ORBIT GAR ANT DRILLING INC. NOTES TO THE CONSOLID A TED FINANCIAL ST A TEMENTS (Continued) (Amounts as at March 31, 2008 and for the nine and three months ended March 31, 2008 and for the six and three months ended March 31, 2007 are unaudited) 18. SUB SEQUENT EVENTS (Continued) The Board of Directors may amend the new option plan without shareholder approval in certain instances, including but not limited to: (i) amendments of a ‘‘housekeeping’’ nature; (ii) a change to the vesting provision of any option; (iii) a change t o the termination provisions of any option that does not entail an extension beyond the original expiration date; (iv) the introducti on of a cashless exercise feature payable in securities, whether or not such feature provides for a full deduction of the number of underlying securities from the new option plan reserve; (v) the addition of a form of financial assistance and any amendment to a financial assistance provision, which is adopted; and (vi) a change to the eligible participants of the new option plan. d) P rior Option Plan The Company has issued options to certain of its employees pursuant to the P rior Option Plan. There are 1,048,000 such options that may be exercised for Common Shares on a one-for-one basis. All such options, other than 524,000 options that will be exercised if the Over- Allotment Option is exercised in full, will remain outstanding. No further options will be granted pursua nt to the P rior Option Plan, following completion of this Offering. All outstanding options granted under the P rior Option Plan will vest as to 50% on the Closing Date and as to 25% on each of the first and second anniversary of the Closing Date and will expire by A ugust 20, 2017. e) Others The company has agreed to pay to 1684181 Ontario Inc., a company managed by a director of the company, a fee of $300,000 for strategic advice plus an outstanding work fee of $50,000 on closing. F-27