EX-4.1



 Exhibit 4.1 

RITCHIE BROS. AUCTIONEERS INCORPORATED 

SENIOR EXECUTIVE PERFORMANCE SHARE UNIT PLAN 

(March 2015) 

ARTICLE 1 
 PURPOSE

  

	1.1	 Purpose 



The purposes of this Performance Share Unit Plan (the “Plan”) are to: (a) enhance the Corporation’s ability to
provide longer term incentive compensation to Participants which is linked to performance of the Corporation and not dilutive to shareholders, (b) assist the Corporation in attracting, retaining and motivating the Participants; (c) provide
incentives and motivation for Participants through equity-based incentives that link compensation with the value of the Corporation’s Common Shares; and (d) promote a closer alignment of interests
between Participants and the shareholders of the Corporation by associating a portion of Participants’ compensation with the Corporation’s Common Share price or returns, or results achieved by the Corporation over the medium term, that
promote and recognize the success and growth of the Corporation and assist in creating value for shareholders of the Corporation. 

ARTICLE 2 

INTERPRETATION 
  

	2.1	 Definitions 



In and for the purposes of this Plan, except as otherwise expressly provided: 

“Affiliate” means any corporation, partnership or other entity in which the Corporation, directly or indirectly, has a
majority ownership interest. 
 “Applicable Laws” means all corporate, securities or other laws (whether Canadian or
foreign, federal, provincial or state) applicable to the Corporation in relation to the implementation and administration of this Plan and the matters contemplated herein. 

“Applicable Tax Withholdings” means any and all taxes and other source deductions or other amounts which the Corporation or
any Affiliate is required by law to withhold or deduct in respect of any amount or amounts to be paid or credited under this Plan. 

“Beneficiary” of any Participant means, subject to any Applicable Laws, an individual who, on the date of the
Participant’s death, has been designated by the Participant to receive benefits payable under this Plan following the death of the Participant, either in a Grant Agreement or in such other form as may be approved for such purpose by the
Committee or the Corporation, or, where no such designation is validly in effect at the time of death of a Participant, or if no such individual validly designated survives the Participant until payment of benefits payable under this Plan in respect
of PSUs credited to the Participant’s PSU Account, the legal representative (an administrator, executor, committee or other like person) of the Participant. 







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

“Board Guidelines” has the meaning defined in section 9.5. 

“Business Day” means a day which is not a Saturday or Sunday or a day observed as a holiday under the laws of the Province of
British Columbia. 
 “Cause” for the purposes of the Plan, notwithstanding the terms of any agreement between the
Corporation or an Affiliate and any Participant, unless otherwise defined in the applicable Grant Agreement or Grant Letter in respect of any PSUs granted or awarded to any Participant, means the wilful and continued failure by a Participant to
substantially perform, or otherwise properly carry out, the Participant’s duties on behalf of the Corporation or an Affiliate, or to follow, in any material respect, the lawful policies, procedures, instructions or directions of the Corporation
or any applicable Affiliate (other than any such failure resulting from the Participant’s Disability or incapacity due to physical or mental illness), or the Participant wilfully or intentionally engaging in illegal or fraudulent conduct,
financial impropriety, intentional dishonesty, breach of duty of loyalty or any similar intentional act which is materially injurious to the Corporation, or which may have the effect of materially injuring the reputation, business or business
relationships of the Corporation or an Affiliate, or any other act or omission constituting cause for termination of employment without notice or pay in lieu of notice at common law. For the purposes of this definition, no act, or failure to act, on
the part of a Participant shall be considered “wilful” unless done, or omitted to be done, by the Participant in bad faith and without reasonable belief that the Participant’s action or omissions were in, or not opposed to, the best
interests of the Corporation and its Affiliates. 
 “Change of Control”, unless otherwise defined in the applicable Grant
Agreement or Grant Letter in respect of any PSUs granted or awarded to any Participant, means the occurrence and any time after the date of adoption and implementation of this Plan of any of the following events: 

 

	 	(a)	 a person, or group of persons acting jointly or in concert, acquiring or accumulating beneficial ownership of more than 50% of the Common Shares;



  

	 	(b)	 a person or group of persons acting jointly or in concert, holding or beneficially owning at least 25% of the Common Shares and being able to
change the composition of the Board by having the person’s, or group of persons’ nominees elected as a majority of the Board; or 


  

	 	(c)	 the arm’s length sale, transfer, liquidation or other disposition of all or substantially all of the assets of the Corporation, over a period
of one year or less, in any manner whatsoever and whether in one transaction or in a series of transactions or by plan of arrangement. 



“Committee” means the Compensation Committee and any committee of the Board which may subsequently be established or
designated for this purpose and to which the Board delegates administration of this Plan, provided that if the Compensation Committee ceases to exist, without any successor committee coming into existence, “Committee” shall mean the Board.


  
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 “Committee Guidelines” has the meaning defined in section 9.6. 

“Common Shares” means common shares in the capital of the Corporation. 

“Corporation” means Ritchie Bros. Auctioneers Incorporated. 

“Disability” in respect of any Participant, for the purposes of this Plan, means any physical or mental incapacity of the
Participant that prevents the Participant from substantially fulfilling the Participant’s duties and responsibilities on behalf of the Corporation, or, if applicable, an Affiliate, or the Participant, to a substantial degree, being unable, due
to illness, disease, affliction, mental or physical disability or incapacity or similar cause, to fulfill the Participant’s duties and responsibilities as an employee of the Corporation or, if applicable, an Affiliate. 

“Dividends” means ordinary course cash dividends which are declared and paid by the Corporation on the Common Shares (and,
for greater certainty, “Dividends” will not include dividends which are payable in shares or securities or in assets other than cash but will, however, include dividends which may be declared in the ordinary course by the corporation on
the Common Shares which are payable, at the option of a shareholder, either in cash or in shares or securities or in assets other than cash, reflecting the cash amount per Common Share of such dividend). 

“Dividend Equivalents” has the meaning defined in section 4.2. 

“Employed” with respect to a Participant, means that (a) the Participant is performing work at a workplace of the
Corporation or an Affiliate, or elsewhere on behalf of and at the direction of the Corporation or an Affiliate, or (b) the Participant is not actively so performing such work due to a Period of Absence, and (c) has not been given, or
received, a notice of termination of employment by the Corporation or an Affiliate. For greater certainty, a Participant shall not be considered “Employed” or otherwise an Employee during any Notice Period that arises upon the involuntary
termination of the employment, whether for Cause or otherwise, of the Participant by the Corporation or an Affiliate, as applicable. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“Employee” means an employee of the Corporation or of any Affiliate. 

“Employee Performance Share Unit Plan” means the Employee Performance Share Unit Plan of the Corporation adopted and approved
by the Board on March 9, 2015 pursuant to which performance share units may be granted or awarded to Employees other than Participants under this Plan, as the same may from time to time be amended. 

“Fair Market Value” of a Common Share on any day means the volume weighted average price of the Common Shares reported by the
New York Stock Exchange for the twenty trading days immediately preceding that day (or, if the Common Shares are not then listed and posted for trading on the New York Stock Exchange, on such other exchange or quotation system as may be selected for
that purpose by the Committee), provided that if the Common Shares are not listed or posted on any exchange or quotation system, the Fair Market Value of the Common Shares will be the fair market value of the Common Shares as determined by the
Committee, and provided that if the Fair Market Value as so determined is not denominated in United States currency, the “Fair Market Value” shall be the U.S. dollar equivalent of the Fair Market Value as herein otherwise determined. 

  
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 “Good Reason” means a material adverse change by the Corporation or an Affiliate
to a Participant’s position, authority, duties, responsibilities or compensation, excluding an isolated or inadvertent action not taken in bad faith and which is remedied by the Corporation or Affiliate promptly after receipt of written notice
given by the Participant. 
 “Grant Agreement” means an agreement between the Corporation and a Participant evidencing any
PSUs granted or awarded, as contemplated in section 3.6, and “Grant Letter” means a letter issued to a Participant by the Corporation as contemplated in section 3.6, in each case together with such schedules, exhibits,
amendments, deletions or changes thereto as are permitted under this Plan. 
 “Grant Date” for any PSUs means the effective
date of the grant or award of such PSUs to a Participant under section 3.1. 
 “Income Tax Regulations” means
regulations under the Income Tax Act (Canada). 
 “Insider” means an “insider” of the Corporation within
the meaning of that term as found in the Securities Act (Ontario) who are “reporting insiders” (as defined in National Instrument 55-104 – Insider Reporting Requirements and Exemptions), and includes “associates”
(which has the meaning as found in the Securities Act (Ontario)) and “affiliates” (which has the same meaning as “affiliated companies” as found in the Securities Act (Ontario) and also includes those issuers that
are similarly related, whether or not any of the issuers are corporations, companies, partnerships, limited partnerships, trusts, income trusts or investment trusts or any other organized entity issuing securities) of the insider and “issued to
Insiders” includes direct or indirect issuances. 
 “Notice Period”, in respect of any Participant whose employment is
terminated by the Corporation (or an Affiliate), means such period, if any, as the Committee or an executive officer (other than the Participant) may in their discretion, designate as the period of notice required to be given to the Participant in
respect of termination of his or her employment without Cause (and, for greater certainty, there is no obligation for uniformity of treatment of Participants, or any group of Participants, whether based on salary grade or organization level or
otherwise). 
 “Participant” means an Employee who has been designated by the Board or Committee as eligible to participate
in this Plan pursuant to section 3.1. 
 “Performance Period”, in respect of any PSU, except as the Committee may
otherwise determine, means the period commencing on the first day of the calendar year in which PSU is granted or awarded and ending on such time as the Board or Committee may determine pursuant to sections 3.1 or 3.2, provided, however, that
such period may be reduced or eliminated from time to time or at any time as determined by the Board or Committee. Except as may otherwise be determined by the Board or Committee, the Performance Period for any PSU granted, awarded or credited
pursuant to section 4.2 or 5.2 shall be the same as the Performance Period of the PSU in respect of which such additional PSUs are granted, awarded or credited. 

  
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 “Performance Share Unit” or “PSU” means one notional Common
Share (without any of the attendant rights of a shareholder of such share, including the right to vote such share and the right to receive dividends thereon, except to the extent otherwise expressly provided herein) credited by bookkeeping entry to
a notional account maintained for the Participant in accordance with this Plan. 
 “Performance Share Unit Account” or
“PSU Account” means an account described in section 4.1. 
 “Period of Absence”, with respect to
any Participant, means a period of time throughout which the Participant is on maternity or parental or other leave or absence approved by the Corporation (or, if applicable, an Affiliate) or required by law, or is experiencing a Disability. 

“Retirement” of a Participant, unless otherwise defined in the applicable Grant Agreement or Grant Letter in respect of any
PSUs granted or awarded to the Participant, means the retirement of the Participant when the Participant is not less than 55 years of age. 

“Section 409A” means section 409A of the Internal Revenue Code of the United States of America, including the rules and
authority thereunder. 
 “Securities Compensation Arrangement” means any stock option, stock option plan, employee stock
purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of securities of the Corporation, including a share purchase from treasury that is financially assisted by the Corporation by way of a loan,
guarantee or otherwise. 
 “SEC Officer” means any person that is (i) an “officer” of the Corporation within
the meaning of Rule 16a-1(f) under the Exchange Act, regardless of whether such person is then subject to Section 16 under the Exchange Act, or (ii) a member of the Board. 

“Stock Option Plan” means the amended and restated Stock Option Plan of the Corporation, as the same may from time to time be
amended. 
 “U.S. Participant” means a Participant that is a United States citizen, a resident of the United States of
America (including the States and the District of Columbia and its territories and possessions and other areas subject to its jurisdiction) or is otherwise subject to taxation under the Internal Revenue Code of the United States of America, as
amended, in respect of the Participant’s compensation from the Corporation or an Affiliate. 
 “Valuation Date” has
the meaning defined in section 6.1(b). 
 “Vested Performance Share Unit” and “Vested PSU” have the
meanings defined in section 5.1. 
 “Vesting Period”, in respect of any PSU, except as the Committee may otherwise
determine, means the period commencing on the effective date of the grant or award of such PSU and ending on such time as the Board or Committee may determine pursuant to sections 3.1 and 3.2, provided, however, that such period may be reduced
or eliminated from time to time or at any time as determined by the Board or Committee. Except as may otherwise be determined by the 

  
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Board or Committee, the Vesting Period for any PSU granted, awarded or credited pursuant to section 4.2 or 5.2 shall be the same as the Vesting Period of the PSU in respect of which such
additional PSUs are granted, awarded or credited. 
  

	2.2	 Interpretation 



In and for the purposes of this Plan, except as otherwise expressly provided: 

 

	 	(a)	 “this Plan” means this Performance Share Unit Plan as it may from time to time be modified, supplemented or amended and in effect;



  

	 	(b)	 all references in this Plan to a designated “Article”, “section” or other subdivision is to the designated Article, section or
other subdivision of, this Plan; 


  

	 	(c)	 the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Plan as a whole and not
to any particular Article, section or other subdivision of this Plan; 


  

	 	(d)	 the headings are for convenience only and do not form a part of this Plan and are not intended to interpret, define or limit the scope, extent or
intent of this Plan or any provision hereof; 


  

	 	(e)	 the singular of any term includes the plural, and vice versa, the use of any term is generally applicable to any gender and, where applicable, a
body corporate, the word “or” is not exclusive and the word “including” is not limiting whether or not non limiting language is used; 


  

	 	(f)	 any reference to a statute includes such statute and the regulations made pursuant thereto, with all amendments made thereto and in force from time
to time, and any statute or regulations that may supplement or supersede statute or regulations; and 


  

	 	(g)	 where the time for doing an act falls or expires on a day which is not a Business Day, the time for doing such act is extended to the next Business
Day. 


  

	2.3	 Governing Law 



This Plan will be governed by and construed in accordance with the laws of the Province of British Columbia. The validity, construction and
effect of this Plan, any rules and regulations relating to this Plan, and any determination, designation, notice, election or other document contemplated herein shall be determined in accordance with the laws of the Province of British Columbia and
the laws of Canada applicable therein. 
  

	2.4	 Severability 



If any provision or part of this Plan is determined to be void or unenforceable in whole or in part, such determination shall not affect the
validity or enforcement of any other provision or part hereof. 

  
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	2.5	 Language 



The Corporation and the Participants confirm their desire that this document along with all other documents including all notices relating
hereto, be written in the English language. La Corporation et les participants confirment leur volonté que ce document de même que tous les documents, y compris tout avis, s’y rattachant soient rédigés en anglais.

  

	2.6	 Currency 



Except where expressly provided otherwise, unless the Committee determines otherwise, all references in this Plan to currency and all payments
to be made pursuant hereto shall be in U.S. currency. Unless the Committee otherwise determines, any currency conversion required to be made hereunder from United States dollars to a foreign currency, or vice versa, will be made at the Bank of
Canada noon rate of exchange on the relevant day. 
 ARTICLE 3 

ELIGIBILITY AND AWARDS 
  

	3.1	 Eligibility and Grant of Awards 



Subject to the terms and conditions of this Plan and any Board Guidelines or Committee Guidelines, the Board or Committee may from time to time
while this Plan is in force; 
  

	 	(a)	 determine the Employees who may participate in this Plan and designate any Employee as being a Participant under this Plan; and



  

	 	(b)	 award or grant PSUs to any Participant and determine the number or value of PSUs granted or awarded to each Participant, the vesting criteria and
vesting period and other terms, conditions and provisions applicable to such award or grant or PSUs that are consistent with this Plan and that the Board or Committee in its discretion determines to be appropriate. 



 

	3.2	 Terms and Conditions 



Without limiting the generality of section 3.1, subject to section 6.4, for greater certainty, pursuant to section 3.1 the Board
and Committee have authority to determine, in their discretion, the Employees to whom PSUs may be awarded or granted, the number or value of PSUs that are awarded or granted to any Participant and the terms, conditions and provisions of any PSUs
awarded or granted, including, without limitation, (i) the time and manner in which any PSU shall vest; (ii) applicable conditions and vesting provisions and Performance Period and Vesting Period (including any applicable performance
criteria to be achieved by the Corporation (or the Corporation and Affiliates) or a class of Participants or by a particular Participant on an individual basis, within a Performance Period or Vesting Period or as the trigger for the end of a
Performance Period or Vesting Period) applicable to any PSUs; (iii) any additional conditions with respect to payment or satisfaction of any PSUs following vesting of such PSUs; (iv) restrictions or limitations on Common Shares that may be
purchased pursuant to section 6.2, or Common Shares that may be issued pursuant to section 6.3, including holding requirements or resale restrictions and the nature of such restrictions or limitations; and (v) any other terms and conditions as
the Board or Committee may in its discretion determine. 

  
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 In making such determination, the Board or Committee shall consider the timing of
crediting PSUs to the Participant’s PSU Account and the vesting requirements applicable to such PSUs to endeavour to ensure that the crediting of the PSUs and the vesting requirements and payment to be made hereunder will not be subject to the
“salary deferral arrangement” rules under the Income Tax Act (Canada) and any applicable provincial legislation. 
  

	3.3	 Service Period 



Awards of PSUs may be made to Participants in respect of services to be performed by the Participant in the current calendar year. 

 

	3.4	 Awards at any Time 



The Board or Committee may make awards of PSUs at any time and from time to time during any year while this Plan is in force, and such
designations and awards need not be made at the same time or times in any year as in any other year. 
  

	3.5	 Limitation on Rights 



Except as expressly set out herein or in any Board Guidelines, Committee Guidelines or any Grant Agreement or Grant Letter, nothing in the Plan
or in any of the Board Guidelines or Committee Guidelines or in any Grant Agreement or Grant Letter nor any action taken hereunder shall confer on any Employee or Participant any right to be awarded any PSUs or additional PSUs. Except as expressly
set out herein or in any Board Guidelines or Committee Guidelines, there is no obligation for uniformity of treatment of Participants, or any group of Employees and the Board or Committee shall have authority, in their absolute discretion, to
determine the Employees to whom PSUs are awarded and the number or value of PSUs awarded to any Participant, which may reflect such matters as the Board or Committee, in their absolute discretion, may consider. Any award of PSUs made to any
Participant shall not obligate the Board or Committee to make any subsequent award to such Participant. 
  

	3.6	 Grant Agreements and Grant Letters 



Each award or grant of PSUs shall be evidenced by a written agreement (a “Grant Agreement”) between the Corporation and the
Participant or a letter (a “Grant Letter”) issued to a Participant by the Corporation, or, if the Board or Committee so determines, all awards or grants of PSUs to any Participant in any calendar year, or other period of 12
consecutive months (or such longer period as may be determined by the Board or the Committee) may be evidenced by a Grant Agreement or Grant Letter, issued annually (or in such other frequency as the Board or Committee may determine), in each case
in such form as may be prescribed, specified or approved by the Board or Committee. A Participant will not be entitled to any award of PSUs or any benefit of this Plan unless the Participant agrees with the Corporation to be bound by the provisions
of this Plan. By entering into an agreement described in this Section 3.6, each Participant shall be deemed conclusively to have accepted and consented to all terms and conditions of this Plan and all actions or decisions made by the Board or
the Committee or any 

  
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person to whom the Committee may delegate administrative powers and duties hereunder, in relation to this Plan. The provisions of this Plan shall also apply to and be binding on Beneficiaries,
other legal representatives, other beneficiaries and successors of each Participant. For greater certainty, no certificate shall be issued with respect to any PSUs. 
  

	3.7	 Beneficiaries 



A Participant may, by written notice or election delivered to the Corporate Secretary of the Corporation, in such form and executed and
delivered in such manner as the Committee may from time to time determine, specify or approve (i) designate one or more individuals to receive the benefits payable under this Plan following the death of the Participant, and (ii) modify,
alter, change or revoke any such designation, subject always to the provisions and requirements of applicable law. For greater certainty, the validity of such designation, or any such modification, alteration, change or revocation, will be subject
to the laws of the jurisdiction of residence of the Participant. 
  

	3.8	 No Right to Hold Office 



This Plan shall not be interpreted as either an employment agreement or a trust agreement. Nothing in this Plan nor any Board Guidelines,
Committee Guidelines nor any Grant Agreement or Grant Letter nor any election made pursuant to this Plan nor any action taken hereunder shall be construed as giving any Participant the right to be retained in the continued employ or service of the
Corporation or any of its Affiliates, or, except as expressly set out herein, confer on any Participant any right to be awarded any PSUs, or giving any Participant, any Beneficiary, any dependent or relation as may be designed by a Participant by
testamentary instrument or otherwise, or any other person, the right to receive any benefits not specifically expressly provided in this Plan nor shall it interfere in any way with any other right of the Corporation or any Affiliate to terminate the
employment or service of any Participant at any time or to increase or decrease the compensation of any Participant. 
  

	3.9	 No Representations 


  

	 	(a)	 The Corporation makes no representations or warranties to any Participant with respect to this Plan or PSUs or Common Shares that may be acquired
pursuant to section 6.2 or issued pursuant to section 6.3. Participants are expressly advised that the value of any PSUs, and Common Shares that may be acquired pursuant to section 6.2 or issued pursuant to section 6.3, will, among other things,
fluctuate with the trading price of Common Shares. 


  

	 	(b)	 Participants agree to accept all risks associated with a decline in the market price of Common Shares and all other risks associated with the
holding of PSUs or Common Shares that may be acquired pursuant to section 6.2 or issued pursuant to section 6.3. 


  

	3.10	 No Restriction on Corporate Action 



Nothing contained in this Plan shall be construed to prevent the Corporation from taking any corporate action which is determined by the Board
or the Committee to be appropriate or in the 

  
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best interests of the Corporation, whether or not such action would have an adverse effect on this Plan or any PSUs credited under this Plan and no Participant nor any other person shall have any
claim against the Corporation as a result of any such action. 
  

	3.11	 Compensation Programs 



Neither the adoption of this Plan nor any Board Guidelines or Committee Guidelines nor the provisions of any Grant Agreement or Grant Letter
nor any election made pursuant to this Plan nor any action taken hereunder shall be construed as any limitation on the power or authority of the Board or Committee, subject to Applicable Law, to (i) amend, modify, alter or suspend the
compensation structure or programs of the Corporation for employees; or (ii) adopt any compensation structure or programs, whether in replacement of, or in substitution for any other compensation structure or program of the Corporation, for
employees or otherwise, including the grant or awarding of any “restricted share units” or “performance share units” (whether on the same terms and conditions as set out herein or otherwise), either generally or only in specific
cases. 
  

	3.12	 No Awards Following Last Day of Active Employment 



Without limiting the generality of section 3.5, in the event any Participant ceases to be Employed for any reason, notwithstanding any
other provision hereof, and notwithstanding any provision of any employment agreement between any Participant and the Corporation or any Affiliate, such Participant shall not have the right to be awarded any additional PSUs, and shall not be awarded
any PSUs pursuant to section 3.1 or section 4.2, after the last day of active employment of such Participant on which such Participant actually performs the duties of the Participant’s position, whether or not such Participant
receives a lump sum payment of salary or other compensation in lieu of notice of termination, or continues to receive payment of salary, benefits or other remuneration for any period following such last day of active employment. Notwithstanding any
other provision hereof, or any provision of any employment agreement between any Participant and the Corporation or any Affiliate, in no event will any Participant have any right to damages in respect of any loss of any right to be awarded PSUs
pursuant to section 3.1 or section 4.2 after the last day of active employment of such Participant. 
 ARTICLE 4 

PERFORMANCE SHARE UNIT ACCOUNTS 
  

	4.1	 Performance Share Unit Accounts 



A notional account will be established for each Participant, to reflect such Participant’s interest under this Plan. The account so
established shall be (i) credited with the number of PSUs (including, if applicable, fractional PSUs) credited pursuant to section 3.1 and (ii) adjusted to reflect additional PSUs (including, if applicable, fractional PSUs) credited
pursuant to section 4.2 or 5.2, and the cancellation of PSUs (including, if applicable, fractional PSUs) with respect to which payments are made pursuant to section 6.1 or which fail to vest as contemplated in Article 5 or
Article 7. PSUs that fail to vest in a Participant pursuant to Article 5 or Article 7, or that are paid out to the Participant or the Participant’s Beneficiary or legal representatives, shall be cancelled and cease to be recorded
in the Participant’s PSU Account as of the date on 

  
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which such PSUs are forfeited or cancelled under this Plan or are paid out, as the case may be. Each such account shall be established and maintained for bookkeeping purposes only. Neither this
Plan nor any of the accounts established hereunder shall hold any actual funds or assets. 
  

	4.2	 Dividend Equivalents 



The PSU Account of each Participant will be credited with additional PSUs (including, if applicable, fractional PSUs) (“Dividend
Equivalents”) on each dividend payment date in respect of which Dividends are paid by the Corporation on the Common Shares. Such Dividend Equivalents will be computed by dividing: (i) the product obtained by multiplying the amount of
the Dividend declared and paid by the Corporation on the Common Shares on a per share basis by the number of PSUs recorded in the Participant’s PSU account on the record date for the payment of such Dividend, by (ii) the Fair Market Value
of a Common Share on the date the Dividend is paid by the Corporation, with fractional PSUs calculated and rounded to two decimal places. Notwithstanding the foregoing, no additional PSUs shall be credited to the account of one or more Participants
pursuant to this section 4.2 from and after the date on which the Participant ceases to be Employed. 
  

	4.3	 Reorganization Adjustments 


  

	 	(a)	 In the event of any declaration of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at
the option of the holder of Common Shares), or any subdivision or consolidation of Common Shares, reclassification or conversion of Common Shares, or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation,
plan of arrangement, reorganization, spin off involving the Corporation or other distribution (other than normal course cash dividends) of Corporation assets to holders of Common Shares or any other similar corporate transaction or event, which the
Committee determines affects the Common Shares such that an adjustment is appropriate to prevent dilution or enlargement of the rights of Participants under this Plan, then, subject to any relevant resolutions of the Board (if required in the
opinion of the Corporation’s counsel) the Committee, in its sole discretion, and without liability to any person, shall make such equitable changes or adjustments, if any, as it considers appropriate, in such manner as the Committee may
consider equitable, to reflect such change or event including, without limitation, adjusting the maximum number of Common Shares that may be issued as contemplated in section 6.3(i) or adjusting the number of PSUs outstanding under this Plan,
provided that the value of the PSUs credited to a Participant’s PSU Account immediately after such an adjustment shall not exceed the value of the PSUs credited to such account immediately prior thereto. 



 

	 	(b)	 The Corporation shall give notice to each Participant in the manner determined, specified or approved by the Committee of any change or adjustment
made pursuant to this section and, upon such notice, such adjustment shall be conclusive and binding for all purposes. 



  
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	 	(c)	 The Committee may from time to time adopt rules, regulations, policies, guidelines or conditions with respect to the exercise of the power or
authority to make changes or adjustments pursuant to section 4.3(a). The Committee, in making any determination with respect to changes or adjustments pursuant to section 4.3(a), shall be entitled to impose such conditions as it considers
or determines necessary in the circumstances, including conditions with respect to satisfaction or payment of all Applicable Tax Withholding. 


  

	 	(d)	 The existence of outstanding PSUs shall not affect in any way the right or power and authority of the Corporation or its shareholders to make or
authorize any alteration, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business or any merger, amalgamation, combination or consolidation of or involving the Corporation, or to create or
issue any bonds, debentures, shares or other securities of the Corporation, or the rights and conditions attaching thereto, or to amend the terms and conditions or rights and restrictions thereof (ranking ahead of the Common Shares or otherwise), or
any right thereto, or 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 any other corporate act or proceeding, whether of a similar nature or character or otherwise.



 ARTICLE 5 

VESTING 
  

	5.1	 Vesting General 



Subject to section 5.3 and section 7.8, unless the Board or Committee otherwise determines, all PSUs awarded pursuant to
section 3.1 to any Participant shall vest at the time and in the manner determined by the Board or Committee at the time of the award or grant and shall be set out in (or in a Schedule or Exhibit to) the Grant Agreement or Grant Letter
evidencing the award of such PSUs, provided that, subject to the provisions of Article 7, such Participant remains Employed by the Corporation or an Affiliate at the expiry of the Vesting Period applicable to such PSUs. For greater certainty,
PSUs that have been granted or awarded to a Participant and which do not vest in accordance with this Article 5 or Article 7, as applicable, shall be forfeited by the Participant and the Participant will have no further right, title or
interest in such PSUs and shall have no right to receive any cash payment with respect to any PSU that does not become a vested PSU. All PSUs referred to in section 4.2 shall vest at the time when the PSUs in respect of which such Dividend
Equivalents were credited vest. Except where the context requires otherwise, each PSU which vests pursuant to this section 5.1 or section 7.8 (and each additional PSU which may be granted or credited pursuant to section 5.2 which
vests pursuant to section 5.2 or section 7.8) shall be referred to as a “Vested Performance Share Unit” or “Vested PSU” and collectively as “Vested Performance Share Units” or
“Vested PSUs”. 
  

	5.2	 Vesting of Additional PSUs 



If determined pursuant to section 3.1 in connection with any award or grant of PSUs and set out in (or in a Schedule or Exhibit to) the
Grant Agreement or Grant Letter evidencing the award of such PSUs, additional PSUs may be awarded or granted to a Participant, or a Participant may be 

  
 12 








 
entitled to be credited with additional PSUs, following the end of any performance period determined pursuant to section 3.1 in relation to any PSUs or at the time of vesting of any PSUs
granted or awarded pursuant to section 3.1, which additional PSUs shall be fully vested when granted, unless otherwise determined by the Board or Committee. 
  

	5.3	 Waiver of Vesting Criteria 



Subject to section 6.4, the Board or Committee may, in its discretion, waive any restrictions with respect to vesting criteria, conditions,
limitations or restrictions with respect to any PSUs granted or awarded to any Participant (including reducing or eliminating any Performance Period or Vesting Period originally determined) and may, in its discretion, at any time permit the
acceleration of vesting of any or all PSUs or determine that any PSU has vested, in whole or in part, all in such manner and on such terms as may be approved by the Board or Committee, where in the opinion of the Board or Committee it is reasonable
to do so and does not prejudice the rights of the Participant under the Plan. 
 ARTICLE 6 

PAYMENT FOLLOWING VESTING 
  

	6.1	 Payment Following Vesting 


  

	 	(a)	 Subject to Article 7, following vesting of any PSU recorded in any Participant’s PSU Account, the Corporation will pay the Participant a
payment in an amount equal to the number of such Vested PSUs multiplied by the Fair Market Value of one Common Share as at the date of vesting, payable or to be satisfied, as determined by the Committee: 



 

	 	(i)	 by a lump sum payment in cash, net of all Applicable Tax Withholdings; 



 

	 	(ii)	 subject to the shareholders of the Corporation approving this Plan, by applying all of such amount, net of all Applicable Tax Withholdings, to the
purchase of Common Shares in accordance with section 6.2, provided that, notwithstanding any other provision of this Plan, this means of paying or satisfying the payment shall not be available with respect to any award or grant made to any
Participant that is an SEC Officer at the time of the award or grant or that becomes an SEC Officer at any time prior to the time of payment; or 


  

	 	(iii)	 subject to the shareholders of the Corporation approving this Plan, including the provisions of this Plan permitting the Corporation to issue
Common Shares under section 6.3 hereof, and the rules, policies or requirements of any stock exchange on which the Common Shares are listed or quoted, by the issuance from treasury to the Participant of Common Shares in accordance with section 6.3.



  

	 	(b)	 Notwithstanding the foregoing, if at the date of vesting of any PSUs, a Participant or the Corporation may be in possession of undisclosed material
information regarding the Corporation, or on such date of vesting, pursuant to any insider or 



  
 13 









	 	 
securities trading policy of the Corporation, the ability of a Participant or the Corporation to trade in securities of the Corporation may be restricted, the Committee may, in its discretion,
determine that the payment to be paid to any Participant in respect of any Vested PSUs shall be an amount equal to the number of Vested PSUs multiplied by the Fair Market Value of one Common Share as at such date (the “Valuation
Date”), following the date of vesting, which is after the later of (i) the date on which the Participant or the Corporation is no longer in possession of material undisclosed information and (ii) the date on which the ability of
the Participant or the Corporation to trade in securities of the Corporation is not restricted, as may be determined by the Committee. 


  

	 	(c)	 The Committee may, at the time of any award or grant of PSUs under this Plan, or at any time thereafter, determine, subject to the provisions of
section 6.1(a) and 6.3(a), and without prejudice to the discretion of the Committee pursuant to section 6.2(e) or 6.3(g), or otherwise in this Plan, whether payment of the amount referred to in section 6.1(a) is to be paid or satisfied (i) as
contemplated in section 6.1(a)(i), (ii) as contemplated in section 6.1(a)(ii) or (iii) as contemplated in section 6.1(a)(iii) and may from time to time after any such determination, change such determination. 



 

	 	(d)	 For greater certainty, and without limiting any other provisions hereof, including section 9.9, the Corporation shall be entitled to withhold, or
cause to be withheld, and deduct, or cause to be deducted, from the amount payable pursuant to section 6.1(a) an amount that the Corporation estimates is equal to Applicable Tax Withholdings in respect of such payment, prior to the determination of
the amount of such Applicable Tax Withholding, and pay or satisfy the balance of such payment to be applied in accordance with section 6.1 and section 6.2 or section 6.3, as applicable. 



 

	6.2	 Purchase of Common Shares 


  

	 	(a)	 Subject to section 6.4, the payment referred to in section 6.1(a)(ii), net of all Applicable Tax Withholding, is to be applied to the purchase of
Common Shares on behalf of the Participant, in the open market, through the facilities of the New York Stock Exchange (or such other exchange or market as the Committee may designate from time to time) in such manner, and to be held on such terms,
as the Committee may from time to time determine or approve. 


  

	 	(b)	 Without limiting the generality of the foregoing, such manner, and terms, referred to in section 6.2(a) may (but need not) include providing for:



  

	 	(i)	 the appointment of a person to act as trustee or administrator or administrative agent in relation to the Plan or the purchase of Common Shares, or
the engagement of an investment dealer to purchase Common Shares on behalf of a Participant, which may include the holding of such Common Shares on behalf of a Participant and, if applicable, the indemnification of such person or investment dealer;




  
 14 









	 	(ii)	 all or any portion of any payment referred to in section 6.1(a) being paid in cash to such trustee or administrator, investment dealer, or other
person as the Committee may direct, which may be acting as trustee or administrator or administrative agent for the purposes of this Plan, or acting on behalf of the Participant, or otherwise (or to an investment dealer engaged by any such trustee,
administrator or other person) to be used by such trustee, administrator, investment dealer or other person to purchase, on behalf of the Participant, in the open market, Common Shares; 



 

	 	(iii)	 a trustee, administrator, investment dealer or other person being instructed (A) to control the timing, amount and manner of purchases;
(B) to use its best efforts to make purchases of Common Shares as contemplated in this section 6.2 at prevailing market prices; (C) that it may limit the daily volume of purchases of Common Shares or cause such purchases to be made over
several trading days to the extent that such action may be considered necessary to avoid disrupting the market price for Common Shares or negatively affecting the market price for the Common Shares or otherwise in the best interests of the
Corporation; (D) where purchases are being made at the same time on behalf of more than one Participant, to make such purchases on a basis that the average purchase price of Common Shares purchased in respect of each Participant purchased at
such time will be the same; and (E) to notify or report to the Corporation and the Participant regarding such purchases, which notice or report may include information regarding (I) the aggregate purchase price for Common Shares purchased
on behalf of the Participant, (II) the purchase price per Common Share for each Common Share purchased on behalf of the Participant, (III) the amount of any related brokerage commission; and (IV) the settlement date for the purchase
of the Common Shares purchased on behalf of the Participant; 


  

	 	(iv)	 the Common Shares purchased pursuant to this section 6.2 on behalf of a Participant being held by the Participant, or on behalf of a Participant,
by such person, and on such terms, as the Committee may, from time to time determine or approve, and the certificates representing the Common Shares so purchased being issued in the name of such person or persons (which may, if the Committee so
determines, include the Participant or such person or person as the Participant may direct) and such certificates being delivered to such person, or credited to such investment dealer or custodial account with such person (to be held on behalf of
the Participant if they are not held by the Participant), as the Committee may from time to time determine or approve; 


  

	 	(v)	 if after any trustee, administrator, investment dealer or other person that purchases Common Shares on behalf of a Participant pursuant to this
section 6.2 applies the amount of any payment referred to in section 6.1(a) that is paid as contemplated in this section 6.2 to the purchase of whole 



  
 15 









	 	 
Common Shares, any amount that remains shall be paid, net of any Applicable Tax Withholding, to the Participant or held or paid or dealt with, on behalf of the Participant, as the Committee may
from time to time determine or approve; 


  

	 	(vi)	 if any Common Shares purchased on behalf of a Participant pursuant to this section 6.2 may be held by a trustee, administrator, administrative
agent or other person, on behalf of the Participant, provisions regarding (A) dealing with distributions paid on or in respect of such Common Shares, which shall be the property of, and received on behalf of, the Participant; (B) reporting
to the Participants and the Corporation regarding Common Shares and distributions held on behalf of the Participant; (C) notice to the Participant of meetings of holders of Common Shares and voting of Common Shares held on behalf of the
Participant; (D) notice to the Participant of take over bids, issuer bids, rights offerings or other events; (E) rights of the trustee, administrator agent or other person holding Common Shares on behalf of the Participant to withhold or
deduct taxes or other amounts; (F) withdrawal of Common Shares held on behalf of the Participant, including in the event the Participant ceases to be an employee, or satisfies share ownership guidelines adopted by the Board or any committee of
the Board; and (G) restrictions regarding the ability of the Participant to withdraw or transfer Common Shares that are held on behalf of the Participant where the Participant is not, or would not, following a transfer of such Common Shares, be
in compliance with share ownership guidelines adopted by the Board or any committee of the Board; and 


  

	 	(vii)	 any requirements that may be applicable under any Applicable Laws, including any requirement that may restrict the transferability of any Common
Shares held by or on behalf of a Participant; 


 in each case as the Committee may from time to time
determine or approve. 
  

	 	(c)	 Notwithstanding section 6.2(a) and (b), the Corporation shall be responsible for paying all brokerage commissions or similar fees in connection
with purchases of shares pursuant to this section 6.2, but, unless the Committee otherwise determines, the Corporation will not be responsible for brokerage fees and other administration or transaction costs relating to the transfer, sale or other
disposition of Common Shares held by or on behalf of the Participant that have been previously purchased on behalf of the Participant pursuant to section 6.2. 



 

	 	(d)	 Unless the Committee otherwise determines: 


  

	 	(i)	 the payment referred to in section 6.1(a)(ii), net of Applicable Tax Withholding, will be paid by the Corporation, on behalf of the Participant, to
a broker or broker dealer designated by the Committee from time to time, or failing such designation, a broker or broker dealer selected by the 



  
 16 









	 	 
Corporation, in either case, who is independent of the Corporation who is a member of, or otherwise qualified to purchase Common Shares on, the exchange on which the Common Shares are traded and
are to be purchased in accordance with this provision, with instructions to purchase Common Shares on behalf of the Participant, in the open market, through the facilities of the New York Stock Exchange (or such other exchange or market as the
Committee may designate from time to time), using such payment, net of Applicable Tax Withholding; 


  

	 	(ii)	 the Corporation shall notify and provide the broker or broker dealer with directions with respect to the Participants on whose behalf any such
payment is being made, and the amount of such payment applicable to such Participant; 


  

	 	(iii)	 the Corporation shall request the broker or broker dealer to notify the Participant, and the Corporation, of (A) the aggregate purchase price
for Common Shares purchased on behalf of the Participant; (B) the purchase price per Common Share; (C) the amount of the related brokerage commissions in respect of the purchases; and (D) the settlement date for the purchase or
purchases of Common Shares, and request the broker or broker dealer to deliver to the Participant (or if applicable, the Participant’s Beneficiary), or as the Participant (or, if applicable, Beneficiary) may otherwise instruct, one or more
certificates representing Common Shares purchased on behalf of the Participant, or, if instructed by the Participant (or, if applicable Beneficiary) credit such Common Shares to an account with the broker or broker dealer in the name of the
Participant (and, if, after the broker or broker dealer applies the payment, net of Applicable Tax Withholding, to the purchase of whole Common Shares, as provided herein, any amount remains payable in respect of such Participant, the broker or
broker dealer shall pay such amount in cash (net of any Applicable Tax Withholding) to the Participant (or the Participant’s Beneficiary, if applicable), as soon as practicable, and in any event within the time contemplated in section 6.4); and



  

	 	(iv)	 the purchases by the broker or broker dealer will be made in the open market through the facilities of the New York Stock Exchange (or such other
exchange or market as the Committee may designate from time to time) at the prevailing market prices and in accordance with the rules, policies of the exchange, at the broker or broker dealer’s discretion, and the broker or broker dealer shall
be entitled to control the time, amount and manner of purchases; provided that the broker or broker dealer shall, in its discretion, be entitled to limit the daily volume of purchases of Common Shares or cause such purchases to be made over several
trading days to the extent such action may be considered necessary or desirable to avoid disrupting the market price for Common Shares or negatively affecting the market price for the Common Shares or otherwise in the best interests of the
Corporation and entitled, where purchases are being made at the same time on behalf of more than one Participant, to make such purchases on a basis that the average purchase price of Common Shares purchased in respect of each Participant purchased
at such time will be the same . 



  
 17 









	 	(e)	 Notwithstanding section 6.1(a) and the foregoing provisions of this section 6.2, the Committee may, in its discretion, determine that a payment
referred to in section 6.1(a)(ii) shall not be applied to the purchase of Common Shares on behalf of any Participant, including, without limitation, if the Committee is not satisfied that such purchase will be exempt from all registration or
qualification requirements of any applicable securities laws of Canada (including the provinces thereof) or of the United States of America (including the states thereof) or any other foreign jurisdiction and applicable by-laws, rules or regulations of any stock exchange on which the Common Shares may be listed or posted for trading. If the Committee makes such a determination, notwithstanding section 6.1(a), the payment required
pursuant to section 6.1(a)(ii) shall be payable by a lump sum payment in cash, net of all Applicable Tax Withholding. 


  

	 	(f)	 Notwithstanding the other provisions of this section 6.2, in the event the payment referred to in section 6.1(a)(ii), net of Applicable Tax
Withholding, is paid to any trustee, administrator, administrative agent or other person to make purchases of Common Shares on behalf of any Participant, the trustee, administrator, administrative agent or other person will receive such funds as
nominee and agent on behalf of the Participant, and if any Common Shares purchased pursuant to this section 6.2 are held by a trustee, administrator or administrative agent or other person following such purchase, such Common Shares, and
distributions which may be received in respect thereof, shall be the property of the Participant and be held by such person as nominee and agent on behalf of the Participant as the Participant’s property, and subject to the Participant’s
direction. 


  

	6.3	 Issuance of Common Shares 


  

	 	(a)	 Notwithstanding section 6.1(a), and the other provisions of this section 6.3, no Common Shares shall be issued pursuant to this section 6.3,
unless: 


  

	 	(i)	 this Plan, including the provisions of this Plan permitting the Corporation to issue Common Shares under this section 6.3, has been approved by
shareholders of the Corporation; and 


  

	 	(ii)	 the number of Common Shares to be issued will not result in the restrictions referred to in section 6.3(i), (l) or (m) being contravened.



  

	 	(b)	 Subject to section 6.3(a) and section 6.4, the payment referred to in section 6.1(a)(iii), net of Applicable Tax Withholdings, is to be paid or
satisfied by the application of the amount referred to in section 6.1(a)(iii), net of Applicable Tax Withholdings (the “Net Payment Amount”) to the subscription by the Participant for, and issuance by the Corporation to the
Participant of, Common Shares at an 



  
 18 









	 	 
issue price per share equal to the Fair Market Value of one Common Share as at the date of vesting (or, if section 6.1(b) is applicable, the Fair Market Value of one Common Share as at the
Valuation Date determined pursuant to section 6.1(b)). The number of Common Shares to be so issued shall be equal to the whole number of Common Shares that is determined by dividing the Net Payment Amount by the Fair Market Value of one Common Share
as contemplated in this section 6.3(b). Where dividing the Net Payment Amount by such Fair Market Value would otherwise result in a fraction of a Common Share potentially being required to be issued, the number of Common Shares to be issued shall be
rounded down to the next whole number of Common Shares. No fractional Common Shares shall be issued and any fractional share entitlement will be satisfied by a cash payment to the Participant in an amount equal to such fractional share entitlement
multiplied by the Fair Market Value of one Common Shares as contemplated in this section 6.3(b). Common Shares issued by the Corporation pursuant to this section 6.3 shall be considered fully paid in consideration of application of the Net Payment
Amount, less any cash payment in respect of any fractional share entitlement as contemplated in this section 6.3(b), to the subscription by the Participant for Common Shares issued at an issue price equal to the Fair Market Value of one Common
Shares as contemplated in this section 6.3(b). 


  

	 	(c)	 Subject to the provisions of sections 6.3(a) and (b), Common Shares issued pursuant to this section 6.3 are to be issued in such manner, and to be
held on such terms, as the Committee may from time to time determine or approve. 


  

	 	(d)	 Without limiting the generality of the foregoing, such manner, and terms, referred to in section 6.3(c) may (but need not) include providing for:



  

	 	(i)	 the appointment of a person to act as trustee or administrator or administrative agent in relation to the Plan or holding of Common Shares issued
pursuant to this section 6.3 on behalf of a Participant, and, if applicable, the indemnification of such person; 


  

	 	(ii)	 the Common Shares issued pursuant to this section 6.3 being held by the Participant, or on behalf of a Participant, by such person, and on such
terms, as the Committee may, from time to time determine or approve, and the certificates representing the Common Shares so purchased being issued in the name of such person or persons (which may, if the Committee so determines, include the
Participant or such person or person as the Participant may direct) and such certificates being delivered to such person, or credited to such investment dealer or custodial account with such person (to be held on behalf of the Participant if they
are not held by the Participant), as the Committee may from time to time determine or approve; 


  

	 	(iii)	 if any Common Shares issued pursuant to this section 6.3 may be held by a trustee, administrator, administrative agent or other person, on behalf
of 



  
 19 









	 	 
the Participant, provisions regarding (A) dealing with distributions paid on or in respect of such Common Shares, which shall be the property of, and received on behalf of, the Participant;
(B) reporting to the Participants and the Corporation regarding Common Shares and distributions held on behalf of the Participant; (C) notice to the Participant of meetings of holders of Common Shares and voting of Common Shares held on
behalf of the Participant; (D) notice to the Participant of take over bids, issuer bids, rights offerings or other events; (E) rights of the trustee, administrator agent or other person holding Common Shares on behalf of the Participant to
withhold or deduct taxes or other amounts; (F) withdrawal of Common Shares held on behalf of the Participant, including in the event the Participant ceases to be an employee, or satisfies share ownership guidelines adopted by the Board or any
committee of the Board; and (G) restrictions regarding the ability of the Participant to withdraw or transfer Common Shares that are held on behalf of the Participant where the Participant is not, or would not, following a transfer of such
Common Shares, be in compliance with share ownership guidelines adopted by the Board or any committee of the Board; and 


  

	 	(iv)	 any requirements that may be applicable under any Applicable Laws, including any requirement that may restrict the transferability of any Common
Shares issued pursuant to this section 6.3 and held by or on behalf of a Participant; 


 in each case as
the Committee may from time to time determine or approve. 
  

	 	(e)	 Notwithstanding section 6.3(c) and (d), unless the Committee otherwise determines, the Corporation will not be responsible for brokerage fees and
other administration or transaction costs relating to the transfer, sale or other disposition of Common Shares held by or on behalf of the Participant that have been issued pursuant to section 6.3. 



 

	 	(f)	 Unless the Committee otherwise determines, Common Shares issued pursuant to this section 6.3 shall be issued to the Participant (or, if applicable,
the Participant’s Beneficiary) and one or more certificates representing the Common Shares so issued shall be delivered to the Participant (or, if applicable, the Participant’s Beneficiary), or, if the Participant (or, if applicable, the
Participant’s Beneficiary) may so direct, to the investment dealer for the Participant (or, if applicable, the Participant’s Beneficiary) as the Participant (or, if applicable, the Participant’s Beneficiary) may direct, which is
acceptable to the Corporation, acting reasonably. 


  

	 	(g)	 Notwithstanding section 6.1(a) and the foregoing provisions of this section 6.3 , the Committee may, in its discretion, determine that a payment
referred to in section 6.1(a)(iii) shall not be paid or satisfied by the issuance of Common Shares, pursuant to this section 6.3, including, without limitation, if the Committee is not satisfied that such issuance will be exempt from all
registration 



  
 20 









	 	 
or qualification requirements of any applicable securities laws of Canada (including the provinces thereof) or of the United States of America (including the states thereof) or any other foreign
jurisdiction and applicable by-laws, rules or regulations of any stock exchange on which the Common Shares may be listed or posted for trading. If the Committee makes such a determination, notwithstanding
section 6.1(a), the payment required pursuant to section 6.1(a)(iii) shall be payable by a lump sum payment in cash, net of all Applicable Tax Withholdings. 


  

	 	(h)	 Notwithstanding the other provisions of this section 6.3, in the event Common Shares issued pursuant to this section 6.3 are to be held by any
trustee, administrator, administrative agent or other person on behalf of any Participant, the trustee, administrator, administrative agent or other person will receive and hold such Common Shares as nominee and agent on behalf of the Participant,
and such Common Shares, and distributions which may be received in respect thereof, shall be the property of the Participant and be held by such person as nominee and agent on behalf of the Participant as the Participant’s property, and subject
to the Participant’s direction. 


  

	 	(i)	 The aggregate maximum number of Common Shares that may be issued pursuant to this Plan and the Employee Performance Plan, is 1,000,000 Common
Shares, subject to the adjustment of such maximum number as provided in section 4.3(a). 


  

	 	(j)	 The Board will reserve for allotment from time to time out of the authorized but unissued Common Shares sufficient Common Shares to provide for
issuance of all Common Shares which are issuable under this section 6.3 and may from time to time reserve for allotment out of the unissued Common Shares such number of Common Shares as the Committee may from time to time estimate or determine is
the number of Common Shares that may be issued under this section 6.3. 


  

	 	(k)	 For greater certainty, nothing in this Plan shall be construed as to confer on any Participant any rights as a shareholder of the Corporation with
respect to any Common Shares which may be reserved for issuance under this section 6.3. A Participant will only have rights as a shareholder of the Corporation with respect to Common Shares that are issued to the Participant pursuant to and in
accordance with the provisions of this section 6.3 or which are acquired by or on behalf of the Participant pursuant to and in accordance with the provisions of section 6.2. 



 

	 	(l)	 The number of Common Shares issuable to Insiders, at any time, pursuant to (i) this Plan, or (ii) any other Securities Compensation
Arrangement, including (A) the Stock Option Plan, and (B) the Employee Performance Share Unit Plan, cannot exceed 10% of the issued and outstanding Common Shares. 



 

	 	(m)	 The number of Common Shares issued to Insiders, within any one year period, under any (i) this Plan, and (ii) any other Securities
Compensation Arrangement, including (A) the Employee Performance Share Unit Plan and (B) the Stock Option Plan, cannot exceed 10% of the issued and outstanding Common Shares. 



  
 21 









	 	(n)	 No Common Shares may be issued or reserved for issuance under this Plan to any non-employee director of the Corporation. 



 

	6.4	 Restriction 



For greater certainty, no terms or conditions determined by the Board or the Committee pursuant to section 3.1 or 3.2 may have the effect
of causing payment of the value of a PSU to a Participant, or the personal representatives of a Participant, after December 31 of the third calendar year following the calendar year in respect of which such PSU (or, in the case of any
additional PSU credited pursuant to section 4.2 or section 5.2, the PSU in respect of which such additional PSU was credited) was granted or awarded. 
  

	6.5	 Time of Payment 



Subject to section 6.4, amounts payable pursuant to section 6.1 will be paid as soon as practicable following the end of the month in
which the PSUs vest after the Corporation has determined the number of PSUs that have vested. Notwithstanding the foregoing, if payment of any amount pursuant to this section 6.5 would otherwise occur at any time during which a Participant may be in
possession of undisclosed material information regarding the Corporation, or at any time during which, pursuant to any insider or securities trading policy of the Corporation, the ability of a Participant to trade in securities of the Corporation
may be restricted, unless the Committee otherwise determines, payment will be postponed to the date which is five days after the later of (i) the date on which the Participant is no longer in possession of material undisclosed information or
(ii) the date on which the ability of the Participant to trade in securities of the Corporation is not restricted. 
  

	6.6	 U.S. Participants 


  

	 	(a)	 It is intended that this Plan, and PSUs granted hereunder, and payments made pursuant to this Plan, shall comply with, or qualify for an exemption
from, the requirements of Section 409A and shall be construed consistently therewith and interpreted in a manner consistent with that intention. Notwithstanding anything to the contrary in this Plan, all payments with respect to PSUs granted to
a U.S. Participant that are intended to be exempt from Section 409A as short term deferrals pursuant to Treas. Reg. Section 1.409A-1(b)(4) will be made no later than the 15th day of the
third month after the taxation year of the Corporation in which such PSUs no longer are subject to a substantial risk of forfeiture. . 


  

	 	(b)	 PSUs granted to U.S. Participants that are subject to Section 409A will be governed by the following provisions. Except as otherwise provided
in Section 7.8 of the Plan regarding a Participant’s termination of employment in connection with or following a Change in Control, unless otherwise provided in an applicable Grant Agreement, payments with respect to PSUs will be settled
and paid out as soon as practicable following the last day of the Vesting Period, and in all cases by the later of 1) December 31st of the calendar year in which the last day of the Vesting Period occurs, and 2) the 15th day of the third
month following 



  
 22 









	 	 
the last day of the Vesting Period. References in Section 7.8 of the Plan to a Participant’s termination of employment or similar language shall mean a Participant’s separation
from service as defined under Section 409A. Notwithstanding anything to the contrary in Section 7.8, if a U.S. Participant is a specified employee within the meaning of Section 409A at the time of the U.S. Participant’s
separation from service, any payment with respect to PSUs pursuant to Section 7.8 of the Plan that otherwise would be paid prior to the end of six months following such Participant’s separation from service will be delayed, and instead
will be paid on the first day of the seventh month following the date of the Participant’s separation from service. 


  

	 	(c)	 Subject to section 6.6(d), the Committee will not, pursuant to section 5.3, waive any restrictions with respect to vesting criteria,
limitations or restrictions in respect of any PSUs granted to any U.S. Participant that, absent such waiver, would not vest prior to the Participant ceasing to be an Employee, where, to the knowledge of the Committee, absent such waiver, this Plan,
the PSUs granted to any U.S. Participant, and any payment to be made pursuant to this Plan in respect thereof, would comply with, or qualify for an exemption from, the requirements of Section 409A, but would not, as a result of such waiver
comply with, or qualify for an exemption from, the requirements of Section 409A. 


  

	 	(d)	 Notwithstanding the foregoing, or any other provision of this Plan, and without limiting the generality of section 9.7(b), the Corporation and
its Affiliates make no undertaking to preclude Section 409A from applying to this Plan or any PSUs granted hereunder, and none of the Corporation, any of its Affiliates, the Board, the Committee, nor any member thereof, nor any officer,
employee or other representative of the Corporation or any Affiliate shall have any liability to any U.S. Participant, or any Beneficiary or other person, if any PSU that is intended to be exempt from, or compliant with, Section 409A is not so
exempt or compliant, or for any action taken by the Committee pursuant to the provisions of this Plan, including, without limitation, sections 5.3, 6.1, 6.2 or 6.3, and have no liability to any Participant for any taxes, interest or penalties
resulting from any non-compliance with the requirements of Section 409A, and without limiting the generality of section 9.9, U.S. Participants (and their Beneficiaries and legal representatives)
shall at all times be solely responsible for payment of all taxes, interest and penalties under Section 409A or as a result of any non-compliance with the requirements of Section 409A.



 ARTICLE 7 

TERMINATION OR CHANGE OF CONTROL 
  

	7.1	 Termination Without Cause 



Except as otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by the
Corporation or an Affiliate of a Participant’s employment with the Corporation or an Affiliate other than for Cause, including termination by the Corporation or an Affiliate of the Corporation of a Participant’s employment
(i) following the 

  
 23 








 
making of a declaration of a court of competent jurisdiction that the Participant is incapable of managing the Participant’s own affairs by reason of mental infirmity or the appointment of a
committee to manage such Participant’s affairs, or (ii) following the Participant becoming substantially unable, by reason of a condition of physical or mental health, for a period of three consecutive months or more, or at different times
for more than six months in any one calendar year, to perform the duties of the Participant’s position, all unvested Performance Share Units recorded in such Participant’s PSU Account shall continue to vest as contemplated in this Plan
and: 
  

	 	(a)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in such
Participant’s PSU Account as at the last day of active employment of such Participant that had vested as at the last day of active employment of such Participant; and 



 

	 	(b)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in the
Participant’s PSU Account as at the last day of active employment of the Participant (and, if applicable, any PSUs referred to in section 5.2 credited to the Participant’s PSU Account after such last day of active employment in relation to
any PSUs recorded in such Participant’s PSU Account as at such last day of active employment) that vest after the last day of active employment of such Participant, provided that the payment provided pursuant to section 6.1 shall be
prorated to reflect the percentage of the Vesting Period which the period, commencing on the Grant Date and ending on the last day of active employment of such Participant, bears to the Vesting Period. 



For purposes of the calculation in section 7.1(b), if the last day of active employment occurs other than on the last day of any month,
it shall be deemed to have occurred as of the last day of the month during which the last day of active employment occurred. In addition, as contemplated in section 7.6, except as may be otherwise determined by the Board or the Committee, any
Period of Absence during any Vesting Period, prior to the date of termination of the Participant’s employment with the Corporation or an Affiliate, shall be considered as active employment for the purposes of section 7.1(b). 

 

	7.2	 Termination with Cause 



Except as otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by the
Corporation or an Affiliate of a Participant’s employment for Cause: 
  

	 	(a)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in such
Participant’s PSU Account as at the last day of active employment of such Participant that had vested as at the last day of active employment of such Participant; and 



 

	 	(b)	 all PSUs recorded in the Participant’s PSU Account as at the last day of active employment of such Participant that had not vested prior to
the last day of active employment of such Participant shall not vest and shall be forfeited and cancelled without payment. 



  
 24 









	7.3	 Resignation 



Except as otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the voluntary termination
by any Participant of such Participant’s employment with the Corporation or an Affiliate other than as a result of the retirement of the Participant in accordance with the normal retirement policy of the Corporation (or, if applicable, an
Affiliate): 
  

	 	(a)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in such
Participant’s PSU Account as at the last day of active employment of such Participant that had vested as at the last day of active employment of such Participant; and 



 

	 	(b)	 all PSUs recorded in the Participant’s PSU Account as at the last day of active employment of such Participant that had not vested prior to
the last day of active employment of such Participant shall not vest and shall be forfeited and cancelled without payment. 


  

	7.4	 Retirement 



Except as otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event of the termination by any
Participant of such Participant’s employment with the Corporation or an Affiliate as a result of the Retirement of the Participant, all unvested PSUs recorded in the Participant’s PSU Account shall continue to vest as contemplated in this
Plan and: 
  

	 	(a)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in such
Participant’s PSU Account as at the last day of active employment of such Participant that had vested as at the last day of active employment of such Participant; and 



 

	 	(b)	 the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in the
Participant’s PSU Account as at the last day of active employment of the Participant (and, if applicable, any PSUs referred to in section 4.2 or section 5.2 credited to the Participant’s PSU Account after such last day of active
employment in relation to any PSUs recorded in such Participant’s PSU Account as at such last day of active employment) that vest after the last day of active employment of such Participant. 



 

	7.5	 Death 



Except as otherwise determined by the Board or Committee from time to time, in its sole discretion, in the event of termination of a
Participant’s employment with the Corporation or an Affiliate as a result of the death of the Participant, all unvested PSUs recorded in the Participant’s PSU Account shall continue to vest as contemplated in this Plan and: 

 

	 	(a)	 the Beneficiary or legal representatives of the Participant will be entitled to receive payment pursuant to the provision of Article 6 in
respect of all PSUs recorded in such Participant’s PSU Account as at the date of death that had vested as at the date of death; 



  
 25 









	 	(b)	 the Beneficiary or legal representative of the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in
respect of all PSUs recorded in the Participant’s PSU Account as at the date of death (and, if applicable, any PSUs referred to in section 4.2 or section 5.2 credited to the Participant’s PSU Account after the date of death in
relation to any PSUs recorded in such Participant’s PSU Account as at the date of death) that vest after the date of death; and 


  

	 	(c)	 notwithstanding section 6.1, in respect of all PSUs recorded in such Participant’s PSU Account as at the date of death that had vested as at
the date of death, and all PSUs recorded in the Participant’s PSU Account as at the date of death (and, if applicable, any PSUs referred to in section 4.2 or section 5.2 credited to the Participant’s PSU Account after the date of death in
relation to any PSUs recorded in such Participant’s PSU Account as at the date of death) that vest after the date of death, the Participant will be entitled to receive a cash payment in an amount equal to the number of such Vested PSUs
multiplied by the Fair Market “Value of one Common Share as at the date of vesting, subject to the provisions of section 6.1(b), payable by a lump sum payment in cash, net of all Applicable Tax Withholdings. 



 

	7.6	 Periods of Absence 



Except as otherwise determined by the Board or Committee from time to time, in their sole discretion, in the event that during any Vesting
Period for any unvested PSUs recorded in any Participant’s PSU Account a Participant experiences one or more Periods of Absence, whether or not the Participant receives salary from the Corporation or an Affiliate during such Period of Absence,
subject to the provisions of section 7.1, 7.2, 7.3, 7.4, 7.5 or 7.7, any Period of Absence during any Vesting Period shall be considered as active employment for the purposes of Article 6 and this Article 7, and all unvested PSUs
recorded in such Participant’s PSU Account shall continue to vest as contemplated in this Plan and the Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all PSUs recorded in the
Participant’s PSU Account that vest as provided in the Plan. 
  

	7.7	 Transfer of Employment 



A Participant ceasing to be an employee of the Corporation or of an Affiliate shall not be considered a termination of employment for the
purposes of this Plan so long as the Participant continues to be an employee of the Corporation or of an Affiliate. 
  

	7.8	 Change of Control 



If a Participant’s employment with the Corporation or an Affiliate is terminated (i) by the Corporation or Affiliate, other than for
Cause, upon a Change of Control or within two years following a Change of Control, or (ii) by the Participant for Good Reason upon a Change of Control or within one year following a Change of Control: 

  
 26 









	 	(a)	 each Participant will be entitled to receive payment pursuant to the provisions of Article 6 in respect of all Vested PSUs recorded in the
Participant’s PSU Account as at the date of such termination of employment (before giving effect to section 7.8(b)) and 


  

	 	(b)	 notwithstanding section 5.1 or any determination made pursuant to section 5.2, all PSUs recorded in the PSU Account of each Participant as at the
date of the termination of employment shall vest as at such date and the provisions of Article 6 shall not apply in respect of such PSUs and the Corporation will pay to such Participant a cash payment in the amount equal to the number of such
Vested PSUs multiplied by the Fair Market Value of one Common Share as at the date of vesting, payable by a lump sum payment in cash, net of all Applicable Tax Withholding, directly to the Participant, within 30 days of the date of the termination.



 For greater certainty, in the event that the vesting criteria in respect of any PSUs that have not vested as at the
date of such termination include provisions for the possible vesting of greater than 100% of the number of PSUs awarded in certain circumstances, unless the Committee otherwise determines, the number of PSUs vesting pursuant to section 7.8(b) will
be limited to 100% of the number of unvested PSUs recorded in the PSU Account of each Participant as at the date of the termination. 

ARTICLE 8 
 NO
RIGHTS AS SHAREHOLDER 
  

	8.1	 No Rights as holder of Common Shares 



For greater certainty, nothing in this Plan, the Board Guidelines, the Committee Guidelines, any Grant Agreement or Grant Letter, nor any
election made pursuant to this Plan nor any action taken hereunder shall confer on any Participant any claim or right to be issued Common Shares, on account of PSUs credited to the Participant’s PSU Account or otherwise, and under no
circumstances will PSUs confer on any Participant any of the rights or privileges of a holder of Common Shares including, without limitation, the right to exercise any voting rights, dividend entitlement, rights of liquidation or other rights
attaching to ownership of Common Shares. For greater certainty, unless the Board or Committee otherwise determines, the PSUs shall be considered equivalent to Common Shares for purposes of determining whether a Participant is complying with or
satisfying any share ownership guidelines that may be adopted by the Board or any committee of the Board from time to time. 

  
 27 








 ARTICLE 9 

ADMINISTRATION OF PLAN 
  

	9.1	 Administration 



Unless otherwise determined by the Board or as otherwise specified herein: 

 

	 	(a)	 this Plan will be administered by the Committee; and 


  

	 	(b)	 subject to section 6.4, the Committee will have full power and authority to administer this Plan and exercise all the powers and authorities
granted to it under this Plan or which it, in its discretion, considers necessary or desirable in the administration of this Plan, including, but not limited to, the authority to: 



 

	 	(i)	 construe and interpret any provision hereof and decide all questions of fact arising in connection with such construction and interpretation; and



  

	 	(ii)	 make such determinations and take all steps and actions as may be directed or permitted by this Plan and take such actions or steps in connection
with the administration of this Plan as the Committee, in its discretion, may consider or determine are necessary or desirable. 


  

	9.2	 Delegation 


  

	 	(a)	 The Committee, in its discretion, may delegate or sub-delegate to the Corporation, any director, officer or employee of the Corporation or any
third party service provider which may be retained from time to time by the Corporation, such powers and authorities to administer this Plan and powers and authorities and responsibilities in connection with the administration of this Plan or
administrative functions under this Plan and to act on behalf of the Committee and in accordance with the determinations of the Committee and Committee Guidelines to administer this Plan and implement decisions of the Committee and the Board as the
Committee may consider desirable and determine the scope of such delegation or sub-delegation in its discretion. 


  

	 	(b)	 Subject to the power and authority of the Board or Committee as set out herein, and any Board Guidelines or Committee Guidelines from time to time
established and in effect, the executive officers of the Corporation shall have power and authority to administer this Plan, under the authority of the Committee, as its delegate, and have power to make recommendations to the Committee in the
exercise of its powers and authority hereunder. 


  

	9.3	 Employment of Agents 



The Corporation may from time to time employ persons to render advice with respect to this Plan and appoint or engage accountants, lawyers or
other agents, including any third party service provider or personnel it may consider necessary or desirable for the proper administration of this Plan. Without limiting the generality of the foregoing, the Corporation may appoint or engage any
administrator or administrative agent as the Committee may approve from time to time to assist in the administration of this Plan and to provide record keeping, statement distribution and communication support for this Plan. 

  
 28 









	9.4	 Record Keeping 



The Corporation shall keep, or cause to be kept, accurate records of all transactions hereunder in respect of Participants and PSUs credited to
any Participant’s PSU Account. The Corporation may periodically make or cause to be made appropriate reports to each Participant concerning the status of the Participant’s PSU Account in such manner as the Committee may determine or
approve and including such matters as the Committee may determine or approve from time or as otherwise may be required by Applicable Laws. 
  

	9.5	 Board Guidelines 



The Board, in its discretion, may from time to time adopt, establish, approve, amend, suspend, rescind, repeal or waive such rules,
regulations, policies, guidelines and conditions (“Board Guidelines”) in relation to the administration of this Plan as the Board, in its discretion, may determine are desirable, within any limits, if applicable, imposed under
Applicable Laws. 
  

	9.6	 Committee Guidelines 



Subject to the exercise by the Board of the powers and authority of the Board as set out herein, and the Board Guidelines from time to time
established and in effect, the Committee may from time to time adopt, establish, amend, suspend, rescind or waive such rules, regulations, policies, guidelines and conditions (“Committee Guidelines”) for the administration of this
Plan, including prescribing, specifying or approving forms or documents relating to this Plan, as the Committee, in its discretion, may determine are desirable, within any limits, if applicable, imposed under Applicable Laws, including, without
limitation, in order to comply with the requirements of this Plan or any Board Guidelines or in order to conform to any law or regulation or to any change in any law or regulation applicable to this Plan. 

 

	9.7	 Interpretation and Liability 


  

	 	(a)	 Any questions arising as to the interpretation and administration of this Plan may be determined by the Committee. Absent manifest error, the
Committee’s interpretation of this Plan, and any determination or decision by the Board or the Committee and all actions taken by the Board or the Committee or any person to whom the Committee may delegate administrative duties and powers
hereunder, pursuant to the powers vested in them, shall be conclusive and binding on all parties concerned, including the Corporation and each Participant and his or her Beneficiaries and legal representatives. The Committee may correct any defect,
supply any omission or reconcile any inconsistency in this Plan in such manner and to such extent as the Committee may determine is necessary or advisable. The Committee may as to all questions of accounting rely conclusively upon any determinations
made by the auditors or accountants of the Corporation. 



  
 29 









	 	(b)	 Neither the Board, the Committee, nor any member thereof, nor any officer, employee or other representative of the Corporation, nor any third party
service provider which may be retained from time to time by the Corporation in connection with the administration of this Plan or administrative functions under this Plan, nor any officer, employee, agent or other representative of any such service
provider, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with this Plan and the Board, the Committee, their members and the officers and employees and agents and other
representatives of the Corporation and any such third party service provider (and any agents or nominees thereof) shall be entitled to indemnification by the Corporation in respect of any claim, loss, damage or expense (including legal fees and
disbursements) arising therefrom to the fullest extent permitted by laws. 


  

	9.8	 Legal Compliance 


  

	 	(a)	 The administration of this Plan, including, without limitation, crediting of PSUs and payment or satisfaction of PSUs, purchase of Common Shares
pursuant to section 6.2, and, if applicable, issuance of Common Shares pursuant to section 6.3, shall be subject to compliance with Applicable Laws. 


  

	 	(b)	 Without limiting the generality of the foregoing or any other provision hereof, the Corporation may require such documentation or information from
Participants, and take such actions (including disclosing or providing such documentation or information to others), as the Committee or any executive officer of the Corporation may from time to time determine are necessary or desirable to ensure
compliance with all applicable laws and legal requirements, including all Applicable Laws and any applicable provisions of the Income Tax Act (Canada), the United States Internal Revenue Code of the United States of America and the rules and
authority thereunder, or income tax legislation of any other jurisdiction, as the same may from time to time be amended, the terms of this Plan and any agreement, indenture or other instrument to which the Corporation is subject or is a party.



  

	 	(c)	 Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed by executing any Grant Agreement
or Grant Letter) that the Participant will, at all times, act in strict compliance with Applicable Laws and all other rules and policies of the Corporation, including any insider trading policy of the Corporation in effect at the relevant time,
applicable to the Participant in connection with this Plan and will furnish to the Corporation all information and documentation or undertakings as may be required to permit compliance with Applicable Laws. 



 

	 	(d)	 The purchase of any Common Shares on behalf of any Participant pursuant to the provisions of this Plan, and the issuance of any Common Shares
pursuant to the provisions of this Plan, shall be subject to the requirement that, if at any time the Committee, or legal counsel to the Corporation, determines that the registration, listing or qualification of Common Shares to be issued pursuant
to the provisions 



  
 30 









	 	 
of this Plan or purchased pursuant to the provisions of this Plan upon any securities exchange or under any Canadian or foreign federal, state, provincial, local or other law, or the consent or
approval of any governmental regulatory body, or securities exchange, is necessary or desirable as a condition of, or in connection with, the award of any PSUs, the purchase of Common Shares in relation thereto pursuant to section 6.2, the issuance
of any Common Shares pursuant to section 6.3, or any transfer of Common Shares which may be held by or on behalf of a Participant, the Committee may, by notice to any Participant, impose a requirement that no Common Shares may purchased pursuant to
section 6.2, or issued pursuant to section 6.3, or that no Common Shares which may be acquired by or on behalf of the Participant pursuant to section 6.2 or issued pursuant to section 6.3 in connection with any PSUs may be sold or transferred,
unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. If Common Shares may not be purchased under section 6.2 or issued pursuant to
section 6.3 as provided in this section 9.8(d), then the payment required to be made pursuant to section 6.1 that is not applied to purchase Common Shares pursuant to section 6.2 or satisfied by the issuance of Common Shares pursuant to section 6.3,
shall be paid by a lump sum payment in cash, net of Applicable Tax Withholding. The Corporation may from time to time take such steps as the Committee may from time to time determine are necessary or desirable to restrict transferability of any
Common Shares that may be acquired by or on behalf of any Participant pursuant to section 6.2 or issued pursuant to section 6.3, in order to ensure compliance with Applicable Laws, including the endorsement of a legend on any certificate
representing Common Shares so acquired or issued to the effect that the transferability of such Common Shares is restricted. Nothing herein shall be deemed to require the Corporation to take any action, or refrain from taking any action or to apply
for or to obtain any registration, listing, qualification, consent or approval in order to comply with any condition of any law or regulation applicable to the purchase of any Common Shares under section 6.2 or issuance of any Common Shares under
section 6.3. 


  

	 	(e)	 Without limiting the generality of the foregoing, to the extent possible, Applicable Laws may impose reporting or other obligations on the
Corporation or Participants in relation to this Plan, which requirements may, for example, require the Corporation or Participants to identify holders of PSUs, or report the interest of Participants in PSUs. In addition, to assist Participants with
their reporting obligations and to communicate information about awards to the market, the Corporation may (but shall not be obliged to) disclose the existence and material terms of this Plan and PSUs credited hereunder in information circulars or
other publicly filed documents and file issuer grant reports in respect of awards of PSUs pursuant to insider reporting requirements under Applicable Laws. 


  

	 	(f)	 Each Participant shall provide the Corporation with all information (including personal information) and undertakings as may be required in
connection with the administration of this Plan and compliance with Applicable Laws and applicable provisions of income tax laws. The Corporation may from time to time disclose 



  
 31 









	 	 
or provide access to such information to any administrator or administrative agent or other third party service provider that may be retained from time to time by the Corporation, in connection
with the administration of this Plan or administrative functions under this Plan and, by participating in this Plan, each Participant acknowledges, agrees and consents to information being disclosed or provided to others as contemplated in this
section 9.8. 


  

	9.9	 Compliance with Income Tax Requirements 


  

	 	(a)	 In taking any action hereunder, or in relation to any rights hereunder, the Corporation and each Participant shall comply with all provisions and
requirements of any income tax legislation or regulations of any jurisdiction which may be applicable to the Corporation or Participant, as the case may be. 


  

	 	(b)	 The Corporation and, if applicable, Affiliates, may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any payment to be
made under this Plan, or any other amount payable to a Participant, a sufficient amount to cover withholding of any taxes required to be withheld by any Canadian or foreign federal, provincial, state or local taxing authorities or other amounts
required by law to be withheld in relation to awards and payments contemplated in this Plan. 


  

	 	(c)	 The Corporation may adopt and apply such rules and requirements and may take such other action as the Board or Committee may consider necessary,
desirable or advisable to enable the Corporation and Affiliates and any third party service provider (and their agents and nominees) and any Participant to comply with all federal, provincial, foreign, state or local laws and obligations relating to
the withholding of tax or other levies or compensation and pay or satisfy obligations relating to the withholding or other tax obligations in relation to PSUs (including Dividend Equivalents), distributions or payments contemplated under this Plan.



  

	 	(d)	 Each Participant (or the Participant’s Beneficiary or legal representatives) shall bear any and all income or other tax imposed on amounts
paid or distributed to the Participant (or the Participant’s Beneficiary or legal representatives) under this Plan. Each Participant (or the Participant’s Beneficiary or legal representatives) shall be responsible for reporting and paying
all income and other taxes applicable to or payable in respect of PSUs credited to the Participant’s PSU Account (including PSUs credited as Dividend Equivalents) and transactions involving Common Shares which may be purchased pursuant to
section 6.2 or issued pursuant to section 6.3 and held by any trustee, administrator, broker or other person on the Participant’s behalf, or distributions in respect thereof, including, without limitation, any taxes payable on (i) any
transfer of Common Shares held on behalf of the Participant to the Participant; (ii) distributions paid on Common Shares held by or on behalf of the Participant; and (iii) the sale or other disposition of Common Shares held by or on behalf
of the Participant. 



  
 32 









	 	(e)	 Notwithstanding any other provision of this Plan, any Board Guidelines or Committee Guidelines or any Grant Agreement or Grant Letter or any
election made pursuant to this Plan, the Corporation does not assume any responsibility for the income or other tax consequences for Participants under this Plan or in respect of amounts paid to any Participant (or the Participant’s Beneficiary
or legal representatives) under this Plan. 


  

	 	(f)	 If the Board or Committee or any executive officer of the Corporation so determines, the Corporation shall have the right to require, prior to
making any payment under this Plan, payment by the recipient of the excess of any applicable Canadian or foreign federal, provincial, state, local or other taxes over any amounts withheld by the Corporation, in order to satisfy the tax obligations
in respect of any payment under this Plan. Without limiting the generality of the foregoing, if the Board or Committee or any executive officer of the Corporation so determines, the Corporation shall have the right to require that (i) any
certificate representing Common Shares to which a Participant is entitled upon the purchase of Common Shares pursuant to section 6.2 or issuance of Common Shares pursuant to section 6.3 be delivered to the Corporation as security for the payment of
any obligation contemplated in this section 9.8, (ii) any Common Shares (and share certificates representing such shares) purchased pursuant to section 6.2 or issued pursuant to section 6.3 having a fair market value at the date of purchase of
such Common Shares which is equal to the obligations contemplated in this section 9.8, be retained by or delivered to the Corporation, with authority of the Corporation to sell such Common Shares in order to satisfy the obligations contemplated
under this section 9.8, or (iii) any broker, broker dealer, trustee, administrator, administrative agent or other person purchasing Common Shares on behalf of a Participant pursuant to section 6.2 to sell a number of such Common Shares
sufficient to realize an amount sufficient to pay any obligation contemplated in this section 9.8, and to withhold from the proceeds realized from such sale, or any other sale of any Common Shares acquired pursuant to section 6.2 on behalf of the
Participant, an amount sufficient to satisfy the obligations referred to in this section 9.8, and to pay such amount to the Corporation. 


  

	 	(g)	 If the Corporation does not withhold from any payment, or require payment of an amount by a recipient, sufficient to satisfy all income tax
obligations, the Participant (or the Participant’s Beneficiary or legal representatives) shall make reimbursement, on demand, in cash, of any amount paid by the Corporation in satisfaction of any tax obligation. 



 

	 	(h)	 The obligations of the Corporation to make any payment under this Plan shall be subject to currency or other restrictions imposed by any government
or under any applicable laws. 



  
 33 









	9.10	 Unfunded Obligation 



The obligation to make payments that may be required to be made under this Plan will be an unfunded and unsecured obligation of the
Corporation. This Plan, or any provision hereunder, shall not create (or be construed to create) any trust or other obligation to fund or secure amounts payable under this Plan in whole or in part and shall not establish any fiduciary relationship
between the Corporation (or the Board, the Committee, or any other person) and any Participant or any other person. Any liability of the Corporation to any Participant with respect to any payment required to be made under this Plan shall constitute
a general, unfunded, unsecured obligation, payable solely out of the general assets of the Corporation, and no term or provision in this Plan, the Board Guidelines, the Committee Guidelines nor any Grant Agreement or Grant Letter nor any election
made pursuant to this Plan nor any action taken hereunder shall be construed to give any person any security, interest, lien or claim against any specific asset of the Corporation. To the extent any person, including a Participant, holds any rights
under this Plan, such rights shall be no greater than the rights of an unsecured general creditor of the Corporation. 
  

	9.11	 Amendment, Suspension, Termination 


  

	 	(a)	 Subject to sections 6.4, 6.6, and 9.11(b), the Board or Committee may from time to time amend this Plan in any manner without the consent or
approval of any Participant and, subject to section 9.11(e) without the consent or approval of shareholders of the Corporation. For greater certainty, without limiting the generality of the foregoing, the Board or Committee may amend this Plan as
they consider necessary or appropriate to ensure this Plan continues to comply with Section 409A and the guidance thereunder. Amendments to this Plan that affect the issuance or potential issuance of Common Shares from treasury, including,
without limitation amendments to section 6.3 hereof, must be approved by at least a majority of the Board. Notwithstanding any other provision of this Plan, no consent to any amendment, suspension or termination of this Plan that adversely affects
PSUs previously credited to a U.S. Participant under Section 409A shall be required if such amendment, suspension or termination is considered by the Committee, on the advice of counsel, to be necessary or desirable to avoid adverse U.S. tax
consequences to the U.S. Participant. No provisions of this Plan nor amendment to this Plan may permit the acceleration of payments under this Plan to any U.S. Participant contrary to the provisions of Section 409A. 



 

	 	(b)	 Unless required by Applicable Laws, no amendment contemplated in section 9.11(a) shall adversely affect the rights of any Participant at the
time of such amendment with respect to PSUs credited to such Participant’s PSU Account at the time of such amendment without the consent of the affected Participant. Subject to sections 6.4 and 6.6, the Board or Committee may from time to time
in its discretion, with the consent of a Participant, amend, vary, modify or in any other way change the entitlement of that Participant or any provisions of this Plan as applicable to that Participant. 



 

	 	(c)	 The Board or Committee may at any time and from time to time suspend, in whole or in part, or terminate, this Plan. 



  
 34 









	 	(d)	 If the Board or Committee terminates this Plan, no new PSUs will be credited to any Participant, but previously credited PSUs shall remain
outstanding, be entitled to Dividend Equivalents as provided under section 4.2, and be paid in accordance with the terms and conditions of this Plan existing at the time of termination. This Plan will finally cease to operate for all purposes
when the last remaining Participant receives payment in satisfaction of all PSUs recorded in such Participant’s PSU Account, or such PSUs terminate as a result of not vesting, provided that, in the event that any Common Shares have been
purchased pursuant to section 6.2 or issued pursuant to section 6.3 and are held by or on behalf of a Participant and are subject to any terms or conditions determined or approved by the Committee pursuant to section 6.2 or 6.3, such terms
or conditions shall survive such termination and continue in force and effect notwithstanding such termination. The full powers of the Board and the Committee as provided for in this Plan will survive the termination of this Plan until the last
remaining Participant receives payment in satisfaction of all PSUs recorded in such Participant’s PSU Account, or such PSUs terminate as a result of not vesting and any Common Shares that may have been purchased pursuant to section 6.2 or
issued pursuant to section 6.3 and are held by or on behalf of a Participant which are subject to any terms or conditions determined or approved pursuant to section 6.2 or 6.3 are no longer subject to such terms or conditions.



  

	 	(e)	 If this Plan, including the provisions of this Plan permitting the Corporation to issue Common Shares under section 6.3, is approved by
shareholders of the Corporation, any amendment of this Plan to: 


  

	 	(i)	 reduce the issue or purchase price for Common Shares issuable under this Plan; 



 

	 	(ii)	 extend the term of any PSUs held under this Plan where such PSUs entitle or potentially entitle the holder to be issued Common Shares from treasury
under this Plan; 


  

	 	(iii)	 amend or remove the limits set out in sections 6.3(l) or (m); 



 

	 	(iv)	 increase the maximum number of Common Shares issuable as set out in section 6.3(i); 



 

	 	(v)	 permit non-employee directors to participate in this Plan and be entitled or potentially entitled to be issued Common Shares from treasury under
this Plan; 


  

	 	(vi)	 permit assignment or transfer of rights or interests under this Plan to be entitled or potentially entitled to be issued Common Shares from
treasury under this Plan (subject to the right of a Participant to designate one or more Beneficiaries entitled to receive benefits under this Plan following the death of the Participant); 



 

	 	(vii)	 amend this section 9.11(e); or 



  
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	 	(viii)	 amend other matters that require shareholder approval under the rules or policies of any stock exchange on which the Common Shares may be listed or
posted for trading; 


 may not be made without approval of shareholders of the Corporation. 

 

	9.12	 Costs 



Unless otherwise determined by the Board or Committee, the Corporation will be responsible for all costs relating to the administration of this
Plan. For greater certainty and unless otherwise determined by the Committee, a Participant shall be responsible for brokerage fees and other administration or transaction costs relating to the transfer, sale or other disposition of Common Shares
held by or on behalf of the Participant that have been previously purchased on behalf of the Participant pursuant to section 6.2 or issued pursuant to section 6.3. 
  

	9.13	 No Assignment 


  

	 	(a)	 Subject to the right of a Participant to designate one or more Beneficiaries entitled to receive benefits under this Plan following the death of
the Participant as expressly set out herein, unless the Board or Committee specifically determines otherwise, no Participant may assign or transfer any right or interest under this Plan or any right to payment or benefit under this Plan or any PSUs
granted hereunder, whether voluntarily or involuntarily, by operation of law (including in the event of bankruptcy or insolvency) or otherwise, including execution, levy, garnishment, attachment, pledge or bankruptcy, except to the extent otherwise
required by Applicable Laws, and except by will or by the laws of succession or descent and distribution. Except as required by law, the right to receive a payment or benefit under this Plan is not capable of being subject to attachment or legal
process for the payment of any debts or obligations or any Participant. 


  

	 	(b)	 Except as hereafter provided, during the lifetime of a Participant, amounts payable under this Plan to a Participant shall be payable only to such
Participant. In the event of death of a Participant, any amount payable under this Plan pursuant to section 7.5 shall be paid to the Beneficiaries or personal representatives of such Participant and any such payment shall be a complete discharge of
the Corporation therefor. In the event a Participant is incapable of managing the Participant’s own affairs by reason of mental infirmity, any amount payable under this Plan may be paid to the person charged or appointed by law to administer
the Participant’s affairs. 



  
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