Common use of RELEASE OF PERFORMANCE SHARES FROM ESCROW Clause in Contracts

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 1989 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash low, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 19891989 24 -12- LPS 3-07 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash low, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 1989. 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash lowflow, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 1989. 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash lowflow, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest Interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 19891989 31 LPS 3-07 9.2 Reduction in release for natural resource issuer - issuer-Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash lowflow, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the . original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 1989. 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash low, not previously applied towards release, divided by the earn-out price.

RELEASE OF PERFORMANCE SHARES FROM ESCROW. 9.1 Release of shares of natural resource issuer - Holders of performance shares of a natural resource issuer will be entitled to the pro-rata release of those performance shares on the basis of 15% of the original number of performance shares for every $100,000 expended on exploration and development of a resource property by (a) the issuer, or (b) a person other than the issuer in order to earn an interest in the resource property, but only in respect of that proportion of the expenditure equal to the issuer's remaining proportionate interest in the resource property after the person's interest has been earned, provided that (c) no more than 50% of the original number of performance shares may be released in any 12 month period, and (d) no expenditure on exploration and development made prior to the date of the receipt for the issuer's prospectus for its IPO may be included. December 21, 19891989 LPS 3-07 9.2 Reduction in release for natural resource issuer - Where administrative expenses exceed 33% of total expenditures during the period on which the calculation in section 9.1 is based, (a) the pro-rata release factor of 15% will be reduced to 7.5%, and (b) the percentage of the original number of performance shares available for release in any 12 month period will be reduced to 25%. 9.3 Release of shares of industrial issuer - Holders of performance shares of an industrial issuer will be entitled to the pro-rata release of a number of performance shares equal to the amount of cumulative cash lowflow, not previously applied towards release, divided by the earn-out price.