<SEC-DOCUMENT>0000917225-13-000027.txt : 20130620
<SEC-HEADER>0000917225-13-000027.hdr.sgml : 20130620
<ACCEPTANCE-DATETIME>20130620170415
ACCESSION NUMBER:		0000917225-13-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130618
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130620
DATE AS OF CHANGE:		20130620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		13925023

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
</SEC-HEADER>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): June 18, 2013</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

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

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    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Colorado</FONT><BR>
<FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation or organization) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">001-32978</FONT><BR>
<FONT STYLE="font-size: 10pt">(Commission</FONT><BR>
<FONT STYLE="font-size: 10pt">File Number) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">84-1285791</FONT><BR>
<FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">4251 Kipling Street, Suite
390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices)</P>

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    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(303) 534-1030</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD></TR>
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    <TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>ITEM 5.02</B></FONT></TD>
    <TD STYLE="width: 87%; padding-bottom: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 18, 2013 our shareholders approved
the 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock and Incentive Plan (the (&ldquo;2013 Plan&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Description of the 2013 Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following is a summary of the principal
features of the 2013 Plan, which is qualified in its entirety by reference to the 2013 Plan. A copy of the 2013 Plan is filed herewith
as Exhibit 99.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2013 Plan permits the granting of cash and
equity-based awards to our directors, officers, employees, consultants, independent contractors and affiliates.&nbsp;&nbsp;Equity-based
awards are determined by the Committee and are granted only in compliance with applicable laws and regulatory policy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The 2013 Plan is administered by the Board of
Directors, or a committee appointed by the Board of Directors, which we refer to herein as the &ldquo;Committee.&rdquo;&nbsp;The
2013 Plan will initially be administered by the Board of Directors as a whole, although with respect to certain awards it is expected
that the Compensation Committee will provide input and recommendations to the Board of Directors. The Committee will administer
the 2013 Plan and will have full power and authority to determine when and to whom awards will be granted, and the type, amount,
form of payment and other terms and conditions of each award, consistent with the provisions of the 2013 Plan. In addition, the
Committee can specify whether, and under what circumstances, awards to be received under the 2013 Plan or amounts payable under
such awards may be deferred automatically or at the election of either the holder of the award or the Committee.&nbsp;&nbsp;Subject
to the provisions of the 2013 Plan, the Committee may amend or waive the terms and conditions, or accelerate the exercisability,
of an outstanding award. The Committee has authority to interpret the 2013 Plan and establish rules and regulations for the administration
of the 2013 Plan.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Committee may delegate certain powers and
duties under the 2013 Plan to an administrator, (the &ldquo;Administrator&rdquo;) who may be an officer or one or more directors
(including a director who is also an officer of the Company), except that the Committee may not delegate its powers to grant awards
to executive officers or directors who are subject to Section&nbsp;16 of the Exchange Act, or in a way that would violate Section&nbsp;162(m)
of the Code. The Board may also exercise the powers of the Committee at any time, so long as its actions would not violate Section&nbsp;162(m)
of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Natural persons who are an employee, officer,
consultant, independent contractor or director providing services to the Company or any of its affiliates, who are selected by
the Committee, are eligible to receive an award under the 2013 Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">As of April 29, 2013, three officers, 15 employees
(including the three officers), and four non-employee directors of the Company were considered to be within the group of eligible
persons who could receive awards under the 2013 Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Shares Available For Awards</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The aggregate number of shares of our common
stock that may be issued under all equity-based awards made under the 2013 Plan is 1,750,000 shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event a change, such as a stock split,
is made in our capitalization which results in an exchange or other adjustment of each share of common stock for or into a greater
or lesser number of shares, appropriate adjustments will be made to unvested Awards in the number of shares subject to each <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
outstanding
option or other awards in order to prevent dilution or enlargement of the benefits or potential benefits intended to be provided
under the 2013 Plan. &nbsp;The Committee also may make provisions for adjusting the number of Awards in the event we effect one
or more reorganizations, recapitalizations, rights offerings, or other increases or reductions of shares of our outstanding common
stock.&nbsp;&nbsp;Awards may provide that in the event of the dissolution or liquidation of the Company, a corporate separation
or division or the merger or consolidation of the Company, the holder may exercise the Award on such terms as it may have been
exercised immediately prior to such dissolution, corporate separation or division or merger or consolidation; or in the alternative,
the Committee may provide that each Award granted under the 2013 Plan shall terminate as of a date fixed by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If an Award is terminated without the issuance
of any shares or if shares covered by an award are not purchased or are forfeited, then the shares previously set aside for such
award will be available for future awards under the 2013 Plan.&nbsp;&nbsp;If an Award is payable only in cash and does not entitle
the holder to receive or purchase shares and is settled in cash then the Award will not be counted against the aggregate number
of shares available under the 2013 Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Types of Awards and Terms and Conditions</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The 2013 Plan permits the granting of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">stock options (including both incentive and non-qualified stock options);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">stock appreciation rights (&ldquo;SARs&rdquo;); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">restricted stock and restricted stock units.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Awards may be granted alone, in addition to,
in combination with or in substitution for, any other award granted under the 2013 Plan or any other compensation plan. Awards
can be granted for no cash consideration or for any cash consideration as may be determined by the Committee or as required by
applicable law. Awards may provide that upon the grant or exercise thereof, the holder will receive cash or shares of our common
stock or a combination of these in a single payment, installments or on a deferred basis as provided for and as applicable under
the 2013 Plan. The exercise price per share under any stock option and the grant price of any SAR may not be less than the fair
market value of our common stock on the date of grant of such option or SAR.&nbsp;&nbsp;Fair market value per share under the 2013
Plan shall be the NYSE-MKT Closing Price, as defined in the 2013 Plan, on such date, provided, that if the actual transaction involving
the shares occurs at a time when the NYSE MKT is closed for regular trading, then it shall be the most recent Closing Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Incentive stock options must expire no later
than 10 years after the date of grant or, for persons who own more than 10% of the total voting power of all classes of stock,
no later than five years after the date of grant.&nbsp;&nbsp;The term of all other awards shall be determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><I>Stock Options</I>. The holder of an option
is entitled to purchase a number of shares of our common stock at a specified exercise price during a specified time period, all
as determined by the Committee. The option exercise price is payable in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><I>Stock Appreciation Rights</I>. The holder
of an SAR is entitled to receive in cash the excess of the fair market value, calculated as of the exercise date, of an equivalent
value of a specified number of shares of our common stock over the grant price of the SAR. SARs vest and become exercisable in
accordance with a vesting schedule established by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><I>Restricted Stock and Restricted Stock Units</I>.
The holder of restricted stock will own shares of our common stock subject to restrictions imposed by the Committee (including,
for example, restrictions on the right to vote the restricted shares or to receive any dividends with respect to the shares) for
a specified time period determined by the Committee. The holder of restricted stock units will have the right, subject to any <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
restrictions
imposed by the Committee, to receive shares of our common stock, or a cash payment equal to the fair market value of those shares,
at some future date determined by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;<I>Duration, Termination and Amendment</I>.
Unless discontinued or terminated by the Board, the 2013 Plan will expire on April 21, 2023. No awards may be made after that date.&nbsp;&nbsp;However,
unless otherwise expressly provided in an applicable award agreement, any award granted under the 2013 Plan prior to expiration
may extend beyond the expiration of the 2013 Plan through the award&rsquo;s normal expiration date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Board may amend, alter, suspend, discontinue
or terminate the 2013 Plan at any time, although stockholder approval must be obtained for any action that would increase the number
of shares of our common stock available under the 2013 Plan, increase the award limits under the 2013 Plan, or cause Section&nbsp;162(m)
of the Internal Revenue Code to become unavailable with respect to the 2013 Plan.&nbsp;&nbsp;Stockholder approval is also required
for any action that requires stockholder approval under the rules and regulations of the Securities and Exchange Commission, the
Toronto Stock Exchange or the NYSE MKT or any other securities exchange or the Financial Industry Regulatory Authority that are
applicable to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Award Expiration and Termination.
</I>Unless the terms of an Option expressly provide for a different date of termination, the unexercised portion of an Option shall
automatically and without notice terminate and become null and void at the time of the earliest to occur of the following: (1)
on the ninetieth (90th) day following Holder&rsquo;s Separation for any reason except death, Disability or for Cause; or (2) immediately
upon Separation as a result, in whole or in material part, of a discharge for Cause; or (3) on the first (1st) anniversary of a
Separation by reason of death or Disability; or (4) in the case of a 10% Person, on the fifth (5th ) anniversary of the Date of
Grant; or (5) on the tenth (10th) anniversary of the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Blackout periods</I>. Notwithstanding any
other provision of the 2013 Plan or any Award to the contrary, any exercise of disposition of any Award or any Reserved Share pursuant
to the 2013 Plan shall be consistent with the Trading Restrictions and Blackout Periods policy stated within the Company&rsquo;s
Disclosure Policy, or such other applicable written policy as necessary. If the term of any Award granted under the 2013 Plan ends
on a day occurring within a Blackout Period or within ten business days thereafter, such Award shall continue to be exercisable
under the terms of the 2013 Plan up to 5:00 p.m. (Denver time) on the tenth business day following the end of such Blackout Period.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Prohibition on Re-pricing Awards</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without the approval of the Company&rsquo;s
stockholders, the Committee will not re-price, adjust or amend the exercise price of any options or the grant price of any SAR
previously awarded, whether through amendment, cancellation and replacement grant or any other means.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless otherwise provided by the Committee,
A SAR shall be transferable only to the extent, if any, provided in the agreement evidencing the SAR. All other Awards under the
2013 Plan may only be transferred by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Federal Income Tax Consequences</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&#9;The following is a summary of the
principal U.S. federal income tax consequences generally applicable to awards under the 2013 Plan.&nbsp;&nbsp;The following description
applies to U.S. citizens and residents who receive awards under the 2013 Plan.&nbsp;&nbsp;Participants who are neither U.S. citizens
nor residents but who perform services in the United States may also be subject to U.S. federal income tax under some circumstances.&nbsp;&nbsp;In
addition, former citizens or long-term residents of the United States may be subject to special expatriate tax rules, which are
not addressed in this summary.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Grant of Options and SARs</I>.&nbsp;&nbsp;The
grant of a stock option (either an incentive stock option or a non-qualified stock option) or SAR is not expected to result in
any taxable income for the recipient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Exercise of Incentive Stock Options</I>.&nbsp;&nbsp;The
holder of an incentive stock option generally will have no taxable income upon exercising the option (except that an alternative
minimum tax liability may arise).&nbsp;&nbsp;If stock is issued to the optionee pursuant to the exercise of an incentive stock
option, and if no disqualifying disposition of such shares is made by such award holder within two years after the date of grant
or within one year after the transfer of such shares to such award holder, then (1) upon the sale of such shares, any amount realized
in excess of the option price will be taxed to such optionee as a long-term capital gain and any loss sustained will be a long-term
capital loss, and (2) we will not be entitled to a deduction for federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the stock acquired upon the exercise of an
incentive stock option is disposed of prior to the expiration of either holding period described above, generally (1) the optionee
will realize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of such
shares at exercise (or, if less, the amount realized on the disposition of such shares) over the option price paid for such shares,
and (2) we will be entitled to deduct such amount for federal income tax purposes if the amount represents an ordinary and necessary
business expense.&nbsp;&nbsp;Any further gain (or loss) realized by the optionee will be taxed as short-term or long-term capital
gain (or loss), as the case may be, and will not result in any deduction by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Exercise of Non-Qualified Stock Options and
SARs</I>.&nbsp;&nbsp;Upon exercising a non-qualified stock option, the optionee must recognize ordinary income equal to the excess
of the fair market value of the shares of our common stock acquired on the date of exercise over the exercise price, and we generally
will be entitled at that time to an income tax deduction for the same amount.&nbsp;&nbsp;Upon exercising a SAR, the amount of any
cash received is taxable to the recipient as ordinary income and generally are deductible by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Disposition of Acquired Shares.</I>&nbsp;&nbsp;The
tax consequence upon a disposition of shares acquired through the exercise of an option will depend on how long the shares have
been held and whether the shares were acquired by exercising an incentive stock option or by exercising a non-qualified stock option.&nbsp;&nbsp;Generally,
there will be no tax consequence to us in connection with the disposition of shares acquired under an option, except that we may
be entitled to an income tax deduction in the case of the disposition of shares acquired under an incentive stock option before
the applicable incentive stock option holding periods set forth in the Internal Revenue Code have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For an Award that is payable in shares of our
common stock that are restricted as to transferability and subject to substantial risk of forfeiture, unless a special election
is made pursuant to Section 83(b) of the Code, the holder of the Award must recognize ordinary income equal to the excess of (x)
the fair market value of the shares of our common stock received (determined as of the first time the shares became transferable
or not subject to substantial risk of forfeiture, whichever occurs earlier) over (y) the amount (if any) paid for the shares of
our common stock by the holder. The Company will be entitled at that time to a tax deduction for the same amount if and to the
extent that amount satisfies general rules concerning deductibility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Special Rules</I>. Special rules may apply
in the case of individuals subject to Section 16(b) of the Exchange Act. In particular, unless a special election is made pursuant
to Section 83(b) of the Code, shares of our common stock received pursuant to the exercise of an option may be treated as restricted
as to transferability and subject to a substantial risk of forfeiture for a period of up to six months after the date of exercise.
Accordingly, the amount of any ordinary income recognized, and the amount of the Company&rsquo;s tax deduction, may be determined
as of the end of such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&#9;<I>Deductibility of Executive Compensation
under Code Section 162(m). </I>Section 162(m) of the Code generally limits to $1,000,000 the amount that a publicly-held corporation
is allowed each year to deduct for the compensation paid to each of the corporation&rsquo;s chief executive officer and the corporation&rsquo;s
other four most highly compensated executive officers. However, &ldquo;qualified performance-based qualified compensation&rdquo;
is not subject to the $1,000,000 deduction limit. In general, to qualify as performance-based <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
compensation, the following requirements
need to be satisfied: (1) payments must be computed on the basis of an objective, performance-based compensation standard determined
by a committee consisting solely of two or more &ldquo;outside directors,&rdquo; (2) the material terms under which the compensation
is to be paid, including the business criteria upon which the performance goals are based, and a limit on the maximum bonus amount
which may be paid to any participant pursuant with respect to any performance period, must be approved by a majority of the corporation&rsquo;s
stockholders and (3) the committee must certify that the applicable performance goals were satisfied before payment of any performance-based
compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The 2013 Plan has been designed to permit grants
of options and SARs issued under the 2013 Plan to qualify under the performance-based compensation rules so that income attributable
to the exercise of a non-qualified stock option or an SAR may be exempt from the $1,000,000 deduction limit. Grants of other Awards
under the 2013 Plan may not so qualify for this exemption. The 2013 Plan&rsquo;s provisions are consistent in form with the performance-based
compensation rules, so that if the committee that grants options or SARs consists exclusively of members of the board of directors
of the Company who qualify as &ldquo;outside directors,&rdquo; and the exercise price (or deemed exercise price, with respect to
SARs) is not less than the fair market value of the shares of common stock to which such grants relate, the compensation income
arising on exercise of those options or SARs should qualify as performance-based compensation which is deductible even if that
income would be in excess of the otherwise applicable limits on deductible compensation income under Code Section 162(m).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; "><FONT STYLE="font-size: 10pt"><B>ITEM 9.01 </B></FONT></TD>
    <TD STYLE="width: 90%; "><FONT STYLE="font-size: 10pt"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE=><FONT STYLE="font-size: 10pt"><U>Exhibits</U></FONT></TD>
    <TD STYLE=><FONT STYLE="font-size: 10pt"><U>Exhibit Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE=>&nbsp;</TD>
    <TD STYLE=>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE=><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE=><FONT STYLE="font-size: 10pt">2013 Solitario Exploration &amp; Royalty Corp. Ominbus Stock and Incentive Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE=>&nbsp;</TD>
    <TD STYLE=>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant 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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 20, 2013</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 92%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><U>/s/&nbsp;James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>



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<DESCRIPTION>2013 SOLITARIO EXPLORATION ROYALTY CORP.
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">EXHIBIT 99.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">2013 SOLITARIO EXPLORATION &amp; ROYALTY
CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">OMNIBUS STOCK AND INCENTIVE PLAN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">1.&#9;<B>Purpose.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">The purpose of this Plan is to
advance the interests of Solitario Exploration &amp; Royalty Corp., a Colorado Corporation, and its stockholders, by providing
additional incentives to attract, retain and motivate those qualified and competent employees and Directors, upon whose efforts
and judgment its success is largely dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&#9;<B>Definitions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As used herein, the following terms shall
have the meaning indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;&ldquo;<B>Administrator</B>&rdquo;
shall mean the person(s) designated by the Committee to carry out nondiscretionary administrative duties with respect to this Plan
and Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;&ldquo;<B>Agreed Price</B>&rdquo;
shall relate to the grant of an Award in the form of a SAR, and shall mean the value assigned to the Award&rsquo;s Reserved Shares
which will form the basis for calculating the Spread on the date of exercise of the SAR, which assigned value shall be the Fair
Market Value of such Reserved Shares on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;&ldquo;<B>Applicable Laws</B>&rdquo;
shall mean the requirements relating to the administration of stock option plans under U.S. state corporate laws, U.S. federal
and state securities laws, and the Code; and the similar laws of any foreign country or jurisdiction where Options are, or will
be, granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;&ldquo;<B>Award</B>&rdquo;
shall mean either an Option, a SAR, a Restricted Stock Unit, or a Restricted Share Award, except that where it shall be appropriate
to identify the specific type of Award, reference shall be made to the specific type of Award; and provided, further, that references
to Award shall be deemed to be references to the written agreement evidencing such Award, and provided, finally, without limitation,
that unless expressly provided to the contrary in the terms of the Award, in the event of a conflict between the terms of this
Plan and the terms of an Award, the terms of this Plan are controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;&ldquo;<B>Board</B>&rdquo;
shall mean the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(f)&#9;&ldquo;<B>Cause</B>&rdquo;
shall mean either (i) a final, nonappealable conviction of a Holder for commission of a felony involving moral turpitude, or (ii)
Holder&rsquo;s willful gross misconduct that causes material economic harm to the Company or that brings substantial discredit
to the Company&rsquo;s reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(g)&#9;&ldquo;<B>Change in Control</B>&rdquo;
shall mean the occurrence of any one of the following with respect to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(1)&#9;&ldquo;Continuing Directors&rdquo;
no longer constitute a majority of the Board; the term &ldquo;<B>Continuing Director</B>&rdquo; shall mean any individual who has
served as a Director for one year or more, together with any new Directors whose election by the Board or whose nomination for
election by the stockholders of the Company was approved by a vote of a majority of the Directors then still in office who were
either Directors at the beginning of such one-year period or whose election or nomination for election was previously so approved;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(2)&#9;any person or group of persons
acting together as an entity become (i) the beneficial owners (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
of shares of Common Stock representing fifty percent (50%) or more of the voting power of the Company&rsquo;s then outstanding
securities entitled generally to vote for the election of Directors, and (ii) the largest beneficial owner, directly or indirectly,
of the Company&rsquo;s then outstanding securities entitled generally to vote for the election of Directors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(3)&#9;after the Effective Date,
a merger or consolidation to which the Company is a party if (i) the stockholders of the Company immediately prior to the effective
date of such merger or consolidation have beneficial ownership (as defined in Rule 13d-3 under the 1934 Act) of less than fifty
percent (50%) of the combined voting power to vote for the election of directors of the surviving corporation, or other entity
following the effective date of such merger or consolidation, or (ii) fifty percent (50%) or more of the individuals who (on the
date immediately prior to the date of execution of the agreement providing for such merger or consolidation) constitute the members
of Senior Management do not, as of a date six months after such merger or consolidation, hold an officer&rsquo;s position which
would make them a member of Senior Management; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(4)&#9;the sale of all, or substantially
all, of the assets of the Company or the liquidation or dissolution of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">Notwithstanding the foregoing provisions
of this Section 2(h), if a Holder&rsquo;s Separation is for a reason other than for Cause, and occurs not more than ninety (90)
days prior to the date on which a Change in Control occurs, for purposes of Awards, such termination shall be deemed to have occurred
immediately following a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(h)&#9;&ldquo;<B>Change in Control
Price</B>&rdquo; shall mean the Fair Market Value on the date of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(i)&#9;&ldquo;<B>Code</B>&rdquo;
shall mean the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(j)&#9;&ldquo;<B>Committee</B>&rdquo;
shall mean a Committee of Directors designated by the Board, provided, that in granting Awards, Committee shall refer to only those
members of the Committee who are &ldquo;Outside Directors&rdquo; within the meaning of Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(k)&#9;&ldquo;<B>Common Stock</B>&rdquo;
shall mean the common stock, $0.01 par value, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(l)&#9;&ldquo;<B>Company</B>&rdquo;
shall mean Solitario Exploration &amp; Royalty Corp., a Colorado corporation, and any successor corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(m)&#9;&ldquo;<B>Date of Grant</B>&rdquo;
shall mean the later of the date on which the Committee takes formal action to grant an Award or the date specified as the date
of grant in the Committee&rsquo;s formal action, provided, in either case, that it is followed, as soon as reasonably practicable,
by written notice to the Eligible Person receiving the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(n)&#9;&ldquo;<B>Director</B>&rdquo;
shall mean a member of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(o)&#9;&ldquo;<B>Disability</B>&rdquo;
shall mean an Eligible Person&rsquo;s inability to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which, in the reasonable opinion of the Administrator based on such medical evidence as it deems
necessary, can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months;
provided, however, that such Disability did not result, in whole or in part from: (i) a felonious undertaking or (ii) an intentional
self-inflicted wound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(p)&#9;&ldquo;<B>Dividend Equivalent</B>&rdquo;
shall mean the dollar amount of dividends (whether stock or cash) paid or distributed in respect of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(q)&#9;&ldquo;<B>Effective Date</B>&rdquo;
shall mean April 22, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(r)&#9;&ldquo;<B>Eligible Person(s)</B>&rdquo;
shall mean natural persons who are Employees or non-Employee Directors, Officers, consultants, or independent contractors, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(s)&#9;&ldquo;<B>Employee(s)</B>&rdquo;
shall mean each person whose customary work schedule is a minimum of thirty (30) hours per week, and who is designated as an employee
on the payroll records of the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(t)&#9;&ldquo;<B>Fair Market Value</B>&rdquo;
per Share on the date of reference shall be the Closing Price on such date, provided, that if the actual transaction involving
the Shares occurs at a time when the NYSE MKT is closed for regular trading, then it shall be the most recent Closing Price. As
used herein, &ldquo;Closing Price&rdquo; shall mean the closing price of the Shares on the NYSE MKT (or such other exchange or
market as the principal trading market for the Common Stock) as reported in any newspaper of general circulation or other medium
of public communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(u)&#9;&ldquo;<B>Holder</B>&rdquo;
shall mean, at each time of reference, each person with respect to whom an Award is in effect; provided that following the death
of a Holder, it shall refer to the person who succeeds to the rights of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(v)&#9;&ldquo;<B>Incentive Stock
Option</B>&rdquo; shall mean an Option that is an incentive stock option as defined in Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(w)&#9;&ldquo;<B>Non-Qualified
Stock Option</B>&rdquo; shall mean an Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(x)&#9;&ldquo;<B>Option</B>&rdquo;
(when capitalized) shall mean the grant of the right to purchase Reserved Shares through the payment of the Option Price and taking
the form of either an Incentive Stock Option or a Non-Qualified Stock Option; provided that, where it shall be appropriate to identify
a specific type of Option, reference shall be made to the specific type of Option; provided, further, that a single Option may
include both Incentive Stock Option and Non-Qualified Stock Option provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(y)&#9;&ldquo;<B>Option Price</B>&rdquo;
shall mean the price per Reserved Share which is required to be paid by the Holder in order to exercise such person&rsquo;s right
to acquire the Reserved Share under the terms of the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(z)&#9;&ldquo;<B>Person</B>&rdquo;
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(aa)&#9;&ldquo;<B>Plan</B>&rdquo;
shall mean this 2013 Solitario Exploration &amp; Royalty Corp. Omnibus Stock and Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(bb)&#9;&ldquo;<B>Plan Year</B>&rdquo;
shall mean the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(cc)&#9;&ldquo;<B>Reserved Shares</B>&rdquo;
shall mean, at each time of reference, the total number of Shares described in Section 3 with respect to which the Committee may
grant an Award, all of which Reserved Shares shall be held in the Company&rsquo;s treasury or shall otherwise be made available
from the Company&rsquo;s authorized and unissued Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(dd)&#9;&ldquo;<B>Restricted&rdquo;
&ldquo;Restriction(s)</B>&rdquo; and similar terms shall mean the restrictions applicable to Reserved Shares subject to an Award
which constitute &ldquo;a substantial risk of forfeiture&rdquo; of such Reserved Shares within the meaning of Section 83(a)(1)
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ee)&#9;&ldquo;<B>Restricted Period</B>&rdquo;
shall mean the period during which Restricted Shares are subject to Restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ff)&#9;&ldquo;<B>Restricted Shares</B>&rdquo;
shall mean the Reserved Shares granted to an Eligible Person which are subject to Restrictions; provided that, subject to the provisions
of Section 15(b), the Committee may, in its sole discretion, determine that the Restrictions which otherwise would have been imposed
have been fully satisfied on the Date of Grant by reason of prior service and/or other considerations, and thus provide that such
Restricted Shares shall be fully Vested on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(gg)&#9;&ldquo;<B>Restricted Share
Award</B>&rdquo; shall mean the award of Restricted Shares or Restricted Stock Units.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(hh)&#9;&ldquo;<B>Restricted Stock
Unit</B>&rdquo; shall mean a hypothetical or phantom Common Stock unit awarded or granted to an Eligible Person, equal to the Fair
Market Value of a single share of Common Stock, and which may be subject to some or all of the Restrictions applicable to Reserved
Shares and Restricted Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ii)&#9;&ldquo;<B>Restricted Share
Distributions</B>&rdquo; shall mean any amounts, whether Shares, cash or other property (other than regular cash dividends) paid
or distributed by the Company with respect to Restricted Shares during a Restricted Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(jj)&#9;&ldquo;<B>RSU Award</B>&rdquo;
shall mean each Award of Restricted Stock Units awarded or granted to an Eligible Person, pursuant to the Plan, all as described
more fully in Section 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(kk)&#9;&ldquo;<B>SAR</B>&rdquo;
shall have the meaning given to such term Section 16(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(ll)&#9;&ldquo;<B>Separation</B>&rdquo;
shall mean the date on which a Holder ceases to have an employment relationship with the Company for any reason, including death
or Disability; and provided, further, without limitation, such employment relationship will cease, in the case of a non-Employee
Director, upon his or her ceasing to be a Director; provided, however, that a Separation will not be considered to have occurred
while an Employee is on sick leave, military leave, or any other leave of absence approved by the Company, if the period of such
leave does not exceed ninety (90) days, or, if longer, so long as the Employee&rsquo;s right to redeployment with the Company is
guaranteed either by statute or by contract. If an Award is subject to Code Section 409A, &ldquo;Separation&rdquo; shall mean &ldquo;separation
from service&rdquo; as defined in treasury regulations issued under Code Section 409A whenever any payment or settlement of an
Award conferred under this Plan is to be made upon Separation and is subject to such Code section, with &ldquo;separation from
service&rdquo; of an Employee to be determined based upon a reduction in the bona fide level of services performed to a level equal
to twenty percent (20%) or less of the average level of services performed by the Employee during the immediately preceding thirty-six
(36) month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(mm)&#9;&ldquo;<B>Share(s)</B>&rdquo;
shall mean a share or shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(nn)&#9;&ldquo;<B>Spread</B>&rdquo;
shall mean the difference between the Option Price, or the Agreed Price, as the case may be, of the Share(s) on the date of the
Award, and the Fair Market Value of such Share(s) on the date of reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(oo)&#9;&ldquo;<B>Subsidiary</B>&rdquo;
shall mean, where the Award is an Incentive Stock Option, a &ldquo;subsidiary corporation&rdquo;, whether now or hereafter existing,
as defined in Section 424(f) of the Code, and on the case of any other Award, shall mean any entity which would be a subsidiary
corporation as defined in Section 424(f) of the Code if it were a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(pp)&#9;&ldquo;<B>1934 Act</B>&rdquo;
shall mean the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(qq)&#9;&ldquo;<B>Vested</B>&rdquo;
and similar terms shall mean the number of Option Shares which have become nonforfeitable, the number of Restricted Shares on which
the Restrictions have lapsed, including, without limitation, the lapse of Restrictions based on the attainment of performance objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(rr)&#9;&ldquo;<B>10% Person</B>&rdquo;
shall mean a person who owns directly (or indirectly through attribution under Section 424(d) of the Code) at the Date of Grant
of an Incentive Stock Option, stock possessing more than 10% of the total combined voting power of all classes of voting stock
(as defined in Section 424 of the Code) of the Company on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&#9;<B>Shares Available for Awards;
Cash Payable Pursuant to Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;<U>Shares Available.</U>
Subject to adjustment as provided in Section 3(c), the aggregate number of Shares that may be issued under the Plan shall be 1,750,000.
No adjustment shall decrease the number of shares issuable pursuant to the Plan below the number of Shares that have been issued
pursuant to the Plan plus the number of Shares underlying outstanding awards. (ii) Shares to be issued under the Plan may be either
authorized but unissued Shares or Shares re-acquired and held in treasury. (iii) Notwithstanding the foregoing, the number of Shares
available for granting Incentive Stock Options under the Plan shall not <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><BR>
exceed the aggregate number of Shares that may be issued
under the Plan, subject to adjustment as provided in Section 3(c) of the Plan and subject to the provisions of Section 422 or 424
of the Code or any successor provision. Shares tendered by Participants as full or partial payment to the Company upon exercise
of an Award, and Shares withheld by or otherwise remitted to the Company to satisfy a Participant&rsquo;s tax withholding obligations
with respect to an Award, shall become available for issuance under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;<U>Accounting for Awards.</U>
For purposes of this <B>Section 3</B>, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares
covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate
number of Shares available for granting Awards under the Plan. If any Shares covered by an Award or to which an Award relates are
not purchased or are forfeited, or if an Award otherwise terminates without delivery of any Shares, then the number of Shares counted
against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such forfeiture
or termination, shall again be available for granting Awards under the Plan. Awards that do not entitle the holder thereof to receive
or purchase Shares, and Awards that are denominated at the time of grant as payable only in cash and that are settled in cash,
shall not be counted against the aggregate number of Shares available for Awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;<U>Adjustments.</U> In the
event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, other securities
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase
Shares or other securities of the Company or other similar corporate transaction or event affects the Shares such that an adjustment
is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or
all of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(i)&#9;the number and type of Shares
(or other securities or other property) that thereafter may be made the subject of Awards, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(ii)&#9;the number and type of Shares
(or other securities or other property) subject to outstanding Awards;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">provided, however, that no such
adjustment shall be made to any Award to the extent that it would, in the view of the Company, cause such Award to be subject to
Section 409A of the Code, and the number of Shares covered by any Award or to which such Award relates shall always be a whole
number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;<U>Code Section 162(m) Award
Limitations Under the Plan.</U> Subject to adjustment as provided in Section 4(c), no Participant may be granted (i) Options or
Stock Appreciation Rights with respect to more than 100,000 Shares per year or (ii) Restricted Stock Awards, Restricted Stock Unit
Awards, and/or Other Share-Based Awards that are intended to comply with the performance-based exception under Code Section 162(m)
and are denominated in Shares with respect to more than 100,000 Shares per year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.&#9;<B>Conditions for Grant of Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;Without limiting the generality
of the provisions hereof which deal specifically with each form of Award, Awards shall only be granted to such one or more Eligible
Persons as shall be selected by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;In granting Awards, the
Committee shall take into consideration the contribution the Eligible Person has made or may be reasonably expected to make to
the success of the Company and such other factors as the Committee shall determine. The Committee shall also have the authority
to consult with and receive recommendations from officers and other personnel of the Company with regard to these matters. The
Committee may from time to time in granting Awards under this Plan prescribe such terms and conditions concerning such Awards as
it deems appropriate, including, without limitation, relating an Award to achievement of specific goals established by the Committee
or, subject to <B>Section 4(d)</B>, to the continued employment of the Eligible Person for a specified period of time, provided
that such terms and conditions are not inconsistent with the provisions of this Plan.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;Incentive Stock Options
may be granted only to Employees, and all other Awards may be granted to any Eligible Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;This Plan shall not confer
upon any Holder any right with respect to continuation of employment by the Company, or any right to provide services to the Company,
nor shall it interfere in any way with his or her right or the Company&rsquo;s right to terminate his or her employment at any
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;The Awards granted to Eligible
Persons shall be in addition to regular salaries, or other benefits (if any) related to their service to the Company, and nothing
herein shall be deemed to limit the ability of the Company to enter into any other compensation arrangements with any Eligible
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(f)&#9;The Administrator shall
determine in each case whether periods of military or government service shall constitute a continuation of employment or service
for the purposes of this Plan or any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(g)&#9;Notwithstanding any provision
hereof to the contrary, each Award which in whole or in part involves the issuance of Reserved Shares may, in the sole discretion
of the Committee, provide for the issuance of such Reserved Shares in cash consideration in lieu of the issuance of Shares. Reserved
Shares paid in cash consideration in lieu of the issuance of Shares will be available for reissuance under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(h)&#9;The Committee may delegate
in writing to the Administrator the authority to grant Awards to new Employees of the Company, provided that such authority contains
limits on the maximum amount or number of Awards (on both an individual basis and, if the Committee so designates, on an aggregate
basis) that the Administrator may grant under such authority. Such authority shall also designate the terms and conditions for
these grants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&#9;<B>Grant of Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;The Committee may grant
Options to Eligible Persons from time to time, alone, in addition to, or in tandem with, other Awards granted under this Plan.
An Option granted hereunder shall be either an Incentive Stock Option or a Non-Qualified Stock Option, and shall clearly state
whether it is (in whole or in part) an Incentive Stock Option or a Non-Qualified Stock Option; provided, that failure of an Option
designated as an Incentive Stock Option to qualify as an Incentive Stock Option will not affect its validity, and the portion which
does not qualify as an Incentive Stock Option shall be a Non-Qualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;If both Incentive Stock
Options and Non-Qualified Stock Options are granted to a Holder, the right to exercise, to the full extent thereof, Options of
either type shall not be contingent in whole or in part upon the exercise of, or failure to exercise, Options of the other type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;The aggregate Fair Market
Value (determined as of the Date of Grant) of the Reserved Shares with respect to which any Incentive Stock Option is exercisable
for the first time by a Holder during any Plan Year under this Plan and all such plans of the Company (as defined in Section 424
of the Code) shall not exceed $100,000; provided, without limitation, that any portion of an Option designated as an Incentive
Stock Option which exceeds such $100,000 limit will, notwithstanding such designation, be a validly granted Non-Qualified Stock
Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;The Committee may at any
time offer to buy out, for a payment in cash, an Option previously granted, based on such terms and conditions as the Committee
shall establish and as communicated to the Holder by the Administrator at the time that such offer is made and that any such offer
will be subject to and comply with any restrictions of the Toronto Stock Exchange or NYSE MKT (or other national securities exchange
upon which the Company&rsquo;s securities are listed for trading) and provided that no such offer or payment may be made in a manner
that would violate the prohibition of the Toronto Stock Exchange or NYSE MKT (or other national securities exchange upon which
the Company&rsquo;s securities are listed for trading) against the repricing of &ldquo;underwater&rdquo; options (options with
an exercise price above the then-current price of the Common Stock on the NYSE MKT) without shareholder approval.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&#9;<B>Option Price.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;The Option Price shall be
any price determined by the Committee which is not less than one hundred percent (100%) of the Fair Market Value per Share on the
Date of Grant; provided, however, that in the case of an Incentive Stock Option granted to a 10% Person the Option Price shall
not be less than one hundred ten percent (110%) of the Fair Market Value per Share on the Date of Grant. The Administrator shall
determine the Fair Market Value per Share in accordance with the terms set forth in the definition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;Unless further limited by
the Committee in any Option, the Option Price may be paid in cash, by certified or cashier&rsquo;s check, by wire transfer, by
money order, or by a combination of the above; provided, however, that the Administrator may accept a personal check in full or
partial payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&#9;<B>Exercise of Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">An Option shall be deemed exercised
when (i) the Administrator has received written notice of such exercise in accordance with the terms of the Option, and (ii) full
payment of the aggregate Option Price plus required withholding tax amounts, if any, described in <B>Section 14</B>, of the Reserved
Shares as to which the Option is exercised has been made. Separate stock certificates shall be issued by the Company for any Reserved
Shares acquired as a result of exercising an Incentive Stock Option and a Non-Qualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">8.&#9;<B>Vesting of Options.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;Without limitation, each
Option shall Vest in whole or in part, and Reserved Shares subject to such Option shall become Vested Option Shares, or shall expire,
according to the terms of the Option as expressly provided in such Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;The Committee, in its sole
discretion, may accelerate the date on which all or any portion of an otherwise unvested Option shall Vest or restrictions on Restricted
Shares will lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.&#9;<B>Termination of Option Period.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;Unless the terms of an Option
expressly provide for a different date of termination, the unexercised portion of an Option shall automatically and without notice
terminate and become null and void at the time of the earliest to occur of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(1)&#9;on the ninetieth (90th) day
following Holder&rsquo;s Separation for any reason except death, Disability or for Cause; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(2)&#9;immediately upon Separation
as a result, in whole or in material part, of a discharge for Cause; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(3)&#9;on the first (1st) anniversary
of a Separation by reason of death or Disability; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(4)&#9;in the case of a 10% Person,
on the fifth (5th ) anniversary of the Date of Grant; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(5)&#9;on the tenth (10th) anniversary
of the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;Notwithstanding any provision
of this Plan to the contrary, in the event of the proposed dissolution or liquidation of the Company, or in the event of a proposed
sale of all or substantially all of the assets of the Company, or the proposed merger of the Company with or into another corporation
(each a &ldquo;<B>Transaction</B>&rdquo;), unless otherwise expressly provided (by express reference to this <B>Section 9(b)</B>)
in the terms of an Option, after the public announcement of the Transaction, the Committee may, in its sole discretion, direct
the Administrator to deliver a written notice (&ldquo;<B>Cancellation Notice</B>&rdquo;) to any Holder of an Option, canceling
the unexercised Vested portion (including the portion which becomes Vested by reason of acceleration or by virtue of the Transaction
being proposed), if any, of such Option, effective on the date specified in the Cancellation Notice (&ldquo;<B>Cancellation Date</B>&rdquo;).
Notwithstanding the foregoing, the Cancellation Date may not be earlier than the last to occur of (i) the fifteenth (15th) day
following delivery of<BR>
 </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><BR>
the Cancellation Notice, and (ii) the sixtieth (60th) day prior to the proposed date for the consummation
of the Transaction (&ldquo;<B>Proposed Date</B>&rdquo;). Without limitation, the Cancellation Notice will provide that, unless
the Holder elects in writing to waive, in whole or in part, a Conditional Exercise, that the exercise of the Option will be a Conditional
Exercise, provided that the Holder will not be entitled to waive an exercise of an Option being a Conditional Exercise to the extent
such exercise covers a portion of an Option which becomes Vested solely by virtue of the applicable Transaction being proposed.
A &ldquo;<B>Conditional Exercise</B>&rdquo; shall mean that in the event the Transaction does not occur within one hundred eighty
(180) days of the Proposed Date, the exercising Holder shall be refunded any amounts paid to exercise such Holder&rsquo;s Option,
such Option will be reissued, and the purported exercise of such Option shall be null and void ab intitio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">10.&#9;<B>Acceleration.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;Unless otherwise expressly
provided in the Award, in the event the Holder&rsquo;s Separation is by reason of the Holder&rsquo;s death, or Disability, all
Awards granted to the Holder shall become fully exercisable, Vested, or the Restricted Period shall terminate, as the case may
be (hereafter, in this <B>Section 10</B>, such Award shall be &ldquo;accelerated&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;Unless otherwise expressly
provided in an Award, in the event of a Change in Control (i) all Awards shall be accelerated, and (ii) in the sole discretion
of the Committee, the value of some or all Awards may be cashed out on the basis of the Change in Control Price, and in the case
of an Option, the Change in Control price less the Option Price, at any time during the sixty (60) day period immediately preceding
any bona fide transaction related to a Change in Control; provided, that if a date prior to such occurrence is selected for a cash
out, any subsequent increase in the Change in Control Price will be paid to each Holder on the date of such occurrence, or as soon
thereafter as reasonably possible, but not later than seventy-five (75) days from the occurrence of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">11.&#9;<B>Transferability of Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;Awards made under this Plan
shall not be transferable by the Holder other than by will or the laws of descent and distribution, and so long as a Holder lives,
only such Holder or his or her guardian or legal representative shall have the right to exercise any Award that is an Incentive
Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">With respect to Awards made under
this Plan (other than Incentive Stock Options), a Holder may file with the Administrator a written designation, on such form as
may be prescribed by the Administrator, of the person(s) that in the event of the Holder&rsquo;s death are authorized to (i) exercise
any Options or SARs awarded to the Holder and to receive Holder&rsquo;s rights pursuant to Holder&rsquo;s Awards and/or (ii) receive
payment of any cash awards awarded to the Holder. To the extent that the Holder has completed such a designation for Awards made
under this Plan, such designation will remain in effect and shall prevail with respect to any Award issued hereunder until changed
in writing by the Holder, which Holder may do at any time by written notice to the Administrator, to the extent enforceable under
Applicable Laws. In the event that the Holder has filed no such designation with respect to the Holder&rsquo;s Awards under this
Plan, or where the person(s) designated by the Holder has dissolved or predeceases him or her (as applicable), the Company will
allow the legal representative of the Holder&rsquo;s estate to exercise any and all rights under an Award, and the Holder&rsquo;s
estate may receive any corresponding issuance of Reserved Shares or other payment authorized under the terms of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;In order to avoid the termination
of Non-Qualified Stock Options or SARs following the death of a Holder, any and all outstanding Non-Qualified Stock Options or
SARs which become Vested upon the Holder&rsquo;s death are deemed to be exercised on the day immediately prior to the first anniversary
of the Holder&rsquo;s Separation by death if not exercised before that date, with any subsequent transfer by the Company to the
then Holder of Reserved Shares to be made as soon as practicable, but within 75 days after the deemed exercise of the Non-Qualified
Stock Options or SARs. Without limitation, any exercise under this <B>Section 11(b)</B> of any and all Non-Qualified Stock Options
shall be effectuated by the Company on behalf of the Holder whereby the Administrator shall concurrently provide irrevocable written
instructions to (a) an Administrator designated brokerage firm to effect the immediate sale of the Reserved Shares and remit to
the Administrator, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Option Price
plus all applicable federal, state and local income and employment taxes required to be withheld by the Company, and (b) the Administrator
to deliver the remaining proceeds from the sale of <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><BR>
the Reserved Shares exercised directly to Holder&rsquo;s estate. Any and all
SARs exercised under this <B>Section 11(b)</B> shall be deemed to comply with the exercise requirements of <B>Section 16(c)</B>.
Any Options or SARs exercised pursuant to this <B>Section 11(b)</B> shall be exercised only if &ldquo;in the money&rdquo; as determined
by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">12.&#9;<B>Issuance of Reserved Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">No Holder shall be, or have any
of the rights or privileges of, the owner of Reserved Shares subject to an Award unless and until certificates representing the
Common Stock shall have been issued and delivered to such Holder. As a condition of any issuance of Common Stock, the Administrator
may obtain such agreements or undertakings, if any, as the Administrator may deem necessary or advisable to assure compliance with
any law or regulation or shareholder agreement including, but not limited to, a representation, warranty or agreement to be bound
by any legends that are, in the opinion of the Administrator, necessary or appropriate to comply with the provisions of any securities
law deemed by the Administrator to be applicable to the issuance of the Reserved Shares and which are endorsed upon the Share certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">Share certificates issued to the
Holder receiving such Reserved Shares who is a party to any shareholders agreement, voting trust, or any similar agreement shall
bear the legends contained in such agreements. Notwithstanding any provision hereof to the contrary, no Reserved Shares shall be
required to be issued with respect to an Award unless counsel for the Company shall be reasonably satisfied that such issuance
will be in compliance with applicable federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">In no event
shall the Company be required to sell or issue Reserved Shares under any Award if the sale or issuance thereof would constitute
a violation of applicable federal or state securities law or regulation or a violation of any other law or regulation of any governmental
authority or any national securities exchange. As a condition to any sale or issuance of Reserved Shares, the Company may place
legends on Reserved Shares, issue stop transfer orders, and require such agreements or undertakings as the Company may deem necessary
or advisable to assure compliance with any such law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">The Company shall use its best
efforts to register the Reserved Shares with the Securities and Exchange Commission under a Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">13.&#9;<B>Administration of this Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;This Plan shall be administered
by the Committee and, except for the powers reserved to the Board in <B>Section 19</B> hereof, the Committee shall have all of
the administrative powers under this Plan. Without limitation, all members of the Committee must be independent Directors under
applicable rules of the New York Stock Exchange Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;The Committee, from time
to time, may adopt rules and regulations for carrying out the purposes of this Plan and, without limitation, may delegate all of
what, in its sole discretion, it determines to be primarily administrative or ministerial duties to the Administrator. The determinations
under, and the interpretations of, any provision of this Plan or an Award by the Committee (or the Administrator in the exercise
of his administrative authority) shall, in all cases, be in its sole discretion, and shall be final and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;Any and all determinations
and interpretations of the Committee shall be made either (i) by a majority vote of the members of the Committee at a meeting duly
called, with at least two (2) days prior notice, or (ii) without a meeting, by the written approval of all members of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;No member of the Committee,
or the Administrator, shall be liable for any action taken or omitted to be taken by such member or by any other member of the
Committee or by the Administrator with respect to this Plan, and to the extent of liabilities not otherwise insured under a policy
purchased by the Company, the Company does hereby indemnify and agree to defend and save harmless any member of the Committee,
and the Administrator, with respect to any liabilities asserted or incurred in connection with the exercise and performance of
their powers and duties hereunder, unless such liabilities are judicially determined to have arisen out of such person&rsquo;s
gross negligence, fraud or bad faith. Such indemnification <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><BR>
shall include attorney&rsquo;s fees and all other costs and expenses
reasonably incurred in defense of any action arising from such act of commission or omission. Nothing herein shall be deemed to
limit the Company&rsquo;s ability to insure itself with respect to its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;In particular, and without
limitation, except for the authority granted to the Administrator under <B>Section 4(h)</B> to make determinations described in
subsections (i), (ii), and (iii) below while carrying out the general delegation by the Committee with respect to the grant of
Awards to new Employees, the Committee shall have the sole authority, consistent with the terms of this Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(i)&#9;to determine whether and to
what extent Awards are to be granted hereunder to one or more Eligible Persons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(ii)&#9;to determine the number of
Reserved Shares to be covered by each such Award granted hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(iii)&#9;to determine the terms and
conditions of any Award granted hereunder, and to amend or waive any such terms and conditions except to the extent, if any, expressly
prohibited by this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(iv)&#9;to determine whether, to
what extent, and under what circumstances Awards under this Plan are to be made, and operate, on a tandem basis with other Awards
under this Plan; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(v)&#9;to determine (or to delegate
to the Administrator the authority to determine) whether to permit payment of tax withholding requirements in Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(f)&#9;Without limitation, the
Committee (and the Administrator in carrying out its responsibilities under <B>Section 4(h)</B>) shall have the authority to adopt,
alter, and repeal any or all of its rules, guidelines, and practices with respect to this Plan, and all questions of interpretation,
with respect to this Plan or any Award shall be decided by the Committee (or by the Administrator in carrying out its duties under
Section 4(h)), whose decision shall be final, conclusive and binding upon the Company and each other affected party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(g)&#9;Without limitation, the
Committee in its sole discretion may limit the authority granted, or previously granted, hereunder by the Committee to the Administrator
by notifying the Administrator in writing of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">14.&#9;<B>Tax Withholding.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">On or immediately prior to the
date on which a payment is made to a Holder hereunder or, if earlier, the date on which an amount is required to be included in
the income of the Holder as a result of an Award, the Holder shall be required to pay to the Company, in cash, the amount (if any)
which the Company reasonably determines to be necessary in order for the Company to comply with applicable federal or state tax
withholding requirements, and the collection of employment taxes; provided, further, without limitation, that the Administrator
may require that such payment be made in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">15.&#9;<B>Restricted Share Awards.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;The Committee may grant
Restricted Share Awards to any Eligible Person, for no cash consideration, for such minimum consideration as may be required by
applicable law, or for such cash consideration as may be specified in the grant. The terms and conditions of Restricted Share Awards
shall be specified in the Award. The Committee, in its sole discretion, shall determine what rights, if any, the person to whom
a Restricted Share Award is made shall have in the Restricted Shares during the Restricted Period and the Restrictions applicable
to the particular Award, including, without limitation, that the holder of the Restricted Shares shall not have the right to vote
the Restricted Shares and the extent, if any, of Holder&rsquo;s right to receive Restricted Share Distributions. Unless otherwise
provided in the Restricted Share Award, upon the expiration of Restrictions, the Restricted Shares shall cease to be Restricted
Shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;Generally, the Restrictions
on Restricted Share Awards shall lapse in whole, or in installments, over whatever Restricted Period shall be selected by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;Without limitations, the
Committee may issue Restricted Shares Awards that vest upon grant, or may accelerate the date on which Restrictions lapse, are
waived or are accelerated with respect to Restricted Share Awards which comprise five percent (5%) or less of the total number
of Reserved Shares authorized for issuance under this Plan under the first sentence of <B>Section 3(a)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;During the Restricted Period,
the certificates representing the Restricted Shares, and any Restricted Share Distributions, shall be registered in the Holder&rsquo;s
name and bear a restrictive legend disclosing the Restrictions, the existence of this Plan, and the existence of such Restricted
Share Award. Such certificates shall be deposited by the Holder with the Company, together with stock powers or other instruments
of assignment, each endorsed in blank, which will permit the transfer to the Company of all or any portion of the Restricted Shares,
and any assets constituting Restricted Share Distributions, which shall be forfeited in accordance with the terms of such Restricted
Share Award. Restricted Shares shall constitute issued and outstanding Common Stock for all corporate purposes and the Holder shall
have all rights, powers and privileges of a holder of unrestricted Shares except those that are expressly excluded under the terms
of the Restricted Share Award. The Holder will not be entitled to delivery of the stock certificates until all Restrictions shall
have terminated, and the Company will retain custody of all related Restricted Share Distributions (which will be subject to the
same Restrictions, terms, and conditions as the related Restricted Shares) until the conclusion of the Restricted Period with respect
to the related Restricted Shares; provided, that any Restricted Share Distributions shall not bear interest or be segregated into
a separate account but shall remain a general asset of the Company, subject to the claims of the Company&rsquo;s creditors, until
the conclusion of the applicable Restricted Period; provided, further, that any material breach of any terms of the Restricted
Share Award, as reasonably determined by the Administrator, will cause a forfeiture of both Restricted Shares and Restricted Share
Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;The terms and conditions
of Restricted Stock Units shall be reflected in an Award agreement. No shares of Common Stock shall be issued at the time a Restricted
Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of any such Award. An Eligible
Person shall have no voting rights with respect to any Restricted Stock Units granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(f)&#9;Restricted Stock Units awarded
to any Eligible Person shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction of any
applicable Performance Measures during such period, to the extent provided in the applicable Award agreement, and to the extent
such Restricted Stock Units are forfeited, all rights of the Eligible Person to such Restricted Stock Units shall terminate without
further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award
agreement. The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock Units whenever
it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising after the date the Restricted
Stock Units are granted, such action is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(g)&#9;At the discretion of the
Committee, vested Restricted Stock Units may be credited with Dividend Equivalents. Dividend Equivalents payable on Restricted
Stock Units shall be subject to the same restrictions and vesting requirements as the underlying Common Stock with respect to which
the Dividend Equivalents are paid, and will be paid or distributed at the same time as the Restricted Stock Units are settled or
paid. If the Restricted Stock Unit with respect to which the Dividend Equivalent is paid is forfeited, such Dividend Equivalent
also shall be forfeited. Dividend Equivalents shall be settled either in cash or in Common Stock, at the discretion of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(h)&#9;Upon the expiration of the
Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall deliver to the Eligible Person, or
his or her beneficiary, without charge, one share of Common Stock for each such outstanding Restricted Stock Unit and either cash
equal to any Dividend Equivalents credited with respect to each such Restricted Stock Unit in accordance with <B>Section 15(g)</B>
hereof, or in shares of Common Stock having a Fair Market Value equal to such Dividend Equivalents, provided, however, that, if
explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash
and part Common Stock in lieu of delivering only shares of Common Stock for Restricted Stock Units. If a cash payment is made in
lieu of delivering shares of <BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><BR>
Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock
as of the date on which the Restricted Period lapsed with respect to each Restricted Stock Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">16.&#9;<B>Stock Appreciation Rights (&ldquo;SAR&rdquo;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;The Committee shall have
authority to grant a SAR with respect to Reserved Shares, including, without limitation, Reserved Shares covered by any Option
(&ldquo;<B>Related Option</B>&rdquo;). A SAR granted with respect to a Related Option must be granted on the Date of Grant of such
Related Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;For the purposes of this
Plan, the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(i)&#9;The term &ldquo;<B>SAR</B>&rdquo;
shall mean a right granted under this Plan, including, without limitation, a right granted in tandem with an Award that shall entitle
the Holder thereof to an amount equal to the SAR Spread payable as described in this Section 16(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(ii)&#9;The term &ldquo;<B>SAR Spread</B>&rdquo;
shall mean with respect to each SAR an amount equal to the product of (1) the excess of (A) the Fair Market Value per Share on
the date of exercise, over (B) the Agreed Price which, without limitation, is the Fair Market Value of the Reserved Shares on the
Date of Grant, in each case multiplied by (2) the number of Reserved Shares with respect to which such SAR is being exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&#9;To exercise the SAR the Holder shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(i)&#9;Give written notice thereof
to the Company, specifying the SAR being exercised and the number or Reserved Shares with respect to which such SAR is being exercised,
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(ii)&#9;If requested by the Company,
deliver within a reasonable time the agreement evidencing the SAR being exercised and, if applicable, the Related Option agreement,
to the Secretary of the Company who shall endorse or cause to be endorsed thereon a notation of such exercise and return all agreements
to the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;As soon as practicable,
after the exercise of a SAR, the Holder will receive the equivalent value in cash of Reserved Shares having a Fair Market Value,
as determined on the date of exercise of the Vested SAR, equal to the SAR Spread described in Section 16(b)(ii) above; provided,
however, without limiting the generality of <B>Section 14</B>, that the Company, in its sole discretion, may withhold from a portion
of such cash equivalent of the Reserved Shares amount any amount necessary to satisfy the Company&rsquo;s minimum obligation for
federal and state withholding taxes with respect to such exercise. Any Reserved Shares related to the exercise of a SAR will be
available for reissuance under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in">(e)&#9;A SAR may be exercised only if and to the extent
that it is permitted under the terms of the Award which shall be only when such Related Option is eligible to be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(f)&#9;A SAR shall be transferable
only to the extent, if any, provided in the agreement evidencing the SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(g)&#9;Each SAR shall be on such
terms and conditions not inconsistent with this Plan as the Committee may determine, provided that the term of a SAR may not extend
beyond the tenth (10th) anniversary of its Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(h)&#9;The Holder shall have no
rights as a stockholder with respect to the related Reserved Shares as a result of the grant of a SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(i)&#9;With respect to a Holder who,
on the date of a proposed exercise of a SAR is an officer (as that term is used in Rule 16a-1 promulgated under the 1934 Act or
any similar rule which may subsequently be in effect), such proposed exercise may only occur as permitted by Rule 16b-3, including
without limitation paragraph (e)(3)(iii) (or any similar rule which may subsequently be in effect promulgated pursuant to Section
16(b) of the 1934 Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">17.&#9;<B>Section 83(b) Election.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">If as a result of receiving an
Award, a Holder receives Restricted Shares, then such Holder may elect under Section 83(b) of the Code to include in such person&rsquo;s
gross income, for such person&rsquo;s taxable year in which the Restricted Shares are transferred to such Holder, the excess of
the Fair Market Value (determined without regard to any Restriction other than one which by its terms will never lapse), of such
Restricted Shares at the Date of Grant, over the amount (if any) paid for the Restricted Shares. If the Holder makes the Section
83(b) election described above, the Holder shall (i) make such election in a manner that is satisfactory to the Administrator,
(ii) provide the Administrator with a copy of such election, (iii) promptly notify the Company if any Internal Revenue Service
or state tax agent, on audit or otherwise, questions the validity or correctness of such election or of the amount of income reportable
on account of such election, and (iv) pay the withholding amounts described in Section 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">18.&#9;<B>Interpretation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;If any provision of this
Plan is held invalid for any reason, such holding shall not affect the remaining provisions hereof, but instead this Plan shall
be construed and enforced as if such provision had never been included in this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;THIS PLAN SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF COLORADO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;Headings contained in this
Plan are for convenience only and shall in no manner be construed as part of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;Any reference to the masculine,
feminine, or neuter gender shall be a reference to such other gender as is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;Nothing contained in this
Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such
approval is required; and such arrangements may be either generally applicable or applicable only in specific cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">19.&#9;<B>Amendment and Discontinuation
of this Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The Board, or the Committee (subject
to the prior written authorization of the Board), may from time to time amend this Plan or any Award; provided, however, that (except
to the extent provided in Section 9(b)) no such amendment may, without approval by the shareholders of the Company, (a) increase
the number of Reserved Shares or change the class of Eligible Persons, (b) permit the granting of Awards which expire beyond the
maximum ten (10) year period described in Section 9(a)(5), or (c) make any change for which applicable law or regulatory authority
(including the regulatory authority of the Toronto Stock Exchange or the NYSE MKT or any other market or exchange on which the
Common Stock is traded) would require shareholder approval or for which shareholder approval would be required for Awards to qualify
as performance based awards under Section 162(m) of the Code; and provided, further, that no amendment or suspension of this Plan
or any Award issued hereunder shall, except as specifically permitted in this Plan or under the terms of such Award, substantially
impair any Award previously granted to any Holder without the consent of such Holder.<U> </U>Without the approval of the Company&rsquo;s
stockholders, the Committee will not re-price, adjust or amend the exercise price of any options or the grant price of any SAR
previously awarded, whether through amendment, cancellation and concurrent replacement grant or any other means.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">20.&#9;<B>Effective Date and Termination
Date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">This Plan shall be effective as
of the Effective Date, and shall terminate on the tenth anniversary of such Effective Date; provided, without limitation, that
unless otherwise expressly provided in an Award, the termination of this Plan shall not terminate an Award which is outstanding
on such date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">21.&#9;<B>Section 409A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">It is the intention of the Company
that no Award shall be &ldquo;deferred compensation&rdquo; subject to Section 409A of the Code, unless and to the extent that the
Committee specifically determines otherwise, and this Plan and the terms and conditions of all Awards shall be interpreted accordingly.
The terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of the Code, including,
without limitation, any rules for elective or mandatory deferral of the delivery of cash or shares of Common Stock pursuant thereto
and any rules regarding treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award
agreement, deferral election forms and procedures, and rules established by the Committee, and shall comply in all respects with
Section 409A of the Code. The following rules will apply to Awards intended to be subject to Section 409A of the Code (&ldquo;<B>409A
Awards</B>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a)&#9;If an Eligible Person is
permitted to elect to defer an Award or any payment under an Award, such election will be permitted only at times in compliance
with Code Section 409A, including, without limitation, applicable transition rules thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b)&#9;The Company shall have no
authority to accelerate distributions relating to 409A Awards in excess of the authority permitted under Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c)&#9;Any distribution of a 409A
Award following a Separation that would be subject to Code Section 409A(a)(2)(A)(i) as a distribution following a Separation from
service of a &ldquo;specified employee&rdquo; as defined under Code Section 409A(a)(2)(B)(i), shall occur no earlier than the expiration
of the six-month period following such Separation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d)&#9;In the case of any distribution
of a 409A Award, if the timing of such distribution is not otherwise specified in this Plan or an Award agreement or other governing
document, the distribution shall be made not later than the end of the calendar year during which the settlement of the 409A Award
is specified to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e)&#9;In the case of an Award
providing for distribution or settlement upon Vesting or the lapse of a risk of forfeiture, if the time of such distribution or
settlement is not otherwise specified in this Plan or an Award agreement or other governing document, the distribution or settlement
shall be made not later than March 15 of the year following the year in which the Award Vested or the risk of forfeiture lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">22.&#9;<B>Blackout Periods.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">Notwithstanding any other provision
of this Plan or any Award to the contrary, any exercise of disposition of any Award or any Reserved Share pursuant to this Plan
shall be consistent with the Trading Restrictions and Blackout Periods policy stated within the Company&rsquo;s Disclosure Policy,
or such other applicable written policy as necessary. If the term of any Award granted under the Plan ends on a day occurring within
a Blackout Period or within ten business days thereafter, such Award shall continue to be exercisable under the terms of the Plan
up to 5:00 p.m. (Denver time) on the tenth business day following the end of such Blackout Period.</P>

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