# EDGAR Filing Document

**Accession Number:** 0002091467
**File Stem:** 0001193125-25-304292
**Filing Date:** 2025-12
**Character Count:** 382697
**Document Hash:** 106af07cfd612824b52719dc87fadd0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-304292.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001193125-25-304292

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boyd Group Services Inc.
- **CENTRAL INDEX KEY:** 0002091467
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 981522867
- **STATE OF INCORPORATION:** A2
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900IZ8DD5A8NHRY07

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291880
- **FILM NUMBER:** 251541405

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1745 ELLICE AVE., UNIT C1
- **CITY:** WINNIPEG
- **PROVINCE COUNTRY:** A2
- **ZIP:** 00000
- **BUSINESS PHONE:** (204) 895-1244

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1745 ELLICE AVE., UNIT C1
- **CITY:** WINNIPEG
- **PROVINCE COUNTRY:** A2
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on December 1, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT *UNDER*** 

***THE SECURITIES ACT OF 1933***

**BOYD GROUP SERVICES INC.** 

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

---

| | |
|:---|:---|
| **Canada** | **98-1522867** |
| **(***State or other jurisdiction of* <br> *incorporation or organization***)** | **(***I.R.S. Employer Identification No.***)** |

---

**1745 Ellice Avenue, Unit C1** 

**Winnipeg, Manitoba,** 

**Canada, R3H 1A6** 

**(204) 895-1244** 

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

**Boyd Group Services Inc. Amended and Restated Long Term Incentive Plan** 

**Boyd Group Services Inc. Stock Option Plan** 

(*Full title of the plans*)

**Puglisi & Associates** 

**850 Library Avenue, Suite 204** 

**Newark, Delaware 19711** 

(*Name and address of agent for service*)

**(302) 738-6680** 

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

Copy to

---

| | | |
|:---|:---|:---|
| **Ryan J. Dzierniejko**<br> **John Zelenbaba**<br> **Skadden, Arps, Slate, Meagher & Flom LLP**<br> **222 Bay Street, Suite 1750**<br> **Toronto, Ontario,**<br> **Canada M5K 1J5**<br> **(416) 777-4700** | **Jeff Murray**<br> **Boyd Group Services Inc.**<br> **1745 Ellice Avenue, Unit C1**<br> **Winnipeg, Manitoba,**<br> **Canada, R3H 1A6**<br> **(204) 895-1244** | **Desmond Lee**<br> **Rosalind Hunter**<br> **Jessica Myers**<br> **Osler, Hoskin & Harcourt LLP<br>1 First Canadian Place, Suite 6200**<br> **100 King Street West**<br> **Toronto ON M5X 1B8**<br> **(416) 362-2111** |

---

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 | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | 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** 

**INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS** 

**Item 1.** **Plan Information\*** <br>

**Item 2.** **Registrant Information and Employee Plan Annual Information. \*** <br>

\* 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 Boyd Group Services Inc. Amended and Restated Long Term Incentive Plan and Boyd Group Services Inc. Stock Option 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** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

The following documents or excerpts thereof as indicated, filed by have been filed by Boyd Group Services Inc. (the "**Company**," "**Boyd**," "**us**," "**we**" or "**our**") with the U.S. Securities and Exchange Commission (the "**Commission**") are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's prospectus dated [October 29, 2025](http://www.sec.gov/Archives/edgar/data/2091467/000119312525258327/d77213dsuppl.htm) , filed with the Commission on October 30, 2025, pursuant to Instruction II.L. of Form F-10, relating to the Company's registration statement on Form F-10 (File No. 333- 291143);

&nbsp;&nbsp;&nbsp;&nbsp;&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 October 29, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Company's common shares contained in the registration statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/2091467/000119312525256593/d49460d8a12b.htm) , filed with the SEC on October 29, 2025 (File No. 001-42925), 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 Commission 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.** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.** <br>

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.** <br>

Under the Canada Business Corporations Act (the "**CBCA**"), we may indemnify our current or former directors or officers or another individual who acts or acted at our request as a director or officer, or an individual acting in a

------

similar capacity, of another entity, 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 his or her association with us or the other entity. The CBCA also provides that we may advance moneys to a director, officer or other individual for costs, charges and expenses reasonably incurred in connection with such a proceeding; provided that such individual shall repay the moneys if the individual does not fulfil the conditions described below.

However, such indemnification is prohibited under the CBCA unless the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● acted honestly and in good faith with a view to our best interests, or, as the case may be, to the best
interests of the other entity for which the individual acted as director or officer or in a similar capacity at our request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the
individual had reasonable grounds for believing that his or her conduct was lawful.

Our by-laws require us to indemnify to the fullest extent permitted by the CBCA each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer of a body corporate of which we are or were a shareholder or creditor, and his or her heirs and legal representatives, 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 or administrative action or proceeding in which the individual is made a party by reason of being or having been a director or officer of us or such body corporate.

Our by-laws authorize us to purchase and maintain insurance for the benefit of each of our current or former directors or officers and each individual who acts or acted at our request as a director or officer of a body corporate of which we are or were a shareholder or creditor. To that effect, we maintain insurance policies relating to certain liabilities that such individuals may incur in such capacity.

We have entered into indemnity agreements with our directors and officers (each, an "**Indemnified Party**") which provide, among other things, that we will indemnify an Indemnified Party to the fullest extent permitted by law from and against all liabilities, damages, losses, debts, costs, fines and charges and all reasonable expenses and fees suffered, sustained, incurred or payable or paid by such Indemnified Party in respect of any civil, criminal, quasi-criminal or administrative or regulatory, action, suit or other proceeding of any nature or kind to which the Indemnified Party is involved or made a party by reason of being or having been a director or officer (or serving in a similar capacity).

**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 Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.** 

**Item 7.** **Exemption from Registration Claimed.** <br>

Not applicable.

**Item 8.** **Exhibits.** <br>

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Specimen Common Share Certificate](d214976dex41.htm) |
| 4.2 | [Articles of the Company](d214976dex42.htm) |
| 4.3 | [By-laws of the Company](d214976dex43.htm) |
| 4.4 | [Boyd Group Services Inc. Amended and Restated Long Term Incentive Plan](d214976dex44.htm) |
| 4.5 | [Boyd Group Services Inc. Stock Option Plan](d214976dex45.htm) |

---

------

---

| | |
|:---|:---|
| 5.1 | [Opinion of Osler, Hoskin & Harcourt LLP](d214976dex51.htm) |
| 23.1 | [Consent of Osler, Hoskin & Harcourt LLP (included in Exhibit 5.1 to this Registration Statement)](d214976dex51.htm) |
| 23.2 | [Consent of Deloitte LLP](d214976dex232.htm) |
| 23.3 | [Consent of Forvis Mazars, LLP](d214976dex233.htm) |
| 24.1 | [Power of Attorney (included on page 7 of this Registration Statement)](d214976ds8.htm#poa) |
| 107 | [Calculation of Filing Fee Table](d214976dexfilingfees.htm) |

---

**Item 9.** **Undertakings.** <br>

&nbsp;&nbsp;&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;&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;&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;&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;&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 Commission 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;&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;&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;&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;&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 Commission 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 Winnipeg, Province of Manitoba, Country of Canada, on December 1, 2025.

---

| | |
|:---|:---|
| **BOYD GROUP SERVICES INC.** | **BOYD GROUP SERVICES INC.** |
|  By: | <u>/s/ Jeff Murray</u> |
|  | Name: Jeff Murray |
|  | Title: Executive Vice-President and Chief Financial<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;Officer |

---

------

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below authorizes Brian Kaner and Jeff Murray as their attorney in fact and agent, 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 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.

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/ Brian Kaner<br> Brian Kaner | President, Chief Executive Officer and Director<br> (Principal Executive Officer) | December 1, 2025 |
| /s/ Jeff Murray<br> Jeff Murray | Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer) | December 1, 2025 |
| /s/ David Brown<br> David Brown | Chair of the Board | December 1, 2025 |
| /s/ Brock Bulbuck<br> Brock Bulbuck | Director | December 1, 2025 |
| /s/ Robert Espey<br> Robert Espey | Director | December 1, 2025 |
| /s/ Christine Feuell<br> Chrisine Feuell | Director | December 1, 2025 |
| /s/ John Hartmann<br> John Hartmann | Director | December 1, 2025 |
| /s/ Violet Konkle<br> Violet Konkle | Director | December 1, 2025 |

---

------

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ William Onuwa<br> William Onuwa | Director | December 1, 2025 |
| /s/ Sally Savoia<br> Sally Savoia | Director | December 1, 2025 |

---

------

**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 December 1, 2025.

---

| | |
|:---|:---|
|  **PUGLISI & ASSOCIATES** <br> (Authorized Representative in the United States) | **PUGLISI & ASSOCIATES** <br> (Authorized Representative in the United States) |
|  By: | /s/ Donald J. Puglisi |
|  Name: | Donald J. Puglisi |
|  Title: | Managing Director |

---

## Exhibit 4.1

**Exhibit 4.1**![LOGO](g214976g01k01.jpg)

C0000000230 \| M Boyd Group Services Inc. Number 00000000 INCORPORATED UNDER THE CANADA BUSINESS CORPORATIONS ACT Shares \*\*\*\*0\*\*\*\*\*\*\*\*\* \*\*\*\*\*0\*\*\*\*\*\*\*\* \*\*\*\*\*\*0\*\*\*\*\*\*\* \*\*\*\*\*\*\*0\*\*\*\*\*\* \*\*\*\*\*\*\*\*0\*\*\*\*\* THIS CERTIFIES THAT Specimen \*\*\*0\*\*\* CUSIP 103310108 ISIN CA1033101082 SEE REVERSE FOR IS THE REGISTERED HOLDER OF CERTAIN DEFINATIONS FULLY PAID AND NON-ASSESSABLE COMMON SHARES WITHOUT PAR VALUE IN THE CAPITAL OF Boyd Group Services Inc. transferable on the books of the Corporation only upon surrender of this certificate properly endorsed. This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Corporation. IN WITNESS WHEREOF the Corporation has caused this certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers. Dated: Oct 30, 2025 COUNTERSIGNED AND REGISTERED COMPUTERSHARE TRUST COMPANY, N.A. (CANTON, MA AND JERSEY CITY, NJ) TRANSFER AGENT AND REGISTRAR OR COUNTERSIGNED AND REGISTERED COMPUTERSHARE INVESTOR SERVICES INC. (CALGARY) (TORONTO) TRANSFER AGENT AND REGISTRAR President and Chief Executive Officer By Authorized Officer By Authorized Officer The shares represented by this certificate are transferable at the offices of Computershare Investor Services Inc. in Calgary, AB and Toronto, ON or at the offices of Computershare Trust Company, NA. in canton, MA and Jersey City, NJ. SECURITY INSTRUCTIONS ON REVERSE VOIR LES INSTRUCTIONS DE SECURITE AU VERSO 00230504 CSAE_LIVE_BNYQ_C01.mtl.pulls/000001/00001/i

------

![LOGO](g214976g02k02.jpg)

The following abbreviations shall be construed as though the words set forth below opposite each abbreviation were written out in full where such abbreviation appears: TEN COM TEN ENT JT TEN as tenants in common as tenants by the entireties as joint tenants with rights of survivorship and not as tenants in common (Name) CUST (Name) UNIF GIFT MIN ACT (State) (Name) as Custodian for (Name) under the (State) Uniform Gifts to Minors Act Additional abbreviations may also be used though not in the above list. For value received the undersigned hereby sells, assigns and transfers unto Insert name and address of transferee represented by this certificate and does hereby irrevocably constitute and appoint of the undersigned to transfer the said shares on the books of the Corporation with full power of substitution in the premises. DATED: Signature of Shareholder Signature of Guarantor shares the attorney Signature Guarantee: The signature on this assignment must correspond with the name as written upon the face of the certificate(s), in every particular, without alteration or enlargement, or any change whatsoever and must be guaranteed by a major Canadian Schedule I chartered bank or a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP). The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed" In the USA, signature guarantees must be done by members of a "Medallion Signature Guarantee Program only. Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of the Stamp Medallion Program. SECURITY INSTRUCTIONS-INSTRUCTIONS DE SÉCURITÉ THIS IS WATERMARKED PAPER, DO NOT ACCEPT WITHOUT NOTING WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK. PAPIER FILIGRANE, NE PAS ACCEPTER SANS VÉRIFIER LA PRÉSENCE DU FILIGRANE. POUR CE FAIRE, PLACER À LA LUMIÈRE. EN CORP_V2_01

## Exhibit 4.2

**Exhibit 4.2**![LOGO](g214976dsp001.jpg)

Certificate of Amendment Certificat de modification Canada Business Corporations Act Loi canadienne sur les sociétés par actions Boyd Group Services Inc. Corporate name / Dénomination sociale 1163688-0 Corporation number / Numéro de société I HEREBY CERTIFY that the articles of the JE CERTIFIE que les statuts de la société above-named corporation are amended under susmentionnée sont modifiés aux termes de section 178 of the Canada Business l'article 178 de la Loi canadienne sur les Corporations Act as set out in the attached sociétés par actions, tel qu'il est indiqué dans les articles of amendment. clauses modificatrices ci-jointes. Raymond Edwards Director / Directeur 2020-06-30 Date of amendment (YYYY-MM-DD) Date de modification (AAAA-MM-JJ)

------

![LOGO](g214976dsp002.jpg)

Form 4 Formulaire 4 Articles of Amendment Clauses modificatrices Canada Business Corporations Act Loi canadienne sur les sociétés par (CBCA) (s. 27 or 177) actions (LCSA) (art. 27 ou 177) 1 Corporate name Dénomination sociale Boyd Group Services Inc. 2 Corporation number Numéro de la société 1163688-0 3 The articles are amended as follows Les statuts sont modifiés de la façon suivante See attached schedule / Voir l'annexe ci-jointe 4 Declaration: I certify that I am a director or an officer of the corporation. Déclaration : J'atteste que je suis un administrateur ou un dirigeant de la société. Original signed by / Original signé par BROCK BULBUCK BROCK BULBUCK 204-895-1244 Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection 250 (1) of the CBCA). Faire une fausse déclaration constitue une infraction et son auteur, sur déclaration de culpabilité par procédure sommaire, est passible d'une amende maximale de 5 000 $ et d'un emprisonnement maximal de six mois, ou l'une de ces peines (paragraphe 250(1) de la LCSA). You are providing information required by the CBCA. Note that both the CBCA and the Privacy Act allow this information to be disclosed to the public. It will be stored in personal information bank number IC/PPU-049. Vous fournissez des renseignements exigés par la LCSA. Il est à noter que la LCSA et la Loi sur les renseignements personnels permettent que de tels renseignements soient divulgués au public. Ils seront stockés dans la banque de renseignements personnels numéro IC/PPU-049. IC 3069 (2008/04)

------

**Schedule / Annexe** 

**Amendment Schedules / Annexes - Modification** 

The Articles of Incorporation are hereby amended to add the following paragraph to Section 7 of the Articles of Incorporation, "Other Provisions":

The directors may appoint one or more additional directors, who shall hold office for a term expiring not later than the close of the next annual meeting of shareholders, but the total number of directors so appointed may not exceed one-third of the number of directors elected at the previous annual meeting of shareholders.

------

![LOGO](g214976dsp004.jpg)

Certificate of Arrangement Certificat d'arrangement Canada Business Corporations Act Loi canadienne sur les societes par actions BOYD GROUP HOLDINGS INC. 414955-6 Corporate name(s) ofCBCA applicants I Denomination(s) Corporation number(s) I Numero(s) de la ou sociale(s) de la ou des societes LCSA requerantes des societes I HEREBY CERTIFY that the arrangement set JE CERTIFIE que !'arrangement mentionne dans out in the attached articles of arrangement has les clauses d'arrangement annexees a pris effet en been effected under section 192 of the Canada vertu de !'article 192 de la Loi canadienne sur les Business Corporations Act. societes par actions. Raymond Edwards Director I Directeur 2020-01-01 Date of Arrangement (YYYY-MM-DD) Date de !'arrangement (AAAA-MM-JJ)

------

![LOGO](g214976dsp005.jpg)

------

**SCHEDULE A** 

**ATTACHED TO AND FORMING PART OF** 

**ARTICLES OF ARRANGEMENT** 

**<u>AS TO THE BOYD GROUP INC. ("BGI"):</u>**

As to BGI, the Articles of Amendment of BGI are hereby amended by increasing the authorized capital of BGI by creating an unlimited number of Common shares, an unlimited number of Class A Preferred shares and an unlimited number of Class B Preferred Shares, each having attached thereto the following rights privileges, restrictions and conditions:

A. The Common Shares shall have attached thereto the following rights, privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Common Shares shall be entitled to receive notice of and to attend all meetings of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Common Share then held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares shall be entitled to such dividends as may be declared thereon from time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Common Shares shall be shared rateably among the Common Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the holders of the Common Shares shall be entitled to receive rateably among themselves the assets and property of the Corporation.

B. The Class A Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class A Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class A Preferred Shares shall be entitled to such dividends as may be declared from time to time by the Board of Directors of the

------

Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class A Preferred Shares shall be shared rateably among the Class A Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the holders of the Class A Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class A Preferred Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of any Common Shares or other shares of any other class ranking junior to the Class A Preferred Shares. After payment to the holders of the Class A Preferred Shares of the amounts so payable to them as above provided, they shall not be entitled to share in any further distribution of the assets or property of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the Canada Business Corporations Act, as now enacted or as it may from time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class A Preferred Shares and upon being given notice as hereinafter contained, redeem the Class A Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class A Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause B (c) hereof may be exercised by notice in writing given to the Corporation at its registered office accompanied by the certificate or certificates representing Class A Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall be signed by the person registered on the records of the Corporation as the holder of the Class A Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class A Preferred Shares which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the Class A Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation .

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the Canada Business Corporations Act, as now enacted or as it may from time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part of the then outstanding Class A Preferred Shares on payment for each share to be redeemed of a sum equal to the fair market value of the aggregate consideration (as determined by the Board of Directors of the Corporation) for which such Class A Preferred Shares then outstanding were issued divided by the number of Class A Preferred Shares then outstanding, which sum is herein referred to as the "redemption price for each Class A Preferred Share", together with all declared and unpaid dividends thereon. Provided, however, if the Minister of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class A Preferred Shares then outstanding were issued is greater than or less than the fair market value of such consideration as determined by the Board of Directors of the Corporation then the redemption price for each such Class A Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the Income Tax Act (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class A Preferred Shares then outstanding. In the event that any Class A Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class A Preferred Shares. In case a part only of the then outstanding Class A Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class A Preferred Shares under the provisions of Clause B (e) hereof, the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class A Preferred Shares to be redeemed a notice in writing of the intention of the Corporation to redeem such Class A Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such notice shall set out the redemption price for each Class A Preferred Share and the date on which redemption is to take place, and, if part only

------

of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class A Preferred Shares to be redeemed the redemption price for each Class A Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the Class A Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for redemption in any such notice, a holder of Class A Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the redemption price for such Class A Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation shall have the right at any time after the mailing of notice of its intention to redeem any Class A Preferred Shares as aforesaid to deposit the redemption price for such Class A Preferred Shares or such of the shares represented by certificates as have not at the date of such deposit been surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class A Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class A Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class A Preferred Shares so deposited against presentation and surrender of the said certificates held by them respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Class B Preferred Shares, the Common Shares or other shares of any other class ranking junior to the Class A Preferred Shares, or any of them, which would have the effect of reducing the assets available on a winding-up for distribution to holders of Class A Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class A Preferred Shares then issued and outstanding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class A Preferred Shares shall be entitled to receive notice of and to attend all meetings of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class A Preferred Share then held by them respectively.

C. The Class B Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class B Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class B Preferred Shares shall be entitled to such dividends as may be declared from time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class B Preferred Shares shall be shared rateably among the Class B Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the holders of the Class B Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class B Preferred Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of Class A Preferred Shares, Common Shares, or other shares of any other class ranking junior to the Class B Preferred Shares. After payment to the holders of the Class B Preferred Shares of the amounts so payable to them as above provided, they shall not be entitled to share in any further distribution of the assets or property of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the Canada Business Corporations Act, as now enacted or as it may from time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class B Preferred Shares and upon being given notice as hereinafter contained, redeem the Class B Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class B Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause C (c) hereof may be exercised by notice in writing given to the Corporation at its registered office accompanied by the certificate or certificates representing Class B Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall

------

be signed by the person registered on the records of the Corporation as the holder of the Class B Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class B Preferred Shares which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the Class B Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the Canada Business Corporations Act, as now enacted or as it may from time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part of the then outstanding Class B Preferred Shares on payment for each share to be redeemed of a sum of $1,000, being the price for which such Class B Preferred Shares then outstanding were issued, which sum is herein referred to as the "redemption price for each Class B Preferred Share", together with all declared and unpaid dividends thereon. Provided, however, if the Minister of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class B Preferred Shares then outstanding were issued is greater than or less than the fair market value of such consideration as determined by the Board of Directors of the Corporation then the redemption price for each such Class B Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the Income Tax Act (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class B Preferred Shares then outstanding. In the event that any Class B Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class B Preferred Shares. In case a part only of the then outstanding Class B Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares .

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class B Preferred Shares under the provisions of Clause C (e) hereof, the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class B Preferred Shares to be redeemed a notice in writing of the intention of the Corporation to redeem such Class B Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such notice shall set out the redemption price for each Class B Preferred Share and the date on which redemption is to take place, and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class B Preferred Shares to be redeemed the redemption price for each Class B Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the Class B Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for redemption in any such notice, a holder of Class B Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the redemption price for such Class B Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation shall have the right at any time after the mailing of notice of its intention to redeem any Class B Preferred Shares as aforesaid to deposit the redemption price for such Class B Preferred Shares or such of the shares represented by certificates as have not at the date of such deposit been surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class B Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class B Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class B Preferred Shares so deposited against presentation and surrender of the said certificates held by them

------

respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Common Shares or other shares of any other class ranking junior to the Class B Preferred Shares or any of them, which would have the effect of reducing the assets available on a winding-up for distribution to holders of Class B Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class B Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class B Preferred Shares shall not be entitled to receive notice of or to attend any meetings of the shareholders of the Corporation and shall not be entitled to any vote at any such meeting except where specifically required by the Canada Business Corporations Act.

------

**<u>AS TO BOYD GROUP HOLDINGS INC. ("BGHI"):</u>**

As to BGHI, the Articles of Continuance of BGHI are hereby amended by amending the rights privileges, restrictions and conditions attached to the Class B Common shares and the Class A Common shares as set forth below, and by increasing the authorized capital of BGHI by creating an unlimited number of Class C Common shares, each having attached thereto the rights privileges, restrictions and conditions set forth below:

A. The Class C Common shares of the Corporation shall have attached thereto the following rights, privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Class C Common shares shall be entitled to receive notice of and to attend all meetings of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class C Common share then held by them.

B. Notwithstanding anything to the contrary contained in the rights, privileges, restrictions and conditions otherwise attaching to the Class A Common shares and the Class B Common shares in the Articles of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Class A Common shares, Class B Common shares and Class C Common shares shall be entitled to dividends equally on a pro rata basis when, as and if declared thereon from time to time by the Board of Directors of the Corporation in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the property and assets of the Corporation shall be paid and distributed pro rata, share for share, to the holders of the Class A Common shares, Class B Common shares and Class C Common shares.

------

**SCHEDULE "A"** 

**PLAN OF ARRANGEMENT** 

**UNDER SECTION 192 OF** 

***CANADA BUSINESS CORPORATIONS ACT***

**ARTICLE 1** 

**INTERPRETATION** 

**1.1 In this Plan of Arrangement, the following terms have the following meanings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"4612094"** means 4612094 Manitoba Inc., a corporation incorporated and existing under *The Corporations Act* (Manitoba);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Arrangement** ", "**herein** ", "**hereof** ",
" **hereto** ", "**hereunder**" and similar expressions mean and refer to the arrangement pursuant to Section 192 of the CBCA set forth in this Plan of Arrangement, as amended, modified or supplemented,
and not to any particular article, section or other portion hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Arrangement Agreement**" means the agreement dated as of September
19, 2019, among New Boyd, the Fund, BGHI, 4612094 and BGI with respect to the Arrangement and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Articles of Arrangement**" means the articles of arrangement in
respect of the Arrangement required under Subsection 192(6) of the CBCA to be filed with the Director after the Final Order has been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**BGHI**" means Boyd Group Holdings Inc., a corporation continued and existing under
the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**BGHI Arrangement Resolution**" means the special resolution of the
shareholders of BGHI Shareholders presented at the BGHI Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**BGHI Class A Common Shareholders**" means the holders of BGHI
Class A Common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**BGHI Class A Common shares**" means the issued and outstanding
Class A Common shares of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**BGHI Class B Common shares**" means the issued and outstanding
Class B Common shares of BGHI;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **"BGHI Class C Common shares"** means the Class C Common shares of
BGHI to be created pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **"BGHI Meeting"** means the special meeting of BGHI Class A Common Shareholders to be
held on December 2, 2019 and any adjournments or postponements thereof, to consider and vote on, among other things, the BGHI Arrangement Resolution and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **"BGHI Voting shares"** means the issued and outstanding voting shares of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"BGHI Shareholders"** means the holders of BGHI Class A Common shares, BGHI
Class B Common shares and BGHI Voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **"BGHI Shares"** means the BGHI Class A Common shares, BGHI Class B Common shares
and the BGHI Voting Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **"BGI"** means The Boyd Group Inc., a corporation continued and existing under the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"BGI Class I shares"** means the issued and outstanding Class I
shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **"BGI Class II shares"** means the issued and outstanding Class II
shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **"BGI Class IV shares"** means the issued and outstanding Class IV
shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **"BGI Class A Preferred Shares"** means the Class A Preferred Shares
to be created pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **"BGI Class B Preferred Shares"** means the Class B Preferred Shares
to be created pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"BGI Common Shares"** means the class of common shares to be created pursuant to the
Arrangement, with conditions, rights and attributes as described on Appendix "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"CBCA"** means the *Canada Business Corporations Act,* R.S.C., 1985, c.C-44, as amended, including the regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **"Certificate"** means the certificate issued by the Director pursuant to Subsection 192(7)
of the CBCA giving effect to the Arrangement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **"Court"** means the Manitoba Court of Queen's Bench;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **"Depositary"** means Computershare Investor Services Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **"Direct Registration Advice"** shall have the meaning given to the term in
Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Director"** means the director appointed under Section 260 of the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Dissent Rights"** means the rights of BGHI Shareholders to dissent in respect of the
Arrangement pursuant to the procedures set forth on Appendix "C";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Dissenting Shareholders"** means those BGHI Shareholders who have exercised dissent rights
pursuant to Article 4 hereof and **"Dissenting Shareholder"** means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **"Dividends"** shall have the meaning given to that term in Section 5.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"Effective Date"** means January 1, 2020 or such other date as the Parties may agree
upon and the Court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"Effective Time"** means 7:00 a.m. (Winnipeg time) on the Effective Date, or such other
time on the Effective Date as may be specified in writing by New Boyd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **"Fair Market Value"** means (1) as to BGI Class I shares, BGI Class II
shares and BGI Class IV shares, the fair market value of each of the BGI Class I shares, BGI Class II shares and BGI class IV shares, respectively, as determined by the board of directors of BGI and (2) as to BGHI Class A
Common shares, the fair market value as determined by the board of directors of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"Final Order"** means the final order of the Court approving the Arrangement pursuant to
Subsection 192(4) of the CBCA, as such order may be affirmed, amended, modified or supplemented by any court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Fund"** means Boyd Group Income Fund, a trust established and existing under the laws of
the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **"Fund Arrangement Resolution"** means the special resolution of Fund Unitholders presented
at the Fund Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **"Fund Declaration of Trust"** means the amended and restated declaration of trust of the
Fund dated as of February 25, 2003, as amended on August 21, 2003, as further amended on May 15, 2018, and as further amended on March 20, 2019,

------

governing the Fund, as further amended, supplemented or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **"Fund Meeting"** means the special meeting of the Fund Unitholders to be held on
December 2, 2019, and any adjournments or postponements thereof, to consider and vote on, among other things, the Fund Arrangement Resolution and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **"Fund Unitholders"** means the holders of Fund Units from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **"Fund Units"** means the issued and outstanding units of beneficial interest of the Fund
designated as "Trust Units" under the Fund Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"Interim Order"** means the interim order of the Court under Subsection 192(4) of the CBCA
containing declarations and directions with respect to the Arrangement, as such order may be affirmed, amended, modified or supplemented by any court of competent jurisdiction with the consent of BGHI, BGI and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) **"New Boyd"** means Boyd Group Services Inc., a corporation incorporated and existing under
the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) **"New Boyd Common Shares"** means the common shares in the capital of New Boyd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) **"New Boyd Shareholders"** means the registered holders of New Boyd Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) **"Party"** means a party to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) **"Person"** means and includes individuals, corporations, partnerships, general
partnerships, joint stock companies, limited liability corporations, joint ventures, associates, companies, trusts, banks, trust companies, pension funds, business trusts or other organizations, whether or not legal entities, and governments,
agencies and political subdivisions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) **"Segregated Funds"** shall have the meaning given to that term in Section 5.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) **"TSX"** means the Toronto Stock Exchange .

------

**1.2 Appendix.** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix A - | BGHI share conditions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix B - | BGI share conditions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix C - | Dissent Rights |

---

**1.3 Construction.** The division of this Plan of Arrangement into articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Plan of Arrangement.

**1.4** Unless reference is specifically made to some other document or instrument, all references herein to articles and sections are to articles and sections of this Plan of Arrangement.

**1.5** Unless the context otherwise requires, words importing the singular number shall include the plural and vice versa; and words importing any gender shall include all genders.

**1.6** References in this Plan of Arrangement to any statute or sections thereof shall include such statute as amended or substituted and any regulations promulgated thereunder from time to time in effect.

**1.7** The word "including", when following any general term or statement, is not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement.

**ARTICLE 2** 

**ARRANGEMENT AGREEMENT** 

**2.1** This Plan of Arrangement is made pursuant to the Arrangement Agreement and constitutes an arrangement as referred to in Section 192 of the CBCA. If there is a conflict between the terms of the Arrangement Agreement and this Plan of Arrangement, the terms of this Plan of Arrangement shall prevail.

**2.2** This Plan of Arrangement, upon the filing of the Articles of Arrangement and the issue of the Certificate, if any, shall become effective on, and subject to Dissent Rights, be binding on and after, the Effective Time on the parties to the Arrangement Agreement.

**2.3** The Articles of Arrangement and Certificate shall be filed and issued, respectively, with respect to this Arrangement in its entirety. The Certificate shall be conclusive evidence that the Arrangement has become effective and that each of the provisions of Article 3 has become effective in the sequence and at the times set out therein.

------

**2.4** Other than as expressly provided for herein, no portion of this Plan of Arrangement shall take effect with respect to any Party or Person until the Effective Time. Furthermore, other than as expressly provided for therein, each of the events listed in Article 3 shall be, without affecting the timing set out in Article 3, mutually conditional, such that no event described in Article 3.1 may occur without all steps occurring, and those events shall effect the integrated transaction which constitutes the Arrangement.

**ARTICLE 3** 

**ARRANGEMENT** 

**3.1** Commencing at the Effective Time, each of the events set out below in Articles 3.1, 3.2 and 3.3 shall occur and shall be deemed to occur in the following order, each occurring one minute apart (unless otherwise noted), without any further act or formality except as otherwise provided herein:

**Amendment to Fund Declaration of Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund Declaration of Trust will be amended if and to the extent necessary to facilitate the Arrangement
as provided therein;

**Amendment of BGHI Articles** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI's Articles of Incorporation will be amended to amend the conditions, rights and attributes of the
BGHI Class B Common shares as shown on Appendix "A" and to create an unlimited number of BGHI Class C Common shares;

**Exchange of BGI's BGHI Class A Common shares for BGHI Class C Common shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BGI will exchange each of its BGHI Class A Common shares for BGHI Class C Common shares on the
basis of one BGHI Class A Common share for one BGHI Class C Common share, with each BGHI Class C Common share having a value equal to the Fair Market Value of each BGHI Class A Common share so exchanged. Each BGHI Class A
Common share so exchanged will be cancelled;

**Exchange of Fund Units and BGHI Class A Common shares for New Boyd Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Fund Unitholder will exchange each of its Fund Units for a New Boyd Common Share on the basis of one
Fund Unit for one New Boyd Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each BGHI Class A Common Shareholder of record on the date which is 21 calendar days prior to the
Effective Date (other than BGI) who has not exercised Dissent Rights prior to such record date shall exchange each of its BGHI Class A

------

Common shares for a New Boyd Common Share on the basis of one BGHI Class A Common share for one New Boyd Common Share, and any retraction of BGHI Class A Common shares after such record date shall be disregarded;

**Transfer of 4612094 BGHI Voting Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 4612094 will transfer and sell all of its 30,000,000 BGHI Voting shares to New Boyd for their fair market
value which is equal to the stated capital of each BGHI Voting share being $0.00001 per share and an aggregate amount of $300.00;

**Cancellation of Initial Common Shares of New Boyd** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the 10 New Boyd Common Shares issued to the Fund in connection with the organization of New Boyd shall be
purchased for cancellation by New Boyd for a consideration of $1.00 per share, an aggregate of $10.00;

**Amendment of BGI Articles** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) BGI's Articles of Incorporation will be amended to create an unlimited number of BGI Common Shares,
BGI Class A Preferred Shares and BGI Class B Preferred Shares;

**Exchange of BGI Class I Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund will exchange each of its BGI Class I shares for BGI Class A Preferred Shares on the
basis of one BGI Class I share for one BGI Class A Preferred Share with a redemption value being equal to the Fair Market Value of a BGI Class I share so exchanged. Each BGI Class I share so exchanged shall be cancelled;

**Exchange of BGI Class IV Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Fund will exchange each of its BGI Class IV shares for BGI Class B Preferred Shares on the
basis of one BGI Class IV share for one BGI Class B Preferred Share with a redemption value being equal to the Fair Market Value of a BGI Class IV share so exchanged. Each BGI Class IV share so exchanged shall be cancelled;

**Exchange of BGI Class II Shares for BGI Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BGHI will exchange each of its BGI Class II shares for BGI Common Shares on the basis of one BGI
Class II share for one BGI Common Share, each BGI Common Share having a value equal to the Fair Market Value of a BGI Class II share so exchanged;

------

**Listing of New Boyd Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the New Boyd Common Shares will be listed for trading on the TSX in substitution for the Fund Units;

**Stated Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there shall be added to the stated capital account maintained for the New Boyd Common Shares an amount
determined by the New Boyd board of directors in accordance with section 26 of the CBCA in respect of the New Boyd Common Shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated capital of
New Boyd in an amount determined by such directors without any payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there shall be added to the stated capital account maintained for the BGHI Class C Common shares an
amount determined by the BGHI board of directors in accordance with section 26 of the CBCA in respect of the BGHI Class C Common shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated
capital of BGHI in an amount determined by such directors without any payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) there shall be added to the stated capital accounts maintained for each of the BGI Common Shares, BGI
Class A Preferred Shares and BGI Class B Preferred Shares an amount determined by the BGHI board of directors in accordance with section 26 of the CBCA in respect of each of the BGI Common Shares, BGI Class A Preferred Shares and BGI
Class B Preferred Shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated capital of New Boyd in an amount determined by such directors without any payment.

**3.2** The members of the board of directors of New Boyd shall be set at eight (8), in accordance with the Articles of Incorporation of New Boyd, and each of the following persons shall be appointed to the board of directors of New Boyd to hold office until the next annual meeting of shareholders of New Boyd or until his successor is elected or appointed:

Dave Brown

Brock Bulbuck

Allan Davis

Gene Dunn

Robert Gross

Violet (Vi) A. M. Konkle

Timothy O'Day

Sally Savoia

------

**3.3** Initially, the auditors of New Boyd shall be Deloitte LLP until the next annual meeting of shareholders of New Boyd.

**3.4** Upon the exchange of Fund Units and BGHI Class A Common shares for New Boyd Common Shares pursuant to Article 3.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each former holder of Fund Units shall cease to be the holder of the Fund Units so exchanged and the name of
each such former holder of Fund Units shall be removed from the register of Fund Units and New Boyd shall become the sole holder of the Fund Units and shall be added to the register of Fund Units as the sole owner of the Fund Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each former BGHI Class A Common Shareholder shall cease to be the holder of the BGHI Class A
Common shares so exchanged and shall be removed from the record of BGHI Class A Common Shareholders and New Boyd shall become the sole holder thereof and shall be added to the shareholder records as the sole owner of the BGHI Class A
Common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each such holder of Fund Units and of BGHI Class A Common shares shall become the holder of the New
Boyd Common Shares exchanged for Fund Units and BGHI Class A Common shares, as applicable, by such holder and shall be added to the register of holders of New Boyd Common Shares in respect thereof

**ARTICLE 4** 

**RIGHTS OF DISSENT** 

**4.1 Rights of Dissent** 

BGHI Shareholders (other than 4612094, the Fund and BGI, who have agreed not to exercise Dissent Rights) may exercise Dissent Rights pursuant to and in the manner set forth in Appendix C to this Plan of Arrangement (which are substantively equivalent to the provisions of Section 190 of the CBCA) and in this Article 4 in connection with the Dissenting Shareholders who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are ultimately entitled to be paid by BGHI the fair value of their BGHI Shares, shall be deemed to have
transferred their BGHI Shares to BGHI for cancellation on the Effective Date immediately prior to the first step of the Plan of Arrangement set out in Article 3.1(a) above being effective and in no case shall the Fund, BGHI, BGI, New Boyd and
4612094, or any other person be required to recognize such persons, by reason of their ownership of BGHI Shares in respect of which they exercised their Dissent Rights, as holders of BGHI Shares or New Boyd Common Shares after the Effective Date and
the names of such holders shall be deleted from the BGHI share register on the Effective Date; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are ultimately not entitled to be paid by BGHI the fair value of their BGHI Shares, shall be deemed to have
participated in the Arrangement on the same basis as any non-dissenting BGHI Shareholder as at and from the Effective Time.

**4.2 No Right of Dissent** 

In addition to any other restrictions in Appendix C hereto, no BGHI Shareholder who votes in favour of the Arrangement shall be entitled to exercise any Dissent Rights under the Arrangement.

**ARTICLE 5** 

**CERTIFICATES AND PAYMENTS** 

**5.1** From and after the time of the exchange of BGHI Class A Common shares and Fund Units for New Boyd Common Shares pursuant to Sections 3.1(d) and 3.1(e), respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificates formerly representing Fund Units shall represent only the right to receive an electronic
registration of ownership of New Boyd Common Shares in the records of New Boyd **("Direct Registration Advice")** as provided in this Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certificates formerly representing BGHI Class A Common shares shall represent only the right to receive
a Direct Registration Advice as provided in this Plan of Arrangement,

subject to compliance with the requirements set forth in this Article 5.

**5.2** Prior to the Effective Time, the Fund shall establish with the Depositary an account for the benefit of New Boyd Shareholders entitled to New Boyd dividends (the **"Dividends")** for the purpose of depositing such cash with the Depositary (the **"Segregated Funds"**).

**5.3** All Dividends paid with respect to any New Boyd Common Shares allotted and issued after the Effective Time, but for which a Direct Registration Advice has not been issued shall be paid or delivered to the Depositary to be held by the Depositary as Segregated Funds, in trust for the registered holder of the New Boyd Common Shares. Subject to Section 5.6, the Depositary shall pay and deliver to any such registered holder such Dividends to which such holder is entitled, net of applicable withholding and other taxes, upon delivery of the certificate or Direct Registration Advice representing the New Boyd Common Shares issued to such holder in accordance with Section 5.4. No registered holder shall be entitled to receive any interest on the payment of such Dividends.

------

**5.4** The Fund shall forward to each registered Unitholder at the address of such holder as it appears on the register of Fund Units, or on the register of BGHI and to each registered holder of BGHI Class A Common shares, on or before the Effective Date, a Letter of Transmittal and instructions for obtaining delivery of a Direct Registration Advice to such holder pursuant to this Arrangement. A registered Fund Unitholder or a registered BGHI Class A Common Shareholder may take delivery of a Direct Registration Advice by delivering the certificates representing such holder's Fund Units or BGHI Class A Common shares to the Depositary at any of the offices indicated in the Letter of Transmittal, accompanied by a duly completed Letter of Transmittal and such other documents as the Depositary may reasonably require. The Direct Registration Advice issued to such holder shall be registered in such names and, delivered to such addresses as such holder may direct in such Letter of Transmittal, or as soon as practicable after receipt by the Depositary of the required documents.

**5.5** Fund Unitholders and BGHI Class A Common Shareholders shall not be entitled to any interest, premium or other payment on or with respect to the former Fund Units or former BGHI Class A Common shares other than the Direct Registration Advice which they are entitled to receive pursuant to this Arrangement.

**5.6** Any certificate formerly representing Fund Units or BGHI Class A Common shares that is not deposited with all other documents as provided in Section 5.4 on the day before the fifth anniversary of the Effective Date shall cease to represent a right or claim of any kind or nature and the right of the holder of such Fund Units or BGHI Class A Common shares to receive a Direct Registration Advice and/or any cash payments, as the case may be, shall be deemed to be surrendered to New Boyd, together with all dividends thereon held for such holder.

**5.7** If any certificate which immediately prior to the exchanges contemplated by Section 3.1(d) or 3.1(e), as the case may be, represented an interest in outstanding Fund Units or BGHI Class A Common shares that were transferred on such exchange has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such certificate to have been lost, stolen or destroyed, the registered holder thereof in the register of Fund Units or register of BGHI Class A Common shares, as the case may be, shall, as a condition precedent to the receipt of any Direct Registration Advice to be issued to such person, provide to New Boyd and the Depositary, a bond, in form and substance satisfactory to New Boyd, or otherwise indemnify New Boyd, to its satisfaction, in its sole and absolute discretion, against any claim that may be made against any of them with respect to the certificate alleged to have been lost, stolen or destroyed.

**5.8** No Direct Registration Advice representing fractional New Boyd Common Shares shall be issued under this Arrangement.

**ARTICLE 6** 

**AMENDMENTS** 

**6.1** New Boyd, the Fund, 4612094, BGHI and BGI may amend this Plan of Arrangement at any time and from time to time prior to the Effective Time, provided that each such amendment must

------

be: (i) set out in writing; (ii) approved by the other parties to the Arrangement Agreement; and (iii) filed with the Court.

**6.2** Any amendment, modification or supplement to this Plan of Arrangement may be made prior to the Effective Time by New Boyd, the Fund, 4612094, BGHI and BGI (or, following the Effective Time, by New Boyd) without the approval of the Court or Fund Unitholders or BGHI Class A Common Shareholders, provided that it concerns a matter which, in the reasonable opinion of New Boyd, the Fund, 4612094, BGHI and BGI (or, following the Effective Time, New Boyd) is of an administrative nature required to better give effect to the implementation of this Plan of Arrangement or is not adverse to the financial or economic interests of any former holder of Fund Units or BGHI Class A Common shares.

**6.3** Subject to Article 6.2, any amendment to this Plan of Arrangement may be proposed by New Boyd, the Fund, 4612094, BGHI and BGI at any time prior to the earlier of the Fund Meeting or the BGHI Meeting (provided that the other parties to the Arrangement Agreement shall have consented thereto) with or without any prior notice or communication to Fund Unitholders or BGHI Class A Common Shareholders, and if so proposed and accepted by the Persons voting at the Fund Meeting and at the BGHI Meeting (other than as may be required under the Interim Order), shall become part of this Plan of Arrangement for all purposes.

**6.4** Subject to Article 6.2, New Boyd, the Fund, 4612094, BGHI and BGI may amend, modify and/or supplement this Plan of Arrangement at any time and from time to time after the Fund Meeting and the BGHI Meeting and prior to the Effective Time with the approval of the Court and, if and as required by the Court, after communication to the Fund Unitholders and the BGHI Class A Common Shareholders.

**ARTICLE 7** 

**GENERAL** 

**7.1** Notwithstanding that the transactions and events set out herein shall occur and be deemed to occur in the order set out in this Plan of Arrangement without any further act or formality, each of the parties to the Arrangement Agreement shall make, do and execute, or cause to be made, done and executed, all such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to further document or evidence any of the transactions or events set out herein.

**7.2** If, prior to the Effective Date, any term or provision of this Plan of Arrangement is held by the Court to be invalid, void or unenforceable, the Court, at the request of any parties, shall have the power to alter and interpret such term or provision to make it valid or enforceable to the maximum extent practicable, consistent with the original purpose of the term or provision held to be invalid, void or unenforceable, and such term or provision shall then be applicable as altered or interpreted. Notwithstanding any such holding, alteration or interpretation, the remainder of the terms and provisions of this Plan of Arrangement shall remain in full force and effect and shall in no way be affected, impaired or invalidated by such holding, alteration or interpretation.

------

**7.3** This Plan of Arrangement shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein. Any questions as to the interpretation or application of this Plan of Arrangement and all proceedings taken in connection with this Plan of Arrangement and its provisions shall be subject to the exclusive jurisdiction of the Court.

**7.4** Should the Minister of National Revenue and/or any other competent taxing authority having jurisdiction determine that the Fair Market Value of the BGI Class I shares exchanged for BGI Class A Preferred Shares, BGI Class II shares exchanged for BGI Common Shares, BGI Class IV shares exchanged for BGI Class B Preferred Shares and/or BGHI Class A Common shares exchanged for BGHI Class C Common shares, respectively, is greater than or less than the value of the shares so exchanged as determined by the boards of directors of BGI or BGHI, as applicable, the amount as determined by the Minister of National Revenue and/or any other competent taxing authority having jurisdiction, if accepted by the parties hereto, or if not accepted, then as is finally determined in accordance with the assessment, objections to assessment and appeal procedures which may be made or taken pursuant to the revisions of the Act and/or the appropriate Act of the other competent taxing authority having jurisdiction (if any) after such determination, shall thereupon govern and instead become the applicable value, and the purchase price and the redemption price of the applicable shares as determined under the Articles of Incorporation of BGI and/or BGHI, as applicable, shall be adjusted to reflect the amount so determined, any such adjustment to be effective as of the Effective Date. BGI, BGHI and the Fund agree to make any and all adjustments respecting any transactions in respect of the foregoing shares to give effect to any such adjustments.

------

**APPENDIX "A"** 

**TO THE PLAN OF ARRANGEMENT** 

**BGHI share conditions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Class C Common shares of the Corporation shall have attached thereto the following rights,
privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Class C Common shares shall be entitled to receive notice of and to attend all meetings
of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class C Common share then held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding anything to the contrary contained in the rights, privileges, restrictions and conditions
otherwise attaching to the Class A Common shares and the Class B Common shares in the Articles of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Class A Common shares, Class B Common shares and Class C Common shares shall
be entitled to dividends equally on a pro rata basis when, as and if declared thereon from time to time by the Board of Directors of the Corporation in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the property and assets of the Corporation shall be paid and distributed pro rata, share for share, to the holders of the Class A Common shares, Class B Common shares and Class C Common shares.

------

**APPENDIX "B"** 

**TO THE PLAN OF ARRANGEMENT** 

**BGI share conditions** 

A. The Common Shares shall have attached thereto the following rights, privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Common Shares shall be entitled to receive notice of and to attend all meetings of the
shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Common Share then held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares shall be entitled to such dividends as may be declared thereon from time to
time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Common Shares shall be shared rateably among the Common Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Common Shares shall be entitled to receive rateably among themselves the assets and property of the Corporation.

B. The Class A Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class A Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class A Preferred Shares shall be entitled to such dividends as may be declared from
time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class A Preferred Shares shall be shared rateably among the Class A
Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Class A Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class A Preferred
Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of any Common Shares or other shares of any other class ranking junior
to the Class A Preferred Shares. After payment to the holders of the Class A Preferred Shares of the amounts so payable to them as above provided,

------

they shall not be entitled to share in any further distribution of the assets or property of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class A Preferred Shares and upon being given notice as hereinafter contained, redeem the Class A
Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class A Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause B (c) hereof may be exercised by notice in writing given to the
Corporation at its registered office accompanied by the certificate or certificates representing Class A Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall be signed by the
person registered on the records of the Corporation as the holder of the Class A Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class A Preferred Shares
which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the
Class A Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate
for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part of the then outstanding Class A Preferred Shares on payment for each share to be
redeemed of a sum equal to the fair market value of the aggregate consideration (as determined by the Board of Directors of the Corporation) for which such Class A Preferred Shares then outstanding were issued divided by the number of
Class A Preferred Shares then outstanding, which sum is herein referred to as the "redemption price for each Class A Preferred Share", together with all declared and unpaid dividends thereon. Provided, however, if the Minister
of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class A Preferred Shares then outstanding were issued is greater than or less than the fair market value of such
consideration as determined by the Board of Directors of the Corporation then the redemption price for each

------

such Class A Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the *Income Tax Act* (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class A Preferred Shares then outstanding. In the event that any Class A Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class A Preferred Shares. In case a part only of the then outstanding Class A Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class A Preferred Shares under the provisions of Clause B (e) hereof,
the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class A Preferred Shares to be redeemed a notice in writing of the intention of the
Corporation to redeem such Class A Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of
any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such
notice shall set out the redemption price for each Class A Preferred Share and the date on which redemption is to take place, and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to
be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class A Preferred Shares to be redeemed the redemption price for each Class A
Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the
Class A Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for
redemption in any such notice, a holder of Class A Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the
redemption price for such Class A Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation shall have the
right at any time after the mailing of notice of its intention to redeem any Class A Preferred Shares as aforesaid to deposit the redemption price for such Class A Preferred Shares or such of the shares represented by certificates as have
not at the date of

------

such deposit been surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class A Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class A Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class A Preferred Shares so deposited against presentation and surrender of the said certificates held by them respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Class B Preferred Shares, the
Common Shares or other shares of any other class ranking junior to the Class A Preferred Shares, or any of them, which would have the effect of reducing the assets available on a winding-up for
distribution to holders of Class A Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class A Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class A Preferred Shares shall be entitled to receive notice of and to attend all
meetings of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class A Preferred Share then held by them respectively.

C. The Class B Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class B Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class B Preferred Shares shall be entitled to such dividends as may be declared from
time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class B Preferred Shares shall be shared rateably among the Class B
Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Class B Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class B Preferred
Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of Class A Preferred Shares, Common Shares, or other

------

shares of any other class ranking junior to the Class B Preferred Shares. After payment to the holders of the Class B Preferred Shares of the amounts so payable to them as above provided, they shall not be entitled to share in any further distribution of the assets or property of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class B Preferred Shares and upon being given notice as hereinafter contained, redeem the Class B
Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class B Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause C (c) hereof may be exercised by notice in writing given to the
Corporation at its registered office accompanied by the certificate or certificates representing Class B Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall be signed by the
person registered on the records of the Corporation as the holder of the Class B Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class B Preferred Shares
which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the
Class B Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate
for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part of the then outstanding Class B Preferred Shares on payment for each share to be
redeemed of a sum of $1,000, being the price for which such Class B Preferred Shares then outstanding were issued, which sum is herein referred to as the "redemption price for each Class B Preferred Share", together with all
declared and unpaid dividends thereon. Provided, however, if the Minister of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class B Preferred Shares then outstanding were
issued is greater than or less than the fair market value of such consideration as determined by the Board of Directors of the Corporation then the redemption price for each

------

such Class B Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the *Income Tax Act* (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class B Preferred Shares then outstanding. In the event that any Class B Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class B Preferred Shares. In case a part only of the then outstanding Class B Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class B Preferred Shares under the provisions of Clause C (e) hereof,
the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class B Preferred Shares to be redeemed a notice in writing of the intention of the
Corporation to redeem such Class B Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of
any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such
notice shall set out the redemption price for each Class B Preferred Share and the date on which redemption is to take place, and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to
be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class B Preferred Shares to be redeemed the redemption price for each Class B
Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the
Class B Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for
redemption in any such notice, a holder of Class B Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the
redemption price for such Class B Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation shall have the
right at any time after the mailing of notice of its intention to redeem any Class B Preferred Shares as aforesaid to deposit the redemption price for such Class B Preferred Shares or such of the shares represented by certificates as have
not at the date of such deposit been

------

surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class B Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class B Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class B Preferred Shares so deposited against presentation and surrender of the said certificates held by them respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Common Shares or other shares of
any other class ranking junior to the Class B Preferred Shares or any of them, which would have the effect of reducing the assets available on a winding-up for distribution to holders of Class B
Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class B Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class B Preferred Shares shall not be entitled to receive notice of or to attend any
meetings of the shareholders of the Corporation and shall not be entitled to any vote at any such meeting except where specifically required by the *Canada Business Corporations Act.* 

------

**APPENDIX "C"** 

**TO THE PLAN OF ARRANGEMENT** 

**DISSENT RIGHTS** 

The following provisions describe the rights of dissent available to BGHI Shareholders under the Plan of Arrangement. All capitalized terms used herein but not otherwise defined have the meanings ascribed thereto in the Plan of Arrangement.

1. A BGHI Shareholder may dissent in respect of the Arrangement upon compliance with Article 4 of the Plan of
Arrangement and the provisions of this Appendix C (any such Shareholder who so dissents being a **"Dissenting Shareholder"**).

2. In addition to any other right it may have, but subject to paragraph 25 hereof, a person who complies with
these dissent provisions is entitled, on the Effective Date, to be paid by BGHI the fair value of such person's BGHI Shares (such person's **"interest"**) in respect of which such person dissents, determined as of the
close of business on the day before the Effective Date.

3. A Dissenting Shareholder may only claim Dissent Rights with respect to all the interest held by such
Dissenting Shareholder.

4. A Dissenting Shareholder shall send to BGHI, at or before the BGHI Meeting, a written objection to the BGHI
Arrangement Resolution approving the Arrangement to be voted on at the BGHI Meeting, unless BGHI did not give notice to the BGHI Shareholder of the purpose of the BGHI Meeting and of its right to dissent.

5. BGHI shall, within ten days after the BGHI Shareholders adopt the BGHI Arrangement Resolution, send to each
BGHI Shareholder who has filed the objection referred to in paragraph 4 hereof, notice that the BGHI Arrangement Resolution has been adopted, but such notice is not required to be sent to any BGHI Shareholder who (a) voted their BGHI Share(s)
in favour of the BGHI Arrangement Resolution, or (b) has withdrawn its objection.

6. A Dissenting Shareholder shall, within twenty days after it receives a notice under paragraph 5 hereof or,
if it does not receive such notice, within twenty days after it learns that the BGHI Arrangement Resolution has been adopted, send to BGHI a written notice containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its name and address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a description of the Dissenting Shareholder's interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a demand for payment of the fair value of such interest.

7. A Dissenting Shareholder shall, within thirty days after it sends a notice under paragraph 6 hereof, send
the certificate(s) representing the shares in respect of which the Dissenting

------

Shareholder dissents, to BGHI. Failure to comply with this requirement will result in the Dissenting Shareholder having no right to make a claim pursuant to this paragraph.

8. BGHI shall endorse on any share certificate received pursuant to paragraph 7, a notice that the holder is a
Dissenting Shareholder under this section and shall forthwith return the share certificate to the Dissenting Shareholder.

9. On sending a notice under paragraph 6 hereof, a Dissenting Shareholder ceases to have any rights as a holder
of its interest other than the right to be paid the fair value of its interest as determined under these Dissent Rights except where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dissenting Shareholder withdraws his notice before BGHI makes an offer under paragraph 10 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI fails to make an offer in accordance with paragraph 10 hereof and the Dissenting Shareholder withdraws his notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Plan of Arrangement is not completed,

in which case its rights as a holder of its interest are reinstated as of the date it sent the notice referred to in paragraph 6 hereof.

10. BGHI shall, not later than seven days after the later of the Effective Date and the day BGHI received the
notice referred to in paragraph 6 hereof, send to each Dissenting Shareholder who has sent such notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a written offer to pay for such Dissenting Shareholder's interest an amount considered by the directors of BGHI to be the fair value thereof, accompanied by a statement showing how the fair value was determined; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if paragraph 25 hereof applies, a notification that it is unable lawfully to pay Dissenting Shareholders for their interests.

11. Every offer made under paragraph 10 hereof for the same interests shall be on the same terms.

12. On receiving an offer pursuant to paragraph 10 hereof, each Dissenting Shareholder wishing to accept the
offer shall give BGHI its notice of acceptance of the offer in writing, which must be received by BGHI within thirty days after the offer was made.

13. Subject to paragraph 25 hereof, BGHI shall pay for the interest of a Dissenting Shareholder within ten days
after an offer made under paragraph 10 hereof has been accepted, but any such offer lapses if BGHI does not receive an acceptance thereof within thirty days after the offer has been made.

14. Where BGHI fails to make an offer under paragraph 10 hereof, or if a Dissenting Shareholder fails to accept
an offer, BGHI may, within fifty days after the Effective Date or within such further period as a court may allow, apply to a court to fix a fair value for the interest of any Dissenting Shareholder.

------

15. If BGHI fails to apply to a court under paragraph 14 hereof, a Dissenting Shareholder may apply to a court
for the same purpose within a further period of twenty days or within such further period as a court may allow.

16. An application under paragraph 14 or 15 hereof shall be made to a court having jurisdiction in the place
where BGHI has its registered office or in the province where the Dissenting Shareholder resides if BGHI carries on business in that province.

17. A Dissenting Shareholder is not required to give security for costs in an application made under paragraph
14 or 15 hereof.

18. On an application to a court under paragraph 14 or 15,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Dissenting Shareholders whose interests have not been purchased by BGHI shall be joined as parties and are bound by the decision of the court; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI shall notify each affected Dissenting Shareholder of the date, place and consequences of the application and of its right to appear and be heard in person or by counsel.

19. On an application to a court under paragraph 14 or 15 hereof, the court may determine whether any other
person is a Dissenting Shareholder who should be joined as a party, and the court shall then fix a fair value for the interests of all Dissenting Shareholders.

20. A court may in its discretion appoint one or more appraisers to assist the court to fix a fair value for the
interests of the Dissenting Shareholders.

21. The final order of a court shall be rendered against BGHI in favour of each Dissenting Shareholder and for
the amount of the interests as fixed by the court.

22. A court may in its discretion allow a reasonable rate of interest on the amount payable to each Dissenting
Shareholder from the date the action approved by the BGHI Arrangement Resolution is effective until the date of payment.

23. If paragraph 25 hereof applies, BGHI shall, within ten days after the pronouncement of an order under
paragraph 21 hereof, notify each Dissenting Shareholder that it is unable lawfully to pay Dissenting Shareholders for their interests.

24. If paragraph 25 hereof applies, a Dissenting Shareholder, by written notice delivered to BGHI within thirty
days after receiving a notice under paragraph 23 hereof, may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withdraw its notice of dissent, in which case BGHI is deemed to consent to the withdrawal and the shareholder is reinstated to its full rights as a holder of its interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) retain its status as a claimant against BGHI, to be paid as soon as BGHI is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of BGHI but in priority to its shareholders.

------

25. BGHI shall not make a payment to a Dissenting Shareholder under these Dissent Rights if there are reasonable
grounds for believing that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BGHI is or would after the payment be unable to pay its liabilities as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the realizable value of BGHI's assets would thereby be less than the aggregate of its liabilities.

------

---

| | | |
|:---|:---|:---|
| **FILED IN THE** | C. Laniuk, Deputy Registrar | Doc No. 11 |
| **COURT OF** | Man Dec 16 2019 |  |
| **QUEEN'S BENCH** | 14:32:34 (Central Standard Time) |  |

---

File No. CI 19-01-23466

<u>THE QUEEN'S BENCH</u> 

<u>WINNIPEG CENTRE</u> 

---

| | |
|:---|:---|
| IN THE MATTER OF: | Section 192 of the *Canada Business Corporations Act*, R.S.C. 1985, c. C-44, as amended |
| AND IN THE MATTER OF: | A Proposed Arrangement involving BOYD GROUP SERVICES INC., BOYD GROUP INCOME FUND, THE BOYD GROUP INC., BOYD GROUP HOLDINGS INC. and 4612094 MANITOBA INC. |

---

BETWEEN:

---

| |
|:---|
| BOYD GROUP INCOME FUND and BOYD GROUP HOLDINGS INC., |
| Applicants, |
| - and - |
| THE HOLDERS OF UNITS OF BOYD GROUP INCOME FUND AND SHARES OF BOYD GROUP HOLDINGS INC., |
| Respondents. |

---

FINAL ORDER

Thompson Dorfman Sweatman LLP

Barristers and Solicitors

1700 - 242 Hargrave Street

Winnipeg MB R3C OV1

(Matter No. 0165926 GJT)

(Ross A. McFadyen: 204-934-2378)

(Facsimile: 204-934-0538)

(Toll Free: 1-855-483-7529)

(Email: ram@tdslaw.com)

------

<u>THE QUEEN'S BENCH</u> 

<u>WINNIPEG CENTRE</u> 

---

| |
|:---|
| THE HONOURABLE |
| MR. JUSTICE MARTIN |
| IN THE MATTER OF: |
| AND IN THE MATTER OF: |

---

BETWEEN:

---

| |
|:---|
| BOYD GROUP INCOME FUND and BOYD GROUP HOLDINGS INC., |
| Applicants, |
| - and - |
| THE HOLDERS OF UNITS OF BOYD GROUP INCOME FUND AND SHARES OF BOYD GROUP HOLDINGS INC., |
| Respondents. |

---

<u>FINAL ORDER</u> 

THIS APPLICATION, made by the Applicants for an Order approving an arrangement proposed pursuant to section 192 of the *Canada Business Corporations Act,* R.S.C. 1985, c. C-44, as amended (the "CBCA"), as described in the Plan of Arrangement attached hereto as Schedule "A" (the "Arrangement"), was

------

heard this day, at the Winnipeg Law Courts Building, 408 York Avenue in Winnipeg, Manitoba.

ON READING the Notice of Application, the Affidavits of Brock Bulbuck, Chief Executive Officer of the Applicants the Boyd Group Income Fund (the "Fund"), Boyd Group Holdings Inc. ("BGHI") and The Boyd Group Inc., sworn September 19 and December 3, 2019, and the exhibits thereto, and on hearing the submissions of counsel for the Applicants, and upon being advised that the office of the Director (the "Director") appointed under the CBCA does not intend to appear at this application hearing, although duly served with the application materials, as reflected in the Affidavit of Stephanie Tetreault sworn December 9, 2019,

1. THIS COURT ORDERS AND DECLARES that the Arrangement is an arrangement within the meaning of section 192 of the CBCA.

2. THIS COURT ORDERS AND DECLARES that the Arrangement is reasonable and fair, procedurally and substantively, to the holders of units of the Fund and the holders of BGHI Class A Common shares.

3. THIS COURT ORDERS AND DECLARES that the Arrangement is hereby approved pursuant to the provisions of section 192 of the CBCA.

4. THIS COURT ORDERS THAT the Applicants shall be entitled at any time to seek leave to vary this Order, to seek the advice and direction of this

------

Honourable Court as to the implementation of this Order or to apply for such further order or orders as may be appropriate.

December 16<sup>th</sup>, 2019 <br> JUSTICE MARTIN

------

**SCHEDULE "A"** 

**PLAN OF ARRANGEMENT** 

**UNDER SECTION 192 OF** 

***CANADA BUSINESS CORPORATIONS ACT***

**ARTICLE 1** 

**INTERPRETATION** 

**1.1** In this Plan of Arrangement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"4612094"** means 4612094 Manitoba Inc., a corporation incorporated and existing under *The Corporations Act* (Manitoba);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Arrangement", "herein", "hereof', "hereto", "hereunder"** and similar expressions mean and refer to the arrangement pursuant to Section 192 of the CBCA set forth in this Plan of Arrangement, as amended, modified or supplemented, and not to any particular article, section or
other portion hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Arrangement Agreement"** means the agreement dated as of September 19, 2019, among New
Boyd, the Fund, BGHI, 4612094 and BGI with respect to the Arrangement and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Articles of Arrangement"** means the articles of arrangement in respect of the Arrangement
required under Subsection 192(6) of the CBCA to be filed with the Director after the Final Order has been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"BGHI"** means Boyd Group Holdings Inc., a corporation continued and existing under the
CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"BGHI Arrangement Resolution"** means the special resolution of the shareholders of BGHI
Shareholders presented at the BGHI Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"BGHI Class A Common Shareholders"** means the holders of BGHI Class A Common
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **"BGHI Class A Common shares"** means the issued and outstanding Class A Common
shares of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"BGHI Class B Common shares"** means the issued and outstanding Class B Common
shares of BGHI;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **''BGHI Class C Common shares"** means the Class C Common shares of BGHI to
be created pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **"BGHI Meeting"** means the special meeting of BGHI Class A Common Shareholders to be
held on December 2, 2019 and any adjournments or postponements thereof, to consider and vote on, among other things, the BGHI Arrangement Resolution and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **"BGHI Voting shares"** means the issued and outstanding voting shares of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"BGHI Shareholders"** means the holders of BGHI Class A Common shares, BGHI
Class B Common shares and BGHI Voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **"BGHI Shares"** means the BGHI Class A Common shares, BGHI Class B Common shares
and the BGHI Voting Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **"BGI"** means The Boyd Group Inc., a corporation continued and existing under the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"BGI Class I shares"** means the issued and outstanding Class I shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **"BGI Class II shares"** means the issued and outstanding Class II shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **"BGI Class IV shares"** means the issued and outstanding Class IV shares of BGI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **"BGI Class A Preferred Shares"** means the Class A Preferred Shares to be created
pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **"BGI Class B Preferred Shares"** means the Class B Preferred Shares to be created
pursuant to the Arrangement, with conditions, rights and attributes as described on Appendix "B'';

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **"BGI Common Shares"** means the class of common shares to be created pursuant to the
Arrangement, with conditions, rights and attributes as described on Appendix "B";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "CBCA" means the *Canada Business Corporations Act,* R.S.C., 1985, c.C-44, as amended,
including the regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **''Certificate"** means the certificate issued by the Director pursuant to Subsection
192(7) of the CBCA giving effect to the Arrangement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **"Court**" means the Manitoba Court of Queen's Bench;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **"Depositary"** means Computershare Investor Services Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **"Direct Registration Advice"** shall have the meaning given to the term in
Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Director"** means the director appointed under Section 260 of the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"Dissent Rights"** means the rights of BGHI Shareholders to dissent in respect of the
Arrangement pursuant to the procedures set forth on Appendix "C";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Dissenting Shareholders"** means those BGHI Shareholders who have exercised dissent rights
pursuant to Article 4 hereof and **"Dissenting Shareholder"** means any one of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **"Dividends"** shall have the meaning given to that term in Section 5.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **"Effective Date"** means January 1, 2020 or such other date as the Parties may agree
upon and the Court order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **"Effective Time"** means 7:00 a.m. (Winnipeg time) on the Effective Date, or such other
time on the Effective Date as may be specified in writing by New Boyd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **"Fair Market Value"** means (1) as to BGI Class I shares, BGI Class II
shares and BGI Class IV shares, the fair market value of each of the BGI Class I shares, BGI Class II shares and BGI class IV shares, respectively, as determined by the board of directors of BGI and (2) as to BGHI Class A
Common shares, the fair market value as determined by the board of directors of BGHI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **"Final Order"** means the final order of the Court approving the Arrangement pursuant to
Subsection 192(4) of the CBCA, as such order may be affirmed, amended, modified or supplemented by any court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Fund"** means Boyd Group Income Fund, a trust established and existing under the laws of
the Province of Manitoba;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **"Fund Arrangement Resolution"** means the special resolution of Fund Unitholders presented
at the Fund Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **"Fund Declaration of Trust''** means the amended and restated declaration of trust of
the Fund dated as of February 25, 2003, as amended on August 21, 2003, as further amended on May 15, 2018, and as further amended on March 20, 2019,

------

governing the Fund, as further amended, supplemented or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **"Fund Meeting"** means the special meeting of the Fund Unitholders to be held on
December 2, 2019, and any adjournments or postponements thereof, to consider and vote on, among other things, the Fund Arrangement Resolution and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **"Fund Unitholders"** means the holders of Fund Units from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **"Fund Units"** means the issued and outstanding units of beneficial interest of the Fund
designated as "Trust Units" under the Fund Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"Interim Order"** means the interim order of the Court under Subsection 192(4) of the CBCA
containing declarations and directions with respect to the Arrangement, as such order may be affrimed, amended, modified or supplemented by any court of competent jurisdiction with the consent of BGHI, BGI and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) **"New Boyd"** means Boyd Group Services Inc., a corporation incorporated and existing under
the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) **"New Boyd Common Shares"** means the common shares in the capital of New Boyd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) **"New Boyd Shareholders"** means the registered holders of New Boyd Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) **"Party"** means a party to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) **"Person"** means and includes individuals, corporations, partnerships, general
partnerships, joint stock companies, limited liability corporations, joint ventures, associates, companies, trusts, banks, trust companies, pension funds, business trusts or other organizations, whether or not legal entities, and governments,
agencies and political subdivisions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) **"Segregated Funds"** shall have the meaning given to that term in Section 5.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) **"TSX''** means the Toronto Stock Exchange .

------

**1.2 Appendix.** 

---

| | |
|:---|:---|
| Appendix A | BGHI share conditions |
| Appendix B | BGI share conditions |
| Appendix C | Dissent Rights |

---

**1.3 Construction.** The division of this Plan of Arrangement into articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Plan of Arrangement.

**1.4** Unless reference is specifically made to some other document or instrument, all references herein to articles and sections are to articles and sections of this Plan of Arrangement.

**1.5** Unless the context otherwise requires, words importing the singular number shall include the plural and vice versa; and words importing any gender shall include all genders.

**1.6** References in this Plan of Arrangement to any statute or sections thereof shall include such statute as amended or substituted and any regulations promulgated thereunder from time to time in effect.

**1.7** The word "including", when following any general term or statement, is not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement.

**ARTICLE 2** 

**ARRANGEMENT AGREEMENT** 

**2.1** This Plan of Arrangement is made pursuant to the Arrangement Agreement and constitutes an arrangement as referred to in Section 192 of the CBCA. If there is a conflict between the terms of the Arrangement Agreement and this Plan of Arrangement, the terms of this Plan of Arrangement shall prevail.

**2.2** This Plan of Arrangement, upon the filing of the Articles of Arrangement and the issue of the Certificate, if any, shall become effective on, and subject to Dissent Rights, be binding on and after, the Effective Time on the parties to the Arrangement Agreement.

**2.3** The Articles of Arrangement and Certificate shall be filed and issued, respectively, with respect to this Arrangement in its entirety. The Certificate shall be conclusive evidence that the Arrangement has become effective and that each of the provisions of Article 3 has become effective in the sequence and at the times set out therein .

------

**2.4** Other than as expressly provided for herein, no portion of this Plan of Arrangement shall take effect with respect to any Party or Person until the Effective Time. Furthermore, other than as expressly provided for therein, each of the events listed in Article 3 shall be, without affecting the timing set out in Article 3, mutually conditional, such that no event described in Article 3.1 may occur without all steps occurring, and those events shall effect the integrated transaction which constitutes the Arrangement.

**ARTICLE 3** 

**ARRANGEMENT** 

**3.1** Commencing at the Effective Time, each of the events set out below in Articles 3.1, 3.2 and 3.3 shall occur and shall be deemed to occur in the following order, each occurring one minute apart (unless otherwise noted), without any further act or formality except as otherwise provided herein:

**Amendment to Fund Declaration of Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund Declaration of Trust will be amended if and to the extent necessary to facilitate the Arrangement
as provided therein;

**Amendment of BGHI Articles** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI's Articles of Incorporation will be amended to amend the conditions, rights and attributes of the
BGHI Class B Common shares as shown on Appendix "A" and to create an unlimited number of BGHI Class C Common shares;

**Exchange of BGI's BGHI Class A Common shares for BGHI Class C Common shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BGI will exchange each of its BGHI Class A Common shares for BGHI Class C Common shares on the
basis of one BGHI Class A Common share for one BGHI Class C Common share, with each BGHI Class C Common share having a value equal to the Fair Market Value of each BGHI Class A Common share so exchanged. Each BGHI Class A
Common share so exchanged will be cancelled;

**Exchange of Fund Units and BGHI Class A Common shares for New Boyd Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Fund Unitholder will exchange each of its Fund Units for a New Boyd Common Share on the basis of one
Fund Unit for one New Boyd Common Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each BGHI Class A Common Shareholder of record on the date which is 21 calendar days prior to the
Effective Date (other than BGI) who has not exercised Dissent Rights prior to such record date shall exchange each of its BGHI Class A

------

Common shares for a New Boyd Common Share on the basis of one BGHI Class A Common share for one New Boyd Common Share, and any retraction of BGHI Class A Common shares after such record date shall be disregarded;

**Transfer of 4612094 BGHI Voting Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 4612094 will transfer and sell all of its 30,000,000 BGHI Voting shares to New Boyd for their fair market
value which is equal to the stated capital of each BGHI Voting share being $0.00001 per share and an aggregate amount of $300.00;

**Cancellation of Initial Common Shares of New Boyd** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the 10 New Boyd Common Shares issued to the Fund in connection with the organization of New Boyd shall be,
purchased for cancellation by New Boyd for a consideration of $1.00 per share, an aggregate of $10.00;

**Amendment of BGI Articles** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) BGI's Articles of Incorporation will be amended to create an unlimited number of BGI Common Shares,
BGI Class A Preferred Shares and BGI Class B Preferred Shares;

**Exchange of BGI Class I Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund will exchange each of its BGI Class I shares for BGI Class A Preferred Shares on the
basis of one BGI Class I share for one BGI Class A Preferred Share with a redemption value being equal to the Fair Market Value of a BGI Class I share so exchanged. Each BGI Class I share so exchanged shall be cancelled;

**Exchange of BGI Class IV Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Fund will exchange each of its BGI Class IV shares for BGI Class B Preferred Shares on the
basis of one BGI Class IV share for one BGI Class B Preferred Share with a redemption value being equal to the Fair Market Value of a BGI Class IV share so exchanged. Each BGI Class IV share so exchanged shall be cancelled;

**Exchange of BGI Class II Shares for BGI Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BGHI will exchange each of its BGI Class II shares for BGI Common Shares on the basis of one BGI
Class II share for one BGI Common Share, each BGI Common Share having a value equal to the Fair Market Value of a BGI Class II share so exchanged;

------

**Listing of New Boyd Common Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the New Boyd Common Shares will be listed for trading on the TSX in substitution for the Fund Units;

**Stated Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there shall be added to the stated capital account maintained for the New Boyd Common Shares an amount
determined by the New Boyd board of directors in accordance with section 26 of the CBCA in respect of the New Boyd Common Shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated capital of
New Boyd in an amount determined by such directors without any payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there shall be added to the stated capital account maintained for the BGHI Class C Common shares an
amount determined by the BGHI board of directors in accordance with section 26 of the CBCA in respect of the BGHI Class C Common shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated
capital of BGHI in an amount determined by such directors without any payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) there shall be added to the stated capital accounts maintained for each of the BGI Common Shares, BGI
Class A Preferred Shares and BGI Class B Preferred Shares an amount determined by the BGHI board of directors in accordance with section 26 of the CBCA in respect of each of the BGI Common Shares, BGI Class A Preferred Shares and BGI
Class B Preferred Shares issued pursuant to the Arrangement and such directors shall be authorized to subsequently reduce the stated capital of New Boyd in an amount determined by such directors without any payment.

**3.2** The members of the board of directors of New Boyd shall be set at eight (8), in accordance with the Articles of Incorporation of New Boyd, and each of the following persons shall be appointed to the board of directors of New Boyd to hold office until the next annual meeting of shareholders of New Boyd or until his successor is elected or appointed: ..

Dave Brown

Brock Bulbuck

Allan Davis

Gene Dunn

Robert Gross

Violet (Vi) A. M. Konkle

Timothy O'Day

Sally Savoia

------

**3.3** Initially, the auditors of New Boyd shall be Deloitte LLP until the next annual meeting of shareholders of New Boyd.

**3.4** Upon the exchange of Fund Units and BGHI Class A Common shares for New Boyd Common Shares pursuant to Article 3.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each former holder of Fund Units shall cease to be the holder of the Fund Units so exchanged and the name of
each such former holder of Fund Units shall be removed from the register of Fund Units and New Boyd shall become the sole holder of the Fund Units and shall be added to the register of Fund Units as the sole owner of the Fund Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each former BGHI Class A Common Shareholder shall cease to be the holder of the BGHI Class A
Common shares so exchanged and shall be removed from the record of BGHI Class A Common Shareholders and New Boyd shall become the sole holder thereof and shall be added to the shareholder records as the sole owner of the BGHI Class A
Common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each such holder of Fund Units and of BGHI Class A Common shares shall become the holder of the New
Boyd Common Shares exchanged for Fund Units and BGHI Class A Common shares, as applicable, by such holder and shall be added to the register of holders of New Boyd Common Shares in respect thereof.

**ARTICLE 4** 

**RIGHTS OF DISSENT** 

**4.1 Rights of Dissent** 

BGHI Shareholders (other than 4612094, the Fund and BGI, who have agreed not to exercise Dissent Rights) may exercise Dissent Rights pursuant to and in the manner set forth in Appendix C to this Plan of Arrangement (which are substantively equivalent to the provisions of Section 190 of the CBCA) and in this Article 4 in connection with the Dissenting Shareholders who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are ultimately entitled to be paid by BGHI the fair value of their BGHI Shares, shall be deemed to have
transferred their BGHI Shares to BGHI for cancellation on the Effective Date. immediately prior to the first step of the Plan of Arrangement set out in Article 3.1(a) above being effective and in no case shall the Fund, BGHI, BGI, New Boyd and
4612094, or any other person be required to recognize such persons, by reason of their ownership of BGHI Shares in respect of which they exercised their Dissent Rights, as holders of BGHI Shares or New Boyd Common Shares after the Effective Date and
the names of such holders shall be deleted from the BGHI share register on the Effective Date; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are ultimately not entitled to be paid by BGHI the fair value of their BGHI Shares, shall be deemed to have
participated in the Arrangement on the same basic as any non-dissenting BGHI Shareholder as at and from the Effective Time.

**4.2 No Right of Dissent** 

In addition to any other restrictions in Appendix C hereto, no BGHI Shareholder who votes in favour of the Arrangement shall be entitled to exercise any Dissent Rights under the Arrangement.

**ARTICLE 5** 

**CERTIFICATES AND PAYMENTS** 

**5.1** From and after the time of the exchange of BGHI Class A Common shares and Fund Units for New Boyd Common Shares pursuant to Sections 3.1(d) and 3.1(e), respectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) certificates formerly representing Fund Units shall represent only the right to receive an electronic
registration of ownership of New Boyd Common Shares in the records of New Boyd (**"Direct Registration Advice"**) as provided in this Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) certificates formerly representing BGHI Class A Common shares shall represent only the right to receive
a Direct Registration Advice as provided in this Plan of Arrangement,

subject to compliance with the requirements set forth in this Article 5.

**5.2** Prior to the Effective Time, the Fund shall establish with the Depositary an account for the benefit of New Boyd Shareholders entitled to New Boyd dividends (the "Dividends") for the purpose of depositing such cash with the Depositary (the "Segregated Funds").

**5.3** All Dividends paid with respect to any New Boyd Common Shares allotted and issued after the Effective Time, but for which a Direct Registration Advice has not been issued shall be paid or delivered to the Depositary to be held by the Depositary as Segregated Funds, in trust for the registered holder of the New Boyd Common Shares. Subject to Section 5.6, the Depositary shall pay and deliver to any such registered holder such Dividends to which such holder is entitled, net of applicable withholding and other taxes, upon delivery of the certificate or Direct Registration Advice representing the New Boyd Common Shares issued to such holder in accordance with Section 5.4. No registered holder shall be entitled to receive any interest on the payment of such Dividends.

------

**5.4** The Fund shall forward to each registered Unitholder at the address of such holder as it appears on the register of Fund Units, or on the register of BGHI and to each registered holder of BGHI Class A Common shares, on or before the Effective Date, a Letter of Transmittal and instructions for obtaining delivery of a Direct Registration Advice to such holder pursuant to this Arrangement. A registered Fund Unitholder or a registered BGHI Class A Common Shareholder may take delivery of a Direct Registration Advice by delivering the certificates representing such holder's Fund Units or BGHI Class A Common shares to the Depositary at any of the offices indicated in the Letter of Transmittal, accompanied by a duly completed Letter of Transmittal and such other documents as the Depositary may reasonably require. The Direct Registration Advice issued to such holder shall be registered in such names and, delivered to such addresses as such holder may direct in such Letter of Transmittal, or as soon as practicable after receipt by the Depositary of the required documents.

**5.5** Fund Unitholders and BGHI Class A Common Shareholders shall not be entitled to any interest, premium or other payment on or with respect to the former Fund Units or former BGHI Class A Common shares other than the Direct Registration Advice which they are entitled to receive pursuant to this Arrangement.

**5.6** Any certificate formerly representing Fund Units or BGHI Class A Common shares that is not deposited with all other documents as provided in Section 5.4 on the day before the fifth anniversary of the Effective Date shall cease to represent a right or claim of any kind or nature and the right of the holder of such Fund Units or BGHI Class A Common shares to receive a Direct Registration Advice and/or any cash payments, as the case may be, shall be deemed to be surrendered to New Boyd, together with all dividends thereon held for such holder.

**5.7** If any certificate which immediately prior to the exchanges contemplated by Section 3.1(d) or 3.1(e), as the case may be, represented an interest in outstanding Fund Units or BGHI Class A Common shares that were transferred on such exchange has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such certificate to have been lost, stolen or destroyed, the registered holder thereof in the register of Fund Units or register of BGHI Class A Common shares, as the case may be, shall, as a condition precedent to the receipt of any Direct Registration Advice to be issued to such person, provide to New Boyd and the Depositary, a bond, in form and substance satisfactory to New Boyd, or otherwise indemnify New Boyd, to its satisfaction, in its sole and absolute discretion, against any claim that may be made against any of them with respect to the certificate alleged to have been lost, stolen or destroyed.

**5.8** No Direct Registration Advice representing fractional New Boyd Common Shares shall be issued under this Arrangement.

**ARTICLE 6** 

**AMENDMENTS** 

**6.1** New Boyd, the Fund, 4612094, BGHI and BGI may amend this Plan of Arrangement at any time and from time to time prior to the Effective Time, provided that each such amendment must

------

be: (i) set out in writing; (ii) approved by the other parties to the Arrangement Agreement; and (iii) filed with the Court.

**6.2** Any amendment, modification or supplement to this Plan of Arrangement may be made prior to the Effective Time by New Boyd, the Fund, 4612094, BGHI and BGI (or, following the Effective Time, by New Boyd) without the approval of the Court or Fund Unitholders or BGHI Class A Common Shareholders, provided that it concerns a matter which, in the reasonable opinion of New Boyd, the Fund, 4612094, BGHI and BGI (or, following the Effective Time, New Boyd) is of an administrative nature required to better give effect to the implementation of this Plan of Arrangement or is not adverse to the financial or economic interests of any former holder of Fund Units or BGHI Class A Common shares.

**6.3** Subject to Article 6.2, any amendment to this Plan of Arrangement may be proposed by New Boyd, the Fund, 4612094, BGHI and BGI at any time prior to the earlier of the Fund Meeting or the BGHI Meeting (provided that the other parties to the Arrangement Agreement shall have consented thereto) with or without any prior notice or communication to Fund Unitholders or BGHI Class A Common Shareholders, and if so proposed and accepted by the Persons voting at the Fund Meeting and at the BGHI Meeting (other than as may be required under the Interim Order), shall become part of this Plan of Arrangement for all purposes.

**6.4** Subject to Article 6.2, New Boyd, the Fund, 4612094, BGHI and BGI may amend, modify and/or supplement this Plan of Arrangement at any time and from time to time after the Fund Meeting and the BGHI Meeting and prior to the Effective Time with the approval of the Court and, if and as required by the Court, after communication to the Fund Unitholders and the BGHI Class A Common Shareholders.

**ARTICLE 7** 

**GENERAL** 

**7.1** Notwithstanding that the transactions and events set out herein shall occur and be deemed to occur in the order set out in this Plan of Arrangement without any further act or formality, each of the parties to the Arrangement Agreement shall make, do and execute, or cause to be made, done and executed, all such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to further document or evidence any of the transactions or events set out herein.

**7.2** If, prior to the Effective Date, any term or provision of this Plan of Arrangement is held by the Court to be invalid, void or unenforceable, the Court, at the request of any parties, shall have the power to alter and interpret such term or provision to make it valid or enforceable to the maximum extent practicable, consistent with the original purpose of the term or provision held to be invalid, void or unenforceable, and such term or provision shall then be applicable as altered or interpreted. Notwithstanding any such holding, alteration or interpretation, the remainder of the terms and provisions of this Plan of Arrangement shall remain in full force and effect and shall in no way be affected, impaired or invalidated by such holding, alteration or interpretation.

------

**7.3** This Plan of Arrangement shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein. Any questions as to the interpretation or application of this Plan of Arrangement and all proceedings taken in connection with this Plan of Arrangement and its provisions shall be subject to the exclusive jurisdiction of the Court.

**7.4** Should the Minister of National Revenue and/or any other competent taxing authority having jurisdiction determine that the Fair Market Value of the BGI Class I shares exchanged for BGI Class A Preferred Shares, BGI Class II shares exchanged for BGI Common Shares, BGI Class IV shares exchanged for BGI Class B Preferred Shares and/or BGHI Class A Common shares exchanged for BGHI Class C Common shares, respectively, is greater than or less than the value of the shares so exchanged as determined by the boards of directors of BGI or BGHI, as applicable, the amount as determined by the Minister of National Revenue and/or any other competent taxing authority having jurisdiction, if accepted by the parties hereto, or if not accepted, then as is finally determined in accordance with the assessment, objections to assessment and appeal procedures which may be made or taken pursuant to the revisions of the Act and/or the appropriate Act of the other competent taxing authority having jurisdiction (if any) after such determination, shall thereupon govern and instead become the applicable value, and the purchase price and the redemption price of the applicable shares as determined under the Articles of Incorporation of BGI and/or BGHI, as applicable, shall be adjusted to reflect the amount so determined, any such adjustment to be effective as of the Effective Date. BGI, BGHI and the Fund agree to make any and all adjustments respecting any transactions in respect of the foregoing shares to give effect to any such adjustments.

------

**APPENDIX "A"** 

**TO THE PLAN OF ARRANGEMENT** 

**BGHI share conditions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Class C Common shares of the Corporation shall have attached thereto the following. rights,
privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Class C Common shares shall be entitled to receive notice of and to attend all meetings
of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class C Common share then held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding anything to the contrary contained in the rights, privileges, restrictions and conditions
otherwise attaching to the Class A Common shares and the Class B Common shares in the Articles of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Class A Common shares, Class B Common shares and Class C Common shares shall
be entitled to dividends equally on a pro rata basis when, as and if declared thereon from time to time by the Board of Directors of the Corporation in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the property and assets of the Corporation shall be paid and distributed pro rata, share for share, to the holders of the Class A Common shares, Class B Common shares and Class C Common shares.

------

**APPENDIX "B"** 

**TO THE PLAN OF ARRANGEMENT** 

**BGI share conditions** 

A. The Common Shares shall have attached thereto the following rights, privileges, restrictions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Common Shares shall be entitled to receive notice of and to attend all meetings of the
shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Common Share then held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares shall be entitled to such dividends as may be declared thereon from time to
time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Common Shares shall be shared rateably among the Common Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Common Shares shall be entitled to receive rateably among themselves the assets and property of the Corporation.

B. The Class A Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class A Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class A Preferred Shares shall be entitled to such dividends as may be declared from
time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class A Preferred Shares shall be shared rateably among the Class A
Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Class A Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class A Preferred
Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of any Common Shares or other shares of any other class ranking junior
to the Class A Preferred Shares. After payment to the holders of the Class A Preferred Shares of the amounts so payable to them as above provided,

------

they shall not be entitled to share in any further distribution of the assets or property of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class A Preferred Shares and upon being given notice as hereinafter contained, redeem the Class A
Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class A Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause B (c) hereof may be exercised by notice in writing given to the
Corporation at its registered office accompanied by the certificate or certificates representing Class A Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall be signed by the
person registered on the records of the Corporation as the holder of the Class A Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class A Preferred Shares
which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the
Class A Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate
for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part. of the then outstanding Class A Preferred Shares on payment for each share to
be redeemed of a sum equal to the fair market value of the aggregate consideration (as determined by the Board of Directors of the Corporation) for which such Class A Preferred Shares then outstanding were issued divided by the number of
Class A Preferred Shares then outstanding, which sum is herein referred to as the "redemption price for each Class A Preferred Share", together with all declared and unpaid dividends thereon. Provided, however, if the Minister
of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class A Preferred Shares then outstanding were issued is greater than or less than the fair market value of such
consideration as determined by the Board of Directors of the Corporation then the redemption price for each

------

such Class A Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the *Income Tax Act* (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class A Preferred Shares then outstanding. In the event that any Class A Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class A Preferred Shares. In case a part only of the then outstanding Class A Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class A Preferred Shares under the provisions of Clause B (e) hereof,
the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class A Preferred Shares to be redeemed a notice in writing of the intention of the
Corporation to redeem such Class A Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of
any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such
notice shall set out the redemption price for each Class A Preferred Share and the date on which redemption is to take place, and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to
be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class A Preferred Shares to be redeemed the redemption price for each Class A
Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the
Class A Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for
redemption in any such notice, a holder of Class A Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the
redemption price for such Class A Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation shall have the
right at any time after the mailing of notice of its intention to redeem any Class A Preferred Shares as aforesaid to deposit the redemption price for such Class A Preferred Shares or such of the shares represented by certificates as have
not at the date of

------

such deposit been surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class A Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class A Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class A Preferred Shares so deposited against presentation and surrender of the said certificates held by them respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Class B Preferred Shares, the
Common Shares or other shares of any other class ranking junior to the Class A Preferred Shares, or any of them, which would have the effect of reducing the assets available on a winding-up for
distribution to holders of Class A Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class A Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class A Preferred Shares shall be entitled to receive notice of and to attend all
meetings of the shareholders of the Corporation and shall be entitled to one (1) vote thereat for each Class A Preferred Share then held by them respectively.

C. The Class B Preferred Shares shall have attached thereto the following rights, privileges, restrictions and conditions, as well as any rights, privileges, restrictions and conditions to which the Class B Preferred Shares are made subject pursuant to any other clause herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of the Class B Preferred Shares shall be entitled to such dividends as may be declared from
time to time by the Board of Directors of the Corporation in its discretion. The aggregate amount of dividends to be declared or paid or set apart for payment on the Class B Preferred Shares shall be shared rateably among the Class B
Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, the holders of the Class B Preferred Shares shall be entitled to receive from the assets and the property of the Corporation for each such share held by them a sum equivalent to the redemption price for each Class B Preferred
Share hereinafter specified and any declared and unpaid dividends thereon before any amount shall be paid or any assets or property of the Corporation distributed to the holders of Class A Preferred Shares, Common Shares, or other

------

shares of any other class ranking junior to the Class B Preferred Shares. After payment to the holders of the Class B Preferred Shares of the amounts so payable to them as above provided, they shall not be entitled to share in any further distribution of the assets or property of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation shall, at the request of any holder of Class B Preferred Shares and upon being given notice as hereinafter contained, redeem the Class B
Preferred Shares of such holder on payment for each such share to be redeemed of a sum equal to the redemption price for each Class B Preferred Share hereinafter specified, together with all declared and unpaid dividends thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The redemption right in Clause C (c) hereof may be exercised by notice in writing given to the
Corporation at its registered office accompanied by the certificate or certificates representing Class B Preferred Shares in respect of which the holder thereof desires to exercise such right of redemption and such notice shall be signed by the
person registered on the records of the Corporation as the holder of the Class B Preferred Shares in respect of which such right is being exercised or by his duly authorized attorney and shall specify the number of Class B Preferred Shares
which the holder desires to have redeemed. Within 60 days of the date of mailing by registered mail the notice in writing hereinbefore referred to, the Corporation shall pay or cause to be paid to or to the order of the registered holder of the
Class B Preferred Shares to be redeemed the redemption price thereof as hereinafter specified, together with all declared and unpaid dividends thereon. If a part only of the shares represented by any certificate be redeemed, a new certificate
for the balance shall be issued at the expense of the Corporation. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the provisions of the *Canada Business Corporations Act,* as now enacted or as it may from
time to time be amended, re-enacted or replaced (and in the case of such amendment, re-enactment or replacement, any references herein shall be read as referring to such
amended, re-enacted or replaced provisions), the Corporation may redeem at any time the whole or from time to time any part of the then outstanding Class B Preferred Shares on payment for each share to be
redeemed of a sum of $1,000, being the price for which such Class B Preferred Shares then outstanding were issued, which sum is herein referred to as the "redemption price for each Class B Preferred Share", together with all
declared and unpaid dividends thereon. Provided, however, if the Minister of National Revenue of Canada should determine that the fair market value of the aggregate consideration for which such Class B Preferred Shares then outstanding were
issued is greater than or less than the fair market value of such consideration as determined by the Board of Directors of the Corporation then the redemption price for each

------

such Class B Preferred Share shall be the fair market value of such consideration as determined by the Minister of National Revenue of Canada or such other amount as may be finally determined by virtue of objections and/or appeals taken pursuant to the *Income Tax Act* (Canada) in the event that such objections and/or appeals are taken, or in accordance with any court determination otherwise available at law and binding on the Minister of National Revenue of Canada, divided by the number of Class B Preferred Shares then outstanding. In the event that any Class B Preferred Shares are redeemed prior to either of these determinations all changes that occur as a result of either of these determinations shall be made on a retroactive basis from the time of the issuance of the Class B Preferred Shares. In case a part only of the then outstanding Class B Preferred Shares is at any time to be redeemed, the shares so to be redeemed shall be redeemed pro-rata disregarding fractions and the Board of Directors of the Corporation may make such adjustments as may be necessary to avoid the redemption of fractional parts of shares. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of redemption of Class B Preferred Shares under the provisions of Clause C (e) hereof,
the Corporation shall, at least 10 days before the date specified for redemption, mail to each person who at the date of mailing is a registered holder of the Class B Preferred Shares to be redeemed a notice in writing of the intention of the
Corporation to redeem such Class B Preferred Shares. Such notice shall be mailed by letter, postage prepaid, addressed to each such shareholder at his address as it appears on the records of the Corporation or, in the event of the address of
any such shareholder not so appearing, then to the last known address of such shareholder; provided, however, that accidental failure to give any such notice to one or more of such shareholders shall not affect the validity of such redemption. Such
notice shall set out the redemption price for each Class B Preferred Share and the date on which redemption is to take place, and, if part only of the shares held by the person to whom it is addressed is to be redeemed, the number thereof so to
be redeemed. On or after the date so specified for redemption, the Corporation shall pay or cause to be paid to or to the order of the registered holders of the Class B Preferred Shares to be redeemed the redemption price for each Class B
Preferred Share being redeemed, together with all declared and unpaid dividends thereon, on presentation and surrender at the registered office of the Corporation, or any other place designated in such notice, of the certificates representing the
Class B Preferred Shares called for redemption. If a part only of the shares represented by any certificate be redeemed, a new certificate for the balance shall be issued at the expense of the Corporation. From and after the date specified for
redemption in any such notice, a holder of Class B Preferred Shares called for redemption shall cease to be entitled to dividends and shall not be entitled to exercise any of the rights of a shareholder in respect thereof unless payment of the
redemption price for such Class B Preferred Shares is not made upon presentation of certificates in accordance with the foregoing provisions, in which case the rights of the shareholder shall remain unaffected. The Corporation .shall have the
right at any time after the mailing of notice of its intention to redeem any Class B Preferred Shares as aforesaid to deposit the redemption price for such Class B Preferred Shares or such of the shares represented by certificates as have
not at the date of such deposit been

------

surrendered by the holders thereof in connection with such redemption to a special account in any chartered bank or any trust company in Canada named in such notice, to be paid without interest to or to the order of the respective holders of such Class B Preferred Shares called for redemption upon presentation and surrender to such bank or trust company of the certificates representing the same and upon such deposit being made or upon the date specified for redemption in such notice, whichever is the later, the Class B Preferred Shares in respect whereof such deposit shall have been made shall be redeemed and the right of the holders thereof after such deposit or such redemption date, as the case may be, shall be limited to receiving, without interest, their proportionate part of the total redemption price for the Class B Preferred Shares so deposited against presentation and surrender of the said certificates held by them respectively, together with all declared and unpaid dividends thereon. The notice provisions contained herein may be abridged or dispensed with at the discretion of the Board of Directors of the Corporation. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dividends shall be declared or paid on or set apart for payment on the Common Shares or other shares of
any other class ranking junior to the Class B Preferred Shares or any of them, which would have the effect of reducing the assets available on a winding-up for distribution to holders of Class B
Preferred Shares below an amount equivalent to the aggregate redemption price payable for the Class B Preferred Shares then issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The holders of Class B Preferred Shares shall not be entitled to receive notice of or to attend any
meetings of the shareholders of the Corporation and shall not be entitled to any vote at any such meeting except where specifically required by the *Canada Business Corporations Act.* 

------

**APPENDIX "C"** 

**TO THE PLAN OF ARRANGEMENT** 

**DISSENT RIGHTS** 

The following provisions describe the rights of dissent available to BGHI Shareholders under the Plan of Arrangement. All capitalized terms used herein but not otherwise defined have the meanings ascribed thereto in the Plan of Arrangement.

1. A BGHI Shareholder may dissent in respect of the Arrangement upon compliance with Article 4 of the Plan of
Arrangement and the provisions of this Appendix C (any such Shareholder who so dissents being a "**Dissenting Shareholder** ").

2. In addition to any other right it may have, but subject to paragraph 25 hereof, a person who complies with
these dissent provisions is entitled, on the Effective Date, to be paid by BGHI the fair value of such person's BGHI Shares (such person's "**interest**") in respect of which such person dissents, determined as of the
close of business on the day before the Effective Date.

3. A Dissenting Shareholder may only claim Dissent Rights with respect to all the interest held by such
Dissenting Shareholder.

4. A Dissenting Shareholder shall send to BGHI, at or before the BGHI Meeting, a written objection to the BGHI
Arrangement Resolution approving the Arrangement to be voted on at the BGHI Meeting, unless BGHI did not give notice to the BGHI Shareholder of the purpose of the BGHI Meeting and of its right to dissent.

5. BGHI shall, within ten days after the BGHI Shareholders adopt the BGHI Arrangement Resolution, send to each
BGHI Shareholder who has filed the objection referred to in paragraph 4 hereof, notice that the BGHI Arrangement Resolution has been adopted, but such notice is not required to be sent to any BGHI Shareholder who (a) voted their BGHI Share(s)
in favour of the BGHI Arrangement Resolution, or (b) has withdrawn its objection.

6. A Dissenting Shareholder shall, within twenty days after it receives a notice under paragraph 5 hereof or,
if it does not receive such notice, within twenty days after it learns that the BGHI Arrangement Resolution has been adopted, send to BGHI a written notice containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its name and address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a description of the Dissenting Shareholder's interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a demand for payment of the fair value of such interest.

7. A Dissenting Shareholder shall, within thirty days after it sends a notice under paragraph 6 hereof, send
the certificate(s) representing the shares in respect of which the Dissenting

------

Shareholder dissents, to BGHI. Failure to comply with this requirement will result in the Dissenting Shareholder having no right to make a claim pursuant to this paragraph.

8. BGHI shall endorse on any share certificate received pursuant to paragraph 7, a notice that the holder is a
Dissenting Shareholder under this section and shall forthwith return the share certificate to the Dissenting Shareholder.

9. On sending a notice under paragraph 6 hereof, a Dissenting Shareholder ceases to have any rights as a holder
of its interest other than the right to be paid the fair value of its interest as determined under these Dissent Rights except where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dissenting Shareholder withdraws his notice before BGHI makes an offer under paragraph 10 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI fails to make an offer in accordance with paragraph 10 hereof and the Dissenting Shareholder withdraws his notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Plan of Arrangement is not completed,

in which case its rights as a holder of its interest are reinstated as of the date it sent the notice referred to in paragraph 6 hereof.

10. BGHI shall, not later than seven days after the later of the Effective Date and the day BGHI received the
notice referred to in paragraph 6 hereof, send to each Dissenting Shareholder who has sent such notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a written offer to pay for such Dissenting Shareholder's interest an amount considered by the directors of BGHI to be the fair value thereof, accompanied by a statement showing how the fair value was determined; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if paragraph 25 hereof applies, a notification that it is unable lawfully to pay Dissenting Shareholders for their interests.

11. Every offer made under paragraph 10 hereof for the same interests shall be on the same terms.

12. On receiving an offer pursuant to paragraph 10 hereof, each Dissenting Shareholder wishing to accept the
offer shall give BGHI its notice of acceptance of the offer in writing, which must be received by BGHI within thirty days after the offer was made.

13. Subject to paragraph 25 hereof, BGHI shall pay for the interest of a Dissenting Shareholder within ten days
after an offer made under paragraph 10 hereof has been accepted, but any such offer lapses if BGHI does not receive an acceptance thereof within thirty days after the offer has been made.

14. Where BGHI fails to make an offer under paragraph 10 hereof, or if a Dissenting Shareholder fails to accept
an offer, BGHI may, within fifty days after the Effective Date or within such further period as a court may allow, apply to a court to fix a fair value for the interest of any Dissenting Shareholder.

------

15. If BGHI fails to apply to a court under paragraph 14 hereof, a Dissenting Shareholder may apply to a court
for the same purpose within a further period of twenty days or within such further period as a court may allow.

16. An application under paragraph 14 or 15 hereof shall he made to a court having jurisdiction in the place
where BGHI has its registered office or in the province where the Dissenting Shareholder resides if BGHI carries on business in that province.

17. A Dissenting Shareholder is not required to give security for costs in an application made under paragraph
14 or 15 hereof.

18. On an application to a court under paragraph 14 or 15,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Dissenting Shareholders whose interests have not been purchased by BGHI shall be joined as parties and are bound by the decision of the court; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BGHI shall notify each affected Dissenting Shareholder of the date, place and consequences of the application and of its right to appear and be heard in person or by counsel.

19. On an application to a court under paragraph 14 or 15 hereof, the court may determine whether any other
person is a Dissenting Shareholder who should be joined as a party, and the court shall then fix a fair value for the interests of all Dissenting Shareholders.

20. A court may in its discretion appoint one or more appraisers to assist the court to fix a fair value for the
interests of the Dissenting Shareholders.

21. The final order of a court shall be rendered against BGHI in favour of each Dissenting Shareholder and for
the amount of the interests as fixed by the court.

22. A court may in its discretion allow a reasonable rate of interest on the amount payable to each Dissenting
Shareholder from the date the action approved by the BGHI Arrangement Resolution is effective until the date of payment.

23. If paragraph 25 hereof applies, BGHI shall, within ten days after the pronouncement of an order under
paragraph 21 hereof, notify each Dissenting Shareholder that it is unable lawfully to pay Dissenting Shareholders for their interests.

24. If paragraph 25 hereof applies, a Dissenting Shareholder, by written notice delivered to BGHI within thirty
days after receiving a notice under paragraph 23 hereof, may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withdraw its notice of dissent, in which case BGHI is deemed to consent to the withdrawal and the shareholder is reinstated to its full rights as a holder of its interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) retain its status as a claimant against BGHI, to be paid as soon as BGHl is lawfully able to do so or, in a liquidation, to be ranked subordinate to the rights of creditors of BGHI but in priority to its shareholders.

------

25. BGHI shall not make a payment to a Dissenting Shareholder under these Dissent Rights if there are reasonable
grounds for believing that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BGHI is or would after the payment be unable to pay its liabilities as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the realizable value of BGHI's assets would thereby be less than the aggregate of its liabilities.

## Exhibit 4.3

**Exhibit 4.3** 

**BY-LAW NO. 1** 

**BOYD GROUP SERVICES INC.** 

(hereinafter called the **"Corporation"**)

IT IS HEREBY ENACTED as a by-law of the Corporation as follows:

ARTICLE ONE

<u>INTERPRETATION</u> 

1.1 <u>Definitions</u> 

In the by-laws of the Corporation, unless the context otherwise specifies or requires:

a. "Act" means the *Canada Business Corporations Act;* 

b. "Applicable Securities Laws" has the meaning given to that term in Section 4.13;

c. "appoint" includes "elect" and vice versa;

d. "Articles" means the articles of incorporation of the Corporation, as from time to time amended
or restated;

e. "Board" means the board of directors of the Corporation;

f. "business day" means a day which is not a non-business day;

g. "by-laws" means this by-law and all other by-laws of the Corporation from time to time in force and effect;

h. "electronic means" means in an electronic form, accessible so as to be useable for subsequent
reference, and capable of being retained;

i. "meeting of shareholders" includes an annual and a special meeting of shareholders;

j. "Nominating Shareholder" has the meaning given to that term in Section 4.13;

k. "non-business day" means Saturday, Sunday and any other
day that is a holiday as from time to time defined in *The Interpretation Act* (Manitoba);

l. "Notice Date" has the meaning given to that term in Section 4.13;

m. "public announcement" has the meaning given to that term in Section 4.13;

n. "Regulations" means the regulations under the Act as published from time to time;

o. "signing officer" means, in relation to any instrument, any person authorized to sign the same
on behalf of the Corporation by Section 3.1 of this by-law or by a resolution passed pursuant thereto;

------

p. "special meeting of shareholders" means a meeting of any particular class or classes of
shareholders and a meeting of all shareholders entitled to vote at any annual meeting of shareholders at which special business is to be transacted; and

q. "voting share" means a share in the capital of the Corporation which entitles the holder thereof
to vote at a meeting of shareholders.

Save as aforesaid, all terms which are contained in the by-laws of the Corporation and which are defined in the Act or the Regulations shall, unless the context otherwise specifies or requires, have the meanings given to such terms in the Act or the Regulations. Words importing the singular number include the plural and vice versa; the masculine shall include the feminine; and the word "person" shall include an individual, partnership, association, body corporate, body politic, trustee, executor, administrator and legal representative.

1.2 <u>Amendments to Legislation and Regulations</u> 

Any reference to legislation or regulations of a government herein includes such legislation or regulation as from time to time amended and every enactment that may be substituted therefor and, in the case of such substitution, any references in the by-laws of the Corporation to provisions of an act or regulation shall be read as references to the substituted provisions therefor in the new act or regulation.

1.3 <u>Headings and Sections</u> 

Headings used in the by-laws are inserted for reference purposes only and are not to be considered or taken into account in construing the terms or provisions thereof or to be deemed in any way to clarify, modify or explain the effect of any such terms or provisions. "Section" followed by a number means a reference to a specified section of this by-law.

1.4 <u>Conflict with Act or Articles</u> 

This by-law is subject to and read in conjunction with the Act and the articles; if there is any conflict or inconsistency between any provision of the Act or articles and this by-law, the provisions of the Act or the articles, as the case may be, shall govern.

ARTICLE TWO

<u>BANKING AND SECURITIES</u> 

2.1 <u>Banking Arrangements</u> 

The banking business of the Corporation including, without limitation, the borrowing of money and the giving of security therefor, shall be transacted with such banks, trust companies or other bodies corporate or organizations or any other persons as may from time to time be designated by or under the authority of the Board. Such banking business or any part thereof shall lie transacted under such agreements, instructions and delegations of power as the Board may from time to time prescribe or authorize.

2.2 <u>Voting Rights in Other Bodies Corporate</u> 

The signing officers of the Corporation may execute and deliver instruments of proxy and arrange for the issuance of voting certificates or other evidence of the right to

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

exercise the voting rights attaching to any securities held by the Corporation. Such instruments, certificates or other evidence shall be in favour of such person or persons as may be determined by the officers executing such proxies or arranging for the issuance of such voting certificates or evidence of the right to exercise such voting rights. In addition, the Board, or failing the Board, the signing officers of the Corporation, may direct the manner in which and the person or persons by whom any particular voting rights or class of voting rights may or shall be exercised.

ARTICLE THREE

<u>EXECUTION OF INSTRUMENTS</u> 

3.1 <u>Authorized Signing Officers</u> 

3.2 <u>Cheques, Drafts and Notes</u> 

All cheques, drafts or orders for the payment of money and all notes and acceptances and bills of exchange shall be signed by such officer or person or persons, whether or not officers of the Corporation, and in such manner as the Board may from time to time designate by resolution.

ARTICLE FOUR

<u>DIRECTORS</u> 

4.1 <u>Number</u> 

The Board shall consist of such number of directors as is fixed by the articles, or where the articles specify a variable number, shall consist of such number of directors as is not less than the minimum nor more than the maximum number of directors provided in the articles and shall be fixed from time to time by resolution of the shareholders.

4.2 <u>Canadian Status</u> 

At least 25% of the directors of the Corporation shall be resident Canadians.

4.3 <u>Election and Term</u> 

The election of directors shall take place at each annual meeting of shareholders or such other meetings of shareholders as may be called and all of the directors then in office, shall retire but, if qualified, shall be eligible for re-election. The number of directors to be elected at any such meeting, subject to the articles, shall be the number of directors then in office. Where the shareholders adopt an amendment to the articles to increase the number or

------

minimum number of directors, the shareholders may, at the meeting at which they adopt the amendment, elect the additional number of directors authorized by the amendment. If an election of directors is not held at the proper time, the incumbent directors shall continue in office until their successors are elected.

4.4 <u>Removal of Directors</u> 

4.5 <u>Consent</u> 

A person who is elected or appointed a director is not a director unless:

a. he or she was present at the meeting when he or she was elected or appointed and did not refuse to act as a
director, or

b. if he or she was not present at the meeting when he or she was elected or appointed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. he or she consented in writing to act as a director before his or her election or appointment or within ten
(10) days after it, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. he or she has acted as a director pursuant to the election or appointment.

4.6 <u>Vacation of Office</u> 

A director of the Corporation ceases to hold office when he or she:

a. dies or resigns;

b. is removed in accordance with the Act; or

c. becomes disqualified under the Act.

4.7 <u>Committees of Directors</u> 

The directors may appoint from among their number one or more committees of directors, however designated, and subject to the Act, may delegate to such committees any of the powers of the directors. A committee may be comprised of one director. The directors may also appoint one or more advisory committees to the Board comprised of at least one director and which may include persons who are not directors. The directors may not delegate any powers of the directors to such advisory committees and the chairs of such committees must be directors.

4.8 <u>Transaction of Business of Committee</u> 

Subject to the provisions of this by-law with respect to participation in a meeting, the powers of a committee of directors may be exercised by a meeting at which a quorum is present or by resolution in writing signed by all of the members of such committee who would have been entitled to vote on that resolution at a meeting of the committee. Meetings of such

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

committee may be held at any place in Canada or such other place as may be determined by the chair and may be called by any one member of the committee giving notice in accordance with the by-laws governing the calling of meetings of the Board.

4.9 <u>Procedure</u> 

Unless otherwise determined herein or 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 chair and to regulate its procedure.

4.10 <u>Remuneration and Expenses</u> 

The directors shall be paid such remuneration for their services as the Board may from time to time determine. The directors 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 herein contained shall preclude any director from serving the Corporation in any other capacity and receiving remuneration therefor.

4.11 <u>Vacancies</u> 

Subject to the Act, a quorum of the Board may fill a vacancy among the directors. If there is not a quorum of directors, or if there has been a failure to elect the number or minimum number of directors required by the Articles, the directors then in office shall forthwith call a special meeting of shareholders to fill the vacancy and, if they fail to call a meeting or if there are no directors then in office, the meeting may be called by any shareholder.

4.12 <u>Action by the Board</u> 

The Board shall manage or supervise the management of the business and affairs of the Corporation. Notwithstanding a vacancy among the directors, a quorum of directors may exercise all the powers of the directors. If the Corporation has only one director, that director may constitute a meeting.

4.13 <u>Advance Notice of Director Nominations</u> 

1) Only persons who are otherwise qualified to act as directors under this Article 4 and who are nominated in accordance with the following procedures shall be eligible for election as a director of the Corporation. At any meeting of shareholders, or at any special meeting of shareholders at which directors are to be elected, nominations of persons for election to the Board may be made only: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. by, or at the direction of, the directors, including pursuant to a notice of meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. by any person ()"**Nominating Shareholder**") who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at the close of business on the date of the giving by the Nominating Shareholder of the notice provided for
in this Section 4.13 and at the close of business on the record date fixed by the Corporation for notice of such meeting, is a registered holder of one or more shares carrying the right to vote at such meeting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in either case, complies with the notice procedures set forth in this Section 4.13.

2) In addition to any other requirements under applicable laws, for a nomination to be validly made by a Nominating Shareholder in accordance with this by-law, the Nominating Shareholder must have given notice thereof that is both timely (in accordance with paragraph 3 below) and in proper written form (in accordance with paragraph 4 below) to the Secretary of the Corporation at the principal executive offices of the Corporation as set forth in this Section 4.13. 

3) To be timely, a Nominating Shareholder's notice to the Secretary of the Corporation must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the case of an annual meeting of shareholders, not less than thirty (30) days prior to the date of
the annual meeting; provided, however, that if the annual meeting of the shareholders is to be held on a date that is less than fifty (50) days after the date (the **"Notice Date"**) on which the first public announcement (as
defined in this Section 4.13) of the date of the annual meeting was made, notice by the Nominating Shareholder must be given not later than the close of business on the tenth (10th) day following the Notice Date; and

&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 fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders
was made.

4) To be in proper written form, a Nominating Shareholder's notice must be addressed to the Secretary of the Corporation and be signed by the Nominating Shareholder if an individual, or if the Nominating Shareholder is not an individual, by an authorized representative thereof, being a duly authorized director, officer, manager, trustee or partner of such entity, and must set forth: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. if the Nominating Shareholder is not the beneficial owner of the shares, the identity of the beneficial
owner and the number of shares held by that beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. as to each individual whom the Nominating Shareholder proposes to nominate for election as a director:
(A) the name, age, business address and residential address of the individual; (B) the present principal occupation or employment of the individual and the principal occupation or employment of that individual within the five
(5) years preceding the notice; (C) the citizenship of such individual; (D) the number of shares which are, directly or indirectly, controlled or directed, or which are owned, beneficially or of record, by the individual as of the
record date for notice of 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; (E) a statement as to whether such individual, in the opinion of the
individual and the Nominating Shareholder, would be "independent" of the Corporation (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110, *Audit Committees,* of the
Canadian Securities Administrators, as such provisions may be amended from time to time) if elected as a director at such meeting, plus disclosure as to whether with respect to the Corporation the proposed nominee has one or more of the
relationships described in Sections 1.4(3), 1.4(8) and 1.5 of such National Instrument, and, if so, which ones; and (F) any other

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

information relating to the individual that would be required to be disclosed in a dissident's proxy circular or other filings to be made in connection with solicitations of proxies for election of directors pursuant to Applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. as to the Nominating Shareholder and any beneficial owner respecting which the notice was given,
(A) the names of such person(s); (B) the number of shares which are controlled, or over which control or direction is exercised, directly or indirectly, by such person(s) and each person acting jointly or in concert with any of them (and for
each such person any options or other rights to acquire shares, derivatives or other securities, instruments or arrangements for which the price or value or delivery, payment or settlement obligations are derived from, referenced to, or based on any
such shares, hedging transactions, short positions and borrowing or lending arrangements relating to such share) as of the record date for notice of 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; (C) the full particulars regarding any oral or written proxy, contract, agreement, arrangement, understanding or relationship pursuant to which such Nominating Shareholder or beneficial owner
has a right to vote or direct the voting of any shares; (D) in the case of a special meeting of shareholders called for the purpose of electing directors, a statement as to whether the Nominating Shareholder intends to send an proxy circular
and form of proxy to any holders of shares in connection with the individual's nomination; and (E) any other information relating to such Nominating Shareholder or beneficial owner that would be required to be disclosed in a
dissident's proxy circular or other filings to be made in connection with solicitations of proxies for election of directors pursuant to Applicable Securities Laws.

As soon as practicable following receipt of a Nominating Shareholder's notice that complies with this by-law, the Corporation shall publish the details of such notice through a public announcement.

5) No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this Section 4.13; provided, however, that nothing in this Section 4.13 shall be deemed to restrict or preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect of which such shareholder would have been entitled to discuss at such meeting. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the provisions of this Section 4.13 and, if the chair determines that any proposed nomination was not made in compliance with this Section 4.13, to declare such nomination defective and it be disregarded. 

6) For purposes of this Section 4.13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **"public announcement"** shall mean disclosure in a press release reported by a national
news service in Canada, or in a document publicly filed by the Corporation under its profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com; and

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

------

of the securities commission and similar regulatory authority of each relevant province and territory of Canada.

7) Notwithstanding any other provision of this Section 4.13, notice given to the Secretary of the Corporation pursuant to this Section 4.13 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 at the address of the principal executive offices of the Corporation, sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) or received by email (at the address as aforesaid); provided that if such delivery or electronic communication is made on a day which is not a business day or later than 5:00 p.m. (Central Time) on a business day, then such delivery or electronic communication shall be deemed to have been made on the next business day. 

8) Notwithstanding the foregoing, the directors may, in their sole discretion, waive any provision or requirement of this Section 4.13.

ARTICLE FIVE

<u>MEETING OF DIRECTORS</u> 

5.1 <u>Place of Meeting</u> 

Meetings of the Board may be held at any place within Canada or such other place as may be determined by the chair provided that a majority of the meetings of the Board in any calendar year are held in Canada.

5.2 <u>Notice of Meeting</u> 

Unless the Board has made regulations otherwise, meetings of the Board may be summoned on twenty-four (24) hours' notice, given verbally or in writing, and whether by means of telephone or telegraph, electronic means, or any other means of communication. A notice of a meeting of directors 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.

5.3 <u>Adjourned Meeting</u> 

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.

5.4 <u>Calling of Meetings</u> 

Meetings of the Board shall be held from time to time at such time and at such place as the Board, the Independent Chair of the Board, the Chief Executive Officer, the Executive Chair, the President or any two directors may determine. Should more than one of the above-named individuals call a meeting at or for substantially the same time, there shall be only one meeting held and such meeting shall occur at the time and place determined by, in order of priority, the Board, any two directors, the Independent Chair of the Board, the Chief Executive Officer or the President or the Executive Chair.

5.5 <u>Regular Meetings</u> 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Board may, from time to time, 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, and forthwith to each director subsequently elected or appointed, but no other notice shall be required for any such regular meeting except where the Act or this by-law requires the purpose thereof or the business to be transacted thereat to be specified.

5.6 <u>Chair</u> 

The chair of any meeting of the Board shall be the Independent Chair of the Board or such other person chosen by the directors.

5.7 <u>Quorum</u> 

Subject to Section 5.8, the quorum for the transaction of business at any meeting of the Board shall consist of a majority of the directors holding office or such greater number of directors as the Board may from time to time determine.

5.8 <u>Voting</u> 

Questions arising at any meeting of the Board shall be decided by a majority of votes, and in the event of any equality of votes, the chair of the meeting shall not have a second or casting vote.

5.9 <u>Participation in Meeting</u> 

A director may participate in a meeting of the Board or a committee of the Board by electronic means, telephone, or other communication facilities, so as to permit all persons participating in the meeting to hear or otherwise communicate with each other, and a director participating in such meeting by such means is deemed to be present at the meeting.

5.10 <u>Resolution in Lieu of Meeting</u> 

Notwithstanding any of the foregoing provisions of this by-law, a resolution in writing signed by all the directors entitled to vote on that resolution at a meeting of the Board or a committee of directors is as valid as if it had been passed at a meeting of the Board or committee of directors, as the case may be. A copy of every such resolution shall be kept with the minutes of the proceedings of the directors or committee of directors. Any such resolution in writing is effective for all purposes at such time as the resolution states regardless of when the resolution is signed and may be signed in counterpart.

ARTICLE SIX

<u>PROTECTION OF DIRECTORS AND OFFICERS</u> 

6.1 <u>Conflict of Interest</u> 

A director or officer shall not be disqualified from his or her office, or be required to vacate his or her office, by reason only that he or she is a party to, or is a director or officer of or has a material interest in any person who is a party to, a material contract or material transaction or proposed material contract or proposed material transaction with the Corporation or a subsidiary thereof. Such a director or officer shall, however, disclose the nature and extent of his or her interest in the contract or transaction or proposed contract or

------

transaction at the time and in the manner provided by the Act. Subject to the provisions of the Act, a director or officer shall not by reason only of his or her office be accountable to the Corporation or to its shareholders for any profit or gain realized from such a contract or transaction, and such contract or transaction shall not be void or voidable by reason only of the director's interest therein, provided that the required declaration and disclosure of interest is properly made, the contract or transaction is approved by the directors or shareholders, if necessary, and it was fair and reasonable to the Corporation at the time it was approved and, if required by the Act, the director refrains from voting as a director on the contract or transaction.

Even if the above conditions are not met, a director or officer acting honestly and in good faith shall not be accountable to the Corporation or to its shareholders for any profit realized from a material contract or material transaction for which disclosure is required by the Act, and such contract or transaction shall not be void or voidable by reason only of the director or officer's interest therein, provided that the material contract or material transaction was approved or confirmed by special resolution at a meeting of the shareholders, disclosure of the interest was made to the shareholders in a manner sufficient to indicate its nature before such contract or transaction was approved or confirmed, and such contract or transaction was reasonable and fair to the Corporation at the time it was approved or confirmed.

6.2 <u>Limitation of Liability</u> 

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 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, 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 loss or damage arising from the bankruptcy, insolvency or tortious acts of any person, corporation or other entity with whom any of the moneys, securities or effects of the Corporation shall be deposited, or for any other loss, conversion, misapplication, misappropriation of or any damage resulting from dealings with any money, securities or other assets of or belonging to the Corporation or for any damage or misfortune whatever which may happen in the execution of the duties of his or her respective office or trust or in relation thereto; provided that nothing herein shall relieve any director or officer from the duty to act in accordance with the express requirements of the Act and the Regulations thereunder or from liability for any breach thereof. 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 of or on behalf of the Corporation, except such as shall have been submitted to and authorized or approved by the Board.

No act or proceeding of any director or officer or the Board shall be deemed invalid or ineffective by reason of the subsequent ascertainment of any irregularity in regard to such act or proceeding or the election, appointment or qualification of such director or officer or Board.

6.3 <u>Indemnity</u> 

To the maximum extent permitted by the Act, the Corporation shall indemnify a director or officer of the Corporation, a former director or officer of the Corporation or a person

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

who acts or acted at the Corporation's request as a director or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and his or her heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been a director or officer of the Corporation or such body corporate.

Nothing herein contained shall limit the right of any person entitled to claim indemnity apart from the provisions of this Section 6.3.

6.4 <u>Insurance</u> 

The Corporation may purchase and maintain insurance for the benefit of any person referred to in Section 6.3 against any liability incurred by him or her:

a. in his or her capacity as a director or officer of the Corporation, except where the liability relates to
his or her failure to act honestly and in good faith with a view to the best interests of the Corporation; or

b. in his or her capacity as a director or officer of another body corporate where he or she acts or acted in
that capacity at the Corporation's request, except where the liability relates to his or her failure to act honestly and in good faith with a view to the best interests of the body corporate.

6.5 <u>Advance of Funds</u> 

The Corporation may advance funds to a director or officer in order to defray the costs, charges and expenses of proceedings for which the Act permits indemnification, provided that if the director or officer does not meet the conditions required for indemnity under the Act; namely that he or she (a) was substantially successful on the merits in the defence of the action or proceeding; (b) acted honestly and in good faith, with a view to the best interests of the Corporation, and in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the director or officer had reasonable grounds for believing that the director's or officer's conduct was lawful; and (c) is fairly and reasonably entitled to indemnity; he or she shall repay the funds advanced.

ARTICLE SEVEN

<u>OFFICERS</u> 

7.1 <u>Election or Appointment</u> 

The Board may, from time to time, appoint an Independent Chair of the Board, an Executive Chair, a Chief Executive Officer, a President, a Chief Financial Officer, one or more Vice-Presidents, 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. Except for the Independent Chair of the Board and the Executive Chair, each of whom must be a director, an officer may, but need not be, a director and one person may hold more than one office,

------

7.2 <u>Independent Chair of the Board</u> 

The Independent Chair of the Board shall, when present, preside at all meetings of the Board and at all meetings of shareholders. The Board may assign to the Independent Chair of the Board any of the powers and duties that, by any provision of this by-law, are assigned to the Chief Executive Officer; and he or she shall, subject to the provisions of the Act, have such other powers and duties as the Board may specify. During the absence or disability of the Independent Chair of the Board, his or her duties shall be performed and his or her powers exercised by such other person chosen by the directors.

7.3 <u>Chief Executive Officer</u> 

The Chief Executive Officer shall, subject to the authority of the Board, have general supervision of the business and affairs of the Corporation. The Chief Executive Officer shall also have such other powers and duties as the Board may specify of that office; provided, however, that unless he or she is a director, he or she shall not preside as chair at any meeting of the Board.

7.4 <u>Executive Chair</u> 

The Executive Chair shall act as an advisor and mentor to the Chief Executive Officer. He or she shall also perform such other duties as assigned by the Board and/or the Chief Executive Officer.

7.5 <u>President</u> 

The Board may select a President who shall have such powers and perform such duties as may be assigned by the Board or by the Chief Executive Officer. In the absence or disability of the President, his or her duties shall be performed by the Chief Executive Officer or such persons as the Board or the Chief Executive Officer may specify.

7.6 <u>Chief Financial Officer</u> 

The Chief Financial Officer shall keep 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 the funds of the Corporation; he or she shall render to the Board whenever required an account of all his or her transactions and he or she shall have such other powers and duties as the Board or the Chief Executive Officer may specify.

7.7 <u>Vice-Presidents</u> 

During the absence or disability of the Chief Executive Officer, his or her duties shall be performed and his or her powers exercised by the President, and if the President is absent or disabled, by the Vice-President or, if there is more than one, by the Vice-President designated from time to time by the Board; provided, however, that a Vice-President who is not a director shall not preside as chair at any meeting of the Board. A Vice-President shall have such other powers and duties as the Board or the Chief Executive Officer may specify.

7.8 <u>Secretary</u> 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Secretary shall attend and be the secretary of all meetings of the Board, shareholders and committees of directors and shall enter or cause to be entered in records kept for that purpose minutes of all proceedings thereat; he or she shall give or cause to be given, as and when instructed, all notices to shareholders, directors, officers, auditors and members of committees of the Board; he or she shall be the custodian of the stamp or mechanical device generally used for affixing the corporate seal of the Corporation, if any, and of all books, papers, records, documents and instruments belonging to the Corporation, except when some other officer or agent has been appointed for that purpose; and the Secretary shall have such other powers and duties as the Board or the Chief Executive Officer may specify.

7.9 <u>Powers and Duties of Other Officers</u> 

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 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 Chief Executive Officer otherwise directs.

7.10 <u>Variation of Powers and Duties</u> 

The Board may from time to time and subject to the provisions of the Act, vary, add to or limit the powers and duties of any officer.

7.11 <u>Vacancies</u> 

If the office of any officer of the Corporation shall be or becomes vacant by reason of death, resignation, disqualification or otherwise, the Board, by resolution, may appoint a person to fill such vacancy.

7.12 <u>Remuneration and Removal</u> 

The remuneration of all officers appointed by the Board shall be determined from time to time by resolution of the Board. The fact that any officer or employee is a director or shareholder of the Corporation shall not disqualify him or her from receiving such remuneration as may be determined. All officers shall be subject to removal by resolution of the Board at any time, with or without cause, notwithstanding any agreement to the contrary, provided however that this right of removal shall not limit in any way such officer's right to damages by virtue of such agreement or any other rights resulting from such removal in law or equity.

7.13 <u>Agents and Attorneys</u> 

The Corporation, by or under the authority of the Board, shall have the power from time to time to appoint agents or attorneys for the Corporation in or outside Canada with such powers (including the power to sub-delegate) of management, administration or otherwise as may be thought fit.

7.14 <u>Conflict of Interest</u> 

An officer shall disclose his or her interest in any material contract or material transaction or proposed material contract or proposed material transaction with the Corporation in accordance with Section 6.1.

------

7.15 <u>Fidelity Bonds</u> 

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 powers and duties, in such forms and with such surety as the Board may from time to time determine.

ARTICLE EIGHT

<u>SHAREHOLDERS' MEETINGS</u>

8.1 <u>Annual Meetings</u> 

Subject to the Act, the annual meeting of shareholders shall be held at such time and on such day in each year and at such place or places 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 for the transaction of such other business as may properly be brought before the meeting.

8.2 <u>Special Meetings</u> 

The Board shall have the power to call a special meeting of shareholders at any time.

8.3 <u>Place of Meetings</u> 

Meetings of shareholders shall be held as provided for in the articles, or failing any reference in the articles, at such place in Canada as the Board may determine.

Subject to the Act and Regulations, if the directors or the shareholders of the Corporation call a meeting of shareholders, the directors or the shareholders, as the case may be, may determine that the meeting shall be held entirely by electronic means, telephone or other communication facility that permits all participants to communicate adequately with each other during the meeting. Any meeting of shareholders will be subject to procedures, if any, established by the directors.

8.4 <u>Record Date for Notice</u> 

The Board may fix in advance a date, preceding the date of any meeting of shareholders, by not more than fifty (50) days and not less than twenty-one (21) days, as a record date for the determination of shareholders entitled to notice of or to vote at the meeting. If no record dale is fixed, the record date for the determination of the shareholders entitled to receive notice of or to vote at the meeting shall be the close of business on the date immediately preceding the day on which the notice is given or, if no notice is given, the day on which the meeting is held.

8.5 <u>Notice of Meeting</u> 

Notice of the time and place of each meeting of shareholders shall be sent not less than twenty-one (21) days and not more than fifty (50) days before the meeting to each shareholder entitled to vote at the meeting, each director and the auditor of the Corporation. Such notice may be sent by electronic means, or by mail addressed to, or may be delivered personally to, the shareholder, at the shareholder's latest address as shown in the records of the

------

Corporation or its transfer agent, to the director, at the director's latest address as shown in the records of the Corporation or in the last notice filed as required by the Act, and to the auditor, at the auditor's most recent address as shown in the records of the Corporation. A notice of meeting of shareholders sent by mail to a shareholder, director or auditor in accordance with the above is deemed to be served on the day on which it was deposited in the mail. A notice of a meeting is not required to be sent to shareholders who are not registered on the records of the Corporation or its transfer agent on the record date as determined according to Section 8.4 hereof. Notice of a meeting of shareholders at which special business is to be transacted shall state the nature of such business in sufficient detail to permit the shareholder to form a reasoned judgment thereon and shall state the text of any special resolution to be submitted to the meeting. A special meeting of shareholders and an annual meeting may be convened by one and the same notice and it shall not be an objection to the notice that it only convenes the second meeting contingently on any resolution being passed by the requisite majority at the first meeting.

8.6 <u>Right to Vote</u> 

Subject to the provisions of the Act as to authorized representatives of any other body corporate and subject to the provisions of the Act and the Regulations, at any meeting of shareholders in respect of which the Corporation has prepared the list referred to in Section 8.7 hereof, every person who is named in such list shall be entitled to vote the shares shown thereon opposite his or her name except to the extent that such person has transferred any of such person's shares after the record date set pursuant to Section 8.4 hereof or, if no record date is fixed, after the date on which the list referred to in Section 8.7 is prepared, and the transferee, upon producing properly endorsed certificates evidencing such shares or otherwise establishing that such person owns such shares, demands not later than ten (10) days before the meeting that such person's name be included to vote the transferred shares at the meeting. In the absence of a list prepared as aforesaid in respect of a meeting of shareholders, every person shall be entitled to vote at the meeting who at the close of business on the record date, or if no record date is set, at the close of business on the date preceding the date notice is sent, is entered in the securities register as the holder of one or more shares carrying the right to vote at such meeting.

8.7 <u>List of Shareholders Entitled to Notice</u> 

The Corporation shall prepare a list of shareholders entitled to receive notice of a meeting, arranged in alphabetical order, and showing the number of shares held by each shareholder in accordance with the Act. If a record date for the meeting is fixed pursuant to Section 8.4 hereof by the Board, the shareholders listed shall be those registered at the close of business on the record date. If no record date is fixed by the Board, the shareholders listed shall be those listed at the close of business on the last business day immediately preceding the day on which notice of a meeting is given, or where no such notice is given, the day on which the meeting is held. 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 its central securities register is maintained and at the place where the meeting is held.

8.8 <u>Waiver of Notice</u> 

A shareholder and any other person entitled to attend a meeting of shareholders may in any manner waive notice of a meeting of shareholders and attendance of any such person at a meeting of shareholders shall constitute a waiver of notice of the meeting except

------

where such person attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting was not lawfully called.

8.9 <u>Independent Chair, Secretary and Scrutineers</u> 

The Independent Chair of the Board or, in his or her absence, the Chief Executive Officer, if such an officer has been elected or appointed and is present, or otherwise the Executive Chair if such an officer has been elected or appointed and is present, or otherwise the President if such an officer has been elected or appointed and is present, or otherwise the Chief Financial Officer if such an officer has been elected or appointed and is present, or otherwise a Vice-President if such an officer has been elected and is present (in order of seniority of service with the Corporation), shall be chair of any meeting of shareholders, if no such officer is present within fifteen (15) minutes from the time fixed for holding the meeting, or declines to be chair of the meeting, the persons present and entitled to vote shall choose one of their number to be chair. If the Secretary of the Corporation is absent, the Independent Chair 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 chair with the consent of the meeting.

8.10 <u>Persons Entitled to be Present</u> 

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

8.11 <u>Quorum</u> 

A quorum at any meeting of shareholders (unless a great number of persons are required to be present or a greater number of shares are required by the Act or by the Articles or by any other bylaw) shall be two (2) persons in number, one of whom shall be, or be representing, a Canadian, and holding or representing not less than twenty-five (25%) per cent of the shares entitled to be voted at the meeting. If a quorum is present at the opening of any meeting of shareholders, the shareholders present or represented may proceed with the business of the meeting notwithstanding that a quorum is not present throughout the meeting; provided that at least one Canadian shall be present in person or represented by proxy. If a quorum is not present at the opening of the meeting of shareholders, the shareholders present or represented may adjourn the meeting to a fixed time and place but may not transact any other business.

8.12 <u>Participation in Meeting</u> 

A shareholder or any other person entitled to attend a meeting may participate in a meeting of shareholders by electronic means, telephone or other communication facilities as permit all persons participating in the meeting to hear or otherwise communicate with each other if the Corporation makes such communication facility available, and a person participating in such a meeting by such means is deemed to be present at the meeting. Any such meeting will be subject to the provisions of the Act, Regulations and procedures, if any, established by the directors.

8.13 <u>Proxyholders and Representatives</u> 

------

Votes at meetings of the shareholders may be given either personally or by proxy; or, in the case of a shareholder, who is a body corporate or association, by an individual authorized by a resolution of the Board or governing body of the body corporate or association to represent it at a meeting of shareholders of the Corporation, upon producing a certified copy of such resolution or otherwise establishing his or her authority to vote to the satisfaction of the Secretary or the Independent Chair.

A proxy shall be executed by the shareholder or his or her attorney authorized in writing or, if the shareholder is a corporation, under its corporate seal or by an officer or attorney thereof duly authorized, and is valid only at the meeting in respect of which it is given or any adjournment of that meeting. A person appointed by proxy need not be a shareholder.

8.14 <u>Time for Deposit of Proxies</u> 

The Board may specify in a notice calling a meeting of shareholders a time, preceding the time of such meeting by not more than forty-eight (48) hours exclusive of Saturdays, Sundays and holidays, 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 having been specified in such notice, it has been received by the Secretary of the Corporation or by the chair of the meeting or any adjournment thereof prior to the time of voting.

8.15 <u>Joint Shareholders</u> 

If two or more persons hold shares jointly, any one of them present in person or duly represented 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 and vote, they shall vote as one the shares jointly held by them.

8.16 <u>Votes to Govern</u> 

Except as otherwise required by the Act, all questions proposed for the consideration of shareholders at a meeting of shareholders shall be determined by a majority of the votes cast and in the event of an equality of votes at any meeting of shareholders, the chair shall not have a second or casting vote.

8.17 <u>Method of Voting</u> 

Subject to the Act, voting at a meeting of shareholders shall be by a show of hands, unless a ballot is required or demanded as hereinafter provided, and may be held, subject to the Act, entirely by electronic means, telephone or other communication facility, if the Corporation makes such a communication facility available. Every person who is present or otherwise participating in the meeting pursuant to Section 8.13 hereof and entitled to vote shall have one vote. Whenever a vote shall have been taken upon a question, unless a ballot thereon is so required or demanded, a declaration by the chair of the meeting that the vote upon the question has been carried or carried by a particular majority or defeated 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 of the votes recorded in favour of or against any resolution or other proceeding in respect of the said question, and the result of the vote so taken shall be the decision of shareholders upon the said question.

------

8.18 <u>Ballots</u> 

On any question proposed for consideration at a meeting of shareholders:

a. a shareholder, proxyholder or other person entitled to vote may demand and the chair may require that a
ballot be taken either before or upon the declaration of the result of any vote; and

b. a ballot shall be conducted where proxies representing at least 5% of the votes attached to shares
represented at the meeting, either by shareholders personally or by proxy, require the proxyholders to vote against a matter.

If a ballot is demanded on the election of a chair or on the question of an adjournment it shall be taken forthwith without an adjournment. A ballot demanded or required on any other question shall be taken in such manner as the chair shall direct. A demand or requirement for a ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot is taken each person present shall be entitled, in respect of the shares that he or she is entitled to vote at the meeting upon the question, to the number of votes as provided for by the articles or, in the absence of such provision in the articles, to one vote for each share he or she is entitled to vote. The result of the ballot so taken shall be the decision of the shareholders upon the question. The demand or requirement for a ballot shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the ballot has been demanded or required.

8.19 <u>Adjournment</u> 

The chair at a meeting of shareholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and from place to place. If a meeting of shareholders is adjourned for less than thirty (30) days, it shall not be necessary to give notice of the adjourned meeting, other than by announcement at the time of the adjournment. Subject to the Act, if a meeting of shareholders is adjourned by one or more adjournments for an aggregate of thirty (30) days or more, notice of the adjourned meeting shall be given in the same manner as notice for an original meeting but, unless the meeting is adjourned by one or more adjournments for an aggregate of more than ninety (90) days, subsection 149(1) of the Act does not apply.

8.20 <u>Resolution in Lieu of a Meeting</u> 

A resolution in writing signed by all 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; and a resolution in writing dealing with all matters required to be dealt with at a meeting of shareholders and signed by all the shareholders entitled to vote at such meeting, satisfies all the requirements of the Act relating to meetings of shareholders. A copy of every such resolution in writing shall be kept with the minutes of the meetings of shareholders. Any such resolution in writing is effective for all purposes at such time as the resolution states regardless of when the resolution is signed and may be signed in counterparts.

8.21 <u>Only One Shareholder</u> 

Where the Corporation has only one shareholder or only one holder of any class or series of shares, the shareholder present in person or duly represented constitutes a meeting.

------

ARTICLE NINE

<u>SHARES</u>

9.1 <u>Non-Recognition of Trusts</u> 

Subject to the Act, the Corporation may treat the registered holder of any share as the person exclusively entitled to vote, to receive notices, to receive any dividend or other payment in respect of the share, and otherwise to exercise all the rights and powers of an owner of the share.

9.2 <u>Certificates</u> 

The shareholder is entitled at his or her option to a share certificate that complies with the Act or a non-transferable written acknowledgement of his or her right to obtain a share certificate from the Corporation in respect of the securities of the Corporation held by him or her. Share certificates and acknowledgements of a shareholder's right to a share certificate, respectively, shall be in such form as described by the Act and as the Board shall from time to time approve. A share certificate shall be signed manually by at least one director or officer of the Corporation or by or on behalf of a registrar, transfer agent or branch transfer agent of the Corporation, or by a trustee who certifies it in accordance with a trust indenture, and any additional signatures required on the share certificate may be printed or otherwise mechanically reproduced on it.

9.3 <u>Replacement of Share Certificates</u> 

The Board or any officer or agent designated by the Board may in its or his or her discretion direct the issuance of a new share certificate or other such certificate in lieu of and upon cancellation of a certificate that has been mutilated or in substitution for a certificate claimed to have been lost, destroyed or wrongfully taken on payment of such reasonable fee and on such terms as to indemnity, reimbursement of expenses and evidence of loss and of title as the Board may from time to time prescribe, whether generally or in any particular' case.

9.4 <u>Joint Holders</u> 

The Corporation is not required to issue more than one share certificate in respect of a share held jointly by several persons, and delivery of a certificate to one of several joint holders is sufficient delivery to all. Any one of such holders 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 certificate.

Where shares are owned or controlled jointly by one or more persons who are non-Canadian, the shares shall be deemed to be owned or controlled, as the case may be, by non-Canadians.

ARTICLE TEN

<u>DIVIDEND RIGHTS</u>

10.1 <u>Dividend</u> 

Subject to the Act, the Board may from time to time declare dividends payable to the shareholders according to their respective rights and interest in the Corporation. Dividends may be paid in money or property or by issuing fully-paid shares of the Corporation.

------

10.2 <u>Dividend Payments</u> 

Except as set forth below, a dividend payable in money shall be paid by cheque to the order of each registered holder of shares of the class or series in respect of which it has been declared and shall be mailed by prepaid ordinary mail to such registered holder at his or her address recorded in the Corporation's securities register or registers or such address as such holder otherwise directs. In the case of joint holders the cheque shall, unless such joint holders otherwise direct, be made payable to the order of all such joint holders and mailed to them at their recorded address. The mailing of such cheque as aforesaid, unless the same is not paid on due presentation, shall satisfy and discharge the liability for the dividend to the extent of the sum represented thereby plus the amount of any tax which the Corporation is required to and does withhold.

Further, the electronic deposit in accordance with the last instructions of any shareholder received by the Corporation or its transfer agent, for the amount of any dividend payable in cash shall discharge the Corporation's liability for the dividend to the extent of the amount of the electronic deposit plus the amount of any tax which the Corporation has properly withheld.

10.3 <u>Non-Receipt of Payment</u> 

In the event of non-receipt of any dividend payment by the person to whom it is sent as aforesaid, the Corporation shall issue to such person a replacement payment 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 <u>Unclaimed Dividends</u> 

No dividend shall bear interest against the Corporation. Any dividend unclaimed after a period of six (6) years from the date on which the same has been declared to be payable shall be forfeited and shall revert to the Corporation.

ARTICLE ELEVEN

<u>INFORMATION AVAILABLE TO SHAREHOLDERS</u>

11.1 <u>Confidential Information</u> 

Except as provided by the Act, no shareholders shall be entitled to obtain information respecting any details or conduct of the Corporation's business which, in the opinion of the directors, it would not be in the interests of the Corporation to communicate to the public.

11.2 <u>Conditions of Access to Information</u> 

The directors may from time to time, subject to rights conferred by the Act, determine whether and to what extent and at what time and place and under what conditions or regulations the documents, books and registers and accounting records of the Corporation or any of them shall be open to the inspection of shareholders and no shareholder shall have any right to inspect any document or book or register or account record of the Corporation except as conferred by statute or authorized by the Board or by a resolution of the shareholders.

11.3 <u>Registered Office and Separate Records Office</u> 

------

The registered office of the Corporation shall be at a place within Manitoba and at such location therein as the Board may from time to time determine. The records office will be at the registered office or at such location, if any, within Manitoba, as the Board may from time to time determine.

ARTICLE TWELVE

<u>NOTICES</u>

12.1 <u>Method of Giving Notices</u> 

A notice or document required by the Act, the Regulations, the Articles or the by-laws to be sent to a shareholder or director of the Corporation may be sent by electronic means or by prepaid mail addressed to, or may be delivered personally to:

a. the shareholder at his or her latest address as shown in the records of the Corporation or its transfer
agent; and

b. the director at his or her latest address as shown in the records of the Corporation or in the last notice
filed under the Act.

A notice or document sent by prepaid mail in accordance with the foregoing to a shareholder or director of the Corporation is deemed to be received by him or her three days after the date that it was sent unless there are reasonable grounds for believing that the shareholders or director did not receive the notice or document at the time or at all.

12.2 <u>Notice to Joint Shareholders</u> 

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

12.3 <u>Persons Entitled by Death or Operation of Law</u> 

Every person who, by operation of law, transfer, death of a shareholder or 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 given to the shareholders from whom he or she derives his or her title to such share prior to his or her name and address being entered on the securities register (whether such notice was given before or after the happening of the event upon which he or she became so entitled) and prior to his or her furnishing to the Corporation file proof of authority or evidence of his or her entitlement prescribed by the Act.

12.4 <u>Non-Receipt of Notices</u> 

If a notice or document is sent to a shareholder in accordance with Section 12.1 and the notice or document is returned on two (2) consecutive occasions because the shareholder cannot be found, the Corporation is not required to send any further notice or documents to the shareholder until the shareholder informs the Corporation in writing of his or her new address; provided always, that in the event of the return of a notice of a shareholders meeting mailed to a shareholder in accordance with Section 12.1 the notice shall be deemed to be received by the shareholder on the date deposited in the mail notwithstanding its return.

------

12.5 <u>Omissions and Errors</u> 

Subject to the Act, the accidental omission to give any notice to any shareholder, director, officer, auditor or member of a committee of the Board 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.

12.6 <u>Signature on Notices</u> 

Unless otherwise specifically provided, the signature of any director or officer of the Corporation to any notice or document to be given by the Corporation may be written, stamped, typewritten or printed or partly written, stamped, typewritten or printed.

12.7 <u>Waiver of Notice</u> 

If a notice or document is required by the Act or the Regulations, the articles, the by-laws or otherwise to be sent, the sending of the notice or document may be waived or the time for the notice or document may be waived or abridged at any time with the consent in writing of the person entitled to receive it. The consent of a person entitled to waive the requirement for the sending of a notice or document or to waive or abridge the time for the notice or the document may be sent by electronic means in accordance with the provisions of *The Electronic Commerce and Information Ad* (Manitoba).

ARTICLE THIRTEEN

<u>MEASURES TO GIVE EFFECT TO RESTRICTIONS ON OWNERSHIP RIGHTS</u>

13.1 <u>Holder</u> 

The Board may require, at all times and from time to time, that any holder of voting shares of the Corporation, the agent of such holder, or a broker or nominee in whose name the voting shares of the Corporation are registered, provide any information that the Board in its sole discretion considers necessary or advisable in order to enable the Corporation to administer, monitor and comply with the restrictions on ownership, transfer and voting of voting shares of the Corporation set out in the Act and the Articles of the Corporation.

13.2 <u>Transfer or Issue of Shares</u> 

The Board may require, prior to accepting any transfer of or subscription for voting shares of the Corporation, that the prospective holder, the agent of such prospective holder, or a broker or nominee in whose name the voting shares of the Corporation are to be registered, provide any information that the Board in its sole discretion considers necessary or advisable in order to enable the Corporation to administer, monitor and comply with the restrictions on ownership, transfer and voting of voting shares of the Corporation set out in the Act and the articles of the Corporation.

13.3 <u>Declaration and Other Information</u> 

Without limiting the generality of Sections 13.2 and 13.3, in order to administer, monitor and comply with the restrictions on ownership, transfer and voting of voting shares of

------

the Corporation set out in the Act and the articles of the Corporation, the Board may, in its discretion:

a. require a person in whose name such shares are registered to provide a statutory declaration under the *Canada Evidence Act* or otherwise concerning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. whether the shareholder is the beneficial owner of, or controls, voting shares of the Corporation or holds
them for a beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. whether the shareholder is an associate of another shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. whether the shareholder or beneficial owner is a Canadian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any further facts that the Board in its sole discretion considers relevant;

b. require any person seeking to have a transfer of a voting share registered in his or her name or to have a
voting share issued to him or her to provide a declaration similar to the declaration a person may be required to provide under paragraph a. above; and

c. determine any other circumstances in which any declaration(s) similar to the declaration a person may be
required to provide under paragraph a. above are required, the person(s) from whom such declaration(s) are required, the form of such declaration(s), their form and the times at which such declaration(s) are required to be provided.

13.4 <u>Failure to provide a Declaration or other Information</u> 

When a person is required to provide a declaration or any other information required pursuant to this by-law and fails to comply with such requirement, the Board may take the following measures until the declaration or the information concerned has been provided:

a. refuse to recognize all ownership rights, including the voting rights, attributable to the voting shares
held by the person;

b. refuse to register a transfer of a voting share in the person's name or in the name of anyone for whom
the person is acting as an agent, broker or nominee;

c. refuse to issue a voting share to the person or to anyone for whom the person is acting as an agent, broker
or nominee; or

d. take any other measure deemed necessary or advisable by the Board in its sole discretion in order to
administer, monitor and/or comply with the provisions concerning the restrictions on ownership, transfer- and voting rights attributable to the voting shares of the Corporation set out in the Act and the articles of the Corporation.

13.5 <u>Share Certificate</u> 

The Board is authorized to adopt and make, from time to time, all the amendments to the Corporation's share certificate forms required to administer, monitor and comply with the restrictions on the ownership, transfer and voting rights attributable to voting shares of the Corporation set out in the Act and the articles of the Corporation.

ARTICLE FOURTEEN

------

<u>MISCELLANEOUS</u>

14.1 <u>Severability</u> 

The invalidity or unenforceability of any provision of this by-law shall not affect the validity or enforceability of the remaining provisions of this by-law.

14.2 <u>Effective Date</u> 

This by-law shall come into force when approved by the Board in accordance with the Act.

---

| |
|:---|
| MADE by the Board the 15<sup>th</sup> day of October, 2019. |
| ![LOGO](g214976dsp092.jpg) |
| Assistant Secretary |

---

---

| |
|:---|
| CONFIRMED by the shareholders in accordance with the Act, the 15<sup>th</sup> day of October, 2019 |
| ![LOGO](g214976dsp92_1.jpg) |
| Assistant Secretary |

---

------

**BY-LAW NO. 2** 

**BOYD GROUP SERVICES INC.** 

(hereinafter called the "**Corporation**")

IT IS HEREBY ENACTED as a by-law of the Corporation as follows:

1.1 The directors may, without authorization of the shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. borrow money upon the credit of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. issue, re-issue, sell or pledge debt obligations of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the
Corporation, owned or subsequently acquired, to secure any debt obligation of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. give a guarantee on behalf of the Corporation to secure performance of an obligation of any person.

1.2 The words "debt obligation" and "security interest" shall have the same meaning as
set out in the *Canada Business Corporations Act,* RSC 1985, c C-44.

1.3 The directors may from time to time by resolution delegate to a managing director or a committee of
directors all or any of the powers conferred on the directors by paragraph 1.1 of this by-law to the full extent thereof or such lesser extent as the directors may in any such resolution provide, except that
securities may only be issued in the manner and on the terms authorized by the directors.

1.4 The powers hereby conferred shall be deemed to be in supplement of and not in substitution for any power to
borrow money or to give security for the purposes of the Corporation possessed by its directors or officers independent of this by-law and, in particular, are in addition to those given by Section 189 of
the *Canada Business Corporations Act,* RSC 1985, c C-44.

---

| |
|:---|
| MADE by the Board the 15<sup>th</sup> day of October, 2019. |
| ![LOGO](g214976dsp93.jpg) |
| Assistant Secretary |

---

---

| |
|:---|
| CONFIRMED by the shareholders in accordance with the Act, the 15<sup>th</sup> day of October, 2019 |
| ![LOGO](g214976dsp93_1.jpg) |
| Assistant Secretary |

---

## Exhibit 4.4

**Exhibit 4.4** 

## Boyd Group Services Inc.
**Amended and Restated Long-Term Incentive Plan** 

**Section 1. Interpretation and Administrative Provisions** 

**1.1** **Purpose** 

The purposes of the Plan are to: (i) support the achievement of the Company's performance objectives; (ii) ensure that interests of key employees are aligned with the success of the Company; (iii) provide compensation opportunities to attract, retain and motivate senior management critical to the long-term success of the Company and its subsidiaries; and (iv) mitigate excessive risk taking by the Company's key employees.

The Plan gives the Company the flexibility to make the following types of grants to key employees employed both in and outside Canada:

**Performance Cash Awards** which represent the right to receive payments, conditional, in whole or in part, upon the achievement of one or more objective performance goals. A Performance Cash Award granted under the Plan is denominated and payable in cash.

**Restricted Share Units** which represent the right to receive Shares or payments valued by reference to Shares. A Restricted Share Unit granted under the Plan is notionally denominated in Shares and may be settled in Shares or payable in cash.

**Performance Share Units** which represent the right to receive Shares or payments valued by reference to Shares, conditional, in whole or in part, upon the achievement of one or more objective performance goals. A Performance Share Unit granted under the Plan is notionally denominated in Shares and may be settled in Shares or payable in cash.

**1.2** **Definitions** 

For the purposes of the Plan, the following terms have the following meanings:

**"Adjustment Factor"** means the multiplier, if any, expressed as a percentage, with respect to a particular Performance Condition, applicable to the grant of a Performance Cash Award or of Performance Share Units, which shall be set out in the Grant Agreement governing such grant.

**"Affiliate"** means any entity that is an "affiliate" for purposes of National Instrument 45-106 "Prospectus Exemptions", issued by the Canadian Securities Administrators, as amended from time to time.

**"Applicable Withholdings"** means all income taxes and other statutory amounts required to be withheld.

------

"**Blackout Period**" means a period of time when, pursuant to any policies of the Company, any securities of the Company may not be traded by certain persons as designated by the Company, including any holder of a Grant.

**"Board"** means the board of directors of the Company.

**"Boyd Performance"** for each Performance Period means, unless otherwise determined by the Committee: (i) the Fair Market Value of a Share on the last day of the Performance Period; minus (ii) the Fair Market Value of a Share on the first day of the Performance Period; plus (iii) the amount of all dividends declared on a Share during the Performance Period; divided by (iv) the Fair Market Value of a Share on the first day of the Performance Period.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the issuance to, or acquisition by any person, or group of persons acting in concert, directly or
indirectly, including through an arrangement or other form of reorganization, of securities of the Company which in the aggregate carry more than 50% of the total voting rights under all of the then issued and outstanding securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sale of all or substantially all of the assets of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of any other event that the Board, acting reasonably, determines to be a Change of Control
for the purposes of this Plan,

provided that, except as determined by the Board pursuant to clause (c) above, neither a transaction under which the person or persons who (directly or indirectly) control the Company immediately prior to the transaction continue to control (directly or indirectly) the Company, or a successor thereto, in substantially the same proportions immediately after the transaction nor a transfer of assets from the Company to an Affiliate of the Company shall be a Change of Control.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated thereunder.

**"Committee"** means the Compensation Committee of the Board.

**"Company"** means Boyd Group Services Inc.

**"Disability Termination"** means the termination of the Participant's employment other than for Just Cause, at a time when the Participant is eligible for long term disability benefits under a Participating Company's long-term disability program.

**"Dividend Performance Share Unit"** has the meaning set out in Section 2.3.

**"Dividend Restricted Share Unit"** has the meaning set out in Section 2.3.

------

**"Dividend Share Unit"** means a Dividend Performance Share Unit or a Dividend Restricted Share Unit.

**"Elected Restricted Share Unit"** has the meaning set out in Section 2.4.

**"Election Notice"** means a notice substantially in the form set out as Schedule D hereto, as amended by the Committee from time to time.

**"Eligible Person"** means any employee or officer of a Participating Company and includes any such person who is on a leave of absence authorized by a Participating Company.

"**Employment Standards Legislation**" means, with respect to a Participant, the applicable labour standards or employment standards legislation and any underlying regulations (as may be amended or replaced from time to time) of the jurisdiction governing an employment relationship between the Participant and the Company or an Affiliate.

**"Fair Market Value"** means the volume weighted average trading price of a Share or a Peer Share on the principal Stock Exchange on which the Shares or Peer Shares are traded for the 10 Trading Days immediately preceding the applicable day (calculated as the total value of Shares or Peer Shares traded over the 10 day period divided by the total number of Shares or Peer Shares traded over the 10 day period).

**"Grant**" means a grant under the Plan consisting of a Performance Cash Award or one or more Restricted Share Units or Performance Share Units.

**"Grant Agreement"** means the agreement setting out the terms of any grant of Performance Cash Awards, Restricted Share Units or Performance Share Units, as applicable, in each case in such form as may be prescribed by the Committee from time to time.

**"Grant Date"** means the effective date of a grant of a Performance Cash Award or Share Unit.

**"Insider"** means an insider of the Company as defined in the rules of the Toronto Stock Exchange Company Manual for the purpose of security based compensation arrangements.

**"Just Cause" or "Cause"** for purposes of the Plan has the meaning set out in the employment agreement of the Participant, if applicable, or otherwise means the Participant (i) willfully fails to perform his duties as an officer or employee of a Participating Company; (ii) commits theft, fraud, dishonesty or misconduct involving the property, business or affairs of the Company or any of its Affiliates or in the performance of his/her duties: (iii) willfully breaches or fails to follow any material term of his or her employment agreement with a Participating Company; (iv) is convicted of a crime which constitutes an indictable offence; or (v) engages in conduct which would be treated as cause by a court of competent jurisdiction in the jurisdiction in which the Participant is employed.

**"Participant"** means any Eligible Person to whom a Performance Cash Award or Share Unit is granted.

------

**"Participating Company"** means the Company and such of its Affiliates as are designated by the Board from time to time as a participating company under the Plan.

**"Peer Company"** means each company or trust in the Peer Group.

**"Peer Group"** means that group of companies and/or trusts determined by the Committee for a Performance Period and set out in the Grant Agreement. The Peer Group for an outstanding Performance Cash Award or award of Performance Share Units may be amended by the Committee from time to time during the Performance Period to reflect material changes to the Company or any member of the Peer Group.

**"Peer Group Performance"** for each Performance Period means, unless otherwise determined by the Committee, for each Peer Company: (i) the Fair Market Value of a Peer Share as at the last day of the Performance Period; minus (ii) the Fair Market Value of a Peer Share on the first day of the Performance Period; plus (iii) the amount of all dividends or other distributions declared on a Peer Share during the Performance Period; divided by (iv) the Fair Market Value of a Peer Share on the first day of the Performance Period.

**"Peer Share"** means a common share or trust unit of the Peer Company.

**"Performance Cash Award"** means a right granted to an Eligible Person to receive, as set out in the Plan, a cash payment based on the satisfaction of Performance Conditions as specified in the Grant Agreement governing the grant of such right.

**"Performance Condition"** means (i) Relative Performance; and (ii) such other financial, personal, operational or transaction-based performance criteria as may be determined by the Committee in respect of a grant of Performance Share Units or a Performance Cash Award and set out in a Grant Agreement. Performance Conditions may apply to the Company, an Affiliate of the Company, the Company and its Affiliates as a whole, a business unit of the Company or group comprised of the Company and some of its Affiliates or a group of Affiliates of the Company, either individually, alternatively or in any combination, and measured either in total, incrementally or cumulatively over a specified performance period, on an absolute basis or relative to a pre-established target or milestone, to previous years' results or to a designated comparator group, or otherwise.

**"Performance Period"** means the period of time in respect of which the Performance Conditions are assessed and may be determined by the Committee to be satisfied in order for a Performance Cash Award or Performance Share Unit to vest, as set forth in the Grant Agreement governing the grant of such Performance Cash Award or Performance Share Units.

**"Performance Share Unit"** means a right granted to an Eligible Person to receive, as set out in the Plan, a Share or a cash payment equivalent to the Fair Market Value of a Share, based on the satisfaction of Performance conditions as specified in the Grant Agreement governing the grant of such right.

**"Plan"** means this Boyd Group Services Inc. Long-Term Incentive Plan, as amended from time to time.

------

**"Relative Performance"** for each Performance Period means, unless otherwise determined by the Committee, the percentile ranking of the Boyd Performance relative to the Peer Group Performance of each Peer Company.

**"Restricted Share Unit"** means a right granted to an Eligible Person to receive a Share or a cash payment equivalent to the Fair Market Value of a Share, subject to continued employment, as specified in the Grant Agreement governing the grant of such right.

**"Retirement"** means the cessation of the employment of a Participant with a Participating Company which is deemed to be a retirement by a resolution of the Committee in its sole discretion.

**"Scheduled Redemption Date"** has the meaning set out in Section 2.4.

**"Scheduled Vesting Date"** has the meaning set out in Section 4.1.

**"Security Based Compensation Arrangement"** means an option, option plan, security based appreciation right, employee unit purchase plan, restricted, performance or deferred unit plan, long-term incentive plan or any other compensation or incentive mechanism, in each case, involving the issuance or potential issuance of Shares to one or more directors or officers of the Company or an Affiliate, current or past full-time or part-time employees of the Company or an Affiliate, Insiders, or consultants of the Company or any Affiliate, including a Share purchased from treasury by one or more directors or officers of the Company or any Affiliate, current or past full-time or part-time employees of the Company or an Affiliate, Insiders, or consultants of the Company or a Affiliate which is financially assisted by the Company or a subsidiary of the Company by way of a loan, guarantee or otherwise, but a Security Based Compensation Arrangement does not include an arrangement that does not involve the issuance from treasury or potential issuance from treasury of Shares or other equity securities of the Company.

**"Separation from Service"** means, with respect to a U.S. Participant, any event that may qualify as a separation from service under Treasury Regulation Section 1.409A-1(h). A U.S. Participant shall be deemed to have separated from service if he dies, retires, or otherwise has a termination of employment as defined under Treasury Regulation Section 1.409A-1(h). If a Performance Cash Award or Share Unit awarded to a U.S. Participant is subject to Code Section 409A and the payment for such award is to be made at the time the U.S. Participant retires, or otherwise has a termination of employment, such payment will occur at such time as the U.S. Participant experiences a separation from service as defined under Treasury Regulation Section 1.409A-1(h) and subject to any delay required delay of six months if the U.S. Participant is a "specified employee" within the meaning of Treasury Regulation 1.409A-3(i)(2)(i).

**"Share"** means a common share of the Company or, in the event of an adjustment contemplated by Section 6.1, such other security as may be substituted for such common share as a result of such adjustment.

**"Share Unit"** means a Performance Share Unit, a Restricted Share Unit or a Dividend Share Unit.

------

"**Share Unit Account**" means the notional account maintained for each Participant, to which Share Units are credited pursuant to the Plan.

**"Special Termination**" has the meaning set out in Section 3.4.

**"STI Award"** means incentive compensation that would be payable to a Participant under a Participating Company's short term incentive program for a year.

"**Stock Exchange**" means the Toronto Stock Exchange and/or such other principal stock exchange on which the Shares are listed, or if the Shares are not listed on any stock exchange, then on the over-the-counter market.

**"Termination Date"** means the date on which a Participant's employment with a Participating Company actually ceases (other than in connection with the Participant's transfer to employment from one Participating Company to another Participating Company), for any reason whatsoever, and in each case without regard to any entitlement the Participant might then have to any or additional notice, or pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other severance or termination-related payments or benefits, whether such entitlement arises pursuant to the common law or otherwise.

"**Trading Day**" means a day on which the Stock Exchange is open for trading and on which the Shares actually traded.

**"Treasury Regulations"** means the Treasury Regulations promulgated under the Code.

**"U.S. Participant"** means, any Participant who is a United States citizen or United States resident alien as defined for purposes of Code Section 7701(b)(1)(A) and any other Participant whose compensatory Performance Cash Awards or Share Units, as applicable, awarded under the Plan are subject to U.S. federal income tax.

**"Vested Performance Cash Award"** has the meaning set out in Section 3.2.

**"Vested Performance Share Unit"** has the meaning set out in Section 3.2.

**"Vested Restricted Share Unit"** has the meaning set out in Section 4.1.

**"Vested Share Unit"** means a Vested Performance Share Unit or a Vested Restricted Share Unit.

**"Vesting Date"** means the date or dates set out in the Grant Agreement, or such earlier date as is provided for in the Plan or is determined by the Committee as of which Performance or Cash Award, Performance Share Unit or a Restricted Share Unit becomes vested for purposes of the Plan, provided that, unless otherwise provided in the Grant Agreement, the Vesting Date may not be later than December 31 of the third year following the year in respect of which the Performance Cash Award or Share Unit is awarded.

Where the context so requires, words importing the singular number include the plural and vice versa, and words importing the masculine gender include the feminine and neuter genders.

------

**1.3** **Administration** 

Subject to the Committee reporting to the Board on all matters relating to this Plan and obtaining approval of the Board for those matters required by the Committee's mandate, this Plan will be administered by the Committee which has the sole and absolute discretion to: (i) grant Performance Cash Awards or Share Units to Eligible Persons; (ii) interpret and administer the Plan; (iii) establish, amend and rescind any rules and regulations relating to the Plan; (iv) determine which Participating Company will grant Performance Cash Awards or Share Units; (v) establish additional or waive conditions to the vesting of Performance Cash Awards or Share Units, which may be Performance Conditions or other conditions, including with respect to continued employment to vesting; (vi) set, waive and amend the Performance Conditions and Adjustment Factors; and (vii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan, in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable. Any decision of the Committee with respect to the administration and interpretation of the Plan shall be conclusive and binding on the Participants. The Committee may, in its discretion, delegate such of its powers, rights and duties under the Plan, in whole or in part, to any one or more members of the Board or officers of the Company as it may determine from time to time, on terms and conditions as it may determine, except the Committee shall not, and shall not be permitted to, delegate any such powers, rights or duties to the extent such delegation is not consistent with applicable law.

Each grant of Performance Cash Awards or Share Units awarded to a U.S. Participant is intended to be exempt from Code Section 409A under Treasury Regulation 1.409A-1(b)(4) as short term deferrals because all such awards or units are redeemed and paid in a lump sum no later than March 15<sup>th</sup> of the year immediately following the calendar year in which the Vesting Date occurs. Notwithstanding the foregoing, to the extent that any Performance Cash Award or Share Unit granted to a U.S. Participant is determined to constitute "nonqualified deferred compensation" within the meaning of Code Section 409A, such Performance Cash Award or Share Unit shall be subject to such additional rules and requirements as specified by the Committee from time to time and set forth in the Plan and applicable Grant Agreement in order to comply with Code Section 409A. Restricted Share Units awarded to U.S Participants are intended to comply with Section 409A, and the terms of the Plan and related Grant Agreements will be construed and administered accordingly, and shall be subject to such additional rules and requirements as specified by the Committee from time to time in order to comply with Code Section 409A. If any provision of the Plan contravenes Code Section 409A or could cause the U.S. Participant to incur any tax, interest or penalties under Code Section 409A, the Committee may, in its sole discretion and without the U.S. Participant's consent, modify such provision to (i) comply with, or avoid being subject to, Code Section 409A, or to avoid incurring taxes, interest and penalties under Code Section 409A, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to the Company or contravening Code Section 409A. However, the Company shall have no obligation to modify the Plan or any Performance Cash Award or Share Unit and does not guarantee that Performance Cash Awards or Share Units will not be subject to taxes, interest and penalties under Code Section 409A.

------

**1.4** **Governing Law** 

The Plan shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein.

**Section 2. Grants, Accounts, and Redemption** 

**2.1** **Grants of Performance Cash Awards or Share Units** 

The Committee may grant Performance Cash Awards, Performance Share Units or Restricted Share Units to Eligible Persons in its sole discretion. Performance Cash Awards and Performance Share Units may be conditional on the satisfaction of Performance Conditions relating to a period prior to the Grant Date or may vest based on the satisfaction of Performance Conditions relating to a period after the Grant Date. The grant of a Performance Cash Award, Performance Share Unit or Restricted Share Unit to an Eligible Person at any time shall neither entitle such Eligible Person to receive, nor preclude such Eligible Person from receiving, subsequent grants of Performance Cash Awards, Performance Share Units or Restricted Share Units and shall not restrict in any way the right of any Participating Company to terminate the Eligible Person's employment. Each grant of Performance Cash Awards, Performance Share Units or Restricted Share Units must be confirmed by a Grant Agreement signed by the Company and the Participant.

**2.2** **Election to Defer Short Term Incentive Compensation** 

An Eligible Person may elect to receive an STI Award in the form of Restricted Share Units by delivering to the Company an Election Notice not later than December 31 of the year preceding the year in which the Eligible Person performs the services to which the STI Award relates. An Eligible Person who elects to receive an STI Award in the form of Restricted Share Units will be awarded the number of Restricted Share Units determined by dividing the dollar amount of the STI Award the Eligible Person elected to receive in the form of Restricted Share Units by the Fair Market Value of a Share as at the date on which such STI Award would have been paid absent such election.

**2.3** **Crediting of Share Units and Dividend Share Units** 

Share Units granted to a Participant pursuant to Section 2.1, 2.2 or 2.3 shall be credited to the Participant's Share Unit Account on the Grant Date. From time to time, a Participant's Share Unit Account shall be credited with Dividend Share Units in the form of additional Performance Share Units (**"Dividend Performance Share Units")** in respect of outstanding Performance Share Units and additional Restricted Share Units (**"Dividend Restricted Share Units")** in respect of outstanding Restricted Share Units on each dividend payment date in respect of which normal cash dividends are paid on Shares. Such Dividend Share Units shall be computed as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of the dividend declared and paid per Share multiplied by the number of Share Units, as
applicable, recorded in the Participant's Share Unit Account on the date for the payment of such dividend, divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fair Market Value of a Share as at the dividend payment date,

------

and shall be allocated the Participant's Share Unit Account as Performance Share Units and Restricted Share Units in proportion to the Performance Share Units and Restricted Share Units credited to the Participant's Share Unit Account immediately prior to the relevant dividend payment date.

**2.4** **Redemption of Performance Cash Awards and Share Units** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specified in the applicable Grant Agreement, each Vested Performance Cash Award and
Vested Performance Share Unit (including fractional Performance Share Units) shall be redeemed by (i) December 31 of the year that includes the Vesting Date where such Performance Cash Award or Performance Share Unit vests in accordance
with Section 3.2, or (ii) the earlier of March 15th of the year following the year in which the Special Termination occurs and the 90th day following the Special Termination where such Performance Cash Award or Performance Share Unit vests
in accordance with Section 3.4, or (iii) March 15th of the year following the Vesting Date where such Performance Cash Award or Performance Share Unit vests in accordance with Section 3.5, as described in Section 2.4(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Restricted Share Units issued as a result of an Eligible Person's timely election to defer an STI
Award under Section 2.2 pursuant to an election form in such form as may be prescribed by the Committee from time to time (including Dividend Restricted Share Units awarded pursuant to Section 2.3 that are attributable to such Restricted
Share Units) (collectively and individually referred to herein as "**Elected Restricted Share Units**") will be redeemed on the date or dates (each such date a "**Scheduled Redemption Date**") specified in such Election
Notice. Except as otherwise specified in the applicable Grant Agreement, Restricted Share Units that vest pursuant to Section 4.1 or Section 4.4 will be redeemed within the ninety (90) day period following the applicable Scheduled
Vesting Date as defined in Section 4.1 and with respect to U.S. Participants, no later than the end of the calendar year in which such Scheduled Vesting Date occurs, or, if later, the date that is 2

<sup>1</sup>⁄<sub>2</sub> months following the Scheduled Vesting Date. Except as otherwise specified in the applicable Grant Agreement, Restricted Share Units that become Vested
Restricted Share Units pursuant to Section 4.3 will be redeemed within the period that is ninety (90) days following the death, termination of employment by a Participating Company without Just Cause or Disability Termination, provided
that for U.S. Participants such termination constitutes a Separation from Service, and provided further that, except in the case of death, for U.S. Participants who are Specified Employees as defined under Section 409A of the Code, the
redemption and payment will be delayed until the first day of the seventh month following the U.S. Participant's Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Settlement of Performance Share Units and Restricted Share Units shall be made by the issuance of one Share
for each Share Unit then being settled, a cash payment equal to the Fair Market Value on the Vesting Date of the Share Units being settled in cash, or a combination of Shares and cash, all as determined by the Committee in its discretion, unless
otherwise specified in the applicable Grant Agreement, and subject to payment or other satisfaction of all related withholding obligations in

------

accordance with Section 6.12. The amount payable in respect of all Vested Performance Cash Awards and Vested Share Units that are to be settled in cash shall (x) in respect of all Vested Performance Cash Award, be equal to the value of the Vested Performance Cash Award determined in accordance with Section 3.2, Section 3.4 or Section 3.5, as applicable, and the applicable Grant Agreement, and (y) in respect of Vested Share Units such payment will be equal to the number of Vested Share Units to be redeemed on such date, determined in accordance with Section 3.2, Section 3.4, Section 3.5, Section 4.1, Section 4.3, Section 4.4, or an Election Notice, as applicable, multiplied by the Fair Market Value of a Share determined as at the Vesting Date minus, in either case, Applicable Withholdings. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Eligible Person's Share Units would, in the absence of this Section 2.4(d) be settled
within a Blackout Period applicable to such Eligible Person, unless otherwise determined by the Board, such settlement shall be postponed until the earlier of the end of the tenth Trading Day following the date on which such Blackout Period ends and
the otherwise applicable latest date for settlement of the Eligible Person's Share Units as determined in accordance with Section 2.4(a) or (b), as applicable, and the Fair Market Value of any Restricted Share Units or Performance Share
Units being settled in cash will be determined as of the conclusion of the earlier of the end of the tenth Trading Day on which the Blackout Period ends and the day prior to the settlement date.

Notwithstanding the forgoing, the redemption and pay out of a Participant's Vested Performance Cash Awards and Vested Share Units shall occur no later than December 31 of the third year following the year in which the Participant performed the services to which the Performance Cash Awards or Share Units relate

**2.5** **Effect of Redemption.** 

A Participant shall have no further rights respecting any Vested Performance Cash Award or Vested Share Unit which has been redeemed and paid out in accordance with the Plan.

**2.6** **Effect of Forfeiture** 

For greater certainty, a Participant shall have no right to receive Shares or a cash payment, as compensation, damages or otherwise, whether related or attributable to any contractual or common law termination entitlements or otherwise, with respect to any Performance Cash Awards, Performance Share Units or Restricted Share Units that do not become Vested or are forfeited and/or cancelled hereunder, and hereby waives any claim in respect thereof.

**2.7** **Reporting of Share Units** 

The Company shall provide a Participant with a statement of such Participant's Share Unit Account at least annually, showing the number of Performance Share Units and Restricted Share Units credited to such Participant and such other information as the Committee may determine.

------

**Section 3. Vesting of Performance Based Grants** 

**3.1** **Vesting Date** 

Performance Cash Awards and Performance Share Units shall vest on the applicable Vesting Date, conditional on the satisfaction of the applicable Performance Conditions and any additional vesting conditions established by the Committee at the Grant Date. Dividend Performance Share Units shall vest at the same time and in the same proportion as the associated Performance Share Units.

**3.2** **Performance Vesting.** 

The value of the Performance Cash Award which vests on a Vesting Date (each, a "**Vested Performance Cash Award**") shall be the value of the target Performance Cash Award that is scheduled to vest on such Vesting Date, multiplied by the applicable Adjustment Factor for such Performance Cash Award, all as set out in the applicable Grant Agreement. The number of Performance Share Units which vest on a Vesting Date (each, a "**Vested Performance Share Unit**") shall be the target number of Performance Share Units set out in the applicable Grant Agreement that are scheduled to vest on such Vesting Date, as set out in the applicable Grant Agreement, plus any Dividend Performance Share Units attributable thereto, multiplied by the applicable Adjustment Factor for such Performance Share Units, as set out in the applicable Grant Agreement.

**3.3** **Resignation and Termination for Just Cause** 

If the employment of a Participant is terminated due to resignation by the Participant or by a Participating Company for Just Cause, the Participant shall forfeit all rights, title and interest with respect to Performance Cash Awards which are not Vested Performance Cash Awards and Performance Share Units and the related Dividend Share Units which are not Vested Performance Share Units at the Participant's Termination Date. All outstanding Vested Performance Cash Awards and outstanding Vested Performance Share Units will be redeemed as at the Participant's Termination Date.

**3.4** **Termination without Just Cause, Death or Disability Termination** 

If the employment of a Participant is terminated by a Participating Company without Just Cause, or the Participant dies or experiences a Disability Termination (each of such termination without Just Cause, death and Disability Termination being a "**Special Termination**"), the Company will determine the extent to which, all of the Participant's unvested Performance Cash Awards and unvested Performance Share Units, other than those granted in the year in which the Special Termination occurs, shall vest on such Special Termination (and, for greater certainty, the date of such Special Termination shall be the Vesting Date of the Performance Cash Award or Performance Share Units, as applicable), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the value of each unvested Performance Cash Award outstanding at the time of the Participant`s Special
Termination that vests shall be the value of the target Performance Cash Award that would have been eligible to vest on or after the Participant`s Termination Date resulting from the Special Termination if he or she had remained employed by a
Participating Company until the latest Vesting Date set out in the Grant Agreement applicable to the Performance Cash Award,

------

multiplied by the Adjustment Factor for such Performance Cash Award, except that the Adjustment Factor shall be calculated as at the end of the Company`s fiscal quarter preceding the Participant`s Special Termination and the Adjustment Factor and related Performance Conditions shall be subject to such modification as the Committee, in its discretion, determines is reasonable to prevent any material diminution or enlargement of the Participant`s rights with respect to such outstanding Performance Cash Award; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of unvested Performance Share Units outstanding at the time of the Participant`s Special
Termination that vest shall be the target number of Performance Share Units that would have been eligible to vest on or after the Participant`s Termination Date resulting from the Special Termination if he or she had remained employed by a
Participating Company until the latest Vesting Date set out in any of the Grant Agreements applicable to any such Performance Share Units, plus any Dividend Performance Share Units attributable to the particular Performance Share Units, multiplied
by the Adjustment Factor for such Performance Share Units, except that the Adjustment Factor shall be calculated as at the end of the Company`s fiscal quarter preceding the Participant`s Special Termination Date and the Adjustment Factor and related
Performance Conditions shall be subject to such modification as the Committee, in its discretion, determines is reasonable to prevent any material diminution or enlargement of the Participant`s rights with respect to such outstanding Performance
Share Units

The value of unvested Performance Cash Awards and the number of unvested Performance Share Units granted in the year of a Participant`s Special Termination shall be the value, or number, as the case may be, that would have been determined under paragraph (a) or (b), above, as applicable, pro-rated based on the Participant`s number of days of active employment prior to his or her Termination Date in the year in which his or her Special Termination occurs.

**3.5** **Retirement of a Participant** 

If the employment of a Participant is terminated by the Retirement of the Participant, all of the Participant's Performance Cash Awards, other than those granted in the year of termination, shall continue to vest in the ordinary course and Performance Share Units, other than those granted in the year of Retirement, and related Dividend Share Units shall continue to vest in the ordinary course subject in any case to the satisfaction of the applicable Performance Conditions as set forth in the Grant Agreement and the application of the applicable Adjustment Factor. Unvested Performance Cash Awards and unvested Performance Share Units granted in the year of Retirement shall vest in the ordinary course proportionately to days employed during the year of Retirement, subject to the satisfaction of the applicable Performance Conditions as set forth in the Grant Agreement and the application of the applicable Adjustment Factor. If the employment of a Participant is terminated by the Retirement of the Participant, the Vesting Date(s) for the Performance Cash Awards, Performance Share Units and Dividend Share Units that become vested in accordance with this Section 3.5 shall be the last day of the applicable Performance Period as set forth in the Grant Agreement (for purposes of the Code there being no requirement for continued employment beyond the end of the applicable Performance Period).

------

**Section 4. Vesting of Restricted Share Units** 

**4.1** **Vesting Date** 

Each Restricted Share Unit shall vest (become a **"Vested Restricted Share Unit"**) on the Vesting Date set out in the applicable Restricted Share Unit Grant Agreement (each such date a **"Scheduled Vesting Date"**) provided that the Participant remains continuously employed by a Participating Employer through such Scheduled Vesting Date, and subject to earlier vesting in accordance with this Section 4 of the Plan. Dividend Restricted Share Units shall vest at the same time and in the same proportion as the associated Restricted Share Units. Notwithstanding the foregoing, all Elected Restricted Share Units shall be deemed to be Vested Restricted Share Units on the Participant's Termination Date, regardless of the reason for cessation of employment.

**4.2** **Resignation and Termination for Just Cause** 

If the employment of a Participant is terminated due to resignation by the Participant or by a Participating Company for Cause, the Participant shall forfeit all rights, title and interest with respect to Restricted Share Units and Dividend Share Units which are not Vested Restricted Share Units on the Participant's Termination Date.

**4.3** **Termination Without Just Cause, Death or Disability Termination** 

If a Participant ceases to be employed due to an involuntary termination of employment by a Participating Company without Just Cause or a Disability Termination, and in the case of a US Participant, provided such cessation of employment is a Separation from Service, or the Participant dies, all of the Participant's unvested Restricted Share Units, other than those granted in the year of termination, and related Dividend Share Units, shall become Vested Restricted Share Units immediately prior to the Participant's Termination Date. Unvested Restricted Share Units granted in the year that includes the Participant's Termination Date, including related Divided Restricted Share Units, shall vest immediately prior to the Participant's Termination Date proportionately to days employed prior to such Termination Date during the year of termination.

**4.4** **Retirement of a Participant** 

If the employment of a Participant is terminated by the Retirement of the Participant, all of the Participant's Restricted Share Units, other than those granted in the year of termination, and related Dividend Share Units shall continue to vest in the ordinary course. Unvested Restricted Share Units granted in the year of termination shall vest in the ordinary course proportionately to days employed during the year of termination.

**Section 5. Share Reserve and Shareholder Rights** 

**5.1** **Share Reserve** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 5.1(c) and any adjustment pursuant to Section 6.1, the aggregate number of
Shares that may be issued pursuant to Grants made under the Plan shall not exceed 250,000 Shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The maximum number of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued to Insiders within any one year period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuable to Insiders, at any time,

under the Plan, or when combined with all of the Company's other Security Based Compensation Arrangements, shall not exceed ten percent (10%) of the number of the aggregate issued and outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of computing the total number of Shares available for grant under the Plan or any other
Security Based Compensation Arrangement of the Company, Shares subject to any Grant (or any portion thereof) that are forfeited, surrendered, cancelled or otherwise terminated prior to the issuance of such Shares shall again be available for grant
under the Plan.

**5.2** **Shareholder Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Share Units are not Shares and a Grant of Share Units will not entitle a Participant to any shareholder
rights, including, without limitation, voting rights, dividend entitlement or rights on liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any of the provisions contained in the Plan or in any Grant Agreement, the Company's
obligation to issue Shares to a Participant in respect of any Share Units is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) completion of such registration or other qualification of such Shares or obtaining approval of such
government authority or regulator as the Company shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the receipt from the Participant of such representations, agreements and undertakings including as to future
dealings in such Shares, as the Company or its counsel determines to be necessary or advisable in order to safeguard against the violation of the securities or other laws of any jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Participant entering into or agreeing to be bound by any shareholders agreement, voting trust or other
agreement as the Company may determine in respect of such Shares and which are applicable to other shareholders generally.

In this connection the Company shall, to the extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares on any Stock Exchange on which the Shares are then listed.

------

**Section 6. General** 

**6.1** **Capital Adjustments** 

In the event of any securities dividend, securities split, combination or exchange of shares or units, merger, consolidation, spin-off or other dividend (other than normal cash dividends) of the Company's assets to shareholders, or any other change in the capital of the Company affecting Shares, the Committee will make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change and (for the purpose of preserving the Participants' rights with respect to the Share Units), with respect to (i) the number or kind of Shares or other securities on which the Share Units are based; and (ii) the number of Share Units.

**6.2** **Non-Exclusivity** 

Nothing contained herein will prevent the Board from adopting other or additional compensation arrangements for the benefit of any Participant, subject to any required regulatory or shareholder approval.

**6.3** **Unfunded Plan** 

To the extent any individual holds any rights under the Plan, such rights (unless otherwise determined by the Committee) shall be no greater than the rights of an unsecured general creditor of the Company.

**6.4** **Successors and Assigns** 

The Plan shall be binding on all successors and assigns of the Participating Companies and each Participant, including without limitation, the legal representative of a Participant, or any receiver or trustee in bankruptcy or representative of the creditors of a Participating Company or a Participant.

**6.5** **Transferability of Awards** 

Rights respecting Performance Cash Awards and Share Units and Dividend Share Units shall not be transferable or assignable other than by will or the laws of descent and distribution.

**6.6** **Effect of Change of Control** 

In the event of a Change of Control prior to the Vesting Date of a Performance Cash Award or a Share Units, and subject to the terms of a Participant's written employment agreement with a Participating Company and the applicable Grant Agreement, the Committee shall have full authority to determine in its sole discretion the effect, if any, of a Change of Control on the vesting, settlement or payment or lapse of restrictions applicable to such Performance Cash Award or Share Units, which effect may be specified in the applicable Grant Agreement or determined at a subsequent time. Subject to applicable law, including Stock Exchange rules, the Board may, at or in contemplation of a Change of Control, take such actions as it may consider appropriate, including, without limitation any one, or where applicable, a combination of the following: (i) providing for the acceleration of the Vesting Date(s) of any Performance Cash Award or Share Units; (ii) providing for the deemed attainment of Performance Conditions relating to a

------

Performance Cash Award or a grant of Performance Share Units; (iii) providing for the modification of the Performance Conditions and calculation of the Adjustment Factor applicable to a Performance Cash Award or a grant of Performance Share Units on a basis that the Committee, in its discretion, determines is reasonable; (iv) providing for the assumption, substitution, replacement or continuation of any Performance Cash Award or Share Units by a successor or surviving Company (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving Company (or a parent or subsidiary thereof); or (v) terminating or cancelling any outstanding Performance Cash Award or Share Units and/or the Plan in exchange for a cash payment. With respect to any outstanding Performance Cash Awards and Share Units that are subject to Code Section 409A, any substitution of similar awards pursuant to this Section 5.6 will be in accordance with the requirements of Code Section 409A. With respect to any outstanding Performance Cash Awards and Share Units that are subject to Code Section 409A, redemption and payout of such Performance Cash Awards or Share Units that become vested pursuant to this Section 5.6 in connection with the Change of Control and/or termination of the Plan will comply with the requirements of Section 409A. If the Change of Control is a qualifying Section 409A Change of Control, redemption and payout of Restricted Share Units that are subject to Section 409A will occur within ninety (90) days following the Change of Control. If the Change of Control is not a qualifying Section 409A Change of Control, the termination of the Plan and redemption and payout with respect to Restricted Share Units of U.S. Participants that are subject to Code Section 409A will be undertaken in a manner that complies Code Section 409A.

**6.7** **Amendment and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan and any Grant made pursuant to the Plan may be amended, modified or terminated by the Board without
approval of shareholders, provided that no amendment to the Plan or Grants made pursuant to the Plan may be made without the consent of a Participant if it adversely alters or impairs the rights of the Participant in respect of any Grant previously
granted to such Participant under the Plan, except that Participant consent shall not be required where the amendment is required for purposes of compliance with Applicable Law. For greater certainty, the Plan may not be amended without shareholder
approval in accordance with the requirements of the Stock Exchange to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. increase in the maximum number of Shares issuable pursuant to the Plan and as set out in Section 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. extend the maximum term of any Grant made under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. amend the assignment provisions contained in Section 6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. permit a non-employee director of the Company to be eligible for
Grants under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. increase the number of Shares that may be issued or issuable to Insiders above the restriction or deleting
the restriction on the number of Shares that may be issued or issuable to Insiders contained in Section 5.1; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. amend this Section 6.7 to amend or delete any of (i) through (v) above or grant additional powers
to the Board to amend the Plan or entitlements without shareholder approval.

For greater certainty and without limiting the foregoing, shareholder approval shall not be required for the following amendments and the Board may make the following changes without shareholder approval, subject to any regulatory approvals including, where required, the approval of any Stock Exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. amendments of a "housekeeping" nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. a change to the Vesting provisions of any Grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. a change to the termination provisions of any Grant that does not entail an extension beyond the original
term of the Grant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. amendments to the provisions relating to a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to U.S. Participants, any such amendments or Plan termination are undertaken in a manner that
complies with Code Section 409A to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Plan is terminated, the provisions of this Plan and any related administrative guidelines and other
rules adopted by the Committee and in force at the time of the termination of this Plan, will continue in effect as long as a Performance Cash Award or Share Unit or any rights pursuant thereto remain outstanding. However, notwithstanding the
termination of the Plan, the Committee may make any amendments to the Plan or the Performance Cash Awards or Share Units it would be entitled to make if the Plan were still in effect, provided that with respect to U.S. Participants, such amendments
are permitted under Code Section 409A to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With the consent of the Participant affected thereby, the Committee may amend or modify any outstanding
Performance Cash Award or Share Unit in any manner to the extent that the Committee would have had the authority to initially grant the award as so modified or amended, provided that with respect to U.S. Participants, such amendments are permitted
under Code Section 409A to the extent it is applicable.

**6.8** **No Special Rights** 

Nothing contained in the Plan or in any Performance Cash Award or Share Unit will confer upon any Participant any right to the continuation of the Participant's employment by a Participating Company or interfere in any way with the right of any Participating Company at any time to terminate that employment or to increase or decrease the compensation of the Participant. Share Units shall not be considered Shares nor shall they entitle any Participant to exercise voting rights or any other rights attaching to the ownership of Shares, nor shall any Participant be considered the owner of Shares.

------

**6.9** **Other Employee Benefits** 

The amount of any compensation deemed to be received by a Participant as a result of the redemption of any Performance Cash Award or Share Unit will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, except as otherwise specifically determined by the Committee or as confirmed in writing to the Participant or to the extent expressly provided by such other employee benefits plan.

**6.10** **Compliance with Laws and Policies.** 

The Company's obligation to make any payments, offer or deliver (or cause to be delivered) any Shares or other awards hereunder is subject to compliance with Applicable Law. Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed by participating in the Plan) that the Participant will, at all times, act in strict compliance with Applicable Law and all other laws and any policies of the Company applicable to the Participant in connection with the Plan including, without limitation, the Company's Insider Trading Policy, and furnish to the Company all information and undertakings as may be required to permit compliance with Applicable Law, including, without limitation, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the U.S. Securities Act of 1933, as amended, or any applicable state or non-U.S. securities laws. The Company may require that certificates or book-entry notations evidencing Shares delivered under this Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Shares. If counsel to the Company shall determine that the listing, registration or qualification of the Shares or any other award under this Plan upon any securities exchange or under any law or regulation of any jurisdiction, or the consent or approval of any securities exchange or any governmental or regulatory body, is necessary as a condition of, or in connection with, the offer, grant, issuance, exercise or delivery of such Shares or awards, nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration, qualification, consent or approval. Without limitation to the foregoing, under no circumstances will the Participant receive less than the applicable entitlements of the Participant under Employment Standards Legislation, if any. If any provision in the Plan operates to provide the Participant with less than the applicable entitlements of the Participant pursuant to Employment Standards Legislation, if any, such provision will be replaced by the applicable minimum entitlement provided for under Employment Standards Legislation.

**6.11** **Tax Consequences** 

It is the responsibility of the Participant to complete and file any tax returns which may be required under Canadian, U.S. or other applicable jurisdiction's tax laws within the periods specified in those laws as a result of the Participant's participation in the Plan. No Participating Company shall be held responsible for any tax consequences to a Participant as a result of the Participant's participation in the Plan .

**6.12** **Withholdings.** 

So as to ensure that the Company or an Affiliate, as applicable, will be able to comply with the applicable obligations under any federal, provincial, state or local law relating to the withholding

------

of tax or other required deductions, the Company or the Affiliate shall withhold or cause to be withheld from any amount payable to a Participant, either under this Plan, or otherwise, such amount as may be necessary to permit the Company or the Affiliate, as applicable, to so comply. The Company and any Affiliate may also satisfy any liability for any such withholding obligations, on such terms and conditions as the Company may determine in its sole discretion, by (a) selling on such Participant's behalf, or requiring such Participant to sell, any Shares, and retaining any amount payable which would otherwise be provided or paid to such Participant in connection with any such sale, or (b) requiring, as a condition to the delivery of Shares hereunder, that such Participant make such arrangements as the Company may require so that the Company and its Affiliates can satisfy such withholding obligations, including requiring such Participant to remit an amount to the Company or an Affiliate in advance, or reimburse the Company or any Affiliate for, any such withholding obligations.

**6.13** **Currency** 

Except where the context otherwise requires, all references in the Plan to currency refer to lawful Canadian currency. Any amounts required to be determined under this Plan that are denominated in a currency other than Canadian dollars shall be converted to Canadian dollars at the applicable Bank of Canada rate of exchange on the date as of which the amount is required to be determined.

**6.14** **No Liability** 

No Participating Company shall be liable to any Participant for any loss resulting from a decline in the market value of any Shares.

**6.15** **Effective Date** 

This Plan was amended and restated effective effective August 12, 2025.

## Exhibit 4.5

**Exhibit 4.5** 

## BOYD GROUP SERVICES INC.
**Stock Option Plan** 

**Effective March 23, 2021, as amended November 11, 2025** 

------

**Boyd Group Services Inc.** 

**Stock Option Plan** 

---

| | |
|:---|:---|
| **Section 1.** | **Interpretation and Administrative Provisions**  |

---

**1.1** **Purpose** 

The purposes of the Plan are to: (i) support the achievement of the Corporation's performance objectives; (ii) ensure that interests of key persons are aligned with the long term success of the Corporation and the creation of value for its shareholders; and (iii) provide compensation opportunities to attract, retain and motivate senior management critical to the long-term success of the Corporation and its subsidiaries.

**1.2** **Definitions** 

For the purposes of the Plan, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **" Affiliate "** means any entity that is an "affiliate" for
purposes of the Canadian Securities Administrators National Instrument 45-106 - Prospectus Exemptions, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"Applicable Withholdings"** means all income taxes and statutory amounts required to be
withheld by a Participating Company in respect of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Blackout Period"** means a period of time imposed by the Corporation upon certain
designated persons due to applicable law or policies of the Corporation during which those persons may not trade in any securities of the Corporation or is otherwise unable to exercise an Option or sell Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Board"** means the board of directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"Business Day"** means any day, other than a Saturday, Sunday or statutory holiday in the
province of Manitoba.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"Canadian Participant"** means any Participant who is not a U.S. Participant and who is a
Canadian resident for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Cause"** has the meaning set out in the employment agreement of the Participant, if
applicable, or otherwise means the Participant (i) willfully fails to perform his duties as an officer or employee of a Participating Company; (ii) commits theft, fraud, dishonesty or misconduct involving the property, business or affairs
of the Company or any of its Affiliates or in the performance of his/her duties: (iii) willfully breaches or fails to follow any material term of his or her employment agreement with a Participating Company; (iv) is convicted of a crime
which constitutes a felony or an indictable offence; or (v) engages in conduct which would be treated as cause by a court of competent jurisdiction in the jurisdiction in which the Participant is employed.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **" Change of Control "** means the occurrence of any one or more of the
following:

&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;(a) the issuance to, or acquisition by any person, or group of persons acting in concert, directly or indirectly, including through an arrangement or other form of reorganization, of securities of the Corporation which in the aggregate carry more than 50% of the total voting rights under all of the then issued and outstanding securities of the Corporation;

&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;(b) the sale of all or substantially all of the assets of the Corporation; 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of any other event that the Board, acting reasonably, determines to be a Change of Control for the purposes of this Plan,

provided that, except as determined by the Board pursuant to clause (c) above, neither a transaction under which the person or persons who (directly or indirectly) control the Corporation immediately prior to the transaction continue to control (directly or indirectly) the Corporation, or a successor thereto, in substantially the same proportions immediately after the transaction nor a transfer of assets from the Coporation to an Affiliate of the Corporation shall be a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Code"** means the U.S. Internal Revenue Code of 1986, as amended from time to time and the
Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **"Committee"** means the Committee of the Board to which the Board has delegated
responsibility for administration of this Plan, and in the absence of such a delegation means the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **" Common Share "** means a common share of the Corporation or, in the event of
an adjustment contemplated by Section 4.1, such other security as may be substituted for such common share as a result of such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **"Corporation"** means Boyd Group Services Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"Disability"** means the termination of the Participant's employment at a time when
the Participant is eligible for long-term disability benefits under the Corporation's long-term disability program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **" Eligible Person "** means any employee or officer of a Participating Company
and includes any such person who is on a leave of absence authorized by a Participating Company (which shall include all statutory leaves of absence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **"Exercise Notice"** means an agreement substantially in the form set out as Schedule B as
amended by the Committee from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"Exercise Price"** means such amount per Common Share as the Committee may determine,
provided that in no event shall the exercise price be less than Fair Market Value at the Grant Date. Notwithstanding the foregoing, the Board or Committee may designate an exercise price below the exercise price otherwise determined under this
section if (i) the Option is granted in substitution for a stock option previously granted by an entity that is acquired by or merged with the Corporation or an Affiliate, provided that the number of Shares covered by the Option and the
exercise price are proportionately adjusted in a manner that complies with the Treasury Regulations issued under Code Section 409A, and Code Section 424 to the extent applicable, or (ii) the Option otherwise qualifies for exemption
from Code Section 409A or contains terms designed to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **"Expiry Date"** means the Expiry Date set out in the Grant Agreement, provided that if the
Expiry Date would otherwise occur within 10 Business Days following the end of a Blackout Period, the Expiry Date shall automatically be extended to the end of the 10<sup>th</sup> Business Day following the
end of the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **" Fair Market Value "** means, at any time the Common Shares are listed on a
stock exchange, the closing price of a Common Shares on the stock exchange on which the Common Shares are listed on the applicable day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **"Grant Agreement"** means an agreement, certificate or other type or form of document or
documentation approved by the Committee from time to time which sets forth the terms and conditions of an Option. Unless otherwise determined by the Committee, a Grant Agreement shall be in the form set out as Schedule A, as amended from time to
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **"Grant Date"** means the the date specified by the Committee at the time it grants an
Option, which shall not be earlier than the date on which the grant is approved, or, if no such date is specified, the date the Committee completes all requisite actions required to approve the grant of an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **" Participant "** means any Eligible Person who holds an outstanding Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **" Participating Company "** means the Corporation, and such of its Affiliates
as are designated by the Committee from time to time for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **" Plan "** means the Boyd Group Services Inc. Stock Option Plan, as amended
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **"Option"** means a right granted to an Eligible Person to purchase, for the Exercise Price
and as set out in the Plan and the Grant Agreement, Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **"Retirement"** means the cessation of the employment of a Participant with a Participating
Company which is deemed to be a retirement by the Committee in its sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Termination Date**" means, except in the event of the Participant's death, the date
on which the Participant ceases to be an employee of a Participating Company, for any reason (including, without limitation, by reason of resignation, frustration of contract, termination for cause, termination without cause, or constructive
dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits to which the employee or officer may then be entitled whether
pursuant to the common law or otherwise; <u>provided</u> that a Participant's Termination Date shall be deemed to be the last date such Participant actually provides services to, the Participating Company that last employed the Participant,
whether such date is selected by agreement with such Participant or unilaterally by the Participating Company and whether advance notice is or is not given to such Participant. Except as expressly required by applicable employment or labour
standards legislation, no period of notice that is or ought to have been given under applicable law in respect of the termination of employment or engagement will be taken into account in determining any entitlement under the Plan . For avoidance of
doubt, where a Participant ceases to provide services to a Participating Company due to the Participant's death, the Participant's Termination Date shall be his or her date of death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **"Treasury Regulations"** means the Treasury Regulations promulgated under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **"U.S. Participant"** means, any Participant who is a United States citizen or United States
resident alien as defined for purposes of Code Section 7701(b)(1)(A), and any other Participant whose Options awarded under the Plan are subject to tax under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"U.S. Securities Act"** means the Securities Act of 1933, as amended **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **" Vested Option "** has the meaning set out in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **" Vesting Date "** means the date or dates designated in the Grant Agreement,
or such earlier date as is provided for in the Plan or is determined by the Committee as of which an Option becomes vested.

Where the context so requires, words importing the singular number include the plural and vice versa, and words importing the masculine gender include the feminine and neuter genders.

**1.3** **Effective Date of Plan** 

The effective date of the Plan is March 23, 2021.

**1.4** **Common Shares Reserved for Issuance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum number of Common Shares available for issuance under this Plan shall not exceed 250,000 Common
Shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under no circumstances may the Plan, together with all of the Corporation's other previously
established or proposed security based compensation arrangements result, at any time, in the number of Common Shares reserved for issuance pursuant to Options and/or other units or stock options to any one person exceeding 5% of the issued and
outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any insider and that insider's associates may not, within a 12 month period, be issued a number of
Common Shares under the Plan and/or under any other security based compensation arrangement of the Corporation exceeding 5% of the issued and outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate number of Common Shares issued to insiders within any 12 month period, or issuable to insiders
at any time, under the Plan and any other security based compensation arrangement of the Corporation, may not exceed 10% of the total number of issued and outstanding Common Shares during such period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The terms "security based compensation arrangement", "outstanding issue",
"insider" and "insider's associates" have the meanings attributed thereto in the Toronto Stock Exchange Company Manual.

---

| | |
|:---|:---|
| **Section 2.** | **Administration**  |

---

**2.1** **Administration of the Plan** 

Subject to the Committee reporting to the Board on all matters relating to this Plan and obtaining approval of the Board for those matters required by the Committee's mandate, this Plan will be administered by the Committee which has the sole and absolute discretion to: (i) grant Options to Eligible Persons; (ii) interpret and administer the Plan; (iii) establish, amend and rescind any rules and regulations relating to the Plan; (iv) determine which Participating Company will grant Options; (v) establish conditions to the vesting of Options; (vi) determine the Exercise Price of each Option; and (vii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan, in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable. Any decision of the Committee with respect to the administration and interpretation of the Plan shall be conclusive and binding on the Participants. The Committee may, in its discretion, delegate such of its powers, rights and duties under the Plan, in whole or in part, to any one or more members of the Board or officers of the Company as it may determine from time to time, on terms and conditions as it may determine, except the Committee shall not, and shall not be permitted to, delegate any such powers, rights or duties to the extent such delegation is not consistent with applicable law.

To the extent that any Option granted to a U.S. Participant is determined to constitute "nonqualified deferred compensation" within the meaning of Code Section 409A, such Option shall be subject to such additional rules and requirements as specified by the Committee from time to time in order to comply with Code Section 409A. If any provision of the Plan contravenes Code Section 409A or could cause the U.S. Participant to incur any tax, interest or

------

penalties under Code Section 409A, the Committee may, in its sole discretion and without the U.S. Participant's consent, modify such provision to (i) comply with, or avoid being subject to, Code Section 409A, or to avoid incurring taxes, interest or penalties under Code Section 409A, and otherwise (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to any Participanting Company or contravening Code Section 409A. However, the Corporation shall have no obligation to modify the Plan or any Option and does not guarantee that Options will not be subject to taxes, interest and penalties under Code Section 409A.

No Options shall be granted to residents on the United States unless such Options and the Common Shares issuable upon exercise of such Options are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act.

**2.2** **Governing Law** 

The Plan shall be governed by and construed in accordance with the laws of the Province of Manitoba and the federal laws of Canada applicable therein.

**2.3** **Determination of Value if Common Shares Not Publicly Traded** 

Should Common Shares not be publicly traded at the relevant time such that the Fair Market Value cannot be determined in accordance with the formula set out in the definition of that term, the Fair Market Value of a Common Share shall be determined by the Committee in its sole discretion, and with respect to Options granted to U.S. Participants, in a manner that meets the requirement for establishing fair market value under Code Section 409A.

**2.4** **Taxes and Other Source Deductions** 

Participating Company shall be authorized to deduct from any amount to be paid or credited hereunder any Applicable Withholdings in such manner as the Corporation determines, to the extent such Applicable Withholdings are not satisfied through the sale of Common Shares as provided in Section 3.3.

---

| | |
|:---|:---|
| **Section 3.** | **Options**  |

---

**3.1** **Awards of Options** 

The Committee may grant Options to Eligible Persons in its sole discretion. The award of Options to an Eligible Person at any time shall neither entitle such Eligible Person to receive nor preclude such Eligible Person from receiving a subsequent grant of Options.

**3.2** **Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Options shall vest and become exercisable (become a "Vested Option") on the Vesting Date,
conditional on the satisfaction of any vesting conditions established by the Committee from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified by the Committee at the time of granting an Option, and except as otherwise
provided in this Plan or set out in an Grant Agreement, an Option shall vest and become exercisable with respect to 1/4 of the Common Shares subject to the Option on each of the second, third, fourth and fifth anniversaries of the Grant Date (each
such anniversary being a "Vesting Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For greater certainty, once an installment becomes vested, it shall remain vested and shall be exercisable
in accordance with the terms of the Plan and the applicable Award Agreement until expiration or termination of the Option, unless otherwise specified by the Board.

**3.3** **Exercise of Options** 

Subject to the provisions of the Plan, an Option may be exercised by delivery by the Participant to the Corporation at its registered office of an Exercise Notice addressed to the Secretary of the Corporation specifying the number of Common Shares with respect to which the Option is being exercised and accompanied by payment in full (by certified cheque or bank draft) of the Exercise Price for the Common Shares to be purchased. Further, the Corporation may permit the exercise of an Option by means of a broker-assisted "cashless exercise" pursuant to which the Corporation or its designee (including third-party administrators) is delivered a copy of irrevocable instructions to a broker to sell the Shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Corporation an amount equal to the Exercise Price and all Applicable Withholdings against delivery of the Shares to settle the applicable trade

Notwithstanding any of the provisions contained in the Plan or in any Option, the Corporation's obligation to issue Common Shares to an Participant pursuant to the exercise of an Option is subject to:

(a) completion of such registration or other qualification of such Common Shares or obtaining approval of such government authority or regulator as the Corporation shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof;

(b) the receipt from the Participant of such representations, agreements and undertakings including as to future dealings in such Common Shares, as the Corporation or its counsel determines to be necessary or advisable in order to safeguard against the violation of the securities or other laws of any jurisdiction; and

(c) the Participant entering into or agreeing to be bound by any shareholders agreement, voting trust or other agreement as the Corporation may determine in respect of such Shares and which are applicable to other shareholders generally.

In this connection the Corporation shall, to the extent necessary, take all reasonable steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Common Shares in compliance with applicable securities laws and for the listing of such Common Shares on any stock exchange on which the Common Shares are then listed

The Common Shares shall be issued within ten business days of the date of exercise of the Option.

------

**3.4** **Effect of Exercise of Options** 

A Participant shall have no further rights respecting any Option which has been exercised in accordance with the Plan.

**3.5** **Reporting of Options** 

Statements of the Options held by each Participant will be made available to the Participant annually.

**3.6** **Resignation** 

Subject to the terms of the applicable Grant Agreement, if the employment of a Participant terminates due to resignation by the Participant, except only as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, the Participant shall forfeit all rights, and have no entitlement with respect to Options which are not Vested Options at the Participant's Termination Date. All Vested Options will be exercisable until the earlier of 30 days immediately following the Participant's Termination Date and the Expiry Date and the Participant shall forfeit all rights and have no entitlement with respect to all Vested Options which are not exercised by the earlier of 30 days following the Participant's Termination Date and the Expiry Date. By participating in the Plan, the Participant waives any claim to damages in respect of the forfeiture of any right, title or interest, whether related or attributable to any contractual or common law termination entitlements or otherwise, with respect to any Options arising in connection with the Participant's resignation.

**3.7** **Termination for Cause** 

Subject to the terms of the applicable Grant Agreement, if the employment of a Participant is terminated by a Participating Company for Cause the Participant will forfeit all rights and have no entitlement with respect to any Options, whether Vested Options or unvested Options, immediately prior to the Participant's Termination Date, except only as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, and, by Participating in the Plan, the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise.

**3.8** **Termination Without Cause** 

Subject to the terms of the applicable Grant Agreement, if the employment of a Participant is terminated by a Participating Company without Cause, except only as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, all vesting shall cease on the Termination Date, the Participant shall forfeit all rights and have no entitlements with respect to any outstanding Options that would vested, or become payable, exercisable or be settled after such date and by participating in the Plan and, by participating in the Plan, the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. Unless otherwise set out in a Grant Agreement, all Vested Options will be exercisable until the earlier of 90 days immediately following the Participant's Termination Date and the Expiry Date and the Participant shall forfeit all rights, title and interest with respect to all Vested Options which are

------

not exercised by the earlier of 90 days following the Participant's Termination Date and the Expiry Date, except only as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, and by participating in the Plan, the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise.

**3.9** **Death, Disability** 

Subject to the terms of the applicable Grant Agreement, if the employment of a Participant terminates as a result of the Participant's death or Disability, all unexercised Options held by such Participant, shall immediately vest as of the Participant's Termination Date, and such Participant or such Participant's personal representative may, at any time up to the earlier of the one year anniversary of the Participant's Termination Date and the Expiry Date of the Options, exercise all such Options. Any Options which have not been exercised shall expire and terminate on the earlier of the one year anniversary of the Participant's Termination Date as a result of death or Disability and the Expiry Date and by participating in the Plan, the Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For greater certainty, if a Participant dies after experiencing a Disability, the period for exercising the Participant's Options that commenced upon the Participant's Disability shall not be extended by the Participant's death.

**3.10** **Retirement of Participant** 

Subject to the terms of the applicable Grant Agreement, including, without limitation, conditions restricting the Participant from competing with the Corporation or soliciting the Corporation's customers or employees, and unless otherwise determined by the Committee, in the event of a Participant's Retirement (i) all unvested Options then held by the Participant shall remain outstanding and continue to vest and become exercisable as if the Participant had been actively employed by the Company until the earlier of the Expiry Date of the Option determined in accordance with the Plan and the applicable Grant Agreement and the five year anniversary of the Participant's Termination Date; and (ii) all vested Options then held by the Participant shall remain eligible to be exercised until the earlier of the Expiry Date of the Option determined in accordance with the Plan and the applicable Option Agreement and the five year anniversary of the Participant's Termination Date. Any Options outstanding on the five year anniversary of the Participant's Termination Date shall expire and terminate at 11:59 p.m. (in the time zone in which the Company's head office is located) on such five year anniversary and by participating in the Plan, the Participant waives any claim to damages in respect of any Options that are forfeited or expire without being exercised following the Participant's Retirement, whether related or attributable to any contractual or common law termination entitlements or otherwise.

---

| | |
|:---|:---|
| **Section 4.** | **General**  |

---

**4.1** **Capital Adjustments** 

In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, spin-off or other distribution (other than normal cash dividends) of the Corporation's assets to shareholders, or any other change in the capital of the Corporation

------

affecting Common Shares, the Committee will make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change (for the purpose of preserving the value of the Options), with respect to (i) the number or kind of shares or other securities on which the Options are based; (ii) the Exercise Price of the Options; and (iii) the number of Options; provided, however, that no substitution or adjustment will obligate the Corporation to issue or sell fractional shares.

**4.2** **Amendment, Suspension, or Termination of Plan** 

The Committee may amend, suspend or terminate the Plan, or any portion thereof, at any time, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the Toronto Stock Exchange), if any, that require the approval of shareholders or any governmental or regulatory body.

The Committee may from time to time, in its absolute discretion and without the approval of the shareholders of the Corporation, make the following amendments to the Plan or any Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment to the vesting provisions of the Plan and any Grant Agreement, including to accelerate,
conditionally or otherwise, on such terms as it sees fit, the vesting date of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment to the Plan or an Option as necessary to comply with applicable law or the requirements of the
applicable stock exchange or any other regulatory body having authority over the Corporation, the Plan or the shareholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amendment to the Plan and any Grant Agreement to permit the conditional redemption of any Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment of a "housekeeping" nature, including, without limitation, to clarify the meaning
of an existing provision of the Plan, correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan, correct any grammatical or typographical errors or amend the definitions in the Plan regarding
administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment respecting the administration of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other amendment that does not require the approval of the shareholders of the Corporation including, for
greater certainty, an amendment in connection with a Change of Control to assist the Participants to tender the underlying Common Shares to, or participate in, the actual or potential event or to obtain the advantage of holding the underlying Common
Shares during such event; and to terminate, following the successful completion of such event, on such terms as it sees fit, the Options not exercised prior to the successful completion of such event.

Shareholder approval will be required for the following amendments:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amendments to the number of Common Shares issuable under the Plan, including an increase to a fixed maximum
percentage or fixed maximum number of Common Shares, or a change from a fixed maximum percentage of Common Shares to a fixed maximum number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment expanding the categories of Eligible Person which would have the potential of broadening or
increasing insider participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any amendment extending the term of an Option or any rights pursuant thereto held by an insider beyond its
original Expiry Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the provision of any financial assistance to a Participant in connection with the exercise of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any reduction in the Exercise Price of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amendment that would permit Options to be transferable or assignable other than for normal estate
planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any amendment to provide for other types of security-based compensation involving the issue of equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amendment increasing or deleting the percentage limits or annual dollar participation limit relating to
Shares issuable or issued to insiders specified in Section 1.4 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amendment providing for the addition of a cashless exercise feature, payable in cash or securities,
which does not provide for a full deduction of the number of underlying securities from the Plan reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) amendments to this Section 4.2 or 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) amendments required to be approved by shareholders under applicable law (including, without limitation, the
rules, regulations and policies of the Toronto Stock Exchange).

If this Plan is terminated, the provisions of this Plan and any administrative guidelines, and other rules adopted by the Committee and in force at the time of this Plan, will continue in effect as long as an Option or any rights pursuant thereto remain outstanding. However, notwithstanding the termination of the Plan, the Committee may make any amendments to the Plan or the Options it would be entitled to make if the Plan were still in effect.

The Committee may amend or modify any outstanding Option in any manner to the extent that the Committee would have had the authority to initially grant the award as so modified or amended; provided that, where such amendment or modification is materially adverse to the holder, the consent of the holder is required to effect such amendment or modification.

------

**4.3** **Non-Exclusivity** 

Nothing contained herein will prevent the Committee from adopting other or additional compensation arrangements for the benefit of any Participant, subject to any required regulatory or shareholder approval.

**4.4** **Unfunded Plan** 

To the extent any individual holds any rights under the Plan, such rights (unless otherwise determined by the Committee) shall be no greater than the rights of an unsecured general creditor of the Corporation.

**4.5** **Successors and Assigns** 

The Plan shall be binding on all successors and assigns of the Participating Companies and each Participant, including without limitation, the legal representative of a Participant, or any receiver or trustee in bankruptcy or representative of the creditors of a Participating Company or a Participant.

**4.6** **Transferability of Awards** 

Rights respecting Options shall not be transferable or assignable other than for normal estate planning purposes.

**4.7** **Effect of Change of Control** 

Notwithstanding any other provision of this Plan, in the event of a Change of Control, any surviving, successor or acquiring entity shall assume any outstanding Options or shall substitute similar options for the outstanding Options. If the surviving, successor or acquiring entity does not assume the outstanding Options or substitute similar options for the outstanding Options, or if the Committee otherwise determines in its sole discretion, the Committee may (i) give written notice to all Participants advising that, effective immediately prior to the Change of Control and all Options shall be deemed to be Vested Options and may be exercised at such time and subject ot such conditions as the Committee may specify; or (ii). determine that, upon the occurrence of a Change of Control, a Participant may surrender any Vested Option (and each unnvested Option, if so determined by the Committee) outstanding immediately prior to the Change of Control in exchange for a payment with respect to each Vested Option in (i) cash, (ii) shares of the Corporation or of a corporation or other business entity that is a party to the Change in Control, or (iii) other property which, in any such case, has a fair market value equal to the consideration to be paid per Common Share in the Change in Control, reduced (but not below zero) by the Exercise Price under such Option and any amounts, including income tax, which the Corporation is required to withhold by law.

Solely for purposes of this Section 4.7, with respect to an outstanding Option that is considered a deferral of compensation under Code Section 409A and Treas. Reg. Section 1.409A-1(b), the term Change of Control shall have the meaning ascribed to the term "change in control event" under Treas. Reg. Section 1.409A-3(i)(5).

------

**4.8** **Voluntariness; No Special Rights** 

Participation in the Plan shall be entirely voluntary and any decision not to participate shall not affect the employment or engagement of any individual by a Participating Company. Nothing contained in the Plan or in any Option will confer upon any Participant any right to the continuation of the Participant's employment by a Participating Company or interfere in any way with the right of any Participating Company at any time to terminate that employment or to increase or decrease the compensation of the Participant. Options shall not be considered Common Shares nor shall they entitle any Participant to exercise voting rights or any other rights attaching to the ownership of Common Shares, nor shall any Participant be considered the owner of Common Shares by virtue of his or her ownership of Options.

**4.9** **Other Employee Benefits** 

The amount of any compensation deemed to be received by a Participant as a result of the redemption of any Option will not constitute compensation with respect to which any other employee benefits of that Participant are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, except as otherwise specifically determined by the Committee.

**4.10** **Tax Consequences** 

It is the responsibility of the Participant to complete and file any tax returns which may be required under Canadian, U.S. or other applicable jurisdiction's tax laws within the periods specified in those laws as a result of the Participant's participation in the Plan. No Participating Company shall be held responsible for any tax consequences to a Participant as a result of the Participant's participation in the Plan.

**4.11** **No Liability** 

No Participating Company shall be liable to any Participant for any loss resulting from a decline in the market value of any Common Shares.

**4.12** **U.S. Securities Restrictions Prior to Effectiveness of Registration Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Common Shares issuable upon exercise of the Options are registered under the U.S. Securities Act,
the Options and the Common Shares granted hereunder will be considered "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Accordingly, any Options or Common Shares issued prior to an
effective registration statement filed with the Securities and Exchange Commission (the "SEC") may not be transferred, sold, assigned, pledged, hypothecated or otherwise disposed by the Participant, directly or indirectly, without
registration under the U.S. Securities Act and applicable state securities laws or unless in compliance with an available exemption therefrom. Certificate(s) representing the Options and the Common Shares issued prior to an effective registration
statement filed with the SEC, and all certificate(s) issued in exchange therefor or in substitution thereof, will be endorsed with the

------

following or a similar legend until such time as it is no longer required under the applicable requirements of the U.S. Securities Act:

"THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provisions contained in the Plan to the contrary and to the extent required by
applicable U.S. state corporate laws, U.S. federal and state securities laws, the Code, and the applicable laws of any jurisdiction in which Options are granted under the Plan, the following terms shall apply to all such Options granted to residents
of the State of California, until such time as the Common Shares issuable upon exercise of such Options are registered under the U.S. Securities Act or the Board otherwise provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term of each Option shall be stated in an Option Certificate issued to the Eligible Person and the
Corporation, provided, however, that the term shall be no more than ten years from the date of grant thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless determined otherwise by the Board, Options may not be sold, pledged, assigned, hypothecated, or
otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Eligible Person, only by the Eligible Person. If the Board makes an Option transferable, such Option
may only be transferred (A) by will, (B) by the laws of descent and distribution, or (C) as permitted by Rule 701 of the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless a California Participant's employment is terminated for cause as defined by applicable law, the
terms of the Plan or the Option Certificate, the right to exercise an Option awarded under the Plan in the event of termination of employment continues until the earlier of: (1) the expiration date set forth in the applicable Option
Certificate, or (2) (A) if termination was caused by death or Permanent Disability, at least six months from the date of termination, and (B) if termination was caused other than by death or Permanent Disability, at least thirty days from the
date of termination. For purposes of this Section 2.18(iii), "Permanent Disability" shall mean the inability of the California Participant, in the opinion of a qualified

------

physician acceptable to the Corporation, to perform the major duties of the California Participant's position with the Corporation because of the sickness or injury of the California Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Option shall be granted to a resident of California more than ten years after the earlier of the date of
adoption of the Plan or the date the Plan is approved by the shareholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spinoff, combination, repurchase, or exchange of Shares or other securities of the
Corporation, or other change in the corporate structure of the Corporation affecting the Shares occurs, the Board, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will
adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding vested Option; provided, however, that the Board will make such adjustments to an Option required by
Section 25102(o) of the California Corporations Code to the extent the Corporation is relying upon the exemption afforded thereby with respect to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Corporation shall furnish summary financial information (audited or unaudited) of the
Corporation's financial condition and results of operations, consistent with the requirements of applicable law, at least annually to each Eligible Person in California during the period such Eligible Person has one or more Option outstanding,
and in the case of an individual who acquired Shares pursuant to the Plan, during the period such Eligible Person owns such Shares; provided, however, the Corporation shall not be required to provide such information if (i) the issuance is
limited to key Persons whose duties in connection with the Corporation assure their access to equivalent information or (ii) the Plan or any agreement complies with all conditions of Rule 701 of the U.S. Securities Act; provided that for
purposes of determining such compliance, any registered domestic partner shall be considered a "family member" as that term is defined in Rule 701 of the U.S. Securities Act.

------

**SCHEDULE A** 

**Boyd Group Services Inc. Option Plan** 

**Grant Agreement** 

**[Name of Employee]** (the "Participant")

Pursuant to the Boyd Group Services Inc. Option Plan effective March 23, 2021, as amended November 11, 2025 (the "Plan") and in consideration of services provided to any Participating Company by the Participant, Boyd Group Services Inc. hereby grants to the Participant______________Options under the Plan.

All capitalized terms not defined in this Grant Agreement have the meaning set out in the Plan. No cash or other compensation shall at any time be paid by the Corporation in respect of any Options which have been forfeited or terminated under the Plan or on account of damages relating to any Options which have been forfeited or terminated under the Plan.

The Vesting Dates for this award are ●, 20●, as to one quarter (1/4), ●, 20●, as to an additional one quarter (1/4), ●, 20●, as to an additional one quarter (1/4), and ●, 20●, as to the final one quarter (1/4). The Expiry Date of the award is ●, 20●.

Boyd Group Services Inc. and the Participant understand and agree that the granting and exercise of these Options are subject to the terms and conditions of the Plan, a copy of which has been provided to the Participant all of which are incorporated into and form a part of this Grant Agreement.

For greater certainty, the Participant authorizes the sale of a sufficient number of Common Shares to pay Applicable Withholdings on the exercise of any Options.

Unless the Common Shares issuable upon exercise of the Options are registered under the U.S. Securities Act, the Options and the Common Shares are being or will be issued, as applicable, pursuant to an available exemption or exclusion from registration under the U.S. Securities Act. Accordingly, any Options or Common Shares issued prior to an effective registration statement filed with the SEC will be "restricted securities" as such term is defined in Rule 144 under the U.S. Securities Act, and, therefore may not be transferred, sold, assigned, pledged, hypothecated or otherwise disposed by the Participant, directly or indirectly, without registration under the U.S. Securities Act and applicable state securities laws or unless in compliance with an available exemption therefrom.

 **Boyd Group Services Inc.** 

 Per

I agree to the terms and conditions set out herein and confirm and acknowledge that I have not been induced to enter into this agreement or acquire any Options by expectation of employment or continued employment with any Participating Company.

<br> Name:<br>

------

**Boyd Group Services Inc. Option Plan** 

**Exercise Notice** 

To: Boyd Group Services Inc.

Pursuant to Boyd Group Services Inc. Option Plan effective March 23, 2021, as amended November 11, 2025 (the "Plan"), the undersigned hereby elects to exercise: ______________ of the undersigned's Vested Options on [date].

The undersigned encloses a certified cheque or bank draft in the amount of $__________________, in payment of the Exercise Price.

All capitalized terms not defined in this Exercise Notice have the meaning set out in the Plan. No cash or other compensation shall at any time be paid by the Corporation in respect of any Options which have been forfeited or terminated under the Plan or on account of damages relating to any Options which have been forfeited or terminated under the Plan.

For greater certainty, the Participant authorizes the sale of a sufficient number of Common Shares to pay Applicable Withholdings on the exercise of any Options.

The undersigned understands and agrees that the granting and exercise of these Options are subject to the terms and conditions of the Plan which are incorporated into and form a part of this Exercise Notice.

[**Include for US Participants**] The undersigned Participant hereby represents, warrants, acknowledges and agrees that unless the Common Shares issuable hereby have not been registered under the U.S. Securities Act, the issuance hereby is being made pursuant to an exemption or exclusion from the registration requirements of the U.S. Securities Act and similar exemptions under applicable state securities laws. Accordingly, any Common Shares issued prior to an effective registration statement filed with the SEC will be "restricted securities" as such term is defined in Rule 144 under the U.S. Securities Act, and, therefore may not be transferred, sold, assigned, pledged, hypothecated or otherwise disposed by the Participant, directly or indirectly, without registration under the U.S. Securities Act and applicable state securities laws or unless in compliance with an available exemption therefrom. The undersigned Participant understands and agrees that unless the Common Shares have been registered under the U.S. Securities Act, the certificate(s) representing the Shares and all certificate(s) issued in exchange therefor or in substitution thereof, will be endorsed with the following or a similar legend until such time as it is no longer required under the applicable requirements of the U.S. Securities Act:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE U.S.

------

SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT."

DATED<u> </u>     <br> Name:

## Exhibit 5.1

**Exhibit 5.1** 

---

| | |
|:---|:---|
| **Osler, Hoskin & Harcourt LLP** |  |
| Box 50, 1 First Canadian Place |  |
| Toronto, Ontario, Canada M5X 1B8 | ![LOGO](g214976snap1.jpg) |
| 416.362.2111 MAIN | ![LOGO](g214976snap1.jpg) |
| 416.862.6666 FACSIMILE | ![LOGO](g214976snap1.jpg) |
|  | ![LOGO](g214976snap1.jpg) |

---

---

| | |
|:---|:---|
| Toronto | December 1, 2025 |
| Montréal |  |
| Calgary | Boyd Group Services Inc. |
|  | 1745 Ellice Ave., Unit C1 |
| Ottawa | Winnipeg, Manitoba R3H 1A6 |
|  | Canada |
| Vancouver |  |
| New York | Ladies and Gentlemen: |
|  | **Boyd Group Services Inc.**<br> **Securities Registered under Registration Statement on Form S-8** |
|  | We have acted as Canadian counsel to Boyd Group Services Inc. (the "**Corporation**"), a company governed by the C*anada Business Corporations Act*, in connection with the Registration Statement on Form S-8 (the "**Registration Statement**") to be filed by the Corporation on or about December 1, 2025 with the U.S. Securities and Exchange Commission (the "**SEC**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), in respect of up to (i) 248,389 common shares of the Corporation ("**Shares**") that may be delivered from time to time pursuant to the exercise of options, inclusive of Shares that may be delivered upon the exercise of 86,516 options outstanding, granted pursuant to the stock option plan of the Corporation adopted by the Corporation's board of directors (the "**Directors**") and approved by the Corporation's shareholders (the "**Shareholders**") effective March 23, 2021 and amended on November 11, 2025 (the "**Option Plan**") and (ii) 250,000 Shares that may be delivered from time to time pursuant to the amended and restated long-term incentive plan of the Corporation adopted by the Directors and approved by the Shareholders effective March 12, 2025 (together with the Option Plan, the "**Plans**"). |
|  | We have examined: (a) the Registration Statement, (b) the Plans, and (c) all such corporate and public records, statutes and regulations and have made such investigations and have reviewed such other documents as we have deemed relevant and necessary and have considered such questions of law as we have considered relevant and necessary in order to give the opinion hereinafter set forth. 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. |
|  | In reviewing the foregoing documents and in giving this opinion, we have assumed the legal capacity of all individuals, the genuineness of all signatures, the veracity of the information contained therein, the authenticity of all documents submitted to us as originals and the conformity to authentic or original documents submitted to us as certified, conformed, electronic, photostatic or facsimile copies. |

---

------

![LOGO](g214976snap2.jpg)

---

| |
|:---|
| On the basis of the foregoing, we are of the opinion that when the Shares shall have been (i) issued and delivered by the Corporation pursuant to the terms of the Plans, and (ii) paid for in full in accordance with the terms of the Plans, the Shares will be validly issued, fully paid and non-assessable. |
| We express no opinion herein as to any 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. |
| We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the rules and regulations of the SEC thereunder. |
| Yours very truly, |
| /s/ Osler, Hoskin & Harcourt LLP |
| DL/JM/ACK/JS |

---

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT AUDITORS** 

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 18, 2025 relating to the financial statements of Boyd Group Services Inc. appearing in Registration Statement No. 333-291143 on Form F-10 of Boyd Group Services Inc.

/s/ Deloitte LLP

Chartered Professional Accountants

Winnipeg, Canada

December 1, 2025

## Exhibit 23.3

**Exhibit 23.3** 

 **Consent of Independent Registered Public Accounting Firm** 

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Boyd Group Services Inc. of our report dated June 10, 2025, with respect to the consolidated financial statements of JHCC Holdings Parent, LLC and Subsidiaries as of December 31, 2024 and 2023 and for the years then ended, included in the Prospectus which forms a part of the Boyd Group Services Inc. Registration Statement on Form F-10 dated October 29, 2025.

/s/ Forvis Mazars, LLP

Nashville, Tennessee

December 1, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Boyd Group Services Inc.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common shares, without par value | Other | 85844 | $154.29 | $13244870.76 | 0.0001381 | $1829.12 |
| 2 | Equity | Common shares, without par value | Other | 498389 | $159.64 | $79562819.96 | 0.0001381 | $10987.63 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $92807690.72  |  | $12816.75  |
| 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:  |  |  |  | $12816.75  |

---

 **Offering Note** <br>

<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 Boyd Group Services Inc. (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 85,844 Common Shares issuable pursuant to options granted under the Boyd Group Services Inc. Stock Option Plan that have not yet been exercised. 1c. Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) on the basis of $154.29 per share (converted from C$217.62 at an exchange rate of C$1.00 = $0.709 which was the daily average exchange rate reported by the Bank of Canada on November 25, 2025, 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 Boyd Group Services Inc. Stock Option Plan as of the date of the registration statement to which this exhibit relates.

<sup>2</sup> 2a. Represents 498,389 Common Shares for future issuance under the Boyd Group Services Inc. Amended and Restated Long Term Incentive Plan and Boyd Group Services Inc. Stock Option 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 New York Stock Exchange on November 25, 2025.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---