<SEC-DOCUMENT>0001102624-17-000204.txt : 20170407
<SEC-HEADER>0001102624-17-000204.hdr.sgml : 20170407
<ACCEPTANCE-DATETIME>20170406175750
ACCESSION NUMBER:		0001102624-17-000204
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170406
FILED AS OF DATE:		20170407
DATE AS OF CHANGE:		20170406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14534
		FILM NUMBER:		17747057

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	MAIL ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506
</SEC-HEADER>
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<TYPE>6-K
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<DESCRIPTION>PRECISION DRILLING CORPORATION 6-K
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FORM 6-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">REPORT OF FOREIGN PRIVATE ISSUER</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13a-16 or 15d-16 of the</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the month of, April 2017</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Precision Drilling Corporation</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">800, 525 - 8 Avenue S.W.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font>Calgary, Alberta<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> Canada T2P 1G1</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Address of principal executive offices)</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>

<div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 20-F</font><font style="WIDTH: 72pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="WIDTH: 72pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Form 40-F </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160;&#160; X</u></font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):<font style="WIDTH: 12pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<td style="WIDTH: 50%">Dated: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 6, 2017</font></td>
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<div><strong>PRECISION DRILLING CORPORATION</strong></div>
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<div>By:<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>/s/Carey T Ford</u></font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></div>
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<td style="WIDTH: 50%">Name: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Carey T Ford</font></td>
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<div>Title:&#160;&#160; Senior Vice President and Chief Financial Officer</div>
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<div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Exhibit</u></font><font style="WIDTH: 108pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>DESCRIPTION</u></font></div>

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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION OMNIBUS EQUITY INCENTIVE PLAN</div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold"><a id="Exhibit99.1" name="Exhibit99.1"><!--Anchor--></a>Exhibit 99.1</font><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">OMNIBUS EQUITY INCENTIVE PLAN</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><br>
<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt"><br>
</font> February 8, 2017</div>

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<td style="WIDTH: 59.76%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 1.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interpretation and Administrative Provisions</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">1.1</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Purpose</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">1.2</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">1.3</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Interpretation</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">1.5</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Currency</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Administration</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Governing Law</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">1.8</div>
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</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 2.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Options</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.1</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Granting of Options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.2</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vesting of Options</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exercise Price</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.4</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Option Term; Blackout Period</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exercise of Option</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.6</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Surrender of Option</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">2.7</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Termination of Employment or Leave of Absence</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 3.</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share Units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.1</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Granting of RSUs or PSUs</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.2</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Number and Type of Share Units</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.3</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dividend Share Units</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.4</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share Unit Accounts</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.5</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vesting of RSUs</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.6</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vesting of PSUs</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.7</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Settlement of Share Unit Awards</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">3.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Termination of Employment or Leave of Absence</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 4.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share Bonus</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">4.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share Bonus</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 5.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">General</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.1</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capital Adjustments</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">17</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.2</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Substitution Event</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">18</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.3</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amendment and Termination</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">19</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.4</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Clawback</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.5</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Non-Exclusivity</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.6</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Unfunded Plan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.7</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Successors and Assigns</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>
</table>

<div>&#160;</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z62464c8fb4034909b52a43d2ad76c2d4" cellspacing="0" cellpadding="0">
<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.8</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Transferability of Awards</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.9</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No Special Rights</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">21</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.10</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other Employee Benefits</div>
</td>
<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.11</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Withholding Taxes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.12</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No Liability</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.13</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Government Regulation and Grant Restrictions</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">22</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.14</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Participant Information</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.15</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Priority of Agreements</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.16</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Severability</div>
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<td style="BACKGROUND-COLOR: #cceeff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 6.85%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 10pt">5.17</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 59.76%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Effective Date</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 33.33%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">23</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> OMNIBUS EQUITY INCENTIVE PLAN</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section&#160;1.</font><font style="WIDTH: 72pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interpretation and Administrative Provisions</font></div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purpose</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The purpose of the Plan is to advance the interests of the Precision Group by: (a) increasing the proprietary interests of Eligible Persons in the Corporation; (b) aligning the interests of Eligible Persons with the interests of the shareholders of the Corporation generally; (c) encouraging Eligible Persons to remain associated with the Precision Group; and (d) furnishing Eligible Persons with an additional incentive in their efforts on behalf of the Precision Group.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.2</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Definitions</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For the purposes of the Plan, the following terms have the following meanings:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Affiliate</font>" means any entity that is an "affiliate" for the purposes of National Instrument 45-106 &#8212; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prospectus Exemptions</font>, as amended from time to time.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Applicable Withholding Taxes</font>" means any and all taxes and other source deductions or other amounts which an Employer is required by law to withhold from any amounts to be paid or credited hereunder.&#160; Applicable Withholding Taxes shall be denominated in the currency in which the Award is denominated.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Award</font>" means an Option, Restricted Share Unit (RSU), Performance Share Unit (PSU) or Share Bonus granted under this Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Award Agreement</font>" means an Option Agreement, RSU Agreement or PSU Agreement, as the context requires.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Bank of Canada Rate</font>" means the exchange rate for the applicable currency published by the Bank of Canada on the relevant date.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Beneficiary</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means, subject to applicable law, any Person designated by a Participant by written instrument filed with the Corporation in such form as may be approved from time to time by the Corporation, to receive any amount payable under the Plan in the event of a Participant's death or, failing any such effective designation, the Participant's estate.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Blackout Period</font>" means, with respect to any person, the period of time when, pursuant to any policies or determinations of the Corporation, securities of the Corporation may not be traded by such person, including any period when such person has material undisclosed information, but excluding any period during which a regulator has halted trading in the Corporation's securities.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Board</font>" means the board of directors of the Corporation.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Business Day</font>" means any day on which the TSX is open for business.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Canadian Award</font>" means an Award denominated in Canadian dollars.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Cause</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means, unless otherwise defined in the Participant's employment agreement, executive agreement or in the applicable Award Agreement, any act or omission that would entitle the Employer to terminate the Participant's employment without notice or compensation under the common law for just cause, including, without in any way limiting its meaning under the common law:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any improper conduct by the Participant which is materially detrimental to the Employer; or</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the willful failure of the Participant to properly carry out his or her duties on behalf of the Employer or to act in accordance with the reasonable direction of the Employer.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Change of Control</font>" means, unless otherwise defined in the Participant's employment agreement, executive agreement or in the applicable Award Agreement, the occurrence of any of the following:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any transaction at any time and by whatever means pursuant to which any Person or any group of two or more Persons acting jointly or in concert (other than the Corporation or any wholly-owned subsidiary of the Corporation) hereafter acquires the direct or indirect "beneficial ownership" (as defined in the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Business Corporations Act</font> (Alberta)) of, or acquires the right to exercise control or direction over, securities of the Corporation representing 50% or more of the then issued and outstanding voting securities of the Corporation in any manner whatsoever, including, without limitation, as a result of a takeover bid, an issuance or exchange of securities, an amalgamation of the Corporation with any other Person, an arrangement, a capital reorganization or any other business combination or reorganization;</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the sale, assignment or other transfer of all or substantially all of the assets of the Corporation to a Person or any group of two or more Persons acting jointly or in concert (other than a wholly-owned subsidiary of the Corporation);</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the dissolution or liquidation of the Corporation, except in connection with the distribution of assets of the Corporation to one or more Persons which were wholly-owned subsidiaries of the Corporation prior to such event;</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the occurrence of a transaction requiring approval of the Corporation's shareholders whereby the Corporation is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any Person or any group of two or more Persons acting jointly or in concert (other than an exchange of securities with a wholly-owned subsidiary of the Corporation); or</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Board passes a resolution to the effect that an event comparable to an event set forth in this definition has occurred;</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">provided that an event described in this definition shall not constitute a Change of Control where such event occurs as a result of a Permitted Reorganization.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Code</font>" means the U.S. Internal Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated thereunder.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Committee</font>" means the Human Resources and Compensation Committee of the Board or such other committee of the Board as designated by the Board from time to time to interpret, implement or administer the Plan; provided, however, if the Human Resources and Compensation Committee does not exist and the Board has not appointed another committee of the Board to administer the Plan, all references in the Plan to "Committee" shall at such time be in reference to the Board.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Common Share</font>" means <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a common share in the capital of the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Constructive Dismissal</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means, unless otherwise defined in the Participant's employment agreement, executive agreement or in the applicable Award Agreement:</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">for any Participant who is not a U.S. Taxpayer, "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Constructive Dismissal</font>" has the meaning ascribed thereto pursuant to the common law and shall include, without in any way limiting its meaning under the common law, any material change (other than a change which is clearly consistent with a promotion) imposed by the Employer without the Participant's consent to the Participant's title, responsibilities or reporting relationships, or a material reduction of the Participant's compensation except where such reduction is applicable to all officers, if the Participant is an officer, or all employees, if the Participant is an employee, of the Employer, provided that the termination of any Participant shall be considered to arise as a result of Constructive Dismissal only if such termination occurs due to such Participant resigning from employment within 30 days of the occurrence of the event described as giving rise to such Constructive Dismissal; and</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">for any Participant who is a U.S. Taxpayer, "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Constructive Dismissal</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means a termination of the Participant from employment following the occurrence of: (i) a material reduction by the Employer of the Participant's authority, duties or responsibilities without the Participant's consent; or (ii) a material reduction of the Participant's compensation except where such reduction is applicable to all officers, if the Participant is an officer, or all employees, if the Participant is an employee, of the Employer, provided that the termination of any Participant shall be considered to arise as a result of Constructive Dismissal only if:</div>
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<div>&#160;</div>

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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Participant provides written notice to the Employer of the occurrence of an event or circumstance constituting Constructive Dismissal within 60 days after the initial existence of such event or circumstance, which notice specifically identifies the event or circumstance which the Participant believes constitutes an event or circumstance of Constructive Dismissal;</div>
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<div>&#160;</div>

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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Employer notifies the Participant that it will not correct the event or circumstance constituting Constructive Dismissal, or the Employer fails to correct such event or circumstance within the 60 day period after receiving such notice; and</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iii)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Participant resigns within 30 days after receiving the Employer's response, if such response indicates that the Employer will not correct such circumstances, or the Participant resigns between the 61<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">st</sup> and the 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup> day, inclusive, following the Employer's receipt of the notice, if the Employer does not provide a response to such notice and fails to cure such circumstances within 60 days after receipt of the notice; provided, however, that the Participant shall not be deemed to have resigned for Constructive Dismissal unless the Participant remains in the employ of the Employer (at the location where he or she was employed immediately prior to the occurrence of the events constituting Constructive Dismissal) for the period requested by the Employer (not to exceed 30 days after the last day on which the Participant could resign for Constructive Dismissal) in accordance with this clause (iii), without regard to this proviso.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing Entity</font>" has the meaning ascribed thereto in Section 5.2.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Control Period</font>" means the period commencing on the date of the Change of Control and ending 180 days after the date of the Change of Control.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>" means Precision Drilling Corporation, and any successor thereto.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disability</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means, unless otherwise defined in the Participant's employment agreement, executive agreement or in the applicable Award Agreement, where the Participant:</div>

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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">is to a substantial degree unable, due to illness, disease, affliction, mental or physical disability or similar cause, to fulfill his or her obligations as an officer or employee of the Employer either for any consecutive 12 month period or for any period of 18 months (whether or not consecutive) in any consecutive 24 month period; or</div>
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<div>&#160;</div>

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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">is declared by a court of competent jurisdiction to be mentally incompetent or incapable of managing his or her affairs.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend Share Unit</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">" has the meaning ascribed to such term in </font>Section 3.3.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Eligible Person</font>" means any permanent employee (including an officer) of any member of the Precision Group.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employer</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means with respect to a Participant, the entity in the Precision Group that employs the Participant or that employed the Participant immediately prior to his or her Termination Date.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">" means</font> the price at which a Common Share may be purchased upon the exercise of an Option as determined by the Board, provided that in no event shall the Exercise Price be less than the Fair Market Value as at the Grant Date.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expiry Date</font>" has the meaning ascribed thereto in Section 2.4.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Market Value</font>" means on any particular date, the fair market value of a Common Share as determined by the Board in accordance with the following:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">in respect of a Canadian Award, the Fair Market Value shall mean the weighted average trading price of a Common Share on the TSX during the last five trading days prior to that particular date on which at least a board lot of Common Shares has so traded or, if a board lot has not traded on a particular day, the average of the bid and asked prices; provided, however, that if the Common Shares are not then listed and posted for trading on the TSX, then the Fair Market Value shall mean the weighted average trading price of a Common Share on the NYSE during the last five trading days prior to that particular date on which at least a board lot of Common Shares has so traded or, if a board lot has not traded on a particular day, the average of the bid and asked prices converted to Canadian dollars using the Bank of Canada Rate; and provided further, that if the Common Shares are not then listed and posted for trading on the NYSE, then the Fair Market Value shall mean the weighted average trading price of a Common Share on such stock exchange in Canada or the United States on which the Common Shares are then listed and posted for trading during the last five trading days prior to that particular date (and, if in United States dollars, converted to Canadian dollars using the Bank of Canada Rate) or, if the Common Shares are not then listed and posted for trading on any stock exchange in Canada or the United States, then the Fair Market Value shall mean the fair market value per Common Share (in Canadian dollars) as determined by the Board in its sole discretion and to the extent applicable, in accordance with Section 409A of the Code;</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">in respect of a U.S. Award, the Fair Market Value shall mean the weighted average trading price of a Common Share on the NYSE during the last five trading days prior to that particular date on which at least a board lot of Common Shares has so traded or, if a board lot has not traded on a particular day, the average of the bid and asked prices; provided, however, that if the Common Shares are not then listed and posted for trading on the NYSE, then the Fair Market Value shall mean the weighted average trading price of a Common Share on the TSX during the last five trading days prior to that particular date on which at least a board lot of Common Shares has so traded or, if a board lot has not traded on a particular day, the average of the bid and asked prices converted to United States dollars using the Bank of Canada Rate; and provided further, that if the Common Shares are not then listed and posted for trading on the TSX, then the Fair Market Value shall mean the weighted average trading price of a Common Share on such stock exchange in Canada or the United States on which the Common Shares are then listed and posted for trading during the last five trading days prior to that particular date (and, if in Canadian dollars, converted to United States dollars using the Bank of Canada Rate) or, if the Common Shares are not then listed and posted for trading on any stock exchange in Canada or the United States, then the Fair Market Value shall mean the fair market value per Common Share (in United States dollars) as determined by the Board in its sole discretion and to the extent applicable, in accordance with Section 409A of the Code; and</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(c)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Fair Market Value shall be rounded up to the nearest whole cent.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant Date</font>" means the date an Award is granted to a Participant as set out in the Participant's Award Agreement.</div>

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<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 5 -</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">insider</font>" has the meaning attributed thereto in the Toronto Stock Exchange Company Manual in respect of the rules governing security-based compensation arrangements, as amended from time to time.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITA</font>" means the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Income Tax Act</font> (Canada), including the regulations promulgated thereunder, as amended from time to time.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Leave of Absence</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means any period during which, pursuant to the prior written approval of the Participant's Employer or by reason of Disability, the Participant is considered to be on an approved leave of absence or on Disability and does not provide any services to his or her Employer or any other entity in the Precision Group.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Notice of Exercise</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">" </font>means a<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> notice substantially in the form set out as Schedule&#160;B to this Plan, as amended by the Corporation from time to time.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NYSE</font>" means the New York Stock Exchange.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option</font>" means a right granted to an Eligible Person to purchase Common Shares pursuant to the terms of this Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option Agreement</font>" means<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> an agreement between a Participant and the Corporation substantially in the form set out as Schedule A to this Plan, as amended by the Committee from time to time, specifying the terms and conditions of an Option.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Participant</font>" means any Eligible Person to whom an Award is granted.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Period</font>" means, with respect to a PSU, the period of time specified in the PSU Agreement during which the applicable Performance Vesting Conditions may be achieved.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Share Unit</font>" or "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PSU</font>" means a unit designated as a Performance Share Unit and credited by means of an entry in the books of the Corporation to a Participant pursuant to the Plan, representing a right granted to the Participant to receive a Common Share (either issued from treasury or purchased in the open market) or a cash payment equal to the Fair Market Value thereof that generally becomes vested, if at all, subject to the achievement of Performance Vesting Conditions and the satisfaction of such other conditions to vesting, if any, as may be determined by the Committee.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Vesting Conditions</font>" means such performance-related conditions in respect of the vesting of Share Units determined by the Committee at the Grant Date, which may include but are not limited to, financial or operational performance of the Corporation, total shareholder return or individual performance criteria, measured over the Performance Period.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Permitted Reorganization</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means a reorganization of the Precision Group in circumstances where the shareholdings or ultimate ownership remains substantially the same upon the completion of the reorganization.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Person</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means any individual, sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, agency and, where the context requires, any of the foregoing when they are acting as trustee, executor, administrator or other legal representative.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>" means <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">this Omnibus Equity Incentive Plan, as amended or restated from time to time.</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Precision Group</font>" means the Corporation and its subsidiaries and affiliates.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PSU</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agreement</font>" means <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an agreement between a Participant and the Corporation</font> substantially in the form set out as Schedule C to this Plan, as amended by the Committee from time to time, specifying the terms and conditions of a PSU.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted Share Unit</font>" or "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RSU</font>" means a unit designated as a Restricted Share Unit and credited by means of an entry in the books of the Corporation to a Participant pursuant to the Plan, representing a right granted to the Participant to receive a Common Share (either issued from treasury or purchased in the open market) or a cash payment equal to the Fair Market Value thereof that generally becomes vested, if at all, following a period of continuous employment.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retirement</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">or</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retire</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">means</font>, unless otherwise defined in the Participant's employment agreement, executive agreement or in the applicable Award Agreement,<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>the normal retirement age of the Participant pursuant to the applicable benefit plans and regulations of the jurisdiction of his or her employment or such earlier retirement age, with consent of the Employer, if applicable.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RSU</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agreement</font>" means <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an agreement between a Participant and the Corporation</font> substantially in the form set out as Schedule D to this Plan, as amended by the Committee from time to time, specifying the terms and conditions of an RSU.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">&#160;"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">security-based compensation arrangement</font>" has the meaning attributed thereto in the Toronto Stock Exchange Company Manual, as amended from time to time.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service Year</font>" has the meaning ascribed to such term in Section 3.1.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Settlement Date</font>" has the meaning ascribed to such term in Section 3.7.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Bonus</font>" has the meaning ascribed to such term in Section 4.1.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Unit</font>" means either an RSU, PSU or Dividend Share Unit as the context requires.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Unit Account</font>" has the meaning ascribed to such term in Section<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.4</font>.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">STIP Award</font>" means a performance bonus earned pursuant to the terms of the Corporation's Short-Term Incentive Plan that may be settled in any combination of cash or Common Shares (either issued from treasury or purchased in the open market).</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">"</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">subsidiary</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">" </font>means any entity that is a "subsidiary" for the purposes of National Instrument 45-106 &#8212; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prospectus Exemptions</font>, as amended from time to time.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Substitution Event</font>"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>means a Change of Control pursuant to which the Common Shares are converted into, or exchanged for, other property, whether in the form of securities of another Person, cash or otherwise.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination Date</font>" means a Participant's last day of active employment with the Employer (other than in connection with a Participant's transfer of employment to another Employer within the Precision Group), regardless of whether the Participant's termination of employment was lawful, and does not include any period of statutory, contractual, common law or other reasonable notice of termination of employment or any period of salary continuance or deemed employment.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TSX</font>" means the Toronto Stock Exchange.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Award</font>" means an Award denominated in U.S. dollars.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">U.S. Taxpayer</font>" means any Eligible Person or Participant who is a United States citizen or United States resident alien as defined for purposes of Section 7701(b)(1)(A) of the Code or for whom compensation under this Plan would otherwise be subject to United States federal income taxation under the Code.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">"<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vesting Date</font>" means the date or dates set out in the Award Agreement on which an Award will vest, or such earlier date as is provided for in the Plan or is determined by the Committee.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.3</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interpretation</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Where the context so requires, words importing the singular number include the plural and vice versa, and words importing any gender include any other gender.&#160; Whenever the Board or Committee is entitled to exercise discretion in the administration of the Plan, the term "discretion" means the sole and absolute discretion of the Board or Committee, as applicable.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.4</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Schedules</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The following Addendum and Schedules are attached to the Plan and incorporated by reference:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Addendum &#8211; U.S. Taxpayers</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Schedule A &#8211; Option Agreement</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Schedule B &#8211; Notice of Exercise</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Schedule C &#8211; PSU Agreement</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Schedule D &#8211; RSU Agreement</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Currency</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Unless prohibited by applicable law or rules of a stock exchange on which the Common Shares are listed for trading, Canadian Awards or U.S. Awards may be granted to a Participant without&#160; regard to such Participant's domicile or residence for tax purposes.&#160; U.S. Taxpayers that are Eligible Persons may be granted Canadian Awards and Canadian taxpayers that are Eligible Persons may be granted U.S. Awards.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">All payments and benefits under the Plan shall be determined and paid in the lawful currency of Canada, if made in respect of a Canadian Award, and shall be determined and paid in the lawful currency of the United States, if made with respect to a U.S. Award.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.6</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Administration</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Subject to the Committee reporting to the Board on all matters relating to the Plan and obtaining approval of the Board for those matters required under applicable law, the Committee's charter or hereunder, the Plan shall be administered by the Committee in accordance with its provisions.&#160; All costs and expenses of administering the Plan will be paid by the Corporation. The Committee may, from time to time, establish administrative rules and regulations and prescribe forms or documents relating to the operation of the Plan as it may deem necessary to implement or further the purpose of the Plan and amend or repeal such rules and regulations or forms or documents.&#160;&#160; The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan, in the manner and to the extent the Committee deems, in its discretion, necessary or desirable. In administering the Plan, the Committee may seek recommendations from the Chairman or from the Chief Executive Officer of the Corporation.&#160; The Committee may, subject to applicable law, delegate to any director, officer or employee of the Corporation such duties and powers relating to the Plan as it may see fit.&#160; The Committee may also appoint or engage a trustee, custodian or administrator to administer or implement the Plan. Any decision of the Board or the Committee with respect to the administration and interpretation of the Plan shall be conclusive and binding on the Participants.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.7</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Governing Law</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Plan shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.8</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Shares Subject to the Plan</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Subject to adjustment pursuant to Section&#160;5.1, the maximum number of Common Shares that may be issued pursuant to the Plan is 17,887,570<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">less the&#160; number of Common Shares issuable on exercise of Options outstanding under the Precision Drilling Second Amended and Restated Stock Option Plan; provided that the maximum number of Common Shares that may be issued in respect of Share Units and Share Bonuses is 5,278,000</font>.&#160; Common Shares in respect of Options which are cancelled or terminated without having been exercised or surrendered shall be available for subsequent issuance under this Plan.&#160; Common Shares in respect of Options that were granted under the Precision Drilling Corporation Second Amended and Restated Stock Option Plan that are cancelled or terminated without having been exercised or surrendered shall be available for subsequent issuance under the Plan.&#160; If any Share Units or Share Bonus granted under this Plan are settled in cash or Common Shares purchased in the open market, expire, terminate or are cancelled for any reason without being settled in the form of Common Shares issued from treasury, the Common Shares underlying such Share Units or Share Bonus shall be available for subsequent issuance under this Plan.&#160; No fractional Common Shares may be purchased or issued hereunder.</div>

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<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.9</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Participation Limits</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The grant of Awards under the Plan is subject to the following limitations:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">no more than 5% of the outstanding Common Shares may be issued under the Plan alone or when combined with all other security-based compensation arrangements of the Corporation in any one year period;</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">no more than 2% of the outstanding Common Shares may be issued under the Plan alone or when combined with all other security-based compensation arrangements of the Corporation to any one Participant; and</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the number of Common Shares that may be (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 security-based compensation arrangements of the Corporation, cannot exceed 10% of the outstanding Common Shares.</div>
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<div style="MARGIN-BOTTOM: 12pt">&#160;</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section&#160;2.<font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Options</font></div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Granting of Options</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Board may, from time to time, grant Options to Eligible Persons; provided that an Option may only be granted to a U.S. Taxpayer if the Corporation is an "eligible issuer of service recipient stock" (as defined in Section 409A of the Code) with respect to such individual.&#160; The grant of an Option to an Eligible Person at any time shall neither entitle such Eligible Person to receive, nor preclude such Eligible Person from receiving, a subsequent grant of an Option.&#160; Each grant of an Option shall be evidenced by an Option Agreement, which shall specify whether the Option is a Canadian Award or a U.S. Award.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.2</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vesting of Options</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Committee shall determine when an Option will become vested and may determine that the Option will become vested in installments and may make vesting of the Option conditional on the achievement of performance targets.&#160; Subject to the terms of any employment agreement or executive agreement between the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant's Option shall vest as to 1/3rd on each of the first, second and third anniversaries of the Grant Date.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.3</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise Price</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Exercise Price of an Option shall be fixed by the Board on the Grant Date and will not be less than the Fair Market Value as of the Grant Date, subject to all applicable regulatory requirements.&#160; If the Option is a Canadian Award, the Exercise Price shall be stated and payable in Canadian dollars, and if the Option is a U.S. Award, the Exercise Price shall be stated and payable in United States dollars.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 10 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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</div>
</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.4</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option Term; Blackout Period</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Subject to Section 2.7, each Option must be exercised no later than seven (7)<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>years after the Grant Date or such shorter period as set out in the Participant's Option Agreement ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Expiry Date</font>"), at which time such Option will expire. Notwithstanding any other provision of this Plan, each Option that would expire during or within 10 Business Days immediately following a Blackout Period shall expire on the date that is 10 Business Days immediately following the end of the Blackout Period.&#160; Options held by U.S. Taxpayers shall not be extended beyond their original Expiry Date in a manner that attracts adverse tax consequences.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exercise of Option</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">A vested Option or any portion thereof may be exercised by the Participant delivering to the Corporation a Notice of Exercise signed by the Participant or his or her legal personal representative, accompanied by payment in full of the aggregate Exercise Price and any Applicable Withholding Taxes in respect of the Option or portion thereof being exercised, payable:</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">in cash, or by certified cheque, bank draft or money order payable to the Corporation or by such other means as might be specified from time to time by the Committee; or</div>
</td>
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</table>
</div>

<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">pursuant to a broker-assisted cashless exercise, whereby the Participant shall elect on the Notice of Exercise to receive:</div>
</td>
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</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zbf01d2b6e4af467f821642cf417867e6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an amount in cash equal to the cash proceeds realized upon the sale in the capital markets of the Common Shares underlying the Option (or portion thereof being exercised) by a securities dealer designated by the Corporation, less the aggregate Exercise Price, any Applicable Withholding Taxes, and any transfer costs charged by the securities dealer to sell the Common Shares;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze49a27b2c1344878a18a64e40e9de628" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an aggregate number of Common Shares that is equal to the number of Common Shares underlying the Option (or portion thereof being exercised) minus the number of Common Shares sold in the capital markets by a securities dealer designated by the Corporation as required to realize cash proceeds equal to the aggregate Exercise Price, any Applicable Withholding Taxes and any transfer costs charged by the securities dealer to sell the Common Shares; or</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">a combination of (i) and (ii).</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Subject to Section 5.13, upon receipt of payment in full, the number of Common Shares in respect of which the Option is exercised will be duly issued to the Participant as fully paid and non-assessable, following which the Participant shall have no further rights, title or interest with respect to such Option or portion thereof.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 11 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.6</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Surrender of Option</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">As an alternative to the exercise of an Option pursuant to Section 2.5, a Participant shall be entitled, at his or her election, to surrender for cancellation, unexercised, any vested Option which is otherwise then exercisable and, in consideration for such surrender for cancellation, to receive a cash payment in an amount equal to the positive difference, if any, obtained by subtracting the aggregate Exercise Price of the surrendered Option from the then current Fair Market Value of the Common Shares subject to the surrendered Option, less Applicable Withholding Taxes.&#160; The Committee has the sole discretion to consent to or disapprove of the election of the Participant to surrender any vested Option pursuant to this Section 2.6.&#160; If the Committee disapproves of the election, the Participant may (i) exercise the Option under Section 2.5, or (ii) retract the request to surrender such Option and retain the Option.&#160; If the Committee consents to the election, the Corporation shall make the cash payment to the Participant in respect of the surrendered Option within 30 days.&#160; Any cash payment in accordance with this Section 2.6 shall be payable in Canadian dollars, if made with respect to a Canadian Award, and in United States dollars, if made with respect to a U.S. Award.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.7</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination of Employment or Leave of Absence</font></div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General Rule.</font> Unless otherwise determined by the Committee, in its discretion, or as provided in this Section 2.7 or pursuant to the terms of any particular Option Agreement or the Participant's employment agreement or executive agreement, all rights to purchase Common Shares pursuant to an Option or to surrender such Option shall expire and terminate immediately upon the Participant's Termination Date, whether or not such termination is with or without notice, adequate notice or legal notice, provided that if such employment of the Participant is terminated for Cause, such rights shall expire and terminate immediately upon notification being given to the Participant of such termination for Cause.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z17e9352d963b4cd59fa7ddaf1a385b3a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Death. </font>If the Participant's employment with the Precision Group ceases by reason of the death of the Participant, any Option held by the Participant shall become fully vested and may be exercised or surrendered by the Beneficiary in accordance with Section 2.5 or Section 2.6 at any time during the period that terminates on the earlier of the Option's Expiry Date and the first anniversary of the Participant's Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z01f8d9d31e8e49ac8e29c8a38278a1d3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Disability or Leave of Absence.</font> If the Participant's employment with the Precision Group terminates by reason of Disability or the Participant is on a Leave of Absence, any Option held by the Participant shall continue to vest in accordance with its terms and may be exercised or surrendered in accordance with Section 2.5 or Section 2.6 at any time until the Option's Expiry Date.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z1a4dd5a4627a4fd585d36eb34b43697f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(d)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Retirement.</font> If the Participant's employment with the Precision Group terminates by reason of Retirement, any Option held by the Participant shall continue to vest in accordance with its terms and may be exercised or surrendered in accordance with Section 2.5 or Section 2.6 at any time during the period that terminates on the earlier of the Option's Expiry Date and the third anniversary of the Participant's Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 12 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z886107fa41ba4454a72cdb749538cefc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(e)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Resignation.</font> If the Participant's employment with Precision Group terminates by reason of voluntary resignation, then:</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z17d683c37a534f558e4d99f28d364f8a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the unvested part of any Option held by the Participant shall expire and terminate immediately on the Participant's Termination Date; and</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="za8c7102ee2a44e1c988c22fe64ea9549" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the vested part of any Option held by the Participant may be exercised or surrendered in accordance with Section 2.5 or Section 2.6 at any time during the period that terminates on the earlier of the Option's Expiry Date and the 30th day after the Participant's Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zccff509609cd489d85a0443047b73513" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(f)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination Without Cause.</font> If the Participant's employment with the Precision Group is terminated by the Employer for any reason other than for Cause, any Option held by the Participant shall continue to vest in accordance with its terms and may be exercised or surrendered in accordance with Section 2.5 or Section 2.6 at any time during the period that terminates on the earlier of the Option's Expiry Date and the 30th day after the Participant's Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zb0cd5056bbaa4c10bb6787523dc3ca5f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(g)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination Following Change of Control.</font> If a Change of Control occurs and the Participant's employment with the Precision Group is terminated:</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z4faee031a0414f8a9f26ae0ed8bd62b7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">by the Employer or by the entity that has entered into a valid and binding agreement with the Corporation and/or other members of the Precision Group to effect the Change of Control at any time after such agreement is entered into or during the Control Period and such termination was for any reason other than for Cause; or</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">by the Participant as a result of Constructive Dismissal, provided the event giving rise to the Constructive Dismissal occurs during the Control Period;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">any Option held by the Participant shall become fully vested and may be exercised or surrendered in accordance with Section 2.5 or Section 2.6 at any time during the period that terminates on the earlier of the Option's Expiry Date and the 90th day after the Participant's Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</div>

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<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section&#160;3.<font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Units</font></div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Granting of RSUs or PSUs</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Board may, from time to time, grant RSUs or PSUs to Eligible Persons.&#160; The grant of an RSU or PSU to an Eligible Person at any time shall neither entitle such Eligible Person to receive, nor preclude such Eligible Person from receiving, a subsequent grant of an RSU or PSU.&#160; Each RSU and PSU granted by the Board shall be evidenced by an RSU Agreement or PSU Agreement, as applicable. Unless otherwise provided in the applicable Award Agreement, Share Units granted to a Participant shall be awarded solely in respect of performance of such Participant in the calendar year in which the Grant Date occurs (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Service Year</font>").&#160; In all cases, the Share Units shall be in addition to, and not in substitution for or in lieu of, ordinary salary and wages payable to a Participant in respect of his or her services to the applicable Employer.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.2</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number and Type of Share Units</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Each RSU Agreement and PSU Agreement shall set forth: (i) the Grant Date of the RSUs or PSUs; (ii) the number of RSUs or PSUs subject to such Award; (iii) whether such Award is a Canadian Award or a U.S. Award; (iv) the applicable vesting schedule; and (v) any applicable Performance Vesting Conditions and Performance Period, and may specify such other terms and conditions consistent with the terms of the Plan as the Committee shall determine or as shall be required under any other provision of the Plan.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.3</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend Share Units</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">When dividends (other than stock dividends) are paid on Common Shares, additional Share Units ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend Share Units</font>") shall be credited to a Participant's Share Unit Account as of the dividend payment date.&#160; The number of Dividend Share Units to be credited to the Participant's Share Unit Account shall be determined by multiplying the aggregate number of Share Units held by the Participant on the relevant record date by the amount of the dividend paid by the Corporation on each Common Share, and dividing the result by the Fair Market Value on the dividend payment date, rounded to two decimals, which Dividend Share Units shall be in the form of RSUs or PSUs, as applicable.&#160; Dividend Share Units credited to a Participant's Share Unit Account in accordance with this Section 3.3 shall be subject to the same vesting conditions applicable to the related RSUs or PSUs.&#160; No Dividend Share Units shall be credited to a Participant's Share Unit Account in respect of dividends paid with respect to a record date that falls after the Participant's Termination Date.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.4</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Unit Accounts</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">An account, called a "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Unit Account</font>", shall be maintained by the Corporation for each Participant and will be credited with such grants of RSUs, PSUs or Dividend Share Units as are received by the Participant from time to time.&#160; Share Units that fail to vest or that are settled in accordance with Section 3.7 shall be cancelled and shall cease to be recorded in the Participant's Share Unit Account as of the date on which such Share Units are forfeited or cancelled under the Plan or are settled, as the case may be.&#160; Where a Participant has been granted one or more RSUs or PSUs, such RSUs and PSUs (and related Dividend Share Units) shall be recorded separately in the Participant's Share Unit Account.</div>

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<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vesting of RSUs</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Subject to the terms of any employment agreement or executive agreement between the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant's RSUs shall vest on the Vesting Date(s).&#160; No such Vesting Date shall extend beyond November 30 of the third calendar year following the Service Year in respect of which the RSUs were granted and all vesting conditions shall be such that the RSUs comply with the exception to the definition of "salary deferral arrangement" contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.6</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Vesting of PSUs</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">Subject to the terms of any employment agreement or executive agreement between the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant's PSUs shall vest on the Vesting Date(s), conditional on the satisfaction of any Performance Vesting Conditions during the applicable Performance Period. No such Vesting Date shall extend beyond November 30 of the third calendar year following the Service Year in respect of which the PSUs were granted and all vesting conditions shall be such that the PSUs comply with the exception to the definition of "salary deferral arrangement" contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.7</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Settlement of Share Unit Awards</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On or within 60 days following the Vesting Date of a Share Unit (and in any event no later than December 31 of the third year following the year in respect of which the Share Unit is granted) (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Settlement Date</font>"), and subject to Section 5.11, the Corporation shall (i) issue to Participant or Beneficiary, as applicable, from treasury the number of Common Shares that is equal to the number of vested Share Units held by the Participant as at the Settlement Date (rounded down to the nearest whole number), as fully paid and non-assessable Common Shares, (ii) deliver, or cause to be delivered, to the Participant or Beneficiary, as applicable, Common Shares purchased in the open market equal to the number of vested Share Units held by the Participant as of the Settlement Date (rounded down to the nearest whole number), (iii) deliver to the Participant or Beneficiary, as applicable, an amount in cash (net of Applicable Withholding Taxes) equal to the number of vested Share Units held by the Participant as at the Settlement Date multiplied by the Fair Market Value as at the Settlement Date, or (iv) a combination of (i), (ii) and (iii). Notwithstanding the foregoing, if a Participant's Termination Date occurs prior to any applicable Settlement Date, the Share Units shall be settled by the Corporation delivering to the Participant or Beneficiary, as applicable, an amount in cash (net of Applicable Withholding Taxes) equal to the number of vested Share Units held by the Participant as at the Termination Date multiplied by the Fair Market Value as at the Termination Date. Upon settlement of such Share Units, the corresponding number of Share Units credited to the Participant's Share Unit Account shall be cancelled and the Participant or Beneficiary, as applicable&#160; shall have no further rights, title or interest with respect thereto.</div>

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<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.8</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination of Employment or Leave of Absence</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General Rule.</font> Unless otherwise determined by the Committee, in its discretion, or as provided in this Section 3.8 or the provisions of any applicable Award Agreement or the Participant's employment agreement or executive agreement, upon the Participant terminating employment with the Precision Group for any reason, all Share Units previously credited to such Participant's Share Unit Account which did not vest on or prior to the Participant's Termination Date shall be terminated and forfeited as of the Participant's Termination Date. All vested Share Units shall be settled in accordance with Section 3.7.</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(b)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treatment Upon Termination with Cause. </font>If the Participant's employment with the Precision Group is terminated for Cause, all Share Units previously credited to such Participant's Share Unit Account, whether vested or unvested, shall be terminated and forfeited as of the Participant's Termination Date.</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(c)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treatment Upon Death or Termination Without Cause.</font> If the Participant's employment with the Precision Group ceases by reason of the death of the Participant or the Participant's employment is terminated by the Employer for any reason other than for Cause, a portion of the Participant's unvested Share Units will vest as of the Termination Date. The percentage which will vest in respect of Share Units granted on each Grant Date will be determined by a fraction, the numerator of which is the number of days from the later of the Grant Date or the most recent Vesting Date up to and including the Termination Date, and the denominator of which is the number of days from the later of the Grant Date or the most recent Vesting Date up to and including the original final Vesting Date of the Award (assuming target performance was achieved with respect to any Performance Vesting Conditions). Such Share Units shall be settled as soon as practicable following the Termination Date in accordance with Section 3.7. Any Share Units which do not vest as previously stated shall be terminated and forfeited.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(d)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treatment of RSUs During Leave of Absence.</font> For the period during which a Participant is on a Leave of Absence, a portion of the Participant's RSUs (and related Dividend Share Units) previously credited to such Participant's Share Unit Account which did not vest on or prior to the date the Participant commenced the Leave of Absence shall continue to vest in accordance with their terms. The percentage which will continue to vest will be determined by a fraction, the numerator of which is the number of days that the Participant provided services to the Employer and was not on a Leave of Absence from the later of the Grant Date or the most recent Vesting Date up to and including the next Vesting Date, and the denominator of which is the number of days from the later of the Grant Date or the most recent Vesting Date up to and including the next Vesting Date. Any RSUs (and related Dividend Share Units) which do not vest as previously stated shall be terminated and forfeited.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(e)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treatment of PSUs During Leave of Absence.</font> For the period during which a Participant is on a Leave of Absence, a portion of the Participant's PSUs (and related Dividend Share Units) previously credited to such Participant's Share Unit Account which did not vest on or prior to the date the Participant commenced the Leave of Absence shall continue to vest in accordance with their terms. The percentage which will continue to vest will be determined by a fraction, the numerator of which is the number of days that the Participant provided services to the Employer and was not on a Leave of Absence during the Performance Period for such PSUs, and the denominator of which is the number of days in the entire Performance Period for such PSUs. Any PSUs (and related Dividend Share Units) which do not vest as previously stated shall be terminated and forfeited.</div>
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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 16 -</font></div>

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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(f)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Termination Following Change of Control.</font> If a Change of Control occurs and the Participant's employment with the Precision Group is terminated:</div>
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<div>&#160;</div>

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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">by the Employer or by the entity that has entered into a valid and binding agreement with the Corporation and/or other members of the Precision Group to effect the Change of Control at any time after such agreement is entered into or during the Control Period and such termination was for any reason other than for Cause; or</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">by the Participant as a result of Constructive Dismissal, provided the event giving rise to the Constructive Dismissal occurs during the Control Period;</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">then, unless otherwise determined by the Board prior to the Change of Control, a portion of the Participant's unvested Share Units will vest as of the Participant's Termination Date.&#160; The percentage which will vest in respect of Share Units granted on each Grant Date will be determined by a fraction, the numerator of which is the number of days from the later of the Grant Date or the most recent Vesting Date up to and including the Termination Date, and the denominator of which is the number of days from the later of the Grant Date or the most recent Vesting Date up to and including the original final Vesting Date of the Award (based on the level of achievement of any Performance Vesting Conditions up to the Termination Date). Such Share Units shall be settled as soon as practicable following the Termination Date in accordance with Section 3.7. Any Share Units which do not vest as previously stated shall be terminated and forfeited.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section&#160;4.<font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="WIDTH: 9pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Bonus</font></div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Bonus</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Board may in its discretion, settle an STIP Award in whole or in part in Common Shares (a "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Share Bonus</font>") by delivering, or causing to be delivered, to the Participant (either issued from treasury or purchased in the open market) the number of Common Shares equal to the amount of the STIP Award to be settled in Common Shares (net of Applicable Withholding Taxes) divided by the Fair Market Value on the date such STIP Award would otherwise be paid in cash pursuant to the terms of the Corporation's Short-Term Incentive Plan.</div>

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<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Section&#160;5.</font><font style="WIDTH: 72pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">General</font></div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.1</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Capital Adjustments</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In the event of any stock dividend, stock split, combination or exchange of shares, merger, amalgamation, arrangement, consolidation, reclassification, spin-off or other distribution (other than normal cash dividends) of the Corporation's assets to shareholders, or any other change in the capital of the Corporation affecting Common Shares, the Board will make such proportionate adjustments, if any, as the Board in its discretion deems 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 this Plan; (ii) the number or kind of shares or other securities subject to any outstanding Awards; (iii) the Exercise Price of any outstanding Options; (iv) the number of Share Units in the Participants' Share Unit Accounts; and (v) the vesting of PSUs (and related Dividend Share Units) provided, however, that no adjustment will obligate the Corporation to issue or sell fractional securities.&#160; Notwithstanding anything in this Plan to the contrary, all adjustments made pursuant to this Section&#160;5.1 shall be made in compliance with paragraph 7(1.4)(c) of the ITA and subject to the rules of the TSX, and with respect to U.S. Taxpayers, with Code Section 409A and Treasury Regulations Section 1.409A-1(b)(5), to the extent applicable.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.2</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Substitution Event</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Upon the occurrence of a Substitution Event or a Permitted Reorganization, the surviving or acquiring entity (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Continuing Entity</font>") shall, to the extent commercially reasonable, take all necessary steps to continue the Plan and to continue the Awards granted hereunder or to substitute or replace similar options or share units, as applicable for the Options and Share Units outstanding under the Plan on substantially the same terms and conditions as the Plan. For greater certainty, no consideration other than Continuing Entity options shall be received and the excess of the aggregate fair market value of the securities of the Continuing Entity subject to the Continuing Entity options immediately after the substitution or replacement over the aggregate exercise price of such securities under the Continuing Entity options shall not exceed the excess of the aggregate Fair Market Value of the Common Shares subject to the outstanding Options immediately before such substitution or replacement over the aggregate Exercise Price of such Common Shares.&#160; Any such adjustment, substitution or replacement in respect of options shall, at all times, be made in compliance with the provisions of subsection 7(1.4) of the ITA and Section 409A of the Code, as applicable.&#160; Any such adjustment, substitution or replacement in respect of Share Units shall, at all times, be such that the Plan and any Share Units granted hereunder comply with the exception to the definition of "salary deferral arrangement" contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In the event that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Continuing Entity does not (or, upon the occurrence of the Substitution Event or Permitted Reorganization, will not) comply with the provisions of this Section 5.2;</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Board determines, acting reasonably, that such substitution or replacement is not practicable;</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Board determines, acting reasonably, that such substitution or replacement would give rise to adverse tax results, under the ITA or the Code; or</div>
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<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iv)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the securities of the Continuing Entity are not (or, upon the occurrence of the Substitution Event or Permitted Reorganization, will not be) listed and posted for trading on a recognizable stock exchange;</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">the outstanding Options shall become fully vested and may be exercised or surrendered by the Participant at any time after the Participant receives written notice from the Board of such accelerated vesting and prior to the occurrence of the Substitution Event or Permitted Reorganization; provided, however, that such vesting, exercise or surrender shall be, unless otherwise determined in advance by the Board, effective immediately prior to, and shall be conditional on, the consummation of such Substitution Event or Permitted Reorganization. Any Options that have not been exercised or surrendered pursuant to this Section 5.2 shall be forfeited and cancelled without compensation to the holder thereof upon the consummation of such Substitution Event or Permitted Reorganization. Unless otherwise determined by the Board prior to the date of the Substitution Event or Permitted Reorganization, as applicable, upon such Substitution Event or Permitted Reorganization, a pro rata proportion of the PSUs (and related Dividend Share Units) credited to a Participant's Share Unit Account which did not vest on or prior to the date of the Substitution Event or Permitted Reorganization and a pro rata proportion of the RSUs (and related Dividend Share Units) credited to a Participant's Share Unit Account which did not vest on or prior to the date of the Substitution Event or Permitted Reorganization shall vest in accordance with the provisions of Section 3.8(f), on the basis that the references to "Change of Control" in Section 3.8(f) shall be read as "Substitution Event or Permitted Reorganization, as applicable". Any Share Units that have been credited to an Account of a Participant to whom this Section 5.2 applies and which do not vest pursuant to this Section 5.2 shall be terminated and forfeited.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Notwithstanding any other provision of the Plan, in the event that Share Units vest, as contemplated in this Section 5.2, the Board may by resolution determine that the "Fair Market Value" with respect to such Share Units shall be the price per Common Share offered or provided for in the Substitution Event or Permitted Reorganization, as applicable.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.3</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment and Termination</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Board may amend or suspend any provision of the Plan, or terminate this Plan, at any time, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX), if any, that require the approval of security holders or any governmental or regulatory body regardless of whether any such amendment or suspension is material, fundamental or otherwise, and notwithstanding any rule of common law or equity to the contrary.&#160; However, except as expressly set forth herein or as required pursuant to applicable law, no action of the Board or security holders may materially adversely alter or impair the rights of a Participant under any Award previously granted to the Participant without the consent of the affected Participant.&#160; Without limiting the generality of the foregoing, the Board may make the following types of amendments to this Plan or any Awards without seeking security holder approval:</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 19 -</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments of a "housekeeping" or administrative nature, including any amendment for the purpose of curing any ambiguity, error or omission in this Plan or to correct or supplement any provision of this Plan that is inconsistent with any other provision of this Plan;</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments necessary to comply with the provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX);</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iii)</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments necessary for Awards to qualify for favorable treatment under applicable tax laws;</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iv)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments to the vesting provisions of this Plan or any Award;</div>
</td>
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</div>

<div>&#160;</div>

<div>
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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(v)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments to include or modify a cashless exercise feature, payable in cash or Common Shares, which provides for a full deduction of the number of underlying Common Shares from the Plan maximum;</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(vi)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments to the termination or early termination provisions of this Plan or any Award, whether or not such Award is held by an insider, provided such amendment does not entail an extension beyond the original expiry date of the Award; and</div>
</td>
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</div>

<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(vii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments necessary to suspend or terminate this Plan.</div>
</td>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Security holder approval will be required for the following types of amendments:</div>
</td>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(i)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment to increase the maximum number of Common Shares issuable under this Plan, other than pursuant to Section 5.1;</div>
</td>
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</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z7859100d74fb486e816c06cfea5e1708" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment to this Plan that increases the length of the period after a Blackout Period during which Options may be exercised;</div>
</td>
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</div>

<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment which would result in the Exercise Price for any Option granted under this Plan being lower than the Fair Market Value at the Grant Date of the Option;</div>
</td>
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<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z62c05a438e1e4636a17666510c76df30" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(iv)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment that would permit the introduction of non-employee directors as Eligible Persons;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z6aaeec1f85f54a7ca242719fe6c3edaa" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(v)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment to remove or to exceed the insider participation limit set out in Section 1.9(c);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 20 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z7339e5fd2c764385aeb14a00dc691f77" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(vi)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment which reduces the Exercise Price of an Option or permits the cancellation and reissuance of an Option or other entitlement, in each case, other than pursuant to Sections&#160;5.1 or 5.2;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc9554255d03c447cae1127ee383764f0" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(vii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment extending the term of an Option beyond the original Expiry Date, except as provided in Section&#160;2.4;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z5fa4c294ff20453b85934cabcf597c9b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(viii)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment to the amendment provisions;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze4a47d131fe64ab5b6d24e263a5d095f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(ix)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any amendment which would allow for the transfer or assignment of Awards under this Plan, other than for normal estate settlement purposes; and</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zaadf85832630468db63e4670af526201" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 108pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(x)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">amendments required to be approved by security holders under applicable law (including the rules, regulations and policies of the TSX).</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.4</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clawback</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Notwithstanding any other provision of this Plan, any Award which is subject to recovery or recoupment under applicable laws, stock exchange listing requirements or any policy adopted by the Corporation, will be subject to such deductions and clawbacks as may be required pursuant to such laws, stock exchange listing requirements or policy.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.5</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Non-Exclusivity</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Nothing contained herein shall prevent the Board or the Committee from adopting other or additional compensation arrangements for the benefit of any Participant, subject to any required regulatory or shareholder approval.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.6</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unfunded Plan</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This Plan shall be unfunded and the Corporation will not secure its obligations hereunder.&#160; To the extent any individual holds any rights under the Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured general creditor of the Corporation.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.7</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Successors and Assigns</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Plan shall be binding on all successors and assigns of the Precision Group and each Participant, including without limitation, the legal representative of a Participant, or any receiver or trustee in bankruptcy or representative of the creditors of the Precision Group or a Participant.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.8</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transferability of Awards</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Rights of a Participant respecting Awards shall not be transferable or assignable, except by will or the laws of descent and distribution.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 21 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.9</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No Special Rights</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Nothing contained in the Plan or by the grant of any Awards will confer upon any Participant any right to the continuation of the Participant's employment by the Precision Group or interfere in any way with the right of any Employer at any time to terminate a Participant's employment or to increase or decrease the compensation of a Participant.&#160; Awards shall not be considered Common Shares nor shall they entitle a Participant to any interest in or title to any Common Shares or to exercise voting rights or any other rights attaching to the Common Shares.&#160; Participation in the Plan by an Eligible Person shall be voluntary.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Participant's rights will be strictly limited to those provided for in this Plan, and the Participant shall have no claim in respect of any Award that may have or would have vested had due notice of termination been given nor shall the Participant have any entitlement to damages or other compensation or any claim for wrongful termination or damages or other compensation or any claim for wrongful termination or dismissal in respect of any Award or loss of profit or opportunity which may have or would have vested or accrued to the Participant if such wrongful termination or dismissal had not occurred or if due notice of termination had been given.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.10</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Other Employee Benefits</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The amount of any compensation deemed to be received by a Participant as a result of the exercise of any Option or the settlement of any Share Unit will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, except as otherwise specifically determined by the Board.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.11</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Withholding Taxes</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">It is the responsibility of the Participant to complete and file any tax returns which may be required under Canadian, U.S. or other applicable jurisdiction's tax laws within the periods specified in those laws as a result of the Participant's participation in the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Notwithstanding any other provision of this Plan, a Participant shall be solely responsible for all Applicable Withholding Taxes resulting from his or her receipt of Common Shares or other property pursuant to this Plan.&#160; In connection with the issuance of Common Shares pursuant to this Plan, a Participant shall, at the Participant's discretion:</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="ze5951158f666430e8ac4212a28fc176d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">pay to the Corporation an amount as necessary so as to ensure that the Corporation is in compliance with the applicable provisions of any federal, provincial, local or other law relating to the Applicable Withholding Taxes in connection with such issuance;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="za6f70d9aade8444687ad7d87cb9891bf" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">authorize a securities dealer designated by the Corporation, on behalf of the Participant, to sell in the capital markets a portion of the Common Shares issued hereunder to realize cash proceeds to be used to satisfy the Applicable Withholding Taxes; or</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z60c6934fb22b4159802845d265823307" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(c)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">make other arrangements acceptable to the Corporation to fund the Applicable Withholding Taxes.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 22 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.12</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">No Liability</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Precision Group shall not be liable to any Participant for any loss resulting from a decline in the market value of the Common Shares.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.13</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Government Regulation and Grant Restrictions</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Corporation's obligation to issue and deliver Common Shares under any Award is subject to:&#160; (i) the completion of such registration or other qualification of such Common Shares or obtaining approval of such regulatory authority as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; (ii) the admission of such Common Shares to listing on any stock exchange on which such Common Shares may then be listed; and (iii) the receipt from the Participant of such representations, agreements and undertakings as to future dealings in such Common Shares as the Corporation determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction.&#160; The Corporation shall take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Common Shares in compliance with applicable securities laws and for the listing of such Common Shares on any stock exchange on which such Common Shares are then listed.&#160; Awards may not be granted with a Grant Date or effective date earlier than the date on which all actions required to grant the Awards have been completed.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.14</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Participant Information</font></div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z8dd2ee1338c94bc7a76a0adcbfdc1cb1" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As a condition of participating in the Plan, each Participant agrees to comply with all such applicable law and agrees to furnish to the Corporation all information and undertakings as may be required to permit compliance with such applicable law. Each Participant shall provide the Corporation with all information (including personal information)&#160; required in order to administer the Plan (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Participant Information</font>").</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z6d19ca99b9b84064aefccd9c9b327bdb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation may from time to time transfer or provide access to Participant Information to a third party service provider for purposes of the administration of the Plan provided that such service providers will be provided with such information for the sole purpose of providing services to the Corporation in connection with the operation and administration of the Plan. The Corporation may also transfer and provide access to Participant Information to the Employers for purposes of preparing financial statements or other necessary reports and facilitating payment or reimbursement of Plan expenses. By participating in the Plan, each Participant acknowledges that Participant Information may be so provided and agrees and consents to its provision on the terms set forth herein. The Corporation shall not disclose Participant Information except (i) as contemplated above in this Section 5.14(b), (ii) in response to regulatory filings or other requirements for the information by a governmental authority or regulatory body, or (iii) for the purpose of complying with a subpoena, warrant or other order by a court, Person or body having jurisdiction over the Corporation to compel production of the information.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 23 -</font></div>

<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.15</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Priority of Agreements</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">In the event of any inconsistency or conflict between the provisions of the Plan and any Award Agreement, the provisions of the Plan shall prevail.&#160; In the event of any inconsistency or conflict between the provisions of the Plan or any Award Agreement, on the one hand, and a Participant's employment agreement with the Employer, on the other hand, the provisions of the employment agreement shall prevail.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.16</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Severability</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">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.</div>

<div style="MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.17</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Date</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This Plan applies to Awards granted hereunder on and after <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">February 8, 2017.</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ADDENDUM FOR U.S. TAXPAYERS</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">OMNIBUS EQUITY INCENTIVE PLAN</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt">This Addendum is an integral part of the Plan. The provisions of this Addendum apply to U.S. Taxpayers notwithstanding anything to the contrary in the Plan or in any Award Agreement. Except as specifically defined in this Addendum, all capitalized terms used in this Addendum have the meaning attributed to them in the Plan.</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the purposes of this Addendum, "Payment Date" means, for PSUs, the date the PSUs vest pursuant to Sections 3.6, 3.8 or 5.2 of the Plan, and, for RSUs, means the date the RSUs vest pursuant to Sections 3.5, 3.8 or 5.2 of the Plan.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding Section 3.7 of the Plan, in the case of a Participant who is a U.S. Taxpayer, any payment in respect of any vested Share Units to such U.S. Taxpayer pursuant to Section 3.7 of the Plan shall be made to such U.S. Taxpayer within sixty (60) days following the Payment Date.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Participant does not have any right to make any election to defer compensation under the Plan or any election regarding the time or form of any payment due under the Plan or this Addendum.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Any PSUs or RSUs credited to the Share Unit Account of a U.S. Taxpayer pursuant to Section 3.3 of the Plan shall be settled in accordance with this Addendum and other applicable provisions that apply to all other PSUs and RSUs, as applicable, credited to the U.S. Taxpayer's Share Unit Account.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding any other provision in the Plan to the contrary, if the Participant is a "specified employee" on his or her Termination Date and the Payment Date for such Participant's Share Units is the Participant's Termination Date, payments and benefits payable under the Plan that are deferred compensation subject to (but not otherwise exempt from) Code Section 409A and that would otherwise be paid or provided during the six-month period commencing on the Termination Date will be deferred until the first day of the seventh month following the Termination Date if such deferral is necessary to avoid the additional tax under Code Section 409A. In the case of a series of payments, the first payment shall include the amounts the Participant would have been entitled to receive during the six-month waiting period. Any such determination shall be made by the Corporation in its sole discretion, acting reasonably and after consultation with the Participant. For the purposes of this Addendum, a determination of whether the Participant is a specified employee shall be made in accordance with Code Section 409A.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is the Corporation's intent that amounts paid to a U.S. Taxpayer pursuant to the Plan are exempt from Code Section 409A pursuant to the short-term deferral exception set forth in Treas. Reg. &#167; 1.409A-1(b)(4), and the Corporation has made good faith efforts to draft the Plan accordingly. In the event of any ambiguity in the language or any agreement entered into under the Plan (including any Award Agreement) or in the operation of the Plan, the Plan and any agreement (including any Award Agreement) shall be construed, interpreted and operated in a manner that will result in compliance with the short-term deferral exception and Code Section 409A. Notwithstanding the foregoing, no such construction, interpretation or operation of the Plan shall be such that the Plan or any Share Units granted under the Plan would cease to comply with the exception to the definition of "salary deferral arrangement" contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Without limiting the generality of paragraph 7 of this Addendum, if any provision of the Plan contravenes any regulations or Treasury guidance promulgated under Code Section 409A or would cause the Share Units to be subject to the interest and penalties under Code Section 409A such provision of the Plan may, to the extent that it applies to U.S. Taxpayers, be modified, without the consent of any Participant, to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Code Section 409A.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9.</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All provisions of the Plan shall continue to apply to a U.S. Taxpayer to the extent that they have not been specifically modified by this Addendum.</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE A<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> OPTION AGREEMENT</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Precision Drilling Corporation (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>") hereby grants the Participant the award as outlined in the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20&#9632; Long-Term Incentive Plan Grants</font> letter (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Award Letter</font>"), in accordance with and subject to the terms, conditions and restrictions of this Option Agreement ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Option Agreement</font>"), together with the provisions of the Corporation's Omnibus Equity Incentive Plan, as may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>").</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this Option Agreement and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Participation in the Plan is voluntary and is not a condition of employment with the Precision Group.&#160; No Participant shall have any claim or right to be granted Options pursuant to the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Neither the Corporation nor any Employer (which for the purposes of this Option Agreement includes their respective directors, officers and employees) shall have any liability for: (i) the income or other tax consequences to the Participant arising from participation in the Plan; (ii) any change in the value of the Common Shares; or (iii) any delays or errors in the administration of the Plan, except where such person has acted with willful misconduct. The Participant should consult his or her own tax and business advisors as the Precision Group is not providing any such advice to any Participant.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For a copy of the Plan text please contact any member of the HR team.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>ACKNOWLEDGEMENT</u></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Participant acknowledges that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have had the opportunity to review a copy of the Plan and agree to be bound by it and the terms of this Option Agreement. In the event of any conflict between the terms of the Plan and this Option Agreement, the terms of the Plan will govern and prevail.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have not been induced to enter into this Option Agreement by expectation of employment or continued employment with the Precision Group.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I will be liable for income tax and other applicable taxes or social security contributions when I exercise or surrender Options in accordance with the terms of the Plan. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I should confirm the tax treatment with my own tax advisor.</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Except as otherwise provided in the Plan and the Award Letter, if my employment with the Precision Group is terminated, I will forfeit all unvested and unexercised Options at such time.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I shall have no entitlement to receive payment in respect of any Options that are forfeited pursuant to the terms of the Plan whether by way of damages or otherwise.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I am required to provide the Corporation with all information (including personal information) required to administer the Plan and I hereby consent to the collection of all such information by the Corporation.&#160; I understand that the Corporation may from time to time transfer or provide access to such information to third party service providers for purposes of the administration of the Plan and that such service providers will be provided with such information for the sole purpose of providing such services to the Corporation.&#160; I acknowledge that withdrawal of the consent at any time may result in a delay in the administration of the Plan.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding any other provision of this Option Agreement to the contrary, the Option granted hereunder, including the consideration received on the exercise or surrender of the Option, net of applicable taxes, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation from time to time, as the same may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clawback</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Policy</font>").&#160; I agree and consent to the Corporation's application, implementation and enforcement of (a) the Clawback Policy that may apply to me and (b) any provision of applicable law relating to the cancellation, recoupment, rescission, payback or other action of or involving my compensation, and expressly agree that the Corporation may take such actions as are necessary to effectuate the Clawback Policy without further consent or action being required by me.&#160; To the extent that the terms of this Option Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I acknowledge that the exercise or surrender of Options granted hereunder is conditional upon my compliance with Section 9 of this Option Agreement.&#160; Accordingly, I acknowledge that I will immediately forfeit all Options granted hereunder in the event that I fail to meet the conditions set forth in Section 9 of this Option Agreement.&#160; The foregoing is in addition to any other remedy or cause of action any member of the Precision Group may have in respect of such failure.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">9.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is a condition to the exercise or surrender of any Options granted hereunder, that I will not, either while still employed or for a period of six (6) months following my Termination Date, regardless of the reason for the cessation of employment, without the Corporation's express prior written consent, either as an individual, or in conjunction with any other person, firm, corporation or other entity, whether acting as a principal, agent, employee, consultant or in any other capacity whatsoever:</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit, call upon or otherwise seek out, directly or indirectly, the business of any firm or person who was a customer, client, supplier or distributor of the Precision Group at the Termination Date for the purpose of diverting any business or corporate opportunities as may exist or may be contemplated as at the Termination Date from the Precision Group; or</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit or communicate in any way with any employees or consultants of the Precision Group for the purpose of having such employees or consultants leave their employment with the Precision Group or cease to provide services to the Precision Group.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">My obligations pursuant to this Section are in addition to, and do not replace or supersede, any non-solicitation or non-competition covenants contained in any employment agreement or executive agreement I may have with the Corporation or any of its subsidiaries or affiliates.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the event that any condition, provision or restriction contained in Sections 7 to 9 of this Option Agreement is found to be void or unenforceable (in whole or in part) by a court of competent jurisdiction, it shall not affect or impair the validity of any other conditions, provisions or restrictions contained herein, nor shall it affect the validity or enforceability of such provisions in any other jurisdiction or in regard to other circumstances.&#160; Any conditions, provisions or restrictions found to be void or unenforceable are declared to be separate and distinct, and the remaining covenants, provisions and restrictions shall remain in full force and effect.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Board may at any time waive all or part of the application of Section 9 of this Option Agreement.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Options are not intended to qualify as "incentive stock options" under Section 422 of the Code. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[NTD: Only necessary to include for U.S. Taxpayers.]</font></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Please acknowledge receipt of this Option Agreement and your agreement to be bound by its terms (and the terms and conditions set out in the Plan) by <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">clicking "Accept"</font>.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE B<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> NOTICE OF EXERCISE</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">To:</font><font style="WIDTH: 36pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Precision Drilling Corporation </font></div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 18pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Attention:</font><font style="WIDTH: 72pt; DISPLAY: inline-block; FONT-SIZE: 1px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[Secretary]</font></div>

<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I,<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font> </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">hereby exercise an Option to purchase&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></font>&#160;Common Shares of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Precision Drilling Corporation</font> (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>") at an Exercise Price of <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>&#160;&#160;&#160;&#160;&#160;</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>per Common Share. This Notice of Exercise is delivered in respect of the Option that was granted to me on&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</u></font> under the Corporation's Omnibus Equity Incentive Plan (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>"). Capitalized terms used but not otherwise defined herein have the meanings set out in the Plan.&#160; In connection with the foregoing: (tick one)</font></div>

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<td style="WIDTH: 94.9%">I enclose cash, a certified cheque, bank draft or money order payable to the Corporation in the amount of $<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font>&#160;(which reflects the aggregate Exercise Price of the Common Shares) plus the amount of $<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font>&#160;(which reflects the amount the Corporation believes is necessary to remit as part of any Applicable Withholding Taxes), and the foregoing shall be the full payment for the Common Shares to be received upon exercise of the Option and I acknowledge that the Common Shares will be issued to me only upon satisfaction of the requirements of Section 2.5 of the Plan;</td>
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<div>I hereby elect to surrender the Option to receive an amount in cash (net of any Applicable Withholding Taxes) equal to: (i) the Fair Market Value on the date hereof, minus the Exercise Price of the Option; multiplied by (ii) the number of Common Shares underlying the Option;</div>
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<div>I hereby elect to receive an amount in cash equal to the cash proceeds realized upon the sale in the capital markets of the Common Shares underlying the Option by a securities dealer designated by the Corporation, less the aggregate Exercise Price, any Applicable Withholding Taxes and any transfer costs incurred to sell the Common Shares; or</div>
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<td style="WIDTH: 94.9%">I hereby elect to receive an aggregate number of Common Shares that is equal to the number of Common Shares underlying the Options being exercised minus the number of Common Shares sold in the capital markets by a securities dealer designated by the Corporation as required to realize cash proceeds equal to the aggregate Exercise Price, any Applicable Withholding Taxes and any transfer costs incurred to sell the Common Shares.</td>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Capitalized terms used but not otherwise defined in this Notice of Exercise shall have the meaning set out in the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Name of Participant (Please Print)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE C<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> PSU AGREEMENT</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Precision Drilling Corporation (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>")<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>hereby grants the Participant the award as outlined in the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20&#9632; Long-Term Incentive Plan Grants</font> letter (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Award Letter</font>"), in accordance with and subject to the terms, conditions and restrictions of this agreement ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PSU Agreement</font>"), together with the provisions of the Corporation's Omnibus Equity Incentive Plan, as may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>").</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Period:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Peer Group:</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On the Vesting Date, the number of PSUs that shall vest shall equal the number of PSUs credited to the Participant's Share Unit Account (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) multiplied by the Performance Multiplier</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Unless otherwise determined by the Committee, the Performance Multiplier will be determined as follows:&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total Shareholder Return ("TSR") Performance Multiplier:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">75% or higher ranking among peer group:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.0 times payout</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">50% (median) ranking among peer group:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.0 times payout</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">35% ranking among peer group:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0.4 times payout</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Below 35% ranking among peer group:</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">0 payout</div>
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<div style="TEXT-ALIGN: justify; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">TSR percentile rankings above, below and between the payout levels shown above will be determined by the Committee in its sole discretion, acting reasonably, having regard, if determined applicable by the Committee, to principles of linear interpolation.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><br>
 The Corporation's TSR will be measured by calculating the appreciation in the price of the Common Shares during the Performance Period, as listed on the NYSE, taking into account the value of any dividends paid on the Common Shares during the Performance Period (which shall be deemed to have been reinvested in additional Common Shares effective on the dividend payment date based on the closing price of the Common Shares on that date).&#160; The Corporation's TSR will be compared to the TSR of each company listed in the Performance Peer Group above (calculated in the same manner as for the Corporation, including taking into account any dividends or distributions and exchange rate adjustments, if applicable).</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If any company in the Performance Peer Group commences proceedings for the winding up, dissolution, liquidation or bankruptcy of such company during the Performance Period, the Committee shall determine, in its sole discretion, how such company will be treated for purposes of determining the Performance Multiplier for the Performance Period. Subject to the foregoing sentence, any companies in the Performance Peer Group which cease to be publicly traded at any time during the Performance Period will be removed from the Performance Peer Group.&#160; If, at any time during the Performance Period, the Performance Peer Group is comprised of less than 12 companies as a result of this paragraph, the Committee shall have the right, in its sole discretion, to add additional companies to the Performance Peer Group and such group of companies, as reconstituted, shall be deemed to be the Performance Peer Group for the Performance Period.</div>

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<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 6 -</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Unless otherwise determined by the Committee, any PSUs (and related Dividend Share Units) which fail to vest on the Vesting Date as a result of the Performance Multiplier for the applicable Performance Period being zero shall be terminated and forfeited as of such date.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this PSU Agreement and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Participation in the Plan is voluntary and is not a condition of employment with the Precision Group. No Participant shall have any claim or right to be granted PSUs pursuant to the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Neither the Corporation nor any Employer (which for the purposes of this PSU Agreement includes their respective directors, officers and employees) shall have any liability for: (i) the income or other tax consequences to Participants arising from participation in the Plan; (ii) any change in the value of the Common Shares; or (iii) any delays or errors in the administration of the Plan, except where such Person has acted with willful misconduct. Participants should consult their own tax and business advisors as the Precision Group is not providing any such advice to any Participant.</div>

<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For a copy of the Plan text please contact any member of the HR team.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font></font><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>ACKNOWLEDGEMENT</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Participant acknowledges that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;am /&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></font>&#160;am not <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[check appropriate box]</font> a U.S. Taxpayer.</font></div>
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</div>

<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have had the opportunity to review a copy of the Plan and agree to be bound by it and the terms of this PSU Agreement. In the event of any conflict between the terms of the Plan and this PSU Agreement, the terms of the Plan will govern and prevail.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have not been induced to enter into this PSU Agreement by expectation of employment or continued employment with the Precision Group.</div>
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<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zb23c9c1baa284cd78203ed6f9c85ee28" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>will be liable for income tax and other applicable taxes or social security contributions when payment is made to me under the Plan in respect of Share Units credited to my Share Unit Account, in accordance with the terms of the Plan. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I should confirm the tax treatment with my own tax advisor.</font></div>
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<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value of a Share Unit is based on the trading price of a Common Share and is thus not guaranteed. The eventual value of a Share Unit on the applicable settlement date may be higher or lower than the value of the Share Unit at the time it was allocated to my Share Unit Account under the Plan.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Except as otherwise provided in the Plan and the Award Letter, if my employment with the Precision Group is terminated, I will forfeit all Share Units in my Share Unit Account at such time.</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I shall have no entitlement to receive payment in respect of any Share Units that are forfeited pursuant to the terms of the Plan whether by way of damages or otherwise.</div>
</td>
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</div>

<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No funds will be set aside to guarantee payment of the Share Units and that future payments of Share Units will remain an unfunded and unsecured liability recorded on the books of the Corporation and/or Employer.</div>
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</div>

<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I am required to provide the Corporation with all information (including personal information) required to administer the Plan and I hereby consent to the collection of all such information by the Corporation. I understand that the Corporation may from time to time transfer or provide access to such information to third party service providers for purposes of the administration of the Plan and that such service providers will be provided with such information for the sole purpose of providing such services to the Corporation. I acknowledge that withdrawal of the consent at any time may result in a delay in the administration of the Plan or in the inability of the <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Corporation or Employer settle my vested Share Units under the Plan.</font></div>
</td>
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</div>

<div>&#160;</div>

<div>
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<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding any other provision of this PSU Agreement to the contrary, PSUs granted hereunder (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) and/or any cash payment made hereunder, including any amount received on the redemption of the PSUs, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation from time to time, as the same may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clawback Policy</font>").&#160; I agree and consent to the Corporation's application, implementation and enforcement of (a) the Clawback Policy that may apply to me and (b) any provision of applicable law relating to the cancellation, recoupment, rescission, payback or other action of or involving my compensation, and expressly agree that the Corporation may take such actions as are necessary to effectuate the Clawback Policy without further consent or action being required by me.&#160; To the extent that the terms of this PSU Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</div>
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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 8 -</font></div>

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</div>
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<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">11.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I acknowledge that any payment in respect of PSUs granted hereunder (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) is conditional upon my compliance with Section 12 of this PSU Agreement.&#160; Accordingly, I acknowledge that I shall immediately cease to be entitled to any payment under the Plan with respect to such PSUs and will forfeit all PSUs granted hereunder (and related Dividend Share Units credited pursuant to Section 3.3 of the Plan) in the event that I fail to meet the conditions set forth in Section 12 of this PSU Agreement.&#160; The foregoing is in addition to any other remedy or cause of action any member of the Precision Group may have in respect of such failure.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is a condition to the receipt of any payment in respect of a grant of PSUs (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) that I will not, either while still employed or for a period of six (6) months following my Termination Date, regardless of the reason for the cessation of employment, without the Corporation's express prior written consent, either as an individual, or in conjunction with any other person, firm, corporation or other entity, whether acting as a principal, agent, employee, consultant or in any other capacity whatsoever:</div>
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<div>&#160;</div>

<div>
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<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(a)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit, call upon or otherwise seek out, directly or indirectly, the business of any firm or person who was a customer, client, supplier or distributor of the Precision Group at the Termination Date for the purpose of diverting any business or corporate opportunities as may exist or may be contemplated as at the Termination Date from the Precision Group; or</div>
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<div>&#160;</div>

<div>
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<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(b)</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit or communicate in any way with any employees or consultants of the Precision Group for the purpose of having such employees or consultants leave their employment with the Precision Group or cease to provide services to the Precision Group.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">My obligations pursuant to this Section are in addition to, and do not replace or supersede, any non-solicitation or non-competition covenants contained in any employment agreement or executive agreement I may have with the Corporation or any of its subsidiaries or affiliates.</div>

<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the event that any condition, provision or restriction contained in Sections 10 to 12 of this PSU Agreement is found to be void or unenforceable (in whole or in part) by a court of competent jurisdiction, it shall not affect or impair the validity of any other conditions, provisions or restrictions contained herein, nor shall it affect the validity or enforceability of such provisions in any other jurisdiction or in regard to other circumstances.&#160; Any conditions, provisions or restrictions found to be void or unenforceable are declared to be separate and distinct, and the remaining covenants, provisions and restrictions shall remain in full force and effect.</div>
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<div>&#160;</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 8pt; FONT-WEIGHT: normal" id="DSPFPageNumber">- 9 -</font></div>

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</div>
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<div>
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<tr>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The provisions of Section 12 of this PSU Agreement apply only to the PSUs granted hereunder (and related Dividend Share Units credited pursuant to Section 3.3 of the Plan).&#160; For greater certainty, the provisions of Section 12 of this PSU Agreement do not apply to PSUs which may be credited to my Share Unit Account pursuant to Section 3.3 of the Plan which relate to other grants of PSUs.</div>
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<div>&#160;</div>

<div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Committee may at any time waive all or part of the application of Section 12 of this PSU Agreement.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Please acknowledge receipt of this PSU Agreement and your agreement to be bound by its terms (and the terms and conditions set out in the Plan) by <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">clicking "Accept".</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Per:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 18pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE D<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br>
</font> RSU AGREEMENT</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Precision Drilling Corporation (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Corporation</font>") hereby grants the Participant the award as outlined in the <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">20&#9632; Long-Term Incentive Plan Grants</font> letter (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Award Letter</font>"), in accordance with and subject to the terms, conditions and restrictions of this agreement ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RSU Agreement</font>"),<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>together with the provisions of the Corporation's Omnibus Equity Incentive Plan, as may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>").</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this RSU Agreement and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Participation in the Plan is voluntary and is not a condition of employment with the Precision Group. No Participant shall have any claim or right to be granted RSUs pursuant to the Plan.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Neither the Corporation nor any Employer (which for the purposes of this RSU Agreement includes their respective directors, officers and employees) shall have any liability for: (i) the income or other tax consequences to Participants arising from participation in the Plan; (ii) any change in the value of the Common Shares; or (iii) any delays or errors in the administration of the Plan, except where such Person has acted with willful misconduct. Participants should consult their own tax and business advisors as the Precision Group is not providing any such advice to any Participant.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">For a copy of the Plan text please contact any member of the HR team.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>ACKNOWLEDGEMENT</u></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The Participant acknowledges that:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;am /</font>&#160;<font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font> am not <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[check appropriate box] </font>a U.S. Taxpayer.</font></div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have had the opportunity to review a copy of the Plan and agree to be bound by it and the terms of this RSU Agreement. In<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>the event of any conflict between the terms of the Plan and this RSU Agreement, the terms of the Plan will govern and prevail.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I have not been induced to enter into this RSU Agreement by expectation of employment or continued employment with the Precision Group.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I will be liable for income tax and other applicable taxes or social security contributions when payment is made to me under the Plan in respect of Share Units credited to my Share Unit Account, in accordance with the terms of the Plan. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">I should confirm the tax treatment with my own tax advisor.</font></div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The value of a Share Unit is based on the trading price of a Common Share and is thus not guaranteed. The eventual value of a Share Unit on the applicable settlement date may be higher or lower than the value of the Share Unit at the time it was allocated to my Share Unit Account under the Plan.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Except as otherwise provided in the Plan and the Award Letter, if my employment with the Precision Group is terminated, I will forfeit all Share Units in my Share Unit Account at such time.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I shall have no entitlement to receive payment in respect of any Share Units that are forfeited pursuant to the terms of the Plan whether by way of damages or otherwise.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No funds will be set aside to guarantee payment of the Share Units and that future payments of Share Units will remain an unfunded and unsecured liability recorded on the books of the Corporation and/or Employer.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I am required to provide the Corporation with all information (including personal information)&#160; required to administer the Plan and I<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>hereby consent to the collection of all such information by the Corporation. I understand that the Corporation may from time to time transfer or provide access to such information to third party service providers for purposes of the administration of the Plan and that such service providers will be provided with such information for the sole purpose of providing such services to the Corporation. I acknowledge that withdrawal of the consent at any time may result in a delay in the administration of the Plan or in the inability of the Corporation or Employer to settle my vested Share Units under the Plan.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Notwithstanding any other provision of this RSU Agreement to the contrary, RSUs granted hereunder (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) and/or any cash payment made hereunder, including any amount received on the redemption of the RSUs, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation from time to time, as the same may be amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Clawback Policy</font>").&#160; I agree and consent to the Corporation's application, implementation and enforcement of (a) the Clawback Policy that may apply to me and (b) any provision of applicable law relating to the cancellation, recoupment, rescission, payback or other action of or involving my compensation, and expressly agree that the Corporation may take such actions as are necessary to effectuate the Clawback Policy without further consent or action being required by me.&#160; To the extent that the terms of this RSU Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">I acknowledge that any payment in respect of RSUs granted hereunder (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) is conditional upon my compliance with Section 12 of this RSU Agreement.&#160; Accordingly, I acknowledge that I shall immediately cease to be entitled to any payment under the Plan with respect to such RSUs and will forfeit all RSUs granted hereunder (and related Dividend Share Units credited pursuant to Section 3.3 of the Plan) in the event that I fail to meet the conditions set forth in Section 12 of this RSU Agreement.&#160; The foregoing is in addition to any other remedy or cause of action any member of the Precision Group may have in respect of such failure.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">12.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is a condition to the receipt of any payment in respect of a grant of RSUs (including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) that I will not, either while still employed or for a period of six (6) months following my Termination Date, regardless of the reason for the cessation of employment, without the Corporation's express prior written consent, either as an individual, or in conjunction with any other person, firm, corporation or other entity, whether acting as a principal, agent, employee, consultant or in any other capacity whatsoever:</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(a)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit, call upon or otherwise seek out, directly or indirectly, the business of any firm or person who was a customer, client, supplier or distributor of the Precision Group at the Termination Date for the purpose of diverting any business or corporate opportunities as may exist or may be contemplated as at the Termination Date from the Precision Group; or</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">(b)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">solicit, attempt to solicit or communicate in any way with any employees or consultants of the Precision Group for the purpose of having such employees or consultants leave their employment with the Precision Group or cease to provide services to the Precision Group.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">My obligations pursuant to this Section are in addition to, and do not replace or supersede, any non-solicitation or non-competition covenants contained in any employment agreement or executive agreement I may have with the Corporation or any of its subsidiaries or affiliates.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the event that any condition, provision or restriction contained in Sections 10 to 12 of this RSU Agreement is found to be void or unenforceable (in whole or in part) by a court of competent jurisdiction, it shall not affect or impair the validity of any other conditions, provisions or restrictions contained herein, nor shall it affect the validity or enforceability of such provisions in any other jurisdiction or in regard to other circumstances.&#160; Any conditions, provisions or restrictions found to be void or unenforceable are declared to be separate and distinct, and the remaining covenants, provisions and restrictions shall remain in full force and effect.</div>
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<div>&#160;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">14.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The provisions of Section 12 of this RSU Agreement apply only to the RSUs granted hereunder (and related Dividend Share Units credited pursuant to Section 3.3 of the Plan).&#160; For greater certainty, the provisions of Section 12 of this RSU Agreement do not apply to RSUs which may be credited to my Share Unit Account pursuant to Section 3.3 of the Plan which relate to other grants of RSUs.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Committee may at any time waive all or part of the application of Section 12 of this RSU Agreement.</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Please acknowledge receipt of this RSU Agreement and your agreement to be bound by its terms (and the terms and conditions set out in the Plan) by <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">clicking "Accept".</font></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PRECISION DRILLING CORPORATION</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Per:</div>
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