<SEC-DOCUMENT>0001171843-22-002187.txt : 20220330
<SEC-HEADER>0001171843-22-002187.hdr.sgml : 20220330
<ACCEPTANCE-DATETIME>20220330162718
ACCESSION NUMBER:		0001171843-22-002187
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220330
FILED AS OF DATE:		20220330
DATE AS OF CHANGE:		20220330

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:		22786823

	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>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_033022.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13a-16 or 15d-16 of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of March 2022</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-14534</B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Precision Drilling Corporation</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>800, 525 &ndash; 8th Avenue S.W.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada T2P 1G1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F <U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U></P>

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit</U></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DESCRIPTION</U></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="exh_991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_991.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Precision Drilling Corporation Amended and Restated Omnibus Equity Incentive Plan</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="exh_992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="exh_992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Precision Drilling Corporation
    Amended and Restated Omnibus Equity Incentive Plan (blacklined to 2017 Omnibus Equity Incentive Plan</FONT></A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 93%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of Section&nbsp;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.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;&nbsp;&nbsp;&nbsp;March 30, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRECISION DRILLING CORPORATION</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 43%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Carey T. Ford</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carey T. Ford</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 30%; font-weight: bold; font-style: italic">Note: Certain amendments subject to shareholder approval as set forth in the Corporation&#8217;s Management Information Circular dated March 30, 2022</TD></TR>
  </TABLE>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>PRECISION DRILLING
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>AMENDED AND RESTATED
OMNIBUS EQUITY INCENTIVE PLAN</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>March 4, 2022</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-left: 30pt; text-align: left; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 79%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; width: 10%">Page</TD></TR>
  <TR>
    <TD STYLE="padding-left: 30pt; text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left">Section&nbsp;1.</TD>
    <TD>&nbsp;</TD>
    <TD>Interpretation and Administrative Provisions</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Purpose</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>Definitions</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>Interpretation</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>Schedules</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>Currency</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.6</TD>
    <TD>&nbsp;</TD>
    <TD>Administration</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>Governing Law</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>Shares Subject to the Plan</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>Participation Limits</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left">Section&nbsp;2.</TD>
    <TD>&nbsp;</TD>
    <TD>Options</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>Granting of Options</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>Vesting of Options</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>Exercise Price</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>Option Term; Blackout Period</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>Exercise of Option</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>Surrender of Option</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>Termination of Employment or Leave of Absence</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left">Section&nbsp;3.</TD>
    <TD>&nbsp;</TD>
    <TD>Share Units</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>Granting of RSUs or PSUs</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>Number and Type of Share Units</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>Dividend Share Units</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>Share Unit Accounts</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>Vesting of RSUs</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>Vesting of PSUs</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.7</TD>
    <TD>&nbsp;</TD>
    <TD>Settlement of Share Unit Awards</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>Termination of Employment or Leave of Absence</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left">Section&nbsp;4.</TD>
    <TD>&nbsp;</TD>
    <TD>Share Bonus</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Share Bonus</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0pt; text-align: left">Section&nbsp;5.</TD>
    <TD>&nbsp;</TD>
    <TD>General</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Capital Adjustments</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>Substitution Event</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>Amendment and Termination</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>Clawback</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>Non-Exclusivity</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>Unfunded Plan</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>Successors and Assigns</TD>
    <TD STYLE="text-align: right">21</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left; width: 10%">5.8</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 79%">Transferability of Awards</TD>
    <TD STYLE="text-align: right; width: 10%">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>No Special Rights and Cessation of Vesting and Eligibility for Awards following Termination</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.10</TD>
    <TD>&nbsp;</TD>
    <TD>Other Employee Benefits</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.11</TD>
    <TD>&nbsp;</TD>
    <TD>Employment with an Entity in the Precision Group</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.12</TD>
    <TD>&nbsp;</TD>
    <TD>Compliance with Employment Standards</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.13</TD>
    <TD>&nbsp;</TD>
    <TD>Withholding Taxes</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.14</TD>
    <TD>&nbsp;</TD>
    <TD>No Liability</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.15</TD>
    <TD>&nbsp;</TD>
    <TD>Government Regulation and Grant Restrictions</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.16</TD>
    <TD>&nbsp;</TD>
    <TD>Participant Information</TD>
    <TD STYLE="text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.17</TD>
    <TD>&nbsp;</TD>
    <TD>Priority of Agreements</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.18</TD>
    <TD>&nbsp;</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.19</TD>
    <TD>&nbsp;</TD>
    <TD>Electronic Delivery</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30pt; text-align: left">5.20</TD>
    <TD>&nbsp;</TD>
    <TD>Effective Date</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  </TABLE>

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

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

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

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

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

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PRECISION
DRILLING CORPORATION<BR>
OMNIBUS EQUITY INCENTIVE Plan</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interpretation and Administrative Provisions</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Purpose</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 during their employment with
the Precision Group; (b) aligning the interests of Eligible Persons with the interests of the shareholders of the Corporation generally;
(c) retaining Eligible Persons; and (d) furnishing Eligible Persons with an additional incentive in their efforts on behalf of the Precision
Group.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Definitions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of the Plan, the following terms
have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Affiliate</B>&#8221; means any entity
that is an &#8220;affiliate&#8221; for the purposes of National Instrument 45-106 &#8212; <I>Prospectus Exemptions</I>, as amended from
time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Applicable Withholding Taxes</B>&#8221;
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. Applicable Withholding Taxes shall be denominated in the currency in which the Award is denominated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Award</B>&#8221; means an Option, Restricted
Share Unit (RSU), Performance Share Unit (PSU) or Share Bonus granted under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Award Agreement</B>&#8221; means an
Option Agreement, RSU Agreement or PSU Agreement, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Bank of Canada Rate</B>&#8221; means
the exchange rate for the applicable currency published by the Bank of Canada on the relevant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Beneficiary</B>&#8221; 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&#8217;s death or, failing
any such effective designation, the Participant&#8217;s estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Blackout Period</B>&#8221; 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&#8217;s securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Board</B>&#8221; means the board of
directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Business Day</B>&#8221; means any day
on which the TSX is open for business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Canadian Award</B>&#8221; means an Award
denominated in Canadian dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Cause</B>&#8221; means, unless otherwise
defined in the Participant&#8217;s Executive Employment Agreement or in the applicable Award Agreement, any act or omission that would
entitle the Employer to terminate the Participant&#8217;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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">any improper conduct by the Participant which is materially detrimental to the Employer; or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control</B>&#8221; means,
unless otherwise defined in the Participant&#8217;s Executive Employment Agreement or in the applicable Award Agreement, the occurrence
of any of the following:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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 &#8220;beneficial ownership&#8221; (as defined in the <I>Business Corporations Act</I> (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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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);</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the occurrence of a transaction requiring approval of the Corporation&#8217;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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the Board passes a resolution to the effect that an event comparable to an event set forth in this definition
has occurred;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Code</B>&#8221; means the U.S. Internal
Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Committee</B>&#8221; 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 &#8220;Committee&#8221; shall
at such time be in reference to the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Common Share</B>&#8221; means a common
share in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Constructive Dismissal</B>&#8221; means,
unless otherwise defined in the Participant&#8217;s Executive Employment Agreement or in the applicable Award Agreement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">for any Participant who is not a U.S. Taxpayer, &#8220;<B>Constructive Dismissal</B>&#8221; 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
adverse change (other than a change which is clearly consistent with a promotion or a change that is not adverse to the Participant) imposed
by the Employer without the Participant&#8217;s consent to the Participant&#8217;s title, responsibilities or reporting relationships,
or a material reduction of the Participant&#8217;s compensation opportunity 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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">for any Participant who is a U.S. Taxpayer, &#8220;<B>Constructive Dismissal</B>&#8221; means a termination
of the Participant from employment following the occurrence of: (i) a material reduction by the Employer of the Participant&#8217;s authority,
duties or responsibilities without the Participant&#8217;s consent; and (ii) a material reduction of the Participant&#8217;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:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Participant provides written notice to the Employer of the occurrence of an event or circumstance
constituting Constructive Dismissal within 30 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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Employer notifies the Participant that it will not correct the event or circumstance constituting
Constructive Dismissal, the 5 day period after receiving such notice; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Participant resigns within 5 days after receiving the Employer&#8217;s response.</TD></TR></TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Continuing Entity</B>&#8221; has the
meaning ascribed thereto in Section 5.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Control Period</B>&#8221; means the
period commencing on the date of the Change of Control and ending 180 days after the date of the Change of Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Corporation</B>&#8221; means Precision
Drilling Corporation, and any successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Disability</B>&#8221; means, unless
otherwise defined in the Participant&#8217;s Executive Employment Agreement, or in the applicable Award Agreement, where the Participant:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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 6 month period
or for any period of 12 months (whether or not consecutive) in any consecutive 18 month period; or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">is declared by a court of competent jurisdiction to be mentally incompetent or incapable of managing his
or her affairs.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Dividend Share Unit</B>&#8221; has the
meaning ascribed to such term in Section 3.3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Eligible Person</B>&#8221; means any
permanent employee (including an officer) of any member of the Precision Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Employer</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>ESL</B>&#8221; means the employment
standards legislation, as amended or replaced, applicable to a Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Executive Employment Agreement</B>&#8221;
means any executive employment agreement between a Participant and a member of the Precision Group, the terms of which have been approved
by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Exercise Price</B>&#8221; means 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Expiry Date</B>&#8221; has the meaning
ascribed thereto in Section 2.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Fair Market Value</B>&#8221; means on
any particular date, the fair market value of a Common Share as determined by the Board in accordance with the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the Fair Market Value shall be rounded up to the nearest whole cent.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Grant Date</B>&#8221; means the date
an Award is granted to a Participant as set out in the Participant&#8217;s Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Insider</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>ITA</B>&#8221; means the <I>Income Tax
Act</I> (Canada), including the regulations promulgated thereunder, as amended from time to time.</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Leave of Absence</B>&#8221; means any
period during which the Participant does not provide any services to his or her Employer or any other entity in the Precision Group because
the Participant is on a leave of absence (including a disability-related leave of absence) where such absence is approved in advance by
the Participant&#8217;s Employer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Non-Qualifying Option&#8221;</B> means
an Option which, upon exercise, is not eligible for the deduction pursuant to paragraph 110(1)(d) of the ITA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Notice of Exercise</B>&#8221; means
a notice substantially in the form set out as Schedule&nbsp;B to this Plan, as amended by the Corporation from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>NYSE</B>&#8221; means the New York Stock
Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Option</B>&#8221; means a right granted
to an Eligible Person to purchase Common Shares pursuant to the terms of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Option Agreement</B>&#8221; means 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Participant</B>&#8221; means any Eligible
Person to whom an Award is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Performance Period</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Performance Share Unit</B>&#8221; or
&#8220;<B>PSU</B>&#8221; 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 upon satisfaction of applicable Performance
Vesting Conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Performance Vesting Conditions</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Permitted Reorganization</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Person</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Plan</B>&#8221; means this Omnibus Equity
Incentive Plan, as amended or restated from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Precision Group</B>&#8221; means the
Corporation and its subsidiaries and affiliates.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>PSU Agreement</B>&#8221; means an agreement
between a Participant and the Corporation 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Qualifying Option</B>&#8221; means an
Option which, upon exercise, is eligible for the deduction pursuant to paragraph 110(1)(d) of the ITA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Restricted Share Unit</B>&#8221; or
&#8220;<B>RSU</B>&#8221; 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 upon satisfaction of applicable vesting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Retirement</B>&#8221; or &#8220;<B>Retire</B>&#8221;
means, unless otherwise defined in the Participant&#8217;s Executive Employment Agreement or in the applicable Award Agreement, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>RSU Agreement</B>&#8221; means an agreement
between a Participant and the Corporation 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>security-based compensation arrangement</B>&#8221;
has the meaning attributed thereto in the Toronto Stock Exchange Company Manual, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Service Year</B>&#8221; has the meaning
ascribed to such term in Section 3.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Settlement Date</B>&#8221; has the meaning
ascribed to such term in Section 3.7.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Share Bonus</B>&#8221; has the meaning
ascribed to such term in Section 4.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Share Unit</B>&#8221; means either an
RSU, PSU or Dividend Share Unit as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Share Unit Account</B>&#8221; has the
meaning ascribed to such term in Section <FONT STYLE="font-weight: normal">3.4</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>STIP Award</B>&#8221; means a performance
bonus earned pursuant to the terms of the Corporation&#8217;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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>subsidiary</B>&#8221; means any entity
that is a &#8220;subsidiary&#8221; for the purposes of National Instrument 45-106 &#8212; <I>Prospectus Exemptions</I>, as amended from
time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Substitution Event</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#8220;<B>Termination Date</B>&#8221;
means in the case of a Participant whose employment or term of office with the Participant&#8217;s Employer terminates, the date on which
the employee Participant ceases to be employed with the Corporation or a Subsidiary or Affiliate for any reason, whether lawful or otherwise
(including, without limitation, by reason of resignation, Retirement, death, frustration of contract, termination for Cause, termination
without Cause, Disability or Constructive Dismissal), without giving effect to any pay in lieu of notice (paid by way of lump sum or salary
continuance), severance pay, benefits continuance, or other termination related payments or benefits to which an employee Participant
may be entitled pursuant to the common law or otherwise (except as may be required to satisfy the minimum requirements of ESL). For greater
certainty, an employee Participant shall not cease to be employed with the Participant&#8217;s Employer during a period of vacation, temporary
illness, maternity or parental leave, or any other authorized leave of absence. For the avoidance of any doubt, the parties intend to
displace any presumption that the Participant is entitled to reasonable notice of termination under common law or civil law in connection
with the Plan, or in the event the Participant&#8217;s death occurs prior to the date determined pursuant to the foregoing, the date of
the Participant&#8217;s death.</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>TSX</B>&#8221; means the Toronto Stock
Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>U.S. Award</B>&#8221; means an Award
denominated in U.S. dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>U.S. Taxpayer</B>&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Vesting Date</B>&#8221; 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interpretation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Whenever the Board or
Committee is entitled to exercise discretion in the administration of the Plan, the term &#8220;discretion&#8221; means the sole and absolute
discretion of the Board or Committee, as applicable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Schedules</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following Addendum and Schedules are attached
to the Plan and incorporated by reference:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Addendum &#8211; U.S. Taxpayers&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Schedule A &#8211; Option
Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Schedule B &#8211; Notice
of Exercise</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Schedule C &#8211; PSU Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Schedule D &#8211; RSU Agreement</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
regard to such Participant&#8217;s domicile or residence for tax purposes. 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.</P>

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Administration</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s
charter or hereunder, the Plan shall be administered by the Committee in accordance with its provisions. 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. 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. 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. 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Governing Law</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares Subject to the Plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to adjustment pursuant to Section&nbsp;5.1,
the maximum number of Common Shares that may be issued pursuant to the Plan is 1,094,379 <FONT STYLE="font-weight: normal">less the number
of Common Shares issuable on exercise of Options outstanding under the Precision Drilling Second Amended and Restated Stock Option Plan
and less the number of excersiced Option awards and Common Shares issued for Performance Share Units and/or Share Bonuses prior to March
4, 2022</FONT>. To the extent that any Award (which includes for the purposes of this sentence an award made under the Precision Drilling
Corporation Second Amended and Restated Stock Option Plan) is forfeited, terminates, expires or lapses instead of being exercised, or
any Award is settled for cash or Common Shares purchased on the open market, the Common Share(s) subject to such Award will not be counted
as Common Shares issued pursuant to an Award granted under this Plan or issuable on exercise of Options outstanding under the Precision
Drilling Corporation Second Amended and Restated Stock Option Plan. The number of Common Shares available for issuance under this Plan
shall not be reduced by (i) any Common Shares issued by the Corporation through the assumption or substitution of outstanding stock options
or other equity-based awards from an entity acquired by the Corporation, or (ii) any Common Shares issued by the Corporation pursuant
to an inducement award in accordance with Section 613(c) of the TSX Company Manual. No fractional Common Shares may be purchased or issued
hereunder.</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Participation Limits</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant of Awards under the Plan is subject
to the following limitations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Options</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Granting of Options</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;eligible issuer of
service recipient stock&#8221; (as defined in Section 409A of the Code) with respect to such individual. 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. 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. The Option Agreement for any Eligible Person whose Options may be subject to taxation under the ITA
will specify, to the extent applicable, whether such Option (or portion thereof) is a Non-Qualifying Option.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vesting of Options</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Subject to the terms of any Executive Employment Agreement between the Participant and the Employer,
or the Committee expressly providing to the contrary, a Participant&#8217;s Option shall vest as to 1/3<SUP>rd</SUP> on each of the first,
second and third anniversaries of the Grant Date.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exercise Price</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Option Term; Blackout Period</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Section 2.7, each Option must be exercised
no later than seven (7) years after the Grant Date or such shorter period as set out in the Participant&#8217;s Option Agreement (&#8220;<B>Expiry
Date</B>&#8221;), 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. Options held by U.S. Taxpayers shall not be extended beyond their original Expiry Date in a
manner that attracts adverse tax consequences.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Exercise of Option</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">pursuant to a broker-assisted cashless exercise, whereby the Participant shall elect on the Notice of
Exercise to receive:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a combination of (i) and (ii).</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to Section 5.15, 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Surrender of Option</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Termination of Employment or Leave of Absence</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><B>General Rule.</B> 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&#8217;s Executive Employment Agreement,
all rights to purchase Common Shares pursuant to an Option or to surrender such Option shall expire and terminate immediately upon the
Participant&#8217;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, or the Participant resigns under circumstances where facts that could
give rise to Cause exist (as reasonably determined by the Committee at the time of resignation), such rights shall expire and terminate
immediately upon notification being given to the Participant of such termination for Cause or existence of facts that could give rise
to Cause, and the Participant will not be entitled to any damages or other amounts in respect of such expiration and termination.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><B>Death. </B>If the Participant&#8217;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&#8217;s Expiry
Date and the first anniversary of the Participant&#8217;s Termination Date. Any Option that remains unexercised or has not been surrendered
shall be immediately forfeited upon the termination of such period.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><B>Disability or Leave of Absence.</B> If the Participant&#8217;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&#8217;s
Expiry Date.</TD></TR></TABLE>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><B>Retirement.</B> If the Participant&#8217;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&#8217;s Expiry
Date and the third anniversary of the Participant&#8217;s Termination Date. Any Option that remains unexercised or has not been surrendered
shall be immediately forfeited upon the termination of such period.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><B>Resignation.</B> If the Participant&#8217;s employment with Precision Group terminates by reason of
voluntary resignation other than a resignation where facts that could give rise to Cause exist as determined by the Committee pursuant
to Section 2.6(a), then:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the unvested part of any Option held by the Participant shall expire and terminate immediately on the
Participant&#8217;s Termination Date; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">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&#8217;s Expiry Date and the 30<SUP>th</SUP>
day after the Participant&#8217;s Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately
forfeited upon the termination of such period.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><B>Termination Without Cause.</B> If the Participant&#8217;s employment with the Precision Group is terminated
by the Employer for any reason other than for Cause (whether such termination is lawful or unlawful and whether it occurs with or without
any or adequate notice, or with or without compensation in lieu of such notice), 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&#8217;s Expiry Date and the 30<SUP>th</SUP> day after the Participant&#8217;s
Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination
of such period.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify"><B>Termination Following Change of Control.</B> If a Change of Control occurs and the Participant&#8217;s
employment with the Precision Group is terminated:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">by the Participant as a result of Constructive Dismissal, provided the event giving rise to the Constructive
Dismissal occurs during the Control Period;</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">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&#8217;s Expiry Date and the 90th day after the Participant&#8217;s Termination Date. Any Option
that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Units</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Granting of RSUs or PSUs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board may, from time to time, grant RSUs or
PSUs to Eligible Persons. 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. 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 &#8220;<B>Service Year</B>&#8221;). 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Number and Type of Share Units</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dividend Share Units</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When dividends (other than stock dividends) are
paid on Common Shares, additional Share Units (&#8220;<B>Dividend Share Units</B>&#8221;) shall be credited to a Participant&#8217;s Share
Unit Account as of the dividend payment date. The number of Dividend Share Units to be credited to the Participant&#8217;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. Dividend Share
Units credited to a Participant&#8217;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. No Dividend Share Units shall be credited to a Participant&#8217;s Share Unit Account in respect
of dividends paid with respect to a record date that falls after the Participant&#8217;s Termination Date.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Unit Accounts</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An account, called a &#8220;<B>Share Unit Account</B>&#8221;,
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. 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&#8217;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. 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&#8217;s Share Unit Account.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vesting of RSUs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of any Executive Employment
Agreement between the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant&#8217;s RSUs shall
vest on the Vesting Date(s). 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 &#8220;salary deferral arrangement&#8221; contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Vesting of PSUs</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of any Executive Employment
Agreement between the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant&#8217;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 &#8220;salary deferral
arrangement&#8221; contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Settlement of Share Unit Awards</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 calendar year following the year in respect of which the Share
Unit is granted) (the &#8220;<B>Settlement Date</B>&#8221;), 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&#8217;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&#8217;s Share Unit Account shall be cancelled and the Participant or Beneficiary, as applicable
shall have no further rights, title or interest with respect thereto.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Termination of Employment or Leave of Absence</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><B>General Rule.</B> 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&#8217;s Executive Employment Agreement, upon the
Participant terminating employment with the Precision Group for any reason, all Share Units previously credited to such Participant&#8217;s
Share Unit Account which did not vest on or prior to the Participant&#8217;s Termination Date shall be terminated and forfeited as of
the Participant&#8217;s Termination Date. All vested Share Units shall be settled in accordance with Section 3.7.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><B>Treatment Upon Termination with Cause. </B>If the Participant&#8217;s employment with the Precision
Group is terminated for Cause, all Share Units previously credited to such Participant&#8217;s Share Unit Account, whether vested or unvested,
shall be terminated and forfeited as of the Participant&#8217;s Termination Date, and the Participant will not be entitled to any damages
or other amounts in respect of such termination and forfeiture.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><B>Treatment Upon Death or Termination Without Cause.</B> If the Participant&#8217;s employment with the
Precision Group ceases by reason of the death of the Participant or the Participant&#8217;s employment is terminated by the Employer for
any reason other than for Cause (whether such termination is lawful or unlawful and whether it occurs with or without any or adequate
notice, or with or without compensation in lieu of such notice), a portion of the Participant&#8217;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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><B>Treatment of RSUs During Leave of Absence.</B> For the period during which a Participant is on a Leave
of Absence, a portion of the Participant&#8217;s RSUs (and related Dividend Share Units) previously credited to such Participant&#8217;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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><B>Treatment of PSUs During Leave of Absence.</B> For the period during which a Participant is on a Leave
of Absence, a portion of the Participant&#8217;s PSUs (and related Dividend Share Units) previously credited to such Participant&#8217;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.</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><B>Termination Following Change of Control.</B> If a Change of Control occurs and the Participant&#8217;s
employment with the Precision Group is terminated:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">by the Participant as a result of Constructive Dismissal, provided the event giving rise to the Constructive
Dismissal occurs during the Control Period;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">then, unless otherwise determined by
the Board prior to the Change of Control, a portion of the Participant&#8217;s unvested Share Units will vest as of the Participant&#8217;s
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 (based on the level of achievement of any Performance Vesting Conditions
up to the Termination Date and to the extent any Performance Vesting Conditions cannot be determined as of the Termination Date, the Board
shall assume that 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Bonus</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Share Bonus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board may in its discretion, settle an STIP
Award in whole or in part in Common Shares (a &#8220;<B>Share Bonus</B>&#8221;) 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&#8217;s Short-Term Incentive Plan.</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section&nbsp;5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>General</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capital Adjustments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;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&#8217; 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. Notwithstanding anything in this Plan to the contrary, all adjustments made pursuant to this Section&nbsp;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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Substitution Event</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Substitution Event or
a Permitted Reorganization, the surviving or acquiring entity (the &#8220;<B>Continuing Entity</B>&#8221;) 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. 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. 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 &#8220;salary deferral arrangement&#8221; contained in paragraph (k)
of subsection 248(1) of the ITA or any successor provision thereto.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Board determines, acting reasonably, that such substitution or replacement is not practicable;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the Board determines, acting reasonably, that such substitution or replacement would give rise to adverse
tax results, under the ITA or the Code; or</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Where it is determined that any of the criteria outlined
in (i), (ii), (iii) or (iv) above have been met, 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&#8217;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&#8217;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 &#8220;Change of Control&#8221; in Section 3.8(f) shall be read as &#8220;Substitution
Event or Permitted Reorganization, as applicable&#8221;. Where it is determined that any of the criteria outlined in (i), (ii), (iii)
or (iv) above have been met, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Fair Market
Value&#8221; 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amendment and Termination</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Subject to Section 5.3(b), the Board may, without shareholder approval, amend or suspend any provision
of the Plan or any Award granted hereunder, or terminate this Plan, at any time, 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. 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.
Amendments to the Plan shall be subject to any required approval of the TSX.</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Security holder approval will be required for the following types of amendments:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">any amendment to increase the maximum number of Common Shares issuable under this Plan, other than pursuant
to Section 5.1;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any amendment to this Plan that increases the length of the period after a Blackout Period during which
Options may be exercised;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">any amendment that would permit the introduction of non-employee directors as Eligible Persons;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">any amendment to remove or to exceed the insider participation limit set out in Section 1.9(c);</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">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 5.1 or 5.2;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any amendment extending the term of an Option beyond the original Expiry Date, except as provided in Section
2.4;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">any amendment which would allow for the transfer or assignment of Awards under this Plan, other than for
normal estate settlement purposes; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any amendment to the amendment provisions that will increase the Board&#8217;s authority to amend the
Plan without shareholder approval.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Clawback</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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, including the Corporation&#8217;s Compensation Recoupment Policy dated February 8, 2017, will be subject to such deductions
and clawbacks as may be required pursuant to such laws, stock exchange listing requirements or policy (as they may be amended from time
to time).</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Non-Exclusivity</P>

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

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unfunded Plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Plan shall be unfunded and the Corporation
will not secure its obligations hereunder. 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Successors and Assigns</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Transferability of Awards</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rights of a Participant respecting Awards shall
not be transferable or assignable, except by will or the laws of descent and distribution.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Special Rights and Cessation of Vesting and Eligibility for Awards following Termination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s employment by the Precision Group
or interfere in any way with the right of any Employer at any time to terminate a Participant&#8217;s employment or to increase or decrease
the compensation of a Participant. 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. Participation in the Plan
by an Eligible Person shall be voluntary. A Participant&#8217;s eligibility to be granted any Award under the Plan ceases on the Termination
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Participant&#8217;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. Without limiting the generality of the foregoing, except if and as required
to comply with applicable minimum requirements contained in ESL, the Participant is not eligible for continued vesting of any Award during
any period in which the Participant receives, or claims to be entitled to receive, any compensatory payments or damages in lieu of notice
of termination pursuant to contract, common law or civil law, and the Participant will not be entitled to any damages or other compensation
in respect of any Award that does not vest or is not awarded due to termination as of the Termination Date of the Participant&#8217;s
employment with its Employer for any reason. The Plan displaces any and all common law and civil law rights the Participant may have or
claim to have in respect of any Awards, including any right to damages. The foregoing shall apply, regardless of: (i) the reason for the
termination of Participant&#8217;s employment; (ii) whether such termination is lawful or unlawful, with or without Cause; (iii) whether
it is the Participant or the Employer that initiates the termination; and (iv) any fundamental changes, over time, to the terms and conditions
applicable to the Participant&#8217;s employment.</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other Employee Benefits</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Employment with an Entity in the Precision Group</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding Section 2.7 and 3.8, unless the
Board, in its discretion, otherwise determines, at any time and from time to time, Awards are not affected by a change of employment within
or among the Precision Group for so long as the Participant continues to be an Employee of an entity in the Precision Group.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Compliance with Employment Standards</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is understood and agreed that all provisions
of the Plan are subject to all applicable minimum requirements of ESL and it is the intention of the Corporation and the other entities
of the Precision Group to comply with the minimum applicable requirements contained in ESL. Accordingly, the Plan shall: (a) not be interpreted
as in any way waiving or contracting out of ESL, and (b) be interpreted to achieve compliance with ESL. In the event that ESL provides
for a superior right or entitlement upon termination of employment or otherwise (&#8220;Statutory Entitlements&#8221;) than provided for
under the Plan, the Participant shall be provided with the Participant&#8217;s minimum Statutory Entitlements in substitution for the
Participant&#8217;s rights under the Plan. There shall be no presumption of strict interpretation against the Precision Group.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Withholding Taxes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s tax laws within
the periods specified in those laws as a result of the Participant&#8217;s participation in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. In connection with the issuance of Common Shares pursuant to this Plan, a Participant shall, at the Participant&#8217;s
discretion:</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">make other arrangements acceptable to the Corporation to fund the Applicable Withholding Taxes.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Liability</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Government Regulation and Grant Restrictions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation&#8217;s obligation to issue and
deliver Common Shares under any Award is subject to: (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. 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. 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.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Participant Information</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">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) required in order to administer
the Plan (the &#8220;<B>Participant Information</B>&#8221;).</TD></TR></TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">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 5.16(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.</TD></TR></TABLE>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Priority of Agreements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. 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&#8217;s Executive Employment
Agreement with the Employer, on the other hand, the provisions of the Executive Employment Agreement (provided that it has been approved
by the Board) shall prevail.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Severability</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The invalidity or unenforceability of any provision
of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be
severed from the Plan.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Electronic Delivery</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation may from time to time establish
procedures for (i) the electronic delivery of any documents that the Corporation may elect to deliver (including, but not limited to,
plan documents, award notices and agreements, and all other forms of communications) in connection with any award made under the Plan,
(ii) the receipt of electronic instructions from Participants and/or (iii) an electronic signature system for delivery and acceptance
of any such documents. Compliance with such procedures shall satisfy any requirement to provide documents in writing and/or for a document
to be signed or executed.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Effective Date</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approved by the Board on February 8, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approved by the shareholders on May 17, 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amended and Restated Plan approved by the Board
on March 4, 2022 [and by the shareholders on May <FONT STYLE="font-family: Wingdings"><B>l</B></FONT>, 2022.].</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this Addendum, &#8220;Payment Date&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#8217;s
Share Unit Account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision in the Plan to the contrary, if the Participant is a &#8220;specified employee&#8221; on his or her Termination Date
and the Payment Date for such Participant&#8217;s Share Units is the Participant&#8217;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the Corporation&#8217;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. &sect; 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 &#8220;salary deferral arrangement&#8221; contained in paragraph
(k) of subsection 248(1) of the ITA or any successor provision thereto.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Precision Drilling Corporation (the &#8220;<B>Corporation</B>&#8221;)
hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive Plan Grants</I> letter (the &#8220;<B>Award
Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions of this Option Agreement (&#8220;<B>Option
Agreement</B>&#8221;), together with the provisions of the Corporation&#8217;s Omnibus Equity Incentive Plan, as may be amended from time
to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 Options pursuant to
the Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a copy of the Plan text please contact any
member of the HR team.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Participant acknowledges that:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">I have not been induced to enter into this Option Agreement by expectation of employment or continued
employment with the Precision Group.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">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. <B>I should confirm the tax treatment with my own tax advisor. </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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.&#9;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">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 &#8220;<B>Clawback Policy</B>&#8221;).
I agree and consent to the Corporation&#8217;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. To the extent that the terms of this Option Agreement and the Clawback Policy conflict,
then the terms of the Clawback Policy shall prevail.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">I acknowledge that the exercise or surrender of Options granted hereunder is conditional upon my compliance
with Section 9 of this Option Agreement. 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. 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.</TD></TR></TABLE>

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">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. 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">The Board may at any time waive all or part of the application of Section 9 of this Option Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">The Options are not intended to qualify as &#8220;incentive stock options&#8221; under Section 422 of
the Code. <B>[NTD: Only necessary to include for U.S. Taxpayers.]</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <B><I>clicking &#8220;Accept&#8221;</I></B>.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To:&#9;<FONT STYLE="font-weight: normal">Precision
Drilling Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attention:&#9;<B>[Secretary]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, ______________________________ hereby exercise
an Option to purchase _____________ Common Shares of <FONT STYLE="font-weight: normal">Precision Drilling Corporation</FONT> (the &#8220;<B>Corporation</B>&#8221;)
at an Exercise Price of <FONT STYLE="font-weight: normal">$______</FONT> per Common Share. This Notice of Exercise is delivered in respect
of the Option that was granted to me on ________________________under the Corporation&#8217;s Omnibus Equity Incentive Plan (the &#8220;<B>Plan</B>&#8221;).
Capitalized terms used but not otherwise defined herein have the meanings set out in the Plan. In connection with the foregoing: (tick
one)&#9;&#9;</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify">I enclose cash, a certified cheque, bank draft or money order payable to the Corporation in the
                                                                            amount of $____________ (which reflects the aggregate Exercise Price of the Common Shares) plus the amount of $____________ (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&nbsp;2.5 of the Plan;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify">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</TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify">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>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used but not otherwise defined
in this Notice of Exercise shall have the meaning set out in the Plan.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Date</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Signature of Participant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name of Participant (Please Print)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Precision Drilling Corporation (the &#8220;<B>Corporation</B>&#8221;)
hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive Plan Grants</I> letter (the &#8220;<B>Award
Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions of this agreement (&#8220;<B>PSU Agreement</B>&#8221;),
together with the provisions of the Corporation&#8217;s Omnibus Equity Incentive Plan, as may be amended from time to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Vesting Date, the number of PSUs that shall
vest shall equal the number of PSUs credited to the Participant&#8217;s Share Unit Account (including related Dividend Share Units credited
pursuant to Section 3.3 of the Plan) multiplied by the Performance Multiplier.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Performance Multiplier is approved by the
Board and shall be determined based on the degree to which the Performance Vesting Conditions set out above have been satisfied.</P>

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

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a copy of the Plan text please contact any
member of the HR team.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I _______ am / _______ am not <B>[check appropriate box]</B> a U.S. Taxpayer.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">I have not been induced to enter into this PSU Agreement by expectation of employment or continued employment
with the Precision Group.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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. <B>I
should confirm the tax treatment with my own tax advisor.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">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 Corporation or Employer settle my vested Share Units under the Plan.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">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 &#8220;<B>Clawback Policy</B>&#8221;). I agree and consent to the Corporation&#8217;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. To the extent that
the terms of this PSU Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">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. 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. 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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">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&#8217;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:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">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.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">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. 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.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">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). 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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">The Committee may at any time waive all or part of the application of Section 12 of this PSU Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 <B><I>clicking &quot;Accept&quot;.</I></B>&#9;</P>

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

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

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

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

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

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

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

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Precision Drilling Corporation (the &#8220;<B>Corporation</B>&#8221;)
hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive Plan Grants</I> letter (the &#8220;<B>Award
Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions of this agreement (&#8220;<B>RSU Agreement</B>&#8221;),
together with the provisions of the Corporation&#8217;s Omnibus Equity Incentive Plan, as may be amended from time to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a copy of the Plan text please contact any
member of the HR team.</P>

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 39 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I _______ am / _______ am not <B>[check appropriate box] </B>a U.S. Taxpayer.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">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 the event of any conflict between the terms of the Plan and this RSU Agreement, the terms of the Plan will govern and
prevail.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">I have not been induced to enter into this RSU Agreement by expectation of employment or continued employment
with the Precision Group.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">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. <B>I
should confirm the tax treatment with my own tax advisor.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">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 Corporation or Employer to settle my vested Share Units under the Plan.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">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 &#8220;<B>Clawback Policy</B>&#8221;). I agree and consent to the Corporation&#8217;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. To the extent that
the terms of this RSU Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">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. 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. 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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">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&#8217;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:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">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.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">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. 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.</TD></TR></TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">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). 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.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">The Committee may at any time waive all or part of the application of Section 12 of this RSU Agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">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 <B><I>clicking &quot;Accept&quot;.</I></B>&#9;</P>

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

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

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

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

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

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

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



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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">- 3 -</P>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Exhibit 99.2</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; color: blue; font-weight: bold; font-style: italic"><U>Note: Certain amendments subject to shareholder approval
    as set forth in the Corporation&#8217;s Management Information Circular dated March 30, 2022</U></TD></TR>
  </TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt; color: #010101"><B>PRECISION
DRILLING CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt; color: #010101"><B></B></FONT><B><FONT STYLE="font-size: 16pt; color: blue"><U>AMENDED AND RESTATED</U> </FONT></B><B><FONT STYLE="font-size: 16pt; color: #010101">OMNIBUS
EQUITY INCENTIVE</FONT></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><FONT STYLE="font-size: 16pt"><B>PLAN</B></FONT></P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 16pt; color: red"><B><STRIKE>February
8, 2017</STRIKE></B></FONT><B><FONT STYLE="font-size: 16pt; color: blue"><U>March 4, 2022</U></FONT></B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="color: #010101">TABLE
OF CONTENTS</FONT></P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: left; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 79%">&nbsp;</TD>
    <TD STYLE="color: #010101; font-weight: bold; vertical-align: middle; text-align: right; width: 10%">Page</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #010101">Section 1.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101">Interpretation and Administrative Provisions</TD>
    <TD STYLE="color: #010101; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Purpose</TD>
    <TD STYLE="color: #010101; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Definitions</TD>
    <TD STYLE="color: #010101; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Interpretation</TD>
    <TD STYLE="color: #010101; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Schedules</TD>
    <TD STYLE="color: #010101; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Currency</TD>
    <TD STYLE="color: #010101; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Administration</TD>
    <TD STYLE="color: #010101; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Governing Law</TD>
    <TD STYLE="color: #010101; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Shares Subject to the Plan</TD>
    <TD STYLE="color: #010101; text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">1.9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Participation Limits</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #010101">Section 2.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101">Options</TD>
    <TD STYLE="color: #010101; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Granting of Options</TD>
    <TD STYLE="color: #010101; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Vesting of Options</TD>
    <TD STYLE="color: #010101; text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Exercise Price</TD>
    <TD STYLE="color: Red; text-align: right"><STRIKE>10</STRIKE><FONT STYLE="color: Blue"><U>11</U></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Option Term; Blackout Period</TD>
    <TD STYLE="text-align: right"><FONT>11</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Exercise of Option</TD>
    <TD STYLE="color: #010101; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Surrender of Option</TD>
    <TD STYLE="text-align: right"><FONT>12</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">2.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Termination of Employment or Leave of Absence</TD>
    <TD STYLE="color: #010101; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #010101">Section 3.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101">Share Units</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Granting of RSUs or PSUs</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Number and Type of Share Units</TD>
    <TD STYLE="color: #010101; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Dividend Share Units</TD>
    <TD STYLE="color: #010101; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Share Unit Accounts</TD>
    <TD STYLE="color: #010101; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Vesting of RSUs</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Vesting of PSUs</TD>
    <TD STYLE="color: #010101; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Settlement of Share Unit Awards</TD>
    <TD STYLE="color: #010101; text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">3.8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Termination of Employment or Leave of Absence</TD>
    <TD STYLE="text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #010101; text-align: left">Section 4.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Share Bonus</TD>
    <TD STYLE="color: #010101; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Share Bonus</TD>
    <TD STYLE="color: #010101; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; color: #010101">Section 5.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101">General</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Capital Adjustments</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Substitution Event</TD>
    <TD STYLE="color: #010101; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Amendment and Termination</TD>
    <TD STYLE="color: #010101; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Clawback</TD>
    <TD STYLE="color: #010101; text-align: right"><FONT STYLE="color: Red"><STRIKE>21</STRIKE></FONT><FONT STYLE="color: Blue"><U>20</U></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Non-Exclusivity</TD>
    <TD STYLE="color: #010101; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Unfunded Plan</TD>
    <TD STYLE="color: #010101; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Successors and Assigns</TD>
    <TD STYLE="color: #010101; text-align: right">21</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><FONT STYLE="color: #010101">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #010101">(continued)</FONT></P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #010101; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #010101; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">&nbsp;</TD>
    <TD STYLE="color: Red; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left; width: 10%">5.8</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left; width: 79%">Transferability of Awards&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">No Special Rights <FONT STYLE="color: Blue"><U>and Cessation of Vesting and Eligibility
    for Awards following Termination</U></FONT></TD>
    <TD STYLE="color: Red; text-align: right"><STRIKE>22</STRIKE><FONT STYLE="color: Blue"><U>21</U></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.10</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: left">Other Employee Benefits&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left">5.11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: blue; text-align: left"><U>Employment with an Entity in the Precision Group</U></TD>
    <TD STYLE="color: blue; text-align: right"><U>22</U></TD></TR>
  <TR>
    <TD STYLE="padding-left: 30pt; color: #010101; text-align: left"><FONT STYLE="color: Blue"><U>5.12</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: blue; vertical-align: middle; text-align: left"><U>Compliance with Employment Standards</U></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Blue"><U>22</U></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: blue; text-align: left"><U>5.13</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Withholding Taxes&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: red; text-align: left"><STRIKE>5.12</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: blue"><U>5.14</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">No Liability</TD>
    <TD STYLE="color: #010101; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: red; text-align: left"><STRIKE>5.13</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: blue"><U>5.15</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Government Regulation and Grant Restrictions</TD>
    <TD STYLE="color: #010101; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: red; text-align: left"><STRIKE>5.14</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: blue"><U>5.16</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Participant Information</TD>
    <TD STYLE="color: #010101; text-align: right">23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: red; text-align: left"><STRIKE>5.15</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: blue"><U>5.17</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Priority of Agreements&nbsp;</TD>
    <TD STYLE="color: #010101; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: red; text-align: left"><STRIKE>5.16</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; color: blue"><U>5.18</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Severability</TD>
    <TD STYLE="color: #010101; text-align: right">24</TD></TR>
  <TR>
    <TD STYLE="text-decoration: line-through; padding-left: 30pt; color: red; vertical-align: middle; text-align: left">5.17</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30pt; color: blue; text-align: left"><U>5.19</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: blue; text-align: left"><U>Electronic Delivery</U></TD>
    <TD STYLE="color: blue; text-align: right"><U>24</U></TD></TR>
  <TR>
    <TD STYLE="padding-left: 30pt; color: blue; vertical-align: middle; text-align: left"><U>5.20</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Effective Date&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

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

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

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

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

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

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

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

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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #010101"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #010101">PRECISION
DRILLING CORPORATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #010101">OMNIBUS EQUITY INCENTIVE PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><B>Section 1. <FONT STYLE="color: #010101">Interpretation
and Administrative Provisions</FONT></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><B>1.1</B></TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101"><B>Purpose</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>during their employment with the Precision Group</U></FONT><FONT STYLE="color: #010101">;
(b) aligning the interests of Eligible Persons with the interests of the shareholders of the Corporation generally; (c) </FONT><FONT STYLE="color: red"><STRIKE>encouraging</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>retaining
</U></FONT><FONT STYLE="color: #010101">Eligible Persons</FONT> <FONT STYLE="color: red"><STRIKE>to remain associated with the Precision
Group</STRIKE></FONT><FONT STYLE="color: #010101">; and (d) furnishing Eligible Persons with an additional incentive in their efforts
on behalf of the Precision Group.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.2</TD><TD><FONT STYLE="color: #010101">Definitions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">For the purposes of the
Plan, the following terms have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Affiliate</B>&#8221;
means any entity that is an &#8220;affiliate&#8221; for the purposes of National Instrument 45-106 &#8212; <I>Prospectus
Exemptions</I>, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Applicable
Withholding Taxes</B>&#8221; 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. Applicable Withholding Taxes shall be denominated in the currency in which
the Award is denominated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Award</B>&#8221;
means an Option, Restricted Share Unit (RSU), Performance Share Unit (PSU) or Share Bonus granted under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.25pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Award
Agreement</B>&#8221; means an Option Agreement, RSU Agreement or PSU Agreement, as the context requires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.15pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Bank of
Canada Rate</B>&#8221; means the exchange rate for the applicable currency published by the Bank of Canada on the relevant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.55pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Beneficiary</B>&#8221;
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&#8217;s
death or, failing any such effective designation, the Participant&#8217;s estate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05in 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Blackout
Period</B>&#8221; 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&#8217;s securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>Board</B>&#8221; means the board
of directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>Business Day</B>&#8221; means
any day on which the TSX is open for business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<B>Canadian
Award</B>&#8221; means an Award denominated in Canadian dollars.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Cause</B>&#8221;
means, unless otherwise defined in the Participant&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment agreement, executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
Employment Agreement</U> </FONT><FONT STYLE="color: #010101">or in the applicable Award Agreement, any act or omission that would entitle
the Employer to terminate the Participant&#8217;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:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><FONT STYLE="color: #010101">any improper conduct by the Participant which is materially
detrimental to the Employer; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 74.95pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.1pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Change
of Control</B>&#8221; means, unless otherwise defined in the Participant&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment agreement,
executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive Employment Agreement</U> </FONT><FONT STYLE="color: #010101">or
in the applicable Award Agreement, the occurrence of any of the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="color: #010101">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 &#8220;beneficial ownership&#8221; (as defined in the <I>Business
Corporations Act </I>(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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 75.45pt"><FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">the occurrence of a transaction requiring approval
of the Corporation&#8217;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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify; padding-right: 76.1pt"><FONT STYLE="color: #010101">the Board passes a resolution to the effect that an
event comparable to an event set forth in this definition has occurred;</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.3pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Code</B>&#8221;
means the U.S. Internal Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.75pt 0pt 6pt; text-align: justify">&#8220;<B>Committee</B>&#8221; 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 &#8220;Committee&#8221;
shall at such time be in reference to the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Common
Share</B>&#8221; means </FONT>a common share in the capital of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.2pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Constructive
Dismissal</B>&#8221; means, unless otherwise defined in the Participant&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment agreement,
executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive Employment Agreement</U> </FONT><FONT STYLE="color: #010101">or
in the applicable Award Agreement:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 73.1pt"><FONT STYLE="color: #010101">for
                                            any Participant who is not a U.S. Taxpayer, &#8220;<B>Constructive Dismissal</B>&#8221; 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</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>adverse
                                            </U></FONT><FONT STYLE="color: #010101">change (other than a change which is clearly consistent
                                            with a promotion</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>or a change
                                            that is not adverse to the Participant</U></FONT><FONT STYLE="color: #010101">) imposed by
                                            the Employer without the Participant&#8217;s consent to the Participant&#8217;s title, responsibilities
                                            or reporting relationships, or a material reduction of the Participant&#8217;s compensation
                                            </FONT><FONT STYLE="text-underline-style: double; color: blue"><U>opportunity</U></FONT>
                                            <FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101">for any Participant who is a U.S. Taxpayer, &#8220;<B>Constructive
Dismissal</B>&#8221; means a termination of the Participant from employment following the occurrence of: (i) a material reduction by the
Employer of the Participant&#8217;s authority, duties or responsibilities without the Participant&#8217;s consent;</FONT> <FONT STYLE="color: red"><STRIKE>or</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>and</U></FONT>
<FONT STYLE="color: #010101">(ii) a material reduction of the Participant&#8217;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:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">the Participant provides written notice to the Employer
of the occurrence of an event or circumstance constituting Constructive Dismissal within</FONT> <FONT STYLE="color: red"><STRIKE>60</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>30</U></FONT>
<FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 74.85pt"><FONT STYLE="color: #010101">the Employer notifies the Participant that it will
not correct the event or circumstance constituting Constructive Dismissal,</FONT> <FONT STYLE="color: red"><STRIKE>or the Employer fails
to correct such event or circumstance within the 60</STRIKE></FONT><FONT STYLE="color: blue"><U>the 5</U> </FONT><FONT STYLE="color: #010101">day period after
receiving such notice; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 114pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 114pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 74.15pt"><FONT STYLE="font-size: 10pt; color: #010101">the
                                            Participant resigns within</FONT> <FONT STYLE="font-size: 10pt; color: Red"><STRIKE>30 days
                                            after receiving the Employer&#8217;s response, if such response indicates that the Employer
                                            will not correct such circumstances,</STRIKE></FONT><STRIKE> <FONT STYLE="font-size: 10pt; color: #00C000">or
                                            the Participant resigns</FONT></STRIKE><STRIKE> <FONT STYLE="font-size: 10pt; color: Red">between
                                            the 61st and the 90th day, inclusive, following the Employer&#8217;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</FONT></STRIKE><FONT STYLE="font-size: 10pt; color: blue"><U>5 days after receiving
                                            the Employer&#8217;s response</U></FONT><FONT STYLE="font-size: 10pt; color: #010101">.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Continuing Entity</B>&#8221;
has the meaning ascribed thereto in Section 5.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Control
Period</B>&#8221; means the period commencing on the date of the Change of Control and ending 180 days after the date of the Change of
Control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>Corporation</B>&#8221; means
Precision Drilling Corporation, and any successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.2pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Disability</B>&#8221;
means, unless otherwise defined in the Participant&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment agreement, executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
Employment Agreement,</U> </FONT><FONT STYLE="color: #010101">or in the applicable Award Agreement, where the Participant:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101">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</FONT> <FONT STYLE="color: red"><STRIKE>12</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>6</U></FONT>
<FONT STYLE="color: #010101">month period or for any period of</FONT> <FONT STYLE="color: red"><STRIKE>18</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>12</U></FONT>
<FONT STYLE="color: #010101">months (whether or not consecutive) in any consecutive</FONT> <FONT STYLE="color: red"><STRIKE>24</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>18</U></FONT>
<FONT STYLE="color: #010101">month period; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><FONT STYLE="color: #010101">is declared by a court of competent jurisdiction to
be mentally incompetent or incapable of managing his or her affairs.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>Dividend Share Unit</B>&#8221;
has the meaning ascribed to such term in <FONT STYLE="color: #010101">Section 3.3.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 6pt; text-align: justify">&#8220;<B>Eligible Person</B>&#8221;
means any permanent employee (including an officer) of any member of the Precision Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.4pt 0pt 6pt; text-align: justify">&#8220;<B>Employer</B>&#8221; 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.</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.25pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>&#8220;<B>ESL</B>&#8221;
means the employment standards legislation, as amended or replaced, applicable to a <FONT STYLE="text-underline-style: double">Participant.</FONT></U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>&#8220;<B>Executive
Employment Agreement</B>&#8221; means any executive employment agreement between a Participant and a member of the Precision Group, the
terms of which have been approved by the <FONT STYLE="text-underline-style: double">Board.</FONT></U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 6pt; text-align: justify">&#8220;<B>Exercise Price</B>&#8221;
means <FONT STYLE="color: #010101">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Expiry Date</B>&#8221;
has the meaning ascribed thereto in Section 2.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.05pt 0pt 6pt; text-align: justify">&#8220;<B>Fair Market Value</B>&#8221;
means on any particular date, the fair market value of a Common Share as determined by the Board in accordance with the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 73.65pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.9pt 0pt 42pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.9pt 0pt 42pt; text-align: justify"><FONT STYLE="color: #010101"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101">the Fair Market Value shall be rounded up to the nearest whole cent.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.35pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Grant
Date</B>&#8221; means the date an Award is granted to a Participant as set out in the Participant&#8217;s Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.85pt 0pt 6pt; text-align: justify">&#8220;<FONT STYLE="color: red"><B><STRIKE>insider</STRIKE></B></FONT><B><FONT STYLE="text-underline-style: double; color: blue"><U>Insider</U></FONT></B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.2pt 0pt 6pt; text-align: justify">&#8220;<B>ITA</B>&#8221; means the
<I>Income Tax Act </I>(Canada), including the regulations promulgated thereunder, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Leave
of Absence</B>&#8221; means any period during which</FONT><FONT STYLE="color: Red"><STRIKE>, pursuant to the prior written approval of
</STRIKE></FONT><STRIKE><FONT STYLE="color: #00C000">the Participant&#8217;s Employer</FONT> <FONT STYLE="color: Red">or by reason of
Disability,</FONT></STRIKE> <FONT STYLE="color: #010101">the Participant</FONT> <FONT STYLE="color: Red"><STRIKE>is considered to be on
an approved leave of absence or on Disability and</STRIKE></FONT> <FONT STYLE="color: #010101">does not provide any services to his or
her Employer or any other entity in the Precision Group</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>because the
Participant is on a leave of absence (including a disability-related leave of absence) where such absence is approved in advance by</U></FONT><U>
<FONT STYLE="color: #00C000">the Participant&#8217;s Employer</FONT></U><FONT STYLE="color: #010101">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>&#8220;<B>Non-Qualifying
Option&#8221; </B>means an Option which, upon exercise, is not eligible for the deduction pursuant to paragraph 110(1)(d) of the ITA.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.3pt 0pt 6pt; text-align: justify">&#8220;<B>Notice of Exercise</B>&#8221;
<FONT STYLE="color: #010101">means a </FONT>notice substantially in the form set out as Schedule B to this Plan, as amended by the Corporation
from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>NYSE</B>&#8221; means the New
York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify">&#8220;<B>Option</B>&#8221; means
a right granted to an Eligible Person to purchase Common Shares pursuant to the terms of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.1pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Option
Agreement</B>&#8221; means </FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>Participant</B>&#8221; means
any Eligible Person to whom an Award is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.15pt 0pt 6pt; text-align: justify">&#8220;<B>Performance Period</B>&#8221;
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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.15pt 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.8pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Performance
Share Unit</B>&#8221; or &#8220;<B>PSU</B>&#8221; 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 </FONT><FONT STYLE="color: Red"><STRIKE>that
generally becomes vested, if at all, subject to the achievement of</STRIKE></FONT><STRIKE> <FONT STYLE="color: #00C000">Performance Vesting
Conditions</FONT> <FONT STYLE="color: Red">and the satisfaction of such other conditions to vesting, if any, as may be determined by the
Committee</FONT></STRIKE><FONT STYLE="color: blue"><U>upon satisfaction of applicable Performance Vesting Conditions</U></FONT><FONT STYLE="color: #010101">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify">&#8220;<B>Performance Vesting Conditions</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 6pt; text-align: justify">&#8220;<B>Permitted Reorganization</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Person</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 92.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Plan</B>&#8221;
means</FONT> this Omnibus Equity Incentive Plan, as amended or restated from time to time. &#8220;<B>Precision Group</B>&#8221; means
the Corporation and its subsidiaries and affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>PSU
Agreement</B>&#8221; means </FONT>an agreement between a Participant and the Corporation <FONT STYLE="color: #010101">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>&#8220;<B>Qualifying
Option</B>&#8221; means an Option which, upon exercise, is eligible for the deduction pursuant to paragraph 110(1)(d) of the ITA.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.8pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>Restricted
Share Unit</B>&#8221; or &#8220;<B>RSU</B>&#8221; 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 </FONT><FONT STYLE="color: red"><STRIKE>that
generally becomes vested, if at all, following a period of continuous employment</STRIKE></FONT><FONT STYLE="color: blue"><U>upon satisfaction
of applicable vesting requirements</U></FONT><FONT STYLE="color: #010101">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify">&#8220;<B>Retirement</B>&#8221;
or &#8220;<B>Retire</B>&#8221; means<FONT STYLE="color: #010101">, unless otherwise defined in the Participant&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment
agreement, executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive Employment Agreement</U> </FONT><FONT STYLE="color: #010101">or
in the applicable Award Agreement, 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.</FONT></P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.75pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&#8220;<B>RSU
Agreement</B>&#8221; means </FONT>an agreement between a Participant and the Corporation <FONT STYLE="color: #010101">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.75pt 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.75pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; text-indent: 6.8pt"><FONT STYLE="font-size: 10pt">&#8220;<B>security-based
compensation arrangement</B>&#8221; has the meaning attributed thereto in the Toronto Stock Exchange Company Manual, as amended from
time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 154.75pt 0pt 6pt">&#8220;<B>Service Year</B>&#8221; has the meaning ascribed
to such term in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 154.75pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 154.75pt 0pt 6pt"><FONT STYLE="color: #010101">&#8220;<B>Settlement Date</B>&#8221; has the meaning ascribed to such term in
Section 3.7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 154.75pt 0pt 6pt"><FONT STYLE="color: #010101">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 154.75pt 0pt 6pt"><FONT STYLE="color: #010101">&#8220;<B>Share Bonus</B>&#8221; has the meaning ascribed to such term in Section 4.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.75pt 0pt 6pt; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.75pt 0pt 6pt; color: #010101">&#8220;<B>Share Unit</B>&#8221; means
either an RSU, PSU or Dividend Share Unit as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.75pt 0pt 6pt; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.75pt 0pt 6pt; color: #010101">&#8220;<B>Share Unit Account</B>&#8221; has the meaning ascribed to
such term in Section 3.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>STIP Award</B>&#8221;
means a performance bonus earned pursuant to the terms of the Corporation&#8217;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).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.2pt 0pt 6pt; text-align: justify">&#8220;<B>subsidiary</B>&#8221; <FONT STYLE="color: #010101">means
any entity that is a &#8220;subsidiary&#8221; for the purposes of National Instrument 45-106 &#8212; <I>Prospectus Exemptions</I>, as
amended from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Substitution
Event</B>&#8221; 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.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74pt 0pt 6pt; text-align: justify">&#8220;<B>Termination
Date</B>&#8221; means <FONT STYLE="color: blue"><U>in the case of</U></FONT> <FONT STYLE="color: #010101">a Participant</FONT><FONT STYLE="color: Red"><STRIKE>&#8217;s
last day of active</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>whose</U></FONT> <FONT STYLE="color: #010101">employment </FONT><FONT STYLE="color: blue"><U>or
term of office</U></FONT> <FONT STYLE="color: #010101">with the </FONT><FONT STYLE="color: Red"><STRIKE>Employer (other than in
connection with a</STRIKE></FONT> <FONT STYLE="color: #010101">Participant&#8217;s </FONT><FONT STYLE="color: Red"><STRIKE>transfer
of employment to another</STRIKE></FONT> <FONT STYLE="color: #010101">Employer </FONT><FONT STYLE="color: Red"><STRIKE>within the
Precision Group), regardless of whether</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>terminates,</U></FONT> <FONT STYLE="color: #010101">the </FONT><FONT STYLE="color: blue"><U>date
on which the employee</U></FONT> <FONT STYLE="color: #010101">Participant</FONT><FONT STYLE="color: Red"><STRIKE>&#8217;s
termination of employment was lawful, and does not include any period of statutory, contractual, common law or other</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>ceases
to be employed with the Corporation or a Subsidiary or Affiliate for any reason, whether lawful or otherwise (including, without
limitation, by reason of resignation, Retirement, death, frustration of contract, termination for Cause, termination without Cause,
Disability or Constructive Dismissal), without giving effect to any pay in lieu of notice (paid by way of lump sum or salary
continuance), severance pay, benefits continuance, or other termination related payments or benefits to which an employee
Participant may be entitled pursuant to the common law or otherwise (except as may be required to satisfy the minimum requirements
of ESL). For greater certainty, an employee Participant shall not cease to be employed with the Participant&#8217;s Employer during
a period of vacation, temporary illness, maternity or parental leave, or any other authorized leave of absence. For the avoidance of
any doubt, the parties intend to displace any presumption that the Participant is entitled to</U></FONT> reasonable notice of
termination <FONT STYLE="color: Red"><STRIKE>of employment or any period of salary continuance or deemed
employment</STRIKE></FONT><FONT STYLE="color: blue"><U>under common law or civil law in connection with the Plan, or in the event
the Participant&#8217;s death occurs prior to the date determined pursuant to the foregoing, the date of the Participant&#8217;s
death</U></FONT>.</P>

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

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>TSX</B>&#8221; means the Toronto
Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&#8220;<B>U.S. Award</B>&#8221; means
an Award denominated in U.S. dollars.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>U.S. Taxpayer</B>&#8221;
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.1pt 0pt 6pt; text-align: justify; color: #010101">&#8220;<B>Vesting
Date</B>&#8221; 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.3</TD><TD><FONT STYLE="color: #010101">Interpretation</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify">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. Whenever the
Board or Committee is entitled to exercise discretion in the administration of the Plan, the term &#8220;discretion&#8221; means the sole
and absolute discretion of the Board or Committee, as applicable.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.4</TD><TD><FONT STYLE="color: #010101">Schedules</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 42pt; text-indent: -0.5in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 42pt; text-indent: -0.5in; color: #010101">The following Addendum
and Schedules are attached to the Plan and incorporated by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 42pt; text-indent: -0.5in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">Addendum &#8211;
U.S. Taxpayers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">Schedule A &#8211; Option Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">Schedule B &#8211; Notice of Exercise</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">Schedule C &#8211; PSU Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">Schedule D &#8211; RSU Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.7pt 0pt 42pt; color: #010101">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.5</TD><TD><FONT STYLE="color: #010101">Currency</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.1pt 0pt 6pt; text-align: justify">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 regard to such Participant&#8217;s domicile or residence for tax purposes. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify">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.</P>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.6</TD><TD><FONT STYLE="color: #010101">Administration</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.15pt 0pt 6pt; color: #010101">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&#8217;s charter or hereunder, the Plan shall be administered by the Committee in accordance with its provisions.
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. The Committee
may correct any defect or supply any omission or reconcile any inconsistency in <FONT STYLE="color: #010101">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. 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.
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.</FONT></P>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.7</TD><TD><FONT STYLE="color: #010101">Governing Law</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.8</TD><TD><FONT STYLE="color: #010101">Shares Subject to the Plan</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.3pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">Subject
to adjustment pursuant to Section 5.1, the maximum number of Common Shares that may be issued pursuant to the Plan is </FONT><FONT STYLE="color: Red"><STRIKE>17,887,570</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>1,094,379
</U></FONT><FONT STYLE="color: #010101">less the number of Common Shares issuable on exercise of Options outstanding under the Precision
Drilling Second Amended and Restated Stock Option Plan</FONT><FONT STYLE="color: Red"><STRIKE>; provided that</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>and
less</U></FONT> <FONT STYLE="color: #010101">the </FONT><FONT STYLE="color: Red"><STRIKE>maximum</STRIKE></FONT> <FONT STYLE="color: #010101">number
of </FONT><FONT STYLE="color: blue"><U>excersiced Option awards and</U></FONT> <FONT STYLE="color: #010101">Common Shares</FONT> <FONT STYLE="color: Red"><STRIKE>that
may be</STRIKE></FONT> <FONT STYLE="color: #010101">issued </FONT><FONT STYLE="color: Red"><STRIKE>in respect of</STRIKE></FONT><FONT STYLE="color: blue"><U>for
Performance</U></FONT> <FONT STYLE="color: #010101">Share Units and</FONT><FONT STYLE="text-underline-style: double; color: blue"><U>/or
</U></FONT><FONT STYLE="color: #010101">Share Bonuses </FONT><FONT STYLE="color: Red"><STRIKE>is 5,278,000. 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. Common Shares in respect of Options that were granted</STRIKE></FONT><FONT STYLE="color: blue"><U>prior to March 4,
2022. To the extent that any Award (which includes for the purposes of this sentence an award made</U> </FONT><FONT STYLE="color: #010101">under
the Precision Drilling Corporation Second Amended and Restated Stock Option Plan</FONT> <FONT STYLE="color: Red"><STRIKE>that are cancelled
or terminated without having been</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>) is f</U></FONT><U><FONT STYLE="color: blue">orfeited,
terminates, expires or lapses instead of being</FONT></U> <FONT STYLE="color: #010101">exercised</FONT><FONT STYLE="color: blue">, </FONT><FONT STYLE="color: #010101">or
</FONT><FONT STYLE="color: Red"><STRIKE>surrendered shall be available for subsequent issuance under the Plan. If any Share Units or
Share Bonus granted under this Plan are</STRIKE></FONT><FONT STYLE="color: blue"><U>any Award is</U></FONT> <FONT STYLE="color: #010101">settled
</FONT><FONT STYLE="color: Red"><STRIKE>in</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>for </U></FONT><FONT STYLE="color: #010101">cash
or Common Shares purchased </FONT><FONT STYLE="color: Red"><STRIKE>in</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>on
</U></FONT><FONT STYLE="color: #010101">the open market, </FONT><FONT STYLE="color: Red"><STRIKE>expire, terminate or are cancelled for
any reason without being settled in the form of</STRIKE></FONT><FONT STYLE="color: blue"><U>the Common Share(s) subject to such Award
will not be counted as Common Shares issued pursuant to an Award granted under this Plan or issuable on exercise of Options outstanding
under the Precision Drilling Corporation Second Amended and Restated Stock Option Plan. The number of Common Shares available for issuance
under this Plan shall not be reduced by (i) any</U></FONT> <FONT STYLE="color: #010101">Common Shares issued </FONT><FONT STYLE="color: Red"><STRIKE>from
treasury, the Common Shares underlying such Share Units or Share Bonus shall be available for subsequent issuance under this Plan</STRIKE></FONT><FONT STYLE="color: blue"><U>by
the Corporation through the assumption or substitution of outstanding stock options or other equity-based awards from an entity acquired
by the Corporation, or (ii) any Common Shares issued by the Corporation pursuant to an inducement award in accordance with Section 613(c)
of the TSX Company Manual</U></FONT><FONT STYLE="color: #010101">. No fractional Common Shares may be purchased or issued hereunder.</FONT></P>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.9</TD><TD><FONT STYLE="color: #010101">Participation Limits</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">The grant of Awards under
the Plan is subject to the following limitations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="font-size: 10pt; color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">the number of Common Shares that may be (i) issued
to</FONT> <FONT STYLE="color: red"><STRIKE>insiders</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>Insiders</U></FONT>
<FONT STYLE="color: #010101">within any one year period, or (ii) issuable to</FONT> <FONT STYLE="color: red"><STRIKE>insiders</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>Insiders</U></FONT>
<FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 0in">Section 2.&#9;<FONT STYLE="color: #010101">Options</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><B>2.1</B></TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101"><B>Granting of Options</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.75pt 0pt 6pt"><FONT STYLE="color: #010101">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 &#8220;eligible
issuer of service recipient stock&#8221; (as defined in Section 409A of the Code) with respect to such individual. 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. 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.</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>The Option Agreement for any Eligible
Person whose Options may be subject to taxation under the ITA will specify, to the extent applicable, whether such Option (or portion
thereof) is a Non-Qualifying Option.</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.2</TD><TD><FONT STYLE="color: #010101">Vesting of Options</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.75pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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. Subject to the terms of any </FONT><FONT STYLE="color: red"><STRIKE>employment
agreement or executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive Employment Agreement</U> </FONT><FONT STYLE="color: #010101">between
the Participant and the Employer, or the Committee expressly providing to the contrary, a Participant&#8217;s Option shall vest as to
1/3<FONT STYLE="font-size: 10pt">rd </FONT>on each of the first, second and third anniversaries of the Grant Date.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.3</TD><TD><FONT STYLE="color: #010101">Exercise Price</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">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. 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.</P>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.4</TD><TD><FONT STYLE="color: #010101">Option Term; Blackout Period</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 6pt; text-align: justify; color: #010101">Subject to
Section 2.7, each Option must be exercised no later than seven (7) years after the Grant Date or such shorter period as set out in
the Participant&#8217;s Option Agreement (&#8220;<B>Expiry <FONT STYLE="color: #010101">Date</FONT></B><FONT STYLE="color: #010101">&#8221;),
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. Options held by U.S. Taxpayers shall not be extended beyond their original Expiry Date in
a manner that attracts adverse tax consequences.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.5</TD><TD><FONT STYLE="color: #010101">Exercise of Option</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: left; padding-right: 75.8pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: left; padding-right: 76.35pt"><FONT STYLE="color: #010101">pursuant to a broker-assisted cashless exercise, whereby
the Participant shall elect on the Notice of Exercise to receive:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 1.05in"><FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 75.1pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101">a combination of (i) and (ii).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05in 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">Subject
to Section </FONT><FONT STYLE="color: red"><STRIKE>5.13</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>5.15</U></FONT><FONT STYLE="color: #010101">,
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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.6</TD><TD><FONT STYLE="color: #010101">Surrender of Option</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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 <FONT STYLE="color: #010101">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. 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. 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. 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. 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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.7</TD><TD><FONT STYLE="color: #010101">Termination of Employment or Leave of Absence</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 74.85pt"><FONT STYLE="font-size: 10pt; color: #010101"><B>General
                                            Rule. </B>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&#8217;s
                                            </FONT><FONT STYLE="font-size: 10pt; color: Red"><STRIKE>employment agreement or executive
                                            agreement</STRIKE></FONT><FONT STYLE="font-size: 10pt; color: blue"><U>Executive Employment
                                            Agreement</U></FONT><FONT STYLE="font-size: 10pt; color: #010101">, all rights to purchase
                                            Common Shares pursuant to an Option or to surrender such Option shall expire and terminate
                                            immediately upon the Participant&#8217;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, </FONT><FONT STYLE="font-size: 10pt; color: #00C000"><U>or
                                            the Participant resigns</U></FONT><U> <FONT STYLE="font-size: 10pt; color: blue">under circumstances
                                            where facts that could give rise to Cause exist (as reasonably determined by the Committee
                                            at the time of resignation), </FONT></U><FONT STYLE="font-size: 10pt; color: #010101">such
                                            rights shall expire and terminate immediately upon notification being given to the Participant
                                            of such termination for Cause </FONT><FONT STYLE="font-size: 10pt; color: blue"><U>or existence
                                            of facts that could give rise to Cause, and the Participant will not be entitled to any damages
                                            or other amounts in respect of such expiration and termination</U></FONT><FONT STYLE="font-size: 10pt; color: #010101">.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101"><B>Death. </B>If the Participant&#8217;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&#8217;s Expiry Date and the first anniversary of the Participant&#8217;s Termination Date. Any
Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 73.55pt"><FONT STYLE="color: #010101"><B>Disability or Leave of Absence. </B>If the Participant&#8217;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&#8217;s Expiry Date.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101"><B>Retirement. </B>If the Participant&#8217;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&#8217;s Expiry Date and the third anniversary of the Participant&#8217;s Termination Date. Any Option that
remains unexercised or has not been surrendered shall be immediately forfeited upon the termination of such period.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 75.85pt"><FONT STYLE="font-size: 10pt; color: #010101"><B>Resignation.
                                            </B>If the Participant&#8217;s employment with Precision Group terminates by reason of voluntary
                                            resignation</FONT> <FONT STYLE="font-size: 10pt; color: blue"><U>other than a resignation
                                            where facts that could give rise to Cause exist as determined by the Committee pursuant to
                                            Section 2.6(a)</U></FONT><FONT STYLE="font-size: 10pt; color: #010101">, then:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">the unvested part of any Option held by the Participant
shall expire and terminate immediately on the Participant&#8217;s Termination Date; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 72.8pt"><FONT STYLE="color: #010101">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&#8217;s Expiry Date and the 30th day after the Participant&#8217;s Termination Date. Any Option that remains unexercised
or has not been surrendered shall be immediately forfeited upon the termination of such period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="font-size: 10pt; color: #010101"><B>Termination
                                            Without Cause. </B>If the Participant&#8217;s employment with the Precision Group is terminated
                                            by the Employer for any reason other than for Cause</FONT> <FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><U>(</U></FONT><U><FONT STYLE="font-size: 10pt; color: blue">whether
                                            such termination is lawful or unlawful and whether it occurs with or without any or adequate
                                            notice, or with or without compensation in lieu of such notice)</FONT></U><FONT STYLE="font-size: 10pt; color: #010101">,
                                            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&#8217;s Expiry Date and the
                                            30th day after the Participant&#8217;s Termination Date. Any Option that remains unexercised
                                            or has not been surrendered shall be immediately forfeited upon the termination of such period.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(g)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101"><B>Termination Following Change of Control. </B>If
a Change of Control occurs and the Participant&#8217;s employment with the Precision Group is terminated:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 73.65pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 72.95pt"><FONT STYLE="color: #010101">by the Participant as a result of Constructive Dismissal,
provided the event giving rise to the Constructive Dismissal occurs during the Control Period;</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 42pt; text-align: justify; color: #010101">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&#8217;s Expiry Date and the 90th day after the Participant&#8217;s
Termination Date. Any Option that remains unexercised or has not been surrendered shall be immediately forfeited upon the termination
of such period.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 0in">Section 3.&#9;<FONT STYLE="color: #010101">Share
Units</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><B>3.1</B></TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101"><B>Granting of RSUs or PSUs</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; color: #010101">The Board may, from time to time,
grant RSUs or PSUs to Eligible Persons. The grant of an RSU or PSU to an Eligible Person at any time shall neither entitle such
Eligible Person to <FONT STYLE="color: #010101">receive, nor preclude such Eligible Person from receiving, a subsequent grant of an
RSU or PSU. 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 &#8220;<B>Service Year</B>&#8221;). 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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.2</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Number and Type of Share Units</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.3</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Dividend Share Units</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.75pt 0pt 6pt; text-align: justify; color: #010101">When dividends (other
than stock dividends) are paid on Common Shares, additional Share Units (&#8220;<B>Dividend Share Units</B>&#8221;) shall be credited
to a Participant&#8217;s Share Unit Account as of the dividend payment date. The number of Dividend Share Units to be credited to the
Participant&#8217;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. Dividend Share Units credited to a Participant&#8217;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. No Dividend Share Units shall be credited to a Participant&#8217;s
Share Unit Account in respect of dividends paid with respect to a record date that falls after the Participant&#8217;s Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.75pt 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.4</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Share Unit Accounts</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">An account, called
a &#8220;<B>Share Unit Account</B>&#8221;, 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. 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&#8217;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. 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&#8217;s
Share Unit Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.5</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Vesting of RSUs</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">Subject
to the terms of any </FONT><FONT STYLE="color: red"><STRIKE>employment agreement or executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
Employment Agreement</U></FONT> <FONT STYLE="color: #010101">between the Participant and the Employer, or the Committee expressly
providing to the contrary, a Participant&#8217;s RSUs shall vest on the Vesting Date(s). 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 &#8220;salary deferral arrangement&#8221;
contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.15pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.6</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Vesting of PSUs</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">Subject
to the terms of any </FONT><FONT STYLE="color: red"><STRIKE>employment agreement or executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
Employment Agreement</U> </FONT><FONT STYLE="color: #010101">between the Participant and the Employer, or the Committee expressly providing
to the contrary, a Participant&#8217;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 &#8220;salary deferral arrangement&#8221; contained in paragraph (k) of subsection 248(1) of the ITA
or any successor provision thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.7</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Settlement of Share Unit Awards</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>calendar </U></FONT><FONT STYLE="color: #010101">year
following the year in respect of which the Share Unit is granted) (the &#8220;<B>Settlement Date</B>&#8221;), 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, </FONT>(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&#8217;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&#8217;s Share Unit Account shall be cancelled and the Participant or Beneficiary, as
applicable shall have no further rights, title or interest with respect thereto.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.8</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">Termination of Employment or Leave of Absence</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101"><B>General
                                            Rule. </B>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&#8217;s
                                            </FONT><FONT STYLE="color: red"><STRIKE>employment agreement or executive agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
                                            Employment Agreement</U></FONT><FONT STYLE="color: #010101">, upon the Participant terminating
                                            employment with the Precision Group for any reason, all Share Units previously credited to
                                            such Participant&#8217;s Share Unit Account which did not vest on or prior to the Participant&#8217;s
                                            Termination Date shall be terminated and forfeited as of the
Participant&#8217;s Termination Date. All vested Share Units shall be settled in accordance with Section 3.7.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 42pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 42pt"><FONT STYLE="color: #010101"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="color: #010101"><B>Treatment
                                            Upon Termination with Cause. </B>If the Participant&#8217;s employment with the Precision
                                            Group is terminated for Cause, all Share Units previously credited to such Participant&#8217;s
                                            Share Unit Account, whether vested or unvested, shall be terminated and forfeited as of the
                                            Participant&#8217;s Termination Date</FONT><FONT STYLE="color: blue"><U>, and the Participant
                                            will not be entitled to any damages or other amounts in respect of such termination and forfeiture</U></FONT><FONT STYLE="color: #010101">.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 75.05pt"><FONT STYLE="color: #010101"><B>Treatment
                                            Upon Death or Termination Without Cause. </B>If the Participant&#8217;s employment with the
                                            Precision Group ceases by reason of the death of the Participant or the Participant&#8217;s
                                            employment is terminated by the Employer for any reason other than for Cause</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>(whether
                                            such termination is lawful or unlawful and whether it occurs with or without any or adequate
                                            notice, or with or without compensation in lieu of such notice)</U></FONT><FONT STYLE="color: #010101">,
                                            a portion of the Participant&#8217;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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101"><B>Treatment of RSUs During Leave of Absence. </B>For
the period during which a Participant is on a Leave of Absence, a portion of the Participant&#8217;s RSUs (and related Dividend Share
Units) previously credited to such Participant&#8217;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.</FONT></TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(e)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101"><B>Treatment of PSUs During Leave of Absence. </B>For
the period during which a Participant is on a Leave of Absence, a portion of the Participant&#8217;s PSUs (and related Dividend Share
Units) previously credited to such Participant&#8217;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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 42pt; text-align: justify"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.05pt 0pt 42pt; text-align: justify"><FONT STYLE="color: #010101"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(f)</TD><TD STYLE="text-align: left; padding-right: 75.55pt"><FONT STYLE="color: #010101"><B>Termination Following Change of Control. </B>If a
Change of Control occurs and the Participant&#8217;s employment with the Precision Group is terminated:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 73.65pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 72.95pt"><FONT STYLE="color: #010101">by the Participant as a result of Constructive Dismissal,
provided the event giving rise to the Constructive Dismissal occurs during the Control Period;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.15pt 0pt 42pt; text-align: justify"><FONT STYLE="color: #010101">then,
unless otherwise determined by the Board prior to the Change of Control, a portion of the Participant&#8217;s unvested Share Units will
vest as of the Participant&#8217;s 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 (based on the level of achievement of any
Performance Vesting Conditions up to the Termination Date</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>and to the
extent any Performance Vesting Conditions cannot be determined as of the Termination Date, the Board shall assume that target performance
was achieved with respect to any Performance Vesting Conditions</U></FONT><FONT STYLE="color: #010101">). 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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0in">Section 4. <FONT STYLE="color: #010101">Share
Bonus</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6pt; text-align: right"></TD><TD STYLE="width: 36pt"><B>4.1</B></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101"><B>Share Bonus</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.45pt 0pt 6pt; text-align: justify; color: #010101">The Board may in
its discretion, settle an STIP Award in whole or in part in Common Shares (a &#8220;<B>Share Bonus</B>&#8221;) 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&#8217;s Short-Term Incentive Plan.</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0in">Section 5. <FONT STYLE="color: #010101">General</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><B>5.1</B></TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101"><B>Capital Adjustments</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76pt 0pt 6pt; text-align: justify; color: #010101">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&#8217;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&#8217; 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. Notwithstanding anything in this Plan to the contrary, all adjustments made pursuant to this Section 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.2</TD><TD><FONT STYLE="color: #010101">Substitution Event</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.1pt 0pt 6pt; text-align: justify; color: #010101">Upon the occurrence
of a Substitution Event or a Permitted Reorganization, the surviving or acquiring entity (the &#8220;<B>Continuing Entity</B>&#8221;)
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. 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. 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 &#8220;salary deferral arrangement&#8221;
contained in paragraph (k) of subsection 248(1) of the ITA or any successor provision thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">In the event that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 73.2pt"><FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">the Board determines, acting reasonably, that such
substitution or replacement is not practicable;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">the Board determines, acting reasonably, that such
substitution or replacement would give rise to adverse tax results, under the ITA or the Code; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="font-size: 10pt; color: #010101">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;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.3pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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.
</FONT><FONT STYLE="color: red"><STRIKE>Any</STRIKE></FONT><FONT STYLE="color: blue"><U>Where it is determined that any of the criteria
outlined in (i), (ii), (iii) or (iv) above have been met, any</U></FONT> <FONT STYLE="color: #010101">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&#8217;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&#8217;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 &#8220;Change of Control&#8221; in
Section 3.8(f) shall be read as &#8220;Substitution Event or Permitted Reorganization, as applicable&#8221;. </FONT><FONT STYLE="color: red"><STRIKE>Any
</STRIKE></FONT><FONT STYLE="color: blue"><U>Where it is determined that any of the criteria outlined in (i), (ii), (iii) or (iv) above
have been met, any</U> </FONT><FONT STYLE="color: #010101">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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">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 &#8220;Fair Market Value&#8221; 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.3</TD><TD><FONT STYLE="color: #010101">Amendment and Termination</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left; padding-right: 75.55pt"><FONT STYLE="font-size: 10pt; color: blue"><U>Subject
                                            to Section 5.3(b), the</U></FONT> <FONT STYLE="font-size: 10pt; color: #010101">Board may</FONT><FONT STYLE="font-size: 10pt; color: blue"><U>,
                                            without shareholder approval,</U></FONT> <FONT STYLE="font-size: 10pt; color: #010101">amend
                                            or suspend any provision of the Plan</FONT><FONT STYLE="font-size: 10pt; color: Red">, </FONT><FONT STYLE="font-size: 10pt; color: #010101">or
                                            </FONT><FONT STYLE="font-size: 10pt; color: Red"><STRIKE>terminate this Plan, at</STRIKE></FONT>
                                            <FONT STYLE="font-size: 10pt; color: #010101">any</FONT> <FONT STYLE="font-size: 10pt; color: blue"><U>Award
                                            granted hereunder, or terminate this Plan, at any</U></FONT> <FONT STYLE="font-size: 10pt; color: #010101">time,
                                            </FONT><FONT STYLE="font-size: 10pt; color: Red"><STRIKE>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</STRIKE></FONT>
                                            <FONT STYLE="font-size: 10pt; color: #010101">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. 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.</FONT> <FONT STYLE="font-size: 10pt; color: #00C000"><STRIKE>Without
                                            limiting the generality of the foregoing,</STRIKE></FONT><STRIKE> <FONT STYLE="font-size: 10pt; color: Red">the
                                            Board may make the following types of amendments</FONT></STRIKE><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><U>Amendments
                                            </U></FONT><FONT STYLE="font-size: 10pt; color: #010101">to</FONT> <FONT STYLE="font-size: 10pt; color: Red"><STRIKE>this</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><U>the
                                            </U></FONT><FONT STYLE="font-size: 10pt; color: #010101">Plan</FONT> <FONT STYLE="font-size: 10pt; color: Red"><STRIKE>or</STRIKE></FONT><FONT STYLE="font-size: 10pt; color: blue"><U>shall
                                            be subject to</U> </FONT><FONT STYLE="font-size: 10pt; color: #010101">any </FONT><FONT STYLE="font-size: 10pt; color: Red"><STRIKE>Awards
                                            without seeking security holder</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><U>required
                                            </U></FONT><FONT STYLE="font-size: 10pt; color: #010101">approval</FONT><FONT STYLE="font-size: 10pt; color: Red">:</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="font-size: 10pt"><STRIKE>amendments
                                            of a &#8220;housekeeping&#8221; 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;</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: left; padding-right: 75.95pt"><FONT STYLE="color: red"><STRIKE>amendments necessary to comply with the provisions
of applicable law (including, without limitation, the rules, regulations and policies</STRIKE></FONT> <FONT STYLE="color: #010101">of
the TSX</FONT><FONT STYLE="color: red"><STRIKE>);</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><STRIKE>(iii)</STRIKE></TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><STRIKE>amendments necessary for Awards to qualify for favorable treatment under
applicable tax laws;</STRIKE></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><STRIKE>(iv)</STRIKE></TD><TD STYLE="text-align: left"><STRIKE>amendments to the vesting provisions of this Plan or any Award;</STRIKE></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt"><STRIKE>(v)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="font-size: 10pt"><STRIKE>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;</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt"><STRIKE>(vi)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 74.35pt"><FONT STYLE="font-size: 10pt"><STRIKE>amendments
to the termination or early termination provisions of this Plan</STRIKE> 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 <STRIKE>date of the Award; and</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(vii)</STRIKE></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: red"><STRIKE>amendments necessary to suspend or terminate this Plan</STRIKE></FONT><FONT STYLE="color: #010101">.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 24pt">(b)</TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101">Security holder approval will be required for the following types of amendments:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(i)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="color: blue"><U>(i)
                                            </U></FONT><FONT STYLE="color: #010101">any amendment to increase the maximum number of Common
                                            Shares issuable under this Plan, other than pursuant to Section 5.1;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(ii)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="text-underline-style: double; color: blue"><U>(ii)</U></FONT> <FONT STYLE="color: #010101">any
amendment to this Plan that increases the length of the period after a Blackout Period during which Options may be exercised;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(iii)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="text-underline-style: double; color: blue"><U>(iii)</U></FONT> <FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(iv)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.45pt"><FONT STYLE="color: blue"><U>(iv</U>) </FONT><FONT STYLE="color: #010101">any
amendment that would permit the introduction of non-employee directors as Eligible Persons;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(v)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="text-underline-style: double; color: blue"><U>(v)</U></FONT> <FONT STYLE="color: #010101">any
amendment to remove or to exceed the insider participation limit set out in Section 1.9(c);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(vi)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 74.6pt"><FONT STYLE="text-underline-style: double; color: blue"><U>(vi)</U></FONT> <FONT STYLE="color: #010101">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 5.1 or 5.2;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(vii)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="text-underline-style: double; color: blue"><U>(vii)</U></FONT> <FONT STYLE="color: #010101">any
amendment extending the term of an Option beyond the original Expiry Date, except as provided in Section 2.4;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt"><STRIKE>(viii)</STRIKE></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><STRIKE>any
amendment to the amendment provisions;</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: red"><STRIKE>(ix)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: blue"><U>(viii)
                                            </U></FONT><FONT STYLE="color: #010101">any amendment which would allow for the transfer
                                            or assignment of Awards under this Plan, other than for normal estate settlement purposes;
                                            and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt"><STRIKE>(x)</STRIKE></FONT></TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="font-size: 10pt"><STRIKE>amendments
                                            required to be approved by security holders under applicable law (including the rules, regulations
                                            and policies of the TSX)</STRIKE></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>(ix)</U></FONT></TD><TD STYLE="padding-right: 75.65pt"><FONT STYLE="color: blue"><U>any
                                            amendment to the amendment provisions that will increase the Board&#8217;s authority to amend
                                            the Plan without shareholder approval</U></FONT><U><FONT STYLE="color: #010101">.</FONT></U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.4</TD><TD><FONT STYLE="color: #010101">Clawback</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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, </FONT><FONT STYLE="color: blue"><U>including the Corporation&#8217;s Compensation
Recoupment Policy dated February 8, 2017,</U></FONT> <FONT STYLE="color: #010101">will be subject to such deductions and clawbacks as
may be required pursuant to such laws, stock exchange listing requirements or policy</FONT> <FONT STYLE="color: blue"><U>(as they may
be amended from time to time)</U></FONT><FONT STYLE="color: #010101">.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.5</TD><TD><FONT STYLE="color: #010101">Non-Exclusivity</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.6</TD><TD><FONT STYLE="color: #010101">Unfunded Plan</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">This Plan shall
be unfunded and the Corporation will not secure its obligations hereunder. 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.</P>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.7</TD><TD><FONT STYLE="color: #010101">Successors and Assigns</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.2pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.8</TD><TD><FONT STYLE="color: #010101">Transferability of Awards</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.45pt 0pt 6pt; text-align: justify; color: #010101">Rights of a Participant
respecting Awards shall not be transferable or assignable, except by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.45pt 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.45pt 0pt 6pt; text-align: justify; color: #010101"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6pt; text-align: right"></TD><TD STYLE="width: 36pt">5.9</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">No
                                            Special Rights</FONT> <FONT STYLE="text-underline-style: double; color: blue"><U>and Cessation
                                            of Vesting and Eligibility for Awards following Termination</U></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.6pt 0pt 6pt"><FONT STYLE="color: #010101">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&#8217;s employment
by the Precision Group or interfere in any way with the right of any Employer at any time to terminate a Participant&#8217;s employment
or to increase or decrease the compensation of a Participant.&#9;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. Participation in the Plan by an Eligible Person shall be voluntary. </FONT><FONT STYLE="color: blue"><U>A Participant&#8217;s
eligibility to be granted any Award under the Plan ceases on the Termination Date.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">The
Participant&#8217;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. </FONT><FONT STYLE="color: #00C000"><U>Without
limiting the generality of the foregoing, </U></FONT><U><FONT STYLE="color: blue">except if and as required to comply with applicable
minimum requirements contained in ESL, the Participant is not eligible for continued vesting of any Award during any period in which
the Participant receives, or claims to be entitled to receive, any compensatory payments or damages in lieu of notice of termination
pursuant to contract, common law or civil law, and the Participant will not be entitled to any damages or other compensation in respect
of any Award that does not vest or is not awarded due to termination as of the Termination Date of the Participant&#8217;s employment
with its Employer for any reason. The Plan displaces any and all common law and civil law rights the Participant may have or claim to
have in respect of any Awards, including any right to damages. The foregoing shall apply, regardless of: (i) the reason for the termination
of Participant&#8217;s employment; (ii) whether such termination is lawful or unlawful, with or without Cause; (iii) whether it is the
Participant or the Employer that initiates the termination; and (iv) any fundamental changes, over time, to the terms and conditions
applicable to the Participant&#8217;s employment.</FONT></U></P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.10</TD><TD><FONT STYLE="color: #010101">Other Employee Benefits</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><B><U>5.11</U></B></TD><TD STYLE="text-align: left"><B><U>Employment with an Entity in the Precision Group</U></B></TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>Notwithstanding
Section 2.7 and 3.8, unless the Board, in its discretion, otherwise determines, at any time and from time to time, Awards are not affected
by a change of employment within or among the Precision Group for so long as the Participant continues to be an Employee of an entity
in the Precision Group.</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: blue"><B><U>5.12</U></B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt; color: blue"><B><U>Compliance
with Employment Standards</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>It is
understood and agreed that all provisions of the Plan are subject to all applicable minimum requirements of ESL and it is the intention
of the Corporation and the other entities of the Precision Group to comply with the minimum applicable requirements contained in ESL.
Accordingly, the Plan shall: (a) not be interpreted as in any way waiving or contracting out of ESL, and (b) be interpreted to achieve
compliance with ESL. In the event that ESL provides for a superior right or entitlement upon termination of employment or otherwise (&#8220;Statutory
Entitlements&#8221;) than provided for under the Plan, the Participant shall be provided with the Participant&#8217;s minimum Statutory
Entitlements in substitution for the Participant&#8217;s rights under the Plan. There shall be no presumption of strict interpretation
against the Precision Group.</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.13</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.11</STRIKE></FONT> <FONT STYLE="color: #010101">Withholding Taxes</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">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&#8217;s
tax laws within the periods specified in those laws as a result of the Participant&#8217;s participation in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 6pt; text-align: justify; color: #010101">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. In connection with the issuance of Common Shares pursuant to this Plan,
a Participant shall, at the Participant&#8217;s discretion:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.95pt"><FONT STYLE="color: #010101">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;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">make other arrangements acceptable to the Corporation
to fund the Applicable Withholding Taxes.</FONT></TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.14</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.12</STRIKE></FONT> <FONT STYLE="color: #010101">No Liability</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.15</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.13</STRIKE></FONT> <FONT STYLE="color: #010101">Government Regulation and Grant Restrictions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">The
Corporation&#8217;s obligation to issue and deliver Common Shares under any Award is subject to: (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 <FONT STYLE="color: #010101">determines
to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. 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. 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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.16</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.14</STRIKE></FONT> <FONT STYLE="color: #010101">Participant Information</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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) required in order to administer the Plan (the &#8220;<B>Participant Information</B>&#8221;).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.3pt"><FONT STYLE="color: #010101">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</FONT> <FONT STYLE="color: red"><STRIKE>5.14</STRIKE></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>5.16</U></FONT><FONT STYLE="color: #010101">(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.</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.17</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.15</STRIKE></FONT> <FONT STYLE="color: #010101">Priority of Agreements</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">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. 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&#8217;s </FONT><FONT STYLE="color: red"><STRIKE>employment agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive
Employment Agreement</U></FONT> <FONT STYLE="color: #010101">with the Employer, on the other hand, the provisions of the </FONT><FONT STYLE="color: red"><STRIKE>employment
agreement</STRIKE></FONT><FONT STYLE="color: blue"><U>Executive Employment Agreement (provided that it has been approved by the Board)
</U></FONT><FONT STYLE="color: #010101">shall prevail.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.18</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.16</STRIKE></FONT> <FONT STYLE="color: #010101">Severability</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">The invalidity or
unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or
unenforceable provision shall be severed from the Plan.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt; color: blue"><B><U>5.19</U></B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt; color: blue"><B><U>Electronic
Delivery</U></B></FONT></TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.9pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>The
Corporation may from time to time establish procedures for (i) the electronic delivery of any documents that the Corporation may elect
to deliver (including, but not limited to, plan documents, award notices and agreements, and all other forms of communications) in connection
with any award made under the Plan, (ii) the receipt of electronic instructions from Participants and/or (iii) an electronic signature
system for delivery and acceptance of any such documents. Compliance with such procedures shall satisfy any requirement to provide documents
in writing and/or for a document to be signed or executed.</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="color: blue"><U>5.20</U></FONT></TD><TD><FONT STYLE="color: red"><STRIKE>5.17</STRIKE></FONT> <FONT STYLE="color: #010101">Effective Date</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.95pt 0pt 6pt; text-align: justify"><FONT STYLE="color: Red"><STRIKE>This
Plan applies to Awards granted hereunder</STRIKE></FONT><FONT STYLE="color: blue"><U>Approved by the Board</U> </FONT><FONT STYLE="color: #010101">on
</FONT><FONT STYLE="color: Red"><STRIKE>and after</STRIKE></FONT> <FONT STYLE="color: #010101">February 8</FONT><FONT STYLE="text-underline-style: double"><U><FONT STYLE="color: blue">, 2017.</FONT></U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>Approved
by the shareholders on May 17</U></FONT><FONT STYLE="color: #010101">, 2017</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76.1pt 0pt 6pt; text-align: justify"><FONT STYLE="color: blue"><U>Amended
and Restated Plan approved by the Board on March 4, 2022 [and by the shareholders on May <FONT STYLE="font-family: Wingdings"><B>l</B></FONT>,
2022.]</U></FONT><U><FONT STYLE="color: #010101">.</FONT></U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 193.65pt 0pt 127.75pt; text-align: center; text-indent: -0.15pt"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 193.65pt 0pt 127.75pt; text-align: center; text-indent: -0.15pt"><FONT STYLE="color: #010101">ADDENDUM
FOR U.S. TAXPAYERS PRECISION DRILLING CORPORATION OMNIBUS EQUITY INCENTIVE PLAN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>For the purposes of this Addendum, &#8220;Payment Date&#8221; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.8pt 0pt 6pt; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.05pt 0pt 6pt; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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&#8217;s Share Unit Account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.5pt 0pt 6pt; text-align: justify; text-indent: 0in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision in the Plan to the contrary, if the Participant is a &#8220;specified employee&#8221; on his
or her Termination Date and the Payment Date for such Participant&#8217;s Share Units is the Participant&#8217;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; text-indent: 0in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>It is the Corporation&#8217;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. &sect; 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 &#8220;salary deferral arrangement&#8221; contained in paragraph (k) of subsection 248(1) of the ITA or any successor
provision thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt">&nbsp;</P>


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<P STYLE="margin: 0pt 0; font-size: 10pt"><U><FONT STYLE="color: blue"></FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.25pt 0pt 6pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.5pt 0pt 6pt; text-align: justify; text-indent: 0in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.75pt 0pt 6pt; text-align: justify; text-indent: 0in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>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.</P>

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

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

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

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

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

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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 220.85pt 0pt 175.55pt; text-indent: 25.55pt; color: #010101"></P>

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<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #010101">SCHEDULE
A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">OPTION AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.5pt 0pt 6pt; text-align: justify; color: #010101">Precision Drilling
Corporation (the &#8220;<B>Corporation</B>&#8221;) hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive
Plan Grants</I> letter (the &#8220;<B>Award Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions
of this Option Agreement (&#8220;<B>Option Agreement</B>&#8221;), together with the provisions of the Corporation&#8217;s Omnibus Equity
Incentive Plan, as may be amended from time to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.85pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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 Options pursuant to the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05in 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">For a copy of the Plan
text please contact any member of the HR team.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><B><U>ACKNOWLEDGEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">The Participant acknowledges that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">I have not been induced to enter into this Option
Agreement by expectation of employment or continued employment with the Precision Group.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 75.95pt"><FONT STYLE="color: #010101">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. <B>I should confirm
the tax treatment with my own tax advisor.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify; padding-right: 76.1pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify; padding-right: 74.85pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: left; padding-right: 72.85pt"><FONT STYLE="color: #010101">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 &#8220;<B>Clawback Policy</B>&#8221;). I agree and consent to the Corporation&#8217;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. To the extent that the terms of this Option
Agreement and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify; padding-right: 75.45pt"><FONT STYLE="color: #010101">I acknowledge that the exercise or surrender of Options
granted hereunder is conditional upon my compliance with Section 9 of this Option Agreement. 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.
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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify; padding-right: 72.7pt"><FONT STYLE="color: #010101">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:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.55pt 0pt 42pt; text-align: justify; color: #010101">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify; padding-right: 73pt"><FONT STYLE="color: #010101">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. 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: justify; padding-right: 75.2pt"><FONT STYLE="color: #010101">The Board may at any time waive all or part of the
application of Section 9 of this Option Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify; padding-right: 74.7pt"><FONT STYLE="color: #010101">The Options are not intended to qualify as &#8220;incentive
stock options&#8221; under Section 422 of the Code. <B>[NTD: Only necessary to include for U.S. Taxpayers.]</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; color: #010101">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 <B><I>clicking &#8220;Accept&#8221;</I></B>.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 0in; color: #010101">PRECISION DRILLING CORPORATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">Per:</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 239.4pt 0pt 174.2pt; text-indent: 27.1pt; color: #010101"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">SCHEDULE
B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">NOTICE OF EXERCISE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 357.4pt 0pt 6pt; color: #010101">To:&#9;Precision Drilling Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 357.4pt 0pt 6pt; color: #010101">Attention:&#9;<B>[Secretary]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.45pt 0pt 6pt"><FONT STYLE="color: #010101">I,
______________________________ hereby exercise an Option to purchase _____________ Common Shares of Precision Drilling Corporation
(the &#8220;<B>Corporation</B>&#8221;) at an Exercise Price of $______ per Common Share. This Notice of Exercise is delivered in
respect of the Option that was granted to me on&#9;under the Corporation&#8217;s Omnibus Equity Incentive Plan (the
&#8220;<B>Plan</B>&#8221;). Capitalized terms used but not otherwise defined herein have the meanings set out in the Plan. In
connection with the foregoing: (tick one)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">I enclose cash, a certified cheque, bank draft or money order payable
                                                                            to the Corporation in the amount of $____________ (which reflects the aggregate Exercise Price of the Common Shares) plus the amount
                                                                            of $____________ (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;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"><FONT STYLE="color: #010101"></FONT></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">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;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"><FONT STYLE="color: #010101"></FONT></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">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</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"><FONT STYLE="color: #010101"></FONT></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: #010101">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.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; color: #010101">Capitalized terms used but not otherwise
defined in this Notice of Exercise shall have the meaning set out in the Plan.</P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Date</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Signature of Participant</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 40%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name of Participant (Please Print)</TD></TR>
  </TABLE>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 245.5pt 0pt 187.9pt; text-indent: 13.2pt; color: #010101"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">SCHEDULE
C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">PSU AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.5pt 0pt 6pt; text-align: justify; color: #010101">Precision Drilling
Corporation (the &#8220;<B>Corporation</B>&#8221;) hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive
Plan Grants</I> letter (the &#8220;<B>Award Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions
of this agreement (&#8220;<B>PSU Agreement</B>&#8221;), together with the provisions of the Corporation&#8217;s Omnibus Equity Incentive
Plan, as may be amended from time to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; text-indent: 0in; color: blue"><U>Grant
Date:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: blue"><B><U>Number of PSU Awarded:</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: blue"><B><U>US/CA Award:</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: blue"><B><U>Vesting Schedule</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: blue"><B><U>Performance Vesting
Conditions:</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101"><B>Performance Period:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: red"><B><STRIKE>Performance Peer
Group:</STRIKE></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.8pt 0pt 6pt; text-align: justify"><FONT STYLE="color: #010101">On the
Vesting Date, the number of PSUs that shall vest shall equal the number of PSUs credited to the Participant&#8217;s Share Unit Account
(including related Dividend Share Units credited pursuant to Section 3.3 of the Plan) multiplied by the Performance Multiplier</FONT><FONT STYLE="color: blue">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt; color: red"><STRIKE>Unless otherwise determined by the
Committee, the Performance Multiplier will be determined as follows:</STRIKE></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; text-decoration: line-through">
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>Total Shareholder Return (&quot;TSR&quot;) Performance Multiplier:</B></P>

</TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">75% or higher ranking among peer group:</P>
</TD>
  <TD STYLE="width: 50%"><P><FONT STYLE="color: Red">2.0 times payout</FONT></P>
</TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">50% (median) ranking among peer group:</P>
</TD>
  <TD><P><FONT STYLE="color: Red">1.0 times payout</FONT></P>
</TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">35% ranking among peer group:</P>
</TD>
  <TD><FONT STYLE="color: Red">0.4 times payout</FONT></TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">Below 35% ranking among peer group:</P>
</TD>
  <TD><FONT STYLE="color: Red">0 payout</FONT></TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><I>TSR percentile rankings above, below and between the payout levels shown above will be</I></P>

</TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><I>determined by the Committee in its sole discretion, acting reasonably, having regard, if</I></P>

</TD></TR>
<TR STYLE="background-color: rgb(255,204,204); vertical-align: top; text-align: left">
  <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><I>determined applicable by the Committee, to principles of linear interpolation.</I></P>

</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.3pt 0pt 6pt; text-align: justify; color: red"><STRIKE>The Corporation&#8217;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). The Corporation&#8217;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).</STRIKE></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.3pt 0pt 6pt; text-align: justify; color: red"><STRIKE></STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.1pt 0pt 6pt; text-align: justify; color: red"><STRIKE>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. 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</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.65pt 0pt 6pt"><FONT STYLE="color: blue"><U>The Performance Multiplier
is approved by the Board and shall be determined based on the degree to which the</U></FONT><U> <FONT STYLE="color: #00C000">Performance
Vesting Conditions </FONT><FONT STYLE="color: blue">set out above have been satisfied</FONT><FONT STYLE="color: #010101">.</FONT></U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.55pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 74.75pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05in 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">For a copy of the Plan
text please contact any member of the HR team.</P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><B><U>ACKNOWLEDGEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">The Participant acknowledges that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101">I _______ am / _______ am not <B>[check appropriate box] </B>a U.S.
                                                           Taxpayer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 75.85pt"><FONT STYLE="color: #010101">I have not been induced to enter into this PSU Agreement
by expectation of employment or continued employment with the Precision Group.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 1.05in"><FONT STYLE="color: #010101">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. <B>I should confirm the tax treatment with my own tax advisor.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify; padding-right: 1.05in"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify; padding-right: 76.05pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify; padding-right: 75.5pt"><FONT STYLE="color: #010101">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>Corporation or Employer settle my vested Share Units under
the Plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: left; padding-right: 75.7pt"><FONT STYLE="color: #010101">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 &#8220;<B>Clawback Policy</B>&#8221;). I agree and consent to the Corporation&#8217;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. To the extent that the terms of this PSU Agreement
and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75pt 0pt 42pt; text-align: left; color: #010101"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 42pt; text-align: justify; color: #010101"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 42pt; text-align: justify; color: #010101"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: left; padding-right: 72.45pt"><FONT STYLE="color: #010101">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. 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. 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify; padding-right: 75.1pt"><FONT STYLE="color: #010101">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&#8217;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:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.55pt 0pt 42pt; text-align: justify; color: #010101">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.55pt 0pt 42pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.55pt 0pt 42pt; text-align: justify; color: #010101"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">13.</TD><TD STYLE="text-align: justify; padding-right: 75.2pt"><FONT STYLE="color: #010101">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. 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.</FONT></TD></TR></TABLE>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">14.</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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). 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">15.</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">The Committee may at any time waive all or part of
the application of Section 12 of this PSU Agreement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 55.45pt 0pt 6pt; color: #010101">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 <B><I>clicking &quot;Accept&quot;.</I></B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in; color: #010101">PRECISION DRILLING CORPORATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">Per:</P>

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

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

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

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


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 245.5pt 0pt 2.6in; text-indent: 13.9pt; color: #010101"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">SCHEDULE
D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">RSU AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.5pt 0pt 6pt; text-align: justify; color: #010101">Precision Drilling
Corporation (the &#8220;<B>Corporation</B>&#8221;) hereby grants the Participant the award as outlined in the <I>20&#9632; Long-Term Incentive
Plan Grants</I> letter (the &#8220;<B>Award Letter</B>&#8221;), in accordance with and subject to the terms, conditions and restrictions
of this agreement (&#8220;<B>RSU Agreement</B>&#8221;), together with the provisions of the Corporation&#8217;s Omnibus Equity Incentive
Plan, as may be amended from time to time (the &#8220;<B>Plan</B>&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 73.45pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.7pt 0pt 6pt; text-align: justify; color: #010101">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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">For a copy of the Plan
text please contact any member of the HR team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101">&nbsp;</P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify; color: #010101"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><B><U>ACKNOWLEDGEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">The Participant acknowledges that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: left"><FONT STYLE="color: #010101">I _______ am / _______ am not <B>[check appropriate box] </B>a U.S.
                                                           Taxpayer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify; padding-right: 75.7pt"><FONT STYLE="color: #010101">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 the event of any conflict between the terms of the Plan and this
RSU Agreement, the terms of the Plan will govern and prevail.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify; padding-right: 75.85pt"><FONT STYLE="color: #010101">I have not been induced to enter into this RSU Agreement
by expectation of employment or continued employment with the Precision Group.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify; padding-right: 1.05in"><FONT STYLE="color: #010101">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. <B>I should confirm the tax treatment with my own tax advisor.</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify; padding-right: 1.05in"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify; padding-right: 75.65pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify; padding-right: 76.05pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify; padding-right: 75.9pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify; padding-right: 75.5pt"><FONT STYLE="color: #010101">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 Corporation or Employer to settle my vested Share Units under
the Plan.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: left; padding-right: 75.7pt"><FONT STYLE="color: #010101">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 &#8220;<B>Clawback Policy</B>&#8221;). I agree and consent to the Corporation&#8217;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. To the extent that the terms of this RSU Agreement
and the Clawback Policy conflict, then the terms of the Clawback Policy shall prevail.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75pt 0pt 0; text-align: right; color: #010101"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.5pt 0pt 42pt; text-align: justify; color: #010101"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: left; padding-right: 72.45pt"><FONT STYLE="color: #010101">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. 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. 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify; padding-right: 75.1pt"><FONT STYLE="color: #010101">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&#8217;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:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 75.55pt"><FONT STYLE="color: #010101">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</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 75.8pt"><FONT STYLE="color: #010101">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 75.55pt 0pt 42pt; text-align: justify; color: #010101">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.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">13.</TD><TD STYLE="text-align: justify; padding-right: 75.2pt"><FONT STYLE="color: #010101">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. 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">14.</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">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). 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 36pt">15.</TD><TD STYLE="text-align: justify; padding-right: 75.75pt"><FONT STYLE="color: #010101">The Committee may at any time waive all or part of
the application of Section 12 of this RSU Agreement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 55.45pt 0pt 6pt; color: #010101">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 <B><I>clicking &quot;Accept&quot;.</I></B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: 0in; color: #010101">PRECISION DRILLING CORPORATION</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; color: #010101">Per:</P>

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


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">- 3 -</P>


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