Dating and Pricing of Stock Options

Purpose

The Policy regarding Dating of Stock Options (the "Policy") is to clarify for the directors, officers, and employees ("employees") of Carmanah Technologies Corporation ("Carmanah") a standard policy pertaining to the timing of the granting of Carmanah stock options. It provides an impartial assignment and definition of the strike price and date of grant for options approved by the Board of Directors ("Board") or it's approved designate.

Annual Grants

Employees may receive options on an annual basis. The date of grant for these options will be 14 days following Carmanah's Annual General Meeting.

Other Grants for Existing Employees

The date of grant will be 14 days from the date the grant is approved by the Board or it's designate.

New Employees

For new employees who are granted stock options, the date of grant will be 14 days from the employee's start date.

Determination of Strike Price

The strike price associated with these grants will be defined as the market price at closing on the date of grant. Employees receiving grants of more than 25,000 stock options are subject to a trading black out (see Share Trading Policy) during the 14 days leading up to the date of the grant.