EX-4.8





 Exhibit 4.8 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN 

October 19, 2021 












 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 PURPOSE
	  	 	1	
	 1.1
	 	Purpose	  	 	1	
		
	 ARTICLE 2 INTERPRETATION
	  	 	1	
	 2.1
	 	Definitions	  	 	1	
	 2.2
	 	Interpretation	  	 	9	
		
	 ARTICLE 3 ADMINISTRATION
	  	 	9	
	 3.1
	 	Administration	  	 	9	
	 3.2
	 	Delegation to Committee	  	 	10	
	 3.3
	 	Determinations Binding	  	 	11	
	 3.4
	 	Eligibility	  	 	11	
	 3.5
	 	Total Shares Subject to Awards	  	 	11	
	 3.6
	 	Limits on Grants of Awards	  	 	12	
	 3.7
	 	Award Agreements	  	 	12	
	 3.8
	 	Non-transferability of Awards	  	 	12	
		
	 ARTICLE 4 OPTIONS
	  	 	13	
	 4.1
	 	Granting of Options	  	 	13	
	 4.2
	 	Exercise Price	  	 	13	
	 4.3
	 	Term of Options	  	 	13	
	 4.4
	 	Vesting and Exercisability	  	 	13	
	 4.5
	 	Payment of Exercise Price	  	 	14	
		
	 ARTICLE 5 RESTRICTED SHARE UNITS
	  	 	14	
	 5.1
	 	Granting of RSUs	  	 	14	
	 5.2
	 	RSU Account	  	 	15	
	 5.3
	 	Vesting of RSUs	  	 	15	
	 5.4
	 	Settlement of RSUs	  	 	15	
		
	 ARTICLE 6 PERFORMANCE SHARE UNITS
	  	 	16	
	 6.1
	 	Granting of PSUs	  	 	16	
	 6.2
	 	Terms of PSUs	  	 	16	
	 6.3
	 	Performance Goals	  	 	16	
	 6.4
	 	PSU Account	  	 	17	
	 6.5
	 	Vesting of PSUs	  	 	17	
	 6.6
	 	Settlement of PSUs	  	 	17	
		
	 ARTICLE 7 DEFERRED SHARE UNITS
	  	 	18	
	 7.1
	 	Granting of DSUs	  	 	18	
	 7.2
	 	DSU Account	  	 	19	
	 7.3
	 	Vesting of DSUs	  	 	19	
	 7.4
	 	Settlement of DSUs	  	 	19	
	 7.5
	 	No Additional Amount or Benefit	  	 	20	


  
 (i) 














							
		
	 ARTICLE 8 ADDITIONAL AWARD TERMS
	  	 	20	
	 8.1
	 	Dividend Equivalents	  	 	20	
	 8.2
	 	Black-out Period	  	 	21	
	 8.3
	 	Withholding Taxes	  	 	21	
	 8.4
	 	Recoupment	  	 	21	
		
	 ARTICLE 9 TERMINATION OF EMPLOYMENT OR SERVICES
	  	 	22	
	 9.1
	 	Termination of Officer, Employee, Consultant or Director	  	 	22	
	 9.2
	 	Discretion to Permit Acceleration	  	 	23	
		
	 ARTICLE 10 EVENTS AFFECTING THE CORPORATION
	  	 	23	
	 10.1
	 	General	  	 	23	
	 10.2
	 	Change in Control	  	 	24	
	 10.3
	 	Reorganization of Corporation’s Capital	  	 	25	
	 10.4
	 	Other Events Affecting the Corporation	  	 	25	
	 10.5
	 	Immediate Acceleration of Awards	  	 	26	
	 10.6
	 	Issue by Corporation of Additional Shares	  	 	26	
	 10.7
	 	Fractions	  	 	26	
		
	 ARTICLE 11 U.S. TAXPAYERS
	  	 	26	
	 11.1
	 	Provisions for U.S. Taxpayers	  	 	26	
	 11.2
	 	ISOs	  	 	26	
	 11.3
	 	ISO Grants to 10% Shareholders	  	 	27	
	 11.4
	 	US$100,000 Per Year Limitation for ISOs	  	 	27	
	 11.5
	 	Disqualifying Dispositions	  	 	27	
	 11.6
	 	Section 409A of the Code	  	 	27	
	 11.7
	 	Section 83(b) Election	  	 	28	
	 11.8
	 	Application of Article 11 to U.S. Taxpayers	  	 	28	
		
	 ARTICLE 12 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN
	  	 	29	
	 12.1
	 	Amendment, Suspension, or Termination of the Plan	  	 	29	
	 12.2
	 	Shareholder Approval	  	 	29	
	 12.3
	 	Permitted Amendments	  	 	30	
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	30	
	 13.1
	 	Legal Requirement	  	 	30	
	 13.2
	 	No Other Benefit	  	 	31	
	 13.3
	 	Rights of Participant	  	 	31	
	 13.4
	 	Corporate Action	  	 	31	
	 13.5
	 	Conflict	  	 	31	
	 13.6
	 	Anti-Hedging Policy	  	 	31	
	 13.7
	 	Participant Information	  	 	31	
	 13.8
	 	Participation in the Plan	  	 	31	
	 13.9
	 	International Participants	  	 	32	
	 13.10
	 	Successors and Assigns	  	 	32	
	 13.11
	 	General Restrictions or Assignment	  	 	32	
	 13.12
	 	Severability	  	 	32	
	 13.13
	 	Notices	  	 	32	


  
 (ii) 














							
	 13.14
	 	Effective Date	  	 	33	
	 13.15
	 	Currency	  	 	33	
	 13.16
	 	Governing Law	  	 	33	
	 13.17
	 	Submission to Jurisdiction	  	 	33	


  
 (iii) 













 Algoma Steel Group Inc. 

Omnibus Equity Incentive Plan 

ARTICLE 1 
 PURPOSE

  

	1.1	 Purpose 



The purpose of this Plan is to provide the Corporation with a share-related mechanism to attract, retain and motivate qualified Directors, Officers, Employees
and Consultants of the Corporation and its subsidiaries, to reward such of those Directors, Officers, Employees and Consultants as may be granted Awards under this Plan by the Board from time to time for their contributions toward the long term
goals and success of the Corporation and to enable and encourage such Directors, Officers, Employees and Consultants to acquire Shares as long term investments and proprietary interests in the Corporation. 

ARTICLE 2 

INTERPRETATION 
  

	2.1	 Definitions 



When used herein, unless the context otherwise requires, the following terms have the indicated meanings, respectively: 

“Affiliate” means any entity that is an “affiliate” for the purposes of National Instrument
45-106 – Prospectus Exemptions of the Canadian Securities Administrators, as amended from time to time; 

“Award” means any Option, Restricted Share Unit, Performance Share Unit or Deferred Share Unit granted under this Plan which may be
denominated or settled in Shares or cash; 
 “Award Agreement” means a signed, written agreement between a Participant and the Corporation,
in the form or any one of the forms approved by the Plan Administrator, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be identical to any other such agreements; 

“Board” means the board of directors of the Corporation; 

“Business Day” means a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Toronto are open for
commercial business during normal banking hours; 
 “Canadian Taxpayer” means a Participant that is resident of Canada for purposes of the
Tax Act; 
 “Cash Fees” has the meaning set forth in Subsection 7.1(a); 

“Cashless Exercise” has the meaning set forth in Subsection 4.5(b); 

“Cause” means, with respect to a particular Participant: 













	 	(a)	 “cause” (or any similar term) as such term is defined in the employment or other written agreement
between the Corporation or a subsidiary of the Corporation and the Participant; 


  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation or a
subsidiary of the Corporation and the Participant, or “cause” (or any similar term) is not defined in such agreement, “cause” as such term is defined in the Award Agreement; or 



 

	 	(c)	 in the event neither (a) nor (b) apply, “cause” as such term is defined by applicable law or, if
not so defined, such term shall refer to circumstances where (i) an employer may terminate an individual’s employment without notice or pay in lieu thereof or other damages, or (ii) the Corporation or any subsidiary thereof may
terminate the Participant’s contract without notice or without pay in lieu thereof or other termination fee or damages; 



“Change in Control” means the occurrence of any one or more of the following events: 

 

	 	(a)	 any transaction at any time and by whatever means pursuant to which any Person or any group of two or more
Persons acting jointly or in concert (other than the Corporation or a subsidiary of the Corporation) hereafter acquires the direct or indirect “beneficial ownership” (as defined in the Securities Act (Ontario)) of, or acquires the
right to exercise Control or direction over, securities of the Corporation representing more than 50% of the total voting power represented by the voting securities of the Corporation, including, without limitation, as a result of a take-over bid,
an exchange of securities, an amalgamation of the Corporation with any other entity, an arrangement, a capital reorganization or any other business combination or reorganization; 



 

	 	(b)	 the sale, assignment or other transfer of all or substantially all of the consolidated assets of the
Corporation to a Person other than a subsidiary of the Corporation; 


  

	 	(c)	 the dissolution or liquidation of the Corporation, other than in connection with the distribution of assets of
the Corporation to one or more Persons which were Affiliates of the Corporation prior to such event; 


  

	 	(d)	 the occurrence of a transaction requiring approval of the Corporation’s shareholders whereby the
Corporation is acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any other Person (other than a short form amalgamation or exchange of securities with a subsidiary
of the Corporation); or 


  

	 	(e)	 individuals who comprise the Board as of the date hereof (the “Incumbent Board”) for any
reason cease to constitute at least a majority of the members of the Board, unless the election, or nomination for election by the Corporation’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent
Board, and in that case such new director shall be considered as a member of the Incumbent Board; 



  
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 provided that, notwithstanding clause (a), (b), (c) and (d) above, a Change in Control
shall be deemed not to have occurred if immediately following the transaction set forth in clause (a), (b), (c) or (d) above: (A) the holders of securities of the Corporation that immediately prior to the consummation of such transaction
represented more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors of the Corporation hold (x) securities of the entity resulting from such transaction (including, for
greater certainty, the Person succeeding to assets of the Corporation in a transaction contemplated in clause (b) above) (the “Surviving Entity”) that represent more than 50% of the combined voting power of the then outstanding
securities eligible to vote for the election of directors or trustees (“voting power”) of the Surviving Entity, or (y) if applicable, securities of the entity that directly or indirectly has beneficial ownership of 100%
of the securities eligible to elect directors or trustees of the Surviving Entity (the “Parent Entity”) that represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the
election of directors or trustees of the Parent Entity, and (B) no Person or group of two or more Persons, acting jointly or in concert, is the beneficial owner, directly or indirectly, of more than 50% of the voting power of the Parent Entity
(or, if there is no Parent Entity, the Surviving Entity) (any such transaction which satisfies all of the criteria specified in clauses (A) and (B) above being referred to as a “Non-Qualifying
Transaction” and, following the Non-Qualifying Transaction, references in this definition of “Change in Control” to the “Corporation” shall mean and refer to the Parent
Entity (or, if there is no Parent Entity, the Surviving Entity) and, if such entity is a company or a trust, references to the “Board” shall mean and refer to the board of directors or trustees, as applicable, of such entity). 

Notwithstanding the foregoing, for purposes of any Award that constitutes “deferred compensation” (within the meaning of
Section 409A of the Code), the payment of which is triggered by or would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for Awards granted to any Participant who is a U.S. Taxpayer unless the
transaction qualifies as “a change in control event” within the meaning of Section 409A of the Code; 
 “Code” means the
United States Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder; 

“Committee” has the meaning set forth in Section 3.2; 

“Compensation Committee” means the Compensation Committee of the Board and any replacement or successor committee of the Board that is
responsible for compensation, nominating and governance matters, or the Board if there is no such committee; 
 “Consultant” means any
individual or, solely to the extent permitted by any applicable securities laws, entity engaged by the Corporation or any subsidiary of the Corporation to render consulting or advisory services (including as a director or officer of any subsidiary
of the Corporation), other than as an Officer, Employee or Director, and whether or not compensated for such services; 
 “Control” means:


  
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	 	(a)	 when applied to the relationship between a Person and a corporation, the beneficial ownership by that Person,
directly or indirectly, of voting securities or other interests in such corporation entitling the holder to exercise control and direction in fact over the activities of such corporation; 



 

	 	(b)	 when applied to the relationship between a Person and a partnership, limited partnership, trust or joint
venture, the contractual right to direct the affairs of the partnership, limited partnership, trust or joint venture; and 


  

	 	(c)	 when applied in relation to a trust, the beneficial ownership at the relevant time of more than 50% of the
property settled under the trust, and 


 the words “Controlled by”, “Controlling” and
similar words have corresponding meanings; provided that a Person who controls a corporation, partnership, limited partnership or joint venture will be deemed to Control a corporation, partnership, limited partnership, trust or joint venture which
is Controlled by such Person and so on; 
 “Corporation” means Algoma Steel Group Inc.; 

“Date of Grant” means, for any Award, the date specified by the Plan Administrator at the time it grants the Award or if no such date is
specified, the date upon which the Award was granted; 
 “Deferred Share Unit” or “DSU” means a unit equivalent in value
to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7; 
 “Director” means
a director of the Corporation who is not an Employee; 
 “Director Fees” means the total compensation (including annual retainer and
meeting fees, if any) paid by the Corporation to a Director in a calendar year for service on the Board; 
 “Disabled” or
“Disability” means, with respect to a particular Participant: 
  

	 	(a)	 “disabled” or “disability” (or any similar terms) as such term is defined in the employment
or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant; 


  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation or a
subsidiary of the Corporation and the Participant, or “disabled” or “disability” (or any similar terms) is not defined in such agreement, “disabled” or “disability” (or any similar terms) as such term is
defined in the Award Agreement; or 


  

	 	(c)	 in the event neither (a) or (b) apply, then the incapacity or inability of the Participant, by reason of
mental or physical incapacity, disability, illness or disease (as determined by a legally qualified medical practitioner or by a court) that prevents the Participant from carrying out their normal and essential duties as an Employee, Director or
Consultant for a continuous period of six months or for any cumulative period of 180 days in any consecutive twelve month period, the 



  
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foregoing subject to and as determined in accordance with procedures established by the Plan Administrator for purposes of this Plan; 


“Effective Date” means the effective date of this Plan, being October 19, 2021; 

“Elected Amount” has the meaning set forth in Subsection 7.1(a); 

“Electing Person” means a Participant who is, on the applicable Election Date, a Director; 

“Election Date” means the date on which the Electing Person files an Election Notice in accordance with Subsection 7.1(b); 

“Election Notice” has the meaning set forth in Subsection 7.1(b); 

“Employee” means an individual who is considered by the Corporation as an employee of the Corporation or a subsidiary of the Corporation for
purposes of source deductions under applicable tax or social welfare legislation; 
 “Exchanges” means the Nasdaq, the TSX and any other
exchange on which the Shares are or may be listed from time to time; 
 “Exercise Notice” means a notice in writing, signed by a
Participant and stating the Participant’s intention to exercise a particular Option; 
 “Exercise Price” means the price at which an
Option Share may be purchased pursuant to the exercise of an Option; 
 “Expiry Date” means, in respect of Options, the expiry date
specified in the Award Agreement for an Option (which shall not be later than the tenth anniversary of the Date of Grant) or, if not so specified, means the tenth anniversary of the Date of Grant; 

“In the Money Amount” has the meaning given to it in Subsection 4.5(b); 

“Insider” means an “insider” as defined in the rules of the Exchanges from time to time; 

“ISOs” has the meaning given to it in Section 11.1; 

“Market Price” means, at any date when the market price of Shares is to be determined: 

 

	 	(a)	 subject to paragraph (b) of this definition, if the Shares are listed on (i) the Nasdaq, the VWAP on
the Nasdaq for the five trading days immediately preceding such date on which value is determined for the grant or payment of the applicable Award (the “Nasdaq VWAP”); or (ii) the TSX, the VWAP on the TSX for the five trading
days immediately preceding such date on which value is determined for the grant or payment of the applicable Award, as applicable (the “TSX VWAP”); provided that, for so long as the Shares are listed on the TSX, the Market Price
shall not be less than the market price, as calculated under the policies of the TSX; and provided, further, that with respect to an Option granted to a U.S. Taxpayer, such Participant and the number of Shares subject to such Option shall be
identified by 



  
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the Board or the Committee prior to the start of the applicable five trading day period; 

  

	 	(b)	 if the Shares are listed on both the Nasdaq and the TSX, the greater of (i) the Nasdaq VWAP converted into
Canadian dollars using the Bank of Canada daily exchange rate published for the date on which value is determined for the grant or payment of the applicable Award; and (ii) the TSX VWAP; provided that with respect to an Option granted to a U.S.
Taxpayer, such Participant and the number of Shares subject to such Option shall be identified by the Board or the Committee prior to the start of the applicable five trading day period; 



 

	 	(c)	 if the Shares are not listed on either the Nasdaq or the TSX but are listed on another Exchange, the VWAP on
such Exchange for the five trading days immediately preceding such date on which value is determined for the grant or payment of the applicable Award, converted into Canadian dollars using the Bank of Canada daily exchange rate published for such
date if the trading price of the Shares on such Exchange is not Canadian dollars; provided that with respect to an Option granted to a U.S. Taxpayer, such Participant and the number of Shares subject to such Option shall be identified by the Board
or the Committee prior to the start of the applicable five trading day period; or 


  

	 	(d)	 if the Shares are not listed on any Exchange, the fair market value as is determined solely by the Board,
acting reasonably and in good faith, and, with respect to an Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code, and such determination shall be conclusive and binding on all Persons; 



“Nasdaq” means the Nasdaq Stock Market; 

“Officer” means an Employee of the Corporation who is considered by the Corporation as an officer of the Corporation or a subsidiary of the
Corporation; 
 “Option” means a right to purchase Shares under Article 4 of this Plan that is
non-assignable and non-transferable, unless otherwise approved by the Plan Administrator; 

“Option Shares” means Shares issuable by the Corporation upon the exercise of outstanding Options; 

“Participant” means a Director, Officer, Employee or Consultant to whom an Award has been granted under this Plan; 

“Participant’s Employer” means with respect to a Participant that is or was an Employee, the Corporation or such subsidiary of the
Corporation as is or, if the Participant has ceased to be employed by the Corporation or such subsidiary of the Corporation, was the Participant’s Employer; 

“Performance Goals” means performance goals expressed in terms of attaining a specified level of the particular criteria or the attainment of
a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation, a division of the Corporation or a subsidiary of the Corporation, or an individual, or may be
applied 

  
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 to the performance of the Corporation or a subsidiary of the Corporation relative to a market index, a group
of other companies or a combination thereof, or on any other basis, all as determined by the Plan Administrator in its discretion; 
 “Performance
Share Unit” or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6; 

“Person” means an individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated
organization, trust, body corporate, and a natural person in their capacity as trustee, executor, administrator or other legal representative; 

“Plan” means this Omnibus Equity Incentive Plan, as may be amended from time to time; 

“Plan Administrator” means a Person determined by the Board, which will initially be the Compensation Committee, or if the administration of
this Plan has been delegated by the Board to the Committee pursuant to Section 3.2, the Committee; 
 “PSU Service Year” has the
meaning given to it in Section 6.1; 
 “Restricted Share Unit” or “RSU” means a unit equivalent in value to a Share,
credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 5; 
 “RSU Service Year” has the
meaning given to it in Section 5.1; 
 “Section 409A of the Code” or “Section 409A”
means Section 409A of the Code and all regulations, guidance, compliance programs, and other interpretive authority issued thereunder; 

“Securities Laws” means securities legislation, securities regulation and securities rules, as amended, and the policies, notices,
instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject; 
 “Security
Based Compensation Arrangement” means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to Directors, Officers, Employees
and/or service providers of the Corporation or any subsidiary of the Corporation, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise; 

“Share” means one common share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in
replacement of common share in compliance with Canadian law or other applicable law, or after an adjustment contemplated by Article 10, such other shares or securities to which the holder of an Award may be entitled as a result of such
adjustment; 
 “subsidiary” means an issuer that is Controlled directly or indirectly by another issuer and includes a subsidiary of that
subsidiary, or any other entity in which the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of this Plan to be a subsidiary; 

“Tax Act” means the Income Tax Act (Canada) and the regulations thereunder, as amended from time to time; 

  
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 “Termination Date” means, subject to applicable law which cannot be waived: 

 

	 	(a)	 in the case of an Employee or Officer whose employment with the Corporation or a subsidiary of the Corporation
terminates, (i) the date designated by the Employee or Officer and the Corporation or a subsidiary of the Corporation as the “Termination Date” (or similar term) in a written employment or other agreement between the Employee or
Officer and Corporation or a subsidiary of the Corporation, or (ii) if no such written employment or other agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Employee or
Officer ceases to be an employee or officer of the Corporation or the subsidiary of the Corporation, as the case may be, provided that, in the case of termination of employment by voluntary resignation by the Participant, such date shall not be
earlier than the date notice of resignation was given; and in any event, the “Termination Date” shall be determined without including any period of reasonable notice that the Corporation or the subsidiary of the Corporation (as the case
may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant; 



 

	 	(b)	 in the case of a Consultant whose agreement or arrangement with the Corporation or a subsidiary of the
Corporation terminates, (i) the date designated by the Corporation or the subsidiary of the Corporation, as the “Termination Date” (or similar term) or expiry date in a written agreement between the Consultant and Corporation or a
subsidiary of the Corporation, or (ii) if no such written agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Consultant ceases to be a Consultant or a service provider
to the Corporation or the subsidiary of the Corporation, as the case may be, or on which the Participant’s agreement or arrangement is terminated, provided that in the case of voluntary termination by the Participant of the Participant’s
consulting agreement or other written arrangement, such date shall not be earlier than the date notice of voluntary termination was given; in any event, the “Termination Date” shall be determined without including any period of notice that
the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination, termination fees or other damages paid or payable to the Participant;



  

	 	(c)	 in the case of a Director, the date such individual ceases to be a Director, unless the individual continues to
be a Participant in another capacity; and 


  

	 	(d)	 in the case of a U.S. Taxpayer, a Participant’s “Termination Date” will be the date the
Participant experiences a “separation from service” with the Corporation or a subsidiary of the Corporation within the meaning of Section 409A of the Code; 



“TSX” means the Toronto Stock Exchange; 

“U.S.” or “United States” means the United States of America, its territories and possessions, any State of the United
States, and the District of Columbia; 

  
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 “U.S. Securities Act” means the United States Securities Act of 1933, as amended and
the rules and regulations promulgated thereunder; 
 “U.S. Taxpayer” shall mean a Participant who, with respect to an Award, is subject to
taxation under the applicable U.S. tax laws; and 
 “VWAP” means the volume weighted average closing price of the Shares, calculated by
dividing the total value of the trading Shares by the total volume of such Shares traded for the relevant period. 
  

	2.2	 Interpretation 



 

	 	(a)	 Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term
“discretion” means the sole and absolute discretion of the Plan Administrator. 


  

	 	(b)	 As used herein, the terms “Article”, “Section”, “Subsection” and
“clause” mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively. 


  

	 	(c)	 Words importing the singular include the plural and vice versa and words importing any gender include any other
gender. 


  

	 	(d)	 Unless otherwise specified, time periods within or following which any payment is to be made or act is to be
done shall be calculated by excluding the day on which the period begins, including the day on which the period ends, and abridging the period to the immediately preceding Business Day in the event that the last day of the period is not a Business
Day. In the event an action is required to be taken or a payment is required to be made on a day which is not a Business Day such action shall be taken or such payment shall be made by the immediately preceding Business Day. 



 

	 	(e)	 Unless otherwise specified, all references to money amounts are to Canadian currency. 



 

	 	(f)	 The headings used herein are for convenience only and are not to affect the interpretation of this Plan.



 ARTICLE 3 

ADMINISTRATION 
  

	3.1	 Administration 



This Plan will be administered by the Plan Administrator and the Plan Administrator has sole and complete authority, in its discretion, to: 

 

	 	(a)	 determine the individuals to whom grants under the Plan may be made; 



 

	 	(b)	 make grants of Awards under the Plan relating to the issuance of Shares (including any combination of Options,
Restricted Share Units, Performance Share Units or 



  
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Deferred Share Units) in such amounts, to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines including without limitation: 


 

	 	(i)	 the time or times at which Awards may be granted; 



 

	 	(ii)	 the conditions under which: 



 

	 	(A)	 Awards may be granted to Participants; or 



 

	 	(B)	 Awards may be forfeited to the Corporation, 



including any conditions relating to the attainment of specified Performance Goals; 

 

	 	(iii)	 the price, if any, to be paid by a Participant in connection with the purchase of Shares covered by any Awards;



  

	 	(iv)	 whether restrictions or limitations are to be imposed on the Shares issuable pursuant to grants of any Award,
and the nature of such restrictions or limitations, if any; and 


  

	 	(v)	 any acceleration of exercisability or vesting, or waiver of termination regarding any Award, based on such
factors as the Plan Administrator may determine; 


  

	 	(c)	 establish the form or forms of Award Agreements; 



 

	 	(d)	 cancel, amend, adjust or otherwise change any Award under such circumstances as the Plan Administrator may
consider appropriate in accordance with the provisions of this Plan; 


  

	 	(e)	 construe and interpret this Plan and all Award Agreements; 



 

	 	(f)	 adopt, amend, prescribe and rescind administrative guidelines and other rules and regulations relating to this
Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;



  

	 	(g)	 make any designations or other classifications of Awards for tax purposes; and 



 

	 	(h)	 make all other determinations and take all other actions necessary or advisable for the implementation and
administration of this Plan. 


  

	3.2	 Delegation to Committee 



 

	 	(a)	 The initial Plan Administrator shall be the Compensation Committee. 



 

	 	(b)	 To the extent permitted by applicable law, the Board may, from time to time, assume or delegate to any
committee of the Board (the “Committee”) all or any of 



  
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the powers conferred on the Plan Administrator pursuant to this Plan, including the power to sub-delegate to any member(s) of the Committee or any
specified officer(s) of the Corporation or its subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the
manner and on the terms authorized by the delegating party. Any decision made or action taken by the Committee or any sub-delegate arising out of or in connection with the administration or interpretation of
this Plan in this context is final and conclusive and binding on the Corporation and all subsidiaries of the Corporation, all Participants and all other Persons. 


 

	3.3	 Determinations Binding 



Any decision made or action taken by the Board, the Committee or any sub-delegate to whom authority has been delegated
pursuant to Section 3.2 arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation, the affected Participant(s), their legal and personal representatives and all
other Persons. 
  

	3.4	 Eligibility 



All Directors, Officers, Employees and Consultants are eligible to participate in the Plan, subject to Section 9.1(e). Participation in the Plan is
voluntary and eligibility to participate does not confer upon any Director, Officer, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The extent to which any Director, Officer, Employee or Consultant is
entitled to receive a grant of an Award pursuant to the Plan will be determined in the sole and absolute discretion of the Plan Administrator. 
  

	3.5	 Total Shares Subject to Awards 



 

	 	(a)	 Subject to adjustment as provided for in Article 10 and any subsequent amendment to this Plan, the aggregate
number of Shares that may be issued pursuant to this Plan shall be 8,849,266 Shares. 


  

	 	(b)	 To the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for any reason
prior to exercise in full, or are surrendered to the Corporation by the Participant, any Shares subject to such Awards (or portion(s) thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become
available for issuance pursuant to the exercise of Awards granted under this Plan. 


  

	 	(c)	 Any Shares issued by the Corporation through the assumption or substitution of outstanding stock options or
other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted under this Plan. 



  
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	3.6	 Limits on Grants of Awards 



Notwithstanding anything in this Plan: 
  

	 	(a)	 the aggregate number of Shares: 



 

	 	(i)	 issuable to Insiders at any time, under all of the Corporation’s Security Based Compensation Arrangements,
shall not exceed 5% of the Corporation’s issued and outstanding Shares; and 


  

	 	(ii)	 issued to Insiders within any one year period, under all of the Corporation’s Security Based Compensation
Arrangements, shall not exceed 5% of the Corporation’s issued and outstanding Shares; 


  

	 	(b)	 the Plan Administrator shall not make grants of Awards to Directors if, within any one financial year of the
Corporation, the aggregate fair market value on the Date of Grant of all Awards granted to any one Director under all of the Corporation’s Security Based Compensation Arrangements would exceed $150,000 (including no more than $100,000 in
Options); provided that such limits shall not apply to (i) Awards taken in lieu of any cash retainer or other Director Fees, and (ii) a one-time initial grant to a Director upon such Director joining
the Board; and 


  

	 	(c)	 the Plan Administrator shall not grant any Awards that may be denominated or settled in Shares to residents of
the United States unless such Awards and the Shares issuable upon exercise thereof are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act.



  

	3.7	 Award Agreements 



Each Award under this Plan will be evidenced by an Award Agreement. Each Award Agreement will be subject to the applicable provisions of this Plan and will
contain such provisions as are required by this Plan and any other provisions that the Plan Administrator may direct. Any one officer of the Corporation is authorized and empowered to execute and deliver, for and on behalf of the Corporation, an
Award Agreement to each Participant granted an Award pursuant to this Plan. 
  

	3.8	 Non-transferability of Awards 



Except as permitted by the Plan Administrator and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a
Participant, by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and immediately
upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or legal
representative upon death of a Participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the Participant’s death. 

  
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 ARTICLE 4 

OPTIONS 
  

	4.1	 Granting of Options 



The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may
prescribe, grant Options to any Participant. The terms and conditions of each Option grant shall be evidenced by an Award Agreement. 
  

	4.2	 Exercise Price 



The Plan Administrator will establish the Exercise Price at the time each Option is granted, which Exercise Price must in all cases be not less than the Market
Price on the Date of Grant. 
  

	4.3	 Term of Options 



Subject to any accelerated vesting or termination as set forth in this Plan, each Option expires on its Expiry Date. 

 

	4.4	 Vesting and Exercisability 



 

	 	(a)	 The Plan Administrator shall have the authority to determine the vesting terms applicable to grants of Options.



  

	 	(b)	 Once an Option becomes vested, it shall remain vested and shall be exercisable until expiration or termination
of the Option, unless otherwise specified by the Plan Administrator, or as may be otherwise set forth in any written employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the
Participant. Each vested Option may be exercised at any time or from time to time, in whole or in part, for up to the total number of Option Shares with respect to which it is then exercisable. The Plan Administrator has the right to accelerate the
date upon which any Option becomes exercisable. 


  

	 	(c)	 Subject to the provisions of this Plan and any Award Agreement, Options shall be exercised by means of a fully
completed Exercise Notice delivered to the Corporation. 


  

	 	(d)	 The Plan Administrator may provide at the time of granting an Option that the exercise of that Option is
subject to restrictions, in addition to those specified in this Section 4.4, such as vesting conditions relating to the attainment of specified Performance Goals. 



 

	 	(e)	 No Option holder who is resident in the United States may exercise Options unless the Option Shares are
registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 



  
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	4.5	 Payment of Exercise Price 



 

	 	(a)	 Unless otherwise specified by the Plan Administrator at the time of granting an Option and set forth in the
particular Award Agreement, the Exercise Notice must be accompanied by payment of the Exercise Price. The Exercise Price must be fully paid by certified cheque, wire transfer, bank draft or money order payable to the Corporation or by such other
means as might be specified from time to time by the Plan Administrator, which may include (i) through an arrangement with a broker approved by the Corporation (or through an arrangement directly with the Corporation) whereby payment of the
Exercise Price is accomplished with the proceeds of the sale of Shares deliverable upon the exercise of the Option, (ii) through the Cashless Exercise process set out in Section 4.5(b), or (iii) such other consideration and method of
payment for the issuance of Shares to the extent permitted by Securities Laws, or any combination of the foregoing methods of payment. 


  

	 	(b)	 A Participant may, in lieu of exercising an Option pursuant to an Exercise Notice, request, subject to the
consent of the Corporation, to surrender such Option to the Corporation (a “Cashless Exercise”) in consideration for an amount from the Corporation equal to (i) the Market Price of the Shares issuable on the exercise of
such Option (or portion thereof) as of the date such Option (or portion thereof) is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares, (the “In-the-Money Amount”), less (iii) deductions for applicable income or other taxes, by written notice to the Corporation indicating the number of Options such
Participant wishes to exercise using the Cashless Exercise, and such other information that the Corporation may require. Subject to Section 8.3, if the Corporation consents to a Cashless Exercise, the Corporation shall satisfy payment of the In-the-Money Amount by delivering to the Participant such number of Shares (rounded down to the nearest whole number) having an aggregate fair market value equal to the In-the-Money Amount. No Shares will be issued or transferred until full payment therefor has been received by the Corporation. 



 

	 	(c)	 If a Participant surrenders Options through a Cashless Exercise pursuant to Section 4.5(b), to the extent
that such Participant would be entitled to a deduction under paragraph 110(1)(d) of the Tax Act in respect of such surrender if the election described in subsection 110(1.1) of the Tax Act were made and filed (and the other procedures described
therein were undertaken) on a timely basis after such surrender, the Corporation will cause such election to be so made and filed (and such other procedures to be so undertaken). 



ARTICLE 5 

RESTRICTED SHARE UNITS 
  

	5.1	 Granting of RSUs 



 

	 	(a)	 The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and
conditions as the Plan Administrator may prescribe, grant RSUs to any Participant in respect of a bonus or similar payment in respect 



  
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of services rendered by the applicable Participant in a taxation year (the “RSU Service Year”). The terms and conditions of each RSU grant may be evidenced by an Award
Agreement. Each RSU will consist of a right to receive a Share, cash payment, or a combination thereof (as provided in Section 5.4(a)), upon the settlement of such RSU. 


 

	 	(b)	 The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this Article 5 will
be calculated by dividing (i) the amount of any bonus or similar payment that is to be paid in RSUs (including the elected amount as applicable), as determined by the Plan Administrator, by (ii) the greater of (A) the Market Price of
a Share on the Date of Grant; and (B) such amount as determined by the Plan Administrator in its sole discretion. 


  

	5.2	 RSU Account 



All RSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Corporation, as of the Date of Grant.

  

	5.3	 Vesting of RSUs 



The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of RSUs, provided that the terms comply with
Section 409A, with respect to a U.S. Taxpayer. 
  

	5.4	 Settlement of RSUs 



 

	 	(a)	 The Plan Administrator shall have the sole authority to determine the settlement terms applicable to the grant
of RSUs, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for
any RSU, the Participant shall redeem each vested RSU for: 


  

	 	(i)	 one fully paid and non-assessable Share issued from treasury to the
Participant or as the Participant may direct, 


  

	 	(ii)	 a cash payment, or 


  

	 	(iii)	 a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above, 



in each case as determined by the Plan Administrator in its discretion. 

 

	 	(b)	 Any cash payments made under this Section 5.4 by the Corporation to a Participant in respect of RSUs to be
redeemed for cash shall be calculated by multiplying the number of RSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 


  

	 	(c)	 Payment of cash to Participants on the redemption of vested RSUs may be made through the Corporation’s
payroll in the pay period that the settlement date falls within. 



  
 - 15 - 














	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as otherwise
provided in an Award Agreement, no settlement date for any RSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any RSU, under this Section 5.4 any later than the final Business Day of the third calendar
year following the applicable RSU Service Year. 


  

	 	(e)	 No RSU holder who is resident in the United States may settle RSUs for Shares unless the Shares issuable upon
settlement of the RSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 



ARTICLE 6 

PERFORMANCE SHARE UNITS 
  

	6.1	 Granting of PSUs 



The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may
prescribe, grant PSUs to any Participant in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year (the “PSU Service Year”). The terms and conditions of each PSU
grant shall be evidenced by an Award Agreement, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Each PSU will consist of a right to receive a Share, cash payment, or a combination
thereof (as provided in Section 6.6(a)), upon the achievement of such Performance Goals during such performance periods as the Plan Administrator shall establish. 
  

	6.2	 Terms of PSUs 



The Performance Goals to be achieved during any performance period, the length of any performance period, the amount of any PSUs granted, the termination of a
Participant’s employment and the amount of any payment or transfer to be made pursuant to any PSU will be determined by the Plan Administrator and by the other terms and conditions of any PSU, all as set forth in the applicable Award Agreement.

  

	6.3	 Performance Goals 



The Plan Administrator will issue Performance Goals prior to the Date of Grant to which such Performance Goals pertain. The Performance Goals may be based upon
the achievement of corporate, divisional or individual goals, and may be applied to performance relative to an index or comparator group, or on any other basis determined by the Plan Administrator. The Plan Administrator may modify the Performance
Goals as necessary to align them with the Corporation’s corporate objectives, subject to any limitations set forth in an Award Agreement or an employment or other agreement with a Participant. The Performance Goals may include a threshold level
of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of performance above which no additional payment
will be made (or at which full vesting will occur), all as set forth in the applicable Award Agreement. 

  
 - 16 - 














	6.4	 PSU Account 



All PSUs received by a Participant shall be credited to an account maintained for the Participant on the books of the Corporation, as of the Date of Grant.

  

	6.5	 Vesting of PSUs 



The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of PSUs. 

 

	6.6	 Settlement of PSUs 



 

	 	(a)	 The Plan Administrator shall have the authority to determine the settlement terms applicable to the grant of
PSUs provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any
PSU, the Participant shall redeem each vested PSU for: 


  

	 	(i)	 one fully paid and non-assessable Share issued from treasury to the
Participant or as the Participant may direct, 


  

	 	(ii)	 a cash payment, or 


  

	 	(iii)	 a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above, 



in each case as determined by the Plan Administrator in its discretion. 

 

	 	(b)	 Any cash payments made under this Section 6.6 by the Corporation to a Participant in respect of PSUs to be
redeemed for cash shall be calculated by multiplying the number of PSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 


  

	 	(c)	 Payment of cash to Participants on the redemption of vested PSUs may be made through the Corporation’s
payroll in the pay period that the settlement date falls within. 


  

	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as otherwise
provided in an Award Agreement, no settlement date for any PSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any PSU, under this Section 6.6 any later than the final Business Day of the third calendar
year following the applicable PSU Service Year. 


  

	 	(e)	 No PSU holder who is resident in the United States may settle PSUs for Shares unless the Shares issuable upon
settlement of the PSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 



  
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 ARTICLE 7 

DEFERRED SHARE UNITS 
  

	7.1	 Granting of DSUs 



 

	 	(a)	 The Board may fix from time to time a portion of the Director Fees that is to be payable in the form of DSUs.
In addition, each Electing Person is given, subject to the conditions stated herein, the right to elect in accordance with Section 7.1(b) to participate in the grant of additional DSUs pursuant to this Article 7. An Electing Person who elects
to participate in the grant of additional DSUs pursuant to this Article 7 shall receive their Elected Amount (as that term is defined below) in the form of DSUs. The “Elected Amount” shall be an amount, as elected by the Director,
in accordance with applicable tax law, between 0% and 100% of any Director Fees that would otherwise be paid in cash (the “Cash Fees”). 


  

	 	(b)	 Each Electing Person who elects to receive their Elected Amount in the form of DSUs will be required to file a
notice of election in the form of Schedule A hereto (the “Election Notice”) with the Chief Financial Officer of the Corporation: (i) in the case of an existing Electing Person, by December 31st in the year prior to the year to which such election is to apply (other than for Director Fees payable for the 2021 financial year, in which case any Electing Person who is not a U.S. Taxpayer as of
the date of this Plan shall file the Election Notice by the date that is 30 days from the Effective Date with respect to compensation paid for services to be performed after such date); and (ii) in the case of a newly appointed Electing Person
who is not a U.S. Taxpayer, within 30 days of such appointment with respect to compensation paid for services to be performed after such date. In the case of an existing Electing Person who is a U.S. Taxpayer as of the Effective Date of this Plan,
an initial Election Notice may be filed by the date that is 30 days from the Effective Date only with respect to compensation paid for services to be performed after the Election Date; and, in the case of a newly appointed Electing Person who is a
U.S. Taxpayer, an Election Notice may be filed within 30 days of such appointment only with respect to compensation paid for services to be performed after the Election Date. If no election is made within the foregoing time frames, the Electing
Person shall be deemed to have elected to be paid the entire amount of their Cash Fees in cash. 


  

	 	(c)	 Subject to Subsection 7.1(d), the election of an Electing Person under Subsection 7.1(b) shall be deemed to
apply to all Cash Fees paid subsequent to the filing of the Election Notice, and such Electing Person is not required to file another Election Notice for subsequent calendar years. 



 

	 	(d)	 Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate their election
to receive DSUs by filing with the Chief Financial Officer of the Corporation a termination notice in the form of Schedule B. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has not imposed
a “black-out” on trading. Thereafter, any portion of such Electing Person’s Cash Fees payable or paid in the same calendar year and, subject to complying with Subsection 7.1(b), all subsequent
calendar years shall be paid in cash. For greater certainty, to the extent an Electing Person 



  
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terminates their participation in the grant of DSUs pursuant to this Article 7, they shall not be entitled to elect to receive the Elected Amount, or any other amount of their Cash Fees in
DSUs again until the calendar year following the year in which the termination notice is delivered. An election by a U.S. Taxpayer to receive the Elected Amount in DSUs for any calendar year is irrevocable for that calendar year after the expiration
of the election period for that year and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which the termination notice in the form of Schedule C is delivered.


  

	 	(e)	 Any DSUs granted pursuant to this Article 7 prior to the delivery of a termination notice pursuant to
Section 7.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with the terms of the Plan. 


  

	 	(f)	 The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 7 will
be calculated by dividing (i) the amount of any Director Fees that are to be paid in DSUs (including any Elected Amount), by (ii) the Market Price of a Share on the Date of Grant. 



 

	 	(g)	 In addition to the foregoing, the Plan Administrator may, from time to time, subject to the provisions of this
Plan and such other terms and conditions as the Plan Administrator may prescribe, grant DSUs to any Participant. 


  

	7.2	 DSU Account 



All DSUs received by a Participant (which, for greater certainty includes Electing Persons) shall be credited to an account maintained for the Participant on
the books of the Corporation, as of the Date of Grant. The terms and conditions of each DSU grant may be evidenced by an Award Agreement. 
  

	7.3	 Vesting of DSUs 



Except as otherwise determined by the Plan Administrator, DSUs shall vest immediately upon grant. 

 

	7.4	 Settlement of DSUs 



 

	 	(a)	 DSUs shall be settled on the date established in the Award Agreement; provided, however that if there is
no Award Agreement or the Award Agreement does not establish a date for the settlement of the DSUs, then, for a Participant who is not a U.S. Taxpayer the settlement date shall be the date determined by the Participant; provided that, in the case of
a Participant who is a Canadian Taxpayer, the settlement date shall be no earlier than the date on which the Participant ceases to be a Director (and, if such Participant is also a non-Director Employee, the
date on which the Participant ceases to be such an Employee) and no later than the last Business Day of the immediately following calendar year, and in the case of a Participant who is a U.S. Taxpayer, the settlement date shall be the date of the
Participant’s “separation from service” under Section 409A and for greater certainty in all cases by the end of the year in which such separation from service 



  
 - 19 - 














	 	
occurs, subject to Section 11.6(d). On the settlement date for any DSU, the Participant shall redeem each vested DSU for: 


 

	 	(i)	 one fully paid and non-assessable Share issued from treasury to the
Participant or as the Participant may direct; 


  

	 	(ii)	 a cash payment; or 


  

	 	(iii)	 a combination of Shares and cash as contemplated by paragraphs (i) and (ii) above, 



in each case as determined by the Plan Administrator in its sole discretion. 

 

	 	(b)	 Any cash payments made under this Section 7.4 by the Corporation to a Participant in respect of DSUs to be
redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 


  

	 	(c)	 Payment of cash to Participants on the redemption of vested DSUs may, subject to the applicable timelines set
out in Section 7.4(a), be made through the Corporation’s payroll or in such other manner as determined by the Corporation. 


  

	 	(d)	 No DSU holder who is resident in the United States may settle DSUs for Shares unless the Shares issuable upon
settlement of the DSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 



 

	7.5	 No Additional Amount or Benefit 



For greater certainty, neither a Director to whom DSUs are granted nor any person with whom such Director does not deal at arm’s length (for purposes of
the Tax Act) shall be entitled, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted or to be granted for the purpose of reducing the impact, in whole or in part, of any reduction
in the fair market value of the Shares to which the DSUs relate. 
 ARTICLE 8 

ADDITIONAL AWARD TERMS 
  

	8.1	 Dividend Equivalents 



 

	 	(a)	 Unless otherwise determined by the Plan Administrator and set forth in the particular Award Agreement, an Award
of RSUs, PSUs and DSUs shall include the right for such RSUs, PSUs and DSUs be credited with dividend equivalents in the form of additional RSUs, PSUs and DSUs, respectively, as of each dividend payment date in respect of which normal cash dividends
are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying the amount of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable, held by the
Participant on the record date for the payment of such dividend, by (b) the Market Price at the close of the first Business Day immediately following the dividend record date, with fractions




  
 - 20 - 














	 	
computed to three decimal places. Dividend equivalents credited to a Participant’s account shall vest in proportion to the RSUs, PSUs and DSUs to which they relate, and shall be settled in
accordance with Subsections 5.4, 6.6, and 7.4 respectively. 

  

	 	(b)	 The foregoing does not obligate the Corporation to declare or pay dividends on Shares and nothing in this Plan
shall be interpreted as creating such an obligation. 


  

	8.2	 Black-out Period 



If an Award expires during, or within five Business Days after, a routine or special trading black-out period imposed
by the Corporation to restrict trades in the Corporation’s securities, then, notwithstanding any other provision of this Plan, unless the delayed expiration would result in tax consequences, the Award shall expire five Business Days after the
trading black-out period is lifted by the Corporation. 
  

	8.3	 Withholding Taxes 



Notwithstanding any other terms of this Plan, the granting, vesting or settlement of each Award under this Plan is subject to the condition that if at any time
the Plan Administrator determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such grant, vesting or settlement, such action is not effective unless such
withholding has been effected to the satisfaction of the Plan Administrator. In such circumstances, the Plan Administrator may require that a Participant pay to the Corporation the minimum amount as the Corporation or a subsidiary of the Corporation
is obliged to withhold or remit to the relevant taxing authority in respect of the granting, vesting or settlement of the Award. Any such additional payment is due no later than the date on which such amount with respect to the Award is required to
be remitted to the relevant tax authority by the Corporation or a subsidiary of the Corporation, as the case may be. Alternatively, and subject to any requirements or limitations under applicable law, the Corporation or any Affiliate may
(a) withhold such amount from any remuneration or other amount payable by the Corporation or any Affiliate to the Participant, (b) require the sale, on behalf of the applicable Participant, of a number of Shares issued upon exercise,
vesting, or settlement of such Award and the remittance to the Corporation of the net proceeds from such sale sufficient to satisfy such amount, or (c) enter into any other suitable arrangements for the receipt of such amount. 

 

	8.4	 Recoupment 



Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance
with the terms of any clawback, recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation, or as set out in the Participant’s employment agreement, Award Agreement or other written agreement, or as
otherwise required by law or the rules of the Exchanges. The Plan Administrator may at any time waive the application of this Section 8.4 to any Participant or category of Participants. 

  
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 ARTICLE 9 

TERMINATION OF EMPLOYMENT OR SERVICES 
  

	9.1	 Termination of Officer, Employee, Consultant or Director 



Subject to Section 9.2, unless otherwise determined by the Plan Administrator or as set forth in an employment agreement, Award Agreement or other written
agreement: 
  

	 	(a)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated or the
Participant ceases to hold office or their position, as applicable, by reason of voluntary resignation by the Participant, termination by the Corporation or a subsidiary of the Corporation (whether such termination occurs for, or without Cause, with
or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of such reasonable notice) then, subject to applicable law that cannot be waived by the Participant: 



 

	 	(i)	 each Award held by the Participant that has not vested as of the Termination Date is immediately forfeited and
cancelled as of the Termination Date or, to the extent applicable and not subject to waiver by the Participant, the earliest date thereafter as required by employment standards legislation or regulations applicable to the Participant’s
employment or other engagement with the Corporation or any of its subsidiaries; and 


  

	 	(ii)	 each Award held by a Participant that has vested may, subject to Sections 5.4(d) and 6.6(d) (where applicable),
be exercised, settled or surrendered to the Corporation by the Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award, and (B) the date that is 120 days after the Termination Date,
provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that has not been
exercised, settled or surrendered at the end of such period being immediately forfeited and cancelled; 


  

	 	(b)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated by reason of
the death of the Participant, then each Award held by the Participant that has not vested as of the date of the death of such Participant shall vest on such date and may, subject to Sections 5.4(d) and 6.6(d) (where applicable), be exercised,
settled or surrendered to the Corporation by the Participant’s legal representative at any time during the period that terminates on the earlier of: (i) the Expiry Date of such Award, and (ii) the first anniversary of the date of the
death of such Participant provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s death, and shall be payable only to such legal
representative or one or more applicable dependants or relations of the Participant for purposes of paragraph 6801(d) of the Income Tax Regulations (Canada). Any Award that has not been exercised, settled or surrendered at the end of such
period being immediately forfeited and cancelled; 



  
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	 	(c)	 where a Participant becomes Disabled, then each Award held by the Participant that has not vested as of the
date of the Disability of such Participant shall vest on such date and may, subject to Sections 5.4(d), 6.6(d) and 7.4(a) (where applicable), be exercised or surrendered to the Corporation by a Participant at any time until the Expiry Date of such
Award, provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that remains unexercised
or has not been surrendered to the Corporation by the Participant shall be immediately forfeited upon the termination of such period; 


  

	 	(d)	 a Participant’s eligibility to receive further grants of Awards under this Plan ceases as of the earliest
of the following: 


  

	 	(i)	 the Termination Date; 



 

	 	(ii)	 the date that the Corporation or a subsidiary of the Corporation, as the case may be, provides the Participant
with written notification that the Participant’s employment, consulting or other agreement or arrangement is terminated, notwithstanding that such date may be prior to the Termination Date; or 



 

	 	(iii)	 the date of the death, Disability or the date notice is given of the resignation of the Participant; and



  

	 	(e)	 notwithstanding Subsection 9.1(a), unless the Plan Administrator, in its discretion, otherwise determines, at
any time and from time to time, Awards are not affected by a change of employment or consulting agreement or arrangement, or directorship within or among the Corporation or a subsidiary of the Corporation for so long as the Participant continues to
be a Director, Officer, Employee or Consultant, as applicable, of the Corporation or a subsidiary of the Corporation. 


  

	9.2	 Discretion to Permit Acceleration 



Notwithstanding the provisions of Section 9.1, the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated
in such Section, or in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant, permit the acceleration of vesting of any or all Awards or waive termination
of any or all Awards, all in the manner and on the terms as may be authorized by the Plan Administrator. 
 ARTICLE 10 

EVENTS AFFECTING THE CORPORATION 
  

	10.1	 General 



The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any
adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create or issue


  
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any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or
any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Article 10 would have an
adverse effect on this Plan or on any Award granted hereunder. 
  

	10.2	 Change in Control 



Except as may be set forth in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation
and the Participant: 
  

	 	(a)	 Notwithstanding anything else in this Plan, the Plan Administrator may, without the consent of any Participant,
take such steps as it deems necessary or desirable, including to cause (i) the conversion or exchange of any outstanding Awards into or for, rights or other securities of substantially equivalent value, as determined by the Plan Administrator
in its discretion, in any entity participating in or resulting from a Change in Control; (ii) outstanding Awards to vest and become exercisable, realizable, or payable, or restrictions applicable to an Award to lapse, in whole or in part prior
to or upon consummation of such merger or Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iii) the termination of an Award
in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization of the Participant’s rights as of the date of the occurrence of the
transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Plan Administrator determines in good faith that no amount would have been attained upon the exercise or settlement of such Award or realization
of the Participant’s rights, then such Award may be terminated by the Corporation without payment); (iv) the replacement of such Award with other rights or property selected by the Board in its sole discretion; or (v) any combination of
the foregoing. In taking any of the actions permitted under this Section 10.2(a), the Plan Administrator will not be required to treat all Awards similarly in the transaction. Notwithstanding the foregoing, in the case of Options held by a
Canadian Taxpayer, the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 10.2(a)) any property in connection with a Change in Control other than rights to acquire shares of a corporation or units of a
“mutual fund trust” (as defined in the Tax Act), of the Corporation or a “qualifying person” (as defined in the Tax Act) that does not deal at arm’s length (for purposes of the Tax Act) with the Corporation, as applicable,
at the time such rights are issued or granted. 


  

	 	(b)	 Notwithstanding Section 9.1, if within 12 months following the completion of a transaction resulting in a
Change in Control, a Participant’s employment, consultancy or directorship is terminated by the Corporation or a subsidiary of the Corporation without Cause: 



  
 - 24 - 














	 	(i)	 any unvested Awards held by the Participant that have not been exercised, settled or surrendered as of the
Termination Date shall immediately vest; and 


  

	 	(ii)	 any vested Awards of Participants may, subject to Sections 5.4(d) and 6.6(d) (where applicable), be exercised,
settled or surrendered to the Corporation by such Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award; and (B) the date that is 90 days after the Termination Date, provided that
any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”, with any Award that has not been exercised,
settled or surrendered at the end of such period being immediately forfeited and cancelled. 


  

	 	(c)	 Notwithstanding Subsection 10.2(a) and unless otherwise determined by the Plan Administrator, if, as a result
of a Change in Control, the Shares will cease trading on all Exchanges, then the Corporation may terminate all of the Awards, other than an Option held by a Canadian Taxpayer for the purposes of the Tax Act, granted under this Plan at the time of
and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control transaction an amount for each Award equal to the fair market value
of the Award held by such Participant as determined by the Plan Administrator, acting reasonably, at or within a reasonable period of time following completion of such Change in Control transaction. 



 

	 	(d)	 It is intended that any actions taken under this Section 10.2 will comply with the requirements of
Section 409A of the Code with respect to Awards granted to U.S. Taxpayers. 


  

	10.3	 Reorganization of Corporation’s Capital 



Should the Corporation effect a subdivision or consolidation of Shares or any similar capital reorganization or a payment of a stock dividend (other than a
stock dividend that is in lieu of a cash dividend), or should any other change be made in the capitalization of the Corporation that does not constitute a Change in Control and that would warrant the amendment or replacement of any existing Awards
in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan
Administrator will, subject to the prior approval of the Exchanges, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	10.4	 Other Events Affecting the Corporation 



In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of
Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number and/or type of Shares that may be acquired on the
vesting of outstanding Awards or by reference to which such Awards may 

  
 - 25 - 













 
be settled (as applicable), and/or the terms of any Award, in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan Administrator will,
subject to the prior approval of the Exchanges, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	10.5	 Immediate Acceleration of Awards 



In taking any of the steps provided in Sections 10.3 and 10.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan
Administrator determines that the steps provided in Sections 10.3 and 10.4 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is
appropriate, the Plan Administrator may, but is not required to, permit the immediate vesting of any unvested Awards. 
  

	10.6	 Issue by Corporation of Additional Shares 



Except as expressly provided in this Article 10, neither the issue by the Corporation of shares of any class or securities convertible into or
exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of Awards.

  

	10.7	 Fractions 



No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under this Article 10 or a dividend equivalent, a
Participant would become entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and no payment or other adjustment will be made with respect to the fractional Shares, which shall be
disregarded. 
 ARTICLE 11 

U.S. TAXPAYERS 
  

	11.1	 Provisions for U.S. Taxpayers 



Options granted under this Plan to U.S. Taxpayers may be non-qualified stock options or incentive stock options
qualifying under Section 422 of the Code (“ISOs”). Each Option shall be designated in the Award Agreement as either an ISO or a non-qualified stock option. The Corporation shall not be
liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does not qualify as an ISO. Nonqualified stock options will be granted to a U.S. Taxpayer only if (i) such U.S. Taxpayer performs services
for the Corporation or any corporation or other entity in which the Corporation has a direct or indirect controlling interest or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will
constitute an option to acquire “service recipient stock” within the meaning of Section 409A, or (ii) such option otherwise is exempt from Section 409A. 

 

	11.2	 ISOs 



The aggregate number of Shares reserved for issuance in respect of granted ISOs shall be subject to any limitations in Section 3.5, and the terms and
conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of 

  
 - 26 - 













 
ISOs, shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures established by the Plan Administrator from time to
time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may be granted to any employee of the Corporation, or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in
Sections 424(e) and (f) of the Code. 
  

	11.3	 ISO Grants to 10% Shareholders 



Notwithstanding anything to the contrary in this Plan, if an ISO is granted to a person who owns shares representing more than 10% of the voting power of all
classes of shares of the Corporation or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in Section 424(e) and (f) of the Code, on the Date of Grant, the term of the Option shall not
exceed five years from the time of grant of such Option and the Exercise Price shall be at least 110% of the Market Price of the Shares subject to the Option. 
  

	11.4	 US$100,000 Per Year Limitation for ISOs 



To the extent the aggregate Market Price as at the Date of Grant of the Shares for which ISOs are exercisable for the first time by any person during any
calendar year (under all plans of the Corporation) exceeds US$100,000, such excess ISOs shall be treated as non-qualified stock options. 

 

	11.5	 Disqualifying Dispositions 



Each person awarded an ISO under this Plan shall notify the Corporation in writing immediately after the date they makes a disposition or transfer of any
Shares acquired pursuant to the exercise of such ISO if such disposition or transfer is made (a) within two years from the Date of Grant or (b) within one year after the date such person acquired the Shares. Such notice shall specify
the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the person in such disposition or other transfer. The Corporation may, if determined by the Plan
Administrator and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable person until the end of the later of the periods described in (a) or (b)
above, subject to complying with any instructions from such person as to the sale of such Shares. 
  

	11.6	 Section 409A of the Code 



 

	 	(a)	 This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with
Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. Any reference in this Plan to Section 409A of the Code also include any regulation promulgated thereunder or any other formal guidance
issued by the Internal Revenue Service with respect to Section 409A of the Code. Each Award shall be construed and administered such that the Award either (A) qualifies for an exemption from the requirements of Section 409A of the
Code or (B) satisfies the requirements of Section 409A of the Code. If an Award is subject to Section 409A of the Code, (I) distributions shall only be made in a manner and upon an event permitted under Section 409A of the
Code, (II) payments to be made upon a termination of employment or service shall only be 



  
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made upon a “separation from service” under Section 409A of the Code, (III) unless the Award specifies otherwise, each installment payment shall be treated as a separate
payment for purposes of Section 409A of the Code, and (IV) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Section 409A of the Code. To the
extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code,
such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. The Corporation reserves the right to amend this Plan to the extent it reasonably determines
is necessary in order to preserve the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will the Corporation or any of its subsidiaries or Affiliates be liable for any tax, interest or penalties that may
be imposed on a Participant under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

  

	 	(b)	 All terms of the Plan that are undefined or ambiguous must be interpreted in a manner that complies with
Section 409A of the Code if necessary to comply with Section 409A of the Code. 


  

	 	(c)	 The Plan Administrator, in its sole discretion, may permit the acceleration of the time or schedule of payment
of a U.S. Taxpayer’s vested Awards in the Plan under circumstances that constitute permissible acceleration events under Section 409A of the Code. 


  

	 	(d)	 Notwithstanding any provisions of the Plan to the contrary, in the case of any “specified employee”
within the meaning of Section 409A of the Code who is a U.S. Taxpayer, distributions of non-qualified deferred compensation under Section 409A of the Code made in connection with a “separation
from service” within the meaning set forth in Section 409A of the Code may not be made prior to the date which is six months after the date of separation from service (or, if earlier, the date of death of the U.S. Taxpayer). Any amounts
subject to a delay in payment pursuant to the preceding sentence shall be paid as soon practicable following such six-month anniversary of such separation from service. 



 

	11.7	 Section 83(b) Election 



If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture
conditions, the Participant shall be required to promptly file a copy of such election with the Corporation. 
  

	11.8	 Application of Article 11 to U.S. Taxpayers 



For greater certainty, the provisions of this Article 11 shall only apply to U.S. Taxpayers. 

  
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 ARTICLE 12 

AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN 
  

	12.1	 Amendment, Suspension, or Termination of the Plan 



The Plan Administrator may from time to time, without notice and without approval of the holders of voting shares of the Corporation, amend, modify, change,
suspend or terminate the Plan or any Awards granted pursuant to the Plan as it, in its discretion determines appropriate, provided, however, that: 
  

	 	(a)	 no such amendment, modification, change, suspension or termination of the Plan or any Awards granted hereunder
may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan without the consent of the Participant, unless the Plan Administrator determines such adjustment is required or desirable in
order to comply with any applicable Securities Laws or Exchange requirements; and 


  

	 	(b)	 any amendment that would cause an Award held by a U.S. Taxpayer to be subject to the additional tax penalty
under Section 409A(1)(b)(i)(II) of the Code shall be null and void ab initio with respect to the U.S. Taxpayer unless the consent of the U.S. Taxpayer is obtained. 



 

	12.2	 Shareholder Approval 



Notwithstanding Section 12.1 and subject to any rules of the Exchanges, approval of the holders of Shares shall be required for any amendment,
modification or change that: 
  

	 	(a)	 increases the number of Shares reserved for issuance under the Plan, except pursuant to the provisions under
Article 10 which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital; 


  

	 	(b)	 increases or removes the 5% limits on Shares issuable or issued to Insiders as set forth in Subsection 3.6(a);



  

	 	(c)	 reduces the Exercise Price of an Option Award (for this purpose, a cancellation or termination of an Option
Award of a Participant prior to its Expiry Date for the purpose of reissuing an Option Award to the same Participant with a lower Exercise Price shall be treated as an amendment to reduce the Exercise Price of an Option Award) except pursuant to the
provisions in the Plan which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital; 



 

	 	(d)	 extends the term of an Option Award beyond the original Expiry Date (except where an Expiry Date would have
fallen within a blackout period applicable to the Participant or within five Business Days following the expiry of such a blackout period); 



  
 - 29 - 














	 	(e)	 permits an Option Award to be exercisable beyond 10 years from its Date of Grant (except where an Expiry Date
would have fallen within a blackout period of the Corporation); 


  

	 	(f)	 increases or removes the limits on the participation of Directors; 



 

	 	(g)	 permits Awards to be transferred to a Person; 



 

	 	(h)	 changes the eligible participants of the Plan; or 



 

	 	(i)	 deletes or reduces the range of amendments which require approval of shareholders under this Section 12.2.



  

	12.3	 Permitted Amendments 



Without limiting the generality of Section 12.1, but subject to Section 12.2, the Plan Administrator may, without shareholder approval, at any time
or from time to time, amend the Plan for the purposes of: 
  

	 	(a)	 making any amendments to the general vesting provisions of each Award; 



 

	 	(b)	 making any amendments to the provisions set out in Article 9; 



 

	 	(c)	 making any amendments to add covenants of the Corporation for the protection of Participants, as the case may
be, provided that the Plan Administrator shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Participants, as the case may be; 



 

	 	(d)	 making any amendments not inconsistent with the Plan as may be necessary or desirable with respect to matters
or questions which, in the good faith opinion of the Plan Administrator, having in mind the best interests of the Participants, it may be expedient to make, including amendments that are desirable as a result of changes in law in any jurisdiction
where a Participant resides, provided that the Plan Administrator shall be of the opinion that such amendments and modifications will not be prejudicial to the interests of the Participants and Directors; or 



 

	 	(e)	 making such changes or corrections which, on the advice of counsel to the Corporation, are required for the
purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest error, provided that the Plan Administrator shall be of the opinion that such changes or corrections will not be
prejudicial to the rights and interests of the Participants. 


 ARTICLE 13 

MISCELLANEOUS 
  

	13.1	 Legal Requirement 



The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of
the Plan Administrator, in its sole discretion, such action would constitute a violation by a Participant or the Corporation of any 

  
 - 30 - 













 
provision of any applicable statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares may then be listed. 

 

	13.2	 No Other Benefit 



No amount will be paid to, or in respect of, a Participant under the Plan to compensate for a downward fluctuation in the price of a Share, nor will any other
form of benefit be conferred upon, or in respect of, a Participant for such purpose. 
  

	13.3	 Rights of Participant 



No Participant has any claim or right to be granted an Award and the granting of any Award is not to be construed as giving a Participant a right to remain as
an Employee, Consultant or Director. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable pursuant to any Award until the allotment and issuance to such Participant, or as such Participant may direct, of
certificates representing such Shares. 
  

	13.4	 Corporate Action 



Nothing contained in this Plan or in an Award shall be construed so as to prevent the Corporation from taking corporate action which is deemed by the
Corporation to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award. 
  

	13.5	 Conflict 



In the event of any conflict between the provisions of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern. 

 

	13.6	 Anti-Hedging Policy 



By accepting an Award each Participant acknowledges that they is restricted from purchasing financial instruments such as prepaid variable forward contracts,
equity swaps, collars, or units of exchange funds that are designed to hedge or offset a decrease in market value of Awards. 
  

	13.7	 Participant Information 



Each Participant shall provide the Corporation with all information (including personal information) required by the Corporation in order to administer the
Plan. Each Participant acknowledges that information required by the Corporation in order to administer the Plan may be disclosed to any custodian appointed in respect of the Plan and other third parties, and may be disclosed to such persons
(including persons located in jurisdictions other than the Participant’s jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes the Corporation to make such
disclosure on the Participant’s behalf. 
  

	13.8	 Participation in the Plan 



The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any
rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does 

  
 - 31 - 













 
not constitute a condition of employment or engagement nor a commitment on the part of the Corporation to ensure the continued employment or engagement of such Participant. The Plan does not
provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and Directors and they are
advised to consult with their own tax advisors. 
  

	13.9	 International Participants 



With respect to Participants who reside or work outside Canada and the United States, the Plan Administrator may, in its sole discretion, amend, or otherwise
modify, without shareholder approval, the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the provisions of local law, and the Plan Administrator may, where appropriate, establish one or more sub-plans to reflect such amended or otherwise modified provisions. 
  

	13.10	 Successors and Assigns 



The Plan shall be binding on all successors and assigns of the Corporation and its subsidiaries. 

 

	13.11	 General Restrictions or Assignment 



Except as required by law, the rights of a Participant under the Plan are not capable of being assigned, transferred, alienated, sold, encumbered, pledged,
mortgaged or charged and are not capable of being subject to attachment or legal process for the payment of any debts or obligations of the Participant unless otherwise approved by the Plan Administrator. 

 

	13.12	 Severability 



The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or
unenforceable provision shall be severed from the Plan. 
  

	13.13	 Notices 



All written notices to be given by a Participant to the Corporation shall be delivered personally, email or mail, postage prepaid, addressed as follows: 

Algoma Steel Group Inc. 
 105 West
Street 
 Sault Ste. Marie, Ontario 

P6A 7B4 Canada 
 Attention:
General Counsel 
 Email: legal@algoma.com 

All notices to a Participant will be addressed to the principal address of the Participant on file with the Corporation. Either the Corporation or the
Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by email, on the date of delivery, and if sent by mail, on the fifth Business Day following the date of


  
 - 32 - 













 
mailing. Any notice given by either the Participant or the Corporation is not binding on the recipient thereof until received. 

 

	13.14	 Effective Date 



This Plan becomes effective on a date to be determined by the Plan Administrator, subject to the approval of the shareholders of the Corporation. 

 

	13.15	 Currency 



Unless otherwise specified, all dollar amounts referred to in this Plan are expressed in Canadian dollars. 

 

	13.16	 Governing Law 



This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein, without any reference to conflicts of law rules. 
  

	13.17	 Submission to Jurisdiction 



The Corporation and each Participant irrevocably submits to the exclusive jurisdiction of the courts of competent jurisdiction in the Province of Ontario in
respect of any action or proceeding relating in any way to the Plan, including, without limitation, with respect to the grant of Awards and any issuance of Shares made in accordance with the Plan. 

  
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 SCHEDULE A 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION NOTICE 
 All capitalized terms
used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 
 Pursuant to the Plan, I hereby elect to participate in the
grant of DSUs pursuant to Article 7 of the Plan and to receive ____% of my Cash Fees in the form of DSUs. 
 I confirm that: 

 

	 	(a)	 I have received and reviewed a copy of the terms of the Plan and agreed to be bound by them.



  

	 	(b)	 I recognize that when DSUs credited pursuant to this election are redeemed in accordance with the terms of the
Plan, income tax and other withholdings as required will arise at that time. Upon redemption of the DSUs, the Corporation will make all appropriate withholdings as required by law at that time. 



 

	 	(c)	 The value of DSUs is based on the value of the Shares of the Corporation and therefore is not guaranteed.



  

	 	(d)	 To the extent I am a U.S. Taxpayer, I understand that this election is irrevocable for the calendar year to
which it applies and that any revocation or termination of this election after the expiration of the election period will not take effect until the first day of the calendar year following the year in which I file the revocation or termination
notice with the Corporation. 


 The foregoing is only a brief outline of certain key provisions of the Plan. For more complete
information, reference should be made to the Plan’s text. 
  

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		
		  	  
 (Signature of
Participant)














 SCHEDULE B 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 

Notwithstanding my previous election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the date hereof
shall be paid in DSUs in accordance with Article 7 of the Plan. 
 I understand that the DSUs already granted under the Plan cannot be redeemed except
in accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them. 

 

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		  	  
 (Signature of
Participant)


 Note: An election to terminate receipt of additional DSUs can only be made by a Participant once in a calendar year.













 SCHEDULE C 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

(U.S. TAXPAYERS) 
 All capitalized terms
used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 
 Notwithstanding my previous election in the form of Schedule
A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination notice shall be paid in DSUs in accordance with Article 7 of the Plan. 

I understand that this election to terminate receipt of additional DSUs will not take effect until the first day of the calendar year following the year in
which I file this termination notice with the Corporation. 
 I understand that the DSUs already granted under the Plan cannot be redeemed except in
accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them. 

 

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		  	  
 (Signature of
Participant)


 Note: An election to terminate receipt of additional DSUs can only be made by a Participant once in a calendar year.