Common use of Retraction Clause in Contracts

Retraction. Any holder of Series 2 Special Shares shall be entitled to require the Company to redeem, subject to the requirements of the Business Corporations Act (British Columbia), at any time or times all or any of the Series 2 Special Shares registered in the name of such holder on the books of the Company by tendering to the Company at the registered office of the Company a share certificate or certificates representing the Series 2 Special Shares which the registered holder desires to have the Company redeem together with a notice in writing specifying (i) that the registered holder desires to have the Series 2 Special Shares represented by such certificate or certificates redeemed by the Company and (ii) the business day (“Retraction Date”) on which the holder desires to have the Company redeem such Series 2 Special Shares. The Retraction Date shall not be less than 30 days after the day on which the notice in writing is given to the Company without the consent of the Company. Upon receipt of a share certificate or certificates representing the Series 2 Special Shares which the registered holder desires to have the Company redeem together with such notice, the Company shall on the Retraction Date redeem such Series 2 Special Shares, by paying to such registered holder the Redemption Amount for each such Special Preferred Share being redeemed. Such payment shall be made by a promissory note or a cheque payable at par at any branch of the Company’s bankers for the time being in Canada. If less than all of the Series 2 Special Shares represented by any certificate are redeemed, the holder shall be entitled to receive a new certificate for that number of Series 2 Special Shares represented by the original certificate or certificates which are not redeemed. The said Series 2 Special Shares shall be redeemed on the Retraction Date and from and after the Retraction Date the holder of such shares shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of holders of Series 2 Special Shares in respect thereof unless payment of the Redemption Amount is not made on the Retraction Date, in which event the rights of the holder of the Series 2 Special Shares shall remain unaffected.

Retraction. Any holder of Series 2 1 Special Shares shall be entitled to require the Company to redeem, subject to the requirements of the Business Corporations Act (British Columbia), at any time or times all or any of the Series 2 1 Special Shares registered in the name of such holder on the books of the Company by tendering to the Company at the registered office of the Company a share certificate or certificates representing the Series 2 1 Special Shares which the registered holder desires to have the Company redeem together with a notice in writing specifying (i) that the registered holder desires to have the Series 2 1 Special Shares represented by such certificate or certificates redeemed by the Company and (ii) the business day (“Retraction Date”) on which the holder desires to have the Company redeem such Series 2 1 Special Shares. The Retraction Date shall not be less than 30 days after the day on which the notice in writing is given to the Company without the consent of the Company. Upon receipt of a share certificate or certificates representing the Series 2 1 Special Shares which the registered holder desires to have the Company redeem together with such notice, the Company shall on the Retraction Date redeem such Series 2 1 Special Shares, by paying to such registered holder the Redemption Amount for each such Special Preferred Share being redeemed. Such payment shall be made by a promissory note or a cheque payable at par at any branch of the Company’s bankers for the time being in Canada. If less than all of the Series 2 1 Special Shares represented by any certificate are redeemed, the holder shall be entitled to receive a new certificate for that number of Series 2 1 Special Shares represented by the original certificate or certificates which are not redeemed. The said Series 2 1 Special Shares shall be redeemed on the Retraction Date and from and after the Retraction Date the holder of such shares shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of holders of Series 2 1 Special Shares in respect thereof unless payment of the Redemption Amount is not made on the Retraction Date, in which event the rights of the holder of the Series 2 1 Special Shares shall remain unaffected.

Retraction. Any holder of Series 2 Special Preferred Shares shall be entitled to require the Company to redeem, subject to the requirements of the Canada Business Corporations Act (British Columbia)Act, at any time or times all or any of the Series 2 Special Preferred Shares registered in the name of such holder on the books of the Company by tendering to the Company at the registered office of the Company a share certificate or certificates representing the Series 2 Special Preferred Shares which the registered holder desires to have the Company redeem together with a notice in writing specifying (i) that the registered holder desires to have the Series 2 Special Preferred Shares represented by such certificate or certificates redeemed by the Company and (ii) the business day (“Retraction Date”) on which the holder desires to have the Company redeem such Series 2 Special Preferred Shares. The Retraction Date shall not be less than 30 days after the day on which the notice in writing is given to the Company without the consent of the Company. Upon receipt of a share certificate or certificates representing the Series 2 Special special Preferred Shares which the registered holder desires to have the Company redeem together with such notice, the Company shall on the Retraction Date redeem such Series 2 Special Preferred Shares, by paying to such registered holder the Redemption Amount for each such Special Preferred Share being redeemed. Such payment shall be made by a promissory note or a cheque payable at par at any branch of the Company’s bankers for the time being in Canada. If less than all of the Series 2 Special Preferred Shares represented by any certificate are redeemed, the holder shall be entitled to receive a new certificate for that number of Series 2 Special Preferred Shares represented by the original certificate or certificates which are not redeemed. The said Series 2 Special Preferred Shares shall be redeemed on the Retraction Date and from and after the Retraction Date the holder of such shares shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of holders of Series 2 Special Preferred Shares in respect thereof unless payment of the Redemption Amount is not made on the Retraction Date, in which event the rights of the holder of the Series 2 Special Preferred Shares shall remain unaffected.

Retraction. Any holder of Series 2 Special Butterfly Shares shall be entitled to require the Company Corporation to redeem, subject to the requirements of the Business Corporations Act (British Columbia)Act, at any time or times all or any of the Series 2 Special Butterfly Shares registered in the name of such holder on the books of the Company Corporation by tendering to the Company Corporation at the registered office of the Company Corporation a share certificate or certificates representing all of the Series 2 Special Butterfly Shares which the registered held by such holder desires to have the Company redeem together with a notice in writing specifying (i) that the registered holder desires to have the Series 2 Special Butterfly Shares represented by such certificate or certificates redeemed by the Company Corporation and (ii) the business day (“Retraction Date”) on which the holder desires to have the Company Corporation redeem such Series 2 Special Butterfly Shares. The Retraction Date shall not be less than 30 five (5) days after the day on which the notice in writing is given to the Company Corporation without the consent of the CompanyCorporation. Upon receipt of a share certificate or certificates representing all of the Series 2 Special Butterfly Shares which the registered held by such holder desires to have the Company redeem together with such noticenotice the Corporation shall, subject to the Company shall Act, redeem on the Retraction Date redeem such Series 2 Special Shares, Butterfly Shares by paying to such registered holder the Redemption Amount for each such Special Preferred Butterfly Share being redeemed. Such payment shall be made by a promissory note or a cheque payable at par at any branch of the Company’s bankers for bank of the time being Corporation in Canada. If less than all of the Series 2 Special Shares represented by any certificate are redeemed, the holder shall be entitled to receive a new certificate for that number of Series 2 Special Shares represented by the original certificate or certificates which are not redeemed. The said Series 2 Special Such Butterfly Shares shall be redeemed on the Retraction Date and from and after the Retraction Date the holder of such shares the Butterfly Shares redeemed shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of holders of Series 2 Special Butterfly Shares in respect thereof unless payment of the Redemption Amount is not made on the Retraction Date, in which event the rights of the holder of the Series 2 Special Butterfly Shares in respect of which payment has not been made shall remain unaffected.