corp.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">40 University Avenue, Suite
1100<br></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Toronto,
Ontario</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">M5J 1T1</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Re: Denison Mines Corp. &#x2013;
Registration Statement on Form S-8</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Ladies and
Gentlemen:</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">At your request, we have examined
the form of Registration Statement on Form S-8 (the
&#x201C;<font style="font-weight: bold;">Registration
Statement</font>&#x201D;) being filed by Denison Mines Corp. (the
&#x201C;<font style="font-weight: bold;">Company</font>&#x201D;) with
the United States Securities and Exchange Commission in connection
with the registration under the United States Securities Act of
1933, as amended (the &#x201C;Act&#x201D;), of 15,000,000 common
shares of the Company (the &#x201C;<font style="font-weight: bold;">Common Shares</font>&#x201D;), issuable under
the Company&#x2019;s share unit plan approved by the shareholders of
the Company on May 3, 2018 (the &#x201C;<font style="font-weight: bold;">Share Unit
Plan</font>&#x201D;).</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">For the purpose of this opinion,
we have examined and reviewed originals or copies, certified or
otherwise, identified to our satisfaction of such documents,
corporate records and other instruments as we have deemed necessary
or appropriate, including the corporate proceedings and records of
the Company relating to the approval of the Share Unit Plan and the
issuance of the Common Shares. We have assumed the genuineness of
all signatures and the authenticity of all documents submitted to
us as originals and the conformity to authentic or original
documents of all documents submitted to us as a certified,
conformed or photostatic copies.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">This opinion is limited to the
laws of the Province of Ontario and the federal laws of Canada
applicable therein. We do not express any opinion on any laws other
than the laws of the Province of Ontario and the laws of Canada
applicable therein.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Based upon and subject to the
foregoing, as of the date hereof, we are of the opinion that the
issuance of the Common Shares has been duly authorized and the
Common Shares will, at the time of their issuance upon the
settlement of duly and properly vested restricted share units
granted under the Share Unit Plan in accordance with the terms of
the Share Unit Plan, be validly issued and outstanding as fully
paid and non-assessable common shares of the
Company.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">We consent to the use of this
opinion as an exhibit to the Registration Statement. In giving this
consent, however, we do not admit that we are &#x201C;experts&#x201D;
within the meaning of Section 11 of the Act as amended, or within
the category of persons whose consent is required by Section 7 of
the Act.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">This opinion is provided solely
for the benefit of the addressee of this opinion in connection with
the filing of the Registration Statement. This opinion may not be
relied upon by anyone else or used for any other purpose without
our prior written consent.&#xA0; This opinion is given as of the
date hereof and we disclaim any obligation or undertaking to advise
any person of any change in law or fact which may come to our
attention after the date hereof.<br></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Yours truly,</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">(signed) &#x201C;Blake, Cassels
&amp; Graydon LLP&#x201D;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>pwcconsent.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2018 Issuer Direct Corporation -->
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;"><a name="ex-23-2">E</a>xhibit 23.2</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times\ New\ Roman;">Consent of
Independent Registered Public Accounting
Firm<br></font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">We consent to the incorporation
by reference in the Registration Statement on Form S-8 of Denison
Mines Corp. of our report dated March 8, 2018 relating to the
consolidated financial statements and the effectiveness of internal
control over financial reporting, which is filed as an exhibit to
Denison Mines Corp.'s Annual Report on Form 40-F for the year ended
December 31, 2017.</font></font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">/s/ PricewaterhouseCoopers
LLP</font></font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">Toronto,
Canada</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">May 3, 2018</font></font></div>
<div><font style="font-family: Times\ New\ Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-size: 13px"><font style="font-family: Times\ New\ Roman;">&#xA0;</font></font></div>
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