# EDGAR Filing Document

**Accession Number:** 0001857047
**File Stem:** 0001104659-26-027752
**Filing Date:** 2026-3
**Character Count:** 288365
**Document Hash:** e7a58f86e8e4c489a29043b08b67b387
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-027752.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001104659-26-027752

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**EFFECTIVENESS DATE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MDA Space Ltd.
- **CENTRAL INDEX KEY:** 0001857047
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294301
- **FILM NUMBER:** 26753530

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7500 FINANCIAL DRIVE
- **CITY:** BRAMPTON
- **PROVINCE COUNTRY:** A6
- **ZIP:** L6Y 6K7
- **BUSINESS PHONE:** 905 790 2800

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 7500 FINANCIAL DRIVE
- **CITY:** BRAMPTON
- **PROVINCE COUNTRY:** A6
- **ZIP:** L6Y 6K7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDA Ltd.
- **DATE OF NAME CHANGE:** 20210414

**As filed with the Securities and Exchange Commission on March 13, 2026**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM S-8<br> REGISTRATION STATEMENT *UNDER<br> THE SECURITIES ACT OF 1933***

**MDA SPACE LTD.**

(*Exact name of Registrant as specified in its charter*)

---

| | |
|:---|:---|
| **Ontario, Canada** | **98-1703588** |
| (*State or other jurisdiction of* | (*I.R.S. Employer Identification No.*) |
| *incorporation or organization*) |  |

---

**7500 Financial Drive<br> Brampton, Ontario, L6Y 6K7 Canada**

**Tel: (905) 790-2800**

(*Address of Principal Executive Offices*) (*Zip Code*)

**MDA Space Ltd. Second Amended and Restated Omnibus Equity Incentive Plan**

**MDA Space Ltd. Employee Share Purchase Plan**

(*Full title of the plans*)

**CT Corporation System**

**28 Liberty Street**

**New York, NY 10005**

(*Name and address of agent for service*)

**(212) 894-8940**

(*Telephone number, including area code, of agent for service*)

Copy to

---

| | | |
|:---|:---|:---|
| **Ryan J. Dzierniejko** | **David Snarch** | **Emily Ting** |
| **Skadden, Arps, Slate, Meagher & Flom LLP** | **MDA Space Ltd.** | **Christina Liao** |
| **One Manhattan West,** | **7500 Financial Drive,** | **Goodmans LLP** |
| **New York, NY 10001** | **Brampton, ON L6Y 6K7** | **Bay Adelaide Centre** |
| **United States** | **Canada** | **333 Bay Street, Suite 3400** |
| **(212) 735-3000** | **(905) 790-2800** | **Toronto, ON M5H 2S7 Canada** |
|  |  | **(416) 979-2211** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**PART I<br> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1.** **Plan Information\***

**Item 2.** **Registrant Information and Employee Plan Annual Information. \***

\* The information specified in Part I of Form S-8 is omitted from the Registration on Form S-8. Documents containing the information specified in Part I of Form S-8 will be sent or delivered to participants in the MDA Space Ltd. Second Amended and Restated Omnibus Equity Incentive Plan and MDA Space Ltd. Employee Share Purchase Plan, as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "**Securities Act**"). Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "**SEC**") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II<br> Information Required in the Registration Statement**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents or excerpts thereof as indicated, filed by MDA Space Ltd. (the "**Company**," "**MDA Space**," "**us**," "**we**" or "**our**") with the SEC are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's prospectus dated March 11, 2026, filed with the SEC on March 12, 2026, pursuant to Instruction II.L. of [Form F-10](https://www.sec.gov/Archives/edgar/data/1857047/000110465926025809/tm266080-1_f10.htm) ,
 relating to the Company's registration statement on Form F-10 (File No. 333- 294179), as amended by [Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1857047/000110465926026370/tm266080-8_f10a.htm) thereto;

&nbsp;&nbsp;&nbsp;&nbsp;(b) all other reports filed pursuant to
 Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934, as amended
 (the "**Exchange Act** "), since March 11, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Company's common shares contained in
 the registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1857047/000110465926026374/tm266080d5_8a12b.htm) , filed with the SEC on March 11, 2026 (File No. 001-43190),
 including any amendment or report filed for the purpose of updating such description.

All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities offered hereby then remaining unsold, shall be deemed to be incorporated by reference herein and shall be deemed to be a part hereof from the date of the filing of such documents. In addition, any Report on Form 6-K of the Company hereafter furnished to the SEC pursuant to the Exchange Act shall be incorporated by reference into this Registration Statement if and to the extent provided in such document.

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

Under section 136 of the *Business Corporations Act* (Ontario) and the by-laws of the Registrant, the Registrant may indemnify a director or officer of the Registrant, a former director or officer of the Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a similar capacity, of another entity (each of the foregoing, an "individual"), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Registrant or other entity, but shall not indemnify an individual unless (i) such individual acted honestly and in good faith with a view to the best interests of the Registrant or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Registrant's request; and (ii) if the matter is a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Registrant shall not indemnify the individual unless the individual had reasonable grounds for believing that his or her conduct was lawful.

Further, the Registrant may, with the approval of a court, indemnify an individual in respect of an action by or on behalf of the Registrant or other entity to obtain a judgment in its favor, to which the individual is made a party because of the individual's association with the Registrant or other entity against all costs, charges and expenses reasonably incurred by the individual in connection with such action, if the individual fulfills the conditions (i) above. Such individuals are entitled to indemnification from the Registrant in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual's association with the Registrant or other entity as described above, provided the individual seeking an indemnity: (A) was not judged by a court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done; and (B) fulfills the conditions in (i) and (ii) above.

The Registrant maintains directors' and officers' liability insurance which insures directors and officers for losses as a result of claims against the directors and officers of the Registrant in their capacity as directors and officers and also reimburses the Registrant for payments made pursuant to the indemnity provisions under the by-laws of the Registrant and the *Business Corporations Act* (Ontario).

To the extent permitted by law, the Registrant has entered into an indemnification agreement with its directors and officers for liabilities incurred while performing their duties.

**Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.**

**Item 7.** **Exemption from Registration Claimed.**

Not applicable.

**Item 8.** **Exhibits.**

The following exhibits are filed as part of this Registration Statement:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [4.1](tm266080d4_ex4-1.htm) | [Specimen Common Share Certificate](tm266080d4_ex4-1.htm) |
| [4.2](tm266080d4_ex4-2.htm) | [Articles of the Company](tm266080d4_ex4-2.htm) |
| [4.3](tm266080d4_ex4-3.htm) | [Bylaws of the Company](tm266080d4_ex4-3.htm) |
| [4.4](tm266080d4_ex4-4.htm) | [MDA Space Ltd. Second Amended and Restated Omnibus Equity Incentive Plan](tm266080d4_ex4-4.htm) |
| [4.5](tm266080d4_ex4-5.htm) | [MDA Space Ltd. Employee Share Purchase Plan](tm266080d4_ex4-5.htm) |
| [5.1](tm266080d4_ex5-1.htm) | [Opinion of Goodmans LLP](tm266080d4_ex5-1.htm) |
| [23.1](tm266080d4_ex5-1.htm) | [Consent of Goodmans LLP (included in Exhibit 5.1 to this Registration Statement)](tm266080d4_ex5-1.htm) |
| [23.2](tm266080d4_ex23-2.htm) | [Consent of KPMG LLP](tm266080d4_ex23-2.htm) |
| [24.1](#a_001) | [Power of Attorney (included on page 6 of this Registration Statement)](#a_001) |
| [107](tm266080d4_ex-filingfees.htm) | [Calculation of Filing Fee Table](tm266080d4_ex-filingfees.htm) |

---

**Item 9.** **Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted **to** directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Brampton, Province of Ontario, Country of Canada, on March 13, 2026.

---

| | |
|:---|:---|
| **MDA SPACE LTD.** | **MDA SPACE LTD.** |
| By: | /s/ Guillaume Lavoie |
| Name: | Guillaume Lavoie |
| Title: | Chief Financial Officer |

---

**Power of Attorney**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Michael Greenley and Guillaume Lavoie his or her true and lawful agent, proxy and attorney-in-fact, each of whom may act alone, with full power of substitution and resubstitution, to execute, in their name and on their behalf, in any and all capacities, this Registration Statement on Form S-8 and any amendment thereto (and any additional Registration Statement related thereto permitted by Rule 462(b) promulgated under the Securities Act of 1933 (and all further amendments including post-effective amendments thereto)) necessary or advisable to enable the Registrant to comply with the Securities Act of 1933, and any rules, regulations and requirements of the Securities and Exchange Commission, in respect thereof, in connection with the registration of the securities which are the subject of such Registration Statement, which amendments may make such changes in such Registration Statement as such attorney may deem appropriate, and each of them, with full power and authority to perform and do any and all acts and things whatsoever which any such attorney or substitute may deem necessary or advisable to be performed or done in connection with any or all of the above-described matters, as fully as each of the undersigned could do if personally present and acting, hereby ratifying and approving all acts of any such attorney or substitute. This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Michael Greenley | Chief Executive Officer and Director | March 13, 2026 |
| Michael Greenley | (Principal Executive Officer) |  |
| /s/ Guillaume Lavoie | Chief Financial Officer | March 13, 2026 |
| Guillaume Lavoie | (Principal Financial and Accounting Officer) |  |
| /s/ Brendan Paddick | Chairman, Lead Director | March 13, 2026 |
| Brendan Paddick |  |  |
| /s/ Darren Farber | Director | March 13, 2026 |
| Darren Farber |  |  |
| /s/ Jill Smith | Director | March 13, 2026 |
| Jill Smith |  |  |
| /s/ John Risley | Director | March 13, 2026 |
| John Risley |  |  |
| /s/ Karl Smith | Director | March 13, 2026 |
| Karl Smith |  |  |
| /s/ Yaprak Baltacioglu | Director | March 13, 2026 |
| Yaprak Baltacioglu |  |  |
| /s/ Yung Wu | Director | March 13, 2026 |
| Yung Wu |  |  |

---

**Authorized Representative**

Pursuant to the requirements of Section 6(a) of the Securities Act, the undersigned has signed this Registration Statement, solely in its capacity as the duly authorized representative of the Registrant in the United States, on March 13, 2026.

---

| | |
|:---|:---|
| **MDA SYSTEMS INC.** | **MDA SYSTEMS INC.** |
| By: | /s/ Michael Greenley |
| Name: | Michael Greenley |
| Title: | Chief Executive Officer and President |

---

## Exhibit 4.1

#### Exhibit 4.1
&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-1img001.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-1img002.jpg)<br>

## Exhibit 4.2

**Exhibit 4.2**

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img001.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img002.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img003.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img004.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img005.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img006.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](tm266080d4_ex4-2img007.jpg)<br>

**SCHEDULE "A"**

**STATEMENT OF A DIRECTOR**

**OF**

**<u>2828330</u> ONTARIO INC.**

**AND**

**MDA LTD.**

**PURSUANT TO SECTION 178(2) OF**

**THE *BUSINESS CORPORATIONS ACT* (ONTARIO)**

I, <u>Andrew Lapham.</u> of the City of <u>Toronto,</u> in the Province of Ontario, state that:

1. This Statement is made pursuant to Section 178(2) of the *Business Corporations Act* (Ontario).

2. I am a Director of <u>2828330</u> Ontario Inc. and as such have knowledge of its affairs.

3. I am a Director of MDA Ltd. and as such have knowledge of its affairs.

4. The amalgamation of <u>2828330</u> Ontario Inc. and MDA Ltd. (the **"Amalgamating Corporations")** has been approved.

5. There are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the Amalgamating Corporations is, and the corporation resulting from the amalgamation of the Amalgamating
Corporations (the **"Amalgamated Corporation")** will be, able to pay its liabilities as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the realizable value of the Amalgamated Corporation's assets will not be less than the aggregate of its
liabilities and stated capital of all classes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no creditor will be prejudiced by the amalgamation.

**DATED** as of the <u>6<sup>th</sup></u> day of <u>April</u>, 2021.

---

| |
|:---|
| /s/ Andrew Lapham |
| Andrew Lapham, |
| Director of <u>2828330</u> Ontario Inc. |
| and Director of MDA Ltd. |

---

SCHEDULE "B"

**AMALGAMATION AGREEMENT**

**THIS AGREEMENT** is made as of the 6<sup>th</sup> day of April, 2021.

---

| | |
|:---|:---|
| **BETWEEN:** |  |
|  | **2828330 ONTARIO INC.,** a corporation incorporated under the laws of the Province of Ontario, |
|  | **("Newco")** |
|  | -and- |
|  | **MDA LTD.,** a corporation incorporated under the laws of the Province of Ontario, |
|  | **("MDA")** |

---

**RECITALS:**

A. Each of the Amalgamating Corporations has agreed to amalgamate in accordance with the Act on the terms
and conditions set out in this Agreement.

B. The authorized share capital of Newco consists of an unlimited number of common shares of which 513,720,000
are issued and outstanding.

C. The authorized share capital of MDA Consists of an unlimited number of common shares of which 518,290,223
are issued and outstanding.

**NOW THEREFORE** the Amalgamating Corporations hereby agree as follows:

**ARTICLE I**

**DEFINITIONS AND RULES OF INTERPRETATION**

**1.1 Definitions**

Throughout this Agreement, except as otherwise expressly provided, the following terms shall have the following corresponding meanings:

**"Act"** means the *Business Corporations Act* (Ontario).

**"Agreement", "this Agreement", "the Agreement", "hereof", "herein", "hereto", "hereby", "hereunder"** and similar expressions mean this amalgamation agreement between the Amalgamating Corporations, including all schedules and all instruments amending or restating this Agreement. All references to **"Articles", "Sections"** and **"Schedules"** mean and refer to the specified article, section and schedule of this Agreement.

**"Amalgamating Corporations"** means Newco and MDA.

**"Business Day"** means any day which is not a Saturday, a Sunday or a day observed as a statutory or civic holiday under the laws of the Province of Ontario or the federal laws of Canada applicable in the Province of Ontario, on which the principal Canadian chartered banks in the City of Toronto, Ontario are open for business.

**"Certificate Date"** means the date of the Certificate of Amalgamation.

**"Certificate of Amalgamation"** means the certificate of amalgamation to be dated April 6, 2021 issued pursuant to the Act.

**"Corporation"** means the corporation that will continue as a result of the amalgamation of the Amalgamating Corporations.

**"Notice"** shall have the meaning given to it in Section 4.2.

**1.2 Rules of Interpretation**

In this Agreement and the Schedules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Time —** Time is of the essence in and of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Calculation of Time —** Unless otherwise specified, time periods within or following which
act is to be done shall be calculated by excluding the day on which the period commences and including the day on which the period ends.
Where the last day of any such time period is not a Business Day, such time period shall be extended to the next Business Day following
the day on which it would otherwise end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Business Days —** Whenever any action to be taken pursuant to this Agreement would otherwise
be required to be made on a day that is not a Business Day, such action shall be taken on the first Business Day following such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Currency —** Unless otherwise specified, all references to amounts of money in this Agreement
refer to the lawful currency of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Headings —** The descriptive headings preceding Articles and Sections of this Agreement are
inserted solely for convenience of reference and are not intended as complete or accurate descriptions of the content of such Articles
or Sections. The division of this Agreement into Articles and Sections shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Including —** Where the word **"including"** or **"includes"** is
used in this Agreement, it means **"including without limitation"** or **"includes without limitation".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Plurals and Gender —** The use of words in the singular or plural, or referring to a particular
gender, shall not limit the scope or exclude the application of any provision of this Agreement to such persons
or circumstances as the context otherwise permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Statutory References —** Any reference to a statute shall mean the statute in force as at the
date of this Agreement (together with all regulations promulgated thereunder), as the same may be amended, re-enacted, consolidated or
replaced from time to time, and any successor statute thereto, unless otherwise expressly provided.

**1.3 Applicable Law**

This Agreement shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and shall be treated, in all respects, as an Ontario contract.

**ARTICLE II**

**AMALGAMATION**

**2.1 Effective Date**

The Amalgamating Corporations agree to amalgamate effective on the Certificate Date in accordance with the provisions of the Act and to continue as one corporation on the terms and conditions of this Agreement.

**2.2 Name**

The name of the Corporation shall be MDA LTD.

**2.3 Financial Year**

The first financial year of the Corporation shall commence at the earliest possible moment on the Certificate Date.

**2.4 Registered Office**

The registered office of the Corporation shall be located at 9445 Airport Road, Brampton, Ontario, Canada L6S 0B6.

**2.5 Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The board of directors of the Corporation
 shall consist of a minimum of three and a maximum of twenty directors. The directors of the
 Corporation shall be the persons whose names, addresses and resident Canadian status are
 set out below:

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** | **<u>Resident<br> Canadian</u>** |
| Andrew Lapham | 135 Yorkville Avenue, 9<sup>th</sup> Floor<br> Toronto, Ontario Canada M5R 0C7 | Yes |
| Michael Greenley | 9445 Airport Road <br> Brampton, Ontario Canada L6S 0B6. | Yes |
| James Balsillie | 7992 Mill Road RR#4<br> Guelph / Eramosa, Ontario Canada N1H 6J1 | Yes |
| Yaprak Baltacioglu | 371 Lanark Avenue <br> Ottawa, Ontario Canada K2A 0A4 | Yes |
| Darren Farber | 10122 River Road, Suite 205<br> Potomac, Maryland USA 20854 | No |
| Brendan Paddick | 54 Fortune Bay Inlet, P.O. Box F-42498<br> Freeport, The Bahamas | No |
| Anthony Pagano | 146 The Kingsway <br> Toronto, Ontario Canada M8X 2V3 | Yes |
| John Risley | 757 Bedford Highway<br> Bedford, Nova Scotia Canada B4A 3Z7 | Yes |
| Jill Smith | 40 Hampshire Street <br> West Newton, MA USA 02465 | No |
| Jim Stavridis | 24448 Moss Creek Lane<br> Ponte Vedra Beach, FL USA 32082 | No |
| Richard Florizone | 14 Academy Crescent <br> Waterloo, Ontario Canada N2L5H7 | Yes |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors shall hold office until the first annual meeting of the Corporation or until successors
 are elected or appointed. Subsequent directors of the Corporation shall be elected in accordance
 with the provisions of the Act and the by-laws of the Corporation.

**2.6 Restrictions on Business of the Corporation**

There shall be no restrictions on the business that the Corporation may carry on.

**2.7 Other Provisions**

The articles of the Company will be amended to provide for the requirement that: (i) a majority of the board of directors of the Company must be resident Canadians, and (ii) the head and registered office of the Company must be located in Canada.

**2.8 Restrictions on Transfer of Securities**

None.

**2.9 By-Laws**

The Corporation shall enact a new set of by-laws to govern the business and affairs of the Corporation. A copy of the proposed by-laws of the Corporation may be examined at 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7 or the registered office of the Corporation.

**ARTICLE III**

**SHARE CAPITAL OF THE CORPORATION**

**3.1 Authorized Share Capital of the Corporation**

The authorized capital of the Corporation shall be an unlimited number of shares of one class, designated as Common Shares.

**3.2 Issued Share Capital of the Corporation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the amalgamation becoming effective, the issued capital of the Amalgamating Corporations shall be converted or cancelled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The 513,720,000 issued and outstanding common shares in the capital of Newco shall be converted into 85,620,000
common shares of the Corporation on the basis of 1 common share for every 6 common shares held in the capital of Newco; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The 518,290,223 issued and outstanding common shares in the capital of MDA shall be converted into 761,695
common shares of the Corporation on the basis of 1 common share for every 6 common shares held by each shareholder in the capital of MDA
with the exception of the 513,720,000 common shares in the capital of MDA held by Newco. The 513,720,000 common shares held by Newco shall
be cancelled without any repayment of capital in respect thereof and shall not be converted into shares of the Corporation in connection
with the amalgamation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The stated capital attributable to the common shares of the Corporation issuable pursuant to Section 3.2
on the conversion of shares of the Amalgamating Corporations shall be the aggregate stated capital attributable to the shares so converted
into that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the amalgamation becoming effective on the Certificate Date, the holders of issued shares of the
Amalgamating Corporations, upon surrendering their certificates representing the issued shares of the Amalgamating Corporations, shall
be entitled to receive certificates for shares of the Corporation in accordance with the provisions of this Agreement.

**ARTICLE IV**

**GENERAL**

**4.1 Termination**

This Agreement may be terminated by the directors of either of the Amalgamating Corporations at any time before the issuance of the Certificate of Amalgamation, notwithstanding the approval of the Amalgamation Agreement by the shareholders of each of the Amalgamating Corporations.

**4.2 Notice**

All notices, requests, demands or other communications required or permitted to be given by one Amalgamating Corporation to another under this Agreement (each, a **"Notice")** shall be given in writing and delivered by personal delivery or delivery by recognized national courier, sent by facsimile transmission or delivered by registered mail, postage prepaid, or by electronic communication (including e-mail and Internet or intranet websites addressed as follows:

---

| | | | |
|:---|:---|:---|:---|
| (a) | If to Newco: | 9445 Airport Road | 9445 Airport Road |
|  |  | Brampton, ON L6S 0B6 | Brampton, ON L6S 0B6 |
|  |  | Attention: | Andrew Lapham, Director |
|  |  | Email Address: | alapham@npcapital.com |
| (b) | If to MDA: | 9445 Airport Road | 9445 Airport Road |
|  |  | Brampton, ON L6S 0B6 | Brampton, ON L6S 0B6 |
|  |  | Attention: | Andrew Lapham, Director |
|  |  | Email Address: | alapham@npcapital.com |

---

or at such other address or e-mail address at which the addressee may from time to time notify the addressor. Any Notice delivered by personal delivery or by courier to the Party to whom it is addressed as provided above shall be deemed to have been given and received on the day it is so delivered at such address. If such day is not a Business Day, or if the Notice is received after 4:00 p.m. (addressee's local time), then the Notice shall be deemed to have been given and received on the next Business Day. Any Notice sent by prepaid registered mail shall be deemed to have been given and received on the fourth Business Day following the date of its mailing. Any Notice transmitted by facsimile shall be deemed to have been given and received on the day in which transmission is confirmed. If such day is not a Business Day or if the facsimile transmission is received after 4:00 p.m. (addressee's local time), then the Notice shall be deemed to have been given and received on the first Business Day after its transmission. Attempted delivery of any Notice hereunder by electronic communication (including but not limited to email and Internet or intranet websites, but excluding facsimile transmission) shall not constitute delivery of such Notice for the purposes of this Agreement.

**4.3 Waiver**

Except as otherwise expressly set out herein, no waiver of any provision of this Agreement shall be binding unless it is in writing. No indulgence, forbearance or other accommodation by a party shall constitute a waiver of such party's right to insist on performance in full and in a timely manner of all covenants in this Agreement or in any document delivered pursuant to this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter, or any other provision of this Agreement at any time.

**4.4 Further Assurances**

The Amalgamating Corporations shall do all such things and provide all such reasonable assurances as may be required to consummate the transactions contemplated by this Agreement, and each of the Amalgamating Corporations shall provide such further documents or instruments required by the other Amalgamating Corporation as may be reasonably necessary or desirable to effect the purpose of this Agreement and carry out its provisions.

**4.5 Execution by Electronic Transmission**

The signature of either of the Amalgamating Corporations may be evidenced by a facsimile, scanned email or internet transmission copy of this Agreement bearing such signature.

**4.6 Counterparts**

This Agreement may be signed in one or more counterparts, each of which so signed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument. Notwithstanding the date of execution or transmission of any counterpart, each counterpart shall be deemed to have the effective date first written above.

**[SIGNATURE PAGES TO IMMEDIATELY FOLLOW]**

**IN WITNESS WHEREOF** the parties have duly executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **<u>2828330</u> ONTARIO INC.** | **<u>2828330</u> ONTARIO INC.** |
| Per: | /s/ Andrew Lapham |
|  | Andrew Lapham, Director |
| **MDA LTD.** | **MDA LTD.** |
| Per: | /s/ Andrew Lapham |
|  | Andrew Lapham, Director |

---

---

| | |
|:---|:---|
| ![](tm266080d4_ex4-2img008.jpg) | **Ministry of Public and** |
| ![](tm266080d4_ex4-2img008.jpg) | **Business Service Delivery** |
| ![](tm266080d4_ex4-2img008.jpg) | **Ministère des Services au public et** |
| ![](tm266080d4_ex4-2img008.jpg) | **aux entreprises** |

---

---

| | |
|:---|:---|
| **Certificate of Amendment** | **Certificat de modification** |
| Business Corporations Act | Loi sur les sociétés par actions |

---

**MDA SPACE LTD.**

Corporation Name / Dénomination sociale

**5048445**

Ontario Corporation Number / Numéro de société de l'Ontario

This is to certify that these articles are effective on La présente vise à attester que ces statuts entreront en vigueur le

**May 09, 2024 / 09 mai 2024**

![](tm266080d4_ex4-2img009.jpg)

Director / Directeur

Business Corporations Act / Loi sur les sociétés par actions

---

| | | |
|:---|:---|:---|
| The Certificate of Amendment is not complete without the Articles of Amendment | ![](tm266080d4_ex4-2img010.jpg) | Ce certificat de modification n'est pas complet s'il ne contient pas les statuts de modification |
| Certified a true copy of the record of the Ministry of Public and Business Service Delivery. | ![](tm266080d4_ex4-2img010.jpg) | Copie certifiée conforme du dossier du ministère des Services au public et aux entreprises. |
|  | ![](tm266080d4_ex4-2img010.jpg) |  |
| ![](tm266080d4_ex4-2img011.jpg) | ![](tm266080d4_ex4-2img010.jpg) | ![](tm266080d4_ex4-2img011.jpg) |
| Director/Registrar | ![](tm266080d4_ex4-2img010.jpg) | Directeur ou registrateur |

---

BCA - Articles of Amendment - MDA SPACE LTD. - OCN:5048445 - May 09, 2024

---

| | |
|:---|:---|
| ![](tm266080d4_ex4-2img008.jpg) | Ministry of Public and |
| ![](tm266080d4_ex4-2img008.jpg) | Business Service Delivery |

---

**Articles of Amendment**

Business Corporations Act

**Corporation Name (Date of Incorporation/Amalgamation)**

MDA LTD. (April 06, 2021)

**1.** **The name of the corporation is changed to:**

MDA SPACE LTD.

**2.** **The number of directors or the minimum/maximum number of directors are amended as follows:**

Not amended

**3.** **The articles are amended as follows:**

**A. Restrictions, if any, on business the corporation may carry on or on powers the corporation may exercise. If none, enter "None":**

Not amended

**B.** **The classes and any maximum number of shares that the corporation is authorized to issue:**

Not amended

**C.** **Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors' authority with respect to any class of shares which may be issued in series. If there is only one class of shares, enter "Not Applicable":**

Not amended

The endorsed Articles of Amendment are not complete without the Certificate of Amendment.

Certified a true copy of the record of the Ministry of Public and Business Service Delivery.

---

| | |
|:---|:---|
| ![](tm266080d4_ex4-2img011.jpg) |  |
| Director/Registrar, Ministry of Public and Business Service Delivery | Page 1 of 3 |

---

BCA - Articles of Amendment - MDA SPACE LTD. - OCN:5048445 - May 09, 2024

**D. The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows. If none, enter "None":**

Not amended

**E. Other provisions:**

Not amended

**4. The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the Business Corporations Act.**

**5.** **The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the corporation on:**

April 23, 2024

**The articles have been properly executed by the required person(s).**

The endorsed Articles of Amendment are not complete without the Certificate of Amendment.

Certified a true copy of the record of the Ministry of Public and Business Service Delivery.

---

| | |
|:---|:---|
| ![](tm266080d4_ex4-2img011.jpg) |  |
| Director/Registrar, Ministry of Public and Business Service Delivery | Page 2 of 3 |

---

BCA - Articles of Amendment - MDA SPACE LTD. - OCN:5048445 - May 09, 2024

---

| | |
|:---|:---|
| **Supporting Information - Nuans Report Information** |  |
| Nuans Report Reference # | 122219472 |
| Nuans Report Date | May 06, 2024 |

---

The endorsed Articles of Amendment are not complete without the Certificate of Amendment.

Certified a true copy of the record of the Ministry of Public and Business Service Delivery.

---

| | |
|:---|:---|
| ![](tm266080d4_ex4-2img011.jpg) |  |
| Director/Registrar, Ministry of Public and Business Service Delivery | Page 3 of 3 |

---

## Exhibit 4.3

**Exhibit 4.3**

**BY-LAW NO. 1**

***Business Corporations Act* (Ontario)**

**A by-law relating generally to the regulation of the business and affairs of**

**MDA LTD.**<br> (the "**Corporation**")

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Section I DEFINITIONS AND INTERPRETATION** | **Section I DEFINITIONS AND INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Certain Rules of Interpretation | 1 |
| **Section II DIRECTORS** | **Section II DIRECTORS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Quorum | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Qualification | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Election and Term | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Removal of Directors | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Vacation of Office | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Vacancies | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Remuneration and Expenses | 3 |
| **Section III MEETINGS OF DIRECTORS** | **Section III MEETINGS OF DIRECTORS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Meetings by Telephone, Electronic or Other Communication Facility | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Place of Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Calling of Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Notice of Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Waiver of Notice | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | First Meeting of New Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Adjourned Meeting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Regular Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Chairperson of Meetings of the Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Votes to Govern | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | One Director Meeting | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Resolution in Writing | 5 |
| **Section IV COMMITTEES** | **Section IV COMMITTEES** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Committee of Directors | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Audit Committee | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Transaction of Business | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Procedure | 5 |
| **Section V OFFICERS** | **Section V OFFICERS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Appointment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Chairperson of the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | President and Chief Executive Officer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Vice-President | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Secretary | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Treasurer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Powers and Duties of Other Officers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Variation of Powers and Duties | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Term of Office | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Agents and Attorneys | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | Fidelity Bonds | 7 |

---

- ii -

---

| | | |
|:---|:---|:---|
| **Section VI PROTECTION OF DIRECTORS AND OFFICERS** | **Section VI PROTECTION OF DIRECTORS AND OFFICERS** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Limitation of Liability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Indemnity | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Insurance | 9 |
| **Section VII MEETINGS OF SHAREHOLDERS** | **Section VII MEETINGS OF SHAREHOLDERS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Annual Meetings | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Special Meetings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Place of Meetings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Meetings by Telephone, Electronic or Other Communication Facility | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Notice of Meetings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Adjournment and Postponement | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 | List of Shareholders Entitled to Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 | Record Date for Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 | Meetings Without Notice | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | Chairperson, Secretary and Scrutineers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Persons Entitled to be Present | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | Quorum | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | Entitlement to Vote | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | Proxies | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | Time for Deposit of Proxies | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | Joint Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 | Votes to Govern | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | Show of Hands | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | Ballots | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 | Voting While Participating Electronically | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | Resolution in Writing | 14 |
| **Section VIII SECURITIES** | **Section VIII SECURITIES** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Registration of Transfer | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Transfer Agents and Registrars | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Lien on Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Enforcement of Lien | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Security Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Replacement of Security Certificates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Joint Shareholders | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | Representatives of Security Holders | 16 |
| **Section IX ADVANCE NOTICE** | **Section IX ADVANCE NOTICE** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Nomination of Directors | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Timely Notice | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Manner of Timely Notice | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Proper Form of Timely Notice | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Determination of Eligibility | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Terms | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | Delivery of Notice | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Waiver | 20 |

---

- iii -

---

| | | |
|:---|:---|:---|
| **Section X DIVIDENDS AND RIGHTS** | **Section X DIVIDENDS AND RIGHTS** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Dividends | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Payment of Dividends | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Non-Receipt of Cheques | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Record Date for Dividends and Rights | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Unclaimed Dividends | 21 |
| **Section XI FORUM SELECTION** | **Section XI FORUM SELECTION** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Forum of Adjudication of Certain Disputes | 21 |
| **Section XII GENERAL** | **Section XII GENERAL** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Execution of Instruments | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Electronic Signatures | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Voting Rights in other Corporations | 22 |
| **Section XIII NOTICES** | **Section XIII NOTICES** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Method of Sending Notice | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Notice by Electronic Communications | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Notice to Joint Shareholders | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Computation of Time | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Undelivered Notices | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Omissions and Errors | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Persons Entitled by Operation of Law | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Waiver of Notice | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | Execution of Notices | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | Proof of Service | 24 |

---

**Section I<br> DEFINITIONS AND INTERPRETATION**

**1.1** **Definitions** 

In this by-law and in all other by-laws of the Corporation, unless the context otherwise requires:

"**Act**" means the *Business Corporations Act* (Ontario) as amended or re-enacted from time to time and includes the regulations made pursuant thereto.

"**board**" means the board of directors of the Corporation.

"**Business Day**" means any day which is not a Sunday or a day observed as a statutory or civic holiday under the laws of the Province of Ontario or the federal laws of Canada applicable in the Province of Ontario, on which the principal Canadian chartered banks in the City of Toronto, Ontario are open for business.

"**by-laws**" means all by-laws of the Corporation.

"**director**" means a director of the Corporation.

**1.2** **Certain Rules of Interpretation** 

In these by-laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Headings – The descriptive headings preceding sections of these by-laws are inserted solely for
convenience of reference and are not intended as complete or accurate descriptions of the content of such sections. The division of these
by-laws into sections shall not affect the interpretation of these by-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Including – Where the word "including" or "includes" is used in these by-laws,
it means "including without limitation" or "includes without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Plurals and Gender – The use of words in the singular or plural, or referring to a particular gender,
shall not limit the scope or exclude the application of any provision of these by-laws to such persons or circumstances as the context
otherwise permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Statutory References – Any reference to a statute shall mean the statute in force as at the date
of these by-laws (together with all regulations promulgated thereunder), as the same may be amended, re-enacted, consolidated or replaced
from time to time, and any successor statute thereto, unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Undefined Terms - All terms used in the by-laws which are defined in the Act shall have the meanings given
to such terms in the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Paramountcy - If any of the provisions contained in this by-law are inconsistent with those contained
in the articles or a unanimous shareholder agreement, the provisions contained in the articles or unanimous shareholder agreement, as
the case may be, shall prevail.

**Section II<br> DIRECTORS**

**2.1** **Quorum** 

The quorum for the transaction of business at any meeting of the board shall consist of a majority of the directors or such greater number of directors as the board may from time to time determine subject to the provisions of the Act. If, however, the Corporation has fewer than three directors, all directors must be present at any meeting of the board to constitute a quorum.

**2.2** **Qualification** 

No person shall be qualified for election as a director if that person: (a) is less than 18 years of age; (b) has been found under the *Substitute Decisions Act, 1992* (Ontario) or under the *Mental Health Act* (Ontario) to be incapable of managing property or who has been found to be incapable by a court in Canada or elsewhere; (c) is not an individual; or (d) has the status of a bankrupt. A director need not be a shareholder. At least 25% of the directors shall be resident Canadians. However, if the Corporation has fewer than four directors, at least one director shall be a resident Canadian.

**2.3** **Election and Term** 

The election of directors shall take place at the first meeting of shareholders and at each annual meeting of shareholders. A director not elected for an expressly stated term shall cease to hold office at the close of the first annual meeting following election or appointment. If an election of directors is not held at the proper time, the incumbent directors shall continue in office until their successors are elected.

**2.4** **Removal of Directors** 

**2.5** **Vacation of Office** 

A director ceases to hold office when that director: (a) dies; (b) is removed from office by the shareholders; or (c) ceases to be qualified for election as a director. A director who resigns ceases to hold office when that director's written resignation is received by the Corporation or, if a time is specified in such resignation, at the time so specified, whichever is later. Until the first meeting of shareholders, the resignation of a director named in the articles shall not be effective unless at the time the resignation is to become effective a successor has been elected or appointed.

**2.6** **Vacancies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of the Act, if a quorum of the board remains in office, the board may fill a
vacancy in the board, except a vacancy resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an increase in the number of directors otherwise than in accordance with section 2.6(b), or in the
maximum number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a failure to elect the number of directors required to be elected at any meeting of the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the directors are empowered to determine the number of directors the directors may not, between
meetings of shareholders, appoint an additional director if, after such appointment, the total number of directors would be greater than
one and one-third times the number of directors required to have been elected at the last annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of a quorum of the board, or if the board is not permitted to fill such vacancy, the board
shall forthwith call a special meeting of shareholders to fill the vacancy. If the board fails to call such meeting or if there are no
directors then in office, then any shareholder may call the meeting.

**2.7** **Remuneration and Expenses** 

The directors shall be paid such remuneration for their services as the board may from time to time determine and shall also be entitled to be reimbursed for travelling and other expenses properly incurred by them in attending meetings of the board or any committee thereof. Nothing in this by-law shall preclude any director from serving the Corporation in any other capacity and receiving remuneration therefor.

**Section III<br> MEETINGS OF DIRECTORS**

**3.1** **Meetings by Telephone, Electronic or Other Communication Facility** 

A meeting of the board or of a committee of the board may be held by means of such telephone, electronic or other communication facilities that permits all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and any director participating in such a meeting by such means is deemed to (a) consent to such meeting formation and (b) be present at that meeting.

**3.2** **Place of Meetings** 

Meetings of the board may be held at any place within or outside Ontario. In any financial year of the Corporation, a majority of the meetings of the board need not be held within Canada.

**3.3** **Calling of Meetings** 

Subject to the Act, meetings of the board shall be held from time to time on such day and at such time and at such place as the board, the chairperson of the board (if any), the president, a vice-president who is also a director or any 2 directors may determine and the secretary, when directed by the board, the chairperson of the board (if any), the president, a vice-president who is also a director or any 2 directors, shall convene a meeting of the board upon notice given to all directors in accordance with section 3.4.

**3.4** **Notice of Meeting** 

Notice of the time and place of each meeting of the board shall be given in the manner provided in section 11.1 to each director by telephone or by email not less than 48 hours before the time when the meeting, including, for greater certainty, the day on which the notice is given. A notice of a meeting of the board need not specify the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business to be specified.

**3.5** **Waiver of Notice** 

A director may in any manner and at any time waive notice of or otherwise consent to a meeting of the board, including by sending an electronic document to that effect. Attendance of a director at a meeting of the board shall constitute a waiver of notice of that meeting, except where a director attends for the express purpose of objecting to the transaction of any business on the grounds that the meeting has not been properly called.

**3.6** **First Meeting of New Board** 

Provided a quorum of directors is present, each newly elected board may without notice hold its first meeting immediately following the meeting of shareholders at which such board is elected.

**3.7** **Adjourned Meeting** 

Notice of an adjourned meeting of the board is not required if the time and place of the adjourned meeting is announced at the original meeting.

**3.8** **Regular Meetings** 

The board may appoint a day or days in any month or months for regular meetings of the board at a place and hour to be named. A copy of any resolution of the board fixing the place and time of such regular meetings shall be sent to each director forthwith after being passed, but no other notice shall be required for any such regular meeting except where the Act requires the purpose thereof or the nature of the business to be transacted to be specified.

**3.9** **Chairperson of Meetings of the Board** 

The chairperson of any meeting of the board shall be the chairperson of the board, or in his or her absence the lead independent director, or in his or her absence, the president and chief executive officer and a director, or in his or her absence or if the president and chief executive officer is not a director, a director chosen by the directors at the meeting.

**3.10** **Votes to Govern** 

At all meetings of the board, each director shall have one vote and every question shall be decided by a majority of the votes cast on the question. In case of an equality of votes, the chairperson of the meeting shall <u>not</u> be entitled to a second or casting vote.

**3.11** **One Director Meeting** 

Where the board consists of only one director, that director may constitute a meeting.

**3.12** **Resolution in Writing** 

A resolution in writing signed by all of the directors is as valid as if it had been passed at a meeting of the directors.

**Section IV<br> COMMITTEES**

**4.1** **Committee of Directors** 

The board may appoint from their number one or more committees of the board, however designated, and delegate to such committee any of the powers of the board except those which, under the Act, a committee of the board has no authority to exercise.

**4.2** **Audit Committee** 

If the Corporation is an offering corporation the board shall, and otherwise the board may, constitute an audit committee composed of not fewer than three directors, a majority of whom are not officers or employees of the Corporation or any of its affiliates, and who shall hold office until the next annual meeting of shareholders. The audit committee shall have the powers and duties provided in the Act.

**4.3** **Transaction of Business** 

The powers of a committee of the board may be exercised by a meeting at which a quorum is present or by resolution in writing signed by all the members of such committee who would have been entitled to vote on that resolution at a meeting of the committee. Meetings of such committee may be held at any place within or outside Ontario.

**4.4** **Procedure** 

Unless otherwise determined by the board, each committee shall have the power to fix its quorum at not less than a majority of its members, to elect its chairman and to regulate its procedure. To the extent that the board or the committee does not establish rules to regulate the procedure of the committee, the provisions of this by-law applicable to meetings of the board shall apply *mutatis mutandis*.

**Section V<br> OFFICERS**

**5.1** **Appointment** 

The board may designate the offices of the Corporation and from time to time appoint a chairperson of the board, a president and chief executive officer, one or more vice-presidents (to which title may be added words indicating seniority or function), a secretary, a treasurer and such other officers as the board may determine, including one or more assistants to any of the officers so appointed. The board may specify the duties of and, in accordance with this by-law and subject to the provisions of the Act, delegate to such officers powers to manage the business and affairs of the Corporation. One person may hold more than one office and, except for the chairman of the board and the managing director, an officer need not be a director.

**5.2** **Chairperson of the Board** 

If appointed, the chairperson of the board may be assigned by the board any of the powers and duties that are by any provisions of this by-law assigned to the managing director or to the president and, subject to the provisions of the Act, such other powers and duties as the board may specify. The chairperson of the board shall, when present, preside at all meetings of the board and shareholders. Subject to section 3.9 and section 7.9, during the absence or disability of the chairperson of the board, the duties of the chairperson of the board shall be performed, and the powers exercised, by the first mentioned of the following officers then in office: the managing director, the president or a vice-president (in order of seniority).

**5.3** **President and Chief Executive Officer** 

If appointed, the president shall be the chief executive officer and have general supervision of the business and affairs of the Corporation, subject to the direction and authority of the board, the chairperson of the board, and shall have such other powers and duties as the board may specify.

**5.4** **Vice-President** 

If appointed, the vice-president, or if more than one, the vice-presidents, in order of seniority as designated by the board, shall be vested with all the powers and perform all the duties of the president and chief executive officer in the president's absence, inability or refusal to act, except that a vice-president shall not preside at any meeting of the directors unless appointed to do so by the board. A vice-president shall have such powers and duties as the board or the president and chief executive officer may specify.

**5.5** **Secretary** 

If appointed, the secretary shall attend and be the secretary of all meetings of the board, shareholders and committees of the board and shall enter or cause to be entered in records kept for that purpose minutes of all such proceedings. The secretary shall give or cause to be given, as and when instructed, all notices to shareholders, directors, officers and auditors. The secretary shall be the custodian of all books and records of the Corporation, except when some other officer or agent has been appointed for that purpose. The secretary shall have such other powers and duties as the board or the president and chief executive officer may specify.

**5.6** **Treasurer** 

If appointed, the treasurer shall keep or cause to be kept proper accounting records in compliance with the Act and shall be responsible for the deposit of money, the safekeeping of securities and the disbursement of funds of the Corporation. The treasurer shall render to the board whenever required an account of all transactions undertaken as treasurer and of the financial position of the Corporation and shall have such other powers and duties as the board or the president and chief executive officer may specify.

**5.7** **Powers and Duties of Other Officers** 

The powers and duties of all other officers shall be such as the terms of their engagement call for or as the board or the president and chief executive officer may specify. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the board or the president and chief executive officer otherwise directs.

**5.8** **Variation of Powers and Duties** 

Subject to the provisions of the Act, the board may from time to time vary, add to or limit the powers and duties of any officer.

**5.9** **Term of Office** 

The board, in its discretion, may remove any officer of the Corporation without prejudice to such officer's rights under any employment contract. Otherwise, each officer appointed by the board shall hold office until a successor is appointed, except that the term of office of the chairperson of the board shall expire when the holder thereof ceases to be a director.

**5.10** **Agents and Attorneys** 

The board shall have the power from time to time to appoint agents or attorneys for the Corporation in or out of Ontario with such powers of management or otherwise (including the power to sub-delegate) as the board may determine.

**5.11** **Fidelity Bonds** 

The board may require such officers, employees and agents of the Corporation as the board deems advisable to furnish bonds for the faithful discharge of their duties in such form and with such surety as the board may from time to time prescribe.

**Section VI<br> PROTECTION OF DIRECTORS AND OFFICERS**

**6.1** **Limitation of Liability** 

Except as otherwise provided in the Act, no director or officer for the time being of the Corporation shall be liable for the acts, receipts, neglects or defaults of any other director or officer or employee or for joining in any receipt or act for conformity or for any loss, damage or expense happening to the Corporation through the insufficiency or deficiency of title to any property acquired by the Corporation or for or on behalf of the Corporation or for the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to the Corporation shall be placed out or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any persons, firm or corporation including any person, firm or corporation with whom or which any moneys, securities or effects shall be lodged or deposited for any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities or other assets belonging to the Corporation or for any other loss, damage or misfortune whatever which may happen in the execution of the duties of his respective office or trust or in relation thereto unless the same shall happen by or through his failure to exercise the powers and to discharge the duties of his office honestly, in good faith and in the best interests of the Corporation and in connection therewith to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. The directors for the time being of the Corporation shall not be under any duty or responsibility in respect of any contract, act or transaction whether or not made, done or entered into in the name or on behalf of the Corporation, except such as shall have been submitted to and authorized or approved by the board. If any director or officer of the Corporation shall be employed by or shall perform services for the Corporation otherwise than as a director or officer or shall be a member of a firm or a shareholder, director or officer of a company which is employed by or performs services for the Corporation, the fact of his being a director or officer of the Corporation shall not disentitle such director or officer or such firm or company, as the case may be, from receiving proper remuneration for such services.

**6.2** **Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Indemnification**. The Corporation may indemnify and save harmless every director or officer, every
former director or officer, and every individual who acts or acted at the Corporation's request as a director or officer or an individual
in a similar capacity of another entity, from and against all costs, charges and expenses, including an amount paid to settle an action
or satisfy a judgment, reasonably incurred by that individual in respect of any civil, criminal, administrative, investigative or other
proceeding to which that individual is involved because of their association with the Corporation or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Advance of Costs**. The Corporation may advance money to a director, officer or other individual
for the costs, charges and expenses of a proceeding referred to in section 6.2(a), but such individual shall be required to repay
the money if the individual does not fulfil the conditions set out in section 6.2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Limitation**. The Corporation shall not indemnify an individual under section 6.2(a) unless
that individual acted honestly and in good faith with a view to the best interests of the Corporation or, as the case may be, to the best
interests of the other entity for which the individual acted as a director or officer or as an individual in a similar capacity at the
Corporation's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Further Limitation**. In addition to the conditions set out in section 6.2(c), if the matter
is a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Corporation shall not indemnify the individual
under section 6.2(a) unless that individual had reasonable grounds for believing that the conduct was lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Derivative Action**. The Corporation may, with the approval of a court, indemnify and save harmless
any individual referred to in section 6.2(a), or advance moneys under section 6.2(b) in respect of any action by or on
behalf of the Corporation or other entity to obtain a judgment in its favour, to which the individual is made a party because of the individual's
association with the Corporation or other entity against all costs, charges and expenses reasonably incurred by the individual in connection
with such action, if that individual acted honestly and in good faith with a view to the best interests of the Corporation or, as the
case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity
at the Corporation's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Right to Indemnity**. Despite section 6.2(a), an individual referred to in that section is entitled
to indemnity from the Corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with
the defence of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the
individual's association with the Corporation or other entity as described in section 6.2(a) if the individual seeking
an indemnity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was not judged by a court or other competent authority to have committed any fault or omitted to do anything
that the individual ought to have done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fulfils the condition set out in section 6.2(c) and section 6.2(d).

**6.3** **Insurance** 

The Corporation shall purchase and maintain such insurance for the benefit of an individual referred to in section 6.2(a) against any liability incurred by the individual in his or her capacity as a director or officer of the Corporation, or in his or her capacity as a director or officer, or a similar capacity of another entity, if the individual acts or acted in that capacity at the Corporation's request.

**Section VII<br> MEETINGS OF SHAREHOLDERS**

**7.1** **Annual Meetings** 

The annual meeting of shareholders shall be held at such time in each year and, subject to section 7.3, at such place as the board, may from time to time determine for the purpose of considering the financial statements and reports required by the Act to be placed before the annual meeting, electing directors, appointing auditors and fixing or authorizing the board to fix their remuneration, and for the transaction of such other business as may properly be brought before the meeting.

**7.2** **Special Meetings** 

The board, the chairperson of the board, the lead director (if any) or the president and chief executive officer shall have power to call a special meeting of shareholders at any time.

The holders of not less than five percent (5%) of the issued shares of the Corporation that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition. Upon receiving such a requisition, the directors shall call a meeting of shareholders to transact the business stated in the requisition unless,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a record date has been fixed under subsection 95(2) of the Act and notice thereof has been given
as required under subsection 95(4) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the directors have called a meeting of shareholders and have given notice thereof under section 96 of
the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of the meeting as stated in the requisition includes matters described in clauses 99(5)(b) to
(d) of the Act.

Subject to (a), (b) and (c), if the directors do not, within 21 days after receiving the requisition, call a meeting, any shareholder who signed the requisition may call the meeting.

The Corporation shall reimburse the shareholders for the expenses reasonably incurred by them in requisitioning, calling and holding the meeting unless the shareholders have not acted in good faith and in the interest of the shareholders of the Corporation generally.

**7.3** **Place of Meetings** 

Meetings of shareholders shall be held at the place where the registered office of the Corporation is situate or, if the board shall so determine, at some other place within or outside of Ontario.

**7.4** **Meetings by Telephone, Electronic or Other Communication Facility** 

Any person entitled to attend a meeting of shareholders may participate in the meeting, to the extent and in the manner permitted by law, by means of a telephone, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting if the Corporation makes available such a communication facility. A person participating in a meeting by such means is deemed for the purposes of the Act to be present at the meeting. The directors or the shareholders of the Corporation who call a meeting of shareholders pursuant to the Act may determine that the meeting shall be held, to the extent and in the manner permitted by law, entirely by means of a telephone, electronic or other communication facility that permits all participants to communicate adequately with each other during the meeting.

**7.5** **Notice of Meetings** 

Notice of the time and place of each meeting of shareholders (and of each meeting of shareholders adjourned for an aggregate of 30 days or more) shall be given in the manner provided in section 11.1 not less than 10 days (or such lesser number of days then required under the Act or any other applicable legislation, regulation or administrative policy), unless the Corporation is an offering corporation in which case not less than 21 days or, in either case, not more than 50 days before the date of the meeting, to each director, to the auditor of the Corporation and to each shareholder entitled to vote at the meeting. Notice of a meeting of shareholders called for any purpose other than consideration of the financial statements and auditor's report, election of directors and re-appointment of the incumbent auditor shall state the nature of such business in sufficient detail to permit a shareholder to form a reasoned judgment thereon and shall state the text of any special resolution or by-law to be submitted to the meeting.

**7.6** **Adjournment and Postponement** 

The chairperson at a meeting of shareholders may, with the consent of the meeting, adjourn the meeting from time to time and place to place. Notice of such adjourned meeting will be provided in accordance with the Act. A meeting of shareholders may be postponed or cancelled by the board at any time prior to the date of the meeting.

**7.7** **List of Shareholders Entitled to Notice** 

For every meeting of shareholders, the Corporation shall prepare a list of shareholders entitled to receive notice of the meeting, arranged in alphabetical order and showing the number of shares entitled to vote at the meeting held by each shareholder. If a record date for the meeting is fixed pursuant to section 7.7, the shareholders listed shall be those registered at the close of business on the record date and such list shall be prepared not later than 10 days after such record date. If no record date is fixed, the list shall be prepared at the close of business on the day immediately preceding the day on which notice of the meeting is given, or where no such notice is given, the day on which the meeting is held and shall list all shareholders registered at such time. The list shall be available for examination by any shareholder during usual business hours at the registered office of the Corporation or at the place where the securities register is kept and at the place where the meeting is held.

**7.8** **Record Date for Notice** 

The board may fix in advance a record date, preceding the date of any meeting of shareholders by not more than 60 days and not less than 30 days, for the determination of the shareholders entitled to notice of the meeting, and notice of any such record date shall be given not less than 7 days before such record date in the manner provided in the Act. If no record date is so fixed, the record date for the determination of the shareholders entitled to notice of the meeting shall be the close of business on the day immediately preceding the day on which the notice is given.

**7.9** **Meetings Without Notice** 

A shareholder and any other person entitled to attend a meeting of shareholders may in any manner and at any time waive notice of or otherwise consent to a meeting of shareholders. Attendance of any such person at a meeting of shareholders shall constitute a waiver of notice of the meeting except where that person attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not properly called.

**7.10** **Chairperson, Secretary and Scrutineers** 

The chairperson of any meeting of shareholders shall be the first mentioned of such of the following officers as have been appointed and who is present at the meeting and willing to serve: chairperson of the board, president and chief executive officer, or a vice-president who is a shareholder. If no such officer is present within 15 minutes from the time fixed for holding the meeting, the persons present and entitled to vote shall choose one of their number to be chairperson. If the secretary of the Corporation is absent, the chairperson shall appoint some person, who need not be a shareholder, to act as secretary of the meeting. If desired, one or more scrutineers, who need not be shareholders, may be appointed by a resolution or by the chairperson with the consent of the meeting.

**7.11** **Persons Entitled to be Present** 

The only persons entitled to be present at a meeting of the shareholders shall be those entitled to vote at that meeting, the directors and auditor of the Corporation, and others who, although not entitled to vote, are entitled or required under any provision of the Act, the articles or the by-laws to be present at the meeting. Any other person may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting.

**7.12** **Quorum** 

A quorum for the transaction of business at any meeting of shareholders shall be two persons present and entitled to vote at a meeting that hold or represent by proxy not less than 25% of the votes attached to the outstanding shares of the Corporation entitled to vote at the meeting.

**7.13** **Entitlement to Vote** 

Subject to the provisions of the Act as to authorized representatives of any other body corporate, at any meeting of shareholders every person who is named in the shareholders list prepared pursuant to section 7.6 shall be entitled to vote the shares shown thereon opposite the name of that person at the meeting to which the shareholder list relates.

**7.14** **Proxies** 

Every shareholder entitled to vote at a meeting of shareholders may appoint a proxyholder, or one or more alternate proxyholders, who need not be shareholders, to attend and act at the meeting in the manner and to the extent authorized and with the authority conferred by the proxy. A proxy shall be in writing executed by the shareholder or by the attorney of the shareholder or shall be an electronic document with an electronic signature and shall conform with the requirements of the Act.

**7.15** **Time for Deposit of Proxies** 

The board may by resolution and specified in a notice calling a meeting of shareholders fix a time, preceding the time of such meeting by not more than 48 hours exclusive of non-Business Days, before which time proxies to be used at such meeting must be deposited. A proxy shall be acted upon only if, prior to the time so specified, it shall have been deposited with the Corporation or an agent thereof specified in such notice or, if no such time is specified in such notice, it has been received by the secretary of the Corporation or by the chairman of the meeting or any adjournment thereof prior to the time of voting.

**7.16** **Joint Shareholders** 

If two or more persons hold shares jointly, any one of them present in person or represented by proxy at a meeting of shareholders may, in the absence of the other or others, vote the shares; but if two or more of those persons are present in person or represented by proxy and vote, they shall vote as one the shares jointly held by them.

**7.17** **Votes to Govern** 

At any meeting of shareholders every question shall, unless otherwise required by law, be determined by the majority of the votes cast on the question. In the case of an equality of votes either upon a show of hands or upon a ballot, the chairperson of the meeting shall <u>not</u> be entitled to a second or casting vote.

**7.18** **Show of Hands** 

Subject to the provisions of the Act, any question at a meeting of shareholders shall be decided by a show of hands unless a ballot thereon is required or demanded by electronic means or otherwise. Upon a show of hands, every person who is present and entitled to vote shall have one vote. Whenever a vote by show of hands shall have been taken upon a question, unless a ballot thereon is so required or demanded by electronic means or otherwise, a declaration by the chairperson of the meeting as to the result of the vote upon the question and an entry to that effect in the minutes of the meeting shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against any resolution or other proceeding in respect of such question, and the result of the vote so taken shall be the decision of the shareholders upon such question.

**7.19** **Ballots** 

On any question proposed for consideration at a meeting of shareholders, and whether or not a show of hands has been taken thereon, any shareholder or proxyholder entitled to vote at the meeting may demand a ballot. A ballot so demanded shall be taken in such manner as the chairperson shall direct, which manner shall permit a shareholder or proxyholder participating in the meeting electronically to cast a ballot. A demand for a ballot may be withdrawn at any time prior to the taking of the ballot. The result of the ballot so taken shall be the decision of the shareholders upon the question.

**7.20** **Voting While Participating Electronically** 

Any person participating in a meeting of shareholders by electronic means as provided in section 7.4 and entitled to vote at that meeting may vote, to the extent and in the manner permitted by law, partly or entirely by means of the telephone, electronic or other communication facility that the Corporation has made available for that purpose.

**7.21** **Resolution in Writing** 

A resolution in writing signed by all of the shareholders entitled to vote on that resolution at a meeting of shareholders is as valid as if it had been passed at a meeting of the shareholders unless a written statement with respect to the subject matter of the resolution is submitted by a director or the auditor in accordance with the Act.

**Section VIII<br> SECURITIES**

**8.1** **Registration of Transfer** 

Subject to the provisions of the Act, no transfer of shares shall be registered in a securities register except upon presentation of the certificate representing such shares with a transfer endorsed thereon or delivered therewith duly executed by the registered holder or by that holder's attorney or successor duly appointed, together with such reasonable assurance or evidence of signature, identification and authority to transfer as the board may from time to time prescribe, upon payment of all applicable taxes and any fees prescribed by the board, upon compliance with such restrictions on transfer as are authorized by the articles and upon satisfaction of any lien referred to in section 8.3.

**8.2** **Transfer Agents and Registrars** 

The board may from time to time appoint a registrar to maintain the securities register and a transfer agent to maintain the register of transfers and may also appoint one or more branch registrars to maintain branch securities registers and one or more branch transfer agents to maintain branch registers of transfers, but one person may be appointed both registrar and transfer agent. The board may at any time terminate any such appointment.

**8.3** **Lien on Shares** 

The Corporation has a lien on any share or shares registered in the name of a shareholder or the legal representative of that shareholder for any debt of that shareholder to the Corporation.

**8.4** **Enforcement of Lien** 

The lien referred to in section 8.3 may be enforced by any means permitted by law and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the share or shares are redeemable pursuant to the articles of the Corporation, by redeeming such
share or shares and applying the redemption price to the debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the Act, by purchasing the share or shares for cancellation for a price equal to the book value
of such share or shares and applying the proceeds to the debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by selling the share or shares to any third party whether or not such party is at arm's length to
the Corporation, and including without limitation any officer or director of the Corporation, for the best price which the directors consider
to be obtainable for such share or shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by refusing to register a transfer of such share or shares until the debt is paid.

**8.5** **Security Certificates** 

The securities of the Corporation shall be represented by certificates, or shall be uncertificated shares that may be evidenced by a book-entry system (including a non-certificated inventory system) maintained by the registrar of such security, or a combination of both. To the extent that the securities are represented by certificates, the certificates shall be in such form as the board shall from time to time approve. Any security certificate shall be signed in accordance with section 10.1. A security certificate shall be signed by at least one director, chairperson, president and chief executive officer or chief financial officer of the Corporation or by or on behalf of the transfer agent and/or registrar. Any and all such signatures may be facsimiles. A security certificate executed as aforesaid shall be valid notwithstanding that one of the directors or officers whose facsimile signature appears thereon no longer holds office at the date of issue of the certificate.

The security register and blank share certificates shall be kept by the secretary or by a transfer agent or by a registrar or by any other officer or agent designated by the directors.

**8.6** **Replacement of Security Certificates** 

The board, any officer or any agent designated by the board has the discretion to direct the issue of a new security certificate in lieu of and upon cancellation of a security certificate that has been mutilated. In the case of a security certificate claimed to have been lost, destroyed or wrongfully taken, the board, any officer or any agent designated by the board shall issue a substitute security certificate if so requested before the Corporation has notice that the security has been acquired by a bona fide purchaser. The issuance of the substitute security certificate shall be on such reasonable terms as to indemnity, reimbursement of expenses and evidence of loss and of title as the board or the officer or the agent designated by the board responsible for such issuance may from time to time prescribe, whether generally or in any particular case.

**8.7** **Joint Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If two or more persons are registered as joint holders of any security, the Corporation shall not be bound
to issue more than one certificate in respect thereof, and delivery of such certificate to one of such persons shall be sufficient delivery
to all of them. Any one of such persons may give effectual receipts for the certificate issued in respect thereof or for any dividend,
bonus, return of capital or other money payable or warrant issuable in respect of such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a share is registered in the name of two or more persons as joint holders with rights of survivorship,
upon satisfactory proof of the death of one joint holder and without the requirement of letters probate or letters of administration,
the Corporation shall treat the surviving joint holder(s) as the sole owner(s) of the share effective as of the date of death
of such joint holder and the Corporation shall make the appropriate entry in the securities register to reflect such ownership.

**8.8** **Representatives of Security Holders** 

Subject to section 8.7(b), the Corporation may treat a person referred to in (a), (b) or (c) below as a registered security holder entitled to exercise all of the rights of the security holder that the person represents, if that person furnishes evidence as required under the Act to the Corporation that the person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the executor, administrator, estate trustee, heir or legal representative of the heirs, of the estate
of a deceased security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a guardian, attorney under a continuing power of attorney with authority, guardian of property, committee,
trustee, curator or tutor representing a registered security holder who is a minor, a person who is incapable of managing his or her property
or a missing person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a liquidator of, or trustee in bankruptcy for, a registered security holder.

**Section IX<br> ADVANCE NOTICE**

**9.1** **Nomination of Directors** 

Subject only to the Act, Applicable Securities Laws (as defined below) and the articles of the Corporation, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the board of directors of the Corporation may be made at any annual meeting of shareholders, or at any special meeting of shareholders, if one of the purposes for which the special meeting was called is the election of directors. Such nominations may be made in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by or at the direction of the board of directors of the Corporation, including pursuant to a notice of
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by or at the direction or request of one or more shareholders pursuant to a proposal submitted to the
Corporation in accordance with the provisions of the Act, or a requisition of meeting submitted to the directors in accordance with the
provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any person (a "**nominating shareholder**") who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the close of business on the date of the giving of the notice provided for below in this Section IX
and on the record date for determining shareholders entitled to vote at such meeting, is a registered holder or beneficial owner of shares
that are entitled to be voted at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) complies with the notice and other procedures set forth in this Section IX.

**9.2** **Timely Notice** 

In addition to any other requirements in this Section IX and under applicable laws, for a nomination to be made by a nominating shareholder, the nominating shareholder must have given timely notice thereof in proper written form to the secretary of the Corporation at the principal executive offices of the Corporation.

**9.3** **Manner of Timely Notice** 

To be timely, a nominating shareholder's notice to the secretary of the Corporation must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual meeting of shareholders, not less than 30 days prior to the date of the annual
meeting of shareholders; provided, however, that if (i) an annual meeting of shareholders is called for a date that is less than
50 days after the date on which the first public announcement (as defined below) of the date of the annual meeting was made, notice must
be received not later than the close of business on the 10<sup>th</sup> day following the date on which the public announcement of the
date of the annual meeting is first made by the Corporation, and (ii) the Corporation uses "notice-and-access" (as defined
in National Instrument 54-101 – *Communications with Beneficial Owners of Securities of a Reporting Issuer*) to send proxy-related
materials to shareholders in connection with an annual meeting, notice must be received not less than 40 days prior to the date of the
annual meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a special meeting (which is not also an annual meeting) of shareholders called for the
purpose of electing directors (whether or not called for other purposes), not later than the close of business on the 15<sup>th</sup>
day following the day on which the public announcement of the date of the special meeting of shareholders is first made by the Corporation.
The adjournment or postponement of a meeting of shareholders or the announcement thereof shall commence a new time period for the giving
of a nominating shareholder's notice as described above.

**9.4** **Proper Form of Timely Notice** 

To be in proper written form, a nominating shareholder's notice to the corporate secretary of the Corporation must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to each person whom the nominating shareholder proposes to nominate for election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name, age, business address and residential address of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal occupation or employment of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether the nominee is a resident Canadian within the meaning of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class or series and number of shares in the capital of the Corporation which are controlled or which
are owned beneficially or of record by the person as of the record date for the meeting of shareholders (if such date shall then have
been made publicly available and shall have occurred) and as of the date of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any relationships, agreements or arrangements, including financial, compensation and indemnity related
relationships, agreements or arrangements, between the person or any of its affiliates and the nominating shareholder, any person acting
jointly or in concert with the nominating shareholder or any of their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information relating to the person that would be required to be disclosed in a dissident's
proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as to the nominating shareholder proposing a nomination and giving the notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name and residential or registered address of the nominating shareholder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the class or series and number of shares in the capital of the Corporation which are controlled or which
are owned beneficially or of record by the nominating shareholder as of the record date for the meeting of shareholders (if such date
shall then have been made publicly available and shall have occurred) and as of the date of such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any derivatives or other economic or voting interests in the Corporation and any hedges implemented with
respect to the nominating shareholders' interests in the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any proxy, contract, arrangement, understanding or relationship pursuant to which the nominating shareholder
has a right to vote any shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) whether the nominating shareholder intends to deliver a proxy circular and form of proxy to any shareholders
of the Corporation in connection with the election of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other information relating to the nominating shareholder that would be required to be made in a dissident's
proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws.

The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the independence, or lack thereof, of such proposed nominee pursuant to applicable securities laws and provided that such disclosure request does not go beyond that required of management nominees for election as directors of the Corporation. Reference to "nominating shareholder" in this Section 9.4 shall be deemed to refer to each shareholder that nominates a person for election as director in the case of a nomination proposal where more than one shareholder is involved in making such nomination proposal. All information provided in a nominating shareholder's notice will be made publicly available to shareholders of the Corporation.

**9.5** **Determination of Eligibility** 

No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Section IX; provided, however, that nothing in this Section IX shall be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting of shareholders at which an election for directors is held shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

**9.6** **Terms** 

For purposes of this Section IX:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**public announcement**" means disclosure in a (i) press release reported in a national
news service in Canada, or (ii) a document publicly filed by the Corporation or its transfer agent and registrar under the Corporation's
profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Applicable Securities Laws**" means the applicable securities legislation of each relevant
province and territory of Canada, as amended from time to time, the written rules, regulations and forms made or promulgated under any
such legislation and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission
and similar regulatory authorities of each province or territory of Canada.

**9.7** **Delivery of Notice** 

Notwithstanding any other provision of the by-laws of the Corporation, notice given to the corporate secretary of the Corporation pursuant to this Section IX may only be given by personal delivery, facsimile transmission or by email (at such email address as may be stipulated from time to time by the secretary of the Corporation for purposes of this notice), and shall be deemed to have been given and made only at the time it is served by personal delivery to the secretary of the Corporation at the address of the principal executive offices of the Corporation, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received); provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Toronto time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

**9.8** **Waiver** 

Notwithstanding the foregoing, the board of directors of the Corporation may, in its sole discretion, waive any requirement in this Section IX.

**Section X<br> DIVIDENDS AND RIGHTS**

**10.1** **Dividends** 

Subject to the provisions of the Act, the board may from time to time by resolution declare, and the Corporation may pay, dividends to the shareholders according to their respective rights and interests in the Corporation.

Dividends may be paid in money or property, subject to the restrictions on the declaration and payment thereof under the Act, or by issuing fully paid shares of the Corporation or options or rights to acquire fully paid shares of the Corporation.

**10.2** **Payment of Dividends** 

Any dividend payable in cash to shareholders may be paid by cheque, by electronic means, through a dividend disbursing agent or by such other method as the board may determine. The payment will be made to or to the order of each registered holder of shares in respect of which the payment is to be made. Cheques will be sent to the registered holder's recorded address, unless the holder otherwise directs. In the case of joint holders, the payment will be made to the order of all such joint holders and, if applicable, sent to them at their recorded addresses, unless such joint holders otherwise direct. The sending of the cheque, the sending of the payment by electronic means or through a dividend disbursing agent, or the sending of the payment by a method determined by the board, in an amount equal to the dividend or other distribution to be paid less any tax that the Corporation is required to withhold, will satisfy and discharge the liability for the payment, unless payment is not made upon presentation, if applicable.

**10.3** **Non-Receipt of Cheques** 

In the event of non-receipt of any dividend cheque by the person to whom it is sent as aforesaid, the Corporation shall issue to such person a replacement cheque for a like amount on such terms as to indemnity, reimbursement of expenses and evidence of non-receipt and of title as the board may from time to time prescribe, whether generally or in any particular case.

**10.4** **Record Date for Dividends and Rights** 

The board may fix in advance a date as a record date for the determination of the persons entitled to receive payment of dividends and to subscribe for securities of the Corporation, provided that such record date shall not precede by more than 50 days the particular action to be taken. Notice of any such record date shall be given not less than 7 days before such record date in the manner provided in the Act, unless notice of the record date is waived by every holder of a share of the class or series affected whose name is set out in the securities register at the close of business on the day the directors fix the record date. If the shares of the Corporation are listed for trading on one or more stock exchanges in Canada, notice of such record date shall also be sent to such stock exchanges. Where no record date is fixed in advance as aforesaid, the record date for the determination of the persons entitled to receive payment of any dividend or to exercise the right to subscribe for securities of the Corporation shall be at the close of business on the day on which the resolution relating to such dividend or right to subscribe is passed by the board.

**10.5** **Unclaimed Dividends** 

Any dividend unclaimed after a period of six years from the date on which it has been declared to be payable shall be forfeited and shall revert to the Corporation.

**Section XI<br> FORUM SELECTION**

**11.1** **Forum of Adjudication of Certain Disputes** 

Unless the Corporation consents in writing to the selection of an alternative forum, the Superior Court of Justice of the Province of Ontario, Canada and the appellate Courts therefrom (or, failing such court, any other "court" (as defined in the Act) having jurisdiction and the appellate Courts therefrom), shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation; (ii) any action or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer, or other employee of the Corporation to the Corporation; (iii) any action or proceeding asserting a claim arising pursuant to any provision of the Act or the articles or the by-laws of the Corporation (as either may be amended from time to time); or (iv) any action or proceeding asserting a claim otherwise related to the "affairs" (as defined in the Act) of the Corporation. If any action or proceeding, the subject matter of which is within the scope of the preceding sentence, is filed in a Court other than a Court located within the Province of Ontario (a "**Foreign Action**") in the name of any security holder, such security holder shall be deemed to have consented to (a) the personal jurisdiction of the provincial and federal Courts located within the Province of Ontario in connection with any action or proceeding brought in any such Court to enforce the preceding sentence and (b) having service of process made upon such security holder in any such action or proceeding by service upon such security holder's counsel in the Foreign Action as agent for such security holder.

**Section XII<br> GENERAL**

**12.1** **Execution of Instruments** 

Contracts, documents and other instruments in writing may be signed on behalf of the Corporation by such person or persons as the board may from time to time by resolution designate. In the absence of an express designation as to the persons authorized to sign either contracts, documents or instruments in writing generally or to sign specific contracts, documents or instruments in writing, any <u>one</u> of the directors or officers of the Corporation may sign contracts, documents or instruments in writing on behalf of the Corporation. The corporate seal, if any, of the Corporation may be affixed to any contract, document or instrument in writing requiring the corporate seal of the Corporation by any person authorized to sign the same on behalf of the Corporation.

The phrase "contracts, documents and other instruments in writing" as used in this provision shall include deeds, mortgages, hypothecs, charges, conveyances, transfers and assignments of property, real or personal, immovable or movable, agreements, releases, receipts and discharges for the payment of money or other obligations, conveyances, transfers and assignments of securities, all paper writings, all cheques, drafts or orders for the payment of money and all notes, acceptances and bills of exchange.

**12.2** **Electronic Signatures** 

Any requirement under the Act or this by-law for a signature, or for a document to be executed, is satisfied by a signature or execution in electronic form if such is permitted by law and all requirements prescribed by law are met.

**12.3** **Voting Rights in other Corporations** 

All securities carrying voting rights of any other corporation held from time to time by the Corporation may be voted at any and all meetings of shareholders, bond holders, debenture holders or holders of other securities (as the case may be) of such other corporation and in such manner as the board may from time to time determine. Any person or persons authorized to sign on behalf of the Corporation may also from time to time execute and deliver for and on behalf of the Corporation proxies and/or arrange for the issuance of voting certificates and/or other evidence of the right to vote in such names as they may determine.

**Section XIII<br> NOTICES**

**13.1** **Method of Sending Notice** 

Any notice (which term includes any communication or document) to be sent pursuant to the Act, the articles, the by-laws or otherwise to a shareholder, director, officer or to the auditor shall be sufficiently sent if: (a) delivered personally to the person to whom it is to be sent; (b) delivered to the recorded address of that person or, if mailed to that person, delivered to the recorded address by prepaid mail; (c) sent to that person at the recorded address by any means of prepaid transmitted or recorded communication; or (d) provided as an electronic document to that person's information system. A notice so delivered shall be deemed to have been sent when it is delivered personally or to the recorded address. A notice so mailed shall be deemed to have been sent when deposited in a post office or public letter box and shall be deemed to have been received on the fifth day after so depositing. A notice so sent by any means of transmitted or recorded communication or provided as an electronic document shall be deemed to have been sent when dispatched by the Corporation if it uses its own facilities or information system and otherwise when delivered to the appropriate communication company or agency or its representative for dispatch. Notices sent by any means of transmitted or recorded communication or provided as an electronic document shall be deemed to have been received on the Business Day on which such notices were sent, or on the next Business Day following if sent on a day other than a Business Day. The secretary may change or cause to be changed the recorded address, including any address to which electronic communications of any kind may be sent, of any shareholder, director, officer or auditor in accordance with any information believed by the secretary to be reliable. The recorded address of a director shall be the latest address as shown in the records of the Corporation or in the most recent notice filed under the *Corporations Information Act* (Ontario), whichever is the more current.

**13.2** **Notice by Electronic Communications** 

A notice or document required or permitted by the Act, the articles, the by-laws or otherwise may be sent by electronic means in accordance with the *Electronic Commerce Act, 2000* (Ontario).

**13.3** **Notice to Joint Shareholders** 

If two or more persons are registered as joint holders of any share, any notice shall be addressed to all of such joint holders, but notice sent to one of such persons shall be sufficient notice to all of them.

**13.4** **Computation of Time** 

In computing the date when notice must be sent under any provision requiring a specified number of days' notice of any meeting or other event, both the date of sending the notice and the date of the meeting or other event shall be excluded.

**13.5** **Undelivered Notices** 

If any notice sent to a shareholder pursuant to section 11.1 is returned on three consecutive occasions because the shareholder cannot be found, the Corporation shall not be required to give any further notices to such shareholder until the shareholder informs the Corporation in writing of a new address.

**13.6** **Omissions and Errors** 

The accidental omission to send any notice to any shareholder, director, officer or to the auditor, or the non-receipt of any notice by any such person or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**13.7** **Persons Entitled by Operation of Law** 

Every person who, by operation of law, transfer or by any other means whatsoever shall become entitled to any share shall be bound by every notice in respect of such share which shall have been duly sent to the shareholder from whom that person derives title to such share prior to the name and address of that person being entered on the securities register (whether such notice was given before or after the happening of the event upon which that person became so entitled).

**13.8** **Waiver of Notice** 

Any shareholder (or a duly appointed proxyholder), director, officer or auditor may at any time waive any notice, or waive or abridge the time for any notice, required to be given to that person under any provisions of the Act, the regulations thereunder, the articles, the by-laws or otherwise and such waiver or abridgement shall cure any default in the giving or in the time of such notice, as the case may be. Any such waiver or abridgement shall be in writing or by electronic means in accordance with the *Electronic Commerce Act, 2000* (Ontario), except a waiver of notice of a meeting of shareholders or of the board, which may be given in any manner.

**13.9** **Execution of Notices** 

The signature of any director or officer of the Corporation to any notice may be written, stamped, typewritten or printed or partly written, stamped, typewritten or printed.

**13.10** **Proof of Service** 

A certificate of any director or officer of the Corporation in office at the time of making of the certificate or of an agent of the Corporation as to facts in relation to the sending of any notice to any shareholder, director, officer or auditor or publication of any notice shall be conclusive evidence thereof and shall be binding on every shareholder, director, officer or auditor of the Corporation, as the case may be.

*[signature page to immediately follow]*

**DATED** as of the 6th day of April, 2021.

---

| | |
|:---|:---|
| **MDA LTD.** | **MDA LTD.** |
| Per: | /s/ Andrew Lapham |
|  | Andrew Lapham, |
|  | Director |

---

## Exhibit 4.4

**Exhibit 4.4**

**MDA LTD.**

**SECOND AMENDED AND RESTATED OMNIBUS EQUITY INCENTIVE PLAN**

**February 27**, **2024**

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article 1 PURPOSE | Article 1 PURPOSE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Amendment and Restatement of Prior Plan | 1 |
| Article 2 INTERPRETATION | Article 2 INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Interpretation | 10 |
| Article 3 ADMINISTRATION | Article 3 ADMINISTRATION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Administration | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Delegation to Committee | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Determinations Binding | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Eligibility | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Plan Administrator Requirements | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Total Shares Subject to Awards | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Limits on Grants of Awards | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Award Agreements | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Non-transferability of Awards | 14 |
| Article 4 OPTIONS | Article 4 OPTIONS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Granting of Options | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Exercise Price | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Term of Options | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Vesting and Exercisability | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Payment of Exercise Price | 15 |

---

(i) ---

| | | |
|:---|:---|:---|
| Article 5 DEFERRED SHARE UNITS | Article 5 DEFERRED SHARE UNITS | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Granting of DSUs | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | DSU Account | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Vesting of DSUs | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Settlement of DSUs | 18.0 |
| Article 6 RESTRICTED SHARE UNITS | Article 6 RESTRICTED SHARE UNITS | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Granting of RSUs | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | RSU Account | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Vesting of RSUs | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Settlement of RSUs | 19.0 |
| Article 7 PERFORMANCE SHARE UNITS | Article 7 PERFORMANCE SHARE UNITS | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Granting of PSUs | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Terms of PSUs | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Performance Goals | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | PSU Account | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | Vesting of PSUs | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 | Settlement of PSUs | 20.0 |
| Article 8 OTHER SHARE-BASED AWARDS | Article 8 OTHER SHARE-BASED AWARDS | 21.0 |
| Article 9 ADDITIONAL AWARD TERMS | Article 9 ADDITIONAL AWARD TERMS | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Dividend Equivalents | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Blackout Period | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Withholding Taxes | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Recoupment | 23.0 |
| Article 10 TERMINATION OF EMPLOYMENT OR SERVICES | Article 10 TERMINATION OF EMPLOYMENT OR SERVICES | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Termination of Employment, Services or Director | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Discretion to Permit Acceleration | 25.0 |

---

(ii) ---

| | | |
|:---|:---|:---|
| Article 11 EVENTS AFFECTING THE CORPORATION | Article 11 EVENTS AFFECTING THE CORPORATION | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | General | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Change in Control | 26.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Reorganization of Corporation's Capital | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Other Events Affecting the Corporation | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Immediate Acceleration of Awards | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | Issue by Corporation of Additional Shares | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Fractions | 28.0 |
| Article 12 U.S. TAXPAYERS | Article 12 U.S. TAXPAYERS | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Provisions for U.S. Taxpayers | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | ISOs | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | ISO Grants to 10% Shareholders | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | $100,000 Per Year Limitation for ISOs | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Disqualifying Dispositions | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Section 409A of the Code | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Section 83(b) Election | 30.0 |
| Article 13 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | Article 13 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Amendment, Suspension, or Termination of the Plan | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Shareholder Approval | 31.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | Permitted Amendments | 31.0 |
| Article 14 MISCELLANEOUS | Article 14 MISCELLANEOUS | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | Legal Requirement | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | No Other Benefit | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | Rights of Participant | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 | Right to Compensation or Damages | 32.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 | Corporate Action | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 | Conflict | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 | Anti-Hedging Policy | 33.0 |

---

(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 Participant Information 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 Participation in the Plan 33

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 International Participants 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 Successors and Assigns 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 General Restrictions on Assignment 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 Severability 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 Notices 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 Effective Date 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 Governing Law 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 Submission to Jurisdiction 35

(iv) **MDA Ltd.**

**Second Amended and Restated Omnibus Equity Incentive Plan**

**Article 1<br> PURPOSE**

**1.1** **Purpose** 

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

**1.2** **Amendment and Restatement of Prior Plan** 

This Plan amends and restates the Amended and Restated Omnibus Equity Incentive Plan of the Corporation dated April 7, 2021, which amended and restated the Omnibus Equity Incentive Plan of the Corporation dated April 7, 2021, which amended and restated the Amended and Restated Stock Option Plan of the Corporation dated February 16, 2021 (collectively, the "**Prior Plans**"); provided, however, that any Awards granted pursuant to the Prior Plans shall be governed by the terms of this Plan (except to the extent of any inconsistency between the terms of an applicable Prior Plan and/or a Participant's Award Agreement, in which case, the terms of the Prior Plan and/or the Award Agreement shall govern (other than in the case of Sections 13(a) and (b) of the Amended and Restated Stock Option Plan of the Corporation dated February 16, 2021, which provisions shall have no further force or effect)).

**Article 2** **<br> INTERPRETATION**

**2.1** **Definitions** 

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

"**Affiliate**" means any entity that is an "affiliate" for the purposes of National Instrument 45-106 – *Prospectus Exemptions*, as amended from time to time;

"**Award**" means any Option, Deferred Share Unit, Restricted Share Unit, Performance Share Unit or Other Share-Based Award granted under this Plan, which may be denominated or settled in Shares, cash or in such other forms as provided for herein;

"**Award Agreement**" means a signed, written agreement between a Participant and the Corporation, in the form or any one of the forms approved by the Plan Administrator, and evidencing the terms and conditions on which an Award has been granted under this Plan (including written or other applicable employment agreements) and which need not be identical to any other such agreements;

"**Board**" means the board of directors of the Corporation as it may be constituted from time to time;

"**Business Day**" means a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Toronto are open for commercial business during normal banking hours;

"**Canadian Taxpayer**" means a Participant that is resident in Canada for purposes of the Tax Act;

"**Cash Fees**" has the meaning set forth in Subsection 5.1(a);

"**Cause**" means, with respect to a particular Employee or Consultant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "cause" as such term is defined in the employment or other written agreement between the Corporation
or a subsidiary of the Corporation and the Employee (an "**Employment Agreement**") or the circumstances described in the
written agreement between the Consultant and the Corporation or a subsidiary of the Corporation, where the Consultant's engagement
thereunder may be terminated without notice or payment (the "**Consulting Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event there is no written or other applicable Employment Agreement or Consulting Agreement or "cause"
is not defined in such Employment Agreement or Consulting Agreement, "cause" as such term is defined in the Award Agreement;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event neither clause (a) nor (b) apply, then "cause" as such term is defined
by applicable law or, if not so defined, such term shall refer to circumstances where an employer can terminate an individual's
employment without notice or pay in lieu thereof except to the extent required under ESL or a company may terminate a consulting services
arrangement with an independent contractor without advance notice or a break fee or termination payment of any kind (provided that the
failure by a Participant to meet performance targets or similar measures shall not in and of itself constitute cause for purposes of such
termination of employment or consulting engagement);

"**Change in Control**" means the occurrence of any one or more of the following events:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dissolution or liquidation of the Corporation, other than in connection with the distribution of assets
of the Corporation to one or more Persons which were wholly-owned subsidiaries of the Corporation prior to such event;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other event which the Board determines to constitute a change in control
of the Corporation; or

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

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

Notwithstanding the foregoing, for purposes of any Award that constitutes "deferred compensation" (within the meaning of Section 409A of the Code), the payment of which would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for Awards granted to any Participant who is a U.S. Taxpayer unless the transaction qualifies as "a change in control event" within the meaning of Section 409A of the Code;

"**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time;

"**Commencement Date**" has the meaning set forth in Section 10.1(e);

"**Committee**" has the meaning set forth in Section 3.2;

"**Consultant**" means an individual consultant or an employee or director of a consultant entity, other than a Participant that is an Employee, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is engaged to provide services on a *bona fide* basis to the Corporation or a subsidiary of the Corporation,
other than services provided in relation to a distribution of securities of the Corporation or a subsidiary of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provides the services under a written contract with the Corporation or a subsidiary of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) spends or will spend a significant amount of time and attention on the affairs and business of the Corporation
or a subsidiary of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is a person to whom the issuance of Shares may be registered under Form S-8 promulgated under the
United States' Securities Act of 1933, if the Participant is a U.S. Taxpayer;

"**Continued Vesting Period**" has the meaning set forth in Subsection 10.1(d);

"**Control**" means:

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

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

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

the words "**Controlled by**", "**Controlling**" and similar words have corresponding meanings; provided that a Person who controls a corporation, partnership, limited partnership or joint venture will be deemed to Control a corporation, partnership, limited partnership, trust or joint venture which is Controlled by such Person and so on;

"**Corporation**" means MDA Ltd.;

"**Date of Grant**" means, for any Award, the date specified by the Plan Administrator at the time it grants the Award or if no such date is specified, the date upon which the Award was granted;

"**Deferred Share Unit**" or "**DSU**" means any right granted under Article 5 of this Plan;

"**Director**" means a director of the Corporation who is not an Employee;

"**Director Fees**" means the total compensation (including annual retainer and meeting fees, if any) paid by the Corporation to a Director in a calendar year for service on the Board;

"**Disabled**" or "**Disability**" means, with respect to a particular Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "disability" as such term is defined in the employment or other written agreement between
the Corporation or a subsidiary of the Corporation and the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event there is no written or other applicable employment agreement between the Corporation or a
subsidiary of the Corporation or "disability" is not defined in such agreement, "disability" as such term is defined
in the Award Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any incapacity or inability by the Employee, including any physical or mental incapacity, disease or affliction
of the Employee as determined by a legally qualified medical practitioner or by a court, which has prevented the Employee from performing
the essential duties of his or her position as Employee (taking into account reasonable accommodation by the Corporation) for a continuous
period of six (6) months or for any cumulative period of 180 days in any eighteen (18) consecutive month period and is expected to
continue;

"**Effective Date**" means the effective date of this Plan, being February 27, 2024;

"**Elected Amount**" has the meaning set forth in Subsection 5.1(a);

"**Electing Person**" means a Participant who is, on the applicable Election Date, a Director;

"**Election Date**" means the date on which the Electing Person files an Election Notice in accordance with Subsection 5.1(b);

"**Election Notice**" has the meaning set forth in Subsection 5.1(b);

"**Employee**" means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is considered an employee of the Corporation or a subsidiary of the Corporation for purposes of source
deductions under applicable tax or social welfare legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) works full-time or part-time on a regular weekly basis for the Corporation or a subsidiary of the Corporation
providing services normally provided by an employee and who is subject to the same control and direction by the Corporation or a subsidiary
of the Corporation over the details and methods of work as an employee of the Corporation or such subsidiary,

and, for greater certainty, includes any executive chairman of the Corporation;

"**ESL**" means the employment standards legislation, as amended or replaced, applicable to a Participant who is an Employee;

"**Exchange**" means the TSX and any other exchange on which the Shares are or may be listed from time to time;

"**Exercise Notice**" means a notice in writing, signed by a Participant and stating the Participant's intention to exercise a particular Option;

"**Exercise Price**" means the price at which an Option Share may be purchased pursuant to the exercise of an Option;

"**Expiry Date**" means the expiry date specified in the Award Agreement (which shall not be later than the tenth anniversary of the Date of Grant) or, if not so specified, means the tenth anniversary of the Date of Grant;

"**Good Reason**" means, with respect to a particular Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "good reason" as such term is defined in the employment or other written agreement between
the Corporation or a subsidiary of the Corporation and the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event there is no written or other applicable employment agreement between the Corporation or a
subsidiary of the Corporation or "good reason" is not defined in such agreement, "good reason" as such term is
defined in the Award Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event neither clause (a) nor (b) apply, the occurrence of any of the following events
without the express written consent of the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material diminution (other than a change that is clearly consistent with a promotion or in connection
with the termination of the Participant's employment for any reason) imposed by the Corporation or any of its Affiliates to the
Employee's title, responsibilities or reporting relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material reduction of the Employee's base salary, benefits or perquisites, except where such reduction
is applicable to all officers, if the Employee is an officer, or all employees, if the Employee is not an officer, or if such reduction
in benefits is due to a change in the benefit plans or provider (provided that the new benefits are substantially similar, in the aggregate,
to the current benefits); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the location of the Corporation or any of its Affiliate's facilities where the Employee is based
is being located more than 100 kilometers from its current location, and more than 100 kilometers from the Employee's current residence,

provided in any case that no event shall constitute Good Reason unless the Employee has notified the Corporation in writing within sixty (60) days of the event claiming Good Reason and then only if the Corporation fails to cure such event within thirty (30) days after the receipt of such written notice, and further provided that the Employee's employment shall have terminated within one hundred twenty (120) days from the event for which Good Reason is claimed;

"**Insider**" has the meaning given to such term in the TSX Company Manual, as such manual may be amended, supplemented or replaced from time to time;

"**Market Price**" at any date in respect of the Shares shall be the volume weighted average trading price of the Shares on the TSX, for the five trading days immediately preceding such date (or, if such Shares are not then listed and posted for trading on the TSX, on such stock exchange on which the Shares are listed and posted for trading as may be selected for such purpose by the Board); provided that, for so long as the Shares are listed and posted for trading on the TSX, the Market Price shall not be less than the market price, as calculated under the policies of the TSX; and provided, further, that with respect to an Award made to a U.S. Taxpayer, such Participant and the number of Shares subject to such Award shall be identified by the Board or the Committee prior to the start of the applicable five trading day period. In the event that such Shares are not listed and posted for trading on any Exchange, the Market Price shall be the fair market value of such Shares as determined by the Board in its sole discretion and, with respect to an Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code;

"**Option**" means a right to purchase Shares under Article 4 of this Plan that is non-assignable and non-transferable, unless otherwise approved by the Plan Administrator;

"**Option Shares**" means Shares issuable by the Corporation upon the exercise of outstanding Options;

"**Option Value**" at a particular time means the difference between the Market Price at that time of the Shares subject to the Option and the Exercise Price for such Option;

"**Other Share-Based Award**" means any right granted under Article 8;

"**Participant**" means an Employee, Consultant or Director to whom an Award has been granted under this Plan;

"**Performance Goals**" means performance goals expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation, a division of the Corporation or a subsidiary of the Corporation, or an individual, or may be applied to the performance of the Corporation or a subsidiary of the Corporation relative to a market index, a group of other companies or a combination thereof, or on any other basis, all as determined by the Plan Administrator in its discretion;

**"Performance Share Unit"** or **"PSU"** means any right granted under Article 7 of this Plan;

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

"**Plan**" means this Amended and Restated Omnibus Equity Incentive Plan, as may be amended from time to time;

"**Plan Administrator**" means the Board or, to the extent that the administration of this Plan has been delegated by the Board to the Committee pursuant to Section 3.2, the Committee;

"**Prior Plan**" has the meaning set forth in Section 1.2;

"**Restricted Share Unit**" or "**RSU**" means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

"**Retirement**" means, unless otherwise defined in the Participant's written or other applicable employment agreement or in the Award Agreement, the termination (other than for Cause) of the Participant's working career at the age of 65 or older or such other retirement age, with consent of the Plan Administrator, if applicable; provided that such Participant has (i) at least ten (10) years of service in the aggregate with the Company and (ii) given six (6) months' written notice to the Company in a case of a resignation where such Participant otherwise meets the criteria of this definition;

"**Section 409A of the Code**" means Section 409A of the Code and all regulations, guidance, compliance programs, and other interpretive authority issued thereunder;

"**Securities Laws**" means securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject;

"**Security Based Compensation Arrangement**" means a stock option, stock option plan,<br> employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to Directors, Employees, Consultants and/or service providers of the Corporation or any subsidiary of the Corporation, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

"**Share**" means one common share in the capital of the Corporation as constituted on the Effective Date, or any share or shares issued in replacement of such common share in compliance with Canadian law or other applicable law, and/or one share of any additional class of common shares in the capital of the Corporation as may exist from time to time, or after an adjustment contemplated by Article 11, such other shares or securities to which the holder of an Award may be entitled as a result of such adjustment;

"**subsidiary**" means an issuer that is Controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary, or any other entity in which the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of this Plan to be a subsidiary, provided that, in the case of a Canadian Taxpayer, the issuer is related (for purposes of the Tax Act) to the Corporation;

"**Tax Act**" has the meaning set forth in Section 4.5(e);

"**Termination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Employee whose employment with the Corporation or a subsidiary of the Corporation terminates
(regardless of whether the termination is lawful or unlawful, with or without Cause, and whether it is the Employee or the Corporation
or a subsidiary of the Corporation that initiates the termination), the later of: (i) if and only to the extent required to comply
with the minimum standards of ESL, the date that is the last day of any applicable minimum statutory notice period applicable to the Employee
pursuant to ESL, if any; and (ii) the date designated by the Corporation or a subsidiary of the Corporation who was the Employee's
employer as the last day of Employee's employment, provided that in the case of termination of employment by voluntary resignation
by the Participant, such date shall not be earlier than the date notice of resignation was given; and, for the avoidance of any doubt
that the parties intend to displace the presumption that the Participant has any entitlements in respect of the Plan or any Options, RSUs,
PSUs, DSUs or any Other Share-Based Awards during any period of reasonable notice of termination under common law or civil law, in the
case of either (i) or (ii), without regard to any applicable period of reasonable notice or contractual notice to which the Participant
may claim to be entitled under common law, civil law or pursuant to contract in respect of a period that follows the last day that the
Participant actually and actively provides services to the Corporation or a subsidiary of the Corporation, as specified in the notice
of termination provided by the Employee or the Employee's Employer, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Consultant whose consulting agreement or arrangement with the Corporation or a subsidiary
of the Corporation, as the case may be, terminates, the date that is designated by the Corporation or the subsidiary of the Corporation
(as the case may be), as the date on which the Participant's consulting agreement or arrangement is terminated, provided that in
the case of voluntary termination by the Participant of the Participant's consulting agreement or other written arrangement, such
date shall not be earlier than the date notice of voluntary termination was given, and "Termination Date" specifically does
not mean the date on which any period of notice of termination that the Corporation or the subsidiary of the Corporation (as the case
may be) may be required to provide to the Participant under the terms of the consulting agreement or arrangement expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Director who ceases to hold a board position, the date upon which the Participant ceases
to hold office; or

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

"**TSX**" means the Toronto Stock Exchange;

"**U.S.**" means the United States of America; and

"**U.S. Taxpayer**" shall mean a Participant who, with respect to an Award, is subject to taxation under the applicable U.S. tax laws.

**2.2** **Interpretation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term "discretion"
means the sole and absolute discretion of the Plan Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein, the terms "Article", "Section", "Subsection" and "clause"
mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively.

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

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

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

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

**Article 3<br> ADMINISTRATION**

**3.1** **Administration** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the individuals to whom grants of Awards under the Plan may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make grants of Awards under the Plan, whether relating to the issuance of Shares or otherwise (including
any combination of Options, Deferred Share Units, Restricted Share Units, Performance Share Units or Other Share-Based Awards), in such
amounts, to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines including without
limitation:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conditions under which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Awards may be granted to Participants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Awards may be forfeited to the Corporation,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of Shares to be covered by any Award;

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

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

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

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

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

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

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

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

**3.2** **Delegation to Committee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Plan Administrator shall be the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by applicable law, the Board may, from time to time, delegate to a committee of
the Board (the "**Committee**") all or any of the powers conferred on the Plan Administrator pursuant to this Plan, including
the power to sub-delegate to any member(s) of the Committee or any specified officer(s) of the Corporation or its subsidiaries
all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to
it in the manner and on the terms authorized by the delegating party.

**3.3** **Determinations Binding** 

Except as may be otherwise set forth in any written Employment Agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant, any decision made or action taken by the Board, the Committee or any sub-delegate to whom authority has been delegated pursuant to Section 3.2 arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation and all subsidiaries of the Corporation, the affected Participant(s), their respective legal and personal representatives and all other Persons.

**3.4** **Eligibility** 

All Employees, Consultants and Directors are eligible to participate in the Plan, subject to Section 10.1(f). Participation in the Plan is voluntary and eligibility to participate does not confer upon any Employee, Consultant or Director any right to receive any grant of an Award pursuant to the Plan. The extent to which any Employee, Consultant or Director is entitled to receive a grant of an Award pursuant to the Plan will be determined in the discretion of the Plan Administrator.

**3.5** **Plan Administrator Requirements** 

Any Award granted under this Plan shall be subject to the requirement that, if at any time the Corporation shall determine that the listing, registration or qualification of the Shares issuable pursuant to such Award upon any securities exchange or under any Securities Laws of any jurisdiction, or the consent or approval of the Exchange and any securities commissions or similar securities regulatory bodies having jurisdiction over the Corporation is necessary as a condition of, or in connection with, the grant or exercise of such Award or the issuance or purchase of Shares thereunder, such Award may not be accepted or exercised, as applicable, in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Plan Administrator. Nothing herein shall be deemed to require the Corporation to apply for or to obtain such listing, registration, qualification, consent or approval. Participants shall, to the extent applicable, cooperate with the Corporation in complying with such legislation, rules, regulations and policies.

**3.6** **Total Shares Subject to Awards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to adjustment as provided for in Article 11 and any subsequent amendment to this Plan, the
aggregate number of Shares reserved for issuance pursuant to Awards granted under this Plan shall not exceed 10% of the Corporation's
total issued and outstanding Shares from time to time. This Plan is considered an "evergreen" plan, since the shares covered
by Awards which have been exercised, settled or terminated shall be available for subsequent grants under the Plan and the number of Awards
available to grant increases as the number of issued and outstanding Shares increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent any Awards (or portion(s) thereof) under this Plan are exercised, settled, terminated
or are cancelled for any reason prior to exercise or settlement in full, any Shares subject to such Awards (or portion(s) thereof)
shall be added back to the number of Shares reserved for issuance under this Plan and will again become available for issuance pursuant
to the exercise or settlement of Awards granted under this Plan.

**3.7** **Limits on Grants of Awards** 

Notwithstanding anything in this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuable to Insiders at any time under all of the Corporation's Security Based Compensation Arrangements,
shall not exceed 10% of the Corporation's total issued and outstanding Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issued to Insiders within any one year period, under all of the Corporation's Security Based Compensation
Arrangements, shall not exceed 10% of the Corporation's total issued and outstanding Shares,

provided that the acquisition of Shares by the Corporation for cancellation shall not constitute non-compliance with this Section 3.7 for any Awards outstanding prior to such purchase of Shares for cancellation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Plan Administrator shall not make grants of Awards to Directors if, after giving effect to
such grants of Awards, the aggregate number of Shares issuable to Directors, at the time of such grant, under all of the Corporation's
Security Based Compensation Arrangements would exceed 1% of the issued and outstanding Shares on a non-diluted basis, and (ii) within
any one financial year of the Corporation, (A) the aggregate fair value on the Date of Grant of all Options granted to any one Director
shall not exceed $100,000, and (B) the aggregate fair market value on the Date of Grant of all Awards (including, for greater certainty,
the fair market value of the Options) granted to any one Director under all of the Corporation's Security Based Compensation Arrangements
shall not exceed $150,000; provided that such limits shall not apply to (i) Awards taken in lieu of any cash retainer or meeting
director fees, and (ii) a one-time initial grant to a Director upon such Director joining the Board.

**3.8** **Award Agreements** 

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

**3.9** **Non-transferability of Awards** 

Except as permitted by the Plan Administrator, and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a Participant by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards or under this Plan whatsoever in any assignee or transferee and immediately upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect.

**Article 4<br> OPTIONS**

**4.1** **Granting of Options** 

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

**4.2** **Exercise Price** 

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

**4.3** **Term of Options** 

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

**4.4** **Vesting and Exercisability** 

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

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

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

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

**4.5** **Payment of Exercise Price** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified by the Plan Administrator and set forth in the particular Award Agreement,
a Participant shall receive upon the exercise of an Option in accordance with the terms of this Plan (instead of payment of the Exercise
Price and receipt of Shares issuable upon payment of the Exercise Price) the number of Shares equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Market Price of the Shares issuable on the exercise of such Option (or portion thereof) as of the
date such Option (or portion thereof) is exercised, less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares, divided
by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Market Price per Share as of the date such Option (or portion thereof) is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Shares will be issued or transferred until full payment therefor has been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Instead of receiving Shares upon the exercise of a Participant's Options, the Participant may instead
elect to direct the Corporation to (i) cause a number of Shares (equal to the number calculated pursuant to Section 4.5(b))
to be issued and sold on the Participant's behalf by a broker or other qualified third party engaged for such purpose by the Corporation
(or through an arrangement directly with the Corporation) and (ii) pay the gross proceeds of such sale to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Participant exercises Options through the cashless exercise process set out in Section 4.5(b),
to the extent that such Participant would be entitled to a deduction under paragraph 110(1)(*d*) of the *Income Tax Act* (Canada) (the "**Tax Act**") in respect of such exercise if the election described in subsection 110(1.1) of the Tax Act
were made and filed (and the other procedures described therein were undertaken) on a timely basis after such exercise, the Corporation
will cause such election to be so made and filed (and such other procedures to be so undertaken).

**Article 5<br> DEFERRED SHARE UNITS**

**5.1** **Granting of DSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator may fix, from time to time, a portion of the Director Fees that is to be payable
in the form of DSUs. In addition, each Electing Person is given, subject to the conditions stated herein, the right to elect in accordance
with Section 5.1(b) to participate in the grant of additional DSUs pursuant to this Article 5. An Electing Person who elects
to participate in the grant of additional DSUs pursuant to this Article 5 shall receive their Elected Amount (as that term is defined
below) in the form of DSUs in lieu of cash. The "**Elected Amount**" shall be an amount, as elected by the Director, in
accordance with applicable tax law, between 0% and 100% of any Director Fees that are otherwise intended to be paid in cash (the "**Cash Fees** ").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Subsection 5.1(d), the election of an Electing Person under Subsection 5.1(b) shall
be deemed to apply to all Cash Fees that would be paid subsequent to the filing of the Election Notice, and such Electing Person is not
required to file another Election Notice for subsequent calendar years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate his or
her election to receive DSUs in lieu of Cash Fees by filing with the Chief Financial Officer of the Corporation a notice in the form of
Schedule B hereto. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has not
imposed a "black-out" on trading. Thereafter, any portion of such Electing Person's Cash Fees payable or paid in the
same calendar year and, subject to complying with Subsection 5.1(b), all subsequent calendar years shall be paid in cash. For greater
certainty, to the extent an Electing Person terminates his or her participation in the grant of DSUs pursuant to this Article 5,
he or she shall not be entitled to elect to receive the Elected Amount, or any other amount of his or her Cash Fees in DSUs in lieu of
cash again until the calendar year following the year in which the termination notice is delivered. An election by a U.S. Taxpayer to
receive the Elected Amount in DSUs in lieu of cash for any calendar year is irrevocable for that calendar year after the expiration of
the election period for that year and any termination of the election will not take effect until the first day of the calendar year following
the calendar year in which the termination notice in the form of Schedule C is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any DSUs granted pursuant to this Article 5 prior to the delivery of a termination notice pursuant
to Section 5.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with the terms
of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 5
will be calculated by dividing (i) the amount of any compensation that is to be paid in DSUs (including Director Fees and any Elected
Amount), as determined by the Plan Administrator, by (ii) the Market Price of a Share on the Date of Grant.

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

**5.2** **DSU Account** 

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

**5.3** **Vesting of DSUs** 

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

**5.4** **Settlement of DSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DSUs shall be settled on the date established in the applicable Award Agreement; provided, however that
in no event shall a DSU Award be settled prior to, or later than one (1) year following, the date of the applicable Participant's
separation from service. In the case of a Participant that is not a Canadian Taxpayer, in no event shall a DSU Award be settled later
than three (3) years following the date of the applicable Participant's separation from service. If the Award Agreement does
not establish a date for the settlement of the DSUs, then the settlement date shall be the date of separation from service, subject to
the delay that may be required under Section 12.6(d) below in the case of a U.S. Participant. Subject to Section 12.6(d) below
in the case of a U.S. Participant, and except as otherwise provided in an applicable Award Agreement, on the settlement date for any DSU,
the Participant shall redeem each vested DSU for:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a cash payment, or

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

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

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

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

**Article 6** **<br> RESTRICTED SHARE UNITS**

**6.1** **Granting of RSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms
and conditions as the Plan Administrator may prescribe, grant RSUs to any Participant in respect of services rendered in the year of grant.
The terms and conditions of each RSU grant shall be evidenced by an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this Article 6
will be calculated by dividing (i) the amount of any compensation that is to be paid in RSUs, as determined by the Plan Administrator,
by (ii) the Market Price of a Share on the Date of Grant.

**6.2** **RSU Account** 

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

**6.3** **Vesting of RSUs** 

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

**6.4** **Settlement of RSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator shall have the sole authority to determine the settlement terms applicable to the
grant of RSUs. Subject to Section 12.6(d) below and except as otherwise provided in an applicable Award Agreement, on the settlement
date for any RSU, the Participant shall redeem each vested RSU for:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a cash payment, or

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any cash payments made under this Section 6.4 by the Corporation to a Participant in respect of RSUs
to be redeemed for cash shall be calculated by multiplying the number of RSUs to be redeemed for cash by the Market Price per Share as
at the settlement date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Section 12.6(d) below and except as otherwise provided in an applicable Award Agreement,
no settlement date for any RSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any RSU, under this
Section 6.4 any later than the final Business Day of the third calendar year following the year in which the RSU is granted.

**Article 7** **<br> PERFORMANCE SHARE UNITS**

**7.1** **Granting of PSUs** 

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant PSUs to any Participant in respect of services rendered in the year of grant. The terms and conditions of each PSU grant shall be evidenced by an Award Agreement. Each PSU will consist of a right to receive a Share, cash payment, or a combination thereof (as provided in Section 7.6(a)), upon the achievement of such Performance Goals during such performance periods as the Plan Administrator shall establish.

**7.2** **Terms of PSUs** 

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

**7.3** **Performance Goals** 

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

**7.4** **PSU Account** 

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

**7.5** **Vesting of PSUs** 

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

**7.6** **Settlement of PSUs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator shall have the authority to determine the settlement terms applicable to the grant
of PSUs. Subject to Section 12.6(d) below and except as otherwise provided in an applicable Award Agreement, on the settlement
date for any PSU, the Participant shall redeem each vested PSU for:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a cash payment, or

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any cash payments made under this Section 7.6 by the Corporation to a Participant in respect of PSUs
to be redeemed for cash shall be calculated by multiplying the number of PSUs to be redeemed for cash by the Market Price per Share as
at the settlement date.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to Section 12.6(d) below and except as otherwise provided in an applicable Award Agreement,
no settlement date for any PSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any PSU, under this
Section 7.6 any later than the final Business Day of the third calendar year following the year in which the PSU is granted.

**Article 8** **<br> OTHER SHARE-BASED AWARDS**

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may prescribe, grant Other Share-Based Awards to any Participant. The terms and conditions of each Other Share-Based Award grant shall be evidenced by an Award Agreement. Each Other Share-Based Award shall consist of a right (1) which is other than an Award or right described in Article 4, Article 5, Article 6, and Article 7 above, and (2) which is denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Plan Administrator to be consistent with the purposes of the Plan; provided, however, that such right will comply with applicable law and be subject to Exchange Approval. Subject to the terms of the Plan and any applicable Award Agreement, the Plan Administrator will determine the terms and conditions of Other Share-Based Awards. Shares or other securities delivered pursuant to a purchase right granted under this Article 8 will be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other securities, other Awards, other property, or any combination thereof, as the Plan Administrator shall determine in its discretion.

**Article 9** **<br> ADDITIONAL AWARD TERMS**

**9.1** **Dividend Equivalents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Plan Administrator and set forth in the particular Award Agreement,
as part of a Participant's grant of DSUs, PSUs or RSUs (as applicable) and in respect of the services provided by the Participant
for such original grant, DSUs, PSUs and RSUs (as applicable) shall be credited with dividend equivalents in the form of additional DSUs,
PSUs or RSUs, as applicable, as of each dividend payment date in respect of which normal cash dividends are paid on Shares. Such dividend
equivalents shall be computed by dividing: (i) the amount obtained by multiplying the amount of the dividend declared and paid per
Share by the number of DSUs, PSUs or RSUs, as applicable, held by the Participant on the record date for the payment of such dividend,
by (ii) the Market Price at the close of the first business day immediately following the dividend record date, with fractions computed
to three decimal places. Dividend equivalents credited to a Participant's account shall vest in proportion to the DSUs, PSUs or
RSUs, as applicable, to which they relate, and shall be settled in accordance with Section 6.4.

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

**9.2** **Blackout Period** 

In the event that the Date of Grant occurs, or an Award expires, at a time when an undisclosed material change or material fact in the affairs of the Corporation exists, the effective Date of Grant for such Award, or expiry of such Award, as the case may be, will be 6 business days after which there is no longer such undisclosed material change or material fact, and the Market Price with respect to the grant of such Award shall be calculated based on the five business days immediately preceding the effective Date of Grant.

**9.3** **Withholding Taxes** 

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

**9.4** **Recoupment** 

Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback, recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation and in effect at the Date of Grant of the Award, or as set out in the Participant's Employment Agreement, Award Agreement or other written agreement, or as otherwise required by law or the rules of the Exchange. The Plan Administrator may at any time waive the application of this Section 9.4 to any Participant or category of Participants.

**Article 10** **<br> TERMINATION OF EMPLOYMENT OR SERVICES**

**10.1** **Termination of Employment, Services or Director** 

Subject to Section 10.2, unless otherwise determined by the Plan Administrator or as set forth in an applicable Employment Agreement, Consulting Agreement, Award Agreement or other written agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a Participant's Employment Agreement, Consulting Agreement or
arrangement is terminated or the Participant ceases to hold office or his or her position, as applicable, by reason of voluntary resignation
by the Participant (other than with Good Reason or a Retirement), then any unvested Options or any other Award (vested or unvested) held
by the Participant that has not been exercised or settled as of the Termination Date shall be immediately forfeited and cancelled as of
the Termination Date for no consideration and the Participant shall not be entitled to any damages or other amounts in respect of such
cancelled Options or Awards, and any vested Options may be exercised or surrendered to the Corporation by the Participant at any
time during the period that terminates on the earlier of: (A) the Expiry Date of such Option; and (B) the date that is 180 days
after the Termination Date. Any Option that remains unexercised or has not been surrendered to the Corporation by the Participant shall
be immediately forfeited upon the termination of such period for no consideration and the Participant shall not be entitled to any damages
or other amounts in respect of such cancelled Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where a Participant's Employment Agreement, Consulting Agreement or arrangement is terminated or
the Participant ceases to hold office or his or her position, as applicable, by reason of termination by the Corporation or a subsidiary
of the Corporation for Cause, then any Option or other Award held by the Participant that has not been exercised or settled as of the
Termination Date shall be immediately forfeited and cancelled as of the Termination Date for no consideration and the Participant shall
not be entitled to any damages or other amounts in respect of such cancelled Options or Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where a Participant's Employment Agreement, Consulting Agreement or
arrangement is terminated or the Participant ceases to hold office or his or her position, as applicable, by reason of termination by
the Corporation or a subsidiary of the Corporation without Cause (whether such termination occurs with or without any or adequate reasonable
notice, or with or without any or adequate compensation in lieu of such reasonable notice) or by the Participant with Good Reason, then
any unvested Options or any other Award held by the Participant that has not been exercised or settled as of the Termination Date shall
be immediately forfeited and cancelled as of the Termination Date for no consideration and the Participant shall not be entitled to any
damages or other amounts in respect of such cancelled Options or Awards, and any vested Options or other Awards may be exercised,
settled or surrendered to the Corporation by the Participant at any time during the period that terminates on the earlier of: (A) the
Expiry Date of such Option or Award; and (B) the date that is 180 days after the Termination Date. Any Option or other Award that
remains unexercised, unsettled or has not been surrendered to the Corporation by the Participant shall be immediately forfeited upon the
termination of such period for no consideration and the Participant shall not be entitled to any damages or other amounts in respect of
such cancelled Options or Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where a Participant's Employment Agreement, Consulting Agreement or
arrangement is terminated or the Participant ceases to hold office or his or her position, as applicable, by reason of the Participant's
death or Disability, then any Option or other Award held by the Participant that has not vested as of the date of the death or the Disability
of such Participant shall continue to vest for a period of 12 months thereafter (the "**Continued Vesting Period**") from
the date or dates determined by the Plan Administrator on which the applicable Options or Awards were granted, provided that the Plan
Administrator may, in its sole discretion, determine to accelerate the vesting of all unvested Options or Awards held by the Participant
upon his or her death or Disability. Any vested Options or other Awards may be exercised, settled or surrendered to the Corporation
by the Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Option or Award;
(B) the date that is 30 days following the end of the Continued Vesting Period; and (C) with respect to ISOs held by U.S. Taxpayers
who terminated their employment arrangement with the Corporation and its subsidiaries by reason of their Disability, on the last day of
the Continued Vesting Period. Any Option or other Award that remains unexercised, unsettled or has not been surrendered to the Corporation
by the Participant shall be immediately forfeited upon the termination of such period for no consideration and the Participant shall not
be entitled to any damages or other amounts in respect of such cancelled Options or Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) where a Participant's Employment Agreement, Consulting Agreement or arrangement is terminated or
the Participant ceases to hold office or his or her position, as applicable, by reason of Retirement, then any unvested Options or any
other Award held by the Participant that has not been exercised or settled as of the Termination Date shall continue to vest according
to this Plan and the applicable Award Agreement, as if the Participant had remained employed, provided that the Plan Administrator may,
in its sole discretion, determine to accelerate the vesting of all unvested Options or Awards held by the Participant upon his or her
Retirement. Any vested Options or other Award may be exercised, settled or surrendered to the Corporation by the Participant at any time
during the periods provided for in this Plan and the applicable Award Agreement, as if the Participant had remained employed. Any Option
or other Award that remains unexercised, unsettled or has not been surrendered to the Corporation by the Participant shall be immediately
forfeited upon the termination of such periods for no consideration and the Participant shall not be entitled to any damages or other
amounts in respect of such cancelled Options or Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Participant's eligibility to receive further grants of Options or other Awards under this Plan
ceases as of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Termination Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of the voluntary resignation, death, Disability or Retirement of the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) notwithstanding Subsection 10.1(c), unless the Plan Administrator, in its discretion, otherwise determines,
at any time and from time to time, Options or other Awards are not affected by a change of Employment Agreement or Consulting Agreement
or arrangement, or directorship within or among the Corporation or a subsidiary of the Corporation for so long as the Participant continues
to be a Director, Employee or Consultant, as applicable, of the Corporation or a subsidiary of the Corporation.

**10.2** **Discretion to Permit Acceleration** 

Notwithstanding the provisions of Section 10.1, the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated in such Section, or in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant, permit the acceleration of vesting of any or all Awards or waive termination of any or all Awards, all in the manner and on the terms as may be authorized by the Plan Administrator.

**Article 11** **<br> EVENTS AFFECTING THE CORPORATION**

**11.1** **General** 

The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Corporation's capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Article 11 would have an adverse effect on this Plan or on any Award granted hereunder.

**11.2** **Change in Control** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan Administrator may, without the consent of any Participant, take such steps as it deems necessary
or desirable, including to cause (i) the conversion or exchange of any outstanding Awards into or for, rights or other securities
of substantially equivalent value, as determined by the Plan Administrator in its discretion, in any entity participating in or resulting
from a Change in Control; (ii) outstanding Awards to vest and become exercisable, realizable, or payable, or restrictions applicable
to an Award to lapse, in whole or in part prior to or upon consummation of such Change in Control, and, to the extent the Plan Administrator
determines, terminate upon or immediately prior to the effectiveness of such Change in Control; (iii) the termination of an Award
in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement
of such Award or realization of the Participant's rights as of the date of the occurrence of the transaction net of any exercise
price payable by the Participant (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Plan Administrator
determines in good faith that no amount would have been attained upon the exercise or settlement of such Award or realization of the Participant's
rights net of any exercise price payable by the Participant, then such Award may be terminated by the Corporation without payment); (iv) the
replacement of such Award with other rights or property selected by the Board in its sole discretion; or (v) any combination of the
foregoing. In taking any of the actions permitted under this Subsection 11.2(a), the Plan Administrator will not be required to treat
all Awards similarly in the transaction. Notwithstanding the foregoing, in the case of Options held by a Canadian Taxpayer, the Plan Administrator
may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 11.2(a)) any property in connection with a Change in Control
other than rights to acquire shares of a corporation or units of a "mutual fund trust" (as defined in the Tax Act), of the
Corporation or a "qualifying person" (as defined in the Tax Act) that does not deal at arm's length (for purposes of
the Tax Act) with the Corporation, as applicable, at the time such rights are issued or granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 10.1, and except as otherwise provided in a written employment or other agreement
between the Corporation or a subsidiary of the Corporation and a Participant, if within 12 months following the completion of a transaction
resulting in a Change in Control, a Participant's employment, consultancy or directorship is terminated by the Corporation or a
subsidiary of the Corporation without Cause or the Participant resigns with Good Reason:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Subsection 11.2(a), and unless otherwise determined by the Plan Administrator, if,
as a result of a Change in Control, the Shares will cease trading on an Exchange, then the Corporation may, subject to Exchange approval
terminate all of the Awards granted under this Plan (other than Options held by Canadian Taxpayers) at the time of and subject to the
completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion
of such Change in Control transaction an amount for each Award equal to the fair market value of the Award held by such Participant as
determined by the Plan Administrator, acting reasonably, or in the case of Options held by a Canadian Taxpayer by permitting the Canadian
Taxpayer to surrender such Options to the Corporation for an amount for each such Option equal to the fair market value of such Option
as determined by the Plan Administrator, acting reasonably, upon the completion of the Change in Control (following which such Options
may be cancelled for no consideration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is intended that any actions taken under this Section 11.2 will comply with the requirements of
Section 409A of the Code with respect to Awards granted to U.S. Taxpayers.

**11.3** **Reorganization of Corporation's Capital** 

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

**11.4** **Other Events Affecting the Corporation** 

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number of Shares that may be acquired on the vesting of outstanding Awards and/or the terms of any Award in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan Administrator will, subject to the prior approval of the Exchange (if required), authorize such steps to be taken as it may consider to be equitable and appropriate to that end.

**11.5** **Immediate Acceleration of Awards** 

In taking any of the steps provided in Sections 11.3 and 11.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan Administrator determines that the steps provided in Sections 11.3 and 11.4 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is appropriate, the Plan Administrator may, but is not required, to permit the immediate vesting of any unvested Awards.

**11.6** **Issue by Corporation of Additional Shares** 

Except as expressly provided in this Article 11, neither the issue by the Corporation of shares of any class or securities convertible into or exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of Awards or other entitlements of the Participants under such Awards.

**11.7** **Fractions** 

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

**Article 12** **<br> U.S. TAXPAYERS**

**12.1** **Provisions for U.S. Taxpayers** 

Options granted under this Plan to U.S. Taxpayers may be non-qualified stock options or incentive stock options qualifying under Section 422 of the Code ("**ISOs**"). Each Option shall be designated in the Award Agreement as either an ISO or a non-qualified stock option. The Corporation shall not be liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does not qualify as an ISO. Any ISO or portion thereof that fails to qualify as an "incentive stock option" under Section 422 of the Code for any reason will be a non-qualified stock option.

**12.2** **ISOs** 

Subject to any limitations in Section 3.6, the aggregate number of Shares reserved for issuance in respect of granted ISOs shall not exceed 10,000,000 Shares, and the terms and conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of ISOs, shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures established by the Plan Administrator from time to time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may be granted to any employee of the Corporation, or of a "parent corporation" or "subsidiary corporation", as such terms are defined in Sections 424(e) and (f) of the Code. An ISO's Expiry Date may be no later than the tenth anniversary of the ISO's Date of Grant. ISOs shall not be transferable by the Participant to whom they were granted other than by will or the laws of descent and distribution. During such Participant's lifetime, the Participant's ISOs shall only be exercised by the Participant.

**12.3** **ISO Grants to 10% Shareholders** 

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

**12.4** **$100,000 Per Year Limitation for ISOs** 

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

**12.5** **Disqualifying Dispositions** 

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

**12.6** **Section 409A of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with
Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. To the extent that an Award
or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled
or deferred in a manner that will meet the requirements of Section 409A of the Code, such that the grant, payment, settlement or
deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. Any payments described
in the Plan that are due within the "short term deferral period" as defined in Section 409A of the Code shall not be
treated as deferred compensation unless applicable law requires otherwise. The Corporation reserves the right to amend this Plan or any
Award Agreement to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of this Plan in
light of Section 409A of the Code. In no event will the Corporation or any of its subsidiaries or Affiliates be liable for any tax,
interest or penalties that may be imposed on a Participant under Section 409A of the Code or any damages for failing to comply with
Section 409A of the Code. Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified
payment for purposes of Section 409A of the Code.

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

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

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

**12.7** **Section 83(b) Election** 

If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture conditions, the Participant shall be required to promptly deliver a copy of such election to the Corporation after filing such election with the Internal Revenue Service along with proof of the timely filing thereof.

**Article 13** **<br> AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN**

**13.1** **Amendment, Suspension, or Termination of the Plan** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no such amendment, modification, change, suspension or termination of the Plan or any Awards granted hereunder
may materially impair any rights of a Participant or materially increase any obligations of a Participant under the Plan without the consent
of the Participant, unless the Plan Administrator determines such adjustment is required or desirable in order to comply with any applicable
Securities Laws or Exchange requirements or as permitted by Section 12.6 herein; and

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

**13.2** **Shareholder Approval** 

Notwithstanding Section 13.1 and subject to any rules of the Exchange, approval of the holders of the Shares shall be required for any amendment, modification or change that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increases or removes the 10% limits on Shares issuable or issued to Insiders as set forth in Subsection
3.7(a);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) extends the term of an Award beyond the original Expiry Date (except where an Expiry Date would have fallen
within a blackout period applicable to the Participant);

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deletes or reduces the range of amendments which require approval of shareholders under this Section 13.2.

**13.3** **Permitted Amendments** 

Without limiting the generality of Section 13.1, but subject to Section 13.2, the Plan Administrator may, without shareholder approval, at any time or from time to time, amend the Plan for the purposes of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making any amendments to the provisions set out in Article 10;

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

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

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

**Article 14** **<br> MISCELLANEOUS**

**14.1** **Legal Requirement** 

The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of the Plan Administrator, in its discretion, such action would constitute a violation by a Participant or the Corporation of any provision of any applicable statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares may then be listed.

**14.2** **No Other Benefit** 

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

**14.3** **Rights of Participant** 

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

**14.4** **Right to Compensation or Damages** 

The Plan displaces any and all common law and civil law rights the Participant may have or claim to have in respect of any Option or other Award, including any right to damages. The foregoing shall apply, regardless of: (i) the reason for the termination of Participant's employment, term of office or service arrangement; (ii) whether such termination is lawful or unlawful, with or without Cause; (iii) whether it is the Participant or the Corporation or subsidiary of the Corporation that initiates the termination; and (iv) any fundamental changes, over time, to the terms and conditions applicable to the Participant's employment, term of office or service arrangement.

**14.5** **Corporate Action** 

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

**14.6** **Conflict** 

In the event of any conflict between the provisions of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern. In the event of any conflict between or among the provisions of this Plan or any Award Agreement, on the one hand, and a Participant's Employment Agreement with the Corporation or a subsidiary of the Corporation, as the case may be, on the other hand, the provisions of the Employment Agreement or other written agreement shall prevail.

**14.7** **Anti-Hedging Policy** 

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

**14.8** **Participant Information** 

Each Participant shall provide the Corporation with all information (including personal information) required by the Corporation in order to administer the Plan (including as to whether the circumstances described in Section 10.1(e) or 12.3 exist). Each Participant acknowledges that information required by the Corporation in order to administer the Plan may be disclosed to any custodian appointed in respect of the Plan and other third parties, and may be disclosed to such persons (including persons located in jurisdictions other than the Participant's jurisdiction of residence), in connection with the administration of the Plan. Each Participant consents to such disclosure and authorizes the Corporation to make such disclosure on the Participant's behalf.

**14.9** **Participation in the Plan** 

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment or engagement nor a commitment on the part of the Corporation to ensure the continued employment or engagement of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and Directors and they are advised to consult with their own tax advisors.

**14.10** **International Participants** 

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

**14.11** **Successors and Assigns** 

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

**14.12** **General Restrictions on Assignment** 

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

**14.13** **Severability** 

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

**14.14** **Notices** 

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

MDA Ltd.

9445 Airport Road<br> Brampton, Ontario<br> L6S 4J3

Attention: Chief Financial Officer

All notices to a Participant will be addressed to the principal address of the Participant on file with the Corporation. Either the Corporation or the Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by e-mail, on the date of delivery, and if sent by mail, on the fifth business day following the date of mailing; provided that in the event of any actual or imminent postal disruption, notices shall be delivered to the appropriate party and not sent by mail. Any notice given by either the Participant or the Corporation is not binding on the recipient thereof until received.

**14.15** **Effective Date** 

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

**14.16** **Governing Law** 

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

**14.17** **Submission to Jurisdiction** 

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

**Schedule A**

**MDA LTD.<br> EQUITY INCENTIVE PLAN (THE "PLAN")**

**ELECTION NOTICE**

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

Pursuant to the Plan, I hereby elect to participate in the grant of DSUs pursuant to Article 5 of the Plan and to receive ____% of my Cash Fees in the form of DSUs in lieu of cash.

I confirm that:

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | |
| | (Name of Participant) |
| | (Signature of Participant) |

---

**Schedule B**

**MDA LTD.<br> EQUITY INCENTIVE PLAN (THE "PLAN")**

**ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs**

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

Notwithstanding my previous election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the date hereof shall be paid in DSUs in accordance with Article 5 of the Plan.

I understand that the DSUs already granted under the Plan cannot be redeemed except in accordance with the Plan.

I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them.

---

| | |
|:---|:---|
| Date: | |
| | (Name of Participant) |
| | (Signature of Participant) |

---

---

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

---

**Schedule C**

**MDA LTD.<br> EQUITY INCENTIVE PLAN (THE "PLAN")**

**ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs<br> (U.S. TAXPAYERS)**

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

Notwithstanding my previous election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination notice shall be paid in DSUs in accordance with Article 5 of the Plan.

I understand that this election to terminate receipt of additional DSUs will not take effect until the first day of the calendar year following the year in which I file this termination notice with the Corporation.

I understand that the DSUs already granted under the Plan cannot be redeemed except in accordance with the Plan.

I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them.

---

| | |
|:---|:---|
| Date: | |
| | (Name of Participant) |
| | (Signature of Participant) |

---

---

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

---

## Exhibit 4.5

**Exhibit 4.5**

**MDA LTD.**

**EMPLOYEE SHARE PURCHASE PLAN**

**EFFECTIVE AS OF June 10, 2024**

**Article 1<br> BACKGROUND AND PURPOSE OF THE PLAN**

1.01 This Employee Share Purchase Plan (the "**Plan**") has been established by MDA Ltd. (the
 "**Company**") effective June 10, 2024 to enable eligible employees of the Company and its affiliates to purchase
Shares in the Company in a convenient and systematic manner, so as to encourage continued employee interest in the operation, growth and
development of the Company, as well as to provide an additional investment opportunity to employees. Participation in the Plan is voluntary,
and neither the Company nor the Administrator (as defined below) make any recommendation to any employee as to whether such employee should
or should not participate. Special rules with respect to U.S. Participants are set forth in Annex A hereto and shall supersede any
contrary provisions of the main Plan document with respect to such U.S. Participants.

**Article 2<br> DEFINITIONS**

In the Plan hereto, unless the context otherwise requires, the following words and expressions shall have the following meanings:

2.01 "**Administrative Agent**" means Solium ULC or such other successor person or company as
may from time to time be appointed or designated by the Company with whom the Company enters into a services agreement with respect thereto.

2.02 "**Administrator**" shall mean the Chief Executive Officer of MDA Ltd., or such other Person(s) as
may be chosen by the Board from time to time to act as Administrator for the Plan.

2.03 "**Application Form**" shall have the meaning ascribed thereto in section 3.03.

2.04 "**Basic Earnings**" shall mean the base salary of a Participant before payroll deductions
for taxes or other purposes and shall not include any overtime pay, short term incentives, medium term incentives, bonuses, long term
incentives, vacation pay, allowances or other benefits or compensation in lieu of basic salary paid by or on behalf of the Company or
otherwise.

2.05 "**Blackout Period**" shall mean any blackout period contemplated in the Insider Trading
Policy.

2.06 "**Board**" means the board of directors of the Company as it may be constituted from time
to time.

2.07 "**Calendar Year**" shall mean a period of twelve (12) consecutive months ending on December 31
of each year.

2.08 "**Change Request"** shall have the meaning ascribed thereto in section 4.02.

2.09 "**Company**" shall mean MDA Ltd., and shall include (a) as of the original effective
date of the Plan, Neptune Operations Ltd., MDA Geospatial Services Inc., MDA Systems Ltd., MacDonald, Dettwiler and Associates Inc., MacDonald,
Dettwiler and Associates Corporation, MDA Space and Robotics Limited and MDA Systems Inc., (b) such other affiliated companies of
MDA Ltd. as designated from time to time by the Administrator, and (c) any successor or continuing corporation or corporations resulting
from the amalgamation or merger of MDA Ltd. or such affiliated companies with any other corporation or corporations or resulting from
any other form of corporate reorganization of MDA Ltd., whatsoever, provided that if any such affiliated company has been so designated,
such designation has not been revoked by the Administrator.

2.10 "**Company Contribution**" or "**Company Contributions**" shall have the
meaning ascribed thereto in section 4.05.

2.11 "**Employee**" or "**Employees**" shall mean, as the case may be, one or
more regular permanent employees of the Company who is or are working at least three (3) days per week and who is or are resident
in Canada, the United States or the United Kingdom, and also includes employees of the Company who are resident in Canada, the United
States or the United Kingdom receiving disability benefits under the Company's comprehensive group insurance plan or any similar
plan and employees of the Company who are resident in Canada, the United States or the United Kingdom on leave of absence but does not
include part-time employees, temporary or casual employees or retired employees.

2.12 "**Insider Trading Policy**" shall mean the insider trading policy of the Company dated
April 14, 2021 (as amended, restated, supplemented, replaced or otherwise modified from time to time).

2.13 "**Non-Registered Account**" shall have the meaning ascribed thereto in section 3.03.

2.14 "**Participant**" shall mean an Employee who has made contributions to the Plan and for
whom (or for whose account) Shares are acquired in accordance with the provisions of the Plan.

2.15 "**Period of Suspension**" shall have the meaning ascribed thereto in section 5.01.

2.16 "**Plan**" means this Employee Share Purchase Plan of the Company.

2.17 "**Purchase Date**" shall have the meaning ascribed thereto in section 6.02.

2.18 "**Share**" or "**Shares**" shall mean, as the case may be, one or more
of the common shares of MDA Ltd.

2.19 "**Stock Exchange**" means an applicable stock exchange upon which Shares are listed.

2.20 "**Trading Restriction**" shall have the meaning ascribed thereto in section 14.03.

2.21 "**U.S. Participant**" shall mean a Participant who is a resident of the United States.

2.22 The singular shall include the plural and vice versa.

**Article 3<br> ELIGIBILITY AND ADMINISTRATION**

3.01 Employees are eligible to join the Plan, subject to applicable law and section 3.02 below.

3.02 Each Employee may elect to become a Participant at any time following completion of three (3) months
of service as an Employee. Employee contributions are subject to section 5.03.

3.03 An Employee may elect to participate in the Plan by completing the enrollment procedures prescribed by
the Administrator and the Administrative Agent, which may include completing an application form (in each case, the "**Application Form** "). A Participant may elect a rate of contribution of any multiple of one percent (1%) and not less than one percent (1%)
nor more than three percent (3%) of the Participant's Basic Earnings for the Calendar Year, as specified in the Participant's
Application Form at the time of his or her admission to the Plan. A Participant's rate of contribution shall remain in effect
unless and until changed pursuant to section 4.02. Each Participant shall have one account in his or her own name, maintained for
record keeping purposes by the Administrative Agent in the name of such Participant (a "**Non-Registered Account** "). As
set forth in, and pursuant to Article 4, the Company shall make Company Contributions in respect of such Participant, not exceeding
(a) $5,000 for the Calendar Year for Canadian Participants and (b) £2,900 (the "**Maximum UK Amount** ")
for the Calendar Year for UK Participants. Notwithstanding the foregoing, prior to the beginning of a calendar year, the Administrator
shall have the discretion to determine in good faith a different Maximum UK Amount for the upcoming calendar year, based on the then-current
foreign exchange rate of GBP and CAD.

3.04 Upon actual receipt of an Application Form as determined by the Administrator and the Administrative
Agent in their sole discretion, the Administrator shall consider such Application Form as written notice of an Employee's election
to participate in the Plan.

3.05 The Administrator shall, upon request by a Participant, provide such Participant with a copy of this Plan.

3.06 The Administrative Agent shall be charged by the Board with the general administration of the Plan. Records
of the Administrative Agent and the Company will be conclusive as to all matters involved in administration of the Plan.

3.07 Except as specifically stated herein and where proceeds are distributed net of brokerage commissions,
sales administration fees and withholding tax, all costs and expenses of administering the Plan, including the compensation of the Administrative
Agent will be paid by the Company.

**Article 4<br> PAYROLL DEDUCTIONS AND COMPANY CONTRIBUTIONS**

4.01 Subject to the right of a Participant pursuant to Article 5 to suspend or terminate making contributions
to the Plan, each Participant shall contribute to the Plan such amount per payroll period as the Participant shall elect. Participant
contributions shall be made by payroll deduction (on an after-tax basis) in accordance with each Participant's Application Form calculated
to the nearest cent per payroll period.

4.02 A Participant may elect to change the amount of his or her contributions by submitting to the Administrative
Agent a request in writing in the prescribed form (the "**Change Request** "). The Administrative Agent shall alter a Participant's
payroll deduction accordingly as soon as practicable following receipt of said Change Request (or it shall procure that such payroll deductions
are altered).

4.03 Contributions with respect to each payroll period shall be remitted to the Administrative Agent in full
as soon as reasonably practicable following the end of each payroll period and, in any event, no later than the end of the next payroll
period and the Administrative Agent shall maintain a listing of deductions remitted for each of those Participants during the preceding
payroll period including the Participant's name, address, social insurance number and other such information required for the purposes
of applicable tax filings.

4.04 Following the payment of a cash dividend/distribution on Shares held in a Participant's Non-Registered
Account, the Administrative Agent (unless otherwise determined in the Administrator's sole discretion) shall apply any such cash
dividends/distributions to purchase additional Shares on the open market on behalf of, and in the name of, such account.

4.05 Subject to the provisions of section 4.06, the Company shall, concurrent with any contribution made by
a Participant pursuant to section 4.01, credit to a Participant who is an Employee as of that date a salary bonus in the amount of
$1.00 for every $1.00 contributed by a Participant (individually the "**Company Contribution**" and collectively the "**Company Contributions** "), the full amount of which is (and is deemed to be) directed by the Participant to be remitted to the Administrative
Agent on behalf of the Participant.

4.06 The Company Contributions made to a Participant shall not exceed (a) $5,000 for the Calendar Year
for Canadian Participants and (b) the Maximum UK Amount for the Calendar Year for UK Participants.

4.07 A Company Contribution constitutes additional compensation paid to the Participant to be applied directly
to the Plan for the account of the Participant. The Company (or, if different, the Participant's employer) shall make appropriate
payroll deductions for taxes in respect of Company Contribution from other compensation payable to the Participant. By electing to participate
in the Plan, each Employee hereby consents to such deductions.

4.08 Any Shares acquired by a Participant with Company Contributions shall be acquired on behalf of and in
the name of the applicable Participant's Non-Registered Account, as certified by the Company.

**Article 5<br> VOLUNTARY SUSPENSIONS OR TERMINATION OF DEDUCTIONS**

5.01 A Participant may, upon notice to the Administrative
Agent, require that the Company (or, if different, the Participant's employer) suspend or terminate making deductions to his or
her salary ()"**Period of Suspension** "). The Administrative Agent shall terminate such Participant's payroll deduction
accordingly as soon as practicable following receipt of such notice.

5.02 During the Period of Suspension, the Participant will remain a member in good standing of the Plan.

5.03 In the event of the commencement of an unpaid leave of a Participant, no additional contributions by the
Participant shall be made. Upon the termination of such leave and following the resumption of active employment of the Participant with
the Company, the contributions by the Participant will automatically resume. Subject to the foregoing, and the regular payroll input deadlines
of the Company, the effective date of any initial election, change, suspension, termination or resumption of contributions by the applicable
Participants shall be the next regular payroll period following the receipt of such election, change, suspension, termination or resumption,
subject to the regular payroll input deadlines of the Participant's employer.

**Article 6<br> ACQUISITION AND TRANSFER OF shares**

6.01 All contributions made by Participants to the Plan shall be invested in Shares in the applicable Participant's
Non-Registered Account. All Company Contributions made to the Participant shall be invested in Shares in the applicable Participant's
Non-Registered Account.

6.02 As soon as reasonably practicable after receipt by the Administrative Agent of funds for each payroll
period (each, a "**Purchase Date** "), the Administrative Agent shall purchase such number of whole Shares and will utilize
the funds to the greatest extent possible. The Administrative Agent shall allocate the Shares purchased on each Purchase Date on behalf
of the Participants, on a full or fractional share basis, as appropriate, to each Participant's account, and each Participant shall
thereupon acquire ownership of such full or fractional shares purchased by the Administrative Agent, in proportion to such Participant's
contributions made on behalf of such Participant for such payroll period. The price paid for Shares purchased by the Administrative Agent
on the open market shall be the market price readily available at the time of acquisition. Notwithstanding the foregoing, the Administrative
Agent, the Administrator and the Company shall not be liable if the Administrative Agent is not reasonably able to purchase Shares on
the open market within the time period specified above, nor shall the Administrative Agent, the Administrator or the Company be liable
for the failure of the Administrative Agent to purchase Shares at any particular price or prices or at any particular time or times.

6.03 All purchases will be made in Canadian dollars and all contributions in a
currency other than Canadian dollars will be converted into Canadian dollars at a time and an exchange rate determined by the Administrator,
acting reasonably.

6.04 Share purchase benefits granted hereunder may not be assigned, transferred, pledged or hypothecated (whether
by operation of law or otherwise), and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer,
pledge, hypothecation or other disposition or levy of attachment or similar process upon the stock purchase benefits shall be null and
void and without effect.

6.05 A Participant's contributions or Shares may not be assigned, transferred, pledged or hypothecated
in any way, and any attempted assignment, transfer, pledge, hypothecation or other disposition of such contributions or Shares shall be
null and void and without effect.

**Article 7<br> Withholding Taxes**

7.01 Notwithstanding any other terms of this Plan, the purchase of Shares under this Plan is subject to the
condition that if at any time either the Administrator or the Administrative Agent determines, in its sole discretion, that the satisfaction
of withholding tax or other withholding liabilities is necessary or desirable in respect of such purchase, such action is not effective
unless such withholding or the satisfaction of withholding tax or other withholding liabilities has been effected to the satisfaction
of the Administrator or the Administrative Agent, as applicable. In such circumstances, subject to any requirements or limitations under
applicable law, the Company (or, if different, the Participant's employer) may (a) withhold such amount from any Basic Earnings
or other amount payable by the Company (or the Participant's employer) to the Participant, or (b) enter into any other suitable
arrangements for the receipt of such amount before the date such remittance is required.

**Article 8<br> CASH DIVIDENDS/DISTRIBUTIONS AND OTHER RIGHTS**

8.01 Cash dividends/distributions on Shares pursuant to the terms of the Plan and held in an account hereunder
shall be credited to the Participant's account, as the case may be, and (unless otherwise determined in the Administrator's
sole discretion) reinvested to purchase additional Shares pursuant to Article 6 following payment of such dividend or distribution.

8.02 Any cash held by the Administrative Agent from time to time pursuant to the terms of the Plan shall be
held by it on behalf of Participants in the Plan and in the name of such Participant's Non-Registered Account, and applied to the
purchase of Shares as described in section 6.02.

8.03 The Administrator shall establish and maintain a separate account, as the case may be, which shall record
all amounts contributed, the investment thereof, and the number of Shares standing to the credit of each Participant, if any. No interest
will be paid upon any cash credited to, or on deposit in, any such account.

8.04 Shares purchased pursuant to the Plan (and any cash contributed by or in respect of a Participant) shall
be held by the Administrative Agent on behalf of such Participant's Non-Registered Account and shall be registered in the name of
the Administrative Agent or its nominee. For greater certainty, all Shares and cash held by the Administrative Agent on behalf of a Participant
shall be held as nominee and shall at all times be beneficially owned by the Participant.

8.05 On a real-time basis, the Administrative Agent shall furnish to each Participant access on a web-based
application to a statement of such Participant's Non-Registered Account.

**Article 9<br> VOTING OF Shares**

9.01 Each whole Share held in an account hereunder in respect of a Participant shall carry the right to vote
in accordance with voting rights of the Shares pursuant to the Company's Certificate and Articles of Amalgamation and the Company's
Majority Voting Policy. Prior to the voting of such Shares at a shareholders meeting, the Administrative Agent shall deliver to a Participant
a copy of any proxy solicitation material together with a form in which the Participant's instructions may be provided to the Administrative
Agent as to how to vote such Shares. If instructions are received by the Administrative Agent in time for the Shares to be voted, it will
vote them according to the Participant's instructions. In the absence of such instructions, the Shares will not be voted. If a Participant
wishes to vote his or her Shares in person, he shall be entitled to attend such shareholders meeting, register with a representative of
the Administrative Agent, obtain a ballot and vote thereat.

**Article 10<br> WITHDRAWAL OR SALE OF shareS**

10.01 Subject to the provisions of Article 11 and Section 10.02, upon a request to the Administrative
Agent from any Participant in respect of whole Shares held in the name of such Participant, the Administrative Agent shall make available
an individual Share certificate registered in the name of such Participant covering all or some of such Shares recorded in that Participant's
account or execute a transfer to a private brokerage account as directed by the Participant. The Participant will be responsible for paying
all applicable fees in connection therewith (whether by deduction from the Participant's account prior to issuance of the share
certificates or otherwise, as applicable).

10.02 Notwithstanding any other provision of the Plan set forth herein, but subject to Article 11, any
Shares acquired using Company Contributions shall be retained in the applicable Participant's Non-Registered Account, and the Participant
shall not be entitled to transfer, sell or otherwise dispose of such Shares, for a period of one (1) year from the Purchase Date
of such Shares.

10.03 Subject to compliance with applicable laws and the provisions of section 4.08, a Participant may
instruct the Administrative Agent to sell a portion or all of the whole Shares held in a Non-Registered Account. Orders for sales shall
be placed by the Administrative Agent in its sole discretion with a Stock Exchange. A commission/fee as mutually determined from time
to time by the Administrative Agent and the Company will be deducted by the Administrative Agent from the gross proceeds of the sale of
such Shares to cover the Administrative Agent's expenses of the sales.

10.04 Where Shares are sold pursuant to section 10.03, the Administrative Agent shall as soon as practical,
credit the proceeds of such sale, subject to any deductions noted in section 10.03, required by law or a deduction in the amount
of the brokerage commissions, if any, for such sale, to the Participant's account.

**Article 11<br> TERMINATION OF PARTICIPATION**

11.01 When a Participant ceases to be an Employee for any reason, no further Shares shall be purchased hereunder
on behalf of such Participant and, notwithstanding Section 10.02, the Participant, within one hundred and eighty (180) days of termination
must request the Administrative Agent to either (i) make available an individual Share certificate registered in the name of such
Participant covering all the whole Shares recorded in that Participant's account, (ii) execute a transfer of all the whole
Shares to a private brokerage account as directed by the Participant or (iii) sell the whole Shares in the account as directed by
the Participant. Following such delivery or disposition of Shares, the Participant will cease to be a Participant under the Plan and shall
relinquish all rights as an active Participant set out in this Plan.

11.02 In the event that the Participant does not make an election pursuant to section 11.01 to complete a delivery
or disposition of Shares held in his or her account within one hundred and eighty (180) days of the Participant's termination,
(i) the Administrative Agent shall, in the Administrator's sole discretion, make an election pursuant to section 11.01 on behalf
of the Participant and (ii) the Participant will be deemed to cease to be a Participant under the Plan and shall relinquish all rights
as an active Participant set out in this Plan. For the avoidance of doubt, such election may be to sell the Shares in the Participant's
account at the market price readily available at the time of sale. The Administrative Agent, the Administrator and the Company will not
bear any responsibility for any loss that may occur as a result of such market fluctuation or otherwise.

11.03 The Participant will be responsible for paying all applicable fees in connection with this Article 11
(whether by deduction from the Participant's account prior to issuance of the share certificates, by deduction to the Participant's
net proceeds or otherwise, as applicable).

11.04 In all instances contemplated by this Article 11, the Participant shall receive a cheque in payment
of any cash in lieu of fractional Shares held in the Participant's account.

**Article 12<br> AMENDMENT OF PLAN AND TERMINATION OF PLAN**

12.01 Subject to any regulatory or Stock Exchange approval, from time to time, the Administrator or such other
officer of the Company as determined by the Board may add to or amend any provisions of the Plan, including the designation or revocation
of any affiliate of MDA Ltd. as part of the definition of "Company" under Section 2.09, but no amendment of the Plan,
or any termination of the Plan pursuant to section 12.02, shall divest any Participant of his or her entitlement to any rights a
Participant may have in respect of the Shares or cash in respect thereof that accrued prior to the date of the applicable amendment or
termination, without the prior written consent of the Participant.

12.02 The Administrator reserves the right to discontinue the Plan at any time. Such discontinuance may be effected
upon provision by the Company of at least sixty (60) days written notice to each Participant and to the Administrative Agent.

12.03 Upon such notice being given, the Participants shall request delivery or disposition of all of the Shares
in his or her account pursuant to the provisions of Article 10 of the Plan. If instructions regarding such delivery or disposition
of Shares are not given by or in respect of a Participant within thirty (30) days of the Plan's discontinuance, a certificate, representing
the number of whole Shares allocated to such Participant shall be issued in the Participant's name and sent to him together with
a cheque in payment of any cash in lieu of fractional Shares held in the Participant's account.

**Article 13<br> Insider Trading**

13.01 Notwithstanding any other provisions of the Plan set forth herein, in accordance with the Insider Trading
Policy, no Employee subject to a Blackout Period or who has knowledge of a material fact or material change with respect to the Company
that has not been generally disclosed (within the meaning of applicable securities laws) may, during such Blackout Period or while in
possession of such material fact or material change that has not been generally disclosed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the amount of his or her contributions under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) instruct the Administrative Agent to sell any Shares pursuant to section 10.02; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give notice of a Period of Suspension of contributions under the Plan.

In addition, notwithstanding any other provisions of the Plan set forth herein, during a Blackout Period, no Employee may elect to participate or cease participation in the Plan.

**Article 14<br> GENERAL**

14.01 The Administrator has sole and complete authority, in its discretion, subject to applicable law, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the Employees who are eligible to participate in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine whether the employment of an Employee with the Company has terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine the date of termination for employment including termination with or without just cause, resignation,
death, retirement, transfer or total disability of any Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any amendments to the Plan pursuant to section 12.01 or elect to discontinue the Plan pursuant
to section 12.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make, amend or repeal any regulations or delegate any duties and powers pursuant to section 14.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) adjustment under the Plan in the event of mergers, consolidations, dividends, spin-offs or similar corporate
events involving the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) generally, take any action or attend to any matter required to be done by, or within the power of, the
Company under the terms of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) take any action or attend to any matter arising from the role of the Administrator or the Administrative
Agent under the Plan, including conforming the operation of the Plan to the laws of any jurisdiction in which a Participant resides.

14.02 There is no guarantee under the Plan against loss of value of the Shares. In seeking the benefits of participation
in the Plan, an Employee must accept the risk of a decline in the market price of the Shares and total loss of his or her investment in
the Shares and any tax consequences resulting from the Participant's participation in the Plan. The Company, the Administrator and
the Administrative Agent will not bear any responsibility for any loss that may occur as a result of such market fluctuation or otherwise.
Neither the Company nor the Administrator makes any representation or warranty that the Shares are suitable investments for any particular
Employee.

14.03 Notwithstanding the foregoing, if the Shares are subject to a temporary cease trade order, permanent cease
trade order or are otherwise subject to a prohibition from being traded or issued by any securities or other administrative body, court,
or industry body (a "**Trading Restriction** "), then the Company shall notify the Administrative Agent forthwith of such
Trading Restriction and when this Trading Restriction is rescinded. The Administrative Agent shall not be required to purchase any Shares
after being notified by the Company of a Trading Restriction and during the period thereafter until it has received notice from the Company
that the Trading Restriction has been rescinded. The Administrative Agent shall not be liable in any manner for purchasing Shares where
it has not been notified by the Company of a Trading Restriction.

14.04 The Board may by resolution make, amend and repeal at any time and from time to time such regulations
and provisions under the Plan not inconsistent herewith as it may deem necessary or advisable for the purchase of Shares under the Plan,
the carrying out of any sales made pursuant to the Plan and generally for the proper administration and operation of the Plan and the
Board shall notify the Administrative Agent in writing of any such regulation or provision that relates to its functions under the Plan.

14.05 Participation in the Plan provides an opportunity for enhanced compensation and shall not form part of
an Employee's entitlement to remuneration or benefits pursuant to his/her contract of employment and benefits under this Plan shall
not be pensionable. For greater certainty, participation in the Plan shall not be included in the calculation of any termination/severance
or other payments which may be owing to a Participant in the event of any termination of their employment for any reason.

14.06 The rights and obligations of an Employee under the terms of his/her contract of employment with the Company,
any parent or any affiliate shall not be affected by his/her participation in this Plan. Participation in the Plan shall not be construed
as giving any person the right to be retained in the employ of the Company, any parent or any affiliate.

14.07 The existence of a contract of employment between the Employee and the Company, any parent or any subsidiary
does not give the Employee any right or entitlement to participate in this Plan, nor any expectation that he/she shall participate in
this Plan, whether subject to any conditions or at all.

14.08 Neither the existence of this Plan nor the fact that an Employee has participated shall give such individual
any right, entitlement, or expectation that he/she has or will in future have any such right, entitlement or expectation to participate
in this Plan on any other occasion.

14.09 The rights or opportunity granted to an Employee through his/her Participation in the Plan shall not give
the Employee any rights or additional rights to compensation or damages in consequence of either: (i) the Employee giving or receiving
notice of termination of his/her office or employment; or (ii) the loss or termination of his/her office or employment with the Company,
any parent or any affiliate for any reason whatsoever, whether or not the termination (and/or giving of notice) is ultimately held to
be wrongful or unfair. If an Employee's employment is terminated without cause or there is a cessation of his/her employment for
any other reason, an Employee is not entitled to participation in the Plan after the expiry of the minimum period of statutory notice
under any applicable employment standards legislation. Each Employee hereby waives any right to claim common law damages for loss of participation
in the Plan or the value of the Shares under the Plan stemming from the Company's failure to provide the Employee with adequate notice
of termination.

14.10 An Employee shall not be entitled to any compensation or damages for any loss or potential loss which
he/she may suffer by reason of being unable to acquire or retain Shares, or any interest in Shares, or to receive any cash amount in consequence
of: (i) the Employee giving or receiving notice of termination of his/her office or employment (whether or not the termination (and/or
giving of notice) is ultimately held to be wrongful or unfair); (ii) the loss or termination of his/her office or employment with
the Company, any parent or any affiliate for any reason whatsoever (whether or not the termination is ultimately held to be wrongful or
unfair); or (iii) the exercise by the Administrator or the Administrative Agent of, or any failure by the Administrator or the Administrative
Agent to exercise, any discretion in accordance with any provision of this Plan, or for any other reason.

14.11 For the purposes of operating the Plan, the Company will collect and process information relating to Employees
resident in the United Kingdom in accordance with the data privacy notice which can be found on the Company's intranet. The authorized
signing officers of the Company are hereby authorized to sign and execute all instruments and documents and do all things necessary or
desirable to carrying out the provisions of the Plan.

14.12 The Plan is established under the laws of the Province of Ontario and the laws of Canada applicable therein
and the rights of all parties and the construction and effect of each and every provision of the Plan shall be according to the laws of
the Province of Ontario and the laws of Canada applicable therein.

14.13 This Plan constitutes the entire employee share purchase plan of the Company and replaces any previous
employee share purchase plan(s) of the Company.

14.14 The Plan shall enure to the benefit of and be binding upon the Company, its successors and assigns. The
interest hereunder of any Employee either by assignment or in any other manner whatsoever (except by will), and during his or her lifetime
shall be vested only in him or her. The Plan shall ensure to the benefit of and be binding upon each such Employee and the personal representative
of a deceased Employee.

**IN WITNESS WHEREOF**, this Plan has been executed by the Company this 10th day of June, 2024.

---

| | | |
|:---|:---|:---|
| **MDA LTD.** | **MDA LTD.** | **MDA LTD.** |
| Per: | /s/ Michael Greenley | /s/ Michael Greenley |
|  | Name: | Michael Greenley |
|  | Title: | Chief Executive Officer |

---

**ANNEX A**

**Special Rules for U.S. Participants**

The following special rules shall apply to U.S. Participants and shall supersede the corresponding provisions of the main Plan document for such U.S. Participants.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Eligible Accounts</u>. Accounts of U.S. Participants under the Plan shall consist exclusively of Non-Registered
Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Securities Matters</u>. The Company is offering the Shares hereunder to U.S. Participants in reliance
on Rule 701 promulgated under the United States Securities Act of 1933, as amended. Offerings hereunder to U.S. Participants shall
also be subject to compliance with any applicable state securities (or "**blue sky**") laws. The obligations of the Company
with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Shares shall not be issued
with respect to a right to purchase unless the issuance and delivery of the Shares shall comply with all applicable provisions of law,
including, without limitation, the Securities Act of 1933 and the Securities Exchange Act of 1934 (each as amended) and the requirements
of any stock exchange upon which the shares may then be listed. The Company is under no obligation to register or qualify the Shares with
the United States Securities and Exchange Commission or any other U.S. or non-U.S. securities commission or to seek approval or clearance
from any governmental authority for the issuance or sale of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Section 409A</u>. The Plan is intended to be exempt from the application of United States Internal
Revenue Code (the "**Code**") Section 409A, as purchase rights hereunder are intended to constitute "**short term deferrals**" and any ambiguities herein shall be interpreted such that those rights shall so be exempt from Section 409A
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Other Applicable Law</u>. The Administrator shall have the discretionary authority to make any changes
to the terms or operation of the Plan with respect to U.S. Participants as it deems necessary or appropriate to comply with any applicable
United States law or regulation.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm266080d4_ex5-1img002.jpg) | ![](tm266080d4_ex5-1img001.jpg) |

---

March 13, 2026

MDA Space Ltd.

7500 Financial Drive

Brampton, Ontario L6Y 6K7

Re: Registration Statement on Form S-8

Dear Sirs/Mesdames:

We have acted as Canadian counsel to MDA Space Ltd., a corporation existing under the laws of Ontario (the "**Company**"), in connection with the Registration Statement on Form S-8 (the "**Registration Statement**") to be filed by the Company on or about March 13, 2025 with the U.S. Securities and Exchange Commission (the "**SEC**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), relating to the registration of 12,814,483 of the Company's common shares (the "**Shares**"), issuable pursuant to: (i) the Company's Second Amended and Restated Omnibus Equity Incentive Plan dated February 27, 2024 (the "**Omnibus Plan**"); and (ii) the Company's Employee Share Purchase Plan effective as of June 10, 2024 (the "**ESPP**", and together with the Omnibus Plan, the "**Plans**").

**1. EXAMINATIONS**

In connection with our opinions set out herein, we have examined executed originals or copies identified to our satisfaction of the following documents and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the articles of incorporation and by-laws of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Plans.

We have also made such investigations and examined originals or copies, certified or otherwise identified to our satisfaction, of such certificates of public officials and of such other certificates, documents and records as we have considered necessary or relevant for the purposes of the opinions hereinafter expressed. We have relied, without independent verification, on certificates of public officials and, as to certain factual matters, upon a certificate of an officer of the Corporation.

**2. ASSUMPTIONS**

In connection with our opinions set out herein, we have assumed the genuineness of all signatures, the legal capacity of individuals executing documents, the genuineness and authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of all documents submitted to us as certified or photostatic copies or facsimiles. We have also relied upon the accuracy and authenticity of the documents examined or otherwise provided.

![](tm266080d4_ex5-1img003.jpg)

**3. JURISDICTION**

We are solicitors qualified to practice law only in the Province of Ontario. We have not made an examination of the laws of any jurisdiction other than the laws of the Province of Ontario and the federal laws of Canada applicable therein and we do not express or imply any opinion in respect of the laws or any matters governed by any laws other than the laws of the Province of Ontario and the federal laws of Canada applicable therein.

**4. OPINION**

Based and relying upon and subject to the foregoing and the limitations set out herein, we are of the opinion that the Shares have been duly authorized and allotted and, when issued in accordance with the terms of the Plans and any relevant agreements thereunder, the Shares will be validly issued as fully paid and non-assessable common shares of the Company.

**5. LIMITATION**

We undertake no duty to amend any of the opinions set forth herein following the date of this opinion letter with respect to changes in matters of law or fact which may occur following the date hereof, and reliance on this opinion letter after the date of this opinion letter must be made with the assumption that there has been no change in the relevant law or facts insofar as they may affect the subject matter of this opinion letter.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act. We hereby consent to the filing of this opinion as an exhibit to the above-referenced Registration Statement and further consent to the use of our name wherever appearing in the Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 and the rules and regulations of the SEC thereunder.

Yours very truly,

/s/ Goodmans LLP

## Exhibit 23.2

**Exhibit 23.2**

KPMG LLP

100 New Park Place, Suite 1400

Vaughan, ON L4K 0J3

Tel 905-265 5900

Fax 905-265 6390

www.kpmg.ca

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

MDA Space Ltd.

We consent to the use of our report dated March 3, 2026, on the consolidated financial statements of MDA Space Ltd., which comprise the consolidated statements of financial position as at December 31, 2025 and December 31, 2024, the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes, and to the reference to our firm under the heading "Experts" in the prospectus, incorporated by reference in the Registration Statement on Form S-8 dated March 13, 2026 of MDA Space Ltd.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

March 13, 2026

Vaughan, Canada

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated<br> with KPMG International Limited, a private English company limited by guarantee.<br> KPMG Canada provides services to KPMG LLP.<br>Document classification: KPMG Confidential<br>

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MDA Space Ltd.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common shares, without par value | Other | 3315162 | $8.52 | $28245180.24 | 0.0001381 | $3900.66 |
| 2 | Equity | Common shares, without par value | Other | 7499321 | $30.06 | $225429589.26 | 0.0001381 | $31131.83 |
| 3 | Equity | Common shares, without par value | Other | 2000000 | $30.06 | $60120000.00 | 0.0001381 | $8302.57 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $313794769.50  |  | $43335.06  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $43335.06  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1a. In accordance with Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the registration statement to which this exhibit relates shall also cover any additional common shares, no par value (the "Common Shares") of MDA Space Ltd. (the "Registrant") that become issuable by reason of certain corporate transactions or events, including any share dividend, share split, recapitalization or certain other similar transactions effected without the Registrant's receipt of consideration that result in an increase in the number of outstanding Common Shares. 1b. Represents 3,315,162 Common Shares issuable pursuant to options granted under the MDA Space Ltd. Second Amended and Restated Omnibus Equity Incentive Plan (the "Omnibus Plan") that have not yet been exercised. 1c. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) under the Securities Act on the basis of $8.52 per share (converted from C$11.56 at an exchange rate of C$1.00 = $0.7367 which was the daily average exchange rate reported by the Bank of Canada on March 9, 2026, a date within 5 business days of filing the registration statement to which this exhibit relates), which is the weighted average exercise price of option awards outstanding under the Omnibus Plan as of the date of the registration statement to which this exhibit relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> 2a. Represents 7,499,321 Common Shares for future issuance under the Omnibus Plan. 2b. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and (h) under the Securities Act on the basis of the average of the high and low prices of the Common Shares on the Toronto Stock Exchange on March 9, 2026, which was $30.06 (converted from C$40.81 at an exchange rate of C$1.00 = $0.7367 which was the daily average exchange rate reported by the Bank of Canada on March 9, 2026, a date within 5 business days of filing the registration statement to which this exhibit relates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> 3a. Represents 2,000,000 Common Shares for future issuance under the MDA Space Ltd. Employee Share Purchase Plan. 3b. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and (h) under the Securities Act on the basis of the average of the high and low prices of the Common Shares on the Toronto Stock Exchange on March 9, 2026, which was $30.06 (converted from C$40.81 at an exchange rate of C$1.00 = $0.7367 which was the daily average exchange rate reported by the Bank of Canada on March 9, 2026, a date within 5 business days of filing the registration statement to which this exhibit relates).

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---