<SEC-DOCUMENT>0001104659-21-142197.txt : 20211122
<SEC-HEADER>0001104659-21-142197.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20211122065945
ACCESSION NUMBER:		0001104659-21-142197
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20211122
DATE AS OF CHANGE:		20211122
EFFECTIVENESS DATE:		20211122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Telesat Corp
		CENTRAL INDEX KEY:			0001845840
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATION SERVICES, NEC [4899]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-261257
		FILM NUMBER:		211430126

	BUSINESS ADDRESS:	
		STREET 1:		160 ELGIN ST
		STREET 2:		SUITE 2100
		CITY:			OTTAWA
		STATE:			A6
		ZIP:			K2P 2P7
		BUSINESS PHONE:		(613) 748-8700 X2268

	MAIL ADDRESS:	
		STREET 1:		160 ELGIN ST
		STREET 2:		SUITE 2100
		CITY:			OTTAWA
		STATE:			A6
		ZIP:			K2P 2P7
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2133275-3_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the U.S. Securities and Exchange
Commission on November 19, 2021</B></P>

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

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



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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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



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

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

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

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

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

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

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



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT CORPORATION</B></P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>British Columbia, Canada</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of<BR>
    incorporation or organization)</B></P></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4899</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Primary Standard Industrial<BR>
    Classification Code Number)</B></P></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer<BR>
    Identification Number)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>160 Elgin Street<BR>
Suite 2100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ottawa, Ontario, Canada K2P 2P7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(613)&nbsp;748-8700</B></P>

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

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B><BR>
Telesat Corporation Omnibus Long-Term Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Telesat Corporation Amended
 &amp; Restated Management Stock Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Telesat Corporation 2021 Amended
 &amp; Restated Management Stock Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Telesat Corporation Restricted
Share Unit Plan</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>160 Elgin Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 2100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ottawa, Ontario, Canada K2P 2P7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(613) 748-8700 ext. 2268</B></P>

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.6in; text-align: center"><B>John L Robinson</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.6in; text-align: center"><B>51 West 52nd Street</B></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="width: 24%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company&#9;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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



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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">Title of securities to be registered</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">Amount to be registered<SUP>(1)</SUP></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">Proposed maximum offering price per share</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 1.75pt 1.5pt; text-align: center">Proposed maximum aggregate offering price</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt 1.75pt; text-align: center">Amount of registration fee</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">Class A common and Class B variable voting shares, no par value per share:</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">305,499 shares<SUP>(2)</SUP></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">$21.75<SUP>(3)</SUP></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; text-align: center">$6,644,645.55<SUP>(3)</SUP></TD>
    <TD STYLE="border: black 1pt solid; padding: 2pt 1.5pt; text-align: center">$615.96</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">Class A common and Class B variable voting shares, no par value per share:</TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">598,392 shares<SUP>(4)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$47.31<SUP>(5)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$28,307,507.00<SUP>(5)</SUP></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt; text-align: center">$2,624.11</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">Class A common and Class B variable voting shares, no par value per share:</TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">1,487,581&nbsp;shares<SUP>(6)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$43.72<SUP>(7)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$65,037,041.32<SUP>(7)</SUP></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt; text-align: center">$6,028.93</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">Class A common and Class B variable voting shares, no par value per share:</TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">2,972,816 shares<SUP>(8)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$43.72<SUP>(7)</SUP></TD>
    <TD STYLE="border-left: black 1pt solid; padding: 2pt 1.25pt 2pt 1.5pt; border-bottom: black 1pt solid; text-align: center">$129,971,515.52<SUP>(7)</SUP></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 1.5pt; text-align: center">$12,048.36</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement
shall also cover an indeterminate number of additional Class A common shares, no par value per share (the &ldquo;Class A common shares&rdquo;)
and Class B variable voting shares, no par value per share (the &ldquo;Class B variable voting shares&rdquo;) of Telesat Corporation (&ldquo;Telesat&rdquo;),
which may become issuable under the equity plan being registered pursuant to this registration statement by reason of stock dividends,
stock splits, recapitalizations or any other similar transaction effected without the receipt of consideration leading to an increase
in the number of outstanding shares.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Represents Class A common shares and Class B variable voting shares
issuable upon the exercise or settlement, as applicable, of stock options and tandem share appreciation rights issued pursuant to the
Telesat Corporation Amended &amp; Restated Management Stock Incentive Plan (the &ldquo;Legacy 2008 Plan&rdquo;), which equity awards were
converted into equity awards of Telesat with respect to Class A common shares and Class B variable voting shares pursuant to exchange
agreements with holders of such equity awards in connection with the consummation of the transactions contemplated by the Transaction
Agreement and Plan of Merger, dated as of November 23, 2020 (as amended, the &ldquo;Transaction Agreement&rdquo;), by and among Telesat,
Telesat Canada, a corporation incorporated under the laws of Canada, Telesat Partnership LP, a limited partnership organized under the
laws of Ontario, Telesat CanHold Corporation, a corporation incorporated under the laws of British Columbia, Loral Space &amp; Communications
Inc., a Delaware corporation, Lion Combination Sub Corporation, a Delaware corporation, Public Sector Pension Investment Board, a Canadian
Crown corporation incorporated under the laws of Canada, and Red Isle Private Investments Inc., a corporation incorporated under the laws
of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Estimated solely for the purpose of calculating the
registration fee in accordance with Rule 457(h) of the Securities Act. The price per share and aggregate offering price are
calculated on the basis of $27.49, the weighted average exercise price of the outstanding stock options under the Legacy 2008 Plan
(converted from Canadian dollars to U.S. dollars using an exchange rate of C$1.00=US$1.2639, the Bank of Canada daily average
exchange rate on November 19, 2021).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) Represents Class A common shares and Class B variable voting shares
issuable upon the exercise or settlement, as applicable, of stock options and tandem share appreciation rights issued pursuant to the
Telesat Corporation 2021 Amended &amp; Restated Management Stock Incentive Plan (the &ldquo;Legacy 2013 Plan&rdquo;), which equity awards
were converted into equity awards of Telesat with respect to Class A common shares and Class B variable voting shares pursuant to exchange
agreements with holders of such equity awards in connection with the transactions contemplated by the Transaction Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) Estimated solely for the purpose of calculating the
registration fee in accordance with Rule 457(h) of the Securities Act. The price per share and aggregate offering price are
calculated on the basis of $59.79, the weighted average exercise price of the outstanding stock options under the Legacy 2013 Plan
(converted from Canadian dollars to U.S. dollars using an exchange rate of C$1.00=US$1.2639, the Bank of Canada daily average
exchange rate on November 19, 2021).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6) Represents Class A common shares and Class B variable voting shares
issuable upon the exercise of restricted share units issued pursuant to the Telesat Corporation Restricted Share Unit Plan which equity
awards were converted into equity awards of Telesat with respect to Class A common shares and Class B variable voting shares pursuant
to exchange agreements with holders of such equity awards in connection with the transactions contemplated by the Transaction Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7) Estimated solely for the purpose of calculating the
registration fee in accordance with Rule 457(h) of the Securities Act. The proposed maximum aggregate offering price is calculated
pursuant to Rule 457(c) and Rule 459(h) under the Securities Act on the basis of $43.72 per share, the average of the high and low
sales prices of our Class A common shares and Class B variable voting shares on the Nasdaq Global Select Market on November 19,
2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8) Represents Class A common shares and Class B variable voting shares
issuable pursuant to equity awards to be granted under the Telesat Corporation Omnibus Long-Term Incentive Plan (the &ldquo;Telesat Omnibus
Plan&rdquo;) pursuant to the share reserve under the Telesat Omnibus Plan. As of today&rsquo;s date, no awards have been granted under
the Telesat Omnibus Plan.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;This registration statement on Form S-8 is filed by Telesat Corporation
(&ldquo;Telesat&rdquo;) in connection with the consummation on November 18, 2021 and November 19, 2021 of the transactions contemplated
by, and in accordance with the terms and conditions of, a Transaction Agreement and Plan of Merger, dated as of November 23, 2020, as
amended on June 24, 2021 (as amended, the &ldquo;Transaction Agreement&rdquo;), by and among Telesat, Telesat Canada, a corporation incorporated
under the laws of Canada (&ldquo;Telesat Canada&rdquo;), Telesat Partnership LP, a limited partnership organized under the laws of Ontario
(&ldquo;Telesat Partnership&rdquo;), Telesat CanHold Corporation, a corporation incorporated under the laws of British Columbia, Loral
Space &amp; Communications Inc., a Delaware corporation (&ldquo;Loral&rdquo;), Lion Combination Sub Corporation, a Delaware corporation,
Public Sector Pension Investment Board, a Canadian Crown corporation incorporated under the laws of Canada, and Red Isle Private Investments
Inc., a corporation incorporated under the laws of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Transaction Agreement and exchange
agreements by and among Telesat, Telesat Canada and holders of (i) options to purchase Non-Voting Participating Preferred Shares (&ldquo;NVPPS&rdquo;)
of Telesat Canada and/or Telesat Holdings Inc. (&ldquo;Options&rdquo;), (ii) tandem stock appreciation rights accompanying certain Options
(&ldquo;Tandem SARs&rdquo;) and/or (iii)&nbsp;restricted share units that represent the right to receive NVPPS of Telesat Canada (&ldquo;RSUs&rdquo;)
(the &ldquo;Exchange Agreements&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>each outstanding Option held by an employee of Telesat Canada was converted into an option of Telesat (a &ldquo;Telesat Option&rdquo;)
to purchase a number of shares of Telesat Class A common shares of Telesat (the &ldquo;Class A common shares&rdquo;) or Class B variable
voting shares of Telesat (the &ldquo;Class B variable voting shares&rdquo;), determined in accordance with and pursuant to the terms and
conditions of the Transaction Agreement and the Exchange Agreements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>each outstanding Tandem SAR held by an employee of Telesat Canada was converted into a tandem stock appreciation right of Telesat
(a &ldquo;Telesat Tandem SAR&rdquo;) accompanying certain Telesat Options, determined in accordance with and pursuant to the terms and
conditions of the Transaction Agreement and the Exchange Agreements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>each outstanding award of RSU by an employee of Telesat Canada, was converted into a restricted share unit award in respect of a number
of shares of Class A common shares or Class B variable voting shares (a &ldquo;Telesat RSU&rdquo;), determined in accordance with and
pursuant to the terms and conditions of the Transaction Agreement and the Exchange Agreements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This registration statement registers shares of
Class A common shares and Class B variable voting shares which may be issuable pursuant to the Telesat Options, Telesat Tandem SARs and
Telesat RSUs received pursuant to Exchange Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the consummation of the transactions contemplated
by the Transaction Agreement, Telesat authorized and approved Telesat Corporation Omnibus Long-Term Incentive Plan (the &ldquo;Telesat
Omnibus Plan&rdquo;). This registration statement registers shares of Telesat Class A common shares and Class B variable voting shares
which may be issuable pursuant to the Telesat Omnibus Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: -1in; border-right-width: 0in; border-right-color: Black; border-left-width: 0in; border-left-color: Black"><B>PART
I</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921087610/tm214243-14_424b3.htm">Telesat&rsquo;s prospectus filed on June 30, 2021 pursuant to Rule 424(b) of the Securities Act, which prospectus is a part of Telesat&rsquo;s Registration Statement on Form F-4, as amended (Registration No. 333-255518)</A>, except for:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the financial statement of Telesat as of October 21, 2020 and the financial statement of Telesat Partnership as of November 12, 2020,
which are superseded by the financial statements of Telesat and Telesat Partnership LP contained in Telesat&rsquo;s Current Report on
<A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_6k.htm">Form 6-K filed by Telesat on November 19, 2021</A>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921054979/tm214243-6_f4.htm">The description of the Telesat Class A common shares and Class B variable voting shares contained in Telesat&rsquo;s Registration Statement on Form F-4, as amended (Registration No. 333-255518)</A>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_6k.htm">Telesat&rsquo;s Current Report on Form 6-K filed by Telesat on November 19, 2021</A>, except for:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921087610/tm214243-14_424b3.htm">the consolidated financial statements of Telesat Canada as of December 31, 2020 and 2019, and for each of the three years in the period end December 31, 2020, as Telesat Canada&rsquo;s required audited financial statements are contained in Telesat&rsquo;s prospectus filed on June 30, 2021 pursuant to Rule 424(b) of the Securities Act, which prospectus is a part of Telesat&rsquo;s Registration Statement on Form F-4, as amended (Registration No. 333-255518)</A>; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921087610/tm214243-14_424b3.htm">the consolidated financial statements of Loral as of December 31, 2020, 2019 and 2018 and for each of the three years in the period end December 31, 2020, as Loral&rsquo;s required audited financial statements are contained in Telesat&rsquo;s prospectus filed on June 30, 2021 pursuant to Rule 424(b) of the Securities Act, which prospectus is a part of Telesat&rsquo;s Registration Statement on Form F-4, as amended (Registration No. 333-255518)</A>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">All documents subsequently filed by Telesat pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all
securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated
by reference in this registration statement and to be a part hereof from the date of filing of such documents. Any statement contained
herein or in a document all or a portion of which is incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this registration statement to the extent that a statement contained herein or in any other
subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Notwithstanding the foregoing, no information
is incorporated by reference in this registration statement where such information under applicable forms and regulations of the Commission
is not deemed to be &ldquo;filed&rdquo; under Section 18 of the Exchange Act or otherwise subject to the liabilities of that section,
unless the report or filing containing such information indicates that the information therein is to be considered &ldquo;filed&rdquo;
under the Exchange Act or is to be incorporated by reference in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><BR>
 Under the Business Corporations Act (British Columbia) (the &ldquo;BCBCA&rdquo;), Telesat may indemnify a director or officer of Telesat,
a former director or officer of Telesat or another individual who acts or acted at Telesat&rsquo;s request as a director or officer, or
an individual acting in a similar capacity, of another entity, against all judgments, penalties or fines awarded or imposed in, or amounts
paid in settlement of, any legal proceeding or investigative action, whether current, threatened, pending or completed, in which such
individual or any of his or her heirs and personal or other legal representatives is or may be joined as a party, or is or may liable
for or in respect of a judgment, penalty or fine in, or expenses related to, such legal proceeding or investigative action because of
serving in such capacity, on condition that (i) the individual acted honestly and in good faith with a view to the best interests of Telesat
or such other corporation or legal entity, and (ii) in the case of such a proceeding or investigative action other than a civil proceeding,
the individual had reasonable grounds for believing that his or her conduct was lawful. Telesat may also indemnify a person described
above in respect of all costs, charges and expenses, including legal and other fees, actually and reasonably incurred by such person in
respect of such a legal proceeding or investigative action, providing such person complies with (i) and (ii) above. Telesat may provide
indemnification in respect of such costs, charges and expenses after the final disposition of such legal proceeding or investigative action,
and may pay such costs, charges and expenses as they are incurred in advance of such final disposition, provided it obtains a written
undertaking that such person will repay the amounts advanced if it is ultimately determined that the individual did not comply with (i)
and (ii) above. Under the BCBCA, an individual described above is entitled to indemnification from Telesat in respect of such costs, charges
and expenses after the final disposition of such legal proceeding or investigative action as a matter of right if the individual has not
been reimbursed for such costs, charges and expenses and is wholly successful in the outcome of such legal proceeding or investigative
action, or is substantially successful on the merits thereof, provided such individual complies with (i) and (ii) above. On application
of Telesat or an individual described above, the Supreme Court of British Columbia may order Telesat to indemnify a person described above
in respect of any liability incurred by such person in respect of such a legal proceeding or investigative action, and to pay some or
all of the expenses incurred by such individual in respect of such legal proceeding or investigative action.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the BCBCA,
Telesat&rsquo;s Articles provide that Telesat will indemnify a person named above, and such person's heirs and legal representatives,
as set out in the BCBCA, and <FONT STYLE="background-color: white">will, to the fullest extent permitted by the BCBCA, advance the full
amount of </FONT>all costs, charges and expenses, including legal and other fees, actually and reasonably incurred by a person named above
in respect of such a legal proceeding or investigative action, providing such person complies with (i) and (ii) above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Telesat maintains directors&rsquo;
and officers&rsquo; liability insurance for the benefit of all of the directors and officers of Telesat to indemnify them against any
liability incurred by them in their capacity as directors and officers pursuant to the indemnity provisions under the BCBCA. Telesat has
also executed agreements evidencing its indemnity in favor of the foregoing classes of persons to the fullest extent permitted pursuant
to the Articles and the BCBCA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing summaries are
necessarily subject to the complete text of the BCBCA, Telesat&rsquo;s Articles and the policies and agreements referred to above and
are qualified in their entity by reference thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling Telesat pursuant to the
foregoing provisions, Telesat has been informed that in the opinion of the Commission such indemnification is against public policy as
expressed in the act and is therefore unenforceable.</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 8%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit <BR>
No.</B></P></TD>
    <TD STYLE="width: 92%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Description of Exhibit</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-2.htm">4.1&nbsp;</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1845840/000110465921141937/tm2133275d2_ex99-2.htm">Articles of Telesat Corporation (incorporated by reference to Exhibit 99.2 to Telesat&rsquo;s Current Report on Form 6-K filed on November 19, 2021).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex4-2.htm">4.2*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex4-2.htm">Telesat Corporation Amended &amp; Restated Management Stock Incentive Plan.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex4-3.htm">4.3*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex4-3.htm">Telesat Corporation 2021 Amended &amp; Restated Management Stock Incentive Plan.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex4-4.htm">4.4*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex4-4.htm">Telesat Corporation Restricted Share Unit Plan.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex4-5.htm">4.5*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex4-5.htm">Telesat Corporation Omnibus Long-Term Incentive Plan.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex5-1.htm">5.1*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex5-1.htm">Opinion of Stikeman Elliott LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex5-1.htm">23.1*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex5-1.htm">Consent of Stikeman Elliott LLP (included in Exhibit 5.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex23-2.htm">23.2*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex23-2.htm">Consent of Deloitte &amp; Touche LLP, Independent Registered Public Accounting Firm.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="tm2133275d3_ex23-3.htm">23.3*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="tm2133275d3_ex23-3.htm">Consent of Deloitte LLP, Independent Registered Public Accounting Firm.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt; text-align: center"><A HREF="#POA">24.1*</A></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 6pt; padding-left: 5.75pt"><A HREF="#POA">Powers of Attorney (included on signature page of this registration statement).</A></TD></TR>
  </TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TELESAT CORPORATION</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel Goldberg</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel Goldberg</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.35pt; text-indent: -27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.35pt; text-indent: -27.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Signatures</B></P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Date</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Daniel Goldberg&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel Goldberg</P></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer and Executive Director (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Andrew Browne&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Andrew Browne</P></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ M&eacute;lanie Bernier&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">M&eacute;lanie Bernier</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Boychuk&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Boychuk</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jason A. Caloras&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jason A. Caloras</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 30%"><B>Signatures</B></TD>
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 35%"><B>Title</B></TD>
    <TD STYLE="text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 25%"><B>Date</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jane Craighead&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jane Craighead</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dick Fadden&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dick Fadden</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Henry Intven&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Henry Intven</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mark H. Rachesky&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark H. Rachesky</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director, Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Guthrie Stewart&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guthrie Stewart</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael B. Targoff&#9;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael B. Targoff</P></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>November 19, 2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
UNITED STATES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the undersigned, the duly authorized representative in the United States of the registrant in the United States, has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newark, Delaware,
on November 19, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">AUTHORIZED
    U.S. REPRESENTATIVE</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald J.
    Puglisi&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald J. Puglisi&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director, Puglisi &amp; Associates</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>tm2133275d3_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.2</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TELESAT CORPORATION<BR>
AMENDED &amp; RESTATED MANAGEMENT STOCK INCENTIVE PLAN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initially adopted by Telesat Canada on September
19, 2008 (the &#8220;Effective Date&#8221;), as amended and restated on January 15, 2014 and on September 11, 2018, and as further amended
and restated and assumed by Telesat Corporation as of November 19, 2021 in connection with the exchange of Telesat Canada Options and
SARs for Telesat Corporation Options and SARs.</I></B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Purpose
of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The purpose of the Telesat Corporation
(the &#8220;<I>Company</I>&#8221;) Amended and Restated Management Stock Incentive Plan (the &#8220;<I>Plan</I>&#8221;) is to promote
the interests of the Company and its shareholders by providing certain key employees of the Company and its Affiliates with an appropriate
incentive to encourage them to continue in the employ of the Company or an Affiliate and to improve the growth and profitability of the
Company.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Definitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used in this Plan, the following
capitalized terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Active Engagement</I>&#8221; shall mean any period in which a Participant who is not an employee of the Company or an
Affiliate provides services to the Company or an Affiliate. For certainty, &#8220;Active Engagement&#8221; shall exclude any period that
follows, or ought to have followed, a Participant's last day of providing services to the Company or an Affiliate, including at common
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Affiliate</I>&#8221;
shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with the first Person; provided that with respect to the Company or the Employer, the term
 &#8220;Affiliate&#8221; shall be limited to any direct or indirect subsidiary of the Company with respect to which the Company beneficially
owns more than 50% of the outstanding voting securities or has the power to elect a majority of its directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Award</I>&#8221; shall mean any award granted under the Plan, including Options or SARs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Black-Out Period</I>&#8221; shall mean the period of time when, pursuant to the Company&#8217;s policies in effect from
time to time, securities of the Company may not be traded by reporting insiders, as defined in National Instrument 55-104 &#8211; <I>Insider
Reporting Requirements and Exemptions</I> and the TSX Company Manual, as amended from time to time, or other specified persons, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Board</I>&#8221; shall mean the Board of Directors of the Company or any committee appointed by the Board to administer
the Plan pursuant to Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Business
Day</I>&#8221; shall mean any day of the year, other than a Saturday, Sunday or any day on which Canadian chartered banks are
authorized or obligated by law to close for business in Toronto, Ontario or a day on which the NASDAQ Stock Market or the Toronto
Stock Exchange is closed for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Canadian Participant</I>&#8221; shall mean a Participant who is employed in or resides in any of the provinces or territories
of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Canadian Securities Laws</I>&#8221; shall mean the laws of one or more provinces of Canada, or if applicable any Canadian
federal securities laws, relating to the qualification for distribution or distribution to the public of any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Cause</I>&#8221; shall mean, when used in connection with the termination of a Participant&#8217;s Employment, unless
otherwise provided in the Participant&#8217;s Award Agreement or an Employment Agreement (in which event, as regards to such Participant,
the definition of &#8220;Cause&#8221; or words to similar effect set out therein shall apply in place of the following definition), the
termination of the Participant&#8217;s Employment on account of (i) a failure of the Participant to substantially perform his or her duties
(other than as a result of physical or mental illness or injury); (ii) the Participant&#8217;s willful misconduct or gross negligence
which is materially injurious to the Company or any of its Affiliates; (iii) a breach by a Participant of the Participant&#8217;s fiduciary
duty or duty of loyalty to the Company and its Affiliates; (iv) the Participant&#8217;s unauthorized removal from the premises of the
Company or an Affiliate of any document (in any medium or form) relating to the Company or an Affiliate or the customers or suppliers
of, or investors in, the Company or an Affiliate; (v) a material breach by the Participant of a policy of the Company or an Affiliate
to which the Participant is subject or a breach by the Participant of a code of conduct adopted from time to time by the Company; (vi)
the commission by the Participant of an act of insubordination; (vii) the commission by the Participant of any felony or other serious
crime involving moral turpitude; or (viii) with respect to Canadian Participants only, any act or omission of the Participant which would,
pursuant to the <I>Canada Labour Code</I>, permit an employer to, without notice or provision of wages in lieu of notice, terminate the
employment of an employee. Any rights the Company or an Affiliate may have hereunder in respect of the events giving rise to Cause shall
be in addition to the rights the Company or Affiliate may have under any other agreement with the Participant or at law or in equity.
If, subsequent to a Participant&#8217;s termination of Employment, it is discovered that such Participant&#8217;s Employment could have
been terminated for Cause, the Participant&#8217;s Employment shall, at the election of the Board, in its sole discretion, be deemed to
have been terminated for Cause retroactively to the date the events giving rise to Cause occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Change of Control Event</I>&#8221; shall mean, unless the Board determines otherwise or as otherwise provided in a Grant
Agreement, the happening, in a single transaction or in a series of related transactions, of any of the following events:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all or substantially all of the assets of the Company (which, for greater certainty, includes the assets of Telesat Partnership)
are sold, leased, exchanged, licensed or otherwise disposed of in a single transaction or in a series of related transactions, other than
to MHR, PSP or Affiliates of either of them or of the Company;</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> any Person or group of Persons who are acting jointly or in concert pursuant to the provisions of the <I>Securities Act</I> (Ontario),
other than (A) PSP and its Affiliates or a successor in whole or in part, to PSP or its Affiliates, or (B) MHR or its Affiliates or a
successor in whole or in part, to MHR or its Affiliates, acquires, directly or indirectly, ownership of 50% or more of either the outstanding
Shares or securities having aggregate voting power for the election of directors of the Company, assuming the conversion of all outstanding
securities of the Company or Telesat Partnership that could be converted into fully voting securities of the Company, including securities
that are convertible under circumstances that do not then exist because of the nature of the current registered owner of such shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, together with
any new directors whose election or appointment by such Board, or whose nomination for election was approved by a vote of a majority of
the directors of the Company then still in office who were entitled to vote and who were either directors of the Company at the beginning
of such period or whose election or appointment, or whose nomination for election, was previously approved (such persons referred to here
as the &#8220;<I>Continuing Directors</I>&#8221;), cease for any reason to constitute a majority of the Board; provided that any director
appointed by PSP or MHR or their respective Affiliates or a successor in whole or in part, to MHR, PSP or their respective Affiliates
shall constitute a Continuing Director;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a final determination by the Board or Shareholders to (A) liquidate all or substantially all of the assets of the Company, (B)
wind up the Company&#8217;s business, or (C) commence proceedings for such a liquidation, winding-up or re-arrangement pursuant to a plan
of compromise or plan of arrangement under the <I>Companies&#8217; Creditors Arrangement Act</I>; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notwithstanding any of the foregoing, any other matter specifically determined by the Board to be a Change of Control Event for
the purposes of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class A Shares</I>&#8221; shall mean the Class A common shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class B Shares</I>&#8221; shall mean the Class B variable voting shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class C Shares</I>&#8221; shall mean, together, the Class C fully voting shares of the Company and the Class C limited
voting shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Code</I>&#8221; shall mean the U.S. Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Commission</I>&#8221; shall mean the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &#8220;<I>Common Shares</I>&#8221; shall mean the voting common shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Date of Termination</I>&#8221; shall mean the date on which a Participant ceases to be an Eligible Employee as a result
of the termination of their employment or retention with the Employer for any reason, including death, Retirement, resignation or termination
with Cause or without Cause, or in the event of a Disability Termination. For the purposes of this definition and the Plan, a Participant&#8217;s
employment or retention with the Employer shall be considered to have terminated on the last day of the Participant&#8217;s Employment
or Active Engagement with the Employer, whether such date is selected by mutual agreement with the Participant, or unilaterally by the
Participant or the Employer, and whether with or without advance notice to the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>&#8220;Director&#8221;</I> shall mean a member of the Board who is not an employee of the Company or any of its Subsidiaries,
who the Board determines shall participate in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Disability Termination</I>&#8221; shall mean, when used in connection with the termination of a Participant&#8217;s Employment,
unless otherwise provided in a Grant Agreement or an Employment Agreement (in which event as regards such Participant, the definition
of &#8220;Disability Termination&#8221; or words of similar effect set out therein shall apply in place of the following definition),
the termination of the Participant&#8217;s employment due to their inability to substantially fulfil their duties on behalf of the Employer
as a result of illness or injury for a continuous period of nine (9) months or more or for an aggregate period of twelve (12) months or
more during any consecutive twenty-four (24) month period, despite the provision of reasonable accommodations by the Employer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Eligible Employee</I>&#8221; shall mean any employee who the Board determines (i) is a key employee of the Company or
an Affiliate, and (ii) shall participate in the Plan due to the services he or she performs on behalf of the Company or an Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Employer</I>&#8221; shall mean the Company or a Subsidiary of the Company for which a Participant is Employed and in
the event that the employer of a Participant is changed from the Company or a Subsidiary to the Company or another Subsidiary of the Company,
as applicable, then the Company or such Subsidiary shall become the &#8220;Employer&#8221; hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;</FONT><I>Employment&#8221;</I>
or &#8220;<I>Employed</I>&#8221; means the period in which a Participant who is an employee or officer of the Employer performs work
for the Employer. For certainty, &#8220;Employed&#8221; or &#8220;Employment&#8221; shall be deemed to include in the case of an employee
(including an employee who is an officer), as applicable, (i) any period of vacation, disability (but only to the extent prior to a Disability
Termination), or other leave permitted by legislation, and (ii) any period constituting the minimum notice of termination period that
is required to be provided to an employee pursuant to applicable employment standards legislation or labour code (if any). For certainty,
 &#8220;Employment&#8221; or &#8220;Employed&#8221; shall be deemed to exclude any other period that follows or ought to have followed,
as applicable, the later of (i) the end of the minimum notice of termination period that is required to be provided to an employee pursuant
to applicable employment standards legislation or labour code (if any), or (ii) the Participant's last day of performing work for the
Employer (including any period of vacation, disability, or other leave permitted by legislation) whether that period arises from a contractual
or common law right;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Employment Agreement</I>&#8221; shall mean a written employment agreement by and between the Participant and the Employer,
if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Exercise Price</I>&#8221; shall mean the price that the Participant must pay under an Option for each Share as determined
by the Board for each Grant and specified in the relevant Grant Agreement, subject to any adjustment that may be made following the Grant
Date in accordance with the terms of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Expiry Date</I>&#8221; has the meaning set out in Section 5.7.1(i).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Fair Market Value</I>&#8221; shall mean the value determined in accordance with the award exchange agreement with the
Company in respect of options and Tandem SARs, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Grant</I>&#8221; shall mean a grant by the Company of an Award, evidenced by the applicable Grant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Grant Agreement</I>&#8221; shall mean an agreement approved by the Board and entered into by a Participant and the Company
evidencing the Grant of an Award pursuant to the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Grant Date</I>&#8221; shall mean the Grant Date as defined in the Grant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Initial Public Offering</I>&#8221; shall be deemed to occur on the issue date of Common Shares, Shares or any share convertible
into Common Shares qualified for public offer under the first prospectus therefore filed with the Commission, or under Canadian Securities
Laws or securities laws of another jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Insider</I>&#8221; shall mean a &#8220;reporting insider&#8221; of the Company as defined in National Instrument 55-104
 &#8211; <I>Insider Reporting Requirements and Exemptions</I> and the TSX Company Manual in respect of the rules governing security-based
compensation arrangements, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Investment Canada Act</I>&#8221; means the <I>Investment Canada Act</I> (R.S.C. 1985, c. 28) and the regulations thereunder,
as the same may be amended and supplemented from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Market
Price</I>&#8221; means at any date when the market value of Shares of the Company is to be determined: (a) if the Shares are listed
on any Stock Exchange, the closing price for the Shares on such Stock Exchange on the last trading day before such date; or (b) if
the Shares are not listed on any Stock Exchange, then the price determined by the Board using good faith discretion and, for U.S.
Participants, in a manner consistent with the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>MHR</I>&#8221; means MHR Management Fund LLC and any funds or other investment vehicles managed by MHR Fund Management
LLC or any of its Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Option</I>&#8221; shall mean an option to purchase Shares, as set forth in the Grant Agreement, granted to any Participant
under the Plan, and, where applicable, shall also include a Tandem SAR granted in conjunction with or as part of any such Option. No Option
is intended to qualify as an &#8220;incentive stock option&#8221; within the meaning of Section 422 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Option Transferee</I>&#8221; shall have the meaning set forth in Section 5.5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.37<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Permitted Assign</I>&#8221; shall mean for any Participant</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">a trustee, custodian or administrator acting solely on behalf of, or for the benefit of such person or
a spouse of such person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">a wholly owned or controlled holding entity of such person or the spouse of such person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">an RRSP or a RRIF of such person or the spouse of such person; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">a spouse of such person.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.38<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>PSP</I>&#8221; means Public Sector Pension Investment Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.39<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Participant</I>&#8221; shall mean an Eligible Employee or a Director to whom a Grant of an Award has been made, and,
where applicable, shall include Option Transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.40<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Permitted Transferee</I>&#8221; shall have the meaning set forth in Section 5.5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.41<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Person</I>&#8221; shall mean an individual, partnership, corporation, limited liability company, unincorporated organization,
trust or joint venture, or a governmental agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.42<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Plan</I>&#8221; shall mean this Telesat Corporation Amended and Restated Management Stock Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.43<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Reference Option</I>&#8221; shall have the meaning set forth in Section 6.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.44<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Retirement</I>&#8221; shall mean the cessation of the employment of a Participant with the Company or an Affiliate which
is deemed to be a retirement by a resolution of the Board in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.45<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#8220;<I>SAR
Base Price</I>&#8221; shall mean the amount for each Grant as specified in the relevant Grant Agreement, subject to any adjustment
that may be made following the Grant Date in accordance with the terms of this Plan. With respect to any Tandem SAR, the SAR Base
Price shall be the same as the Exercise Price of the Reference Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.46<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Section 409A</I>&#8221; shall mean Section 409A of the Code and the regulations and guidance promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.47<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Selling Participant</I>&#8221; shall have the meaning set forth in Section 5.5.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.48<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Share Compensation Arrangement</I>&#8221; means any stock option, stock option plan, employee stock purchase plan or
any other compensation or incentive mechanism of the Company involving the issuance or potential issuance of Shares from treasury, including
a share purchase from treasury which is financially assisted by the Company by way of a loan, guarantee or otherwise, including without
limitation this Plan, but excludes any compensation or incentive mechanism of the Company involving the issuance or potential issuance
of Shares in accordance with section 613(c) of the TSX Company Manual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.49<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Shareholders</I>&#8221; shall mean the holders of voting shares in the capital of the Company, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.50<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Shares</I>&#8221; shall mean, together, the Class A Shares and Class B Shares in the capital of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.51<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stand-Alone SAR</I>&#8221; shall mean the right to receive cash and/or Shares equal to the difference between (i)&nbsp;the
Fair Market Value of a Share on the date such right is exercised, and (ii)&nbsp;the SAR Base Price of such right, otherwise than on surrender
of a Reference Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.52<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Appreciation Right</I>&#8221; or &#8220;<I>SAR</I>&#8221; shall mean the right to receive cash and/or Shares pursuant
to an Award granted under Section 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.53<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Exchange</I>&#8221; shall mean the Toronto Stock Exchange or, if the Shares are not listed or posted for trading
on the Toronto Stock Exchange at a particular date, any other stock exchange on which the majority of the trading volume and value of
the Shares are listed or posted for trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.54<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Option Certificate</I>&#8221; shall mean a notice from the Company to a Participant evidencing the grant of Options
and the terms and conditions thereof, as the Board may approve from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.55<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>&#8220;Subsidiary&#8221;</I>
shall mean, as to any Person (the &#8220;First Person&#8221;), any other Person which is directly or indirectly Controlled by the
First Person or over which the First Person exerts control directly or indirectly in any manner whatever, including the power to
fully direct the management and policies of such person, and where used herein without modification, means a Subsidiary of the
Company. For the purposes of this definition, <I>&#8220;Control&#8221;</I> means (i) the direct ownership, on both an issued and
fully diluted basis, by a Person of (A) voting securities to which are attached more than 50% of the votes attached to all of the
voting securities of a corporation or other entity and (B) more than 50% of all of the fully-participating shares or interests of
such corporation or other entity and (ii) the unfettered control of all votes attaching to all voting securities of such corporation
or other entity owned by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.56<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Tandem SAR</I>&#8221; shall mean the right to surrender to the Company all (or a portion) of a Reference Option and receive
in cash and/or Shares in an amount equal to the difference between (i)&nbsp;the Fair Market Value of the Shares covered by such Reference
Option, on the date such Reference Option (or such portion thereof) is surrendered, and (ii)&nbsp;the aggregate Exercise Price of such
Reference Option (or such portion thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.57<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Telesat Partnership</I>&#8221; shall mean Telesat Partnership LP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.58<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&quot;<I>Telesat Partnership Units</I>&#8221; shall mean, together, the class A units, class B units and class C units of Telesat
Partnership exchangeable into Class A Shares, Class B Shares and Class C Shares, respectively, of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.59<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Transfer</I>&#8221; shall mean any transfer, sale, assignment, gift, testamentary transfer, pledge, hypothecation or
other disposition of any interest. &#8220;<I>Transferee</I>&#8221; and &#8220;<I>Transferor</I>&#8221; shall have correlative meanings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">2.60<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>U.S. Participant</I>&#8221; means any Participant who is a citizen or resident of the United States, or who is otherwise
subject to taxation under the Code.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Administration
of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Plan shall be administered
and interpreted by the Board, or where the Board has delegated the administration and operation of this Plan, in whole or in part, to
a committee of the Board and/or to any member of the Board, such committee or member. In such circumstances, all references to the Board
in this Plan include reference to such committee and/or member of the Board, as applicable, except as otherwise determined by the Board.
The day-to-day administration of this Plan may be delegated to such officers and employees of the Company as the Board determines.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Powers
of the Board.</I></B> Subject to the terms and conditions set forth in this Plan, the Board is authorized to provide for the
granting, exercise or settlement and method of exercise or settlement of Awards, all at such times and on such terms (which may vary
between Awards granted from time to time) as it determines. In addition, the Board shall have the sole and absolute discretion to:
(i) designate Participants; (ii)&nbsp;determine the type, size, and terms, and conditions (including performance criteria) of Awards
to be granted; (iii) determine the method by which an Award may be canceled, forfeited, or suspended; (iv) determine the
circumstances under which the delivery of cash with respect to an Award may be deferred either automatically or at the
Participant&#8217;s or the Board&#8217;s election; (v)&nbsp;interpret and administer, reconcile any inconsistency in, correct any
defect in, and supply any omission in the Plan, any Grant Agreement and any Award granted under, the Plan; (vi) establish, amend,
suspend, or waive any rules and regulations and appoint such agents as the Board shall deem appropriate for the proper
administration of the Plan; (vii) accelerate the vesting, delivery, or exercisability of, or payment for or lapse of restrictions
on, or waive or impose any condition, restriction or requirement in respect of, Awards (including for greater certainty in respect
of any leave of absence of a Participant); (viii) with respect to any share unit, add provisions permitting for the granting of a
dividend equivalent subject to the same vesting conditions applicable to the related share units; and (ix) make any other
determination and take any other action that the Board deems necessary or desirable for the administration of the Plan or to comply
with any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Determinations
of the Board.</I></B> Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and other
decisions regarding this Plan or any Award or any documents evidencing any Award granted pursuant to this Plan shall be within the sole
discretion of the Board, may be made at any time, and shall be final, conclusive, and binding upon all persons or entities, including,
without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Indemnification of the Board.</I></B> No member of the Board will be liable for any action or determination taken or made
in good faith in the administration, interpretation, construction or application of this Plan, any Grant Agreement or other document or
any Award granted pursuant to this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Compliance with Legislation.</I></B> This Plan, the terms of the issue or grant of, and the grant and exercise or settlement
of, any Option under this Plan, and the Company&#8217;s obligation to sell and deliver Shares upon the exercise or settlement of Options,
is subject to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulations of any Stock Exchange
and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Company, be required. The Company
is not obliged by any provision of this Plan or the grant of any Option under this Plan to issue or sell Shares if, in the opinion of
the Board, such action would constitute a violation by the Company or a Participant of any laws, rules and regulations, including the
rules and regulations of any Stock Exchange, or any condition of such approvals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">The Participant agrees
to fully cooperate with the Company in doing all such things, including executing and delivering all such agreements, undertakings or
other documents or furnishing all such information as is reasonably necessary to facilitate compliance by the Company with such laws,
rule and requirements, including all tax withholding and remittance obligations and such representations or agreements as the Company
or counsel for the Company may consider appropriate to avoid violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">No Option or Stock
Appreciation Right will be granted, and no Shares issued under this Plan, where such grant, issue or sale would require registration of
this Plan or of Shares under the securities laws of any foreign jurisdiction, and any purported grant of any Option or Stock Appreciation
Right or purported issue of Shares under this plan in violation of this provision is void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">The Company
shall be prohibited from offering to sell or selling, any Shares pursuant to an Option or Stock Appreciation Right to any U.S.
Participant unless such Shares have been properly registered for sale pursuant to the U.S. Securities Act of 1933, as amended (the
 &#8220;<I>Securities Act</I>&#8221;) with the Securities and Exchange Commission or unless such shares may be offered or sold
without such registration pursuant to and in compliance with the terms of an available exemption. The Company shall be under no
obligation to register for sale under the U.S. Securities Act any of the Shares to be offered or sold under the Plan. Shares issued
or sold to Participants pursuant to the exercise or settlement of Options or Stock Appreciation Rights may be subject to limitations
on sale or resale under applicable securities laws. Without limiting the generality of the foregoing, the Board may cause a legend
or legends to be put on any such certificates of Shares delivered under the Plan to make appropriate reference to such restrictions
or may cause such Shares delivered under the Plan in book-entry form to be held subject to the Company&#8217;s instructions or
subject to appropriate stop-transfer orders or other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">If Shares cannot
be issued to a Participant upon the exercise or settlement of an Option or Stock Appreciation Right due to legal or regulatory restrictions,
the obligation of the Company to issue such Shares will terminate and any funds paid to the Company in connection with the exercise or
settlement of such Option will be returned to the applicable Participant as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">Any Options or Stock
Appreciation Rights issued to a Participant that is a U.S. Participant shall be subject to the special terms and conditions set forth
in this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Inconsistent Terms. </I></B>Except as otherwise provided herein or as expressly provided in a Grant Agreement, in the event
of a conflict between the terms of the Plan and the terms of any Grant Agreement, the terms of the Plan shall govern.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Number
of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The aggregate number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted
under the Plan shall not exceed 305,499 Shares (subject to adjustment as provided in Section 7.3 hereof). Any Shares that are issued upon
exercise of Awards shall be counted against this limit. If a Tandem SAR is granted, such Grant shall only apply once (for the number of
Shares issued upon exercise of the Reference Option) against the maximum number of Shares which may be issued under the Plan. In addition,
in determining the number of Shares available for Awards, if Shares have been delivered or exchanged by a Participant as full or partial
payment to the Company for payment of the Exercise Price, SAR Base Price, or for payment of withholding taxes, or if the number of Shares
otherwise deliverable has been reduced for payment of the Exercise Price or the SAR Base Price, or for payment of withholding taxes, the
number of Shares exchanged as payment in connection with the exercise or for withholding, or reduced shall be counted against the maximum
number of Shares which may be issued under the Plan and shall not again be available for purpose of Awards under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The number of Shares that are (i) issued to Insiders within any one year period, or (ii) issuable to Insiders at any time, in each
case, under this Plan alone or when combined with all other share compensation arrangements, shall not exceed 10% of the total number
of Shares issued and outstanding from time to time, on a diluted-basis assuming the exchange of all Class C Shares and all Telesat Partnership
Units into Shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Despite the foregoing and for greater certainty, the total annual grant to any one non-employee director under all Share Compensation
Arrangements shall not exceed an aggregate grant value of $100,000 in Options and $150,000 in equity, other than with respect to any deferred
share units granted to a non-employee director in lieu of their cash retainer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Awards to issue or purchase Class A Shares may be granted hereunder to Eligible Employees who are &#8220;Canadian&#8221; as such
term is defined in the <I>Investment Canada Act</I> and Awards to issue or purchase Class B Shares may be granted hereunder to Eligible
Employees that are not &#8220;Canadian&#8221; as such term is defined in the <I>Investment Canada Act</I>. At the discretion of the General
Counsel, a declaration of residency may be required from an Eligible Employee prior to the settlement of an Award hereunder in Class A
Shares or Class B Shares, as applicable.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To the extent that any Option
granted under the Plan terminates, expires, is cancelled or forfeited without having been exercised, the Shares covered by such Option
shall again be available for Grant under the Plan. Notwithstanding any other provision of this Plan, from and after the completion of
an Initial Public Offering of any shares of the Company, no additional Options shall be granted under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Identification of Options.</I></B> The Options granted under the Plan shall be clearly identified in the Grant Agreement
as not intended to qualify as &#8220;incentive stock option&#8221; within the meaning of Section 422 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Exercise Price.</I></B> The Exercise Price of any Option granted under the Plan shall be such price as the Board shall determine
and be specified in the Grant Agreement; provided that such price may not be less than Fair Market Value of a Share on the Grant Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Grant Date.</I></B> The Grant Date of the Options shall be the date designated by the Board and specified in the Grant Agreement
as the date the Option is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Vesting of Options. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Vesting Schedule.</I> Options granted under the Plan to a Participant will vest subject to (<U>i</U>) the Participant&#8217;s
continued Employment as of a vesting date, (<U>ii</U>) the attainment of performance conditions, as determined by the Board in its sole
discretion, (<U>iii</U>) both (i) and (ii), or (<U>iv</U>) such other criteria as established by the Board. Unless otherwise specified
in a Participant&#8217;s Grant Agreement or an Employment Agreement, if any, and except as set forth in Sections 5.4.2 and 5.4.4<B>,</B>
twenty percent (20%) of all Options granted will vest on each of the first five anniversaries of the Grant Date thereof, subject in all
cases to the Participant&#8217;s continued Employment as of such anniversary. Unless the Board provides otherwise, the vesting of an Option
granted under this Plan will be suspended during any leave of absence as may be set forth by Company policy, if any.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>Termination.</I> Except as otherwise set out in a Participant&#8217;s Grant Agreement or Employment Agreement or as otherwise
determined by the Board, in its sole discretion:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant (A) ceases to be an Eligible Employee as a result of his or her resignation or Retirement, (B) is no longer serving
as a director of the Company, or (C) ceases to be an Eligible Employee as a result of such Participant&#8217;s Active Engagement or Employment
having been terminated without Cause, each vested Option will cease to be exercisable on the earlier of the original Expiry Date of the
Option and ninety (90) days following the Date of Termination;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee by reason of death, each unvested Option held by such Participant will continue
to vest for a period of 12 months from the Date of Termination and all vested Options, including those that vest during such 12 month
period, held by such Participant will continue to be exercisable for a period of up to the earlier of 12 months from the Date of Termination
and the original Expiry Date of the Option, and afterwards each vested Option held by such Participant will cease to be exercisable and
all unvested Options will terminate and become void;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee by reason of Disability Termination, all vested Options held by such Participant
will continue to be exercisable for a period of up to the earlier of 12 months from the Date of Termination and the original Expiry Date
of the Option, and afterwards each vested Option held by such Participant will cease to be exercisable and all unvested Options will terminate
and become void; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee as a result of such Participant&#8217;s Active Engagement or Employment having
been terminated for Cause, each Option, whether vested or unvested will automatically terminate and become void on the Date of Termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Vesting Following Change of Control Event</I>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Despite any other provision of this Plan or any Grant Agreement and subject to Section 3.4, in
the event of a Change of Control Event, the Board may take such action as the Board in its sole discretion considers appropriate in the
circumstances, including, without limitation, (i) changing the vesting or manner of settlement of any Award, (ii) changing the Expiry
Date or term of any Award, or (iii) providing for the substitution or replacement of Awards, including with awards of the surviving Company
resulting from the Change of Control Event (or any affiliate thereof) or the potential successor (or any affiliate thereto).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">(b)</TD>
  <TD STYLE="text-align: justify">No fractional Shares or other security will be issued upon the exercise or settlement of any Award and accordingly, if as a result of
a Change of Control Event, a Participant would become entitled to a fractional Share or other security, such Participant will have the
right to acquire only the next lowest whole number of Shares or other security and no payment or other adjustment will be made with respect
to the fractional interest so disregarded.</TD></TR>
</TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">(c)</TD>
  <TD STYLE="text-align: justify">Despite anything else to the contrary in this Plan or any Grant Agreement, in the event of a potential Change of Control Event, the Board
will have the power, in its sole discretion, to modify the terms of this Plan and/or the Awards to assist the Participants in tendering
to a take-over bid or other transaction leading to a Change of Control Event. For greater certainty, in the event of a take-over bid
or other transaction leading to a Change of Control Event, subject to applicable law (including the requirements of Section 409A), the
Board has the power, in its sole discretion, to accelerate the vesting of Awards and to permit Participants to conditionally exercise
or settle their Awards, as applicable, such conditional exercise to be conditional upon the take-up by such offeror of the Shares or
other securities tendered to such take-over bid in accordance with the terms of the take-over bid (or the effectiveness of such other
transaction leading to a Change of Control Event). If, however, the potential Change of Control Event referred to in this Section 5.4.4(c)
is not completed within the time specified (as the same may be extended), then despite this Section 5.4.4(c) or the definition of &#8220;Change
of Control Event&#8221;: (i) any conditional exercise or settlement of vested Awards, as applicable, will be deemed to be null, void
and of no effect, and such conditionally exercised or settled Awards will for all purposes be deemed not to have been exercised or settled,
and (ii) Awards which vested pursuant to this Section 5.4.4(c) will be returned by the Participant to the Company and reinstated as authorized
but unissued Shares and the original terms applicable to such Awards will be reinstated.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">(d)</TD>
  <TD STYLE="text-align: justify">If the Board has, pursuant to the provisions of Section 5.4.4(c), permitted the conditional exercise or settlement of Awards in connection
with a potential Change of Control Event, then the Board will have the power, in its sole discretion, to terminate, immediately following
actual completion of such Change of Control Event and on such terms as it sees fit, any Awards not exercised or settled (including all
unvested Awards), as applicable.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Limitation on Transfer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Options. </I></B>An Option is personal to the Participant to whom it is granted. Except as set forth herein, Options are
not transferable. Options may be exercised only by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Participant to whom the Options were granted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with the Board&#8217;s prior written approval and subject to such conditions as the Board may stipulate, such Participant&#8217;s
Permitted Assign;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>upon the Participant&#8217;s death, by the legal representative of the Participant&#8217;s estate; or</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> upon the Participant&#8217;s incapacity, the legal representative having authority to deal with the property of the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><I>Exercise of Options; Term; Forfeiture.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Options forfeited as provided in this Plan shall be immediately on the date of the forfeiture and forever forfeited and the
rights of the Participant with respect thereto shall be forfeited and cancelled and of no further force or effect, without compensation
of any kind to the Participant or any other person and without notice by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Option in respect of which shareholder approval is required under the rules of any Stock Exchange will be exercisable until
such time as such option has been approved by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Despite any other provision of this Plan, if the Expiry Date of an Option falls during a Black-Out Period or within nine (9) Business
Days immediately following a date upon which a Participant is prohibited from exercising an Option due to a Black-Out Period (but, for
greater certainty, not a cease trade order or other restriction imposed by any person other than the Company), then the Expiry Date of
such Option will be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out Period is lifted,
terminated or removed (provided that, for U.S. Participants, such extension does not violate Section 409A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Exercise.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>In General. </I></B>The period during which an Option may be exercised (the &#8220;<I>Option Period</I>&#8221;) will be determined
by the Board at the time the Option is granted and set out in the Stock Option Certificate in respect of such Option, provided that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No Option shall be exercisable after more than fifteen (15) years from the date of grant or after such shorter period as provided
in the Grant Agreement and no Option shall be granted hereunder after fifteen (15) years after the Effective Date (the &#8220;<I>Expiry
Date</I>&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Options may not be exercised until they have vested;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Option Period will be automatically reduced in accordance with Section 5.4.2 upon the occurrence of any of the events referred
to in such section; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no Option in respect of which Shareholder approval is required under the rules of any Stock Exchange will be exercisable until
such time as such Option has been approved by the Shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Despite
any other provision of this Plan, if the Expiry Date of an Option falls during a Black-Out Period or within nine (9) Business Days
immediately following a date upon which a Participant is prohibited from exercising an Option due to a Black-Out Period (but, for
greater certainty, not a cease trade order or other restriction imposed by any person other than the Company), then the Expiry Date
of such Option will be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out Period is
lifted, terminated or removed (provided that, for U.S. Participants such extension does not violate Section 409A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.8 and 5.7.6, the Exercise Price of each Share purchased under an Option must be paid in full in cash or by
bank draft or certified cheque at the time of such exercise, and upon receipt of payment in full, the number of Shares in respect of which
the Option is exercised will be duly issued as fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.8, upon the exercise of Options pursuant to this Section 5.7.4, the Company will immediately deliver, or cause
the registrar and transfer agent of the Shares to deliver, to the relevant Participant (or his or her legal or personal representative)
or to the order thereof, the number of Shares with respect to which Options have been exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the other provisions of this Plan and any vesting limitations imposed by the Board at the time of grant, Options may
be exercised, in whole or in part, at any time or from time to time, by a Participant by notice given to the Company as required by the
Board from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Cashless Exercise</I></B><I><FONT STYLE="font-weight: normal">.</FONT></I> Notwithstanding Section 5.7.3, subject to any
conditions or limitations established by the Board, a grant of Options may specify that the Exercise Price will be payable, at the option
of the Participant and with the agreement of the Board, in the form of: (i) a broker assisted &#8220;cashless exercise&#8221; pursuant
to which the Company or its designee (including third party administrators) may deliver a copy of irrevocable instructions to a Broker
engaged for such purposes to sell the Shares otherwise deliverable upon the exercise of the Options and to deliver promptly to the Company
an amount equal to the Exercise Price and all applicable required Withholding Obligations against delivery of the Shares to settle the
applicable trade in accordance with Section 7.8; or (ii) an &#8220;option surrender&#8221; procedure effected by withholding the minimum
number of Shares otherwise deliverable in respect of a surrender of an Option that are needed to pay for the Exercise Price and all applicable
required Withholding Obligations, whereby the Participant elects to receive (a) a cash payment equal to the Market Price of the Shares
as at the date of Surrender less the aggregate Exercise Price and all applicable required Withholding Obligations, or (b) that number
of Shares calculated using the following formula, provided that arrangements satisfactory to the Company have been made to pay any applicable
required Withholding Obligations:</P>

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

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

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




<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">X
= (Y * (A-B)) / A </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">Where:
</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">X
= the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results
in a negative number, then no Shares shall be issued </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">Y
= the number of Shares underlying the Options to be Surrendered </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">A
= the Market Value of the Shares as at the date of the Surrender </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">B
= the Exercise Price of such Options</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In all events of a cashless
exercise or option surrender pursuant to this Section 5.7.6: (a) the Participant shall comply with Section 7.8 of the Plan with regards
to any applicable required Withholding Obligations; and (b) shall comply with all such other procedures and policies as the Board may
prescribe or determine to be necessary or advisable from time to time including prior written consent of the Board, in connection with
such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><B><I>5.7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Lockup. </I></B>Upon any public offering of the Shares, a Participant shall be obligated to observe any limitations on sale, transfer
or other transaction with regard to the securities of the Company as requested by the underwriter and approved by the Board.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>SARs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Tandem SARs</I></B>. SARs may be granted in conjunction with all or part of any Option (a &#8220;<I>Reference Option</I>&#8221;)
granted under the Plan. Such rights may be granted either at or after the time of the grant of such Reference Option. The aggregate number
of Tandem SARs that may be granted under the Plan may not exceed the number of Shares that may be granted under the Plan, less the number
of Shares issuable upon exercise of Options granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I>Terms
and Conditions of Tandem SARs</I></B>. Tandem SARs granted hereunder shall be subject to such terms and conditions, not inconsistent
with the provisions of the Plan, as shall be determined from time to time by the Board in its sole discretion, and the
following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Term</I></B>. A Tandem SAR, or applicable portion thereof, granted with respect to a Reference Option shall terminate and
no longer be exercisable upon the termination or exercise of the Reference Option, except that, unless otherwise determined by the Board,
in its sole discretion, at the time of grant, a Tandem SAR granted with respect to less than the full number of Shares covered by the
Reference Option shall not be reduced until, and then only to the extent, the exercise or termination of the Reference Option causes the
number of Shares covered by the Tandem SAR to exceed the number of Shares remaining available and unexercised under the Reference Option.</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <B><I>Exercisability</I></B>. Tandem SARs shall be exercisable only at such time or times and to the extent that the Reference
Options to which they relate shall be exercisable in accordance with the provisions of Section 5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Method of Exercise</I></B>. A Tandem SAR may be exercised by the Participant surrendering for cancellation the applicable
portion of the Reference Option and indicating that the Participant wishes to exercise such Tandem SAR and the extent of such exercise.
Upon such exercise and surrender, the Participant shall be entitled to receive an amount in settlement of the Tandem SAR determined in
the manner prescribed in Section 6.2.4. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to
the extent the related Tandem SARs have been exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Payment</I></B>. Upon the exercise of a Tandem SAR, a Participant shall be entitled to receive up to, but no more than, an
amount in cash and/or Shares (as determined by the Board in its sole discretion at grant, or thereafter if no rights of a Participant
are reduced) equal in value to the excess of the Market Price (on the date the right is exercised) over the Exercise Price specified in
the applicable Grant Agreement for the Reference Option, multiplied by the number of Shares in respect of which the Tandem SAR shall have
been exercised. The maximum amount of such excess that the Participant may receive in cash shall not exceed the minimum mandatory statutory
amount of taxes due to the applicable taxing authority with respect to the exercise of the Tandem SAR. Fractional Shares will not be delivered
and the number of Shares to be delivered upon any exercise by the Participant of Tandem SARs shall be rounded up to the nearest whole
Share and the amount of cash to be delivered to the Participant upon such exercise shall be rounded down.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Deemed Exercise of Reference Option</I></B>. Upon the exercise of a Tandem SAR, the Reference Option or part thereof to which
such Tandem SAR is related shall be deemed to have been exercised for the purpose only of the limitation set forth in Section 5 of the
Plan on the number of Shares to be issued under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Non-Transferability</I></B>. Tandem SARs shall be transferable only when and to the extent that the underlying Option would
be transferable under Section 5.5 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Stand-Alone SARs</I></B>. Stand-Alone SARs also may be granted without reference to any Options granted under the Plan, but
by reference to rights with respect to exercises in value of a stated number of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Terms
and Conditions of Stand-Alone SARs</I></B>. Stand-Alone SARs granted hereunder shall be subject to such terms and conditions, not inconsistent
with the provisions of the Plan, as shall be determined from time to time by the Board in its sole discretion, and the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Term</I></B>. The term of each Stand-Alone SAR shall be fixed by the Board, but shall not be greater than 10 years after
the date the right is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I>Exercisability</I></B>.
Stand-Alone SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Board at grant. If the Board provides, in its discretion, that any such right is exercisable subject to certain limitations
(including, without limitation, that it is exercisable only in installments or within certain time periods), the Board may waive
such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of
the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such factors, if
any, as the Board shall determine, in its sole discretion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Method of Exercise</I></B>. Subject to whatever installment exercise and waiting period provisions apply under Section 6.4.2
above, Stand-Alone SARs may be exercised in whole or in part at any time in accordance with the applicable Grant Agreement, by giving
written notice of exercise to the Company specifying the number of Stand-Alone SARs to be exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Payment</I></B>. Upon the exercise of a Stand-Alone SAR, a Participant shall be entitled to receive, for each right exercised,
up to, but no more than, an amount in cash and/or Shares (as determined by the Board in its sole discretion at grant, or thereafter if
no rights of a Participant are reduced) equal in value to the excess of the Market Price on the date the right is exercised over the Market
Price on the date the right was awarded to the Participant. The maximum amount of such excess that the Participant may receive in cash
shall not exceed the minimum mandatory statutory amount of taxes due to the applicable taxing authority with respect to the exercise of
the Stand-Alone SAR. Fractional Shares will not be delivered and the number of Shares to be delivered upon any exercise by the Participant
of Stand-Alone SARs shall be rounded up to the nearest whole Share and the amount of cash to be delivered to the Participant upon such
exercise shall be rounded down.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Non-Transferability</I></B>. No Stand-Alone SARs shall be transferable by the Participant otherwise than by will or by the
laws of descent and distribution, and all such rights shall be exercisable, during the Participant&#8217;s lifetime, only by the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Termination</I> - </B>No Participant shall have any entitlement to damages or other compensation arising from or related
to not receiving any Awards which would have, but for this Plan or any Grant Agreement, vested or accrued to the Participant after such
Participant&#8217;s Date of Termination, including but not limited to damages in lieu of notice of termination at common law. However,
nothing herein is intended to limit any statutory entitlements on termination and such statutory entitlements shall, if required, apply
despite this language to the contrary.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Miscellaneous</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Power of the Board to Amend the Plan.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.2.1 and any applicable rules of any Stock Exchange, the Board may from time to time, in its absolute discretion
and without the approval of shareholders, make amendments to this Plan, which may include but are not limited to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to the vesting and assignability provisions of this Plan;</P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> any amendment regarding the effect of termination of a Participant&#8217;s employment, engagement, contract, service or office;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment which accelerates the date on which any Option may be exercised under this Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to the definition of an Eligible Employee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to add provisions permitting for the granting of cash-settled awards or a form of financial assistance and any amendment
to a cash-settled award or financial assistance provision which is adopted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment necessary to comply with applicable law or the requirements of any Stock Exchange or any other regulatory body having
authority over the Company, this Plan or the shareholders;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment of a &#8220;housekeeping&#8221; nature, including, without limitation, to clarify the meaning of an existing provision
of this Plan or any agreement ancillary thereto, correct or supplement any provision of this Plan that is inconsistent with any other
provision of this Plan, correct any grammatical or typographical errors or amend the definitions in this Plan regarding administration
of this Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT>any amendment regarding the administration of this Plan; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any other amendment, fundamental or otherwise, that does not require the approval of shareholders under Section 7.1.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shareholder approval is required for the following amendments to this Plan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any increase in the maximum number of Shares that may be issuable pursuant to Awards granted under this
Plan as set out in Section 4, other than an adjustment pursuant to Section 7.3;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any (i) reduction in the Exercise Price or SAR Base Price of an Award, (ii) extension of the term of an
Award, including the Expiry Date of an Option, benefitting an Insider, except in case of an extension due to a Black-Out Period or (iii)&nbsp;amendment
providing for the cancellation and reissue of Awards, other than an adjustment pursuant to Section 7.3</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any amendment to remove or to exceed the insider participation limit set out in Section 4.2<B>;</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any amendment which would permit Options to be transferable or assignable other than by will or the laws
of descent and distribution (provided that Options may be transferred or assigned by a Participant to a Permitted Assign with the Board&#8217;s
prior written consent and subject to such conditions as the Board may stipulate,
as set out in Section 5.5.1); and</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any amendment to Section 7.1.1 or Section 7.1.2.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Termination of the Plan.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may suspend or terminate this Plan at any time, or from time to time amend or revise the terms of this Plan or other
agreement or document relating to it, provided that no such suspension, termination, amendment or revision will be made:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except in compliance with applicable law and with the prior approval, if required, of (i) any Stock Exchange or any other regulatory
body having authority over the Company, this Plan or (ii) the shareholders; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in the case of an amendment or revision to an outstanding Option, if it would materially adversely affect the rights of any Participant,
without the consent of the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Plan is terminated, the provisions of this Plan and any administrative guidelines and other rules and regulations adopted
by the Board and in force on the date of termination will continue in effect as long as any Option or any rights granted pursuant to this
Plan remain outstanding and, despite the termination of this Plan, the Board may make such amendments to this Plan or to the terms of
any outstanding Options as they would have been entitled to make if this Plan were still in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Adjustment Upon Changes in Company Shares</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any stock dividend, stock split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution
(other than normal cash dividends) of the Company&#8217;s assets to Shareholders, or any other change in the Shares, the Board will make
such proportionate adjustments, if any, as the Board in its discretion, subject to regulatory approval, may deem appropriate to reflect
such change (for the purpose of preserving the value of the Awards), with respect to (i) the number or kind of Shares or other securities
reserved for issuance pursuant to the Plan; and (ii) the number or kind of Shares or other securities subject to unexercised Awards previously
granted and the exercise price of those Awards provided, however, that no substitution or adjustment will obligate the Company to issue
or sell fractional Shares. The existence of any Awards does not affect in any way the right or power of the Company or an Affiliate or
any of their respective Shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change
in the capital structure or the business of, or any amalgamation, merger or consolidation involving, to create or issue any bonds, debentures,
shares or other securities of, or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of
or any sale or transfer of all or any part of the assets or the business of, or to effect any other corporate act or proceeding relating
to, whether of a similar character or otherwise, the Company or such Affiliate, whether or not any such action would have an adverse effect
on the Plan or any Award granted hereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 1in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Section 409A.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 1in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> It is intended that Awards granted under the Plan to U.S. Participants be exempt from or comply with the requirements of Section
409A and all provisions of the Plan will be construed and interpreted in a manner consistent with such intention. In furtherance of the
foregoing and notwithstanding anything to the contrary in the Plan or otherwise, any Option or SAR issued to a U.S. Participant shall
have an Exercise Price or Base Price that is no less than &#8220;fair market value&#8221; on the Grant Date, which value shall be determined
in accordance with Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any provision of the Plan, a Grant Agreement or any Award issued to a U.S. Participant contravenes Section 409A or could cause
the U.S. Participant to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion and without the
U.S. Participant&#8217;s consent, modify such provision to the minimum extent necessary to: (a) comply with, or avoid being subject to,
Section 409A, or to avoid incurring taxes, interest and penalties under Section 409A; and/or (b) maintain, to the maximum extent practicable,
the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to
the Company or contravening Section 409A. Notwithstanding anything to the contrary in the Plan or otherwise, the Board shall retain the
power and authority to amend or modify this Section 7.4 to the extent the Board in its sole discretion deems necessary or advisable to
comply with any guidance issued under Section 409A. Such amendments may be made without the approval of any U.S. Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any amounts payable under this Plan that constitute &#8220;nonqualified deferred compensation&#8221; within the
meaning of Section 409A of the Code, notwithstanding any other provision of this Plan or any Grant Agreement to the contrary: (a)&nbsp;a
Participant shall not be considered to have experienced a termination of employment or service unless the Participant has experienced
a &#8220;separation from service&#8221; within the meaning of Section 409A of the Code; (b)&nbsp;if a Participant is a &#8220;specified
employee&#8221; within the meaning of Section 409A (as determined in accordance with the methodology established by the Company), amounts
that constitute &#8220;nonqualified deferred compensation&#8221; within the meaning of Section 409A that otherwise would be payable by
reason of a Participant&#8217;s &#8220;separation from service&#8221; (within the meaning of Section 409A) during the six-month period
immediately following such separation from service shall instead be paid or provided on the first business day following the date that
is six months following the Participant&#8217;s separation from service or any earlier date permitted by Section 409A; <U>provided</U>
that, if the Participant dies following such separation from service and prior to the payment of any amounts delayed on account of Section
409A, such amounts shall be paid to the personal representative of the Participant&#8217;s estate within thirty (30) days following the
date of the Participant&#8217;s death; and (c)&nbsp;in the event that the payment of such amounts would be accelerated upon the occurrence
of (i) a Change of Control Event, no such acceleration shall be permitted unless the event giving rise to the Change of Control Event
constitutes a &#8220;change in the ownership or effective control&#8221; of the Company or a &#8220;change in the ownership of a substantial
portion of the assets&#8221; of the Company within the meaning of U.S. Treasury Regulation Sections 1.409A-3(a)(5) and 1.409A-3(i)(5)
shall not be treated as a Change of Control Event; or (ii) a &#8220;disability&#8221; or &#8220;incapacity&#8221;, no such acceleration
shall be permitted unless the &#8220;disability&#8221; or &#8220;incapacity&#8221; also satisfies the definition of &#8220;Disability&#8221;
pursuant to Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Rights
as Shareholders.</I></B> The Participants shall not have any rights as shareholders with respect to any Shares covered by or
relating to the Awards granted pursuant to the Plan until the date the Participants become the registered owners of Shares. Except
as otherwise expressly provided in Section 7.3 hereof, no adjustment to the Awards shall be made for dividends or other rights for
which the record date occurs prior to the date such share certificate is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>No Special Employment Rights.</I></B> Nothing contained in the Plan shall confer upon the Participants any right with respect
to the continuation of their Employment or interfere in any way with the right of the Company, the Employer or their Affiliates, subject
to the terms of any separate Employment Agreements to the contrary, at any time to terminate such Employment or to increase or decrease
the compensation of the Participants from the rate in existence at the time of any Grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>No Obligation to Exercise.</I></B> The Grant of the Awards to the Participants shall impose no obligation upon the Participants
to exercise such Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Tax Withholdings.</I></B> <FONT STYLE="font-weight: normal">Despite any other provision contained in this Plan, in
connection with the exercise or settlement of an Award by a Participant from time to time, the Company may withhold from any amount payable
to a Participant, including the issuance of Shares to a Participant upon the exercise or settlement of such Participant&#8217;s Awards,
such amounts as are required by law to be withheld or deducted as a consequence of his or her exercise or settlement of Awards or other
participation in this Plan (&#8220;<I>Withholding Obligations</I>&#8221;). The Company has the right, in its sole discretion, to satisfy
any Withholding Obligations by:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>selling or causing to be sold, on behalf of any Participant, such number of Shares issued to the Participant on the exercise or
settlement of Awards as is sufficient to fund the Withholding Obligations;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>retaining the amount necessary to satisfy the Withholding Obligations from any amount which would otherwise be delivered, provided
or paid to the Participant by the Company, whether under this Plan or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>requiring the Participant, as a condition of exercise to (A) remit the amount of any such Withholding Obligations to the Company
in advance; (B) reimburse the Company for any such Withholding Obligations; or (C) cause a broker who sells Shares acquired by the Participant
on behalf of the Participant to withhold from the proceeds realized from such sale the amount required to satisfy any such Withholding
Obligation and to remit such amount directly to the Company; and/or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>making such other arrangements as the Company may reasonably require.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><B><I>Broker
Assisted Exercise.</I></B> <FONT STYLE="font-weight: normal">The sale of Shares by the Company, or by a broker engaged by the
Company (the &#8220;<I>Broker</I>&#8221;), under Section 5.7.6 or under any other provision of the Plan will be made on any Stock
Exchange. The Participant consents to such sale and grants to the Company an irrevocable power of attorney to effect the sale of
such Shares on his or her behalf and acknowledges and agrees that (i) the number of Shares sold will be, at a minimum, sufficient to
fund the Withholding Obligations net of all selling costs, </FONT>which costs are the responsibility of the Participant and which
the Participant hereby authorizes to be deducted from the proceeds of such sale; (ii) in effecting the sale of any such Shares, the
Company or the Broker will exercise its sole judgment as to the timing and the manner of sale and will not be obligated to seek or
obtain a minimum price; and (iii) neither the Company nor the Broker will be liable for any loss arising out of such sale of the
Shares including any loss relating to the pricing, manner or timing of the sales or any delay in transferring any Shares to a
Participant or otherwise. The Participant further acknowledges that the sale price of the Shares will fluctuate with the market
price of the Shares and no assurance can be given that any particular price will be received upon any sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Notices.</I></B> Each notice and other communication hereunder shall be in writing and shall be given and shall be deemed
to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable
overnight courier, or the third business day if sent by registered mail, return receipt requested, to the parties as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to the Participant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">To the most recent address shown on records
of the Company or its Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to the Company or an Employer:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Telesat Corporation<BR>
160 Elgin Street, Suite 2100,<BR>
Ottawa, Ontario, Canada, K2P 2P7</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or to such other address as any party may have furnished to the other
in writing in accordance herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Descriptive Headings.</I></B> The headings in the Plan are for convenience of reference only and shall not limit or otherwise
affect the meaning of the terms contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Severability.</I></B> In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or sentences
contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every other respect
and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being
intended that all rights, powers and privileges of the Company and Participants shall be enforceable to the fullest extent permitted by
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in">7.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Governing Law.</I></B> The Plan shall be governed by, and construed and enforced in accordance with, the laws of the Province
of Ontario, Canada, without regard to the provisions governing conflict of laws.</P>

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

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<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>tm2133275d3_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
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<P STYLE="margin: 0"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 4.3</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TELESAT CORPORATION<BR>
2021 AMENDED &amp; RESTATED MANAGEMENT STOCK INCENTIVE PLAN</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initially adopted by Telesat Holdings Inc.
on March 14, 2013 (the &#8220;Effective Date&#8221;), as amended and restated as of January 15, 2014, as amended November 30, 2015, and
as further amended and restated and assumed by Telesat Corporation as of November 19, 2021 in connection with the exchange of Telesat
Holdings Inc. Options and SARs for Telesat Corporation Options and SARs.</I></B></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Purpose of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The purpose of the Telesat Corporation
(the &#8220;<I>Company</I>&#8221;) Management Stock Incentive Plan (the &#8220;<I>Plan</I>&#8221;) is to promote the interests of the
Company and its shareholders by providing certain key employees of the Company and its Affiliates with an appropriate incentive to encourage
them to continue in the employ of the Company or an Affiliate and to improve the growth and profitability of the Company.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Definitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used in this Plan, the following
capitalized terms shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Active Engagement</I>&#8221; shall mean any period in which a Participant who is not an employee of the Company or an
Affiliate provides services to the Company or an Affiliate. For certainty, &#8220;Active Engagement&#8221; shall exclude any period that
follows, or ought to have followed, a Participant's last day of providing services to the Company or an Affiliate, including at common
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Affiliate</I>&#8221; shall mean, with respect to any Person, any other Person that, directly or indirectly through one
or more intermediaries, controls, is controlled by, or is under common control with the first Person; provided that with respect to the
Company or the Employer, the term &#8220;Affiliate&#8221; shall be limited to any direct or indirect subsidiary of the Company with respect
to which the Company beneficially owns more than 50% of the outstanding voting securities or has the power to elect a majority of its
directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Award</I>&#8221; shall mean any award granted under the Plan, including Options or SARs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Black-Out Period</I>&#8221; shall mean the period of time when, pursuant to the Company&#8217;s policies in effect from
time to time, securities of the Company may not be traded by reporting insiders, as defined in National Instrument 55-104 &#8211; <I>Insider
Reporting Requirements and Exemptions</I> and the TSX Company Manual, as amended from time to time, or other specified persons, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Board</I>&#8221; shall mean the Board of Directors of the Company or any committee appointed by the Board to administer
the Plan pursuant to Section 3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &#8220;<I>Business Day</I>&#8221; shall mean any day of the year, other than a Saturday, Sunday or any day on which Canadian chartered
banks are authorized or obligated by law to close for business in Toronto, Ontario or a day on which the NASDAQ Stock Market or the Toronto
Stock Exchange is closed for trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Canadian Participant</I>&#8221; shall mean a Participant who is employed in or resides in any of the provinces or territories
of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Canadian Securities Laws</I>&#8221; shall mean the laws of one or more provinces of Canada, or if applicable any Canadian
federal securities laws, relating to the qualification for distribution or distribution to the public of any securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Cause</I>&#8221; shall mean, when used in connection with the termination of a Participant&#8217;s Employment, unless
otherwise provided in the Participant&#8217;s Award Agreement or an Employment Agreement (in which event, as regards to such Participant,
the definition of &#8220;Cause&#8221; or words to similar effect set out therein shall apply in place of the following definition), the
termination of the Participant&#8217;s Employment on account of (i) a failure of the Participant to substantially perform his or her duties
(other than as a result of physical or mental illness or injury); (ii) the Participant&#8217;s willful misconduct or gross negligence
which is materially injurious to the Company or any of its Affiliates; (iii) a breach by a Participant of the Participant&#8217;s fiduciary
duty or duty of loyalty to the Company and its Affiliates; (iv) the Participant&#8217;s unauthorized removal from the premises of the
Company or an Affiliate of any document (in any medium or form) relating to the Company or an Affiliate or the customers or suppliers
of, or investors in, the Company or an Affiliate; (v) a material breach by the Participant of a policy of the Company or an Affiliate
to which the Participant is subject or a breach by the Participant of a code of conduct adopted from time to time by the Company; (vi)
the commission by the Participant of an act of insubordination; (vii) the commission by the Participant of any felony or other serious
crime involving moral turpitude; or (viii) with respect to Canadian Participants only, any act or omission of the Participant which would,
pursuant to the <I>Canada Labour Code</I>, permit an employer to, without notice or provision of wages in lieu of notice, terminate the
employment of an employee. Any rights the Company or an Affiliate may have hereunder in respect of the events giving rise to Cause shall
be in addition to the rights the Company or Affiliate may have under any other agreement with the Participant or at law or in equity.
If, subsequent to a Participant&#8217;s termination of Employment, it is discovered that such Participant&#8217;s Employment could have
been terminated for Cause, the Participant&#8217;s Employment shall, at the election of the Board, in its sole discretion, be deemed to
have been terminated for Cause retroactively to the date the events giving rise to Cause occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Change of Control Event</I>&#8221; shall mean, unless the Board determines otherwise or as otherwise provided in a Grant
Agreement, the happening, in a single transaction or in a series of related transactions, of any of the following events:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
or substantially all of the assets of the Company (which, for greater certainty, includes the assets of Telesat Partnership) are
sold, leased, exchanged, licensed or otherwise disposed of in a single transaction or in a series of related transactions, other
than to MHR, PSP or Affiliates of either of them or of the Company;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any Person or group of Persons who are acting jointly or in concert pursuant to the provisions of the <I>Securities Act</I> (Ontario),
other than (A) PSP and its Affiliates or a successor in whole or in part, to PSP or its Affiliates, or (B) MHR or its Affiliates or a
successor in whole or in part, to MHR or its Affiliates, acquires, directly or indirectly, ownership of 50% or more of either the outstanding
Shares or securities having aggregate voting power for the election of directors of the Company, assuming the conversion of all outstanding
securities of the Company or Telesat Partnership that could be converted into fully voting securities of the Company, including securities
that are convertible under circumstances that do not then exist because of the nature of the current registered owner of such shares;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, together with
any new directors whose election or appointment by such Board, or whose nomination for election was approved by a vote of a majority of
the directors of the Company then still in office who were entitled to vote and who were either directors of the Company at the beginning
of such period or whose election or appointment, or whose nomination for election, was previously approved (such persons referred to here
as the &#8220;<I>Continuing Directors</I>&#8221;), cease for any reason to constitute a majority of the Board; provided that any director
appointed by PSP or MHR or their respective Affiliates or a successor in whole or in part, to MHR, PSP or their respective Affiliates
shall constitute a Continuing Director;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a final determination by the Board or Shareholders to (A) liquidate all or substantially all of the assets of the Company, (B)
wind up the Company&#8217;s business, or (C) commence proceedings for such a liquidation, winding-up or re-arrangement pursuant to a plan
of compromise or plan of arrangement under the <I>Companies&#8217; Creditors Arrangement Act</I>; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notwithstanding any of the foregoing, any other matter specifically determined by the Board to be a Change of Control Event for
the purposes of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class A Shares</I>&#8221; shall mean the Class A common shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class B Shares</I>&#8221; shall mean the Class B variable voting shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Class C Shares</I>&#8221; shall mean, together, the Class C fully voting shares of the Company and the Class C limited
voting shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Code</I>&#8221; shall mean the U.S. Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> &#8220;<I>Commission</I>&#8221; shall mean the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Common Shares</I>&#8221; shall mean the voting common shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Date of Termination</I>&#8221; shall mean the date on which a Participant ceases to be an Eligible Employee as a result
of the termination of their employment or retention with the Employer for any reason, including death, Retirement, resignation or termination
with Cause or without Cause, or in the event of a Disability Termination. For the purposes of this definition and the Plan, a Participant&#8217;s
employment or retention with the Employer shall be considered to have terminated on the last day of the Participant&#8217;s Employment
or Active Engagement with the Employer, whether such date is selected by mutual agreement with the Participant, or unilaterally by the
Participant or the Employer, and whether with or without advance notice to the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>&#8220;Director&#8221;</I> shall mean a member of the Board who is not an employee of the Company or any of its Subsidiaries,
who the Board determines shall participate in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Disability Termination</I>&#8221; shall mean, when used in connection with the termination of a Participant&#8217;s Employment,
unless otherwise provided in a Grant Agreement or an Employment Agreement (in which event as regards such Participant, the definition
of &#8220;Disability Termination&#8221; or words of similar effect set out therein shall apply in place of the following definition),
the termination of the Participant&#8217;s employment due to their inability to substantially fulfil their duties on behalf of the Employer
as a result of illness or injury for a continuous period of nine (9) months or more or for an aggregate period of twelve (12) months or
more during any consecutive twenty-four (24) month period, despite the provision of reasonable accommodations by the Employer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Eligible Employee</I>&#8221; shall mean any employee who the Board determines (i) is a key employee of the Company or
an Affiliate, and (ii) shall participate in the Plan due to the services he or she performs on behalf of the Company or an Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&#8220;<I>Employer</I>&#8221; shall mean the Company or a Subsidiary of the Company for which a Participant is Employed and in
the event that the employer of a Participant is changed from the Company or a Subsidiary to the Company or another Subsidiary of the Company,
as applicable, then the Company or such Subsidiary shall become the &#8220;Employer&#8221; hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&quot;<I>Employment</I>&quot;
or &#8220;<I>Employed</I>&#8221; means the period in which a Participant who is an employee or officer of the Employer performs work
for the Employer. For certainty, &#8220;Employed&#8221; or &#8220;Employment&#8221; shall be deemed to include in the case of an
employee (including an employee who is an officer), as applicable, (i) any period of vacation, disability (but only to the extent
prior to a Disability Termination), or other leave permitted by legislation, and (ii) any period constituting the minimum notice of
termination period that is required to be provided to an employee pursuant to applicable employment standards legislation or labour
code (if any). For certainty, &#8220;Employment&#8221; or &#8220;Employed&#8221; shall be deemed to exclude any other period that
follows or ought to have followed, as applicable, the later of (i) the end of the minimum notice of termination period that is
required to be provided to an employee pursuant to applicable employment standards legislation or labour code (if any), or (ii) the
Participant's last day of performing work for the Employer (including any period of vacation, disability, or other leave permitted
by legislation) whether that period arises from a contractual or common law right;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Employment Agreement</I>&#8221; shall mean a written employment agreement by and between the Participant and the Employer,
if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Exercise Price</I>&#8221; shall mean the price that the Participant must pay under an Option for each Share as determined
by the Board for each Grant and specified in the relevant Grant Agreement, subject to any adjustment that may be made following the Grant
Date in accordance with the terms of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Expiry Date</I>&#8221; has the meaning set out in Section 5.7.1(i).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Fair Market Value</I>&#8221; shall mean the value determined in accordance with the award exchange agreement with the
Company in respect of options and Tandem SARs, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Grant</I>&#8221; shall mean a grant by the Company of an Award, evidenced by the applicable Grant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Grant Agreement</I>&#8221; shall mean an agreement approved by the Board and entered into by a Participant and the Company
evidencing the Grant of an Award pursuant to the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Grant Date</I>&#8221; shall mean the Grant Date as defined in the Grant Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Initial Public Offering</I>&#8221; shall be deemed to occur on the issue date of Common Shares, Shares or any share convertible
into Common Shares qualified for public offer under the first prospectus therefore filed with the Commission, or under Canadian Securities
Laws or securities laws of another jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Insider</I>&#8221; shall mean a &#8220;reporting insider&#8221; of the Company as defined in National Instrument 55-104
 &#8211; <I>Insider Reporting Requirements and Exemptions</I> and the TSX Company Manual in respect of the rules governing security-based
compensation arrangements, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Investment Canada Act</I>&#8221; shall mean the <I>Investment Canada Act </I>(R.S.C. 1985, c. 28) and the regulations
thereunder, as the same may be amended and supplemented from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&#8220;<I>Market
Price</I>&#8221; means at any date when the market value of Shares of the Company is to be determined: (a) if the Shares are listed
on any Stock Exchange, the closing price for the Shares on such Stock Exchange on the last trading day before such date; or (b) if
the Shares are not listed on any Stock Exchange, then the price determined by the Board using good faith discretion and, for U.S.
Participants, in a manner consistent with the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>MHR</I>&#8221; means MHR Management Fund LLC and any funds or other investment vehicles managed by MHR Fund Management
LLC or any of its Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Option</I>&#8221; shall mean an option to purchase Shares, as set forth in the Grant Agreement, granted to any Participant
under the Plan, and, where applicable, shall also include a Tandem SAR granted in conjunction with or as part of any such Option. No Option
is intended to qualify as an &#8220;incentive stock option&#8221; within the meaning of Section 422 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Option Transferee</I>&#8221; shall have the meaning set forth in Section 5.5.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.37<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Permitted Assign</I>&#8221; shall mean for any Participant</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">a trustee, custodian or administrator acting solely on behalf of, or for the benefit of such person or
a spouse of such person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">a wholly owned or controlled holding entity of such person or the spouse of such person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">an RRSP or a RRIF of such person or the spouse of such person; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">a spouse of such person.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.38<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>PSP</I>&#8221; means Public Sector Pension Investment Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.39<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Participant</I>&#8221; shall mean an Eligible Employee or a Director to whom a Grant of an Award has been made, and,
where applicable, shall include Option Transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.40<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Permitted Transferee</I>&#8221; shall have the meaning set forth in Section 5.5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.41<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Person</I>&#8221; shall mean an individual, partnership, corporation, limited liability company, unincorporated organization,
trust or joint venture, or a governmental agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.42<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Plan</I>&#8221; shall mean this Telesat Corporation Amended and Restated Management Stock Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.43<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Reference Option</I>&#8221; shall have the meaning set forth in Section 6.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.44<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Retirement</I>&#8221; means the cessation of the employment of a Participant with the Company or an Affiliate which is
deemed to be a retirement by a resolution of the Board in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.45<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &#8220;<I>SAR Base Price</I>&#8221; shall mean the amount for each Grant as specified in the relevant Grant Agreement, subject
to any adjustment that may be made following the Grant Date in accordance with the terms of this Plan. With respect to any Tandem SAR,
the SAR Base Price shall be the same as the Exercise Price of the Reference Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.46<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Section 409A</I>&#8221; shall mean Section 409A of the Code and the regulations and guidance promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.47<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Selling Participant</I>&#8221; shall have the meaning set forth in Section 5.5.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.48<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Share Compensation Arrangement</I>&#8221; means any stock option, stock option plan, employee stock purchase plan or
any other compensation or incentive mechanism of the Company involving the issuance or potential issuance of Shares from treasury, including
a share purchase from treasury which is financially assisted by the Company by way of a loan, guarantee or otherwise, including without
limitation this Plan, but excludes any compensation or incentive mechanism of the Company involving the issuance or potential issuance
of Shares in accordance with section 613(c) of the TSX Company Manual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.49<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Shareholders</I>&#8221; shall mean the holders of voting shares in the capital of the Company, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.50<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Shares</I>&#8221; shall mean, together, the Class A Shares and Class B Shares in the capital of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.51<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stand-Alone SAR</I>&#8221; shall mean the right to receive cash and/or Shares equal to the difference between (i)&nbsp;the
Fair Market Value of a Share on the date such right is exercised, and (ii)&nbsp;the SAR Base Price of such right, otherwise than on surrender
of a Reference Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.52<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Appreciation Right</I>&#8221; or &#8220;<I>SAR</I>&#8221; shall mean the right to receive cash and/or Shares pursuant
to an Award granted under Section 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.53<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Exchange</I>&#8221; shall mean the Toronto Stock Exchange or, if the Shares are not listed or posted for trading
on the Toronto Stock Exchange at a particular date, any other stock exchange on which the majority of the trading volume and value of
the Shares are listed or posted for trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.54<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Stock Option Certificate</I>&#8221; shall mean a notice from the Company to a Participant evidencing the grant of Options
and the terms and conditions thereof, as the Board may approve from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.55<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>&#8220;Subsidiary&#8221;</I>
shall mean, as to any Person (the &#8220;First Person&#8221;), any other Person which is directly or indirectly Controlled by the
First Person or over which the First Person exerts control directly or indirectly in any manner whatever, including the power to
fully direct the management and policies of such person, and where used herein without modification, means a Subsidiary of the
Company. For the purposes of this definition, <I>&#8220;Control&#8221;</I> means (i) the direct ownership, on both an issued and
fully diluted basis, by a Person of (A) voting securities to which are attached more than 50% of the votes attached to all of the
voting securities of a corporation or other entity and (B) more than 50% of all of the fully-participating shares or interests of
such corporation or other entity and (ii) the unfettered control of all votes attaching to all voting securities of such corporation
or other entity owned by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.56<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Tandem SAR</I>&#8221; shall mean the right to surrender to the Company all (or a portion) of a Reference Option and receive
in cash and/or Shares in an amount equal to the difference between (i)&nbsp;the Fair Market Value of the Shares covered by such Reference
Option, on the date such Reference Option (or such portion thereof) is surrendered, and (ii)&nbsp;the aggregate Exercise Price of such
Reference Option (or such portion thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.57<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Telesat Partnership</I>&#8221; shall mean Telesat Partnership LP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.58<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&quot;<I>Telesat Partnership Units</I>&#8221; shall mean, together, the class A units, class B units and class C units of Telesat
Partnership exchangeable into Class A Shares, Class B Shares and Class C Shares, respectively, of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.59<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>Transfer</I>&#8221; shall mean any transfer, sale, assignment, gift, testamentary transfer, pledge, hypothecation or
other disposition of any interest. &#8220;<I>Transferee</I>&#8221; and &#8220;<I>Transferor</I>&#8221; shall have correlative meanings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">2.60<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<I>U.S. Participant</I>&#8221; means any Participant who is a citizen or resident of the United States, or who is otherwise
subject to taxation under the Code.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Administration of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Plan shall be administered
and interpreted by the Board, or where the Board has delegated the administration and operation of this Plan, in whole or in part, to
a committee of the Board and/or to any member of the Board, such committee or member. In such circumstances, all references to the Board
in this Plan include reference to such committee and/or member of the Board, as applicable, except as otherwise determined by the Board.
The day-to-day administration of this Plan may be delegated to such officers and employees of the Company as the Board determines.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Powers
of the Board.</I></B> Subject to the terms and conditions set forth in this Plan, the Board is authorized to provide for the
granting, exercise or settlement and method of exercise or settlement of Awards, all at such times and on such terms (which may vary
between Awards granted from time to time) as it determines. In addition, the Board shall have the sole and absolute discretion to:
(i) designate Participants; (ii)&nbsp;determine the type, size, and terms, and conditions (including performance criteria) of Awards
to be granted; (iii) determine the method by which an Award may be canceled, forfeited, or suspended; (iv) determine the
circumstances under which the delivery of cash with respect to an Award may be deferred either automatically or at the
Participant&#8217;s or the Board&#8217;s election; (v)&nbsp;interpret and administer, reconcile any inconsistency in, correct any
defect in, and supply any omission in the Plan, any Grant Agreement and any Award granted under, the Plan; (vi) establish, amend,
suspend, or waive any rules and regulations and appoint such agents as the Board shall deem appropriate for the proper
administration of the Plan; (vii) accelerate the vesting, delivery, or exercisability of, or payment for or lapse of restrictions
on, or waive or impose any condition, restriction or requirement in respect of, Awards (including for greater certainty in respect
of any leave of absence of a Participant); (viii) with respect to any share unit, add provisions permitting for the granting of a
dividend equivalent subject to the same vesting conditions applicable to the related share units; and (ix) make any other
determination and take any other action that the Board deems necessary or desirable for the administration of the Plan or to comply
with any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Determinations of the Board.</I></B> Unless otherwise expressly provided in this Plan, all designations, determinations,
interpretations, and other decisions regarding this Plan or any Award or any documents evidencing any Award granted pursuant to this Plan
shall be within the sole discretion of the Board, may be made at any time, and shall be final, conclusive, and binding upon all persons
or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any
Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Indemnification of the Board.</I></B> No member of the Board will be liable for any action or determination taken or made
in good faith in the administration, interpretation, construction or application of this Plan, any Grant Agreement or other document or
any Award granted pursuant to this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Compliance with Legislation.</I></B> This Plan, the terms of the issue or grant of, and the grant and exercise or settlement
of, any Option under this Plan, and the Company&#8217;s obligation to sell and deliver Shares upon the exercise or settlement of Options,
is subject to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulations of any Stock Exchange
and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Company, be required. The Company
is not obliged by any provision of this Plan or the grant of any Option under this Plan to issue or sell Shares if, in the opinion of
the Board, such action would constitute a violation by the Company or a Participant of any laws, rules and regulations, including the
rules and regulations of any Stock Exchange, or any condition of such approvals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">The Participant agrees
to fully cooperate with the Company in doing all such things, including executing and delivering all such agreements, undertakings or
other documents or furnishing all such information as is reasonably necessary to facilitate compliance by the Company with such laws,
rule and requirements, including all tax withholding and remittance obligations and such representations or agreements as the Company
or counsel for the Company may consider appropriate to avoid violation of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">No Option or Stock
Appreciation Right will be granted, and no Shares issued under this Plan, where such grant, issue or sale would require registration of
this Plan or of Shares under the securities laws of any foreign jurisdiction, and any purported grant of any Option or Stock Appreciation
Right or purported issue of Shares under this plan in violation of this provision is void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">The Company
shall be prohibited from offering to sell or selling, any Shares pursuant to an Option or Stock Appreciation Right to any U.S.
Participant unless such Shares have been properly registered for sale pursuant to the U.S. Securities Act of 1933, as amended (the
 &#8220;<I>Securities Act</I>&#8221;) with the Securities and Exchange Commission or unless such shares may be offered or sold
without such registration pursuant to and in compliance with the terms of an available exemption. The Company shall be under no
obligation to register for sale under the U.S. Securities Act any of the Shares to be offered or sold under the Plan. Shares issued
or sold to Participants pursuant to the exercise or settlement of Options or Stock Appreciation Rights may be subject to limitations
on sale or resale under applicable securities laws. Without limiting the generality of the foregoing, the Board may cause a legend
or legends to be put on any such certificates of Shares delivered under the Plan to make appropriate reference to such restrictions
or may cause such Shares delivered under the Plan in book-entry form to be held subject to the Company&#8217;s instructions or
subject to appropriate stop-transfer orders or other restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">If Shares cannot
be issued to a Participant upon the exercise or settlement of an Option or Stock Appreciation Right due to legal or regulatory restrictions,
the obligation of the Company to issue such Shares will terminate and any funds paid to the Company in connection with the exercise or
settlement of such Option will be returned to the applicable Participant as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">Any Options or Stock
Appreciation Rights issued to a Participant that is a U.S. Participant shall be subject to the special terms and conditions set forth
in this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Inconsistent Terms. </I></B>Except as otherwise provided herein or as expressly provided in a Grant Agreement, in the event
of a conflict between the terms of the Plan and the terms of any Grant Agreement, the terms of the Plan shall govern.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Number of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The aggregate number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted
under the Plan shall not exceed 598,392 Shares (subject to adjustment as provided in Section 7.3 hereof). Any Shares that are issued upon
exercise of Awards shall be counted against this limit. If a Tandem SAR is granted, such Grant shall only apply once (for the number of
Shares issued upon exercise of the Reference Option) against the maximum number of Shares which may be issued under the Plan. In addition,
in determining the number of Shares available for Awards, if Shares have been delivered or exchanged by a Participant as full or partial
payment to the Company for payment of the Exercise Price, SAR Base Price, or for payment of withholding taxes, or if the number of Shares
otherwise deliverable has been reduced for payment of the Exercise Price or the SAR Base Price, or for payment of withholding taxes, the
number of Shares exchanged as payment in connection with the exercise or for withholding, or reduced shall be counted against the maximum
number of Shares which may be issued under the Plan and shall not again be available for purpose of Awards under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The number of Shares that are (i) issued to Insiders within any one year period, or (ii) issuable to Insiders at any time, in each
case, under this Plan alone or when combined with all other share compensation arrangements, shall not exceed 10% of the total number
of Shares issued and outstanding from time to time, on a diluted-basis assuming the exchange of all Class C Shares and all Telesat Partnership
Units into Shares of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> Despite the foregoing and for greater certainty, the total annual grant to any one non-employee director under all Share Compensation
Arrangements shall not exceed an aggregate grant value of $100,000 in Options and $150,000 in equity, other than with respect to any deferred
share units granted to a non-employee director in lieu of their cash retainer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Awards to issue or purchase Class A Shares may be granted hereunder to Eligible Employees who are &#8220;Canadian&#8221; as such
term is defined in the <I>Investment Canada Act</I> and Awards to issue or purchase Class B Shares may be granted hereunder to Eligible
Employees that are not &#8220;Canadian&#8221; as such term is defined in the <I>Investment Canada Act</I>. At the discretion of the General
Counsel, a declaration of residency may be required from an Eligible Employee prior to the settlement of an Award hereunder in Class A
Shares or Class B Shares, as applicable.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">To the extent that any Option
granted under the Plan terminates, expires, is cancelled or forfeited without having been exercised, the Shares covered by such Option
shall again be available for Grant under the Plan. Notwithstanding any other provision of this Plan, from and after the completion of
an Initial Public Offering of any shares of the Company, no additional Options shall be granted under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Identification of Options.</I></B> The Options granted under the Plan shall be clearly identified in the Grant Agreement
as not intended to qualify as &#8220;incentive stock option&#8221; within the meaning of Section 422 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Exercise Price.</I></B> The Exercise Price of any Option granted under the Plan shall be such price as the Board shall determine
and be specified in the Grant Agreement; provided that such price may not be less than Fair Market Value of a Share on the Grant Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Grant Date.</I></B> The Grant Date of the Options shall be the date designated by the Board and specified in the Grant Agreement
as the date the Option is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><I>Vesting of Options. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Vesting Schedule.</I> Options granted under the Plan to a Participant will vest subject to (<U>i</U>) the Participant&#8217;s
continued Employment as of a vesting date, (<U>ii</U>) the attainment of performance conditions, as determined by the Board in its sole
discretion, (<U>iii</U>) both (i) and (ii), or (<U>iv</U>) such other criteria as established by the Board. Unless otherwise specified
in a Participant&#8217;s Grant Agreement or an Employment Agreement, if any, and except as set forth in Sections 5.4.2 and 5.4.4<B>,</B>
twenty percent (20%) of all Options granted will vest on each of the first five anniversaries of the Grant Date thereof, subject in all
cases to the Participant&#8217;s continued Employment as of such anniversary. Unless the Board provides otherwise, the vesting of an Option
granted under this Plan will be suspended during any leave of absence as may be set forth by Company policy, if any.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>Termination.</I> Except as otherwise set out in a Participant&#8217;s Grant Agreement or Employment Agreement or as otherwise
determined by the Board, in its sole discretion:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant (A) ceases to be an Eligible Employee as a result of his or her resignation or Retirement, (B) is no longer serving
as a director of the Company, or (C) ceases to be an Eligible Employee as a result of such Participant&#8217;s Active Engagement or Employment
having been terminated without Cause, each vested Option will cease to be exercisable on the earlier of the original Expiry Date of the
Option and ninety (90) days following the Date of Termination;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee by reason of death, each unvested Option held by such Participant will continue
to vest for a period of 12 months from the Date of Termination and all vested Options, including those that vest during such 12 month
period, held by such Participant will continue to be exercisable for a period of up to the earlier of 12 months from the Date of Termination
and the original Expiry Date of the Option, and afterwards each vested Option held by such Participant will cease to be exercisable and
all unvested Options will terminate and become void;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee by reason of Disability Termination, all vested Options held by such Participant
will continue to be exercisable for a period of up to the earlier of 12 months from the Date of Termination and the original Expiry Date
of the Option, and afterwards each vested Option held by such Participant will cease to be exercisable and all unvested Options will terminate
and become void; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if a Participant ceases to be an Eligible Employee as a result of such Participant&#8217;s Active Engagement or Employment having
been terminated for Cause, each Option, whether vested or unvested will automatically terminate and become void on the Date of Termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Vesting Following Change of Control Event</I>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Despite any other provision of this Plan or any Grant Agreement and subject to Section 3.4, in
the event of a Change of Control Event, the Board may take such action as the Board in its sole discretion considers appropriate in the
circumstances, including, without limitation, (i) changing the vesting or manner of settlement of any Award, (ii) changing the Expiry
Date or term of any Award, or (iii) providing for the substitution or replacement of Awards, including with awards of the surviving Company
resulting from the Change of Control Event (or any affiliate thereof) or the potential successor (or any affiliate thereto).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">No fractional Shares or other security will be issued upon the
exercise or settlement of any Award and accordingly, if as a result of a Change of Control Event, a Participant would become entitled
to a fractional Share or other security, such Participant will have the right to acquire only the next lowest whole number of Shares
or other security and no payment or other adjustment will be made with respect to the fractional interest so disregarded.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Despite
anything else to the contrary in this Plan or any Grant Agreement, in the event of a potential Change of Control Event, the Board will
have the power, in its sole discretion, to modify the terms of this Plan and/or the Awards to assist the Participants in tendering to
a take-over bid or other transaction leading to a Change of Control Event. For greater certainty, in the event of a take-over bid or
other transaction leading to a Change of Control Event, subject to applicable law (including the requirements of Section 409A), the Board
has the power, in its sole discretion, to accelerate the vesting of Awards and to permit Participants to conditionally exercise or settle
their Awards, as applicable, such conditional exercise to be conditional upon the take-up by such offeror of the Shares or other securities
tendered to such take-over bid in accordance with the terms of the take-over bid (or the effectiveness of such other transaction leading
to a Change of Control Event). If, however, the potential Change of Control Event referred to in this Section 5.4.4(c) is not completed
within the time specified (as the same may be extended), then despite this Section 5.4.4(c) or the definition of &#8220;Change of Control
Event&#8221;: (i) any conditional exercise or settlement of vested Awards, as applicable, will be deemed to be null, void and of no effect,
and such conditionally exercised or settled Awards will for all purposes be deemed not to have been exercised or settled, and (ii) Awards
which vested pursuant to this Section 5.4.4(c) will be returned by the Participant to the Company and reinstated as authorized but unissued
Shares and the original terms applicable to such Awards will be reinstated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Board has, pursuant to the provisions of Section 5.4.4(c), permitted the conditional exercise or settlement of Awards in connection
with a potential Change of Control Event, then the Board will have the power, in its sole discretion, to terminate, immediately following
actual completion of such Change of Control Event and on such terms as it sees fit, any Awards not exercised or settled (including all
unvested Awards), as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Limitation on Transfer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Options. </I></B>An Option is personal to the Participant to whom it is granted. Except as set forth herein, Options are
not transferable. Options may be exercised only by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Participant to whom the Options were granted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with the Board&#8217;s prior written approval and subject to such conditions as the Board may stipulate, such Participant&#8217;s
Permitted Assign;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>upon the Participant&#8217;s death, by the legal representative of the Participant&#8217;s estate; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT> upon the Participant&#8217;s incapacity, the legal representative having authority to deal with the property of the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Exercise of Options; Term; Forfeiture.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Options forfeited as provided in this Plan shall be immediately on the date of the forfeiture and forever forfeited and the
rights of the Participant with respect thereto shall be forfeited and cancelled and of no further force or effect, without compensation
of any kind to the Participant or any other person and without notice by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Option in respect of which shareholder approval is required under the rules of any Stock Exchange will be exercisable until
such time as such option has been approved by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Despite any other provision of this Plan, if the Expiry Date of an Option falls during a Black-Out Period or within nine (9) Business
Days immediately following a date upon which a Participant is prohibited from exercising an Option due to a Black-Out Period (but, for
greater certainty, not a cease trade order or other restriction imposed by any person other than the Company), then the Expiry Date of
such Option will be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out Period is lifted,
terminated or removed (provided that, for U.S. Participants, such extension does not violate Section 409A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Exercise.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>In General. </I></B>The period during which an Option may be exercised (the &#8220;<I>Option Period</I>&#8221;) will be determined
by the Board at the time the Option is granted and set out in the Stock Option Certificate in respect of such Option, provided that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No Option shall be exercisable after more than ten (10) years from the date of grant or after such shorter period as provided in
the Grant Agreement and no Option shall be granted hereunder after ten (10) years after the Effective Date (the &#8220;<I>Expiry Date</I>&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Options may not be exercised until they have vested;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the Option Period will be automatically reduced in accordance with Section 5.4.2 upon the occurrence of any of the events referred
to in such section; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no Option in respect of which Shareholder approval is required under the rules of any Stock Exchange will be exercisable until
such time as such Option has been approved by the Shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Despite
any other provision of this Plan, if the Expiry Date of an Option falls during a Black-Out Period or within nine (9) Business Days
immediately following a date upon which a Participant is prohibited from exercising an Option due to a Black-Out Period (but, for
greater certainty, not a cease trade order or other restriction imposed by any person other than the Company), then the Expiry Date
of such Option will be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out Period is
lifted, terminated or removed (provided that, for U.S. Participants such extension does not violate Section 409A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.8 and 5.7.6, the Exercise Price of each Share purchased under an Option must be paid in full in cash or by
bank draft or certified cheque at the time of such exercise, and upon receipt of payment in full, the number of Shares in respect of which
the Option is exercised will be duly issued as fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.8, upon the exercise of Options pursuant to this Section 5.7.4, the Company will immediately deliver, or cause
the registrar and transfer agent of the Shares to deliver, to the relevant Participant (or his or her legal or personal representative)
or to the order thereof, the number of Shares with respect to which Options have been exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the other provisions of this Plan and any vesting limitations imposed by the Board at the time of grant, Options may
be exercised, in whole or in part, at any time or from time to time, by a Participant by notice given to the Company as required by the
Board from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">5.7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Cashless Exercise</I></B><I><FONT STYLE="font-weight: normal">.</FONT></I> Notwithstanding Section 5.7.3, subject to any
conditions or limitations established by the Board, a grant of Options may specify that the Exercise Price will be payable, at the option
of the Participant and with the agreement of the Board, in the form of: (i) a broker assisted &#8220;cashless exercise&#8221; pursuant
to which the Company or its designee (including third party administrators) may deliver a copy of irrevocable instructions to a Broker
engaged for such purposes to sell the Shares otherwise deliverable upon the exercise of the Options and to deliver promptly to the Company
an amount equal to the Exercise Price and all applicable required Withholding Obligations against delivery of the Shares to settle the
applicable trade in accordance with Section 7.8; or (ii) an &#8220;option surrender&#8221; procedure effected by withholding the minimum
number of Shares otherwise deliverable in respect of a surrender of an Option that are needed to pay for the Exercise Price and all applicable
required Withholding Obligations, whereby the Participant elects to receive (a) a cash payment equal to the Market Price of the Shares
as at the date of Surrender less the aggregate Exercise Price and all applicable required Withholding Obligations, or (b) that number
of Shares calculated using the following formula, provided that arrangements satisfactory to the Company have been made to pay any applicable
required Withholding Obligations:</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">X
= (Y * (A-B)) / A </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">Where:
</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal; font-weight: normal">X
= the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results
in a negative number, then no Shares shall be issued </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">Y
= the number of Shares underlying the Options to be Surrendered </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">A
= the Market Value of the Shares as at the date of the Surrender </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; font-weight: normal">B
= the Exercise Price of such Options</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In all events of a cashless
exercise or option surrender pursuant to this Section 5.7.6: (a) the Participant shall comply with Section 7.8 of the Plan with regards
to any applicable required Withholding Obligations; and (b) shall comply with all such other procedures and policies as the Board may
prescribe or determine to be necessary or advisable from time to time including prior written consent of the Board, in connection with
such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><B><I>5.7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Lockup. </I></B>Upon any public offering of the Shares, a Participant shall be obligated to observe any limitations on sale, transfer
or other transaction with regard to the securities of the Company as requested by the underwriter and approved by the Board.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>SARs.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 1in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Tandem SARs</I></B>. SARs may be granted in conjunction with all or part of any Option (a &#8220;<I>Reference Option</I>&#8221;)
granted under the Plan. Such rights may be granted either at or after the time of the grant of such Reference Option. The aggregate number
of Tandem SARs that may be granted under the Plan may not exceed the number of Shares that may be granted under the Plan, less the number
of Shares issuable upon exercise of Options granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Terms and Conditions of Tandem SARs</I></B>. Tandem SARs granted hereunder shall be subject to such terms and conditions,
not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Board in its sole discretion, and the
following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Term</I></B>. A Tandem SAR, or applicable portion thereof, granted with respect to a Reference Option shall terminate and
no longer be exercisable upon the termination or exercise of the Reference Option, except that, unless otherwise determined by the Board,
in its sole discretion, at the time of grant, a Tandem SAR granted with respect to less than the full number of Shares covered by the
Reference Option shall not be reduced until, and then only to the extent, the exercise or termination of the Reference Option causes the
number of Shares covered by the Tandem SAR to exceed the number of Shares remaining available and unexercised under the Reference Option.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <B><I>Exercisability</I></B>. Tandem SARs shall be exercisable only at such time or times and to the extent that the Reference
Options to which they relate shall be exercisable in accordance with the provisions of Section 5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Method of Exercise</I></B>. A Tandem SAR may be exercised by the Participant surrendering for cancellation the applicable
portion of the Reference Option and indicating that the Participant wishes to exercise such Tandem SAR and the extent of such exercise.
Upon such exercise and surrender, the Participant shall be entitled to receive an amount in settlement of the Tandem SAR determined in
the manner prescribed in Section 6.2.4. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to
the extent the related Tandem SARs have been exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Payment</I></B>. Upon the exercise of a Tandem SAR, a Participant shall be entitled to receive up to, but no more than, an
amount in cash and/or Shares (as determined by the Board in its sole discretion at grant, or thereafter if no rights of a Participant
are reduced) equal in value to the excess of the Market Price (on the date the right is exercised) over the Exercise Price specified in
the applicable Grant Agreement for the Reference Option, multiplied by the number of Shares in respect of which the Tandem SAR shall have
been exercised. The maximum amount of such excess that the Participant may receive in cash shall not exceed the minimum mandatory statutory
amount of taxes due to the applicable taxing authority with respect to the exercise of the Tandem SAR. Fractional Shares will not be delivered
and the number of Shares to be delivered upon any exercise by the Participant of Tandem SARs shall be rounded up to the nearest whole
Share and the amount of cash to be delivered to the Participant upon such exercise shall be rounded down.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Deemed Exercise of Reference Option</I></B>. Upon the exercise of a Tandem SAR, the Reference Option or part thereof to which
such Tandem SAR is related shall be deemed to have been exercised for the purpose only of the limitation set forth in Section 5 of the
Plan on the number of Shares to be issued under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Non-Transferability</I></B>. Tandem SARs shall be transferable only when and to the extent that the underlying Option would
be transferable under Section 5.5 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Stand-Alone SARs</I></B>. Stand-Alone SARs also may be granted without reference to any Options granted under the Plan, but
by reference to rights with respect to exercises in value of a stated number of Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Terms and Conditions of Stand-Alone SARs</I></B>. Stand-Alone SARs granted hereunder shall be subject to such terms and conditions,
not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Board in its sole discretion, and the
following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Term</I></B>. The term of each Stand-Alone SAR shall be fixed by the Board, but shall not be greater than 10 years after
the date the right is granted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I>Exercisability</I></B>.
Stand-Alone SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Board at grant. If the Board provides, in its discretion, that any such right is exercisable subject to certain limitations
(including, without limitation, that it is exercisable only in installments or within certain time periods), the Board may waive
such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of
the installment exercise provisions or acceleration of the time at which such right may be exercised), based on such factors, if
any, as the Board shall determine, in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Method of Exercise</I></B>. Subject to whatever installment exercise and waiting period provisions apply under Section 6.4.2
above, Stand-Alone SARs may be exercised in whole or in part at any time in accordance with the applicable Grant Agreement, by giving
written notice of exercise to the Company specifying the number of Stand-Alone SARs to be exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Payment</I></B>. Upon the exercise of a Stand-Alone SAR, a Participant shall be entitled to receive, for each right exercised,
up to, but no more than, an amount in cash and/or Shares (as determined by the Board in its sole discretion at grant, or thereafter if
no rights of a Participant are reduced) equal in value to the excess of the Market Price on the date the right is exercised over the Market
Price on the date the right was awarded to the Participant. The maximum amount of such excess that the Participant may receive in cash
shall not exceed the minimum mandatory statutory amount of taxes due to the applicable taxing authority with respect to the exercise of
the Stand-Alone SAR. Fractional Shares will not be delivered and the number of Shares to be delivered upon any exercise by the Participant
of Stand-Alone SARs shall be rounded up to the nearest whole Share and the amount of cash to be delivered to the Participant upon such
exercise shall be rounded down.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Non-Transferability</I></B>. No Stand-Alone SARs shall be transferable by the Participant otherwise than by will or by the
laws of descent and distribution, and all such rights shall be exercisable, during the Participant&#8217;s lifetime, only by the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">6.4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Termination</I> - </B>No Participant shall have any entitlement to damages or other compensation arising from or related
to not receiving any Awards which would have, but for this Plan or any Grant Agreement, vested or accrued to the Participant after such
Participant&#8217;s Date of Termination, including but not limited to damages in lieu of notice of termination at common law. However,
nothing herein is intended to limit any statutory entitlements on termination and such statutory entitlements shall, if required, apply
despite this language to the contrary.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-style: normal; text-transform: uppercase">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>Miscellaneous</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Power of the Board to Amend the Plan.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.2.1 and any applicable rules of any Stock Exchange, the Board may from time to time, in its absolute discretion
and without the approval of shareholders, make amendments to this Plan, which may include but are not limited to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to the vesting and assignability provisions of this Plan;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> any amendment regarding the effect of termination of a Participant&#8217;s employment, engagement, contract, service or office;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment which accelerates the date on which any Option may be exercised under this Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to the definition of an Eligible Employee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment to add provisions permitting for the granting of cash-settled awards or a form of financial assistance and any amendment
to a cash-settled award or financial assistance provision which is adopted;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any amendment necessary to comply with applicable law or the requirements of any Stock Exchange or any other regulatory body having
authority over the Company, this Plan or the shareholders;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT>any amendment of a &#8220;housekeeping&#8221; nature, including, without limitation, to clarify the meaning of an existing provision
of this Plan or any agreement ancillary thereto, correct or supplement any provision of this Plan that is inconsistent with any other
provision of this Plan, correct any grammatical or typographical errors or amend the definitions in this Plan regarding administration
of this Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT>any amendment regarding the administration of this Plan; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any other amendment, fundamental or otherwise, that does not require the approval of shareholders under Section 7.1.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shareholder approval is required for the following amendments to this Plan:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any increase in the maximum number of Shares that may be issuable pursuant to Awards granted under this
Plan as set out in Section 4, other than an adjustment pursuant to Section 7.3;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any (i) reduction in the Exercise Price or SAR Base Price of an Award, (ii) extension of the term of an
Award, including the Expiry Date of an Option, benefitting an Insider, except in case of an extension due to a Black-Out Period or (iii)&nbsp;amendment
providing for the cancellation and reissue of Awards, other than an adjustment pursuant to Section 7.3</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any amendment to remove or to exceed the insider participation limit set out in Section 4.2<B>;</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any amendment which would permit Options to be transferable or assignable other than by will or the laws
of descent and distribution (provided that Options may be transferred or assigned by a Participant to a Permitted Assign with the Board&#8217;s
prior written consent and subject to such conditions as the Board may stipulate,
as set out in Section 5.5.1); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any amendment to Section 7.1.1 or Section 7.1.2.</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Termination of the Plan.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may suspend or terminate this Plan at any time, or from time to time amend or revise the terms of this Plan or other
agreement or document relating to it, provided that no such suspension, termination, amendment or revision will be made:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except in compliance with applicable law and with the prior approval, if required, of (i) any Stock Exchange or any other regulatory
body having authority over the Company, this Plan or (ii) the shareholders; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the case of an amendment or revision to an outstanding Option, if it would materially adversely affect the rights of any Participant,
without the consent of the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Plan is terminated, the provisions of this Plan and any administrative guidelines and other rules and regulations adopted
by the Board and in force on the date of termination will continue in effect as long as any Option or any rights granted pursuant to this
Plan remain outstanding and, despite the termination of this Plan, the Board may make such amendments to this Plan or to the terms of
any outstanding Options as they would have been entitled to make if this Plan were still in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Adjustment Upon Changes in Company Shares</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any stock dividend, stock split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution
(other than normal cash dividends) of the Company&#8217;s assets to Shareholders, or any other change in the Shares, the Board will make
such proportionate adjustments, if any, as the Board in its discretion, subject to regulatory approval, may deem appropriate to reflect
such change (for the purpose of preserving the value of the Awards), with respect to (i) the number or kind of Shares or other securities
reserved for issuance pursuant to the Plan; and (ii) the number or kind of Shares or other securities subject to unexercised Awards previously
granted and the exercise price of those Awards provided, however, that no substitution or adjustment will obligate the Company to issue
or sell fractional Shares. The existence of any Awards does not affect in any way the right or power of the Company or an Affiliate or
any of their respective Shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change
in the capital structure or the business of, or any amalgamation, merger or consolidation involving, to create or issue any bonds, debentures,
shares or other securities of, or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of
or any sale or transfer of all or any part of the assets or the business of, or to effect any other corporate act or proceeding relating
to, whether of a similar character or otherwise, the Company or such Affiliate, whether or not any such action would have an adverse effect
on the Plan or any Award granted hereunder.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 1in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Section 409A.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> It is intended that Awards granted under the Plan to U.S. Participants be exempt from or comply with the requirements of Section
409A and all provisions of the Plan will be construed and interpreted in a manner consistent with such intention. In furtherance of the
foregoing and notwithstanding anything to the contrary in the Plan or otherwise, any Option or SAR issued to a U.S. Participant shall
have an Exercise Price or Base Price that is no less than &#8220;fair market value&#8221; on the Grant Date, which value shall be determined
in accordance with Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any provision of the Plan, a Grant Agreement or any Award issued to a U.S. Participant contravenes Section 409A or could cause
the U.S. Participant to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion and without the
U.S. Participant&#8217;s consent, modify such provision to the minimum extent necessary to: (a) comply with, or avoid being subject to,
Section 409A, or to avoid incurring taxes, interest and penalties under Section 409A; and/or (b) maintain, to the maximum extent practicable,
the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to
the Company or contravening Section 409A. Notwithstanding anything to the contrary in the Plan or otherwise, the Board shall retain the
power and authority to amend or modify this Section 7.4 to the extent the Board in its sole discretion deems necessary or advisable to
comply with any guidance issued under Section 409A. Such amendments may be made without the approval of any U.S. Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">7.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any amounts payable under this Plan that constitute &#8220;nonqualified deferred compensation&#8221; within the
meaning of Section 409A of the Code, notwithstanding any other provision of this Plan or any Grant Agreement to the contrary: (a)&nbsp;a
Participant shall not be considered to have experienced a termination of employment or service unless the Participant has experienced
a &#8220;separation from service&#8221; within the meaning of Section 409A of the Code; (b)&nbsp;if a Participant is a &#8220;specified
employee&#8221; within the meaning of Section 409A (as determined in accordance with the methodology established by the Company), amounts
that constitute &#8220;nonqualified deferred compensation&#8221; within the meaning of Section 409A that otherwise would be payable by
reason of a Participant&#8217;s &#8220;separation from service&#8221; (within the meaning of Section 409A) during the six-month period
immediately following such separation from service shall instead be paid or provided on the first business day following the date that
is six months following the Participant&#8217;s separation from service or any earlier date permitted by Section 409A; <U>provided</U>
that, if the Participant dies following such separation from service and prior to the payment of any amounts delayed on account of Section
409A, such amounts shall be paid to the personal representative of the Participant&#8217;s estate within thirty (30) days following the
date of the Participant&#8217;s death; and (c)&nbsp;in the event that the payment of such amounts would be accelerated upon the occurrence
of (i) a Change of Control Event, no such acceleration shall be permitted unless the event giving rise to the Change of Control Event
constitutes a &#8220;change in the ownership or effective control&#8221; of the Company or a &#8220;change in the ownership of a substantial
portion of the assets&#8221; of the Company within the meaning of U.S. Treasury Regulation Sections 1.409A-3(a)(5) and 1.409A-3(i)(5)
shall not be treated as a Change of Control Event; or (ii) a &#8220;disability&#8221; or &#8220;incapacity&#8221;, no such acceleration
shall be permitted unless the &#8220;disability&#8221; or &#8220;incapacity&#8221; also satisfies the definition of &#8220;Disability&#8221;
pursuant to Section 409A.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><I>Rights
as Shareholders.</I></B> The Participants shall not have any rights as shareholders with respect to any Shares covered by or
relating to the Awards granted pursuant to the Plan until the date the Participants become the registered owners of Shares. Except
as otherwise expressly provided in Section 7.3 hereof, no adjustment to the Awards shall be made for dividends or other rights for
which the record date occurs prior to the date such share certificate is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>No Special Employment Rights.</I></B> Nothing contained in the Plan shall confer upon the Participants any right with respect
to the continuation of their Employment or interfere in any way with the right of the Company, the Employer or their Affiliates, subject
to the terms of any separate Employment Agreements to the contrary, at any time to terminate such Employment or to increase or decrease
the compensation of the Participants from the rate in existence at the time of any Grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>No Obligation to Exercise.</I></B> The Grant of the Awards to the Participants shall impose no obligation upon the Participants
to exercise such Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-weight: normal">7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Tax Withholdings.</I></B> <FONT STYLE="font-weight: normal">Despite any other provision contained in this Plan, in
connection with the exercise or settlement of an Award by a Participant from time to time, the Company may withhold from any amount payable
to a Participant, including the issuance of Shares to a Participant upon the exercise or settlement of such Participant&#8217;s Awards,
such amounts as are required by law to be withheld or deducted as a consequence of his or her exercise or settlement of Awards or other
participation in this Plan (&#8220;<I>Withholding Obligations</I>&#8221;). The Company has the right, in its sole discretion, to satisfy
any Withholding Obligations by:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>selling or causing to be sold, on behalf of any Participant, such number of Shares issued to the Participant on the exercise or
settlement of Awards as is sufficient to fund the Withholding Obligations;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>retaining the amount necessary to satisfy the Withholding Obligations from any amount which would otherwise be delivered, provided
or paid to the Participant by the Company, whether under this Plan or otherwise;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>requiring the Participant, as a condition of exercise to (A) remit the amount of any such Withholding Obligations to the Company
in advance; (B) reimburse the Company for any such Withholding Obligations; or (C) cause a broker who sells Shares acquired by the Participant
on behalf of the Participant to withhold from the proceeds realized from such sale the amount required to satisfy any such Withholding
Obligation and to remit such amount directly to the Company; and/or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>making such other arrangements as the Company may reasonably require.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-weight: normal">7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><B><I>Broker
Assisted Exercise.</I></B> <FONT STYLE="font-weight: normal">The sale of Shares by the Company, or by a broker engaged by the
Company (the &#8220;<I>Broker</I>&#8221;), under Section 5.7.6 or under any other provision of the Plan will be made on any Stock
Exchange. The Participant consents to such sale and grants to the Company an irrevocable power of attorney to effect the sale of
such Shares on his or her behalf and acknowledges and agrees that (i) the number of Shares sold will be, at a minimum, sufficient to
fund the Withholding Obligations net of all selling costs, </FONT>which costs are the responsibility of the Participant and which
the Participant hereby authorizes to be deducted from the proceeds of such sale; (ii) in effecting the sale of any such Shares, the
Company or the Broker will exercise its sole judgment as to the timing and the manner of sale and will not be obligated to seek or
obtain a minimum price; and (iii) neither the Company nor the Broker will be liable for any loss arising out of such sale of the
Shares including any loss relating to the pricing, manner or timing of the sales or any delay in transferring any Shares to a
Participant or otherwise. The Participant further acknowledges that the sale price of the Shares will fluctuate with the market
price of the Shares and no assurance can be given that any particular price will be received upon any sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Notices.</I></B> Each notice and other communication hereunder shall be in writing and shall be given and shall be deemed
to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable
overnight courier, or the third business day if sent by registered mail, return receipt requested, to the parties as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to the Participant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">To the most recent address shown on records
of the Company or its Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If to the Company or an Employer:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Telesat Corporation<BR>
160 Elgin Street, Suite 2100,<BR>
Ottawa, Ontario, Canada, K2P 2P7</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or to such other address as any party may have furnished to the other
in writing in accordance herewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Descriptive Headings.</I></B> The headings in the Plan are for convenience of reference only and shall not limit or otherwise
affect the meaning of the terms contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Severability.</I></B> In the event that any one or more of the provisions, subdivisions, words, clauses, phrases or sentences
contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of any such provision, subdivision, word, clause, phrase or sentence in every other respect
and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being
intended that all rights, powers and privileges of the Company and Participants shall be enforceable to the fullest extent permitted by
law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.75in">7.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>Governing Law.</I></B> The Plan shall be governed by, and construed and enforced in accordance with, the laws of the Province
of Ontario, Canada, without regard to the provisions governing conflict of laws.</P>

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

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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>tm2133275d3_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.4</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Initially adopted by Telesat Canada on April
17, 2021, as amended and restated and assumed by Telesat Corporation as of November 19, 2021 in connection with the exchange of Telesat
Canada RSUs for Telesat Corporation RSUs.</I></B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
purpose</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;1.1</TD><TD STYLE="text-align: justify">Purpose</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this Plan
is to advance the interests of the Corporation by<B>: </B>(i) providing Eligible Persons with additional incentive; (ii) encouraging stock
ownership by such Eligible Persons; (iii) increasing the proprietary interest of Eligible Persons in the success of the Corporation; (iv)
promoting growth and profitability of the Corporation; (v) encouraging Eligible Persons to take into account long-term corporate performance;
(vi) rewarding Eligible Persons for sustained contributions to the Corporation and/or significant performance achievements of the Corporation;
and (vii) enhancing the Corporation&#8217;s ability to attract, retain and motivate Eligible Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;2.1</TD><TD STYLE="text-align: justify">Defined Terms</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this Plan,
the following terms have the following meanings:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&#8220;<B>Active Engagement</B>&#8221; means any period in which a Participant who is not an employee
of the Corporation or an Affiliate provides services to the Corporation or an Affiliate. For certainty, &#8220;Active Engagement&#8221;
shall exclude any period that follows, or ought to have followed, a Participant's last day of providing services to the Corporation or
an Affiliate, including at common law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&#8220;<B>Affiliate</B>&#8221; means any Person that controls or is controlled by the Corporation or that
is controlled by the same Person that controls the Corporation; provided that with respect to the Corporation or the Employer, the term
 &#8216;Affiliate&#8217; shall be limited to any direct or indirect subsidiary of the Corporation with respect to which the Corporation
beneficially owns more than 50% of the outstanding voting securities or has the power to elect a majority of its directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&#8220;<B>Associate</B>&#8221; has the meaning specified in Section 1 of the <I>Securities Act </I>(Ontario);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&#8220;<B>Board</B>&#8221; means the board of directors of the Corporation as constituted from time to
time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&#8220;<B>Black-Out Period</B>&#8221; means the period of time when, pursuant to the Corporation&#8217;s
policies in effect from time to time, securities of the Corporation may not be traded by reporting insiders, as defined in National Instrument
55-104 &#8211; <I>Insider Reporting Requirements and Exemptions</I> and the TSX Company Manual, as amended from time to time, or other
specified persons, as applicable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&#8220;<B>Business Day</B>&#8221; means any day of the year, other than a Saturday, Sunday or any day
on which Canadian chartered banks are authorized or obligated by law to close for business in Toronto, Ontario;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&#8220;<B>Canadian Participant</B>&#8221; shall mean a Participant who is employed in or resides in any
of the provinces or territories of Canada;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&#8220;<B>Cause</B>&#8221; shall mean, when used in connection with the termination of a Participant&#8217;s
Employment, unless otherwise provided in the Participant&#8217;s Award Agreement or an Employment Agreement (in which event, as regards
to such Participant, the definition of &#8220;Cause&#8221; or words to similar effect set out therein shall apply in place of the following
definition), the termination of the Participant&#8217;s Employment on account of (i) a failure of the Participant to substantially perform
his or her duties (other than as a result of physical or mental illness or injury); (ii) the Participant&#8217;s willful misconduct or
gross negligence which is materially injurious to the Corporation or any of its Affiliates; (iii) a breach by a Participant of the Participant&#8217;s
fiduciary duty or duty of loyalty to the Corporation and its Affiliates; (iv) the Participant&#8217;s unauthorized removal from the premises
of the Corporation or an Affiliate of any document (in any medium or form) relating to the Corporation or an Affiliate or the customers
or suppliers of, or investors in, the Corporation or an Affiliate; (v) a material breach by the Participant of a policy of the Corporation
or an Affiliate to which the Participant is subject or a breach by the Participant of a code of conduct adopted from time to time by the
Corporation; (vi) the commission by the Participant of an act of insubordination; (vii) the commission by the Participant of any felony
or other serious crime involving moral turpitude; or (viii) with respect to Canadian Participants only, any act or omission of the Participant
which would, pursuant to the Canada Labour Code, permit an employer to, without notice or provision of wages in lieu of notice, terminate
the employment of an employee. Any rights the Corporation or an Affiliate may have hereunder in respect of the events giving rise to Cause
shall be in addition to the rights the Corporation or Affiliate may have under any other agreement with the Participant or at law or in
equity. If, subsequent to a Participant&#8217;s termination of Employment, it is discovered that such Participant&#8217;s Employment could
have been terminated for Cause, the Participant&#8217;s Employment shall, at the election of the Board, in its sole discretion, be deemed
to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&#8220;<B>Change of Control Event</B>&#8221;, shall mean, unless the Board determines otherwise or as
otherwise provided in a Grant Agreement, the happening, in a single transaction or in a series of related transactions, of any of the
following events:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">all or substantially all of the assets of the Corporation (which, for greater certainty, includes the
assets of Telesat Partnership) are sold, leased, exchanged, licensed or otherwise disposed of in a single transaction or in a series of
related transactions, other than to MHR, PSP or Affiliates of either of them or of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any Person or group of Persons who are acting jointly or in concert pursuant to the provisions of the
Securities Act (Ontario), other than (A) PSP and its Affiliates or a successor in whole or in part, to PSP or its Affiliates, or (B) MHR
or its Affiliates or a successor in whole or in part, to MHR or its Affiliates, acquires, directly or indirectly, ownership of 50% or
more of either the outstanding Shares or securities having aggregate voting power for the election of directors of the Corporation, assuming
the conversion of all outstanding securities of the Corporation or Telesat Partnership that could be converted into fully voting securities
of the Corporation, including securities that are convertible under circumstances that do not then exist because of the nature of the
current registered owner of such shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">during any period of two consecutive years, individuals who at the beginning of such period constitute
the Board, together with any new directors whose election or appointment by such Board, or whose nomination for election was approved
by a vote of a majority of the directors of the Corporation then still in office who were entitled to vote and who were either directors
of the Corporation at the beginning of such period or whose election or appointment, or whose nomination for election, was previously
approved (such persons referred to here as the &#8220;<B>Continuing Directors</B>&#8221;), cease for any reason to constitute a majority
of the Board; provided that any director appointed by PSP or MHR or their respective Affiliates or a successor in whole or in part, to
MHR, PSP or their respective Affiliates shall constitute a Continuing Director;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">a final determination by the Board or Shareholders to (A) liquidate all or substantially all of the assets
of the Corporation, (B) wind up the Corporation&#8217;s business, or (C) commence proceedings for such a liquidation, winding-up or re-arrangement
pursuant to a plan of compromise or plan of arrangement under the Companies&#8217; Creditors Arrangement Act; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">notwithstanding any of the foregoing, any other matter specifically determined by the Board to be a Change
of Control Event for purposes of this Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&#8220;<B>Class A Shares</B>&#8221; shall mean the Class A common shares of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&#8220;<B>Class B Shares</B>&#8221; shall mean the Class B variable voting shares of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&#8220;<B>Class C Shares</B>&#8221; shall mean, together, the Class C fully voting shares of the Corporation
and the Class C limited voting shares of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&#8220;<B>Code</B>&#8221; means the U.S. Internal Revenue Code of 1986, as amended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&#8220;<B>Commission</B>&#8221; means the U.S. Securities and Exchange Commission;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&#8220;<B>Common Shares</B>&#8221; means the voting common shares of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&#8220;<B>Corporation</B>&#8221; means Telesat Corporation and includes any successor corporation thereto;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&#8220;<B>Consultant</B>&#8221; means an individual, other than an employee, executive officer or director
of the Corporation or of an Affiliate, that, for a period of 12 months or more:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">is engaged to provide services to the Corporation or an Affiliate, other than services provided in relation
to a distribution of the Corporation&#8217;s securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">provides the services under a written contract with the Corporation or an Affiliate; and</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and includes, for an
individual consultant, a corporation of which the individual consultant is an employee or shareholder, and a partnership of which the
individual consultant is an employee or partner;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&#8220;<B>Disability Termination</B>&#8221; shall mean, when used in connection with the termination of
a Participant&#8217;s Employment, unless otherwise provided in a Grant Agreement or an Employment Agreement (in which event as regards
such Participant, the definition of &#8220;Disability Termination&#8221; or words of similar effect set out therein shall apply in place
of the following definition), the termination of the Participant&#8217;s employment due to their inability to substantially fulfil their
duties on behalf of the Employer as a result of illness or injury for a continuous period of nine (9) months or more or for an aggregate
period of twelve (12) months or more during any consecutive twenty-four (24) month period, despite the provision of reasonable accommodations
by the Employer;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&#8220;<B>Eligible Person</B>&#8221; means any director, executive officer, employee or Consultant of
the Corporation or any of its Affiliates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&#8220;<B>Employer</B>&#8221; means the Corporation or an Affiliate of the Corporation for which a Participant
is Employed and in the event that the employer of a Participant is changed from the Corporation or an Affiliate to the Corporation or
another Affiliate of the Corporation, as applicable, then the Corporation or such Affiliate shall become the &#8220;Employer&#8221; hereunder;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&quot;<B>Employment</B>&quot; <B>or </B>&#8220;<B>Employed</B>&#8221; means the period in which a Participant
who is an employee or officer of the Employer performs work for the Employer. For certainty, &#8220;Employed&#8221; or &#8220;Employment&#8221;
shall be deemed to include in the case of an employee (including an employee who is an officer), as applicable, (i) any period of vacation,
disability (but only to the extent prior to a Disability Termination), or other leave permitted by legislation, and (ii) any period constituting
the minimum notice of termination period that is required to be provided to an employee pursuant to applicable employment standards legislation
or labour code (if any). For certainty, &#8220;Employment&#8221; or &#8220;Employed&#8221; shall be deemed to exclude any other period
that follows or ought to have followed, as applicable, the later of (i) the end of the minimum notice of termination period that is required
to be provided to an employee pursuant to applicable employment standards legislation or labour code (if any), or (ii) the Participant's
last day of performing work for the Employer (including any period of vacation, disability, or other leave permitted by legislation) whether
that period arises from a contractual or common law right;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&#8220;<B>Employment Agreement</B>&#8221; means a written employment agreement by and between the Participant
and the Employer, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&#8220;<B>Exercise/Surrender Notice</B>&#8221; has the meaning specified in Section&nbsp;4.2 of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&#8220;<B>Expiry Date</B>&#8221; has the meaning specified in Section&nbsp;4.3(1)(a) of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&#8220;<B>Fair Market Value</B>&#8221; means at any date when the market value of Shares of the Corporation
is to be determined: (a) if the Shares are listed on any Stock Exchange, the closing price for the Shares on such Stock Exchange on the
last trading day before such date; or (b) if the Shares are not listed on any Stock Exchange, then the price determined by the Board using
good faith discretion and, for U.S. Participants, in a manner consistent with the requirements of Section 409A;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&#8220;<B>Grant Agreement</B>&#8221; shall mean an agreement approved by the Board and entered into by
a Participant and the Corporation evidencing the Grant of RSUs pursuant to the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&#8220;<B>Grant Date</B>&#8221; means the date of grant of RSUs under this Plan as set forth in the relevant
Grant Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">&#8220;<B>Initial Public Offering</B>&#8221; shall be deemed to occur on the issue date of Common Shares,
Shares or any share convertible into Common Shares qualified for public offer under the first prospectus therefore filed with the Commission,
or under Canadian Securities Laws or securities laws of another jurisdiction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">&#8220;<B>Insider</B>&#8221; means a &#8220;reporting insider&#8221; as defined in National Instrument
55-104 -<I>Insider Reporting Requirements and Exemptions </I>and the TSX Company Manual in respect of the rules governing security-based
compensation arrangements, as amended from time to time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">&#8220;<B>Investment Canada Act</B>&#8221; means the <I>Investment Canada Act</I> (R.S.C., 1985, c. 28)
and the regulations thereunder, as the same may be amended and supplemented from time to time;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">&#8220;<B>MHR</B>&#8221; means MHR Management Fund LLC and any funds or other investment vehicles managed
by MHR Management Fund LLC or any of its Affiliates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">&#8220;<B>Minimum Withholding Amount</B>&#8221; means the minimum mandatory statutory amount of withholding
taxes due to the applicable Canadian federal and provincial and applicable United States federal, state and local tax authorities with
respect to the vesting, settlement or surrender of vested RSUs in accordance with the terms of this Plan, as determined by the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">&#8220;<B>Non-U.S. Participant</B>&#8221; means an Eligible Person who is not a U.S. Participant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">&#8220;<B>Participant</B>&#8221; means an Eligible Person to whom RSUs have been granted and are outstanding;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&#8220;<B>Performance Criteria</B>&#8221; means the criteria established by the Board which, without limitation,
may include criteria based on the financial performance of the Corporation and/or an Affiliate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify">&#8220;<B>Permitted Assign</B>&#8221; shall mean for any Participant:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a trustee, custodian or administrator acting solely on behalf of, or for the benefit of such person or
a spouse of such person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a wholly owned or controlled holding entity of such person or the spouse of such person;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">a spouse of such person.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify">&#8220;<B>Person</B>&#8221; means an individual, partnership, corporation, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&#8220;<B>Plan</B>&#8221; means this Telesat Corporation Restricted Share Unit Plan, as it may be amended
from time to time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify">&#8220;<B>PSP</B>&#8221; means Public Sector Pension Investment Board;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify">&#8220;<B>Retirement</B>&#8221; means the cessation of the employment of a Participant with the Corporation
or an Affiliate which is deemed to be a retirement by a resolution of the Board in its sole discretion;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify">&#8220;<B>RSU</B>&#8221; means a restricted share unit allocated to a Participant in accordance with this
Plan which shall, following the Vesting Date, in accordance with and subject to the provisions of this Plan, entitle the holder thereof
to receive one Share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify">&#8220;<B>RSU Settlement Date</B>&#8221; has the meaning specified in Section&nbsp;4.3(1)(a)(iii) of the
Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify">&#8220;<B>Shares</B>&#8221; shall mean, together, the Class A Shares and Class B Shares in the capital
of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify">&#8220;<B>Share Compensation Arrangement</B>&#8221; means any stock option, stock option plan, employee
stock purchase plan&#8221; or any other compensation or incentive mechanism of the Corporation involving the issuance or potential issuance
of Shares from treasury, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee
or otherwise, including without limitation this Plan, but excludes any compensation or incentive mechanism of the Corporation involving
the issuance or potential issuance of Shares in accordance with section 613(c) of the TSX Company Manual;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify">&#8220;<B>Shareholders</B>&#8221; means the holders of voting shares in the capital of the Corporation,
as the context requires;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify">&#8220;<B>Source Deductions</B>&#8221; has the meaning specified in Section&nbsp;3.6 of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify">&#8220;<B>Stock Exchange</B>&#8221; means the Toronto Stock Exchange or, if the Shares are not listed
or posted for trading on the Toronto Stock Exchange at a particular date, any other stock exchange on which the majority of the trading
volume and value of the Shares are listed or posted for trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify">&#8220;<B>Telesat Partnership</B>&#8221; shall mean Telesat Partnership LP;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify">&quot;<B>Telesat Partnership Units</B>&#8221; shall mean, together, the class A units, class B units and
class C units of Telesat Partnership exchangeable into Class A Shares, Class B Shares and Class C Shares, respectively, of the Corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">&#8220;<B>Termination Date</B>&#8221; shall mean the date on which a Participant ceases to be an Eligible
Employee as a result of the termination of their employment or retention with the Employer for any reason, including death, Retirement,
resignation or termination with Cause or without Cause, or in the event of a Disability Termination. For the purposes of this definition
and the Plan, a Participant&#8217;s employment or retention with the Employer shall be considered to have terminated on the last day of
the Participant&#8217;s Employment or Active Engagement with the Employer, whether such date is selected by mutual agreement with the
Participant, or unilaterally by the Participant or the Employer, and whether with or without advance notice to the Participant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(yy)</TD><TD STYLE="text-align: justify">&#8220;<B>TSX</B>&#8221; shall mean the Toronto Stock Exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(zz)</TD><TD STYLE="text-align: justify">&#8220;<B>U.S. Participant</B>&#8221; means an Eligible Person who is a citizen or resident of the United
States, or who is otherwise subject to taxation under the Code;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aaa)</TD><TD STYLE="text-align: justify">&#8220;<B>U.S. Participant Election Notice</B>&#8221; has the meaning specified in Section&nbsp;4.2(c)
of the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bbb)</TD><TD STYLE="text-align: justify">&#8220;<B>U.S. RSU Settlement Date</B>&#8221; has the meaning specified in Section&nbsp;4.3(1)(b)(i) of
the Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ccc)</TD><TD STYLE="text-align: justify">&#8220;<B>Vesting Date</B>&#8221; means the date determined in accordance with the terms of the Grant
Agreement entered into in respect of RSUs on and after which a particular RSU may be exercised or surrendered (as applicable), subject
to amendment or acceleration from time to time in accordance with the terms of this Plan; and</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Plan, words importing
the singular number include the plural and vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.1</TD><TD STYLE="text-align: justify">Administration</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This Plan shall be administered and interpreted by the Board, or where the Board has delegated the administration
and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the Board, such committee or member.
In such circumstances, all references to the Board in this Plan include reference to such committee and/or member of the Board, as applicable,
except as otherwise determined by the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Subject to the terms and conditions set forth in this Plan, the Board is authorized to provide for the
granting, vesting, exercising/surrendering and settlement of RSUs, all on such terms (which may vary between RSUs granted from time to
time) as it determines. In addition, the Board has the authority to (i) construe and interpret this Plan and all agreements entered into
under this Plan; (ii) prescribe, amend and rescind rules and regulations relating to this Plan; (iii) determine the Eligible Persons to
whom grants of RSUs shall be made; and (iv) make all other determinations necessary or advisable for the administration of this Plan.
All determinations and interpretations made by the Board will be binding on all Participants and on their legal, personal representatives
and beneficiaries.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">No member of the Board will be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of this Plan, any Grant Agreement or any RSU granted pursuant to this Plan.
To the full extent permitted by law, the Corporation shall indemnify and hold harmless each Person made or threatened to be made a party
to any civil or criminal action or proceeding by reason of the fact that such Person is or was a member of the Board or any committee
to the extent such criminal or civil action or proceeding relates to the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The day-to-day administration of this Plan may be delegated to such officers and employees of the Corporation
as the Board determines.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.2</TD><TD STYLE="text-align: justify">Shares Reserved</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Subject to Section&nbsp;3.2(3), the securities that may be acquired by Participants under this Plan will
consist of authorized but unissued Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">(2)</FONT></TD><TD STYLE="text-align: justify">The total number of Shares issuable under this Plan is <FONT STYLE="color: black">1,487,581. Notwithstanding
any other provision of this Plan, from and after the completion of an Initial Public Offering of any shares of the Corporation, no additional
RSUs shall be granted under this Plan.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">If there is a change in the outstanding Shares by reason of any stock dividend or split, or in connection
with a reclassification, reorganization or other change of Shares, consolidation, distribution, merger or amalgamation, the Board shall
make, subject to any required approval of a Stock Exchange or other regulatory authority, the appropriate substitution or adjustment in
order to maintain the Participants&#8217; economic rights in respect of their RSUs in connection with such change, including without limitation:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Adjustments to the number of Shares to which a Participant is entitled upon the settlement or exercise/surrender
of an RSU;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Adjustments permitting the immediate settlement or exercise/surrender of any outstanding RSUs; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">RSUs to issue or purchase Class A Shares may be granted hereunder to Eligible Persons who are &#8220;Canadian&#8221;
as such term is defined in the <I>Investment Canada Act </I>and RSUs to issue or purchase Class B Shares may be granted hereunder to Eligible
Persons that are not &#8220;Canadian&#8221; as such term is defined in the <I>Investment Canada Act</I>. At the discretion of the General
Counsel, a declaration of residency may be required from an Eligible Participant prior to the settlement of an RSU hereunder in Class
A Shares or Class B Shares, as applicable.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.3</TD><TD STYLE="text-align: justify">Limits with Respect to Insiders</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The maximum number of Shares, including Shares issuable under any other Share Compensation Arrangement,
that are (i) issued to Insiders within any one year period, or (ii) issuable to Insiders at any time, in each case, under this Plan alone
or when combined with all other share compensation arrangements, shall not exceed 10% of the total number of Shares issued and outstanding
from time to time, on a diluted-basis assuming the exchange of all Class C Shares and all Telesat Partnership Units into Shares of the
Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Despite the foregoing and for greater certainty, the total annual grant to any one non-employee director
under all Share Compensation Arrangements cannot exceed an aggregate grant value of $150,000 in total equity.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.4</TD><TD STYLE="text-align: justify">Amendment and Termination</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The Board may, in its sole discretion, suspend or terminate this Plan at any time, or from time to time
amend or revise the terms of this Plan or of any RSU granted under this Plan and any Grant Agreement relating to it, provided that no
such suspension, termination, amendment or revision will be made:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">except in compliance with applicable law and with the prior approval, if required, of (i) a Stock Exchange
or any other regulatory body having authority over the Corporation, this Plan or (ii) the Shareholders; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of an amendment or revision to this Plan or any Grant Agreement, if it would materially adversely
affect the rights of any Participant, without the consent of the Participant.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">If this Plan is terminated, the provisions of this Plan and any administrative guidelines and other rules
and regulations adopted by the Board and in force on the date of termination will continue in effect as long as any RSU or any rights
granted pursuant to this Plan remain outstanding and, despite the termination of this Plan, the Board may make such amendments to
this Plan or to the terms of any outstanding RSUs as they would have been entitled to make if this Plan were still in effect.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Subject to any applicable rules of a Stock Exchange, the Board may from time to time, in its absolute
discretion and without the approval of Shareholders, make the following amendments to this Plan or any RSU:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any amendment to the vesting and assignability provisions of this Plan and any RSU;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any amendment regarding the effect of any termination of a Participant&#8217;s employment, engagement,
contract, service or office;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any amendment which accelerates the date on which an RSU may be exercised under this Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any amendment to the definition of an Eligible Person;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any amendment to add provisions permitting for the granting of cash-settled awards, a form of financial
assistance, or clawback and any amendment to a cash-settled award, financial assistance, dividend equivalent or clawback provision which
is adopted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any amendment necessary to comply with applicable law or the requirements of any Stock Exchange or any
other regulatory body having authority over the Corporation, this Plan or the Shareholders;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any amendment of a &#8220;housekeeping&#8221; nature, including, without limitation, to clarify the meaning
of an existing provision of this Plan or any agreement ancillary thereto, correct or supplement any provision of this Plan that is inconsistent
with any other provision of this Plan, correct any grammatical or typographical errors or amend the definitions in this Plan regarding
administration of this Plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">any amendment regarding the administration of this Plan; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any other amendment, fundamental or otherwise, that does not require the approval of Shareholders under
Section 3.4(4)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Shareholder approval is required for the following amendments to this Plan:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any increase in the maximum number of Shares that may be issuable pursuant to RSUs granted under this
Plan as set out in Section&nbsp;3.2, other than an adjustment pursuant to Section&nbsp;3.2(3);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any (i) reduction in the purchase price in respect of settlement of RSUs, (ii) extension of the term of
an RSU, including the Expiry Date, benefitting an Insider, except in case of an extension due to a Black-Out Period or (iii) amendment
providing for the cancellation and reissue of RSUs other than an adjustment pursuant to Section&nbsp;3.2(3);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any amendment to remove or to exceed the insider participation limit set out in Section&nbsp;3.3(1);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any amendment which would permit RSUs to be transferable or assignable other than by will or the laws
of descent and distribution (provided that RSUs may be transferred or assigned to a Permitted Assign with the Board&amp;#8217;s prior
written consent and subject to such conditions as the Board may stipulate, as set out in Section 3.8); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any amendment to Section 3.4(3) or Section 3.4(4).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.5</TD><TD STYLE="text-align: justify">Compliance with Legislation</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This Plan, the terms of the issue or grant of, and the grant, vesting, exercise/surrender (with respect
to Non-U.S. Participants) and settlement of, any RSU under this Plan, and the Corporation&#8217;s obligation to sell and deliver Shares
upon the settlement of RSUs, is subject to all applicable federal, provincial and foreign laws, rules and regulations, the rules and regulations
of a Stock Exchange and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Corporation,
be required. The Corporation is not obliged by any provision of this Plan or the grant of any RSU under this Plan to issue or sell Shares
if, in the opinion of the Board, such action would constitute a violation by the Corporation or a Participant of any laws, rules and regulations,
including the rules and regulations of any Stock Exchange, or any condition of such approvals.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The Participant agrees to fully cooperate with the Corporation in doing all such things, including executing
and delivering all such agreements, undertakings or other documents or furnishing all such information as is reasonably necessary to facilitate
compliance by the Corporation with such laws, rule and requirements, including all tax withholding and remittance obligations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">No RSU will be granted, and no Shares issued under this Plan or a Grant Agreement, where such grant, issue
or sale would require the filing of a prospectus or the registration of this Plan or of Shares under the securities laws of any jurisdiction
(other than the United States), and any purported grant of any RSU or purported issue of Shares under this Plan (or a Grant Agreement)
in violation of this provision is void.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The Corporation shall be under no obligation to file any prospectus in respect of the Shares subject to
any RSU, except as otherwise agreed in writing with the Corporation, or otherwise become a reporting issuer pursuant to Canadian Securities
Laws or to effect similar compliance under the laws of any other jurisdiction. Notwithstanding anything herein to the contrary, the Corporation
shall not be required to issue or deliver any certificates evidencing Shares upon the settlement of any RSUs where the issuance and delivery
of such certificates would not be in compliance with any applicable laws, regulations or governmental authorities and, if applicable,
the requirements of any exchange on which the Shares or other securities of the Corporation are listed or traded. In addition to the terms
and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements and representations
as the Board, in its sole discretion, deems advisable in order to comply with any such laws, regulations or requirements; provided, however,
that any such Participant will not be required to incur out of pocket expenses in connection with making such covenants, agreements or
representations (excluding as a result of a violation by the Participant of any such covenant, agreement or representation).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">If Shares cannot be issued to a Participant upon the vesting, exercise/surrender and settlement of an
RSU due to legal or regulatory restrictions, the obligation of the Corporation to issue such Shares will terminate and the Board will
be entitled to take such action that it considers fair and equitable in the circumstances.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.6</TD><TD STYLE="text-align: justify">Tax Withholdings</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80.65pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision contained herein, in connection with the settlement or surrender of RSUs from time to time, as a condition to such settlement
or surrender the Corporation shall, in its sole discretion: (i) require such Participant to pay to the Corporation or the relevant Affiliate
an amount as necessary so as to ensure that the Corporation or such Affiliate, as applicable, is in compliance with the applicable provisions
of any federal, provincial, local or foreign law relating to the withholding of tax or other required deductions in connection with the
vesting, settlement or surrender of such RSUs (the &#8220;<B>Source Deductions</B>&#8221;); (ii) be entitled to withhold from any amount
payable to a Participant (including, where applicable, the withholding of Shares issuable in connection with the settlement or surrender
of RSUs), either under this Plan or otherwise, such amount as may be necessary so as to ensure that the Corporation or the relevant Affiliate
is in compliance with the applicable Source Deductions relating to the vesting, settlement or surrender of such RSUs and remit such amount
to the appropriate governmental agency; or (iii) make such other arrangements as the Corporation may reasonably require to satisfy the
Source Deductions.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.7</TD><TD STYLE="text-align: justify">Miscellaneous</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This Plan does not grant any Participant or any employee of the Corporation or its Affiliates the right
or obligation to serve or continue to serve as a Consultant, director, officer or employee, as the case may be, of the Corporation or
its Affiliates. The awarding of RSUs to any Eligible Person is a matter to be determined solely in the discretion of the Board. This Plan
will not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Shares or any
other securities in the capital of the Corporation, other than as specifically provided for in this Plan. The grant of an RSU to, or the
vesting and settlement or exercise/surrender of an RSU in favour of, a Participant under this Plan does not create the right or expectation
for any Participant to receive additional grants of RSUs under this Plan or a similar award.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">No fractional Shares will be issued upon the settlement or exercise/surrender of RSUs granted under this
Plan and, accordingly, if a Participant would become entitled to a fractional Share upon the settlement of an RSU, or from an adjustment
pursuant to Section&nbsp;3.2(3), such Participant will only have the right to receive the next lowest whole number of Shares, and no payment
or other adjustment will be made with respect to the fractional interest so disregarded.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The Corporation makes no representation or warranty as to the future Fair Market Value of the Shares or
with respect to any income tax matters affecting the Participant resulting from the grant, settlement or exercise/surrender of an RSU
and/or transactions in the Shares. Neither the Corporation, nor any of its directors, officers, employees, Shareholders or agents will
be liable for anything done or omitted to be done by such person or any other person with respect to the price, time, quantity or other
conditions and circumstances of the issuance of Shares under this Plan or a Grant Agreement, with respect to any fluctuations in the Fair
Market Value of Shares or in any other manner related to this Plan or a Grant Agreement.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The Board may adopt such rules or regulations and vary the terms of this Plan and any RSU issued in accordance
with this Plan as it considers necessary to address tax or other requirements of any applicable non-Canadian jurisdiction<B>.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Participants (and their legal personal representatives) have no legal or equitable rights, claims,
                                                           or interest in any specific property or assets of the Corporation or any Affiliate. No assets of the Corporation or any Affiliate
                                                           will be held in any way as collateral security for the fulfillment of the obligations of the Corporation or any Affiliate under this
                                                           Plan. Any and all of the Corporation&#8217;s or any Affiliate&#8217;s assets are, and remain, the general unpledged, unrestricted
                                                           assets of the Corporation or Affiliate. The Corporation&rsquo;s or any
Affiliate&rsquo;s obligation under this Plan are merely that of an unfunded and unsecured promise of the Corporation or such
Affiliate to pay money in the future, and the rights of Participants (and their legal personal representatives) are no greater than
those of unsecured general creditors.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify">For greater certainty, no amount will be paid to, or in respect of, a Participant under this Plan or pursuant
to any other arrangement, and no additional RSUs will be granted to such Participant to compensate for a downward fluctuation in the Fair
Market Value of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant for such purpose.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: justify">This Plan is governed by the laws of Ontario and the federal laws of Canada applicable therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: justify">Except as otherwise provided herein or as expressly provided in a Grant Agreement, in the event of a conflict
between the terms of the Plan and the terms of any Grant Agreement, the terms of the Plan shall govern.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.8</TD><TD STYLE="text-align: justify">Transferability of RSUs</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Except as set forth herein, RSUs are not transferable. RSUs may be exercised/surrendered and settled only
by:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Participant to whom the RSUs were granted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with the Board&#8217;s prior written approval and subject to such conditions as the Board may stipulate,
such Participant&#8217;s Permitted Assign;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">upon the Participant&#8217;s death, by the legal representative of the Participant&#8217;s estate; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">upon the Participant&#8217;s incapacity, the legal representative having authority to deal with the property
of the Participant.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;3.9</TD><TD STYLE="text-align: justify">Section 409A</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">It is intended that RSUs granted under the Plan to U.S. Participants be exempt from or comply with the
requirements of Section 409A and all provisions of the Plan will be construed and interpreted in a manner consistent with such intention.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">If any provision of the Plan, a Grant Agreement or any RSU issued to a U.S. Participant contravenes Section
409A or could cause the U.S. Participant to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion
and without the U.S. Participant&#8217;s consent, modify such provision to the minimum extent necessary to: (a) comply with, or avoid
being subject to, Section 409A, or to avoid incurring taxes, interest and penalties under Section 409A; and/or (b) maintain, to the maximum
extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing
the cost to the Corporation or contravening Section 409A. Notwithstanding anything to the contrary in the Plan or otherwise, the Board
shall retain the power and authority to amend or modify this Section&nbsp;3.8 to the extent the Board in its sole discretion deems necessary
or advisable to comply with any guidance issued under Section 409A. Such amendments may be made without the approval of any U.S. Participant.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">With respect to any amounts payable under this Plan that constitute &#8220;nonqualified deferred compensation&#8221;
within the meaning of Section 409A of the Code, notwithstanding any other provision of this Plan or any Grant Agreement to the contrary:
(a) a Participant shall not be considered to have experienced a termination
of employment or service unless the Participant has experienced a &#8220;separation from service&#8221; within the meaning of Section
409A of the Code; (b) if a Participant is a &#8220;specified employee&#8221; within the meaning of Section 409A (as determined in accordance
with the methodology established by the Corporation), amounts that constitute &#8220;nonqualified deferred compensation&#8221; within
the meaning of Section 409A that otherwise would be payable by reason of a Participant&#8217;s &#8220;separation from service&#8221; (within
the meaning of Section 409A) during the six-month period immediately following such separation from service shall instead be paid or provided
on the first business day following the date that is six months following the Participant&#8217;s separation from service or any earlier
date permitted by Section 409A; provided that, if the Participant dies following such separation from service and prior to the payment
of any amounts delayed on account of Section 409A, such amounts shall be paid to the personal representative of the Participant&#8217;s
estate within thirty (30) days following the date of the Participant&#8217;s death; and (c) in the event that the payment of such amounts
would be accelerated upon the occurrence of (i) a Change of Control Event, no such acceleration shall be permitted unless the event giving
rise to the Change of Control Event constitutes a &#8220;change in the ownership or effective control&#8221; of the Corporation or a &#8220;change
in the ownership of a substantial portion of the assets&#8221; of the Corporation within the meaning of U.S. Treasury Regulation Sections
1.409A-3(a)(5) and 1.409A-3(i)(5) shall not be treated as a Change of Control Event; or (ii) a &#8220;disability&#8221; or &#8220;incapacity&#8221;,
no such acceleration shall be permitted unless the &#8220;disability&#8221; or &#8220;incapacity&#8221; also satisfies the definition
of &#8220;Disability&#8221; pursuant to Section 409A.</TD></TR></TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
RESTRICTED SHARE UNITS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.1</TD><TD STYLE="text-align: justify">Grants of RSUs</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Subject to the provisions of this Plan, the Board shall, in its sole discretion and from time to time,
determine the Eligible Persons to whom RSUs may be granted based on their current and potential contribution to the success of the Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Subject to the provisions of this Plan, the Board may grant RSUs to any Eligible Person upon the terms,
conditions and limitations set forth herein and such other terms, conditions and limitations permitted by and not inconsistent with this
Plan as the Board may determine and set forth in the Grant Agreement, including any Performance Criteria that may be applicable to the
RSUs; provided that no RSU in respect of which Shareholder approval is required under the rules of a Stock Exchange or any other regulatory
authority is granted until the time that such grant has been approved by the Shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The grant of a RSU shall be evidenced by a Grant Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The Corporation shall maintain a notional account for each Participant, in which shall be recorded the
number of vested and unvested RSUs granted or credited to such Participant.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">The grant of a RSU to a Participant, or the settlement or exercise/surrender of a RSU, under the Plan
shall neither entitle such Participant to receive nor preclude such Participant from receiving subsequently granted RSUs.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.2</TD><TD STYLE="text-align: justify">Accelerated Vesting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any
other provision contained herein, but subject to any applicable securities laws and unless otherwise specified in a Grant Agreement,
if at any time prior to the vesting of a Participant&#8217;s unvested RSUs such Participant becomes subject to any tax or any
similar governmental charges (including interest and penalties) under the Code or any similar taxing statute (including the Income
Tax Act (Canada)) in respect of the receipt or holding of such RSUs (or any securities substituted therefor) (the &#8220;<B>Tax
Liability</B>&#8221;), the lesser of the following number of unvested RSUs will immediately vest: (i) number of unvested RSUs held
by the Participant, and (ii) number of unvested RSUs which will provide the Participant with the after-tax value (after-tax meaning
for this purpose after any tax payable in respect of the receipt of the Shares underlying the RSUs or on the immediate sale of the
Shares underlying the RSUs following receipt assuming the Participant held no other Shares of the Corporation) equal to the
difference between the Tax Liability and the after-tax value (at the time of vesting) of the Participant&#8217;s previously vested
RSUs under this Plan (the &#8220;<B>Accelerated Vesting</B>&#8221; and such RSUs subject to Accelerated Vesting herein the
 &#8220;<B>Accelerated RSUs</B>&#8221;) and (A) with respect to a Non-U.S. Participant, may be exercised or surrendered by the
Participant at any time following the Accelerated Vesting and prior to the Expiry Date, by the Participant submitting a notice of
exercise/surrender, in substantially the form set forth on Schedule A (an &#8220;<B>Exercise/Surrender Notice</B>&#8221;) to the
Corporation, setting forth the number of Accelerated RSUs that it elects to have settled by or surrendered to the Corporation or (B)
with respect to a U.S. Participant, will be settled or surrendered as set forth below. For purposes only of determining the manner
in which RSUs may be settled or surrendered (including when a Participant may have the option to surrender RSUs for cash), any
previously vested RSUs under this Plan which are not yet settled or surrendered but had reduced the number of &#8220;Accelerated
RSUs&#8221; in the above formula, shall be deemed to be Accelerated RSUs. Accelerated RSUs will be settled or surrendered as
follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If the Participant is a Non-U.S. Participant and the Shares are listed for trading on a Stock Exchange,
and the Participant is not prohibited from exercising an RSU due to a Black-Out Period or other trading restriction imposed on the Corporation,
the Accelerated RSUs will be settled upon receipt of the Exercise/Surrender Notice by the issuance by the Corporation of Shares from treasury
equal to the number of Accelerated RSUs exercised at such time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If the Participant is a Non-U.S. Participant and the Shares are not listed for trading on a Stock Exchange,
and the Participant is not prohibited from exercising an RSU due to a Black-Out Period or other trading restriction imposed on the Corporation,
the Non-U.S. Participant may elect, in lieu of exercising such RSUs, to surrender his or her Accelerated RSUs to the Corporation in consideration
for a payment by the Corporation in cash in an amount equal to the Fair Market Value of the Accelerated RSUs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If the Participant is a U.S. Participant, the Accelerated RSUs shall be settled as soon as administratively
practicable following the Accelerated Vesting but in no event later than March 15<SUP>th</SUP> of the year following the year in which
the Accelerated Vesting occurs by the issuance of Shares from treasury equal to the number of Accelerated RSUs; provided that, if the
Shares are not listed for trading on a Stock Exchange, and there is no Black-Out Period or other trading restriction imposed on the Corporation,
<FONT STYLE="color: windowtext">the Participant may submit an election notice, in substantially the form set forth in Schedule B </FONT>(a
 &#8220;<B>U.S. Participant Election Notice</B>&#8221;) to the Corporation electing, in lieu of receiving Shares, to surrender his or her
Accelerated RSUs to the Corporation in consideration for a payment by the Corporation in cash in an amount equal to the Fair Market Value
of the Accelerated RSUs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.3</TD><TD STYLE="text-align: justify">Exercise/Surrender and Settlement of RSUs</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Except as otherwise provided in a Participant&#8217;s Grant Agreement or any other provision of this Plan:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">With respect to Non-U.S. Participants:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">all RSUs expire on the date (the &#8220;<B>Expiry Date</B>&#8221;) set out in a Participant&#8217;s Grant
Agreement, provided that no RSU may be exercised or surrendered following the date that is ten (10) years from the date the RSU is granted;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">all vested RSUs covered by a particular grant may be exercised or surrendered by the Non-U.S. Participant
at any time following the Vesting Date but prior to the Expiry Date, provided that the Participant is not prohibited from exercising an
RSU due to a Black-Out Period or other trading restriction imposed on the Corporation, by the Non-U.S. Participant submitting an Exercise/Surrender
Notice to the Corporation setting forth the number of RSUs that it elects to exercise or surrender to the Corporation<B>;</B> and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Except as otherwise provided in a Non-U.S. Participant&#8217;s Grant Agreement or any other provision
of this Plan, settlement of RSUs (i) shall occur no later than ten (10) Business Days following the date on which an Exercise/Surrender
Notice is received by the Corporation (the &#8220;<B>RSU Settlement Date</B>&#8221;) and (ii) (x) if the Non-U.S. Participant elects to
exercise his or her RSUs, be satisfied by the issuance by the Corporation of Shares from treasury equal to the number of vested RSUs specified
in the Exercise/Surrender Notice to be exercised by the Non-U.S. Participant, or (y) if the Shares are not listed for trading on a Stock
Exchange and the Non-U.S. Participant elects to surrender his or her RSUs, be satisfied by a cash payment equal to the Minimum Withholding
Amount and the issuance by the Corporation of Shares from treasury with a Fair Market Value equal to the balance of the Fair Market Value
of the RSUs surrendered under the Exercise/Surrender Notice. The Minimum Withholding Amount will be remitted to the appropriate governmental
agency by the Corporation for the Non-U.S. Participant&#8217;s account.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">With respect to U.S. Participants:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">All of the vested RSUs covered by a particular grant shall be settled as soon as administratively practicable
following the Vesting Date, but in any case on a date that is no later than March 15<SUP>th</SUP> of the year following the year in which
the Vesting Date occurs (the &#8220;<B>U.S. RSU Settlement Date</B>&#8221;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Except as otherwise provided in a U.S. Participant&#8217;s Grant Agreement or any other provision of this
Plan and provided that there is no Black-Out Period or other trading restriction imposed on the Corporation, settlement of RSUs shall
be satisfied by the issuance by the Corporation of Shares from treasury equal to the number of vested RSUs held by the U.S. Participant;
provided that if the Shares are not listed for trading on a Stock Exchange, and there is no Black-Out Period or other trading restriction
imposed on the Corporation, a U.S. Participant may submit a U.S. Participant Election Notice to the Corporation electing, to surrender
a portion of their vested RSUs in consideration for a payment by the Corporation in cash in an amount equal to the Minimum Withholding
Amount, with the balance being satisfied by the issuance by the Corporation of Shares from treasury.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">For greater certainty and notwithstanding Section&nbsp;4.2 and Section&nbsp;4.3(1), except as otherwise
provided in a Participant&#8217;s Grant Agreement and subject to the Board&#8217;s discretion as exercised from time to time, in no event
will a Participant be entitled to elect to settle or surrender any vested RSUs for payment in cash following an Initial Public Offering.
In addition, for the avoidance of doubt, in no event shall a U.S. Participant have discretion with respect to the timing of the U.S. RSU
Settlement Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Following the settlement of the RSUs in accordance with Section 4.3(1)(a)(iii) or Section 4.3(1)(b)(ii),
the RSUs so settled shall be of no value whatsoever and shall be struck from the Participant&#8217;s notional account maintained by the
Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.4</TD><TD STYLE="text-align: justify">Black-Out Period</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this Plan, if the Expiry Date, the RSU Settlement Date or the U.S. RSU Settlement Date, as applicable, of a vested RSU falls
on, or within nine (9) Business Days immediately following a date upon which (i) a Non-U.S. Participant is prohibited from exercising
or surrendering an RSU or (ii) the settlement or surrender of such RSUs is prohibited, in each case due to a Black-Out Period, then the
Expiry Date, the RSU Settlement Date or the U.S. RSU Settlement Date of such RSU shall be automatically extended to the tenth (10<SUP>th</SUP>)
Business Day following the date the relevant Black-Out Period is lifted, terminated or removed, but in no event, in the case of a U.S.
Participant, shall a U.S. RSU Settlement Date be later than March 15<SUP>th</SUP> of the year following the year in which the Vesting
Date occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.5</TD><TD STYLE="text-align: justify">Change of Control</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Despite any other provision of this Plan or any Grant Agreement and subject to Section&nbsp;3.5, in the
event of a Change of Control Event, the Board may take such action as the Board in its sole discretion considers appropriate in the circumstances,
including, without limitation, (i) changing the vesting or manner of settlement of any RSU, (ii) changing the Expiry Date or term of any
RSU, or (iii) providing for the substitution or replacement of RSUs, including with awards of the surviving Corporation resulting from
the Change of Control Event (or any affiliate thereof) or the potential successor (or any affiliate thereto).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">No fractional Shares or other security will be issued upon the exercise or settlement of any RSUs and
accordingly, if as a result of a Change of Control Event, a Participant would become entitled to a fractional Share or other security,
such Participant will have the right to acquire only the next lowest whole number of Shares or other security and no payment or other
adjustment will be made with respect to the fractional interest so disregarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Despite anything else to the contrary in this Plan or any Award Agreement, in the event of a potential
Change of Control Event, the Board will have the power, in its sole discretion, to modify the terms of this Plan and/or the RSUs to assist
the Participants in tendering to a take-over bid or other transaction leading to a Change of Control Event. For greater certainty, in
the event of a take-over bid or other transaction leading to a Change of Control Event, subject to applicable law (including the requirements
of Section 409A), the Board has the power, in its sole discretion, to accelerate the vesting of RSUs and to permit Participants to conditionally
exercise or settle their RSUs, as applicable, such conditional exercise to be conditional upon the take-up by such offeror of the Shares
or other securities tendered to such take-over bid in accordance with the terms of the take-over bid (or the effectiveness of such other
transaction leading to a Change of Control Event). If, however, the potential Change of Control Event referred to in this Section&nbsp;4.5(3)
is not completed within the time specified (as the same may be extended), then despite this Section&nbsp;4.5(3) or the definition of &#8220;Change
of Control Event&#8221;: (i) any conditional exercise or settlement of vested RSUs, as applicable, will be deemed to be null, void and
of no effect, and such conditionally exercised or settled RSUs will for all purposes be deemed not to have been exercised or settled,
and (ii) RSUs which vested pursuant to this Section&nbsp;4.5(3) will be returned by the Participant to the Corporation and reinstated
as authorized but unissued Shares and the original terms applicable to such RSUs will be reinstated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">If the Board has, pursuant to the provisions of Section&nbsp;4.5(3), permitted the conditional exercise
or settlement of RSUs in connection with a potential Change of Control Event, then the Board will have the power, in its sole discretion,
to terminate, immediately following actual completion of such Change of Control Event and on such terms as it sees fit, any RSUs not exercised
or settled (including all unvested RSUs), as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.6</TD><TD STYLE="text-align: justify">Cessation of Service</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">With respect to Non-U.S. Participants, except as may be otherwise provided in a Participant&#8217;s Grant
Agreement or Employment Agreement or as otherwise determined by the Board, in its sole discretion:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if a Participant (A) ceases to be an Eligible Person as a result of his or her resignation or Retirement,
(B) is no longer serving as a director of the Corporation, or (C) ceases to be an Eligible Person as a result of such Participant&#8217;s
Active Engagement or Employment having been terminated without Cause, each vested RSU must be exercised/surrendered on the earlier of
the original Expiry Date of the RSU and ninety (90) days following the Termination Date, and all unvested RSUs will terminate and become
void on the Termination Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of death, each RSU held by such Participant
will continue to vest for a period of 12 months from the Termination Date and all vested RSUs, including those that vest during such 12
month period, held by such Participant must be exercised/surrendered within the earlier of 12 months from the Termination Date and the
original Expiry Date of the RSU, and afterwards each vested RSU held by such Participant and all unvested RSUs that do not vest hereunder
will terminate and become void;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of Disability Termination, all vested RSUs
held by such Participant must be exercised/surrendered within the earlier of 12 months from the Termination Date and the original Expiry
Date of the RSU, and afterwards each vested RSU held by such Participant and all unvested RSUs will terminate and become void; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person as a result of such Participant&#8217;s Active Engagement
or Employment having been terminated for Cause, each RSU, whether vested or unvested will automatically terminate and become void on the
Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">With respect to U.S. Participants, except as may be otherwise provided in a Participant&#8217;s Grant
Agreement or Employment Agreement or as otherwise determined by the Board, in its sole discretion:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">if Participant (A) ceases to be an Eligible Person as a result of his or her resignation or Retirement,
(B) is no longer serving as a director of the Corporation, or (C) ceases to be an Eligible Person as a result of such Participant&#8217;s
Active Engagement or Employment having been terminated without Cause, each vested RSU will be settled on the U.S. RSU Settlement Date,
and all unvested RSUs will terminate and become void on the Termination Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of death, each RSU held by such
                                                               Participant will immediately vest as if the Participant&#8217;s employment had continued for an additional 12 months from the
                                                               Termination Date and all vested RSUs, including those that vest as a result of this provision, held by such Participant will be
                                                               settled on the U.S. RSU Settlement Date, and all unvested
RSUs that do not vest will terminate and become void;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of Disability Termination, all vested RSUs
held by such Participant will be settled by the U.S. RSU Settlement Date, and all unvested RSUs will terminate and become void on the
Termination Date; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person as a result of such Participant&#8217;s Active Engagement
or Employment having been terminated for Cause, each RSU, whether vested or unvested will automatically terminate and become void on the
Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">No Participant shall have any entitlement to damages or other compensation arising from or related to
not receiving any RSUs which would have, but for this Plan or any Award Agreement, vested or accrued to the Participant after such Participant&#8217;s
Termination Date, including but not limited to damages in lieu of notice of termination at common law. However, nothing herein is intended
to limit any statutory entitlements on termination and such statutory entitlements shall, if required, apply despite this language to
the contrary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.7</TD><TD STYLE="text-align: justify">Lockup</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon any public offering of
the Shares, a Participant shall be obligated to observe any limitations on sale, transfer or other transaction with regard to the securities
of the Corporation as requested by the underwriter and approved by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.8</TD><TD STYLE="text-align: justify">Notice</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice required to be
given by this Plan must be in writing and be given by registered mail, prepaid postage, or delivered by courier or by facsimile transmission
addressed, if to the Corporation, to the office of the Corporation at 160 Elgin Street, Suite 2100, Ottawa, Ontario, Canada, K2P 2P7,
Attention: Secretary; or if to a Participant, to such Participant at his or her address as it appears on the books of the Corporation
or in the event of the address of any such Participant not so appearing, then to the last known address of such Participant; or if to
any other person, to the last known address of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.9</TD><TD STYLE="text-align: justify">Rights of Participants</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Except as expressly set forth in the Plan or a Grant Agreement, no Participant has any of the rights or
privileges of a Shareholder in respect of any underlying Shares issuable upon the vesting and settlement or exercise/surrender of RSUs,
including without limitation, the right to participate in any new issue of Shares to existing holders of Shares, until such RSUs have
been settled and such underlying Shares have been issued to such person. For greater certainty, nothing contained in this Plan nor in
any RSU granted in accordance with this Plan is deemed to give any Participant any interest or title in or to any Shares or any other
legal or equitable right against the Corporation or any of its Affiliates whatsoever, other than as set forth in this Plan and pursuant
to the settlement of an RSU.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">No person has any right to compensation for any loss in relation to the Plan, including any loss in relation
to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the circumstances described in Section&nbsp;3.7(1);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any loss or reduction of rights or expectations under the Plan in any circumstances (including termination
of employment or engagement for any reason);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">any exercise of discretion or a decision taken in relation to a grant of RSUs or to the Plan, or any failure
to exercise discretion or make a decision; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the operation, suspension, termination or amendment of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.10</TD><TD STYLE="text-align: justify">Right to Issue Other Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation is not by
virtue of this Plan restricted in any way from declaring and paying stock dividends, issuing further Shares, or varying or amending its
share capital or corporate structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;4.11</TD><TD STYLE="text-align: justify">Quotation of Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation must apply
to the Toronto Stock Exchange for the listing or quotation, as applicable, of the Shares issued upon the settlement of all RSUs granted
under this Plan, however, the Corporation cannot guarantee that such Shares will be listed or quoted on the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
Board Approval</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 80.65pt">Section&nbsp;5.1</TD><TD STYLE="text-align: justify">Adoption</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The adoption of this Plan
was initially approved by the board of directors of Telesat Canada on April 17, 2021 and subsequently approved by the Board on November
16, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule A<BR>
Form of Exercise/Surrender Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ELECTION TO EXERCISE/SURRENDER RSUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For Non-U.S. Participants Only</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TO: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELESAT CORPORATION</B> (the <B>&#8220;Corporation&#8221;</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned RSU holder
hereby irrevocably elects to exercise or surrender restricted share units (&ldquo;<B>RSUs</B>&rdquo;) granted by the Corporation to the
undersigned as set out in a Restricted Share Unit Grant Agreement dated <FONT STYLE="font-family: Symbol">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT>, 20[&nbsp;&nbsp;] and pursuant
to the Telesat Corporation Restricted Share Unit Plan (the &ldquo;<B>Plan</B>&rdquo;) for the number of Shares of the Corporation as
set forth below. Terms used but not defined herein have the respective meanings ascribed to such term in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exercise Alternative</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of RSUs exercised: ____________________</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9633; The undersigned elects to have his or
    her RSUs settled by the issuance by the Corporation of Shares from treasury equal to the number of RSUs exercised hereunder.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>OR</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Surrender Alternative </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate number of RSUs surrendered<B>: ___________________</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that the Shares are not listed for trading
    on a Stock Exchange, the undersigned elects to surrender his or her RSUs in exchange for a cash payment equal to the Minimum Withholding
    Amount (as defined in the Plan) and the issuance by the Corporation of Shares from treasury in respect of the balance. The Corporation
    shall remit the Minimum Withholding Amount to the appropriate governmental agency for the RSU holder&#8217;s account.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>OR</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accelerated Vesting Surrender Alternative</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of RSUs surrendered: ______________________</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided Section&nbsp;4.2(b) of the Plan applies
    and the Shares are not listed for trading on a Stock Exchange, the undersigned elects to surrender his or her RSUs in exchange for a payment
    by the Corporation in cash in an amount equal to the Fair Market Value of the RSUs surrendered.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DATED</B> this ____ day of _________________,
______.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 52%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of U.S. Participant Election Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ELECTION TO RECEIVE CASH</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For U.S. Participants Only</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TO: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TELESAT CORPORATION</B> (the <B>&#8220;Corporation&#8221;</B>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned RSU holder hereby irrevocably elects to surrender restricted share units (&ldquo;<B>RSUs</B>&rdquo;) granted by the Corporation
to the undersigned as set out in a Restricted Share Unit Grant Agreement dated </FONT><FONT STYLE="font-family: Symbol">l</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
20</FONT><FONT STYLE="font-family: Symbol">l</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">and pursuant to the Telesat
Corporation Restricted Share Unit Plan (the &ldquo;<B>Plan</B>&rdquo;) in consideration for cash as set forth below. For the avoidance
of doubt, any amounts payable hereunder shall be paid on the U.S. RSU Settlement Date, and in no event shall the undersigned have discretion
with respect to the timing of the U.S. RSU Settlement Date. Terms used but not defined herein have the respective meanings ascribed to
such term in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Surrender Alternative </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aggregate number of vested RSUs surrendered<B>:
    ___________________</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided the Shares are not listed for trading
    on a Stock Exchange, the undersigned elects to surrender his or her vested RSUs in exchange for a cash payment equal to the Minimum Withholding
    Amount (as defined in the Plan) and the issuance by the Corporation of Shares of the Corporation from treasury in respect of the balance.
    The Corporation shall remit the Minimum Withholding Amount to the appropriate governmental agency for the RSU holder&#8217;s account.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>OR</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Accelerated Vesting Surrender Alternative</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of vested RSUs surrendered: ______________________</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided Section&nbsp;4.2(c) of the Plan applies
    and the Shares are not listed for trading on a Stock Exchange, the undersigned elects to surrender his or her vested RSUs in exchange
    for a payment by the Corporation in cash in an amount equal to the Fair Market Value of the RSUs surrendered.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>[Dividend Equivalent Rights</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>To the extent the undersigned has been granted
additional rights to acquire Shares under Section 8 of his or her grant agreement in respect of the RSUs settled above, the Corporation
will issue those Shares to the undersigned.&nbsp; However, the undersigned should initial here ______ if he or she elects to surrender
such rights and receive cash in lieu of such Shares in accordance with Section 8 of his or her grant agreement.] [NTD: Only include to
the extent the Participant has received dividend equivalent rights in their Grant Agreement. This is not to be included in the general
form which will be seen by all employees.]</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DATED</B> this ____ day of __________________,
______.</P>

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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>5
<FILENAME>tm2133275d3_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OMNIBUS LONG-TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Effective as of November 19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 1 Purpose</TD>
    <TD STYLE="width: 5%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 1.1 Purpose</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 2 INTERPRETATION</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 2.1 Defined Terms</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 3 PURPOSE AND ADMINISTRATION</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 3.1 Administration</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 3.2 Eligible Persons</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 3.3 Shares Reserved</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 4 OPTIONS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 4.1 Grants of Options</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 4.2 Exercise Price</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 4.3 Vesting</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 4.4 Exercise of Options</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 4.5 Cashless Exercise</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 4.6 Termination</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ARTICLE 5 SHARE UNITS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 5.1 Nature of Share Units</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 5.2 Share Unit Awards</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 5.3 Performance Criteria and Performance Period Applicable to PSU Awards</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 6 DEFERRED SHARE UNITS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 6.1 Nature of DSUs</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 6.2 DSU Awards</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 6.3 Redemption or Settlement of DSUs</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 7 CHANGE OF CONTROL</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 7.1 Change of Control</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 8 ADJUSTMENTS AND AMENDMENTS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 8.1 Adjustment</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 8.2 Dividend Share Units</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 8.3 Amendment or Discontinuance</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 9 GENERAL CONDITIONS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 9.1 General Conditions Applicable to Awards</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">ARTICLE 10 MISCELLANEOUS</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.1 Right to Adopt Other Share Compensation Arrangements</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.2 Right to Issue Other Shares</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.3 Non-qualified Stock Options; Exemption from Section 409A</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.4 Discretionary Nature of Awards</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10.1pt">Section 10.5 Future Value of Shares</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.6 No Rights to Property or Assets of the Corporation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.7 Foreign Jurisdictions</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt; width: 95%">Section 10.8 Compliance with Legislation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.9 Use of an Administrative Agent and Trustee</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.10 Notice</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.11 Successors and Assigns</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.12 Severability</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.13 No Liability</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.14 Governing Law</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10.1pt">Section 10.15 Effective Date</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT CORPORATION<BR>
OMNIBUS LONG-TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
1<FONT STYLE="font-weight: normal"><BR>
</FONT>purpose</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Purpose</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this Omnibus
Long-Term Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) is to advance the interests of Telesat Corporation (the &ldquo;<B>Corporation</B>&rdquo;)
by<B>: </B>(i) providing Eligible Persons (as defined below) with additional incentive; (ii) encouraging stock ownership by such Eligible
Persons; (iii) increasing the proprietary interest of Eligible Persons in the success of the Corporation; (iv) promoting growth and profitability
of the Corporation; (v) encouraging Eligible Person to take into account long-term corporate performance; (vi)&nbsp;rewarding Eligible
Persons for sustained contributions to the Corporation and/or significant performance achievements of the Corporation; and (vii) enhancing
the Corporation&rsquo;s ability to attract, retain and motivate Eligible Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
2<BR>
INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Defined Terms</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this Plan,
the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Active Engagement</B>&rdquo; means any period in which
a Participant who is not an employee of the Corporation or an Affiliate provides services to the Corporation or an Affiliate. For certainty,
 &ldquo;Active Engagement&rdquo; shall exclude any period that follows, or ought to have followed, a Participant's last day of providing
services to the Corporation or an Affiliate, including at common law;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means any Person that controls
or is controlled by the Corporation or that is controlled by the same Person that controls the Corporation; provided that with respect
to the Corporation or the Employer, the term &lsquo;Affiliate&rsquo; shall be limited to any direct or indirect subsidiary of the Corporation
with respect to which the Corporation beneficially owns more than 50% of the outstanding voting securities or has the power to elect
a majority of its directors;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Awards</B>&rdquo; means Options, RSUs, PSUs and/or
DSUs granted to a Participant pursuant to the terms of this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Award Agreement</B>&rdquo; means, individually or
collectively, a Stock Option Certificate, RSU Agreement, PSU Agreement and/or DSU Agreement, as the context requires;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Associate</B>&rdquo; has the meaning specified in
Section 1 of the <I>Securities Act</I> (Ontario);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Black-Out Period</B>&rdquo; means the period of time
when, pursuant to the Corporation&rsquo;s policies in effect from time to time, securities of the Corporation may not be traded by Insiders
or other specified persons, as applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Board</B>&rdquo; means the board of directors of the
Corporation as constituted from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Broker</B>&rdquo; has the meaning specified in Section
9.1(8);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day of the year,
other than a Saturday, Sunday or any day on which Canadian chartered banks are authorized or obligated by law to close for business in
Toronto, Ontario or a day on which the NASDAQ Stock Market or the Toronto Stock Exchange is closed for trading;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Participant</B>&rdquo; shall mean a Participant
who is employed in or resides in any of the provinces or territories of Canada;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>Cause</B>&rdquo; shall mean, when used in connection
with the termination of a Participant&rsquo;s Employment, unless otherwise provided in the Participant&rsquo;s Award Agreement or an
Employment Agreement (in which event, as regards to such Participant, the definition of &ldquo;Cause&rdquo; or words to similar effect
set out therein shall apply in place of the following definition), the termination of the Participant&rsquo;s Employment on account of
(<FONT STYLE="color: black">i) a failure of the Participant to substantially perform his or her duties (other than as a result of physical
or mental illness or injury); (ii) the Participant&rsquo;s willful misconduct or gross negligence which is materially injurious to the
Corporation or any of its Affiliates; (iii) a breach by a Participant of the Participant&rsquo;s fiduciary duty or duty of loyalty to
the Corporation and its Affiliates; (iv) the Participant&rsquo;s unauthorized removal from the premises of the Corporation or an Affiliate
of any document (in any medium or form) relating to the Corporation or an Affiliate or the customers or suppliers of, or investors in,
the Corporation or an Affiliate; (v) a material breach by the Participant of a policy of the Corporation or an Affiliate to which the
Participant is subject or a breach by the Participant of a code of conduct adopted from time to time by the Corporation; (vi) the commission
by the Participant of an act of insubordination; (vii) the commission by the Participant of any felony or other serious crime involving
moral turpitude; or (viii) with respect to Canadian Participants only,</FONT> any act or omission of the Participant which would, pursuant
to the <I>Canada Labour Code</I>, permit an employer to, without notice or provision of wages in lieu of notice, terminate the employment
of an employee. Any rights the Corporation or an Affiliate may have hereunder in respect of the events giving rise to Cause shall be
in addition to the rights the Corporation or Affiliate may have under any other agreement with the Participant or at law or in equity.
If, subsequent to a Participant&rsquo;s termination of Employment, it is discovered that such Participant&rsquo;s Employment could have
been terminated for Cause, the Participant&rsquo;s Employment shall, at the election of the Board, in its sole discretion, be deemed
to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>Cash Equivalent</B>&rdquo; means:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">in the case of Share Units, the amount of money equal to the Market Price multiplied by the number of
vested Share Units in the Participant&rsquo;s Account, net of any applicable taxes in accordance with Section 9.1(7), on the applicable
settlement date; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">in the case of DSU Awards, the amount of money equal to the Market Price multiplied by the whole number
of DSUs then recorded in the Participant&rsquo;s Account which the Participant requests to redeem, net of any applicable taxes in accordance
with Section 9.1(7), on the date the Corporation receives, or is deemed to receive, the redemption notice;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(m)</TD><TD STYLE="text-align: justify">&ldquo;<B>Change of Control Event</B>&rdquo; means, unless the
Board determines otherwise or as otherwise provided in an Award Agreement, the happening, in a single transaction or in a series of related
transactions, of any of the following events:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">all or substantially all of the assets of the Corporation (which, for greater certainty, includes the
assets of Telesat Partnership) are sold, leased, exchanged, licensed or otherwise disposed of in a single transaction or in a series of
related transactions, other than to MHR, PSP or Affiliates of either of them or of the Corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">any Person or group of Persons who are acting jointly or in concert pursuant to the provisions of the
<I>Securities Act</I> (Ontario), other than (A) PSP and its Affiliates or a successor in whole or in part, to PSP or its Affiliates, or
(B) MHR or its Affiliates or a successor in whole or in part, to MHR or its Affiliates, acquires, directly or indirectly, ownership of
50% or more of either the outstanding Shares or securities having aggregate voting power for the election of directors of the Corporation,
assuming the conversion of all outstanding securities of the Corporation or Telesat Partnership that could be converted into fully voting
securities of the Corporation, including securities that are convertible under circumstances that do not then exist because of the nature
of the current registered owner of such shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">during any period of two consecutive years, individuals who at the beginning of such period constitute
the Board, together with any new directors whose election or appointment by such Board, or whose nomination for election was approved
by a vote of a majority of the directors of the Corporation then still in office who were entitled to vote and who were either directors
of the Corporation at the beginning of such period or whose election or appointment, or whose nomination for election, was previously
approved (such persons referred to here as the &ldquo;<B>Continuing Directors</B>&rdquo;), cease for any reason to constitute a majority
of the Board; provided that any director appointed by PSP or MHR or their respective Affiliates or a successor in whole or in part, to
MHR, PSP or their respective Affiliates shall constitute a Continuing Director;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">a final determination by the Board or Shareholders to (A) liquidate all or substantially all of the assets
of the Corporation, (B) wind up the Corporation&rsquo;s business, or (C) commence proceedings for such a liquidation, winding-up or re-arrangement
pursuant to a plan of compromise or plan of arrangement under the Companies&rsquo; Creditors Arrangement Act; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD STYLE="text-align: justify">notwithstanding any of the foregoing, any other matter specifically determined by the Board to be a Change
of Control Event for purposes of this Plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Shares</B>&rdquo; means the Class A common
shares of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(o)</TD><TD STYLE="text-align: justify">&ldquo;<B>Class B Shares</B>&rdquo; means the Class B variable
voting shares of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(p)</TD><TD STYLE="text-align: justify">&ldquo;<B>Class C Fully Voting Shares</B>&rdquo; means the Class
C fully voting shares of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(q)</TD><TD STYLE="text-align: justify">&ldquo;<B>Class C Limited Voting Shares</B>&rdquo; means the
Class C limited voting shares of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(r)</TD><TD STYLE="text-align: justify">&ldquo;<B>Class C Shares</B>&rdquo; means, together, the Class
C Fully Voting Shares and the Class C Limited Voting Shares;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(s)</TD><TD STYLE="text-align: justify">&ldquo;<B>Code</B>&rdquo; means the United States Internal Revenue
Code of 1986, as amended;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(t)</TD><TD STYLE="text-align: justify">&ldquo;<B>Corporation</B>&rdquo; means Telesat Corporation,
a Corporation existing under the laws of British Columbia, and includes any successor company thereto;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(u)</TD><TD STYLE="text-align: justify">&ldquo;<B>Consultant</B>&rdquo; means an individual, other than
an employee, executive officer or director of the Corporation or of an Affiliate, that for a period of 12 months or more,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">is engaged to provide services to the Corporation or an Affiliate, other than services provided in relation
to a distribution of the Corporation&rsquo;s securities; </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">provides the services under a written contract with the Corporation or an Affiliate; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">spends or will spend a significant amount of time and attention on the affairs and business of the Corporation
or an Affiliate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">and includes, for an individual consultant,
a Corporation of which the individual consultant is an employee or shareholder, and a partnership of which the individual consultant is
an employee or partner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(v)</TD><TD STYLE="text-align: justify">&ldquo;<B>Disability Termination</B>&rdquo; means, when used
in connection with the termination of a Participant&rsquo;s Employment, unless otherwise provided in a Award Agreement or an Employment
Agreement (in which event as regards such Participant, the definition of &ldquo;Disability Termination&rdquo; or words of similar effect
set out therein shall apply in place of the following definition), the termination of the Participant&rsquo;s employment due to their
inability to substantially fulfil their duties on behalf of the Employer as a result of illness or injury for a continuous period of
nine (9) months or more or for an aggregate period of twelve (12) months or more during any consecutive twenty-four (24) month period,
despite the provision of reasonable accommodations by the Employer<B>;</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(w)</TD><TD STYLE="text-align: justify">&ldquo;<B>Dividend Share Units</B>&rdquo; has the meaning ascribed
thereto in Section 8.2 hereof;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(x)</TD><TD STYLE="text-align: justify">&ldquo;<B>DSU</B>&rdquo; means a deferred share unit, which
is a bookkeeping entry equivalent in value to a Share credited to a Participant&rsquo;s Account in accordance with Article 6 hereof;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(y)</TD><TD STYLE="text-align: justify">&ldquo;<B>DSU Agreement</B>&rdquo; means a notice from the Corporation
to a Participant evidencing the grant of DSUs and the terms and conditions thereof as the Board may approve from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(z)</TD><TD STYLE="text-align: justify">&ldquo;<B>DSU Redemption Deadline</B>&rdquo; has the meaning
ascribed thereto in Section 6.3(1) hereof;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(aa)</TD><TD STYLE="text-align: justify">&ldquo;<B>DSU Redemption Notice</B>&rdquo; has the meaning ascribed
thereto in Section 6.3(1) hereof;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(bb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Effective Date</B>&rdquo; has the meaning specified
in Section 10.15;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(cc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Eligible Person</B>&rdquo; has the meaning specified
in Section 3.2;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(dd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Employed</B>&rdquo;
                                            or &ldquo;<B>Employment</B>&rdquo; means the period in which a Participant who is an employee
                                            or officer of the Employer performs work for the Employer. For certainty, &ldquo;Employed&rdquo;
                                            or &ldquo;Employment&rdquo; shall be deemed to include in the case of an employee (including
                                            an employee who is an officer), as applicable, (i) any period of vacation, disability (but
                                            only to the extent prior to a Disability Termination), or other leave permitted by legislation,
                                            and (ii) any period constituting the minimum notice of termination period that is required
                                            to be provided to an employee pursuant to applicable employment standards legislation or
                                            labour code (if any). For certainty, &ldquo;Employed&rdquo; or &ldquo;Employment&rdquo; shall
                                            be deemed to exclude any other period that follows or ought to have followed, as applicable,
                                            the later of (i) the end of the minimum notice of termination period that is required to
                                            be provided to an employee pursuant to applicable employment standards legislation or labour
                                            code (if any), or (ii) the Participant's last day of performing work for the Employer (including
                                            any period of vacation, disability, or other leave permitted by legislation) whether that
                                            period arises from a contractual or common law right;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Employer</B>&rdquo; means the Corporation or an Affiliate
of the Corporation for which a Participant is Employed and in the event that the employer of a Participant is changed from the Corporation
or an Affiliate to the Corporation or another Affiliate of the Corporation, as applicable, then the Corporation or such Affiliate shall
become the &ldquo;Employer&rdquo; hereunder;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Employment Agreement</B>&rdquo; means a written employment
agreement by and between the Participant and the Employer, if any;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(gg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Exercise Price</B>&rdquo; has the meaning specified
in Section 4.2;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(hh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Expiry Date</B>&rdquo; has the meaning specified in
Section 4.4(1);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Insider</B>&rdquo; means a &ldquo;reporting insider&rdquo;
of the Corporation as defined in National Instrument 55-104 &ndash; <I>Insider Reporting Requirements and Exemptions</I> and the TSX
Company Manual in respect of the rules governing security-based compensation arrangements, as amended from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(jj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Investment Canada Act</B>&rdquo; means the <I>Investment
Canada Act</I> (R.S.C., 1985, c. 28) and the regulations thereunder, as the same may be amended and supplemented from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(kk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Legacy Plans</B>&rdquo; means, together, the Corporation&rsquo;s
Amended and Restated Management Stock Incentive Plan, initially effective as of March 14, 2013, Amended and Restated Management Stock
Incentive Plan, initially effective as of September 19, 2008 and Amended and Restated Restricted Share Unit Plan, initially effective
as of April 17, 2021;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Market Price</B>&rdquo; means at any date when the market value of Shares of the Corporation
is to be determined: (a) if the Shares are listed on any Stock Exchange, the closing price for the Shares on such Stock Exchange on the
last trading day before such date; or (b) if the Shares are not listed on any Stock Exchange, then the price determined by the Board using
good faith discretion and, for U.S. Participants, in a manner consistent with the requirements of Section 409A;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(mm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Maximum Issuable</B>&rdquo; has the meaning specified
in Section 3.3(3).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(nn)</TD><TD STYLE="text-align: justify">&ldquo;<B>MHR</B>&rdquo; means MHR Management Fund LLC and any
funds or other investment vehicles managed by MHR Management Fund LLC or any of its Affiliates;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(oo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Non-U.S. Participant</B>&rdquo; means a Participant
that is not a U.S. Participant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(pp)</TD><TD STYLE="text-align: justify">&ldquo;<B>Option</B>&rdquo; means an option to purchase Shares
granted to an Eligible Person pursuant to the terms of this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(qq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Option Period</B>&rdquo; has the meaning specified
in Section 4.4(1);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(rr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Participant</B>&rdquo; means an Eligible Person to
whom Awards have been granted and are outstanding;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Participant&rsquo;s Account</B>&rdquo; means an account
maintained by the Corporation to reflect each Participant&rsquo;s participation in RSUs, PSUs and/or DSUs under this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(tt)</TD><TD STYLE="text-align: justify">&ldquo;<B>Performance Criteria</B>&rdquo; means criteria established
by the Board which, without limitation, may include criteria based on the Participant&rsquo;s personal performance, the financial performance
of the Corporation and/or of its Affiliates and/or achievement of corporate goals and strategic initiatives, and that may be used to
determine the vesting of the Awards, when applicable;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(uu)</TD><TD STYLE="text-align: justify">&ldquo;<B>Performance Period</B>&rdquo; means the period determined
by the Board pursuant to Section 5.3;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(vv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Permitted Assign</B>&rdquo; means for any Participant:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">a trustee, custodian or administrator acting solely on behalf of, or for the benefit of such person or
a spouse of such person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">a wholly owned or controlled holding entity of such person or the spouse of such person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">an RRSP or an RRIF of such person or the spouse of such person; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">a spouse of such person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ww)</TD><TD STYLE="text-align: justify">&ldquo;<B>Plan</B>&rdquo; means this Telesat Corporation Omnibus
Long-Term Incentive Plan, as it may be amended from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(xx)</TD><TD STYLE="text-align: justify">&ldquo;<B>PSP</B>&rdquo; means Public Sector Pension Investment
Board;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(yy)</TD><TD STYLE="text-align: justify">&ldquo;<B>PSU</B>&rdquo; means a performance share unit awarded
to a Participant to receive a payment in the form of Shares (the Cash Equivalent or a combination of Shares and the Cash Equivalent)
as provided in Article 5 hereof and subject to Performance Criteria and the terms and conditions of this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(zz)</TD><TD STYLE="text-align: justify">&ldquo;<B>PSU Agreement</B>&rdquo; means a notice from the Corporation
to a Participant evidencing the grant of PSUs and the terms and conditions thereof as the Board may approve from time to time<B>;</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(aaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>RSU</B>&rdquo; means a restricted share unit awarded
to a Participant to receive a payment in the form of Shares (the Cash Equivalent or a combination of Shares and the Cash Equivalent)
as provided in Article 5 hereof and subject to the terms and conditions of this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(bbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>RSU Agreement</B>&rdquo; means a notice from the Corporation
to a Participant evidencing the grant of RSUs and the terms and conditions thereof as the Board may approve from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Restriction Period</B>&rdquo; means any period of
time during which a Share Unit is not vested and the Participant holding such Share Unit remains ineligible to receive Shares as determined
by the Board in its absolute discretion;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Retirement</B>&rdquo; means the cessation of the employment
of a Participant with the Corporation or an Affiliate which is deemed to be a retirement by a resolution of the Board in its sole discretion;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(eee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Section 409A</B>&rdquo; means section 409A of the
Code and the regulations and guidance promulgated thereunder;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(fff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Shares</B>&rdquo; means, together, the Class A Shares
and Class B Shares in the capital of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ggg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Share Compensation Arrangement</B>&rdquo; means any
stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism of the Corporation involving
the issuance or potential issuance of Shares from treasury, including a share purchase from treasury which is financially assisted by
the Corporation by way of a loan, guarantee or otherwise, including without limitation this Plan, but excludes any compensation or incentive
mechanism of the Corporation involving the issuance or potential issuance of Shares in accordance with section 613(c) of the TSX Company
Manual;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(hhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Share Unit</B>&rdquo; means an RSU and/or PSU, as
the context requires;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Share Unit Vesting Determination Date</B>&rdquo; means
the date on which the Board determines if the Performance Criteria and/or other vesting conditions with respect to an RSU and/or PSU
have been met, and as a result, establishes the number of RSUs and/or PSUs that become vested, if any;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(jjj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Shareholders</B>&rdquo; means the holders of voting
shares in the capital of the Corporation, as the context requires;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(kkk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Stock Exchange</B>&rdquo; means the Toronto Stock
Exchange or, if the Shares are not listed or posted for trading on the Toronto Stock Exchange at a particular date, any other stock exchange
on which the majority of the trading volume and value of the Shares are listed or posted for trading;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(lll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Stock Option Certificate</B>&rdquo; means a notice
from the Corporation to a Participant evidencing the grant of Options and the terms and conditions thereof, as the Board may approve
from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(mmm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means a company, partnership
or other body corporate that is controlled, directly or indirectly, by the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(nnn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the <I>Income Tax Act</I>
(Canada) and its regulations thereunder, as amended from time to time;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ooo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Telesat Partnership</B>&rdquo; means Telesat Partnership
LP;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(ppp)</TD><TD STYLE="text-align: justify">&ldquo;<B>Telesat Partnership Units</B>&rdquo; means, together,
the class A units, class B units and class C units of Telesat Partnership exchangeable into Class A Shares, Class B Shares and Class
C Shares, respectively, of the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(qqq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Termination Date</B>&rdquo; means the date on which
a Participant ceases to be an Eligible Person as a result of the termination of their employment or retention with the Employer for any
reason, including death, Retirement, resignation or termination with Cause or without Cause, or in the event of a Disability Termination.
For the purposes of this definition and the Plan, a Participant&rsquo;s employment or retention with the Employer shall be considered
to have terminated on the last day of the Participant&rsquo;s Employment or Active Engagement with the Employer, whether such date is
selected by mutual agreement with the Participant, or unilaterally by the Participant or the Employer, and whether with or without advance
notice to the Participant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(rrr)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Participant</B>&rdquo; means any Participant
who is a citizen or resident of the United States, or who is otherwise subject to taxation under the Code; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(sss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Withholding Obligations</B>&rdquo; has the meaning
specified in Section 9.1(7).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Plan, words importing
the singular number include the plural and vice versa and words importing a gender include any other gender. Unless otherwise specified,
all references to money amounts are to United States currency and all section references are to sections of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
3<BR>
PURPOSE AND ADMINISTRATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Administration</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This Plan shall be administered and interpreted by the Board, or where the Board has delegated the administration
and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the Board, such committee or member.
In such circumstances, all references to the Board in this Plan include reference to such committee and/or member of the Board, as applicable,
except as otherwise determined by the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Subject to the terms and conditions set forth in this Plan,
the Board is authorized to provide for the granting, exercise or settlement and method of exercise or settlement of Awards, all at such
times and on such terms (which may vary between Awards granted from time to time) as it determines. In addition, the Board shall have
the sole and absolute discretion to: (i) designate Participants; (ii)&nbsp;determine the type, size, and terms, and conditions (including
Performance Criteria) of Awards to be granted; (iii) determine the method by which an Award may be canceled, forfeited, or suspended;
(iv) determine the circumstances under which the delivery of cash with respect to an Award may be deferred either automatically or at
the Participant&rsquo;s or the Board&rsquo;s election; (v)&nbsp;interpret and administer, reconcile any inconsistency in, correct any
defect in, and supply any omission in the Plan, any Award Agreement and any Award granted under, the Plan; (vi) establish, amend, suspend,
or waive any rules and regulations and appoint such agents as the Board shall deem appropriate for the proper administration of the Plan;
(vii) accelerate the vesting, delivery, or exercisability of, or payment for or lapse of restrictions on, or waive or impose any condition,
restriction or requirement in respect of, Awards (including for greater certainty in respect of any leave of absence of a Participant);
(viii) with respect to any Share Unit, add provisions permitting for the granting of a dividend equivalent subject to the same vesting
conditions applicable to the related Share Units; and (ix) make any other determination and take any other action that the Board deems
necessary or desirable for the administration of the Plan or to comply with any applicable law.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">No member of the Board will be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of this Plan, any Award Agreement or other document or any Award granted pursuant
to this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations, and
other decisions regarding this Plan or any Award or any documents evidencing any Award granted pursuant to this Plan shall be within the
sole discretion of the Board, may be made at any time, and shall be final, conclusive, and binding upon all persons or entities, including,
without limitation, the Corporation, any Affiliate, any Participant, any holder or beneficiary of any Award, and any Shareholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">The day-to-day administration of this Plan may be delegated to such officers and employees of the Corporation
as the Board determines.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Eligible Persons</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The persons who shall be eligible to receive Options, RSUs and PSUs shall be the officers, employees or
Consultants of or to the Corporation or a Subsidiary, providing ongoing services to the Corporation and/or its Subsidiaries, and the persons
who shall be eligible to receive DSUs shall be the non-employee directors of the Corporation (collectively, &ldquo;<B>Eligible Persons</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Participation in this Plan shall be entirely voluntary and any decision not to participate shall not affect
an Eligible Person&rsquo;s relationship, employment or appointment with the Corporation or an Affiliate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Notwithstanding any express or implied term of this Plan to the contrary, the granting of an Award pursuant
to this Plan shall in no way be construed as a guarantee of employment or appointment by the Corporation or an Affiliate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Awards to issue or purchase Class A Shares may be granted hereunder to Eligible Persons who are &ldquo;Canadian&rdquo;
as such term is defined in the <I>Investment Canada Act </I>and Awards to issue or purchase Class B Shares may be granted hereunder to
Eligible Persons that are not &ldquo;Canadian&rdquo; as such term is defined in the <I>Investment Canada Act</I>. At the discretion of
the General Counsel, a declaration of residency may be required from an Eligible Participant prior to the settlement of an Award hereunder
in Class A Shares or Class B Shares, as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares Reserved</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Subject to Section 8.1, the securities that may be acquired by Participants under this Plan will consist
of authorized but unissued Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The Corporation will at all times during the term of this Plan ensure that it is authorized to issue such
number of Shares as are sufficient to satisfy the requirements of this Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Subject to Section 3.3(6), the aggregate number of Shares issuable
under this Plan (the &ldquo;<B>Maximum Issuable</B>&rdquo;) shall not exceed 2,972,816 Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Any Shares subject to an Award which has been exercised or settled in cash by a Participant or for any
reason is cancelled, forfeited or terminated without having been exercised or settled in Shares will again be available for grants under
this Plan. Fractional shares will not be issued and will be treated as specified in Section 9.1(4).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">All Shares issued from treasury pursuant to the exercise or
the vesting of Awards granted under this Plan shall, when the applicable Exercise Price or purchase price (in respect of the settlement
of RSUs, PSUs or DSUs), if any, is received by the Corporation in connection therewith, be so issued as fully paid and non-assessable
Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Shares underlying Options issued and outstanding under the Legacy
Plans on the Effective Date, and any issuance from treasury by the Corporation that is or was issued in reliance upon an exemption under
applicable Stock Exchange rules applicable to security based compensation arrangements used as an inducement to person(s) or company(ies)
not previously employed by and not previously an Insider of the Corporation shall not be included in determining the Maximum Issuable
under Section 3.3(3). For the avoidance of doubt, in no event shall any further awards be issued pursuant to the Legacy Plans from and
after the Effective Date.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(7)</TD><TD STYLE="text-align: justify">The number of Shares that are (i) issued to Insiders within
any one year period, or (ii) issuable to Insiders at any time, in each case, under this Plan alone or when combined with all other Share
Compensation Arrangements, shall not exceed 10% of the total number of Shares issued and outstanding from time to time, on a diluted-basis
assuming the exchange of all Class C Shares and all Telesat Partnership Units into Shares of the Corporation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify">Despite the foregoing and for greater certainty, the total annual
grant to any one non-employee director under all Share Compensation Arrangements shall not exceed an aggregate grant value of $100,000
in Options and $150,000 in equity, other than with respect to any DSUs granted to a non-employee director in lieu of their cash retainer.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
4<BR>
OPTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Grants of Options</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Options will be evidenced by a Stock Option Certificate, which shall be in a form approved for use under
this Plan from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Subject to the provisions of this Plan, the Board has the authority to determine the limitations, restrictions
and conditions, if any, in addition to those set forth in Section 3.1(2) and Section 4.3, applicable to the exercise of an Option. An
Eligible Person may receive Options on more than one occasion under this Plan and may receive separate Options on any one occasion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The Board may from time to time, in its discretion, grant Options to any Eligible Person upon the terms,
conditions and limitations set forth in this Plan and such other terms, conditions and limitations permitted by and not inconsistent with
this Plan as the Board may determine, provided that Options granted to any Participant must be approved by the Shareholders if the rules
of any Stock Exchange require such approval. Despite the foregoing, no Option will be granted where such grant is restricted pursuant
to the terms of any trading policies or other restrictions imposed by the Corporation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exercise Price</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An Option may be exercised
at a price (the &ldquo;<B>Exercise Price</B>&rdquo;) established by the Board at the time that the Option is granted. The Exercise Price
shall not be less than the Market Price. The Exercise Price is subject to adjustment in accordance with the provisions of Section 8.1
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vesting</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section 4.6, unless
as otherwise provided in a Participant&rsquo;s Employment Agreement or Stock Option Certificate or as otherwise determined by the Board,
in its sole discretion, all Options granted under this Plan will vest over a four-year period following the date of the grant, with twenty
percent (20%) of the total number of Options forming part of any grant to vest on the date of grant and thereafter on each anniversary
date after the date of the grant. Options may be subject to additional vesting conditions as may be determined by the Board at the time
of grant, including performance vesting conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exercise of Options</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The period during which an Option may be exercised (the &ldquo;<B>Option Period</B>&rdquo;) will be determined
by the Board at the time the Option is granted and set out in the Stock Option Certificate in respect of such Option, provided that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">all Options expire on the date (the &ldquo;<B>Expiry Date</B>&rdquo;)
set out by the Board on the date of grant and as described in the applicable Stock Option Certificate provided that no Option will be
exercisable for a period exceeding ten (10) years from the date the Option is granted;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Options may not be exercised until they have vested;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">the Option Period will be automatically reduced in accordance
with Section 4.6 upon the occurrence of any of the events referred to in such section; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">no Option in respect of which Shareholder approval is required
under the rules of any Stock Exchange will be exercisable until such time as such Option has been approved by the Shareholders.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Despite any other provision of this Plan, if the Expiry Date of an Option falls during a Black-Out Period
or within nine (9) Business Days immediately following a date upon which a Participant is prohibited from exercising an Option due to
a Black-Out Period (but, for greater certainty, not a cease trade order or other restriction imposed by any person other than the Corporation),
then the Expiry Date of such Option will be automatically extended to the tenth (10th) Business Day following the date the relevant Black-Out
Period is lifted, terminated or removed (provided that, for U.S. Participants such extension does not violate Section 409A).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Subject to Section 9.1(7) and Section 4.5, the Exercise Price of each Share purchased under an Option
must be paid in full in cash or by bank draft or certified cheque at the time of such exercise, and upon receipt of payment in full, the
number of Shares in respect of which the Option is exercised will be duly issued as fully paid and non-assessable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Subject to Section 9.1(7), upon the exercise of Options pursuant to this Section 4.4, the Corporation
will immediately deliver, or cause the registrar and transfer agent of the Shares to deliver, to the relevant Participant (or his or her
legal or personal representative) or to the order thereof, the number of Shares with respect to which Options have been exercised.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Subject to the other provisions of this Plan and any vesting limitations imposed by the Board at the time
of grant, Options may be exercised, in whole or in part, at any time or from time to time, by a Participant by notice given to the Corporation
as required by the Board from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cashless Exercise</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding Section 4.4(3),
subject to any conditions or limitations established by the Board, a grant of Options may specify that the Exercise Price will be payable,
at the option of the Participant and with the agreement of the Board, in the form of: (i) a broker assisted &ldquo;cashless exercise&rdquo;
pursuant to which the Corporation or its designee (including third party administrators) may deliver a copy of irrevocable instructions
to a Broker engaged for such purposes to sell the Shares otherwise deliverable upon the exercise of the Options and to deliver promptly
to the Corporation an amount equal to the Exercise Price and all applicable required Withholding Obligations against delivery of the Shares
to settle the applicable trade in accordance with Section 9.1(7); or (ii) an &ldquo;option surrender&rdquo; procedure effected by withholding
the minimum number of Shares otherwise deliverable in respect of a surrender of an Option that are needed to pay for the Exercise Price
and all applicable required Withholding Obligations, whereby the Participant elects to receive (a) a cash payment equal to the Market
Price of the Shares as at the date of Surrender less the aggregate Exercise Price and all applicable required Withholding Obligations,
or (b) that number of Shares calculated using the following formula, provided that arrangements satisfactory to the Corporation have been
made to pay any applicable Withholding Obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">X = (Y * (A-B)) / A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Where: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">X = the number of Shares to
be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results in a negative number, then
no Shares shall be issued</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Y = the number of Shares underlying
the Options to be Surrendered</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A = the Market Value of the
Shares as at the date of the Surrender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B = the Exercise Price of
such Options</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In all events of a
cashless exercise or option surrender pursuant to this Section 4.5: (a) the Participant shall comply with Section 9.1(7) of the Plan
with regards to any applicable required Withholding Obligations; and (b) shall comply with all such other procedures and policies as
the Board may prescribe or determine to be necessary or advisable from time to time including prior written consent of the Board, in
connection with such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">4.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in">Except as otherwise
set out in a Participant&rsquo;s Employment Agreement or Award Agreement or as otherwise determined by the Board, in its sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">if a Participant (A) ceases to be an Eligible Person as a result
of his or her resignation or Retirement, (B) is no longer serving as a director of the Corporation, or (C) ceases to be an Eligible Person
as a result of such Participant&rsquo;s Active Engagement or Employment having been terminated without Cause, each vested Option will
cease to be exercisable on the earlier of the original Expiry Date of the Option and ninety (90) days following the Termination Date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of
death, each unvested Option held by such Participant will continue to vest for a period of 12 months from the Termination Date and all
vested Options, including those that vest during such 12 month period, held by such Participant will continue to be exercisable for a
period of up to the earlier of 12 months from the Termination Date and the original Expiry Date of the Option, and afterwards each vested
Option held by such Participant will cease to be exercisable and all unvested Options will terminate and become void;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person by reason of
Disability Termination, all vested Options held by such Participant will continue to be exercisable for a period of up to the earlier
of 12 months from the Termination Date and the original Expiry Date of the Option, and afterwards each vested Option held by such Participant
will cease to be exercisable and all unvested Options will terminate and become void; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">if a Participant ceases to be an Eligible Person as a result
of such Participant&rsquo;s Active Engagement or Employment having been terminated for Cause, each Option, whether vested or unvested
will automatically terminate and become void on the Termination Date.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
5<BR>
SHARE UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nature of Share Units</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Share Unit is an Award of
RSUs or PSUs entitling the recipient to acquire Shares, at such purchase price (which may be zero) as determined by the Board, subject
to such restrictions, limitations and conditions as the Board may determine at the time of grant. Conditions may be based on continuing
employment (or other service relationship) and/or achievement of pre-established Performance Criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Unit Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Subject to the provisions of this Plan, or any approval of Shareholders
or Stock Exchange approval which may be required, the Board shall, from time to time, in its sole discretion: (i)&nbsp;designate the
Eligible Persons who may receive RSUs and/or PSUs under this Plan; (ii)&nbsp;fix the number of RSUs and/or PSUs, if any, to be granted
to each Eligible Person and the date or dates on which such RSUs and/or PSUs shall be granted; and (iii)&nbsp;determine the relevant
conditions and vesting provisions (including, in the case of PSUs, the applicable Performance Period and Performance Criteria, if any)
and Restriction Period of such RSUs and/or PSUs, in each case to the terms and conditions prescribed in this Plan and in any RSU Agreement
or PSU Agreement, as applicable. For greater certainty, the Board may reduce or eliminate any Restriction Period in respect of an RSU
or PSU from time to time and at any time and for any reason, including but not limited to circumstances involving death or Disability
Termination of a Participant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Each RSU will be evidenced by an RSU Agreement that sets forth
the restrictions, limitations and conditions for each RSU and may include, without limitation, the vesting and terms of the RSUs and
the provisions applicable in the event employment or service terminates, and shall contain such terms that may be considered necessary
in order that the RSUs will comply with any provisions respecting RSUs in the income tax or other laws in force in any country or jurisdiction
of which the Participant may from time to time be a resident or citizen or the rules of any Stock Exchange having authority over the
Corporation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Each PSU will be evidenced by a PSU Agreement that sets forth
the restrictions, limitations and conditions for each PSU and may include, without limitation, the applicable Performance Period and
Performance Criteria, vesting and terms of the PSUs and the provisions applicable in the event employment or service terminates, and
shall contain such terms that may be considered necessary in order that the PSUs will comply with any provisions respecting RSUs in the
income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be a resident or citizen
or the rules of any Stock Exchange having authority over the Corporation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Any RSUs or PSUs that are awarded to an Eligible Person who
is a resident of Canada or employed in Canada (each for purposes of the Tax Act) may be structured so as to be considered to be a plan
described in section 7 of the Tax Act and shall in any event be structured in such other manner to ensure that such award is not a &ldquo;salary
deferral arrangement&rdquo; as defined in the Tax Act (or any successor to such provisions).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Subject to the vesting and other conditions and provisions set
forth herein and in the RSU Agreement and/or PSU Agreement, the Board shall determine whether each RSU and/or PSU awarded to a Participant
shall entitle the Participant: (i) to receive one Share issued from treasury or purchased on the secondary market; (ii) to receive the
Cash Equivalent of one Share; (iii) to receive either one Share from treasury, the Cash Equivalent of one Share or a combination of cash
and Shares, as the Board may determine in its sole discretion on settlement; or (iv) to elect to receive either one Share from treasury,
the Cash Equivalent of one Share or a combination of cash and Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">The applicable settlement period in respect of a particular
Share Unit shall be determined by the Board. Except as otherwise provided in the Award Agreement or any other provision of the Plan,
all vested RSUs and PSUs shall be settled as soon as practicable following the Share Unit Vesting Determination Date, as applicable,
but in all cases (unless otherwise provided in the Award Agreement) prior to (i) December 31<SUP>st</SUP> of the third year following
the date of grant of Share Unit, if such Share Unit shall be settled by payment of the Cash Equivalent or through purchases by the Corporation
on the Participant&rsquo;s behalf on the open market<B>,</B> or (ii) December 31<SUP>st</SUP> of the tenth year following the date of
grant of Share Unit, if the RSU Agreement or PSU Agreement, as applicable, provides that such Share Unit shall be settled by issuance
of Shares from treasury. Following the receipt of such settlement, the PSUs and RSUs so settled shall be of no value whatsoever and shall
be removed from the Participant&rsquo;s Account. For Participants who are U.S. Participants, settlement of RSUs and PSUs shall occur
as soon as practicable following vesting of the Award, or in such other manner as does not result in the imposition of tax on such Participant
by operation of Section 409A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Performance Criteria and Performance Period Applicable to PSU Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For each award of PSUs,
the Board shall establish (i) any Performance Criteria and other vesting conditions; and (ii) the period in which any Performance
Criteria and other vesting conditions must be met (the &ldquo;<B>Performance Period</B>&rdquo;), in order for such PSUs to be
considered vested and for the Participant to be entitled to have his or her PSUs settled in accordance with Section 5.2(5) above in
exchange for all or a portion of the PSUs held by such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
6<FONT STYLE="text-transform: none"><BR>
DEFERRED SHARE UNITS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nature of DSUs</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A DSU is a unit granted to
directors of the Corporation representing the right to receive a Share or the Cash Equivalent, subject to restrictions and conditions
as the Board may determine at the time of grant. Conditions may be based on continuing service as a director (or other service relationship),
vesting terms and/or achievement of pre-established Performance Criteria, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DSU Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Subject to the Corporation&rsquo;s director compensation policies
determined by the Board from time to time, each director who is an Eligible Person may receive all or a portion of his or her annual
retainer fee in the form of a grant of DSUs in each fiscal year. The number of DSUs shall be calculated as the amount of the director&rsquo;s
annual retainer fee to be paid by way of DSUs divided by the Market Price on the date of grant. At the discretion of the Board, fractional
DSUs will not be issued and any fractional entitlements will be rounded down to the nearest whole number. As applicable, any election
made by a director who is an Eligible Person to receive an additional portion of his or her annual retainer fee in the form of DSUs must
be irrevocably made, completed, signed and delivered to the Corporation by the end of the fiscal year preceding the fiscal year to which
such election is to apply. Subject to the Corporation&rsquo;s director compensation policies and any minimum amount of the directors&rsquo;
annual retainer fee that may be required to be received in the form of DSUs, if no such election is made in respect of a particular fiscal
year, an Eligible Participant will receive all or the remainder, as applicable, of the director&rsquo;s annual retainer fee in cash.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Each DSU will be evidenced by an DSU Agreement that sets forth
the restrictions, limitations and conditions for each DSU and may include, without limitation, the vesting and terms of the DSUs and
the provisions applicable in the event service terminates, and shall contain such terms that may be considered necessary in order that
the DSUs will comply with any provisions respecting DSUs in the income tax or other laws in force in any country or jurisdiction of which
the Participant may from time to time be a resident or citizen or the rules of any Stock Exchange having authority over the Corporation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Any DSUs that are awarded to a person who is a resident of Canada
or employed in Canada (each for purposes of the Tax Act) shall be structured so as to be considered to be a plan described in section
7 of the Tax Act or to meet requirements of paragraph 6801(d) of the Income Tax Regulations adopted under the Tax Act (or any successor
to such provisions).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Subject to vesting and other conditions and provisions set forth
herein and in the DSU Agreement, the Board shall determine whether each DSU awarded shall entitle the Participant (i) to receive one
Share issued from treasury; (ii) to receive the Cash Equivalent of one Share; (iii) to receive either one Share from treasury, the Cash
Equivalent of one Share or a combination of cash and Shares, as the Board may determine in its sole discretion on redemption; or (iv)
to entitle the Participant to elect to receive either one Share from treasury, the Cash Equivalent of one Share or a combination of cash
and Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Redemption or Settlement of DSUs</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Unless otherwise specified
                                            in a Grant Agreement, a Non-U.S. Participant shall be entitled to redeem his or her DSUs
                                            during the period commencing on the Business Day immediately following the Termination Date
                                            and ending on the earlier of (i) the date that is not later than the 90<SUP>th</SUP> date
                                            following the Termination Date, or such shorter redemption period set out in the relevant
                                            DSU Agreement, and (ii) December 31<SUP>st</SUP> of that calendar year, and which period
                                            (the &ldquo;<B>DSU Redemption Deadline</B>&rdquo;), by providing a written notice of settlement
                                            to the Corporation setting out the number of DSUs to be settled and the particulars regarding
                                            the registration of the Shares issuable upon settlement, if applicable (the &ldquo;<B>DSU
                                            Redemption Notice</B>&rdquo;). In the event of the death of a director who is not a U.S.
                                            Participant, the DSU Redemption Notice shall be filed by the administrator or liquidator
                                            of the estate.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">If a DSU Redemption Notice is not received
                                            by the Corporation on or before the DSU Redemption Deadline, the Participant shall be deemed
                                            to have delivered a DSU Redemption Notice on the DSU Redemption Deadline and, if not otherwise
                                            set out in the DSU Agreement, the Board shall determine the number of DSUs to be settled
                                            by way of Shares, the Cash Equivalent or a combination of Shares and the Cash Equivalent
                                            and delivered to the Participant or Administrator or liquidator of the estate of the Participant,
                                            as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The settlement of DSUs held by a Participant who is a U.S. Participant shall be made in accordance with
the relevant DSU Agreement and any applicable deferral election. Such settlement shall comply with or be exempt from Section 409A.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
7<BR>
CHANGE OF CONTROL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Change of Control</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Despite any other provision of this Plan or any Award Agreement
and subject to Section 10.8, in the event of a Change of Control Event, the Board may take such action as the Board in its sole discretion
considers appropriate in the circumstances, including, without limitation, (i) changing the vesting or manner of settlement of any Award,
(ii) changing the Expiry Date or term of any Award, or (iii) providing for the substitution or replacement of Awards, including with
awards of the surviving Corporation resulting from the Change of Control Event (or any affiliate thereof) or the potential successor
(or any affiliate thereto).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">No fractional Shares or other security will be issued upon the
exercise or settlement of any Award and accordingly, if as a result of a Change of Control Event, a Participant would become entitled
to a fractional Share or other security, such Participant will have the right to acquire only the next lowest whole number of Shares
or other security and no payment or other adjustment will be made with respect to the fractional interest so disregarded.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Despite anything else to the contrary in this Plan or any Award Agreement, in the event of a
                                                                               potential Change of Control Event, the Board will have the power, in its sole discretion, to modify the terms of this Plan and/or
                                                                               the Awards to assist the Participants in tendering to a take-over bid or other transaction leading to a Change of Control Event. For
                                                                               greater certainty, in the event of a take-over bid or other transaction leading to a Change of Control Event, subject to applicable
                                                                               law (including the requirements of Section 409A), the Board has the power, in its sole discretion, to accelerate the vesting of
                                                                               Awards and to permit Participants to conditionally exercise or settle their Awards, as applicable, such conditional exercise to be
                                                                               conditional upon the take-up by such offeror of the Shares or other securities tendered to such take-over bid in accordance with the
                                                                               terms of the take-over bid (or the effectiveness of such other transaction leading to a Change of Control Event). If, however, the
                                                                               potential Change of Control Event referred to in this Section 7.1(3) is not completed within the time specified (as the same may be
                                                                               extended), then despite this Section 7.1(3) or the definition of &ldquo;Change of Control Event&rdquo;: (i) any conditional exercise
                                                                               or settlement of vested Awards, as applicable, will be deemed to be null, void and of no effect, and such conditionally exercised or
                                                                               settled Awards will for all purposes be deemed not to have been exercised or settled, and (ii) Awards which vested pursuant to this
                                                                               Section 7.1(3) will be returned by the Participant to the Corporation and reinstated as authorized but unissued Shares and the
                                                                               original terms applicable to such Awards will be reinstated.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">If the Board has, pursuant to the provisions of Section 7.1(3),
permitted the conditional exercise or settlement of Awards in connection with a potential Change of Control Event, then the Board will
have the power, in its sole discretion, to terminate, immediately following actual completion of such Change of Control Event and on
such terms as it sees fit, any Awards not exercised or settled (including all unvested Awards), as applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
8<BR>
ADJUSTMENTS AND AMENDMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Adjustment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any stock
dividend, stock split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution (other than normal cash
dividends) of the Corporation&rsquo;s assets to Shareholders, or any other change in the Shares, the Board will make such proportionate
adjustments, if any, as the Board in its discretion, subject to regulatory approval, may deem appropriate to reflect such change (for
the purpose of preserving the value of the Awards), with respect to (i) the number or kind of Shares or other securities reserved for
issuance pursuant to the Plan; and (ii) the number or kind of Shares or other securities subject to unexercised Awards previously granted
and the exercise price of those Awards provided, however, that no substitution or adjustment will obligate the Corporation to issue or
sell fractional Shares. The existence of any Awards does not affect in any way the right or power of the Corporation or an Affiliate or
any of their respective Shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change
in the capital structure or the business of, or any amalgamation, merger or consolidation involving, to create or issue any bonds, debentures,
shares or other securities of, or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of
or any sale or transfer of all or any part of the assets or the business of, or to effect any other corporate act or proceeding relating
to, whether of a similar character or otherwise, the Corporation or such Affiliate, whether or not any such action would have an adverse
effect on the Plan or any Award granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dividend Share Units</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Board determines
otherwise at the time of grant or issuance of the Award, when normal cash dividends (other than stock dividends) are paid on Shares, Participants
shall receive additional DSUs, RSUs and/or PSUs, as applicable (&ldquo;<B>Dividend Share Units</B>&rdquo;) as of the dividend payment
date. The number of Dividend Share Units to be granted to the Participant shall be determined by multiplying the aggregate number of DSUs,
RSUs and/or PSUs, as applicable, held by the Participant on the relevant record date by the amount of the dividend paid by the Corporation
on each Share, and dividing the result by the Market Price on the dividend payment date, which Dividend Share Units shall be in the form
of DSUs, RSUs and/or PSUs, as applicable. Dividend Share Units granted to a Participant in accordance with this Section 8.2 shall be subject
to the same vesting conditions and settlement terms as applicable to the related DSUs, RSUs and/or PSUs in accordance with the respective
Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amendment or Discontinuance</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">The Board may suspend or terminate this Plan at any time, or
from time to time amend or revise the terms of this Plan or of any Award granted under this Plan and any Award Agreement or other agreement
or document relating to it, provided that no such suspension, termination, amendment or revision will be made:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">except in compliance with applicable law and with the prior
approval, if required, of (i) any Stock Exchange or any other regulatory body having authority over the Corporation, this Plan or (ii)
the Shareholders; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">in the case of an amendment or revision to an outstanding Award,
if it would materially adversely affect the rights of any Participant, without the consent of the Participant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">If this Plan is terminated, the provisions of this Plan and any administrative guidelines and other rules
and regulations adopted by the Board and in force on the date of termination will continue in effect as long as any Award or any rights
granted pursuant to this Plan remain outstanding and, despite the termination of this Plan, the Board may make such amendments to this
Plan or to the terms of any outstanding Awards as they would have been entitled to make if this Plan were still in effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Subject to any applicable rules of any Stock Exchange and Section
8.3(1), the Board may from time to time, in its absolute discretion and without the approval of Shareholders, make amendments to this
Plan or any Awards, which may include but are not limited to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">any amendment to the vesting and assignability provisions of
this Plan and any Award;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any amendment regarding the effect of any termination of a Participant&rsquo;s
employment, engagement, contract, service or office;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">any amendment which accelerates the date on which any Award
may be exercised under this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">any amendment to the definition of an Eligible Person;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">any amendment to add provisions permitting for the granting
of cash-settled awards, a form of financial assistance, or clawback and any amendment to a cash-settled award, financial assistance,
dividend equivalent or clawback provision which is adopted;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">any amendment necessary to comply with applicable law or the
requirements of any Stock Exchange or any other regulatory body having authority over the Corporation, this Plan or the Shareholders;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">any amendment of a &ldquo;housekeeping&rdquo; nature, including,
without limitation, to clarify the meaning of an existing provision of this Plan or any agreement ancillary thereto, correct or supplement
any provision of this Plan that is inconsistent with any other provision of this Plan, correct any grammatical or typographical errors
or amend the definitions in this Plan regarding administration of this Plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">any amendment regarding the administration of this Plan; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">any other amendment, fundamental or otherwise, that does not
require the approval of Shareholders under Section 8.3(4).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Shareholder approval is required for the following amendments
to this Plan:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">any increase in the maximum number of Shares that may be issuable
pursuant to Awards granted under this Plan as set out in Section 3.3(3), other than an adjustment pursuant to Section 8.1;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any (i) reduction in the Exercise Price or purchase price (in
respect of the settlement of RSUs, PSUs and/or DSUs) of an Award, as applicable, (ii) extension of the term of an Award, including the
Expiry Date of an Option, benefitting an Insider, except in case of an extension due to a Black-Out Period or (iii)&nbsp;amendment providing
for the cancellation and reissue of Awards, other than an adjustment pursuant to Section 8.1;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">any amendment to remove
                                            or to exceed the insider participation limit set out in Section 3.3(7);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">any amendment which would permit Options to be transferable
or assignable other than by will or the laws of descent and distribution (provided that Options may be transferred or assigned by a Participant
to a Permitted Assign with the Board&rsquo;s prior written consent and subject to such conditions as the Board may stipulate, as set
out in Section 9.1(3)); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">any amendment to Section 8.3(3) or Section 8.3(4).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
9<BR>
GENERAL CONDITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>General Conditions applicable to Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Award, as applicable,
shall be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify"><B>No Rights as a Shareholder</B> &ndash; Neither the Participant
nor such Participant&rsquo;s personal representatives or legatees shall have any rights whatsoever as shareholder in respect of any Shares
covered by such Participant&rsquo;s Awards until the date of issuance of a share certificate to such Participant (or to the liquidator,
executor or administrator, as the case may be, of the estate of the Participant) or the entry of such person&rsquo;s name on the share
register for the Shares. Without in any way limiting the generality of the foregoing, no adjustment shall be made for dividends or other
rights for which the record date is prior to the date such share certificate is issued or entry of such person&rsquo;s name on the share
register for the Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify"><B>Conformity to Plan</B> &ndash; In the event that an Award is granted or an Award Agreement is executed
which does not conform in all particulars with the provisions of the Plan, or purports to grant Awards on terms different from those set
out in the Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so granted will be adjusted
to become, in all respects, in conformity with the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify"><B>Non-Transferability </B>&ndash; Except as set forth herein,
Awards are not transferable. Awards may be exercised only by:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Participant to whom the Awards were granted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">with the Board&rsquo;s prior written approval and subject to such conditions as the Board may stipulate,
such Participant&rsquo;s family or retirement savings trust or any registered retirement savings plans or registered retirement income
funds of which the Participant is and remains the annuitant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">upon the Participant&rsquo;s death, by the legal representative of the Participant&rsquo;s estate; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">upon the Participant&rsquo;s incapacity, the legal representative having authority to deal with the property
of the Participant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">provided that any
such legal representative shall first deliver evidence satisfactory to the Corporation of entitlement to exercise any Award. A person
exercising an Award may subscribe for Shares only in the person&rsquo;s own name or in the person&rsquo;s capacity as a legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify"><B>Fractional Shares</B> &ndash; No fractional
                                            Shares will be issued upon the exercise or settlement of Awards granted under this Plan and,
                                            accordingly, if a Participant would become entitled to a fractional Share upon the exercise
                                            or settlement of an Award, or from an adjustment pursuant to Section 8.1, such Participant
                                            will only have the right to purchase the next lowest whole number of Shares, and no payment
                                            or other adjustment will be made with respect to the fractional interest so disregarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify"><B>No Guarantee</B> &ndash; For greater certainty, the granting of Awards to a Participant shall not impose
any obligation on the Corporation to grant any Awards in the future nor shall it entitle the Participant to receive future grants. No
amount will be paid to or in respect of a Participant under the Plan or pursuant to any other arrangement, and no Awards will be granted
to such Participant to compensate for any downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred
upon or in respect of the Participant for such purpose.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify"><B>Quotation of Shares</B> &ndash; So long as the Shares are listed on any Stock Exchange, the Corporation must
apply to such Stock Exchange for the listing or quotation, as applicable, of the Shares issued upon the exercise or settlement of all
Awards granted under this Plan, however, the Corporation cannot guarantee that such Shares will be listed or quoted on such Stock Exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(7)</TD><TD STYLE="text-align: justify"><B>Tax Withholdings &ndash;
</B>Despite any other provision contained in this Plan, in connection with the exercise or settlement of an Award by a Participant from
time to time, the Corporation may withhold from any amount payable to a Participant, including the issuance of Shares to a Participant
upon the exercise or settlement of such Participant&rsquo;s Awards, such amounts as are required by law to be withheld or deducted as
a consequence of his or her exercise or settlement of Awards or other participation in this Plan (&ldquo;<B>Withholding Obligations</B>&rdquo;).
The Corporation has the right, in its sole discretion, to satisfy any Withholding Obligations by:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">selling or causing to be sold, on behalf of any Participant,
such number of Shares issued to the Participant on the exercise or settlement of Awards as is sufficient to fund the Withholding Obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">retaining the amount necessary to satisfy the Withholding Obligations
from any amount which would otherwise be delivered, provided or paid to the Participant by the Corporation, whether under this Plan or
otherwise;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">requiring the Participant, as a condition of exercise to (i)
remit the amount of any such Withholding Obligations to the Corporation in advance; (ii) reimburse the Corporation for any such Withholding
Obligations; or (iii) cause a broker who sells Shares acquired by the Participant on behalf of the Participant to withhold from the proceeds
realized from such sale the amount required to satisfy any such Withholding Obligation and to remit such amount directly to the Corporation;
and/or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">making such other arrangements as the Corporation may reasonably
require.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify"><B>Broker Assisted Exercise </B>&ndash; The sale of Shares by the
Corporation, or by a broker engaged by the Corporation (the &ldquo;<B>Broker</B>&rdquo;), under Section 4.5 or under any other provision
of the Plan will be made on any Stock Exchange. The Participant consents to such sale and grants to the Corporation an irrevocable power
of attorney to effect the sale of such Shares on his or her behalf and acknowledges and agrees that (i) the number of Shares sold will
be, at a minimum, sufficient to fund the Withholding Obligations net of all selling costs, which costs are the responsibility of the
Participant and which the Participant hereby authorizes to be deducted from the proceeds of such sale; (ii) in effecting the sale of
any such Shares, the Corporation or the Broker will exercise its sole judgment as to the timing and the manner of sale and will not be
obligated to seek or obtain a minimum price; and (iii) neither the Corporation nor the Broker will be liable for any loss arising out
of such sale of the Shares including any loss relating to the pricing, manner or timing of the sales or any delay in transferring any
Shares to a Participant or otherwise. The Participant further acknowledges that the sale price of the Shares will fluctuate with the
market price of the Shares and no assurance can be given that any particular price will be received upon any sale.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: justify"><B>Clawback</B> &ndash; In the sole discretion of the Board, all Awards granted under the Plan, and Shares delivered
upon exercise or settlement of vested Awards or the Cash Equivalent thereof, are subject to clawback and recapture in accordance with
(a) the Corporation&rsquo;s applicable clawback policies in effect from time to time, and (b) any applicable clawback or similar provisions
in the Participant&rsquo;s (i) employment agreement, and/or (ii) Award Agreement, in each case to the extent permitted by law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: justify"><B>Termination</B> &ndash; No Participant shall have any entitlement to damages or other compensation arising
from or related to not receiving any Awards which would have, but for this Plan or any Award Agreement, vested or accrued to the Participant
after such Participant&rsquo;s Termination Date, including but not limited to damages in lieu of notice of termination at common law.
However, nothing herein is intended to limit any statutory entitlements on termination and such statutory entitlements shall, if required,
apply despite this language to the contrary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: justify"><B>Acceptance of Terms</B> &ndash; Participation in the Plan by any Participant shall be construed as
acceptance of the terms and conditions of the Plan by the Participant and as to the Participant's agreement to be bound thereby.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
10<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Right to Adopt Other Share Compensation Arrangements</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing contained in this
Plan will prevent the Board from adopting other or additional Share Compensation Arrangements or compensation arrangements, subject to
any required Shareholder or Stock Exchange approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Right to Issue Other Shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Corporation is not by
virtue of this Plan restricted in any way from declaring and paying stock dividends, issuing further Shares, or varying or amending its
share capital or corporate structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Non-qualified Stock Options; Exemption from Section 409A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options granted to U.S. Participants
are not intended to satisfy the requirements of Section 422 of the Code as &ldquo;incentive stock options&rdquo;. Despite any provision
of the Plan to the contrary, it is intended that Awards granted under the Plan to U.S. Participants be exempt from or comply with the
requirements of Section 409A, and all provisions of the Plan will be construed and interpreted in a manner consistent with such intention.
In furtherance of the foregoing and notwithstanding anything to the contrary in the Plan or otherwise, any Option issued to a U.S. Participants
shall have an Exercise Price that is no less than &ldquo;fair market value&rdquo; on the grant date which value shall be determined in
accordance with Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Discretionary Nature of Awards</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan does not grant any
Participant or any employee of the Corporation or its Affiliates the right or obligation to serve or continue to serve as a Consultant,
director, officer or employee, as the case may be, of the Corporation or its Affiliates. The awarding of Awards to any Eligible Person
is a matter to be determined solely in the discretion of the Board. This Plan will not in any way fetter, limit, obligate, restrict or
constrain the Board with regard to the allotment or issue of any Shares or any other securities in the capital of the Corporation other
than as specifically provided for in this Plan. The grant of an Award to, or the exercise or settlement of an Award by, a Participant
under this Plan does not create the right for such Participant to receive additional grants of Awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Future Value of Shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Participant further acknowledges
that the sale price of the Shares will fluctuate with the market price of the Shares and no assurance can be given that any particular
price will be received upon any sale. The Corporation makes no representation or warranty as to the future market value of the Shares
or with respect to any present or future income tax matters affecting the Participant resulting from the grant or exercise or settlement
of an Award and/or transactions in the Shares. Neither the Corporation, nor any of its directors, officers, employees, Shareholders or
agents will be liable for anything done or omitted to be done by such person or any other person with respect to the price, time, quantity
or other conditions and circumstances of the issuance of Shares under this Plan, with respect to any fluctuations in the market price
of Shares or in any other manner related to this Plan. For greater certainty, no amount will be paid to, or in respect of, a Participant
under this Plan or pursuant to any other arrangement, and no additional Awards will be granted to such Participant to compensate for a
downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a Participant
for such purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Rights to Property or Assets of the Corporation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Participants (and their legal
personal representatives) have no legal or equitable rights, claims, or interest in any specific property or assets of the Corporation
or any Affiliate. No assets of the Corporation or any Affiliate will be held in any way as collateral security for the fulfillment of
the obligations of the Corporation or any Affiliate under this Plan. Any and all of the Corporation&rsquo;s or any Affiliate&rsquo;s assets
are, and remain, the general unpledged, unrestricted assets of the Corporation or Affiliate. The Corporation&rsquo;s or any Affiliate&rsquo;s
obligation under this Plan are merely that of an unfunded and unsecured promise of the Corporation or such Affiliate to pay money and/or
issue Shares in the future, and the rights of Participants (and their legal personal representatives) are no greater than those of unsecured
general creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Foreign Jurisdictions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board may adopt such rules
or regulations and vary the terms of this Plan and any Award issued in accordance with this Plan as it considers necessary to address
tax or other requirements of any applicable non-Canadian jurisdiction, including, without limitation, Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance with Legislation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This Plan, the terms of the issue or grant of, and the grant
and exercise or settlement of, any Award under this Plan, and the Corporation&rsquo;s obligation to sell and deliver Shares upon the
exercise or settlement of Awards, is subject to all applicable federal, provincial and foreign laws, rules and regulations, the rules
and regulations of any Stock Exchange and to such approvals by any regulatory or governmental agency as may, in the opinion of counsel
to the Corporation, be required. The Corporation is not obliged by any provision of this Plan or the grant of any Award under this Plan
to issue or sell Shares if, in the opinion of the Board, such action would constitute a violation by the Corporation or a Participant
of any laws, rules and regulations, including the rules and regulations of any Stock Exchange, or any condition of such approvals.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Participant agrees to fully cooperate with the Corporation
in doing all such things, including executing and delivering all such agreements, undertakings or other documents or furnishing all such
information as is reasonably necessary to facilitate compliance by the Corporation with such laws, rule and requirements, including all
tax withholding and remittance obligations and such representations or agreements as the Corporation or counsel for the Corporation may
consider appropriate to avoid violation of applicable securities laws.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">No Award will be granted, and no Shares issued under this Plan,
where such grant, issue or sale would require registration of this Plan or of Shares under the securities laws of any foreign jurisdiction,
and any purported grant of any Award or purported issue of Shares under this plan in violation of this provision is void.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">The Corporation shall be prohibited from offering to sell or
selling, any Shares pursuant to an Award to any U.S. Participants unless such Shares have been properly registered for sale pursuant
to the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), with the Securities and Exchange Commission
or unless such shares may be offered or sold without such registration pursuant to and in compliance with the terms of an available exemption.
The Corporation shall be under no obligation to register for sale under the U.S. Securities Act any of the Shares to be offered or sold
under the Plan. Shares issued or sold to Participants pursuant to the exercise or settlement of Awards may be subject to limitations
on sale or resale under applicable securities laws. Without limiting the generality of the foregoing, the Board may cause a legend or
legends to be put on any such certificates of Shares delivered under the Plan to make appropriate reference to such restrictions or may
cause such Shares delivered under the Plan in book-entry form to be held subject to the Corporation&rsquo;s instructions or subject to
appropriate stop-transfer orders or other restrictions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">If Shares cannot be issued to a Participant upon the exercise
or settlement of an Award due to legal or regulatory restrictions, the obligation of the Corporation to issue such Shares will terminate
and any funds paid to the Corporation in connection with the exercise or settlement of such Award will be returned to the applicable
Participant as soon as practicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Any Awards issued to a Participant that is a U.S. Participants
shall be subject to the special terms and conditions set forth in the Addendum hereto, or as otherwise noted in the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Use of an Administrative Agent and Trustee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board may in its sole
discretion appoint from time to time one or more entities to act as administrative agent to administer the Awards granted under the Plan
and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance
with the terms and conditions determined by the Board in its sole discretion. The Corporation and the administrative agent will maintain
records showing the number of Awards granted to each Participant under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Notice</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice required to be
given by this Plan must be in writing and be given by registered mail, prepaid postage, or delivered by courier or by facsimile transmission
addressed, if to the Corporation, to the office of the Corporation in Toronto, Ontario, Attention: Legal Department; or if to a Participant,
to such Participant by electronic mail at his or her email address, by hand delivery or courier at his or her address as it appears on
the books of the Corporation or in the event of the address of any such Participant not so appearing, then to the last known address of
such Participant; or if to any other person, to the last known address of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Successors
and Assigns</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan shall be binding
on all successors and assigns of the Corporation and a Participant, including without limitation, the personal legal representatives of
a Participant, or any receiver or trustee in bankruptcy or representative of the Corporation&rsquo;s or Participant&rsquo;s creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Severability</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The invalidity or unenforceability
of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision
shall be severed from the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; No Liability</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No member of the Board, or
any committee or other subdelegate shall be liable for any action or determination taken or made in good faith in the administration,
interpretation, construction or application of the Plan or any Award granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Governing
Law</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan is governed by the
laws of British Columbia and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 72pt">Section</TD><TD STYLE="text-align: justify">10.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp; </FONT>Effective
Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan has been effective
as of November 19, 2021, as amended or amended and restated from time to time (the &ldquo;<B>Effective Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDENDUM FOR U.S. PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TELESAT CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>OMNIBUS LONG-TERM INCENTIVE
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this Addendum
apply to Awards held by a U.S. Participant. All capitalized terms used in this Addendum but not defined in Section 1 below have the meanings
attributed to them in the Plan. The Section references set forth below match the Section references in the Plan. This Addendum shall have
no other effect on any other terms and provisions of the Plan except as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">1.</FONT></TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Separation from Service</B>&rdquo; means,
with respect to a U.S. Participant, any event that may qualify as a separation from service under U.S. Treasury Regulation Section 1.409A-1(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Shares</B>&rdquo; means, with respect
to a U.S. Participant, a Class B Share in the capital of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Specified Employee</B>&rdquo; has the
meaning set forth in U.S. Treasury Regulation Section 1.409A-1(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">2.</FONT></TD><TD STYLE="text-align: justify">Settlement and Termination of Employment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in the Plan, and except
as otherwise set forth in an Award Agreement or otherwise, any RSUs or PSUs issued to a U.S. Participant shall be settled within thirty
(30) days following the earlier of (a) the scheduled vesting date of the Award, which shall be set forth in writing in the applicable
Award Agreement, or (b) any earlier vesting date as a result of a Change in Control Event, termination of employment or other circumstance,
as specified in the Plan or Award Agreement. In addition, for the avoidance of doubt, in no event shall a U.S. Participant have discretion
with respect to the timing of the settlement date of any RSUs or PSUs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Subject to Section 9.1(7), in connection with the settlement
of any Share Units issued to a U.S. Participant, the Corporation shall (a) issue from treasury the number of Shares that is equal to
the number of vested Share Units held by the U.S. Participant (rounded down to the nearest whole number), as fully paid and non-assessable
Shares, (b) deliver to the U.S. Participant an amount in cash (net of the applicable tax withholdings) equal to the number of vested
Share Units held by the U.S. Participant multiplied by the Market Price as at such date, or (c) a combination of (a) and (b). Upon settlement
of such Share Units, the corresponding number of Share Units shall be cancelled, and the U.S. Participant shall have no further rights,
title or interest with respect thereto.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">3.</FONT></TD><TD STYLE="text-align: justify">Compliance with 409A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">Each grant of Share Units to a U.S. Participant is intended
to be exempt from Code Section 409A. However, to the extent any Award is subject to Section 409A, then all payments to be made upon a
U.S. Participant&rsquo;s Termination Date shall only be made upon a Separation from Service.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">If on the date of the U.S. Participant&rsquo;s Separation from
Service the Corporation&rsquo;s shares (or shares of any other Corporation that is required to be aggregated with the Corporation in
accordance with the requirements of Section 409A) is publicly traded on an established securities market or otherwise and the U.S. Participant
is a Specified Employee, then the benefits payable to the Participant under the Plan that are payable due to the U.S. Participant&rsquo;s
Separation from Service, to the extent subject to Section 409A, shall be postponed until the date that is six months following the U.S.
Participant&rsquo;s Separation from Service, or, if earlier, the U.S. Participant&rsquo;s death. Following any applicable six month delay,
all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">In the event that the timing of payments in respect of any Award
that would otherwise be considered &ldquo;nonqualified deferred compensation&rdquo; subject to Section 409A would be accelerated upon
the occurrence of (a) a Change of Control Event, no such acceleration shall be permitted unless the event giving rise to the Change of
Control Event constitutes a &ldquo;change in the ownership or effective control&rdquo; of the Corporation or a &ldquo;change in the ownership
of a substantial portion of the assets&rdquo; of the Corporation within the meaning of U.S. Treasury Regulation Sections 1.409A-3(a)(5)
and 1.409A-3(i)(5) shall not be treated as a Change of Control Event; or (b) a &ldquo;disability&rdquo; or &ldquo;incapacity&rdquo;,
no such acceleration shall be permitted unless the &ldquo;disability&rdquo; or &ldquo;incapacity&rdquo; also satisfies the definition
of &ldquo;Disability&rdquo; pursuant to Section 409A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">4.</FONT></TD><TD STYLE="text-align: justify">Miscellaneous</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">If any provision of the Plan, an Award Agreement or any Award
issued to a U.S. Participant contravenes Section 409A or could cause the U.S. Participant to incur any tax, interest or penalties under
Section 409A, the Board may, in its sole discretion and without the U.S. Participant&rsquo;s consent, modify such provision to the minimum
extent necessary to: (a) comply with, or avoid being subject to, Section 409A, or to avoid incurring taxes, interest and penalties under
Section 409A; and/or (b) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant
of the applicable provision without materially increasing the cost to the Corporation or contravening Section 409A.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in the Plan or otherwise,
the Board shall retain the power and authority to amend or modify this Addendum to the extent the Board in its sole discretion deems
necessary or advisable to comply with any guidance issued under Section 409A. Such amendments may be made without the approval of any
U.S. Participant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">The Corporation shall have no obligation to modify the Plan
or any Share Unit and does not guarantee that Share Units will not be subject to taxes, interest and penalties under Section 409A. Each
Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of
such Participant in connection with the Plan or any Award granted thereunder (including any taxes and penalties under Section 409A),
and none of the Corporation or any of its Affiliates shall have any obligation to indemnify or otherwise hold such Participant (or any
beneficiary) harmless from any or all of such taxes or penalties.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>tm2133275d3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2133275d3_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
19, 2021</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telesat Corporation<BR>
    160 Elgin Street, Suite 2100</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ottawa, Ontario, Canada K2P 2P7</P></TD>
    <TD STYLE="width: 43%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Telesat Corporation &#8211; Registration Statement on Form S-8</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as Canadian
counsel to Telesat Corporation, a corporation incorporated under the <I>Business Corporations Act </I>(British Columbia) (the &#8220;<B>Corporation</B>&#8221;),
in connection with the filing by the Corporation with the Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) of
a registration statement on Form S-8 (such registration statement, as it may be amended from time to time, is referred to herein as the
 &#8220;<B>Registration Statement</B>&#8221;) relating to the registration pursuant to the <I>United States Securities Act of 1933</I>,
as amended, of (i) 305,499 Class A common shares and Class B variable voting shares; (ii) 598,392 Class A common shares and Class B variable
voting shares; (iii) 1,487,581 Class A common shares and Class B variable voting shares; and (iv) 2,972,816 Class A common shares and
Class B variable voting shares, in the capital of the Corporation (collectively, the &#8220;<B>Shares</B>&#8221;) which may be issued
by the Corporation pursuant to each of its Amended &amp; Restated Management Stock Incentive Plan (the &#8220;<B>2008 Plan</B>&#8221;),
2021 Amended &amp; Restated Management Stock Incentive Plan (the &#8220;<B>2013 Plan</B>&#8221;), Restricted Share Unit Plan (the &#8220;<B>RSU
Plan</B>&#8221;) and Omnibus Long Term Incentive Plan (the &#8220;<B>Long Term Incentive Plan</B>&#8221; and, together with the 2008 Plan,
2013 Plan and RSU Plan, the &#8220;<B>Incentive Plans</B>&#8221;), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined the Registration
Statement and the Incentive Plans, and, for the purposes of this opinion, we have also examined originals or copies, certified or otherwise
identified to our satisfaction, of and relied upon the following documents (collectively, the &#8220;<B>Corporate Documents</B>&#8221;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">certificate of a representative of the Corporation with respect to certain factual matters (the &#8220;<B>Officer&#8217;s
Certificate</B>&#8221;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the certificate of incorporation, notice of articles and articles of the Corporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">certain resolutions of the Corporation&#8217;s directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">a certificate of good standing in respect of the Corporation dated November 19, 2021 issued by the Registrar
of Companies of British Columbia.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have reviewed such
other documents, and have considered such questions of law, as we have deemed relevant and necessary as a basis for our opinion. With
respect to the accuracy of factual matters material to this opinion, we have relied upon the Corporate Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In examining all documents
and in providing our opinions below we have assumed&nbsp;that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">all individuals had the requisite legal capacity;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2133275d3_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all signatures are genuine;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">all documents submitted to us as originals are complete and authentic and all photostatic, certified,
telecopied, notarial or other copies conform to the originals;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">all facts set forth in the official public records, certificates and documents supplied by public officials
or otherwise conveyed to us by public officials are complete, true and accurate; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">all facts set forth in the Officer&#8217;s Certificate are complete, true and accurate as of the date
hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are qualified to carry
on the practice of law only in the Province of Ontario and we express no opinion as to any laws, or matters governed by any laws, other
than the laws of the Province of Ontario and the federal laws of Canada applicable therein. Any reference to the laws of the Province
of Ontario includes the laws of Canada applicable therein. Our opinions are expressed with respect to the laws of the Province of Ontario
in effect on the date of this opinion and we do not accept any responsibility to inform the addressees of any change in law subsequent
to this date that does or may affect the opinions we express.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where our opinion below refers
to the Shares to be issued as being &#8220;fully-paid and non-assessable&#8221;, such opinion assumes that all required consideration
(in whatever form) has been or will be paid or provided. No opinion is expressed as to the adequacy of any consideration received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based and relying upon and
subject to the foregoing, we are of the opinion at the date hereof that the Shares have been duly and validly authorized for issuance
and, when issued in accordance with the terms of the Incentive Plans, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is rendered solely
in connection with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acknowledge that we are
referred to in Item 8 of the Registration Statement and we hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. By the giving of such consent, we do not admit that we are experts with respect to any part of the Registration Statement,
or otherwise, within the meaning of the Rules and Regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Yours truly,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stikeman Elliott LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>tm2133275d3_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We consent
to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated March 8, 2021, relating to the consolidated
financial statements of Loral Space &amp; Communications Inc. and subsidiaries (the &ldquo;Company&rdquo;), and the effectiveness of the
Company&rsquo;s internal control over financial reporting, appearing in Registration Statement No. 333-255518 on Form F-4 filed by Telesat
Corporation on June 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Deloitte &amp; Touche LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 19, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>8
<FILENAME>tm2133275d3_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">We consent to the incorporation
by reference in this Registration Statement on Form S-8 of our report dated November 8, 2021 relating to the financial statements of
Telesat Corporation, appearing in the Form 6-K of Telesat Corporation dated November 19, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">We also consent to the
incorporation by reference in this Registration Statement on Form S-8 of our report dated March 3, 2021 related to the financial statements
of Telesat Canada, appearing in the Telesat Corporation&rsquo;s prospectus filed on June 30, 2021 pursuant to Rule 424(b) of the Securities
Act, which prospectus is a part of Telesat&rsquo;s Registration Statement on Form F-4, as amended (Registration No. 333-255518)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #000000">&nbsp;</FONT><BR>
/s/ Deloitte LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">Chartered Professional
Accountants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">Licensed Public Accountants<BR>
Toronto, Canada</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><FONT STYLE="color: #000000">November 19, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2133275d3_ex5-1img001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
