0000912282-18-000086.txt : 20180608 0000912282-18-000086.hdr.sgml : 20180608 20180608164906 ACCESSION NUMBER: 0000912282-18-000086 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 12 FILED AS OF DATE: 20180608 DATE AS OF CHANGE: 20180608 EFFECTIVENESS DATE: 20180608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gold Standard Ventures Corp. CENTRAL INDEX KEY: 0001321847 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 333-225533 FILM NUMBER: 18890081 BUSINESS ADDRESS: STREET 1: SUITE 610 STREET 2: 815 WEST HASTINGS STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1B4 BUSINESS PHONE: 604-669-5702 MAIL ADDRESS: STREET 1: SUITE 610 STREET 2: 815 WEST HASTINGS STREET CITY: VANCOUVER STATE: A1 ZIP: V6C 1B4 FORMER COMPANY: FORMER CONFORMED NAME: Devonshire Resources Ltd. DATE OF NAME CHANGE: 20071102 FORMER COMPANY: FORMER CONFORMED NAME: Ripple Lake Diamonds Inc. DATE OF NAME CHANGE: 20050325 S-8 1 goldstandards8_060118.htm
    


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933

Gold Standard Ventures Corp.
(Exact name of registrant as specified in its charter)

British Columbia, Canada
(State or other jurisdiction of incorporation or organization)
 
n/a
(I.R.S. Employer Identification No.)
 
Suite 610, 815 West Hastings Street
Vancouver, British Columbia
Canada  V6C 1B4
(604) 669-5702
(Address of Principal Executive Offices)

Stock Option Incentive Plan
Restricted Share Unit Award Plan
(Full titles of the plans)
 
 
Gold Standard Ventures (US) Inc.
2320 Last Chance Road
Elko, Nevada 89801
(Name and address of agent for service)
(775) 738-9572
(Telephone number, including area code, of agent for service)
 
With a copy to
Randal R. Jones
Dorsey & Whitney LLP
701 Fifth Avenue, Suite 6100
Seattle, WA 98104
(206) 903-8800
 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer                   Accelerated filer

Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.




CALCULATION OF REGISTRATION FEE


Title of Each Class of
Securities to be Registered

Amount to
be Registered(1)

Proposed Maximum Offering
Price Per Share(2)

Proposed Maximum
Aggregate Offering Price

Amount of Registration
Fee
Common shares, no par value(3)
15,448,871
$1.52
$23,482,284
$2,924
Common shares, no par value(4)
9,441,896
$1.32
$12,446,533
$1,550
Total
   
$35,928,817
$4,473

(1)
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended, this registration statement also covers any additional securities that may be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions in accordance with the provisions of the plans.
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h)(1) and 457(c).  The proposed maximum aggregate offering price is based upon the average of the high and low prices of the common shares reported on the NYSE American LLC on June 6, 2018 for common shares reserved for future option issuances under the Stock Option Incentive Plan (the "Option Plan").
(3)
Represents common shares, without par value, issuable pursuant to the Option Plan and the Restricted Share Unit Award Plan (the "RSU Plan").  Under the terms of the Option Plan, the Registrant may issue up to 10% of its issued and outstanding shares under the Option Plan and all of the Registrant's other previously issued and outstanding security-based compensation arrangements, including the RSU Plan, under which the Registrant may issue up to 5,000,000 common shares.  Accordingly, any shares issued pursuant to the RSU Plan will reduce the number of shares issuable pursuant to the Option Plan.
(4)
Represents common shares, without par value, issuable pursuant to 9,441,896 outstanding options granted under the Option Plan with a weighted average exercise price of Cdn$1.71 per share.  The amounts have been converted to U.S. dollars for purposes of this registration fee table based on the daily exchange rate reported by the Bank of Canada on June 7, 2018, which was Cdn$1.00 to $0.7709.


EXPLANATORY NOTE
This registration statement on Form S-8 registers the offer and sale of common shares of Gold Standard Ventures Corp. (the "Registrant") pursuant to the exercise of options under the of Gold Standard Ventures Corp. Stock Option Incentive Plan and the award of shares under the Restricted Share Unit Award Plan.

PART II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The following documents filed by the Registrant with the Securities and Exchange Commission (the "Commission")  are hereby incorporated in this registration statement by reference:

(a)
The Annual Report on Form 40-F for the year ended December 31, 2017, filed with the Commission on March 30, 2018;

(b)
All other reports filed by the Registrant under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since December 31, 2017; and

(c)
The description of the Registrant's securities contained in the Registrant's registration statement on Form 8-A filed under the Exchange Act on June 21, 2012.

All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.

Item 4.  Description of Securities.
Not Applicable.

Item 5.  Interests of Named Experts and Counsel.
Certain experts named in this registration statement are employees of the Registrant.  Such experts and any other experts named in this registration statement serving as officers, directors or employees, may own common shares of the Registrant and may participate in the Registrant's Stock Option Incentive Plan.
Item 6.  Indemnification of Directors and Officers.
Business Corporations Act

The Business Corporations Act (British Columbia) ("BCBCA") provides that a company may:

·
indemnify an eligible party against all judgments, penalties or fines awarded or imposed in, or amounts paid in settlement of, an eligible proceeding, to which the eligible party is or may be liable; and

·
after the final disposition of an eligible proceeding, pay the "expenses" (which includes costs, charges and expenses (including legal and other fees) but excludes judgments, penalties, fines or amounts paid in settlement of a proceeding) actually and reasonably incurred by an eligible party in respect of that proceeding.


However, after the final disposition of an eligible proceeding, a company must pay expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (i) has not been reimbursed for those expenses, and (ii) is wholly successful, on the merits or otherwise, or is substantially successful on the merits, in the outcome of the proceeding.  The BCBCA also provides that a company may pay the expenses as they are incurred in advance of the final disposition of an eligible proceeding if the company first receives from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under the BCBCA, the eligible party will repay the amounts advanced.

For the purpose of the BCBCA, an "eligible party," in relation to a company, means an individual who:

·
is or was a director or officer of the company;
·
is or was a director or officer of another corporation
o
at a time when the corporation is or was an affiliate of the company, or
o
at the request of the company; or
·
at the request of the company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity;

and includes, with some exceptions, the heirs and personal or other legal representatives of that individual.

An "eligible proceeding" under the BCBCA is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the company or an associated corporation (i) is or may be joined as a party, or (ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.  A "proceeding" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

Notwithstanding the foregoing, the BCBCA prohibits indemnifying an eligible party or paying the expenses of an eligible party if any of the following conditions apply:

·
if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that such agreement was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

·
if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

·
if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the company or the associated corporation, or as the case may be; or

·
in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

Additionally, if an eligible proceeding is brought against an eligible party by or on behalf of the company or by or on behalf of an associated corporation, the company must not (i) indemnify the eligible party in respect of the proceeding; or (ii) pay the expenses of the eligible party in respect of the proceeding.

Whether or not payment of expenses or indemnification has been sought, authorized or declined under the BCBCA, on the application of a company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:


·
order a company to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;

·
order a company to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

·
order the enforcement of, or any payment under, an agreement of indemnification entered into by a company;

·
order a company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order; or

·
make any other order the court considers appropriate.

The BCBCA provides that a company may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the company or an associated corporation.

Articles of the Registrant

The Registrant's articles provide that the Registrant must (i) indemnify, and (ii) pay the expenses reasonably and actually incurred by, its directors and officers, former directors and officers, and alternate directors and their respective heirs and personal or other legal representatives to the greatest extent permitted by the BCBCA and that each director and officer is deemed to have contracted with the Registrant on the above terms.

The Registrant's articles further provide that the Company may, subject to any restrictions in the BCBCA, indemnify any other person and that the failure of a director, alternate director or officer of the Company to comply with the BCBCA or the Registrant's articles does not invalidate any indemnity to which he or she is entitled under the Registrant's articles.

The Registrant is authorized by its articles to purchase and maintain insurance for the benefit of any eligible person (or his or her heirs or legal personal representatives) including, but not limited to, any current or former directors, alternative directors, officers, employees or agents of the Registrant.
The Registrant maintains directors' and officers' liability insurance coverage through policies covering the Registrant and its subsidiaries, which have an annual aggregate policy limit of $40,000,000, subject to a corporate retention (i.e. deductible) of $500,000 per loss for all claims pursuant to securities laws, $100,000 per loss for all claims relaing to employment practices and $250,000 per loss for all other claims. This insurance provides coverage for indemnity payments made by the Registrant to its directors and officers as required or permitted by law for losses, including legal costs, incurred by officers and directors in their capacity as such. This policy also provides coverage directly to individual directors and officers if they are not indemnified by the Registrant. The insurance coverage for directors and officers has customary exclusions, including acts determined to be uninsurable under laws, or deliberately fraudulent or criminal or to have resulted in personal profit, advantage or remuneration.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is therefore unenforceable.

Item 7.  Exemption from Registration Claimed.
Not Applicable.


Item 8.  Exhibits.
Exhibit Number
Exhibit
4.1
4.2
Gold Standard Ventures Corp. Stock Option Incentive Plan
Gold Standard Ventures Corp. Restricted Share Unit Award Plan
5.1
Opinion and Consent of Borden Ladner Gervais LLP
23.1
Consent of Borden Ladner Gervais LLP (included in Exhibit 5.1)
23.2
Consent of Davidson & Company LLP
23.3
Consent of Michael B. Dufresne, M.Sc., P.Geol., P.Geo.
23.4
Consent of Steven J. Nicholls, BA.Sc., MAIG
23.5
Consent of Steven R. Koehler, B.Sc., QP, CPG
23.6
Consent of Gary Simmons , B.SC., QP, MMSA
24.1
Power of Attorney

Item 9.  Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(1)
to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
to include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)
to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.
(2)
that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and
(3)
to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.




SIGNATURES
The Registrant. Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province of British Columbia, Canada, on this 8th day of June, 2018.
 
 
GOLD STANDARD VENTURES CORP.
 
 
 
 
 
 
 
By:
/s/ Jonathan Awde 
 
 
Name: Jonathan Awde
 
 
Title: President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
 
Title
Date
 
 
 
 
 
 
 
 
 
 
 
 
/s/ Jonathan Awde
 
President, Chief Executive Officer and
June 8, 2018
Jonathan Awde
 
Director (Principal Executive Officer)
 
 
 
 
 
 
 
 
 
/s/ Michael Waldkirch
 
Chief Financial Officer (Principal Financial Officer
June 8, 2018
Michael Waldkirch
 
and Principal Accounting Officer)
 
 
 
 
 
 
 
 
 
 
 
 
 
*
 
Lead Director
June 8, 2018
D. Bruce McLeod
 
 
 
 
 
 
 
 
 
 
 
*
 
Director
June 8, 2018
Robert McLeod
 
 
 
 
 
 
 
 
 
 
 
*
 
Director
June 8, 2018
Jamie Strauss
 
 
 
 
 
 
 
 
 
 
 
*
 
Director
June 8, 2018
William Threlkeld
 
 
 
 
 
 
 
       
*  
Director and Authorized Representative in the
June 8, 2018
Alex Morrison
  United States  
       
       
*
 
Director
June 8, 2018
Zara Boldt
     
       
       
*
 
Director
June 8, 2018
Ron Clayton
     
* The undersigned, by signing below, does hereby execute this registration statement on behalf of the directors and representatives of Gold Standard Ventures Corp. listed above pursuant to the Power of Attorney filed herewith as Exhibit 24.1.
By:  /s/ Jonathan Awde                             
Jonathan Awde
As Attorney-In-Fact

EXHIBIT INDEX
Exhibit Number
 
Exhibit
4.1
 
Gold Standard Ventures Corp. Stock Option Incentive Plan
4.2   Gold Standard Ventures Corp. Restricted Share Unit Award Plan 
5.1
 
Opinion and Consent of Borden Ladner Gervais LLP
23.1
 
Consent of Borden Ladner Gervais LLP (included in Exhibit 5.1)
23.2
 
Consent of Davidson & Company LLP
23.3
 
Consent of Michael B. Dufresne, M.Sc., P.Geol., P.Geo.
23.4
 
Consent of Steven J. Nicholls, BA.Sc., MAIG
23.5
 
Consent of Steven R. Koehler, B.Sc., QP, CPG
23.6
 
Consent of Gary Simmons , B.SC., QP, MMSA
24.1
 
Power of Attorney



EX-4.1 2 ex4_1.htm GSV STOCK OPTION INCENTIVE PLAN
EXHIBIT 4.1
 

 
GOLD STANDARD VENTURES CORP.

2017 AMENDED AND RESTATED STOCK OPTION PLAN


1.
Objectives
 
The Plan is intended as an incentive to attract and retain qualified directors, senior officers, Employees, Management Company Employees, Consultants and Consultant Companies of the Company and its Affiliates, to promote a proprietary interest in the Company and its Affiliates among such persons, and to stimulate the active interest of such persons in the development and financial success of the Company and its Affiliates.

2.
Definitions
 
2.1
As used in the Plan, the terms set forth below shall have the following respective meanings:
 
(a)
"Affiliate", means an affiliate as defined in the Securities Act and includes issuers that are similarly related, whether or not any of the issuers are companies, partnerships, limited partnerships, trusts, income trusts or investment trusts or any other organized entity issuing securities;
 
(b)
"Associate" means an associate as defined in the Securities Act;
 
(c)
"Black Out Period" means a temporary period during which Optionees may not exercise their Options;
 
(d)
"Board" means the board of directors of the Company;
 
(e)
"Change in Control" means:
 
(i)
any merger or amalgamation in which voting securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding  securities are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction;
 
(ii)
any acquisition, directly or indirectly, by a person or Related Group of Persons (other than a person that is a registered dealer as described in Section 2.1(aa)(iii) and other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership of voting securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities;
 
(iii)
any acquisition, directly or indirectly, by a person or Related Group of Persons of the right to appoint a majority of the directors of the Company or otherwise directly or indirectly control the management, affairs and business of the Company;
 
(iv)
any sale, transfer or other disposition of all or substantially all of the assets of the Company;
 
(v)
a complete liquidation or dissolution of the Company; or
 
(vi)
any transaction or series of transactions involving the Company or any of its Affiliates that the Board in its discretion deems to be a Change in Control;
 
(f)
"Committee" means the Compensation Committee of the Board or such other committee of the Board to which the Board has delegated responsibility for administration of the Plan or, if the Board has not made such delegation, "Committee" shall mean the Board;
 

(g)
"Company" means Gold Standard Ventures Corp., a company existing under the Business Corporations Act (British Columbia);
 
(h)
"Consultant" means, in relation to the Company, an individual or Consultant Company, other than an Employee or a Director/Officer of the Company, that:
 
(i)
is engaged to provide on an ongoing bona fide basis, consulting, technical, management or other services to the Company or to an Affiliate of the Company, other than services provided in relation to a distribution of securities;
 
(ii)
provides the services under a written contract between the Company or the Affiliate of the Company and the individual or the Consultant Company;
 
(iii)
in the reasonable opinion of the Company, spends or will spend a significant amount of time and attention on the affairs and business of the Company or an Affiliate of the Company; and
 
(iv)
has a relationship with the Company or an Affiliate of the Company that enables the individual to be knowledgeable about the business and affairs of the Company.
 
(i)
"Consultant Company" means, for an individual Consultant, a company or partnership of which the individual is an employee, shareholder or partner;
 
(j)
"Date of Grant" means the date an Option is granted by the Committee to the Optionee, subject to any regulatory or other approvals or conditions;
 
(k)
"Directors/Officers" means directors, senior officers or Management Company Employees of the Company or any subsidiary of the Company;
 
(l)
"Employee" means:
 
(i)
an individual who is considered an employee of the Company or its subsidiary under the Income Tax Act (Canada);
 
(ii)
an individual who works full‑time for the Company or its subsidiary providing services normally provided by an employee and who is subject to the same control and direction by the Company over the details and methods of work as an employee of the Company, but for whom income tax deductions are not made at source; or
 
(iii)
an individual who works for the Company or its subsidiary on a continuing and regular basis for a minimum amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by the Company over the details and methods of work as an employee of the Company, but for whom income tax deductions are not made at source;
 
(m)
"Exchange" means:
 
(i)
the TSX-V if the Shares are listed on the TSX-V;
 
(ii)
the TSX if the Shares are listed on the TSX; and
 
(iii)
if the Shares are not listed on the TSX-V or the TSX, any other stock exchange on which the Shares are listed (if the Shares are traded on more than one stock exchange, then the stock exchange on which a majority of Shares are traded).
 
(n)
"Insider" in relation to the Company means:
 
2

(i)
a director or senior officer of the Company;
 
(ii)
a director or senior officer of a company that is an Insider or subsidiary of the Company; or
 
(iii)
a person that beneficially owns or controls, directly or indirectly, Shares carrying more than 10% of the voting rights attached to all outstanding Shares
 
(o)
"Insider Participation Limit" has the meaning ascribed thereto in Section 6.3;
 
(p)
"Investor Relations Activities" means any activities, by or on behalf of the Company or a shareholder of the Company, that promote or reasonably could be expected to promote the purchase or sale of securities of the Company, except for such activities that the Exchange specifically states to not be Investor Relations Activities;
 
(q)
"Management Company Employee" means an individual employed by an entity providing management services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company, but excluding an entity engaged in Investor Relations Activities;
 
(r)
"Market Price" in relation to a Share subject to an Option on the Date of Grant of the Option means:
 
(i)
if the Company is listed on the TSX-V, the last closing price of the Shares on the TSX-V before such Date of Grant;
 
(ii)
if the Company is listed on the TSX, the volume weighted average trading price of the Shares for the five trading days (on which at least one board lot of the Shares was traded) before such Date of Grant on the TSX; or
 
(iii)
if the Shares are not listed on the TSX-V or the TSX, the volume weighted average trading price of the Shares for the five trading days (on which at least one board lot of the Shares was traded) before such Date of Grant on such other stock exchange or securities market on which Shares are listed as is selected by the Board.
 
(s)
"Merger and Acquisition Transaction" means:
 
(i)
any merger;
 
(ii)
any acquisition;
 
(iii)
any amalgamation;
 
(iv)
any offer for Shares which if successful would entitle the offeror to acquire all of the voting securities of the Company; or
 
(v)
any arrangement or other scheme of reorganization;
 
that results in a Change in Control;
 
(t)
"Option" means an option to purchase Shares granted under or subject to the terms of the Plan, including the Pre-Plan Options;
 
(u)
"Option Agreement" means a written agreement between the Company and an Optionee that sets forth the terms, conditions and limitations applicable to an Option;
 
(v)
"Option Period" means the period during which an Option may be exercised;
 
3

(w)
"Optionee" means a person to whom an Option has been granted under the terms of the Plan or who holds an Option that is otherwise subject to the terms of the Plan;
 
(x)
"Plan" means this Stock Option Plan of the Company;
 
(y)
"Pre-Plan Options" has the meaning set forth in Section 4.2;
 
(z)
"Related Group of Persons" in respect of a person means:
 
(i)
the person together with any one or more of the person's Associates or Affiliates; and
 
(ii)
any two or more persons who have an agreement, commitment or understanding, whether formal or informal, with respect to:
 
(A)
the acquisition of or the intention to acquire, directly or indirectly, beneficial ownership of, or control and direction over, voting securities of the Company; or
 
(B)
the exercise of voting rights attached to the securities of the Company beneficially owned by such persons, or over which such persons have control and direction, on matters regarding the appointment of directors or control of the management, affairs and business of the Company;
 
(iii)
despite the above Section 2.1(z)(ii)(A), a registered dealer acting solely in an agency capacity for a person or Related Group of Persons in connection with the acquisition of beneficial ownership of, or control and direction over, securities of the Company, and not  executing principal transactions for its own account or performing services beyond customary dealer's functions, shall not be deemed solely by reason of such agency relationship to be a related person for the purposes of the definition of Related Group of Persons;
 
(aa)
"Securities Act" means the Securities Act (British Columbia), as amended from time to time;
 
(bb)
"Shares" means common shares in the capital of the Company;
 
(cc)
"TSX-V" means the TSX Venture Exchange (or any successor stock exchange thereof); and
 
(dd)
"TSX" means the Toronto Stock Exchange (or any successor stock exchange thereof).
 
3.
Administration of the Plan
 
3.1
The Plan shall be administered by the Committee. With respect to Option grants to directors of the Company, the Board shall serve as the Committee. With respect to any other Options the Board may specifically constitute a committee of two or more directors of the Company as the Board may designate from time to time to serve as the Committee for the Plan, all of the members of which shall be and remain directors of the Company.  Notwithstanding the foregoing, the Board may resolve to be the Committee to administer the Plan with respect to all of the Plan or certain participants and/or awards made or to be made under the Plan.
 
3.2
The Committee shall have full and exclusive power to interpret the Plan, to adopt such rules, regulations and guidelines for carrying out the Plan as it may deem necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of the Plan, and to reserve and issue Shares issuable pursuant to the exercise of Options.  The Committee may, in its discretion but subject to any necessary approvals of any stock exchange or regulatory body having jurisdiction over the securities of the Company, provide for the extension of the exercisability of an Option, accelerate the vesting or exercisability of any Option, eliminate or make less restrictive any restrictions contained in an Option, waive any restriction or other provision of the Plan or an Option or otherwise amend or modify an Option in any manner that is either (a) not adverse to the Optionee holding such Option or (b) consented to
 
4

 
 
by such Optionee.  The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Option in the manner and to the extent the Committee deems necessary or desirable to carry it into effect.  Any decision of the Committee in the interpretation and administration of the Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned.  No member of the Committee shall be liable for anything done or omitted to be done by such member, by any member of the Committee or by any officer of the Company in connection with the performance of any duties under the Plan, except for such member's own wilful misconduct or as expressly provided by statute.
 
3.3
All administrative costs of the Plan shall be paid by the Company.
 
4.
Eligibility
 
4.1
Options may be granted to Employees, Directors/Officers and Consultants (and Consultant Companies as may be permitted by the Exchange) who are in the opinion of the Committee in a position to contribute to the success of the Company or any of its Affiliates or who, by virtue of their service to the Company or any predecessors thereof or to any of its Affiliates are, in the opinion of the Committee, worthy of special recognition.  The granting of Options is entirely discretionary and nothing in this Plan shall be deemed to give any person any right to participate in this Plan or to be granted an Option and designation of an Optionee in any year shall not require the designation of such person to receive an Option in any other year.  The Committee shall consider such factors as it deems pertinent in selecting participants and in determining the amount and terms of their respective Options.
 
4.2
Any options previously granted by the Company (the "Pre‑Plan Options") which remain outstanding as at the effectiveness of the Plan will be deemed to have been issued under and will be governed by the terms of the Plan and, in the event of any inconsistency between the terms of the agreements governing the Pre‑Plan Options and the terms of the Plan, the terms of such agreements shall govern.  Any Shares issuable upon exercise of the Pre‑Plan Options will be included for the purpose of calculating the amounts set out in Sections 5 and 6 hereof.
 
4.3
Subject to any applicable regulatory approvals, Options may also be granted under the Plan in exchange for outstanding options granted by the Company or any predecessor company thereof or any Affiliate thereof, whether such outstanding options are granted under the Plan, under any other stock option plan of the Company or any predecessor company or any Affiliate thereof, or under any stock option agreement with the Company or any predecessor corporation or Affiliate thereof.
 
4.4
Subject to any applicable regulatory approvals, Options may also be granted under the Plan in substitution for outstanding options of another company in connection with a plan of arrangement or exchange, amalgamation, merger, consolidation, acquisition of property or shares, or other reorganization between or involving such other company and the Company or any of its subsidiaries.
 
5.
Number of Shares Reserved under the Plan
 
The maximum aggregate number of Shares issuable pursuant to the exercise of Options granted under the Plan from time to time shall not exceed in aggregate 10% of the Company's Shares issued and outstanding at the time of grant (including Shares issuable upon exercise of any Pre‑Plan Options assumed by the Plan upon its effectiveness pursuant to Section 20 hereof), provided that:

(a)
if any Shares covered by an Option subject to the Plan are forfeited, or if an Option has expired, terminated or been cancelled for any reason whatsoever, then the Shares covered by such Option shall again be, or shall become, Shares with respect to which Options may be granted hereunder, and
 
(b)
such maximum number of Shares shall be appropriately adjusted in the event of any subdivision or consolidation of the Shares.
 
5

6.
Number of Optioned Shares per Optionee
 
6.1
The determination regarding the number of Shares that may be the subject of Options granted to each Optionee pursuant to an Option will be made by the Committee and will take into consideration the Optionee's present and potential contribution to the success of the Company and applicable legal and regulatory requirements.

6.2
For so long as the Company is listed on the TSX-V, grants under the Plan shall be subject to the following limitations:

(a)
Subject to Sections 6(b) and 6(c), the aggregate number of Shares that may be reserved for issuance pursuant to the Plan, or as incentive stock options, to any one Optionee in a 12‑month period must not exceed 5% of the issued and outstanding Shares (determined at the Date of Grant), unless, as may be required by the TSX-V, disinterested shareholder approval is obtained;
 
(b)
The number of Shares subject to Options granted to any one Consultant in a 12‑month period must not exceed 2% of the issued and outstanding Shares (determined at the Date of Grant);
 
(c)
The aggregate number of Shares subject to Options granted to all Optionees who are employed to provide Investor Relations Activities must not exceed 2% of the issued and outstanding Shares in any 12‑month period (determined at the Date of Grant);
 
(d)
The number of Options granted to Insiders within a 12-month period to acquire Shares reserved for issuance under the Plan must not exceed 10% of the issued and outstanding Shares, unless, as may be required by the  TSX-V, disinterested shareholder approval is obtained; and
 
(e)
Subject to any longer vesting period as may be set out in the related Option Agreement, an Option granted to a Consultant performing Investor Relations Activities shall vest in stages over 12 months with no more than 25% of the Shares subject to the Option vesting in any three‑month period
 
6.3
For so long as the Company is listed on the TSX, grants under the Plan shall be subject to the following limitations (collectively, the "Insider Participation Limit"):
(a)
Shares issuable to Insiders under the Plan at any time, when combined with all of the Company's other security based compensation arrangements, shall not exceed 10% of the issued and outstanding Shares; and
(b)
Shares issued to Insiders under the Plan, when combined with all of the Company's other security based compensation arrangements, shall not exceed 10% of the issued and outstanding Shares in any 12 month period.
 
7.
Price
 
7.1
The exercise price per Share subject to an Option shall be determined by the Committee at the time the Option is granted, provided that the exercise price shall not be less than the Market Price less applicable discounts permitted by the Exchange, or such other minimum exercise price as may be required by the Exchange.
 
6

7.2
Subject to applicable regulatory requirements and approval, the Committee may reprice the prevailing exercise price of an Option. Any reduction in the exercise price of an Option held by an Optionee who is an Insider at the time of the proposed amendment is, however, subject to disinterested shareholder approval if and as required by the Exchange.
 
8.
Term and Exercise of Options
 
8.1
The Option Period shall be determined by the Committee at the time the Option is granted and may be up to five years from the Date of Grant. The Option Period is also subject to reduction pursuant to the provisions of Article 10.  Subject to the applicable maximum Option Period provided for in this Section 8.1 and subject to applicable regulatory requirements and approvals, the Committee may extend the Option Period for an Option.  Notwithstanding anything contained herein, if the Option Period expires during a Black Out Period or within 2 business days of a Black Out Period, the Option Period shall be extended to 10 days from the end of the Black Out Period.
 
8.2
Subject to Subsection 6.2(e), the vesting schedule for each Option shall be determined by the Committee at the time the Option is granted and shall be specified in the Option Agreement in respect of the Option.
 
8.3
Notwithstanding the foregoing provision of this Article 8, if there is a takeover bid or tender offer made for all or any of the issued and outstanding Shares, then the Committee may, by resolution, permit all Options outstanding to become immediately exercisable in order to permit the Shares issuable under such Options to be tendered to such bid or offer.
 
8.4
The vested portion of Options will be exercisable, either all or in part, at any time after vesting.  If less than all of the Shares included in the vested portion of any Option are purchased, the remainder may be purchased, subject to the Option's terms, at any subsequent time prior to the expiration of the Option Period.
 
8.5
The exercise of any Option will be contingent upon receipt by the Company of payment for the full exercise price of the Shares being purchased in cash by way of certified cheque or bank draft.  No Optionee or the legal representatives, legatees or distributees of the Optionee will be, or will be deemed to be, a holder of any Shares subject to an Option under the Plan unless and until certificates for such Shares are issued to the Optionee or such other persons under the terms of the Plan.
 
9.
Stock Option Agreement
 
Upon the grant of an Option to an Optionee, the Company and the Optionee shall enter into an Option Agreement setting out the number of Shares subject to the Option, the exercise price per Share, the Option Period, and the vesting schedule for the Option, if any, and incorporating the terms and conditions of the Plan and any other requirements of applicable regulatory authorities and such other terms and conditions as the Committee may determine are necessary or appropriate, subject to the terms of the Plan.  Without limiting the generality of the foregoing and if and for so long as the Company is listed on the TSX or TSX-V, for Options granted to Employees, Consultants or Management Company Employees, the Company and the Optionee are responsible for ensuring and representing in an Option Agreement that the Optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be.

10.
Effect of Termination of Employment or Death
 
10.1
Options granted to any Optionee who is a Director/Officer, Employee, Consultant or Management Company Employee shall expire on the earlier of: (a) such date within a reasonable period of time, not to exceed one year, after the Optionee ceases to be in at least one of such categories as provided for in the Option Agreement with the Optionee, and (b) the expiry of the Option Period.
 
10.2
Notwithstanding Section 10.1, in the event of the death of an Optionee while in service to the Company, each outstanding Option to the extent not previously exercised (including in respect of the right to purchase Shares not otherwise vested at such time) shall be exercisable until the earlier of (a) the expiration of one year following such death unless an earlier date is provided for in the Option Agreement with the Optionee,
 
7

 
and (b) the expiry of the Option Period, but only by the person or persons to whom the Optionee's rights under the Option shall pass by the Optionee's will or by the laws of descent and distribution.
 
10.3
Notwithstanding the foregoing provisions of this Article 10 and subject to any applicable regulatory requirements and approvals, the Committee may, in its discretion, provide for the extension of the exercisability of an Option for any period that is not beyond the applicable expiration date thereof, accelerate the vesting or exercisability of an Option, eliminate or make less restrictive any restrictions governing an Option, waive any restriction or other provision of this Plan or an Option or otherwise amend or modify the Option in any manner that is either (a) not adverse to such Optionee or (b) consented to by such Optionee.
 
11.
Adjustment in Shares Subject to the Plan
 
11.1
The exercise price for and the number of Shares covered by an Option will be adjusted, with respect to the then unexercised portion thereof, by the Committee from time to time (on the basis of such advice as the Committee considers appropriate, including, if considered appropriate by the Committee, a certificate of the auditor of the Company) in the event and in accordance with the provisions and rules set out in this Article 11.  Any dispute that arises at any time with respect to any adjustment pursuant to such provisions and rules will be conclusively determined by the Committee, and any such determination will be binding on the Company, the optionee and all other affected parties.
 
(a)
In the event that a dividend is declared upon the Shares, payable in Shares (other than in lieu of dividends paid in the ordinary course), the number of Shares then subject to any Option shall be adjusted by adding to each such Share the number of Shares which would be distributable thereon if such Share had been outstanding on the date fixed for determining shareholders entitled to receive such stock dividend.
 
(b)
In the event that the outstanding Shares are changed into or exchanged for a different number or kind of Shares or other securities of the Company or of another corporation, whether through an arrangement, amalgamation or other similar procedure or otherwise, or a share recapitalization, subdivision or consolidation, then there shall be substituted for each Share subject to any Option the number and kind of Shares or other securities of the Company or another corporation into which each outstanding Share shall be so changed or for which each such Share shall be exchanged.
 
(c)
In the event that there is any change, other than as specified above in this Article 11, in the number or kind of outstanding Shares or of any securities into which such Shares shall have been changed or for which they shall have been exchanged, then, if the Committee, in its sole discretion, determines that such change equitably requires an adjustment to be made in the number or kind of Shares then subject to any Option, an equitable adjustment shall be made in the number or kind of Shares, such adjustment shall be made by the Committee and be effective and binding for all purposes.
 
(d)
In the event that the Company distributes by way of a dividend, or otherwise, to all or substantially all holders of Shares, property, evidences of indebtedness or shares or other securities of the Company (other than Shares) or rights, options or warrants to acquire Shares or securities convertible into or exchangeable for Shares or other securities or property of the Company, other than as a dividend in the ordinary course, then, if the Committee, in its sole discretion, determines that such action equitably requires an adjustment in the exercise price of the Option or number of Shares subject to any Option, or both, such adjustment shall be made by the Committee and shall be effective and binding for all purposes.
 
11.2
In the case of any such substitution or adjustment as provided for in this Article 11, the exercise price in respect of each Option for each Share covered thereby prior to such substitution or adjustment will be proportionately and appropriately varied, such variation shall generally require that the number of Shares or securities covered by the Option after the relevant event multiplied by the varied option exercise price be
 
8

 
equal to the number of Shares covered by the Option prior to the relevant event multiplied by the original exercise price of the Option.
 
11.3
No adjustment or substitution provided for in this Article 11 shall require the Company to issue a fractional share in respect of any Option.  Fractional shares shall be eliminated.
 
11.4
The grant of an Option shall not affect in any way the right or power of the Company to effect adjustments, reclassifications, reorganizations, arrangements or changes of its capital or business structure, or to amalgamate, merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets
 
11.5
In the event of a Merger and Acquisition Transaction or proposed Merger and Acquisition Transaction, the Committee shall determine in an appropriate and equitable manner:
 
(a)
any adjustment to the number and type of Shares that thereafter shall be made the subject of Options; and
 
(b)
the number and type of Shares subject to outstanding Options; and
 
(c)
the manner in which all unvested Options granted under this Plan will be treated including, without limitation, requiring the acceleration of the time for the vesting of such Options by the participants, the time for the fulfilment of any conditions or restrictions on such vesting, and the time for the expiry of such Options.
 
Subsections (a) through (c) of this Section 11.5 may be utilized independently of, successively with, or in combination with each other and Article 11, and nothing therein contained shall be construed as limiting or affecting the ability of the Committee to deal with Options in any other manner.  All determinations by the Committee under this Article 11 will be final, binding and conclusive for all purposes.
 
11.6
Notwithstanding anything else in this Plan, any unvested Options issued to a participant at the time of a Merger and Acquisition Transaction shall immediately vest if either (i) the participant is either terminated without cause or resigns with good reason (as such term has been defined under common law, including any reason that would be considered to amount to constructive dismissal by a court of competent jurisdiction) from their position with the Company within the period ending 12 months from the date of the completion of the Merger and Acquisition Transaction, or (ii) the Committee, acting reasonably, determines that an adjustment to the number and type of Shares resulting from a Merger and Acquisition Transaction is impractical or impossible.  In the event this Section 11.6 is applicable, the Committee shall, acting reasonably, determine the extent to which the Participant met the conditions for vesting of Options.
 
12.
Non-Assignability
 
All Options, benefits and rights accruing to any Optionee in accordance with the terms and conditions of the Plan are non‑assignable and non‑transferable, except as specifically provided in Section 10.2 in the event of the death of the Optionee.  During the lifetime of the Optionee, all such Options, benefits and rights may only be exercised by the Optionee.

13.
Employment
 
Nothing contained in the Plan shall confer upon any Optionee any right with respect to employment or continuance of employment with, or the provision of services to, the Company or any of its Affiliates, or interfere in any way with the right of the Company or any of its Affiliates to terminate the Optionee's employment or services at any time.  Participation in the Plan by an Optionee is voluntary.

9

14.
Record Keeping
 
The Company shall maintain a register in which shall be recorded or maintained:

(a)
the name and address of each Optionee;
 
(b)
the number of Shares subject to Options granted to each Optionee, the number of Shares issued to each Optionee upon the exercise of Options, and the number of Shares subject to Options remaining outstanding;
 
(c)
a copy of each outstanding Option Agreement; and
 
(d)
such other information as the Committee may determine.
 
15.
Regulatory Approvals
 
15.1
The Plan is subject to the approval of regulatory authorities having, or which may have, jurisdiction over the securities of the Company, and the Board is authorized to amend the text thereof from time to time in order to comply with any changes thereto required by such applicable regulatory authorities.
 
15.2
The obligation of the Company to issue and deliver Shares in accordance with the Plan is subject to the approval of any governmental authority having jurisdiction or any stock exchange or stock quotation system on which the Shares are listed for trading or quoted which may be required in connection with the authorization, issuance or sale of such Shares by the Company.  If any Shares cannot be issued to any Optionee for any reason including, without limitation, the failure to obtain such approval, then the obligation of the Company to issue such Shares shall terminate and any exercise price for an Option paid to the Company shall be returned to the Optionee.
 
16.
Hold Periods, Securities Regulation and Tax Withholding
 
16.1
If and for so long as the Company is listed on the TSX-V and in addition to any resale restrictions under applicable securities laws, for Options issued by the Company to Insiders or Options having an exercise price per Share that is less than the Market Price, any Options, or Shares issued on the exercise of such Options, will be subject to a four‑month hold period commencing on the particular Date of Grant of the Option, and certificates for the Shares will bear a restrictive legend setting out any such applicable hold period.
 
16.2
Where necessary to effect exemption from registration or distribution of the Shares under securities laws applicable to the securities of the Company, an Optionee shall be required, upon the acquisition of any Shares upon the exercise of Options, to acquire such Shares with investment intent (i.e. for investment purposes) and not with a view to their distribution, and to present to the Committee an undertaking to that effect in a form acceptable to the Committee.  The Committee may cause a legend or legends to be placed upon any certificates for the Shares to make appropriate reference to applicable resale restrictions.  The Committee may take such other action or require such other action or agreement by such Optionee as may from time to time be necessary to comply with applicable securities laws.  This provision shall in no way obligate the Company to undertake the registration or qualification of any Options or the underlying Shares under any securities laws applicable to the securities of the Company.
 
16.3
The Committee and the Company may take all such measures as they deem appropriate to ensure that the Company's obligations under the withholding provisions under income tax laws applicable to the Company and other provisions of applicable laws are satisfied with respect to the issuance of Shares pursuant to the Plan or the grant or exercise of Options under the Plan. Without limiting the generality of the foregoing, the Company may, as a condition to the exercise of any Option, require that the Optionee pay to the Company, concurrently with the payment of the full exercise price of the Shares being purchased, by way of certified cheque or bank draft, an amount in cash equal to any withholding taxes that the Company is required to remit to the Canada Revenue Agency on account of payroll withholding obligations (including, but not limited to, income tax, UIC and/or CPP) as a result of the exercise of the Option by the Optionee.
 
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16.4
Issuance, transfer or delivery of certificates for Shares purchased pursuant to the Plan may be delayed, at the discretion of the Committee, until the Committee is satisfied that the applicable requirements of securities and income tax laws have been met.
 
17.
Amendment and Termination of Plan
 
17.1
The Board reserves the right to amend or terminate the Plan at any time if and when it is advisable in the absolute discretion of the Board; provided, however, that no such amendment or termination shall adversely affect any outstanding Options granted under the Plan without the consent of the Optionee.  Any amendment to the Plan shall also be subject to any necessary approvals of any stock exchange or regulatory body having jurisdiction over the securities of the Company and, where applicable, the approval of the shareholders of the Company.
 
17.2
The types of amendments that do not require the approval of the shareholders of the Company include, but are not limited to:
 
(a)
amendments of a ''housekeeping'' nature, including those required to clarify any ambiguity or rectify any inconsistency in the Plan;
 
(b)
amendments made pursuant to Section 17.1 hereof to comply with any changes required by applicable regulatory authorities having jurisdiction over securities of the Company from time to time including, but not limited to, the Exchange or other mandatory provisions of applicable law;
 
(c)
amendments which are advisable to accommodate changes in tax laws;
 
(d)
the extension of accelerated expiry dates to, but not beyond, the expiry date originally set at the time of the Option grant;
 
(e)
amendments to the vesting provisions of any Option granted under the Plan; and
 
(f)
amendments to the terms of Options in order to maintain Option value in connection with an adjustment in the Shares of the Company as contemplated in Section 11 hereof.
 
17.3
Notwithstanding the provisions of Section 17.2, the Board may not, without the prior approval of the shareholders of the Company, make amendments to the Plan for any of the following purposes:
 
(a)
to increase the maximum number of Shares issuable under the Plan as set out in Section 5;
 
(b)
subject to Section 17.4, to reduce the exercise price of any outstanding Options held by an Insider;
 
(c)
subject to Section 17.4, to extend the Option Period of any outstanding Options held by an Insider, except where the Option Period is extended because it would have occurred during a Black Out Period;
 
(d)
subject to Section 17.4, to remove or to exceed the Insider Participation Limit;
 
(e)
to amend the Plan to permit the grant of an Option with an Option Period of more than 5 years from the Date of Grant;
 
(f)
to amend the non-assignability provision contained in Section 12 hereof, except as otherwise permitted by the Exchange or for estate planning or estate settlement purposes;
 
(g)
to expand the class of Optionees to whom Options may be granted under the Plan; and
 
(h)
to amend this Section 17.3.
 
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17.4
Consent to Amend
 
The Board may amend any Option with the consent of the affected Optionee and the Exchange, including any shareholder approval required by the Exchange. For greater certainty, disinterested shareholder approval is required for:  (i) a reduction in the exercise price of an Option if the Optionee is an Insider at the time of the proposed amendment; (ii) an extension of the Option Period of an Option if the Optionee is an Insider at the time of the proposed amendment; or (iii) any action to remove or to exceed the Insider Participation Limit.

17.5
Amendment Subject to Approval
 
If the amendment of an Option requires regulatory or shareholder approval, such amendment may be made prior to such approvals being given, but no such amended Options may be exercised unless and until such approvals are given.

18.
No Representation or Warranty
 
The Company makes no representation or warranty as to the future market value of any Shares issued in accordance with the provisions of the Plan.

19.
General Provisions
 
19.1
Nothing contained in the Plan shall prevent the Company or any of its Affiliates from adopting or continuing in effect other compensation arrangements, which may, but need not, provide for the issuance of securities of the Company (subject to shareholder approval if such approval is required by applicable securities regulatory authorities) and such arrangements may be either generally applicable or applicable only in specific cases.
 
19.2
The validity, construction and effect of the Plan and any rules and regulations relating to the Plan and any option agreement, and all determinations made and actions taken pursuant hereto shall be governed by and determined in accordance with the laws of the Province of British Columbia, Canada.
 
19.3
If any provision of the Plan or any Option is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or as to any person or Option, or would disqualify the Plan or any Option under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Option, such provision shall be stricken as to such jurisdiction, person or Option and the remainder of the Plan and any such Option shall remain in full force and effect.
 
19.4
Neither the Plan nor any Option shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates and an Optionee or any other person.
 
19.5
Headings are given to the Sections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
 
19.6
All outstanding stock options, including Options, shall be governed by and subject to the terms of the Company's stock option plan in force as of the date of grant of such stock option.
 
20.
Effective Date of the Plan
 
20.1
Subject to the ratification and approval of the Plan by the shareholders of the Company and all necessary regulatory approvals pursuant to Section 15 hereof, the Plan will be effective as of the 28th day of June, 2011.
 
Adopted by the Board of Directors on June 28, 2011, as amended June 13, 2012, June 9, 2015, and September 12, 2017.
 
12

EX-4.2 3 ex4_2.htm GSV RESTRICTED SHARE UNIT AWARD PLAN
EXHIBIT 4.2

 
GOLD STANDARD VENTURES CORP.
 
 
 
 
RESTRICTED SHARE UNIT AWARD PLAN
 
 
 
 
September 12, 2017

TABLE OF CONTENTS
ARTICLE 1 PURPOSE OF THIS PLAN
1
   
ARTICLE 2 DEFINITIONS
1
   
ARTICLE 3 EFFECTIVE DATE OF PLAN
4
   
ARTICLE 4 ADMINISTRATION OF PLAN
4
   
ARTICLE 5 SHARES AVAILABLE FOR AWARDS
5
   
ARTICLE 6 GRANT OF AWARDS
5
   
ARTICLE 7 ELIGIBILITY
6
   
ARTICLE 8 RESTRICTED AWARD GRANTS
6
   
ARTICLE 9 GENERAL TERMS OF RESTRICTED AWARDS
7
   
ARTICLE 10 CHANGE IN STATUS
7
   
ARTICLE 11 NON-TRANSFERABILITY OF RESTRICTED AWARDS
7
   
ARTICLE 12 REPRESENTATIONS AND COVENANTS OF PARTICIPANTS
7
   
ARTICLE 13 WITHHOLDING TAX
8
   
ARTICLE 14 CONDITIONS
8
   
ARTICLE 15 SUSPENSION, AMENDMENT OR TERMINATION OF PLAN
8
   
ARTICLE 16 ADJUSTMENTS
9
   
ARTICLE 17 GENERAL
10
 

 


 

ARTICLE 1
PURPOSE OF THIS PLAN
1.1           Purpose of this Plan.
The purpose of this Plan is to promote the interests and long-term success of GSV by:
(a)
furnishing certain directors, officers, and employees of GSV or its Affiliates with greater incentive to develop and promote the business and financial success of GSV;
 
(b)
aligning the interests of persons to whom Awards may be granted with those of the shareholders of GSV generally through a proprietary ownership interest in GSV; and
 
(c)
assisting GSV in attracting, retaining and motivating its directors, officers, and employees.
 
GSV believes that these purposes may best be effected by granting Awards and affording such persons an opportunity to acquire a proprietary interest in GSV.
ARTICLE 2
DEFINITIONS
2.1           Definitions.
In this Plan, unless there is something in the subject matter or context inconsistent therewith, capitalized words and terms will have the following meanings:
(a)
"Affiliate" means an affiliate as defined in the Securities Act and includes issuers that are similarly related, whether or not any of the issuers are companies, partnerships, limited partnerships, trusts, income trusts or investment trusts or any other organized entity issuing securities;
 
(b)
"Applicable Withholding Taxes" means all taxes and other source deductions or other amounts which GSV or an Affiliate of GSV is or may be required by law to withhold in respect of the Plan or in respect of a Restricted Award, including in respect of the issuance transfer, amendment or vesting of a Restricted Award or the issuance of Shares thereunder;
 
(c)
"Associate" means an associate as defined in the Securities Act;
 
(d)
"Award Agreement" means any written agreement, contract or other instrument or document evidencing any Restricted Award granted under this Plan.  Each Award Agreement shall be subject to the applicable terms and conditions of this Plan and any other terms and conditions (not inconsistent with this Plan) determined by the Compensation Committee;
 
(e)
"Blackout Period" means an interval of time during which GSV has determined that one or more Participants may not trade any securities of GSV because they may be in possession of undisclosed material information pertaining to GSV;
 
(f)
"Board" means the board of directors of GSV as constituted from time to time;
 
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(g)
"Change in Control" means:
 
(i)
any merger or amalgamation in which voting securities of GSV possessing more than fifty percent (50%) of the total combined voting power of GSV's outstanding  securities are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction;
 
(ii)
any acquisition, directly or indirectly, by a person or Related Group of Persons (other than a person that is a registered dealer as described in Section 2.1(s)(iii) and other than GSV or a person that directly or indirectly controls, is controlled by, or is under common control with, GSV) of beneficial ownership of voting securities of GSV possessing more than fifty percent (50%) of the total combined voting power of GSV's outstanding securities;
 
(iii)
any acquisition, directly or indirectly, by a person or Related Group of Persons of the right to appoint a majority of the directors of GSV or otherwise directly or indirectly control the management, affairs and business of GSV;
 
(iv)
any sale, transfer or other disposition of all or substantially all of the assets of GSV;
 
(v)
a complete liquidation or dissolution of GSV; or
 
(vi)
any transaction or series of transactions involving GSV or any of its Affiliates that the Board in its discretion deems to be a Change in Control;
 
provided however, that a Change in Control shall not be deemed to have occurred if such Change in Control results from:
(vii)
the issuance, in connection with a bona fide financing or series of financings by GSV or any of its Affiliates, of voting securities of GSV or any of its Affiliates or any rights to acquire voting securities of GSV or any of its Affiliates which are convertible into voting securities; or
 
(viii)
a transaction or series of transactions involving GSV or any of its Affiliates whereby the holders of the voting securities of GSV continue to hold voting securities in the capital of the surviving or successor entity in substantially the same proportion as such holders held voting securities in GSV immediately prior to the commencement of such transaction or series of transactions.
 
(h)
"Compensation Committee" means the Compensation Committee of the Board or such other committee of the Board to which the Board has delegated responsibility for administration of the Plan or, if the Board has not made such delegation, "Compensation Committee" shall mean the Board;
 
(i)
"Effective Date" has the meaning ascribed thereto by Section 3.1 of this Plan;
 
(j)
"Eligible Person" means director, officer, or employee of GSV or its Affiliates;
 
(k)
"Exchange" means the TSX Venture Exchange, or such stock exchanges or other organized markets on which the Shares are listed or posted for trading;
 
2

(l)
"GSV" means Gold Standard Ventures Corp.;
 
(m)
"Insider" in relation to GSV means:
 
(i)
a director or senior officer of GSV;
 
(ii)
a director or senior officer of a company that is an Insider or subsidiary of GSV; or
 
(iii)
a person that beneficially owns or controls, directly or indirectly, Shares carrying more than 10% of the voting rights attached to all Outstanding Shares.
 
(n)
"Merger and Acquisition Transaction" means:
 
(i)
any merger;
 
(ii)
any acquisition;
 
(iii)
any amalgamation;
 
(iv)
any offer for Shares which if successful would entitle the offeror to acquire all of the voting securities of GSV; or
 
(v)
any arrangement or other scheme of reorganization;
 
that results in a Change in Control;
(o)
"Outstanding Shares" at the time of any issuance of Shares means the number of Shares that are outstanding immediately prior to the issue of the Shares in question, on a non-diluted basis, or such other number as may be determined under the applicable rules and regulations of all regulatory authorities to which GSV is subject, including the Exchange;
 
(p)
"Participant" means an Eligible Person designated to be granted an Award under this Plan;
 
(q)
"Permitted Assign" in respect of a Participant means:
 
(i)
an executor or administrator for the estate of the Participant upon the death of the Participant, or
 
(ii)
a committee or duly appointed attorney of the Participant, upon the Participant becoming incapable, by reason of physical or mental infirmity, of managing his or her affairs.
 
(r)
"Plan" means this plan, as the same may from time to time be supplemented or amended and in effect;
 
(s)
"Related Group of Persons" in respect of a person means:
 
(i)
the person together with any one or more of the person's Associates or Affiliates; and
 
3

(ii)
any two or more persons who have an agreement, commitment or understanding, whether formal or informal, with respect to:
 
(i)
the acquisition of or the intention to acquire, directly or indirectly, beneficial ownership of, or control and direction over, voting securities of GSV; or
 
(ii)
the exercise of voting rights attached to the securities of GSV beneficially owned by such persons, or over which such persons have control and direction, on matters regarding the appointment of directors or control of the management, affairs and business of GSV;
 
(iii)
despite the above Section 2.1(s)(ii)(i), a registered dealer acting solely in an agency capacity for a person or Related Group of Persons in connection with the acquisition of beneficial ownership of, or control and direction over, securities of GSV, and not  executing principal transactions for its own account or performing services beyond customary dealer's functions, shall not be deemed solely by reason of such agency relationship to be a related person for the purposes of the definition of Related Group of Persons; and
 
(t)
"Restricted Award" means restricted share unit award granted pursuant to Section 8.1, for which the form of Award Agreement is attached hereto as Schedule "A";
 
(u)
"Securities Act" means the Securities Act (British Columbia), as amended from time to time;
 
(v)
"Shares" means the common shares in the capital of GSV; and
 
(w)
"Shareholder" means a holder of Shares.
 
ARTICLE 3
EFFECTIVE DATE OF PLAN
3.1            The effective date of the Plan is September 12, 2017 (the "Effective Date"), or such other date as the Board may determine, subject to the approval of the Plan, if necessary, by disinterested Shareholders and the Exchange.
ARTICLE 4
ADMINISTRATION OF PLAN
4.1            The Board may at any time appoint a committee of the Board (the "Compensation Committee") to, among other things, interpret, administer and implement this Plan on behalf of the Board in accordance with such terms and conditions as the Board may prescribe, consistent with this Plan (provided that if at any such time such a committee has not been appointed by the Board, this Plan will be administered by the Board, and in such event references herein to the Compensation Committee shall be construed to be a reference to the Board).  The Board will take such steps that in its opinion are required to ensure that the Compensation Committee has the necessary authority to fulfil its functions under this Plan.
4.2            The Compensation Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations as it deems necessary for the proper administration of the Plan, and to
4

make determinations and take such other action in connection with or in relation to the Plan as it deems necessary or advisable. Each determination or action made or taken pursuant to the Plan, including interpretation of the Plan, shall be final and conclusive for all purposes and binding on all parties, absent manifest error.
4.3            GSV will be responsible for all costs relating to the administration of the Plan.
4.4            Unless otherwise determined by the Board, the Plan shall remain an unfunded obligation of GSV and the rights of Participants under the Plan shall be general unsecured obligations of GSV.
4.5            GSV is authorized to take such steps as may be necessary to ensure all Applicable Withholding Taxes are withheld, deducted and remitted as required by law.
ARTICLE 5
SHARES AVAILABLE FOR AWARDS
5.1            Subject to adjustment as provided in Article 16 of this Plan, the aggregate number of Shares that may be issuable pursuant to this Plan shall not exceed 5,000,000 Shares. In addition, the aggregate number of Shares that may be issuable pursuant to this Plan combined with all of GSV's other security based compensation arrangements, including GSV's stock option plan, shall not exceed 10% of the Outstanding Shares.
5.2            For purposes of Section 5.1 and subject to Section 5.3, the number of Shares covered by a Restricted Award or to which a Restricted Award relates shall be counted on the date of grant of such Restricted Award against the aggregate number of Shares available for granting Restricted Awards under this Plan.
5.3            If an outstanding Restricted Award for any reason expires or is terminated or cancelled without having been settled in full, the Shares shall again be available for issuance under this Plan.
5.4            The Board will reserve for issuance from time to time out of the authorized but unissued Shares sufficient Shares to provide for issuance of all Shares which are issuable under all Restricted Awards.
5.5            Fractional Restricted Awards are permitted under this Plan.
ARTICLE 6
GRANT OF AWARDS
6.1            Subject to the provisions of this Plan, the Compensation Committee may from time to time grant to any Eligible Person one or more Restricted Awards as the Compensation Committee deems appropriate.
6.2            The date on which a Restricted Award will be deemed to have been granted under this Plan will be the date on which the Compensation Committee authorizes the grant of such Restricted Award or such other future date as may be specified by the Compensation Committee at the time of such authorization (including, but not limited to, the date the Award Agreement is entered into pursuant to Section 6.4).
6.3            The number of Shares that may be issued under any Restricted Award will be determined by the Compensation Committee, provided that:
5

(a)
the number of Shares reserved for issuance to any one Participant pursuant to this Plan combined with all of GSV's other security based arrangements, including GSV's stock option plan, within any one year period shall not, in aggregate, exceed 5% of the total number of Outstanding Shares; and
 
(b)
the number of Shares:
 
(i)
issuable, at any time, to Participants that are Insiders; and
 
(ii)
issued to Participants that are Insiders within any one year period;
 
pursuant to this Plan, or when combined with all of GSV's other security based compensation arrangements that provide for the issuance from treasury or potential issuance from treasury of Shares shall not, in aggregate, exceed 10% of the total number of Outstanding Shares.
6.4            Each Restricted Award will be evidenced by an Award Agreement which incorporates such terms and conditions (including all vesting conditions) as the Compensation Committee in its discretion deems appropriate and consistent with the provisions of this Plan (and the execution and delivery by GSV of an Award Agreement with a Participant shall be conclusive evidence that such Award Agreement incorporates terms and conditions determined by the Compensation Committee and is consistent with the provisions of this Plan).  Each Award Agreement will be executed by the Participant to whom the Restricted Award is granted and on behalf of GSV by any member of the Compensation Committee or any officer of GSV or such other person as the Compensation Committee may designate for such purpose.
6.5            Awards granted pursuant to this Plan shall typically have a vesting term of three years, subject to the discretion of the Compensation Committee to determine a different vesting schedule for any Award.
ARTICLE 7
ELIGIBILITY
7.1            Any Eligible Person shall be eligible to be designated a Participant.  GSV and a Participant shall confirm that any Eligible Person that is an employee is a bona fide employee of GSV or its Affiliates. In determining whether an Eligible Person shall receive a Restricted Award and the terms of any Restricted Award, the Compensation Committee may take into account the nature of the services rendered by the Eligible Person, his or her present and potential contributions to the success of GSV, and such other factors as the Compensation Committee, in its discretion, shall deem relevant.
ARTICLE 8
RESTRICTED AWARD GRANTS
8.1            The Compensation Committee is hereby authorized to grant Restricted Awards to an Eligible Person subject to the terms of this Plan.  Each vested, whole Restricted Award granted under this Plan shall be denominated or payable in Shares and shall confer on the holder thereof the right to receive one Share from treasury (subject to adjustment in accordance with this Plan), upon the completion of certain conditions during such periods as the Compensation Committee shall establish.  Subject to the terms of this Plan, the conditions to be completed during any period, the length of any period, the amount of any Restricted Award granted, the number of treasury Shares receivable pursuant to any Restricted Award and any other terms and conditions of the Restricted Award shall be determined by the
6

Compensation Committee at the time of grant. A Restricted Award will be subject to an Award Agreement containing such terms and conditions, not inconsistent with the provisions of this Plan, as the Compensation Committee shall determine.
8.2            Except as otherwise determined by the Compensation Committee or as set forth in the applicable Award Agreement, upon the termination of a Participant's employment (as determined under criteria established by the Compensation Committee), including by way of death, retirement, disability, termination without cause and termination for cause during the term of a Restricted Award, all unvested Restricted Awards held by the Participant shall be forfeited and cancelled; provided, however, that the Compensation Committee may, if it determines that a waiver would be in the best interest of GSV, waive in whole or in part any or all remaining restrictions or conditions with respect to any such Award.
ARTICLE 9
GENERAL TERMS OF RESTRICTED AWARDS
9.1            Restricted Awards may be granted for no cash consideration.
9.2            Restricted Awards may, in the discretion of the Compensation Committee, be granted either alone or in addition to or in tandem with any award granted under any plan of GSV or any Affiliate.  Restricted Awards granted in addition to or in tandem with awards granted under any such other plan of GSV or any Affiliate may be granted either at the same time as or at a different time from the grant of such other awards.
9.3            All Shares delivered pursuant to a Restricted Award shall be subject to such stop transfer orders and other restrictions as the Compensation Committee may deem advisable, applicable Canadian provincial or foreign securities laws and regulatory requirements, applicable Exchange policies and rules, and applicable Canadian corporate laws, and the Compensation Committee may direct appropriate stop transfer orders and cause other legends to be placed on the certificates for such Shares to reflect such restrictions.  If the Shares are traded on a securities exchange, GSV shall not be required to deliver any Shares covered by a Restricted Award unless and until such Shares have been listed and posted for trading on such securities exchange.
ARTICLE 10
CHANGE IN STATUS
10.1           A change in the status, office, position or duties of a Participant from the status, office, position or duties held by such Participant on the date on which the Restricted Award was granted to such Participant will not result in the termination of the Restricted Award granted to such Participant provided that such Participant remains an Eligible Person.
ARTICLE 11
NON-TRANSFERABILITY OF RESTRICTED AWARDS
11.1           Each Award Agreement will provide that the Restricted Award granted thereunder is not transferable or assignable to anyone other than a Permitted Assign.
ARTICLE 12
REPRESENTATIONS AND COVENANTS OF PARTICIPANTS
12.1           Each Award Agreement will contain representations and covenants of the Participant that:
7

(a)
the Participant is a director, officer or employee of GSV or its Affiliates or a person otherwise determined as an Eligible Person under this Plan by the Compensation Committee;
 
(b)
the Participant has not been induced to enter into such Award Agreement by the expectation of employment or continued employment with GSV or its Affiliates;
 
(c)
the Participant is aware that the grant of the Restricted Award and the issuance by GSV of Shares thereunder are exempt from the obligation under applicable securities laws to file a prospectus or other registration document qualifying the distribution of the Restricted Awards of the Shares to be distributed thereunder under any applicable securities laws.
 
ARTICLE 13
WITHHOLDING TAX
13.1           Each Participant shall be responsible for all taxes in respect of the Plan and in respect of the issuance, transfer, amendment or vesting of a Restricted Award or the issuance of Shares thereunder. GSV makes no guarantee to any person regarding the tax consequences of becoming a Participant in the Plan and none of GSV, its Affiliates or any of their respective employees or representatives shall have any liability to any Participant with respect thereto.  GSV shall be entitled to take all reasonable and necessary steps and to obtain all reasonable or necessary indemnities, assurances, payments or undertakings to satisfy any obligation to pay or withhold an amount on account of Applicable Withholding Taxes.  Without limiting the generality of the foregoing, GSV may for such purposes withhold or offset such amounts from any salary or other amounts otherwise due or to become due from GSV to the Participant or may require that a Participant pay such amounts to GSV.
13.2           Participant will be solely responsible for paying any Applicable Withholding Taxes arising from the grant, vesting or issuance or payment of underlying Shares or cash of any Restricted Award and payment is to be made in a manner satisfactory to GSV.  Notwithstanding the foregoing, GSV will have the right to withhold from any Restricted Award or any Shares issuable pursuant to a Restricted Award or from any cash amounts otherwise due or to become due from GSV to the Participant, an amount equal to any such taxes.
ARTICLE 14
CONDITIONS
14.1           Notwithstanding any provision in this Plan, other than Section 6.8, or an Award Agreement, GSV's obligation to issue Shares to a Participant pursuant to the terms of any Restricted Award will be subject to, if applicable:
(a)
completion of such registration or other qualification of such Shares or obtaining approval of such governmental authority as GSV will determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; and
 
(b)
the receipt from the Participant of such representations, agreements and undertakings, including as to future dealings in such Shares, as GSV or its counsel determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction.
 
8

ARTICLE 15
SUSPENSION, AMENDMENT OR TERMINATION OF PLAN
15.1           The Compensation Committee will have the right at any time and from time to time to suspend or terminate this Plan and, subject to Section 15.2, may:
(a)
with the prior approval of disinterested Shareholders of GSV by ordinary resolution make any amendment to any Restricted Award Agreement or this Plan, including any amendment that would:
 
(i)
increase the number of Shares, or rolling maximum, reserved for issuance under this Plan as set out in Section 5.1;
 
(ii)
extend the term of a Restricted Award beyond its original expiry time;
 
(iii)
result in any modification to this Section 15.1; or
 
(b)
without the prior approval of unitholders of GSV and without limiting the generality of the foregoing, the Compensation Committee may make any other amendments not listed in (a) above to any Award Agreement or this Plan, as follows:
 
(i)
amendments of a clerical nature, including but not limited to the correction of grammatical or typographical errors or clarification of terms;
 
(ii)
amendments to reflect any requirements of any regulatory authorities to which GSV is subject, including the Exchange;
 
(iii)
amendments to any vesting provisions of a Restricted Award; and
 
(iv)
amendments to the expiration date of a Restricted Award that does not extend the term of a Restricted Award past the original date of expiration for such Restricted Award.
 
Notwithstanding the foregoing, all procedures and necessary approvals required under the applicable rules and regulations of all regulatory authorities to which GSV is subject shall be complied with and obtained in connection with any such suspension, termination or amendment to this Plan or amendments to any Award Agreement.
15.2           In exercising its rights pursuant to Section 15.1, the Compensation Committee will not have the right to affect in a manner that is materially adverse to, or that materially impairs, the benefits and rights of any Participant under any Restricted Award previously granted under this Plan except: (a) with the consent of such Participant; (b) as permitted pursuant to Article 16; or (c) for the purpose of complying with the requirements of any regulatory authorities to which GSV is subject, including the Exchange.
15.3           The full powers of the Compensation Committee as provided for in this Plan will survive the termination of this Plan until all Restricted Awards have been vested in full (including the issuance of any underlying Shares) or have otherwise expired.
9

ARTICLE 16
ADJUSTMENTS
16.1           In the event of any Share distribution, Share split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution of GSV's assets to the Shareholders, or any other change affecting the Shares, the Restricted Awards of each Participant and the Restricted Awards outstanding under the Plan shall be adjusted in such manner, if any, as the Compensation Committee may in its discretion deem appropriate to reflect the event. However, no amount will be paid to, or in respect of, a Participant under the Plan or pursuant to any other arrangement, and no additional Restricted Awards will be granted to such Participant to compensate for a downward fluctuation in the market price of the Shares, nor will any other form of benefit be conferred upon, or in respect of a Participant for such purpose.
16.2           In the event of a Merger and Acquisition Transaction or proposed Merger and Acquisition Transaction, the Compensation Committee shall determine in an appropriate and equitable manner:
(a)
any adjustment to the number and type of Shares (or other securities) that thereafter shall be made the subject of Restricted Awards; and
 
(b)
the number and type of Shares (or other securities) subject to outstanding Restricted Awards; and
 
(c)
determine the manner in which all unvested Restricted Awards granted under this Plan will be treated including, without limitation, requiring the acceleration of the time for the vesting of such Restricted Awards by the Participants, the time for the fulfilment of any conditions or restrictions on such vesting, and the time for the expiry of such Restricted Awards.
 
Subsections (a) through (c) of this Section 16.2 may be utilized independently of, successively with, or in combination with each other and Section 16.1, and nothing therein contained shall be construed as limiting or affecting the ability of the Compensation Committee to deal with Restricted Awards in any other manner.  All determinations by the Compensation Committee under this Article 16 will be final, binding and conclusive for all purposes.
16.3           Notwithstanding anything else in this Plan, any unvested Restricted Awards issued to a Participant at the time of a Merger and Acquisition Transaction shall immediately vest if either (i) the Participant is either terminated without cause or resigns with good reason (as such term has been defined under common law, including any reason that would be considered to amount to constructive dismissal by a court of competent jurisdiction) from their position with GSV within the period ending 12 months from the date of the completion of the Merger and Acquisition Transaction, or (ii) the Compensation Committee, acting reasonably, determines that an adjustment to the number and type of Shares (or other securities) resulting from a Merger and Acquisition Transaction is impractical or impossible.  In the event this Section 16.3 is applicable, the Compensation Committee shall, acting reasonably, determine the extent to which the Participant met the conditions for vesting of Restricted Awards.
16.4           The grant of any Restricted Awards under this Plan will in no way affect GSV's right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, amalgamate, reorganize, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets or engage in any like transaction.
10

ARTICLE 17
GENERAL
17.1           Nothing herein or otherwise shall be construed so as to confer on any Participant any rights as a Shareholder of GSV with respect to any Shares reserved for the purpose of any Restricted Award.
17.2           Nothing in this Plan or any Award Agreement will confer upon any Participant any right to continue in the employ of or under contract with GSV or its Affiliates or affect in any way the right of GSV or any such Affiliate to terminate his or her employment at any time or terminate his or her consulting contract, nor will anything in this Plan or any Award Agreement be deemed or construed to constitute an agreement, or an expression of intent, on the part of GSV or any such Affiliate to extend the employment of any Participant beyond the time that he or she would normally be retired pursuant to the provisions of any present or future retirement plan of GSV or its Affiliates or any present or future retirement policy of GSV or its Affiliates, or beyond the time at which he or she would otherwise be retired pursuant to the provisions of any contract of employment with GSV or its Affiliates.  Neither any period of notice nor any payment in lieu thereof upon termination of employment shall be considered as extending the period of employment for the purposes of this Plan.
17.3           Nothing contained in this Plan will restrict or limit or be deemed to restrict or limit the right or power of the Board in connection with any allotment and issuance of Shares which are not allotted and issued under this Plan including, without limitation, with respect to other compensation arrangements.
17.4           The Plan and any Award Agreement granted hereunder will be governed, construed and administered in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.
17.5           References herein to any gender include all genders and to the plural includes the singular and vice versa.  The division of this Plan into Sections and Articles and the insertion of headings are for convenience of reference only and will not affect the construction or interpretation of this Plan.
11


SCHEDULE "A"
FORM OF AWARD AGREEMENT
GOLD STANDARD VENTURES CORP.
("GSV")
RESTRICTED SHARE UNIT AWARD PLAN
AWARD AGREEMENT
This Award Agreement is entered into between GSV and the Participant named below pursuant to GSV's Restricted Share Unit Award Plan (the "Plan").  All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Plan.
This Agreement confirms that:
1.
on _________________, 20____ (the "Award Date");
2.
________________________________ (the "Participant");
3.
was granted _______________ Restricted Awards in respect of employment services to be rendered by the Participant to GSV or its Affiliates each of which entitles the Participant to receive one Share upon vesting, provided the following conditions are met:
(a)
[conditions of vesting to be included at time of grant.]
 
4.
the vesting of the Restricted Awards shall occur on the following schedule:
Vesting Date Percentage Vested
[Timing of vesting to be included at time of grant.]
5.
GSV shall issue to the Participant all amounts receivable by the Participant all Shares receivable by the Participant pursuant to this Agreement from treasury;
6.
by execution of this Agreement and acceptance of the Restricted Awards hereby granted, the Participant hereby represents and warrants to GSV that the Participant:
(b)
is director, officer or employee of GSV or its Affiliates or a person otherwise determined as an Eligible Person under this Plan by the Compensation Committee;
 
(c)
has not been induced to enter into such Agreement by the expectation of employment or continued employment with GSV or its Affiliates;
 
(d)
is aware that the grant of the Restricted Award and the issuance by GSV of Shares thereunder are exempt from the obligation under applicable securities laws to file a prospectus or other registration document
 
12

 
 
qualifying the distribution of the Restricted Awards of the Shares to be distributed thereunder under any applicable securities laws;
 
 
7.
without restricting the generality of Section 4.5 of the Plan, GSV is expressly authorized to withhold and remit all Applicable Withholding Taxes arising as a consequence of the issuance, transfer, amendment or vesting of a Restricted Award granted pursuant to this Agreement or the issuance of Shares thereunder, (the "Applicable Withholding Taxes Amount"), in any of the following ways or any combination thereof:
(a)
by requiring the Participant, as a precondition to GSV's obligation to issue Shares from treasury, to pay to GSV in cash the Applicable Withholding Taxes Amount, to be remitted by GSV to the appropriate government authorities for the Participant's account;
 
(b)
by offset against any salary or other amounts otherwise due or to become due from GSV to the Participant and remitting such amounts to the appropriate government authorities for the Participant's account; and
 
(c)
by selling, as the Participant's agent, sufficient of the Shares issued to the Participant in payment and settlement of the Restricted Awards to raise, net of commissions and other related expenses, cash in an amount not less than the Applicable Withholding Taxes Amount and remitting the Applicable Withholding Taxes Amount to the appropriate government authorities for the Participant's account, and the Participant hereby irrevocably appoints GSV as the Participant's agent to effect such sale or sales and receive the proceeds therefrom;
 
otherwise all on the terms and subject to the conditions and restrictions set out in the Plan.
By signing this Agreement, the Participant acknowledges that the Participant has read and understands the Plan and agrees to the terms and conditions of the Plan and this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the _____ day of ______________, 20__.

 
GOLD STANDARD VENTURES CORP.
 
 
By:     ______________________________________
           Participant
By:     ____________________________________
           Authorized Signatory

13

EX-5.1 4 ex5_1.htm OPINION AND CONSENT OF BORDEN LADNER GERVAIS LLP
EXHIBIT 5.1
 



June 8, 2018

Gold Standard Ventures Corp.
Suite 610, 815 West Hastings Street
Vancouver, British Columbia
Canada V6C 1B4
 
Dear Sirs/Mesdames:
Gold Standard Ventures Corp.
Registration Statement on Form S-8
We have acted as Canadian counsel to Gold Standard Ventures Corp., a British Columbia company (the "Company"), in connection with the filing, on or about the date hereof, with the United States Securities and Exchange Commission of a Registration Statement (the "Registration Statement") on Form S-8 under the United States Securities Act of 1933, as amended (the "Act").
The purpose of the Registration Statement is to register a total of 24,890,767 common shares in the capital of the Company (the "Shares"), which are issuable by the Company pursuant to the terms of the Company's Stock Option Incentive Plan and Restricted Share Unit Award Plan (together, the "Plans").
We have examined originals or copies, certified or otherwise identified to our satisfaction, of the Notice of Articles and Articles of the Company and resolutions of the directors of the Company with respect to the matters referred to herein.  We have also examined documents relating to the Plans and such certificates of public officials, officers of the Company, corporate records and other documents as we have deemed necessary as a basis for the opinion expressed below.
We have assumed the legal capacity of all individuals, the genuineness of all signatures, the authenticy of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies.
Our opinions herein are limited to the laws of British Columbia and the federal laws of Canada applicable therein.  We assume no obligation to update or supplement such opinions to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that my hereafter occur.
Based upon and subject to the foregoing, and assuming that (i) the Company reserves for issuance under the Plans an adequate number of authorized and unissued Shares, and (ii) the consideration, if any, required to be paid in connection with the issuance of Shares is actually received by the Company, we are of the opinion that when the Shares shall have been issued as contemplated in the Plans, the Shares will be duly authorized, validly issued, fully paid and non-assessable.
Consent is hereby given to the use of our name in the Registration Statement and to the filing, as an exhibit to the Registration Statement, of this opinion.  In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Act.
 
 
Lawyers | Patent & Trade-mark Agents

 
Yours truly,
/s/ Borden Ladner Gervais LLP

 
 
 
 
 
 
 
 
 
 
- 2 -
 
Lawyers | Patent & Trade-mark Agents

EX-23.2 5 ex23_2.htm CONSENT OF DAVIDSON & COMPANY LLP
EXHIBIT 23.2
 
 
 
 
 
 

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Gold Standard Ventures Corp. of our report dated March 27, 2018, relating to the consolidated financial statements of Gold Standard Ventures Corp., for the years ended December 31, 2017 and 2016 which appears in the Form 40-F of Gold Standard Ventures Corp. dated March 29, 2018.
/s/ "DAVIDSON & COMPANY LLP" 
Vancouver, Canada
Chartered Professional Accountants
 
 
June 8, 2018
 
 
 
 
 
 
 
 
 
 
 

EX-23.3 6 ex23_3.htm CONSENT OF MICHAEL B. DUFRESNE, M.SC., P.GEOL., P.GEO.
EXHIBIT 23.3
 


CONSENT OF MICHAEL DUFRESNE
The undersigned hereby consents to the references to, and the information derived from, the report titled "Technical Report Maiden Resource Estimate North Bullion and Railroad Project, Elko County, Nevada, USA – Amended and Restated" with an effective date of September 15, 2017 and to the references, as applicable, to the undersigned's name included in or incorporated by reference in the Registration Statement on Form S-8 being filed by Gold Standard Ventures Corp.
/s/ Michael B. Dufresne
 
Michael B. Dufresne, M.Sc., P.Geol, P.Geo
 
 
June 8, 2018
 
 
 
 

EX-23.4 7 ex23_4.htm CONSENT OF STEVEN J. NICHOLLS, BA.SC., MAIG
EXHIBIT 23.4
 


CONSENT OF STEVEN NICHOLLS
The undersigned hereby consents to the references to, and the information derived from, the report titled "Technical Report Maiden Resource Estimate North Bullion and Railroad Project, Elko County, Nevada, USA – Amended and Restated" with an effective date of September 15, 2017 and to the references, as applicable, to the undersigned's name included in or incorporated by reference in the Registration Statement on Form S-8 being filed by Gold Standard Ventures Corp.
/s/ Steven J. Nicholls
 
Steven J. Nicholls, BA.Sc., MAIG
 
 
June 8, 2018
 


EX-23.5 8 ex23_5.htm CONSENT OF STEVEN R. KOEHLER, B.SC., QP, CPG
EXHIBIT 23.5
 


CONSENT OF STEVEN R. KOEHLER
The undersigned hereby consents to the use of the information contained in the Annual Information Form of Gold Standard Ventures Corp. for the year ended December 31, 2017 which is represented as having been prepared by the undersigned or under the undersigned's supervision, and to the references, as applicable, to the undersigned's name, in or incorporated by reference in the Registration Statement on Form S-8 being filed by Gold Standard Ventures Corp.
/s/ Steven R. Koehler
 
Steven R. Koehler, B.Sc., QP, CPG
 
 
June 8, 2018
 
 
 

EX-23.6 9 ex23_6.htm CONSENT OF GARY SIMMONS, B.SC., QP, MMSA
EXHIBIT 23.6
 


CONSENT OF GARY SIMMONS
The undersigned hereby consents to the use of the information contained in the Annual Information Form of Gold Standard Ventures Corp. for the year ended December 31, 2017 which is represented as having been prepared by the undersigned or under the undersigned's supervision, and to the references, as applicable, to the undersigned's name, in or incorporated by reference in the Registration Statement on Form S-8 being filed by Gold Standard Ventures Corp.
/s/ Gary Simmons
 
Gary Simmons, B.Sc., QC, MMSA
 
 
June 8, 2018
 


EX-24.1 10 ex24_1.htm POWER OF ATTORNEY
EXHIBIT 24.1
 


POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Jonathan Awde, Michael Waldkirch and Glenn Kumoi, or any of them, as the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for such person and in such person's name, place and stead, in any and all capacities, to sign the registration statement on Form S-8 relating to Gold Standard Ventures Corp.'s (i) Stock Option Plan and (ii) Restricted Share Unit Award Plan, and any and all amendments (including post-effective amendments) thereto, with all exhibits and any other documents in connection therewith, and any related registration statements necessary to register additional securities and to file the same with exhibits thereto and other documents in connection therewith with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact and agent, or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, this Power of Attorney has been signed by the persons indicated below and on the dates indicated.

Signature
 
Title
Date
 
 
 
 
 
 
 
 
 
 
 
 
 /s/ Jonathan Awde
 
President, Chief Executive Officer and
June 8, 2018
Jonathan Awde
 
Director (Principal Executive Officer)
 
 
 
 
 
 
/s/ Michael Waldkirch
 
 
Chief Financial Officer (Principal Financial Officer
 
June 8, 2018
Michael Waldkirch
 
and Principal Accounting Officer)
 
 
 
 
 
 
 
 
 
/s/ D. Bruce McLeod
 
Lead Director
June 8, 2018
D. Bruce McLeod
 
 
 
 
 
 
 
 
 
 
 
/s/ Robert McLeod
 
Director
April 26, 2018
Robert McLeod
 
 
 
 
 
 
 
 
 
 
 
/s/ Jamie Strauss
 
Director
June 8, 2018
Jamie Strauss
 
 
 
 
 
 
 
 
 
 
 
/s/ William Threlkeld
 
Director
April 30, 2018
William Threlkeld
 
 
 
 
 
 
 
 
/s/ Alex Morrison
 
 
Director and Authorized Representative in the
 
June 8, 2018
Alex Morrison
  United States  
       
       
/s/ Zara Boldt
 
Director
June 8, 2018
Zara Boldt
     
       
       
/s/ Ron Clayton
 
Director
June 8, 2018
Ron Clayton
     


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