As a condition of employment effective October 1, 2013. "Mr. Coutts has agreed to purchase 335,000 common shares of Noront from treasury at $0.30 per share and, on condition that, if he retains ownership of 100% of those shares on the first anniversary, and 66-2/3% of those shares on the second anniversary of the commencement of his employment, 335,000 Restricted Share Units will vest in his favour under the Company’s Share Award Plan established in 2012. Performance Share Units will also be granted to Mr. Coutts in tranches of 500,000 each if, as and when the Company achieves certain increasing share price milestones, to a maximum of 2,000,000 Performance Share Units. As an incentive to join Noront, Mr. Coutts was granted 3,000,000 stock options, exercisable at a price of $0.30 per share, vesting as to 1,000,000 options on the commencement date and as to 1,000,000 options on each of the next two anniversaries of that date and otherwise in accordance with and subject to the Company’s Stock Option Plan."