Document:

EX-4.3

 Exhibit 4.3 

FORM OF 
 REGISTRATION
RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made as of
[                    ], 2018, by and among: (i) Zekelman Industries, Inc., a Delaware corporation (the “Company”); (ii)
Alan Zekelman (“AZ”); (iii) Barry Zekelman (“BZ”); and (iv) Clayton Zekelman (“CZ”, and together with AZ and BZ, the “Investors”, and each, an
“Investor”). The Company and the Investors may be collectively referred to herein as the “Parties”, and each individually as a “Party.” 

RECITALS 
  

	 	1.	 The Investors are the beneficial owners of shares of the Company’s Class B multiple voting stock (the
“Class B Stock”), which are convertible into shares of the Company’s Class A subordinate voting stock (the “Class A Stock”) on a one-for-one basis, exchangeable shares in the capital of the Company’s subsidiary, 6582125 Canada Inc. (the “Exchangeable Shares”), which are exchangeable for shares of Class A
Stock or Class B Stock on a one-for-one basis, and shares of the Company’s Special Voting Stock. 

 

	 	2.	 On or about the date hereof, the Company is consummating an initial public offering of shares of its
Class A Stock (the “IPO”). 

  

	 	3.	 The Company desires to provide for, among other things, the grant to the Investors of registration rights with
respect to the Registrable Securities (as hereinafter defined) held by the Investors. 

 AGREEMENT 

Therefore, the Parties agree as follows: 
  

	 	1.	 Definitions. For purposes of this Agreement: 

 

	 	a.	 “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person. 

  

	 	b.	 “Board of Directors” means the board of directors of the Company. 

 

	 	c.	 “Canadian Base Shelf Prospectus” means a base shelf (final) prospectus filed pursuant to
National Instrument 44-102 – Shelf Distributions. 

  

	 	d.	 “Canadian Long Form Prospectus” means a Canadian Prospectus on Form 41-101F1 pursuant to National Instrument 41-101 – General Prospectus Requirements. 

 

	 	e.	 “Canadian Prospectus” means a (final) prospectus filed by the Company under Canadian
Securities Laws. 

  

	 	f.	 “Canadian Securities Commissions” means the securities commissions or other securities
regulatory authorities in each of the provinces and territories of Canada. 

  

	 	g.	 “Canadian Securities Laws” means the securities legislation of the applicable provinces or
territories of Canada, and the rules, regulations and policies of the applicable Canadian Securities Commissions. 

	 	h.	 “Canadian Short Form Registration Procedure” means the procedures for the distribution of
securities by way of a short form prospectus available under Canadian Securities Laws, including National Instrument 44-101. 

 

	 	i.	 “Class A Stock” shall have the meaning set forth in the Recitals.

  

	 	j.	 “Class B Stock” shall have the meaning set forth in the Recitals.

  

	 	k.	 “Damages” means any loss, damage, or liability (joint or several) to which a party hereto may
become subject under the Securities Act, the Exchange Act, Canadian Securities Laws or other federal, provincial or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (i) any
untrue statement or alleged untrue statement of a material fact contained in any registration statement or prospectus of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party
(or any of its agents or Affiliates) of the Securities Act, the Exchange Act, Canadian Securities Laws, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, Canadian Securities Laws or any state
securities law. 

  

	 	l.	 “Delay” shall have the meaning set forth in Section 2(d)(i). 

 

	 	m.	 “Demand Registration Request” shall have the meaning set forth in Section 2(a).

  

	 	n.	 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 

  

	 	o.	 “Exchangeable Shares” shall have the meaning set forth in the Recitals. 

 

	 	p.	 “Excluded Registration” means (i) a registration and/or qualification relating to the
sale of securities to employees of the Company or a subsidiary pursuant to an equity compensation, stock purchase or similar plan; (ii) a registration and/or qualification relating to an SEC Rule 145 transaction; (iii) a registration
and/or qualification on any form that does not include substantially the same information as would be required to be included in a registration statement or prospectus covering the sale of the Registrable Securities; or (iv) a registration
and/or qualification of the issuance of shares of Class A Stock upon conversion of debt securities that are also being registered and/or qualified. 

  

	 	q.	 “Form S-1” means such form under the Securities Act as
in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

  

	 	r.	 “Form S-3” means such form under the Securities Act as
in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

  

	 	s.	 “Initiating Investors” means, collectively, Investors who properly initiate a registration
request under this Agreement. 

  
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	 	t.	 “IPO” shall have the meaning set forth in the Recitals. 

 

	 	u.	 “Materially Detrimental Effect” means any effect that would be materially detrimental to the
Company and/or its stockholders, including but not limited to any action that would: (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require
premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act, Exchange Act or Canadian
Securities Laws without undue burden or delay. 

  

	 	v.	 “Participating Investor” shall have the meaning set forth in Section 2(b).

  

	 	w.	 “Participating Investor Counsel” shall have the meaning set forth in Section 6.

  

	 	x.	 “Permitted Holder” has the meaning set forth in the third amended and restated certificate of
incorporation of the Company, filed with the Secretary of State of Delaware on [___], 2018. 

  

	 	y.	 “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 

  

	 	z.	 “Pro Rata Portion” means, with respect to each Participating Investor for any given
Registration, a fraction, the numerator of which is the number of Registrable Securities requested to be registered or sold by that Participating Investor, and the denominator of which is the aggregate number of Registrable Securities requested to
be registered or sold by all Participating Investors. 

  

	 	aa.	 “Qualification” means qualification under Canadian Securities Laws of the offer and sale of
shares of Class A Stock under a Canadian Prospectus. The terms “qualify”, “qualified” and “qualifying” shall have correlative meanings. 

 

	 	bb.	 “Registrable Securities” means all shares of Class A Stock issued or issuable (directly
or indirectly) upon conversion and/or exchange of Exchangeable Shares or shares of Class B Stock held by an Investor as of the date hereof or acquired by an Investor after the date hereof (it being understood that, for purposes of this
Agreement, an Investor shall be deemed to be a holder of Registrable Securities whenever such Investor has the right to then acquire or obtain, directly or indirectly, from the Company any Registrable Securities, whether or not such acquisition has
been actually effected), excluding any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 13(a), and excluding for purposes of Section 2 any
shares for which registration rights have terminated pursuant to Section 12 of this Agreement. 

  

	 	cc.	 “Registration” means registration under the Securities Act of the offer and sale of shares of
Class A Stock under a Registration Statement. The terms “register”, “registered” and “registering” shall have correlative meanings. 

 

	 	dd.	 “SEC” means the Securities and Exchange Commission. 

  
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	 	ee.	 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act, or any
successor provisions. 

  

	 	ff.	 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act, or any
successor provisions. 

  

	 	gg.	 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 

  

	 	hh.	 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer
taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Participating Investor, except for the fees and disbursements of the Participating Investor Counsel borne and paid by the Company as provided in
Section 6. 

  

	 	ii.	 “Shelf Registration” shall have the meaning set forth in Section 2(c).

  

	 	jj.	 “Shelf Takedown” shall have the meaning set forth in Section 2(e). 

 

	 	kk.	 “Suspension Event” shall have the meaning set forth in Section 2(d)(v).

  

	 	ll.	 “Underwriting Cap” shall have the meaning set forth in Section 4(c).

  

	 	2.	 Demand Registrations. 

 

	 	a.	 Demand Registration Request. Beginning upon the date that is 365 days after the effective date of the
registration statement for the IPO, one or more Investors shall have the right to make a written request from time to time (a “Demand Registration Request”) to the Company for Registration and/or Qualification of all or part of the
Registrable Securities held by such Initiating Investors. Each Demand Registration Request shall specify (i) the aggregate amount of Registrable Securities held by each Initiating Investor proposed to be registered or qualified and
(ii) the intended method or methods of disposition thereof, including whether they intend to distribute the Registrable Securities by means of an underwriting. 

 

	 	b.	 Long Form Demand. If the Company receives a Demand Registration Request from one or more Initiating
Investors that the Company file a Form S-1 registration statement and/or a Canadian Prospectus on Form 41-101F1 pursuant to National Instrument 41-101 – General Prospectus Requirements, or similar long form registration statement or prospectus, with respect to Registrable Securities of such Investors having an anticipated aggregate offering price, net
of Selling Expenses, of at least $50,000,000, then the Company shall (i) within 5 days after the date such request is given, give to all Investors other than the Initiating Investors a written notice (a “Demand Notice”)
describing the Demand Registration Request submitted by the Initiating Investors and offering each of the other Investors the opportunity, upon providing written notice to the Company within 20 days after the date of the Demand Notice, to include in
the Registration and/or Qualification that number of Registrable Securities as such Investor may request in writing; and (ii) as soon as practicable, and in any event within 60 days after the deadline for such request for the Participating
Investors (as defined below), file a Form S-1 registration statement under the Securities Act and/or a Canadian Prospectus on Form 41-101F1 pursuant to National
Instrument 41-101 – General Prospectus Requirements, as applicable, covering all Registrable Securities that the Initiating Investors requested to be

  
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registered or qualified and any additional Registrable Securities requested to be included in such Registration or Qualification by any other Investors (such other participating Investors,
together with the Initiating Investors, the “Participating Investors”), and in each case, subject to the limitations of Section 2(d) and Section 4. 

 

	 	c.	 Short Form Demand. If at any time when it is eligible to use a Form
S-3 registration statement or a Canadian Prospectus under the Canadian Short Form Registration Procedure, including for offerings to be made on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act and/or a Canadian Base Shelf Prospectus (such a registration statement for offerings to be made on Form S-3 pursuant to Rule 415 and/or a Canadian Base Shelf Prospectus, a “Shelf
Registration”), and the Company receives a Demand Registration Request from one or more Investors that the Company file a Form S-3 registration statement and/or a Canadian Prospectus under the
Canadian Short Form Registration Procedure with respect to Registrable Securities of such Investors having an anticipated aggregate offering price, net of Selling Expenses, of at least $10,000,000, then the Company shall (i) within 10 days
after the date such request is given, give a Demand Notice to all Investors other than the Initiating Investors and offer each of the other Investors the opportunity, upon providing written notice to the Company within 20 days after the date of the
Demand Notice, to include in the Registration and/or Qualification that number of Registrable Securities as such Investor may request in writing; and (ii) as soon as practicable, and in any event within 30 days after the deadline for such
request for the Participating Investors, file a Form S-3 registration statement under the Securities Act and/or a Canadian Prospectus under the Canadian Short Form Registration Procedure covering all
Registrable Securities requested to be included in such Registration and/or Qualification by the Participating Investors, subject to the limitations of Section 2(d) and Section 4. 

 

	 	d.	 Limitations on Demand Registrations. 

 

	 	i.	 Notwithstanding the foregoing obligations, if the Board of Directors in its good faith judgment determines that
filing or causing the effectiveness of a registration statement or prospectus pursuant to Section 2(b) or Section 2(c) would cause a Materially Detrimental Effect or would otherwise require presentation of financial statements for any
entity other than the Company or pro forma financial information, in each case to the extent not already included in the Company’s filings under the Exchange Act or Canadian Securities Laws, or to obtain an audit other than for the
Company’s fiscal year financial statements, then the Company shall have the right, upon providing prompt written notice to the Participating Investors, to delay the filing or initial effectiveness of such registration statement or prospectus (a
“Delay”), and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly; provided, however, that the Company shall not be permitted to exercise a Delay (A) for a period exceeding 90 days
on any one occasion or (B) for an aggregate of more than 180 days in any 12-month period. The Company shall not register or qualify any securities for its own account or that of any other stockholder
during any such Delay other than an Excluded Registration. Upon receiving notice of the Delay, the Participating Investors shall suspend use of any applicable preliminary prospectus in connection with any sale or purchase, or offer to sell or
purchase, Registrable Securities. 

  
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	 	ii.	 The Company shall not be obligated to effect, or to take any action to effect, any Registration or
Qualification pursuant to Section 2(b): (A) during the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated
Registration or Qualification, provided that the Company is actively employing its good faith commercially reasonable efforts to cause such Registration or Qualification to become effective; or (B) after the Company has effected two
Registrations and/or Qualifications pursuant to Section 2(b) (for greater certainty, any such Registration and Qualification effected concurrently shall count as one). 

 

	 	iii.	 The Company shall not be obligated to effect, or to take any action to effect, any Registration or
Qualification pursuant to Section 2(c): (A) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated
Registration or Qualification, provided that the Company is actively employing its good faith commercially reasonable efforts to cause such Registration or Qualification to become effective; or (B) if the Company has effected two Registrations
and/or Qualifications pursuant to Section 2(c) within the 12-month period immediately preceding the date of such request (for greater certainty, any such Registration and Qualification effected
concurrently shall count as one). 

  

	 	iv.	 A Registration or Qualification shall not be counted as “effected” for purposes of this
Section 2(d) until such time as the applicable registration statement or Canadian Prospectus has been declared effective by the SEC or a final receipt therefor has been provided by the applicable Canadian Securities Commissions, unless the
Participating Investors withdraw their request for such Registration or Qualification (other than as a result of a Delay), elect not to pay the expenses therefor, and forfeit their right to one Registration or Qualification pursuant to
Section 6, in which case such withdrawn Registration or Qualification shall be counted as “effected” for purposes of this Section 2(d). 

  

	 	v.	 Following the effectiveness of a registration statement or receipting of a Canadian Prospectus, the
Participating Investor(s) will not effect any sales of Registrable Securities pursuant to such registration statement or Canadian Prospectus at any time after they have received notice from the Company to suspend sales (A) as a result of a
Materially Detrimental Event or (B) so that the Company may correct or update the registration statement or Canadian Prospectus (each, a “Suspension Event”). Participating Investor(s) may recommence effecting sales of
Registrable Securities pursuant to the registration statement or Canadian Prospectus following further notice to such effect from the Company, which notice shall be given promptly after the conclusion or completion of any such Suspension Event,
correction or update. 

  

	 	e.	 Shelf Registrations. Investors holding Registrable Securities registered or qualified pursuant to a
Shelf Registration shall be entitled, at any time and from time to time when the Shelf Registration is effective, to sell such Registrable Securities as are then registered or qualified pursuant to such Shelf Registration (each, a “Shelf
Takedown”), but only upon not less than three days’ prior written notice to the Company (or 10 days if such takedown is underwritten). No prior notice shall be required of any sale pursuant to a plan that complies with Rule 10b5-1 under the Exchange Act or an automatic share 

  
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distribution plan established pursuant to Canadian Securities Laws, provided that the Company has received a written copy of such plan not less than three days in advance of the first sale
thereunder and such sale does not require any amendment or supplement to the prospectus then included in the Shelf Registration. Investors holding Registrable Securities registered or qualified pursuant to a Shelf Registration shall each be entitled
to request that a Shelf Takedown be an underwritten offering if, based on the then-current market prices, the number of Registrable Securities included in such underwritten offering would yield gross proceeds to all Participating Holders of at least
$50,000,000. Investors participating in the Shelf Takedown shall not be entitled to request that a Shelf Takedown be part of an underwritten offering within 60 days after the pricing date of any other underwritten offering effected pursuant to a
Demand Registration Request or Section 3(a). Investor(s) participating in a Shelf Takedown shall give the Company prompt written notice of the consummation of such Shelf Takedown, whether or not part of an underwritten offering.

  

	 	3.	 Piggyback Registration. 

 

	 	a.	 If the Company proposes to register or qualify (including, for this purpose, a Registration or Qualification
effected by the Company for stockholders other than the Investors) any of its securities under the Securities Act or Canadian Securities Laws in connection with the public offering of such securities solely for cash (other than in an Excluded
Registration), the Company shall, at such time, promptly give each Investor notice of such Registration or Qualification. Upon the written request of each Investor provided to the Company within 20 days after such notice is given, the Company shall,
subject to the provisions of Section 4, cause to be registered or qualified all of the Registrable Securities that each such Investor has requested to be included in such Registration or Qualification. 

 

	 	b.	 The Company shall have the right to terminate or withdraw any Registration or Qualification initiated by it
under this Section 3 before the effective date of such Registration or Qualification, whether or not any Investor has elected to include Registrable Securities in such Registration or Qualification. The expenses (other than Selling Expenses) of
such withdrawn Registration or Qualification shall be borne by the Company in accordance with Section 6. 

  

	 	4.	 Underwriting Requirements. 

 

	 	a.	 If the Initiating Investors indicate in their Demand Registration Request or with respect to a Shelf Takedown
that they intend to distribute the Registrable Securities by means of an underwriting, the Company shall have the right to select the underwriter(s), subject to the reasonable approval of Participating Investors holding a majority of the Registrable
Securities to be covered by the registration statement or Canadian Prospectus. In such event, the right of any Investor to include its Registrable Securities in such Registration or Qualification shall be conditioned upon that Investor including its
Registrable Securities and otherwise participating in the underwriting to the extent provided in this Section 4. 

  

	 	b.	 All Participating Investors proposing to distribute their securities through such underwriting shall (together
with the Company as provided in Section 5(a)(v)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting and complete and execute all questionnaires, powers of attorney, indemnities,
agreements and other documents required under the terms of such underwriting arrangements. 

  
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	 	c.	 Notwithstanding any other provision of this Section 4, if the managing underwriter or underwriters of any
proposed underwritten offering advise the Company in writing that, in its or their reasonable opinion, the number of securities requested to be included in the proposed offering exceeds the number that can be sold in that offering without being
likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the total number of securities to be included in the proposed offering shall be reduced to a number of
securities that, in the reasonable opinion of such managing underwriter or underwriters, can be sold without having such adverse effect (the “Underwriting Cap”). The Underwriting Cap shall be allocated: (i) first, but only in
the case of a Piggyback Registration, to the securities that the Company wishes to sell; and (ii) second, to each Participating Investor based on that Participating Investor’s Pro Rata Portion of the remaining Underwriting Cap, if any, or
in such other proportion as shall mutually be agreed to by all Participating Investors. Upon receiving notice of the Underwriting Cap from the managing underwriter or underwriters, the Company shall as soon as practicable provide written notice to
all Participating Investors of the Underwriting Cap, and indicating each Participating Investor’s Pro Rata Portion thereof. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may
round the number of shares allocated to any Participating Investor to the nearest 100 shares. 

  

	 	d.	 For purposes of Section 2, a Registration or Qualification shall not be counted as “effected”
if, as a result of an Underwriting Cap, fewer than fifty percent (50%) of the total number of Registrable Securities that Participating Investors have requested to be included in such Registration or Qualification are actually included.

  

	 	5.	 Obligations of the Company. Whenever required under Section 2 to effect the Registration or
Qualification of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

  

	 	a.	 in the case of a Registration: 

 

	 	i.	 prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and keep such registration statement effective for a period of (A) up to 120 days or, if earlier, until the distribution contemplated in the registration
statement has been completed; provided, however, that such 120-day period shall be extended for a period of time equal to the period the Investor refrains, at the request of an underwriter of Class A
Stock (or other securities) of the Company, from selling any securities included in such registration, and (B) up to 180 days in the case of any Shelf Registration, provided, however, that such 180-day
period shall be extended for a period of time equal to any period during which such registration statement is not effective or its use is otherwise suspended for; 

 

	 	ii.	 prepare and file with the SEC such amendments and supplements to such registration statement, and the
prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all Registrable Securities covered by such registration statement, subject to
Section 5(a)(i); 

  
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	 	b.	 in the case of a Qualification: 

 

	 	i.	 prepare and file with the Canadian Securities Commission in each province and territory a Canadian Prospectus
with respect to such Registrable Securities and use its commercially reasonable efforts to obtain a receipt or a decision document from such Canadian Securities Commissions in respect of such Canadian Prospectus (provided, however, that the Company
shall not be required to file a Canadian Prospectus in the Province of Quebec if that would require the Company to translate its continuous disclosure documents into the French language in connection with that filing); 

 

	 	ii.	 prepare and file with the Canadian Securities Commissions with whom a Canadian Prospectus has been filed such
amendments and supplements to such Canadian Prospectus as may be necessary to comply with the applicable provisions of Canadian Securities Laws with respect to the distribution of all Registered Securities qualified by such Canadian Prospectus
(provided that all Registrable Securities qualified by such Canadian Prospectus are distributed within 90 days of the date of such final Canadian Prospectus); 

 

	 	c.	 furnish to the Participating Investors such numbers of copies of a prospectus, including a preliminary
prospectus and any amendments and supplements thereto, as required by the Securities Act and/or Canadian Securities Laws, and such other documents as the Investors may reasonably request in order to facilitate their disposition of their Registrable
Securities; 

  

	 	d.	 use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement or Canadian Prospectus under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the Participating Investors; provided that the Company shall not be
required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

  

	 	e.	 in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 

  

	 	f.	 use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration
statement or Canadian Prospectus to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

 

	 	g.	 provide a transfer agent and registrar for all Registrable Securities registered or qualified pursuant to this
Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such Registration or Qualification; 

  
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	 	h.	 promptly make available for inspection by the Participating Investors, any managing underwriter participating
in any disposition pursuant to such registration statement or Canadian Prospectus, and any attorney or accountant or other agent retained by any such underwriter or selected by the Participating Investors, all financial and other records, pertinent
corporate documents, and properties of the Company, and cause the Company’s officers, managers, directors, employees and independent accountants to supply all information reasonably requested by any such Participating Investor, underwriter,
attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement or Canadian Prospectus and to conduct appropriate due diligence in connection therewith (in each case,
subject to entering into an appropriate confidentiality agreement with the Company); 

  

	 	i.	 notify each Participating Investor, promptly after the Company receives notice thereof, of the time when such
registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed or in the case of an offering in Canada, of the time when a receipt or a decision document from the
applicable Canadian Securities Commissions has been received; 

  

	 	j.	 after such registration statement becomes effective or a receipt or a decision document from the applicable
Canadian Securities Commissions has been received in respect of a Canadian Prospectus, notify each Participating Investor of any request by the SEC or a Canadian Securities Commission that the Company amend or supplement such registration statement
or Canadian Prospectus; 

  

	 	k.	 notify each Participating Investor, at any time when a prospectus relating to such Participating
Investor’s Registrable Securities is required to be delivered under the Securities Act, or when a Canadian Prospectus relating thereto is required to be filed under Canadian Securities Laws, of the happening of any event that would cause such
prospectus to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; and 

  

	 	l.	 notify the Participating Investors in writing upon the termination of any Delay or Suspension Event.

 It shall be a condition precedent to the obligations of the Company to take any action pursuant
to Section 2 and Section 3 with respect to the Registrable Securities of any Participating Investor that such Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the
intended method of disposition of such securities as is reasonably required to effect the Registration or Qualification of such Investor’s Registrable Securities. 
  

	 	6.	 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and
disbursements of one counsel for the Participating Investors (“Participating Investor Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of

  
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any Registration or Qualification proceeding begun pursuant to Section 2 if the registration or qualification request is subsequently withdrawn at the request of (i) the
Initiating Investors and (ii) Investors holding a majority of the Registrable Securities to be registered (in which case all Participating Investors shall bear their Pro Rata Portion of such expenses based upon the number of Registrable
Securities that were to be included in the withdrawn registration or qualification), unless each Investor holding at least 5% of the Registrable Securities then outstanding agrees to forfeit their right to one registration or qualification pursuant
to Section 2(b) or Section 2(c), as the case may be; provided further that if, at the time of such withdrawal, the Participating Investors shall have learned of a material adverse change in the condition,
business, or prospects of the Company from that known to the Investors at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Participating Investors shall not be required
to pay any of such expenses and shall not forfeit their right to one registration or qualification pursuant to Section 2(b) or Section 2(c). All Selling Expenses relating to Registrable Securities registered or qualified pursuant to
Section 2 and Section 3 shall be borne and paid by the Investors based on their respective Pro Rata Portion of the Selling Expenses for the applicable Registration or Qualification. 

 

	 	7.	 Delay of Registration. No Investor shall have any right to obtain or seek an injunction restraining or
otherwise delaying any Registration or Qualification pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

 

	 	8.	 Indemnification. If any Registrable Securities are included in a registration statement or Canadian
Prospectus under Section 2 or Section 3: 

  

	 	a.	 To the extent permitted by law, the Company will indemnify and hold harmless each Participating Investor, and
the partners, members, officers, directors, and stockholders of each such Investor; legal counsel, investment advisers and accountants for each such Investor; any underwriter (as defined in the Securities Act or Canadian Securities Laws) for each
such Investor; and each Person, if any, who controls such Investor or underwriter, is controlled by such Investor or underwriter, or is jointly controlled by such Investor and any other Investors, in each case, within the meaning of the Securities
Act, the Exchange Act or Canadian Securities Laws, against any Damages, and the Company will pay to each such Investor, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Investor, underwriter, controlling Person, or other aforementioned Person expressly for
use in connection with such Registration or Qualification. 

  

	 	b.	 To the extent permitted by law, each Participating Investor, severally and not jointly, will indemnify and hold
harmless the Company, and each of its managers or directors, as applicable, each of its officers who has signed the registration statement or Canadian Prospectus, each Person (if any) who controls the Company within the meaning of the Securities
Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Investor selling securities in such registration statement or Canadian Prospectus, and any controlling Person of any such underwriter
or 

  
 11 

	 	
other Investor, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written
information furnished by or on behalf of such Participating Investor expressly for use in connection with such Registration or Qualification; and each such Participating Investor will pay to the Company and each other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in
this Section 8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Investor, which consent shall not be unreasonably withheld, conditioned or
delayed; and provided further that in no event shall the aggregate amounts payable by an Investor by way of indemnity or contribution under this Section 8(b) exceed the proceeds from the offering received by such Investor
(net of any Selling Expenses paid by such Investor), except in the case of fraud or willful misconduct by such Investor. 

  

	 	c.	 Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by
one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate
due to actual or potential conflicts of interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any
such action shall only relieve such indemnifying party of liability to the indemnified party under this Section 8 to the extent that such failure prejudices the indemnifying party’s ability to defend such action. The failure to give
notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 8. 

 

	 	d.	 To provide for just and equitable contribution to joint liability under the Securities Act or Canadian
Securities Laws in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 8 but it is judicially determined that such indemnification may not be
enforced in such case, notwithstanding the fact that this Section 8 provides for indemnification in such case, or (ii) contribution under the Securities Act or Canadian Securities Laws may be required on the part of any party hereto for
which indemnification is provided under this Section 8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others)
in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or
expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party 

  
 12 

	 	
shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in
any such case, (x) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation;
and (y) in no event shall an Investor’s liability pursuant to this Section 8(d), when combined with the amounts paid or payable by such Investor pursuant to Section 8(b), exceed the proceeds from the offering received
by such Investor (net of any Selling Expenses paid by such Investor), except in the case of willful misconduct or fraud by such Investor. 

  

	 	e.	 Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. The Company shall use commercially reasonable
efforts to include provisions in the underwriting agreement that are consistent with the foregoing provisions. 

  

	 	f.	 Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten
public offering, the obligations of the Company and Investors under this Section 8 shall survive the completion of any offering of Registrable Securities in a Registration or Qualification under Section 2 or Section 3, and otherwise
shall survive the termination of this Agreement. 

  

	 	g.	 This Section 8 shall also apply to the IPO, as if the registration and qualification of the offering and
sale of shares of Class A Stock in the IPO were undertaken pursuant to this Agreement and each of the Investors was a Participating Investor therein (it being understood and agreed, however, for the avoidance of doubt, that the IPO shall not be
deemed a Registration and/or Qualification pursuant to Section 2(b) for the purposes of the limitation set forth in Section 2(d)(ii)). 

  

	 	9.	 Reports Under Exchange Act. With a view to making available to the Investors the benefits of SEC Rule
144 and any other rule or regulation of the SEC that may at any time permit an Investor to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the
Company shall: 

  

	 	a.	 make and keep available adequate current public information, as those terms are understood and defined in SEC
Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; and 

  

	 	b.	 use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements). 

  

	 	10.	 Limitations on Subsequent Registration Rights. The Company shall not (a) grant any registration
rights to third parties which are more favorable than or inconsistent with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or
subordinates the rights expressly granted to the holders of Registrable Securities in this Agreement. 

  
 13 

	 	11.	 Lock-up Agreement. Each Investor agrees that in connection with
any registered or qualified offering of the Class A Stock or other equity securities of the Company, and upon the request of the managing underwriter in such offering, such holder shall not, without the prior written consent of such managing
underwriter, during the period commencing seven days prior to the effective date of such Registration or Qualification and ending on the date specified by such managing underwriter (such period not to exceed 90 days), (a) offer, pledge, sell,
contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or otherwise dispose of, directly or indirectly, any Registrable Securities, or (b) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction is to be settled by delivery of Registrable Securities or such other securities, in cash
or otherwise. The foregoing provisions of this Section 11 shall not apply to sales of Registrable Securities to be included in such offering pursuant to Section 2 or Section 3 hereof, and shall be applicable to the Investors only if
all officers and directors of the Company are subject to the same restrictions. Each Investor agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the managing underwriter which are consistent with the
foregoing or which are necessary to give further effect thereto. Notwithstanding anything to the contrary contained in this Section 11, each Investor shall be released, pro rata, from any lock-up
agreement entered into pursuant to this Section 11 in the event and to the extent that the managing underwriter or the Company permits any discretionary waiver or termination of the restrictions of any other
lock-up agreement pertaining to such offering. 

  

	 	12.	 Termination of Registration Rights. The right of any Investor to request registration, qualification or
inclusion of Registrable Securities in any Registration or Qualification pursuant to Section 2 or Section 3 hereof shall terminate upon such time when all of such Investor’s Registrable Securities could be sold without restriction
under SEC Rule 144 within any 90-day period. Notwithstanding the foregoing, in no event shall the rights of an Investor terminate without the prior written consent of that Investor if such Investor is a
“control person” under applicable Canadian Securities Laws and if such laws are or could be applicable to a sale of Registrable Securities by such Holder. 

 

	 	13.	 Miscellaneous. 

 

	 	a.	 Binding Effect; Successors and Assigns. This Agreement constitutes the entire agreement of the Parties
with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter. The rights under this Agreement may not be assigned without the consent of the Company, which
shall not be unreasonably withheld, conditioned or delayed in connection with a transfer of Registrable Securities to a Permitted Holder provided that (i) the Company is, within a reasonable time prior to such transfer, furnished with written
notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (ii) such transferee agrees in a written instrument delivered to the Company to be bound by and
subject to the terms and conditions of this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective heirs, administrators, executors, legal personal representatives, successors and permitted
assignees of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties hereto or their respective heirs, administrators, executors, legal personal representatives, successors and
permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

  
 14 

	 	b.	 Amendments and Waivers. Any term of this Agreement may be amended only with the written consent of the
Company and each Investor holding at least 5% of the Registrable Securities, provided that any amendment which disproportionately affects the rights or obligations of any Investor as compared to any other Investor must be approved by such
disproportionately affected Investor, and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Party or Parties that
would be adversely affected by such waiver. 

  

	 	c.	 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been given (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (iii) on
the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient; or (iv) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the addresses indicated for such
Parties on Schedule A to this Agreement (or at such other address for a Party as shall be specified in a notice given by such Party in accordance with this Section 13(c)). 

 

	 	d.	 Interpretation. In this Agreement, unless a contrary intention is clearly indicated, (a) references
to Sections are to Sections of this Agreement, (b) headings are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement, (c) the words “include”, “includes” and
“including” when used in this Agreement shall be deemed to be followed by the phrase “without limitation”, (d) the words “hereof”, “hereby” and “herein” and words of similar meaning when used in this
Agreement refer to this Agreement in its entirety and not to any particular Section or provision of this Agreement, (e) words importing the singular number only shall include the plural and vice versa and (f) words importing any gender
shall include all genders. 

  

	 	e.	 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one instrument. 

  

	 	f.	 Severability. In the event that any provision hereof would, under applicable law, be invalid or
unenforceable in any respect, the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner, to the end that the rights and obligations
contemplated hereby are fulfilled to the fullest possible extent. 

  

	 	g.	 Governing Law. This Agreement shall be governed by and construed in accordance with the domestic
substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

 

	 	h.	 Consent to Jurisdiction. Each Party, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this 

  
 15 

	 	
Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its
subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution,
that any such proceeding brought in one of the above-named courts is improper or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees neither to commence or maintain any
action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement, or relating to the subject matter hereof or thereof, other than before one of the above-named
courts, nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court
other than one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any Party is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above. Each Party hereby consents to service of process in any such proceeding in any manner
permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 13(c) hereof is reasonably calculated to give actual notice.

  

	 	i.	 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY
HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE),
INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE, WHETHER NOW EXISTING OR
HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 13(I) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY
HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 13(I) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

 

	 	j.	 Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy
accruing to any Party as a result of any breach or default by any other Party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any
similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

  
 16 

	 	k.	 Further Assurances. The Parties agree to sign such further documents, cause such meetings to be held,
resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof. 

[Signature Page Follow] 

  
 17 

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

			
	Zekelman Industries, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	   

	Alan Zekelman

  

	
	   

	Barry Zekelman

  

	
	   

	Clayton Zekelman

 [Signature Page to Registration Rights Agreement]EX-4.4

 Exhibit 4.4 

6582125 CANADA INC. (CAN HOLDCO) – FORM OF SHARE TERMS 

PART 1: AUTHORIZED CAPITAL; DEFINED TERMS 

ARTICLE 1 

AUTHORIZED CAPITAL 
 The Corporation is
authorized to issue: (a) an unlimited number of Common Shares; and (b) an unlimited number of Exchangeable Shares. 

ARTICLE 2 
 DEFINED
TERMS 
 In addition to the capitalized terms defined elsewhere in these Articles, for purposes of these Articles, the following terms have the meanings
ascribed to such terms below: 
 “Affiliate” means, when used with respect to a specified Person, another Person that, either directly or
indirectly through one or more intermediaries, Controls, is controlled by or is under common control with the specified Person; provided, however, that, for purposes of these Articles, the Initial Stockholders, the Permitted Holders, and their
respective Affiliates, shall be deemed not to be Affiliates of the U.S. Company. 
 “Articles” means these Articles of Amendment of
the Corporation, as the same may be further amended from time to time. 
 “Automatic Exchange Right” has the meaning given to such term in
the Exchange and Support Agreement. 
 “Board of Directors” means the board of directors of the Corporation, as the same may be constituted
from time to time. 
 “Brothers” means, collectively, Alan Zekelman, Barry Zekelman and Clayton Zekelman. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in
New York, New York or Toronto, Ontario. 
 “CallCo” means ●, an unlimited liability company existing under the laws of the Province
of British Columbia, and any successor thereof. 
 “Call Right Exchange” means any exchange by the U.S. Company or a Permitted Subsidiary
of MVS or SVS for Exchangeable Shares pursuant to the exercise of the Liquidation Call Right, the Retraction Call Right or the Redemption Call Right, as applicable, in accordance with these Articles and the terms of the Exchange and Support
Agreement. 
 “Call Right Exchange Consideration” means the Liquidation Consideration, the Retraction Consideration or the Redemption
Consideration, as applicable. 
 “Call Right Exchange Date” means the Liquidation Date, the Retraction Date or the Redemption Date, as
applicable. 
 “Canadian Dollar Equivalent” means, in respect of an amount expressed in a currency other than Canadian dollars (the
“Foreign Currency Amount”) at any date, the product obtained by multiplying: (a) the Foreign Currency Amount; and (b) the rate quoted by the Bank of Canada on such date for such foreign currency expressed in Canadian
dollars or, if such spot exchange rate is not available, such spot exchange rate on such date for such foreign currency expressed in Canadian dollars as may reasonably be deemed by the Board of Directors to be appropriate for such purpose. 

 “Closing Documents” means, collectively, the certificates representing the Exchangeable
Shares to be exchanged for the Liquidation Consideration, the Retraction Consideration or the Redemption Consideration, as the case may be, together with such other documents and instruments as may be required to effect a transfer of such
Exchangeable Shares under the Corporation’s governing statute (and the regulations promulgated thereunder) and these Articles, and such additional documents and instruments as the Corporation and the Transfer Agent may reasonably require. 

“Closing Procedures” means the provisions of and procedures described in Article 9. 

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

“Control” means, when used with respect to a specified Person, the possession by another Person, directly or indirectly, of the power to
direct or cause the direction of the management and policies of the specified Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlled by” and “under common control with”
have correlative meanings. 
 “Conversion Date” means the date on which all of the issued and outstanding MVS automatically convert into
SVS in accordance with the constating documents of the U.S. Company. 
 “Corporation” means 6582125 Canada Inc., a corporation existing
under the laws of Canada, and any successor thereof. 
 “Current Market Price” means, in respect of one SVS on any date, the Canadian
Dollar Equivalent of the average of the closing bid and asked prices of the SVS during a period of 20 consecutive trading days ending not more than three trading days before such date on the New York Stock Exchange or, if the SVS are not then listed
on the New York Stock Exchange, on such other stock exchange or automated quotation system on which the SVS are listed or quoted, as the case may be, as may be selected by the U.S. Company Board for such purpose; provided, however, that if in the
opinion of the Board of Directors the public distribution or trading activity of SVS during such period does not create a market which reflects the fair market value of one SVS, then the “Current Market Price” of one SVS shall be
determined by the Board of Directors, in good faith and in its reasonable discretion. 
 “Exchange and Support Agreement” means the
Exchange and Support Agreement by and among the U.S. Company, CallCo, the Corporation and the holders of Exchangeable Shares dated as of ●, 2018, as amended, supplemented or restated from time to time in accordance with the terms thereof. 

“Exchange Amount” means, in respect of an Exchangeable Share, at any particular time, the Current Market Price of one SVS, as adjusted for
Stock Splits at that time, plus the full amount of any Outstanding Dividend Amount at that time. 
 “Exchange Right” has the meaning given
to such term in the Exchange and Support Agreement. 
 “Exchange Right Consideration” has the meaning given to such term in the Exchange
and Support Agreement. 
 “Exchangeable Shares” mean the Exchangeable Shares in the capital of the Corporation. 

“Holder Exchange” means any acquisition by the Corporation of Exchangeable Shares pursuant to Section 6.1, Section 7.1 or
Section 8.1. 
 “Holder Exchange Consideration” means the Liquidation Consideration, the Retraction Consideration or the Redemption
Consideration, as applicable. 

  
 - 2 - 

 “Holder Exchange Date” means the Liquidation Date, the Retraction Date or the Redemption
Date, as applicable. 
 “Immediate Family Members” means, with respect to any Brother, collectively: (a) his spouse, common law
partner, children and other descendants; (b) each spouse or common law partner of any of the individuals referred to in (a); (c) any trust created solely for the benefit of such Brother and/or one or more of the individuals referred to in
(a) and (b); and (d) each legal representative of such Brother or of any of the Persons referred to in (a), (b) and (c). 
 “Initial
Stockholders” means [CP] and 1156676 Ontario Ltd. 
 “IPO” means the initial public offering of certain shares in
the capital of the U.S. Company and the transactions to be effected in connection therewith. 
 “IPO Exchange and Secondary Offering”
means, collectively, (a) the exchange of a portion of the originally issued Exchangeable Shares for SVS in accordance with the terms hereof and the Exchange and Support Agreement, and (b) the secondary offering of such SVS, in each case,
in connection with the IPO. 
 “Lien” means any lien, claim, encumbrance, security interest or adverse claim. 

“MVS” means the shares of Class B multiple voting stock in the capital of the U.S. Company. 

“Outstanding Dividend Amount” means, in respect of an Exchangeable Share, an amount equivalent to the full value of all declared and unpaid
dividends on such Exchangeable Share on the applicable date, including any dividends required to be paid on such Exchangeable Share pursuant to the Exchange and Support Agreement; provided, that the “Outstanding Dividend Amount” in respect
of an Exchangeable Share shall not include the amount of any declared and unpaid dividends on such Exchangeable Share for which the record date has not occurred as of the applicable date. 

“Permitted Holders” means, collectively: (a) the Brothers; (b) the Immediate Family Members of each Brother; and (c) any
Person controlled, directly or indirectly, by any of the Persons referred to in (a) and (b). For the avoidance of doubt, “Permitted Holders” includes 1156676 Ontario Ltd., a corporation existing under the laws of the Province of
Ontario, and its Subsidiaries. 
 “Permitted Subsidiary” means: (a) CallCo; or (b) any other Subsidiary of the U.S. Company
(other than the Corporation) designated by the U.S. Company to (i) exercise the Liquidation Call Right, the Retraction Call Right or the Redemption Call Right, as applicable, or (ii) be subject to the obligations of any Exchange Right
exercised by a holder of Exchangeable Shares or the Automatic Exchange Right (provided, that, prior to or in connection with any such designation, such Subsidiary becomes a party to, and agrees to be bound by all of the obligations of CallCo under,
the Exchange and Support Agreement). 
 “Person” means any natural person, corporation, limited partnership, general partnership, limited
liability company, joint stock company, joint venture, association, company, trust or other organization, or any governmental authority. 
 “Put
Right Exchange” means any exchange by the U.S. Company or a Permitted Subsidiary of MVS or SVS for Exchangeable Shares pursuant to the exercise of the Liquidation Put Right, the Retraction Put Right or the Redemption Put Right, as
applicable, in accordance with these Articles and the terms of the Exchange and Support Agreement. 
 “Put Right Exchange Consideration”
means the Liquidation Consideration, the Retraction Consideration or the Redemption Consideration, as applicable. 

  
 - 3 - 

 “Put Right Exchange Date” means the Liquidation Date, the Retraction Date or the Redemption
Date, as applicable. 
 “Redemption Date” means: (a) the date, if any, established by the Board of Directors for the redemption by the
Corporation of the Exchangeable Shares pursuant to Section 8.1, which date shall be no earlier than [●, 2058]; or (b) the earlier of the following dates: 

 

	(i)	 subject to Section 3.8 of the Exchange and Support Agreement, the effective date in respect of a U.S.
Company Sale; and 

  

	(ii)	 the date upon which less than ● Exchangeable Shares are issued and outstanding, as that number shall be
adjusted to give effect to any stock splits, consolidations or stock dividends after the adoption of these Articles. 

 “Stock
Split” means, in respect of the MVS or SVS: 
  

	(a)	 the subdivision of such shares into a greater number (other than by way of a dividend described in
Section 5.1); or 

  

	(b)	 the consolidation of such shares into a smaller number; 

and “as adjusted for Stock Splits” means, in relation to a specific number of MVS or SVS, such number of such shares multiplied by a
fraction: 
  

	(a)	 the numerator of which is the number of such shares outstanding immediately prior to a Stock Split; and

  

	(b)	 the denominator of which is the number of such shares outstanding immediately after the Stock Split.

 “Subsidiary” of any Person means a Person Controlled by: (a) such first Person; (b) such first Person and
one or more Persons each of which is Controlled by such first Person; or (c) two or more Persons each of which is Controlled by such first Person. 

“SVS” means the shares of Class A subordinate voting stock in the capital of the U.S. Company. 

“Tax Act” means the Income Tax Act (Canada). 

“Transfer” means any sale, transfer, exchange, assignment, gift, bequest, disposition, mortgage, charge, pledge, grant of Lien or other
arrangement by which possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntarily and whether or not for value, and any agreement to effect any of the
foregoing; provided, that the exchange or redemption of any Exchangeable Shares under the terms of these Articles and the Exchange and Support Agreement shall not constitute a “Transfer”. Notwithstanding the foregoing, pledging of
Exchangeable Shares by a holder of Exchangeable Shares that creates a mere security interest in such Exchangeable Shares pursuant to a bona fide loan or indebtedness transaction for so long as such holder of Exchangeable Shares continues to exercise
voting control over such pledged Exchangeable Shares shall not constitute a “Transfer”; provided, however, that a foreclosure on such shares or other similar action by the pledgee will constitute a “Transfer”. 

“Transfer Agent” means Computershare Investor Services Inc. or such other Person as may from time to time be appointed by the Corporation as
the registrar and transfer agent for the Exchangeable Shares. 
 “U.S. Company” means Zekelman Industries, Inc., a corporation existing
under the laws of the State of Delaware, and any successor thereof. 

  
 - 4 - 

 “U.S. Company Board” means the board of directors of the U.S. Company, as the same may be
constituted from time to time. 
 “U.S. Company Dividend Declaration Date” means the date on which the U.S. Company Board declares any
dividend on the U.S. Company Declared Shares. 
 “U.S. Company Preferred Stock” means any shares of preferred stock (non-voting) in the capital of the U.S. Company. 
 “U.S. Company Sale” means any transaction (or
series of related transactions) as a result of which one or more Persons or groups of Persons (other than the Initial Stockholders, the Permitted Holders or any of their respective Affiliates) acquires: (a) SVS representing, in the aggregate,
greater than fifty percent (50%) of the votes entitled (if exercised) to elect a majority of the directors on the U.S. Company Board, whether such transaction (or series of related transactions) is effected by merger, consolidation,
recapitalization, sale or transfer of the U.S. Company’s equity or otherwise; or (b) all or substantially all of the assets of the U.S. Company and its Subsidiaries, taken as a whole, whether such transaction (or series of related
transactions) is effected by sale, license, lease, disposition or otherwise. 
 PART 2: EXCHANGEABLE SHARES 

The rights, privileges, restrictions and conditions of the Exchangeable Shares are as set out below. 

ARTICLE 3 
 RANKING
OF EXCHANGEABLE SHARES 
 The Exchangeable Shares shall be entitled to a preference over the Common Shares (and any other shares ranking junior to the
Exchangeable Shares) with respect to the payment of dividends, and the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or
any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs. 

ARTICLE 4 
 VOTING

 Section 4.1 Non-Voting 

Except as required by applicable law or by Section 4.2, the holders of Exchangeable Shares are not entitled as such to receive notice of or to attend any
meeting of the shareholders of the Corporation or to vote at any such meeting. 
 Section 4.2 Amendment and Approval Requirements 

 

	(a)	 The rights and privileges attaching to the Exchangeable Shares may be removed or changed, and the restrictions
and conditions attaching to the Exchangeable Shares may be added to or changed, only with the approval of holders of at least 662/3% of the issued and outstanding Exchangeable Shares, excluding
for this purpose any Exchangeable Shares held by the U.S. Company or any of its Affiliates (“Exchangeable Shareholder Approval”); provided, that any adjustment to the number of MVS or SVS into which an Exchangeable Share is
exchangeable (which initially is one) made by the Board of Directors, acting in good faith, in accordance with Section 3.7 of the Exchange and Support Agreement to reflect the effect of any event in order to maintain the required economic
equivalence with respect to the MVS and/or SVS, on the one hand, and the Exchangeable Shares, on the other hand, shall not require Exchangeable Shareholder Approval. 

  
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	(b)	 For purposes of these Articles, where an action is to be taken by holders of the Exchangeable Shares, in
addition to the requirements of applicable law, if any, such action may be taken if the requisite number of such holders: (i) agree in writing; or (ii) pass a resolution to such effect at a duly constituted meeting of such holders, voting
as a single class. 

 ARTICLE 5 

DIVIDENDS 
 Section 5.1 Dividends
on MVS and SVS 
 If a dividend is declared on the MVS and SVS (prior to the Conversion Date) or on the SVS (from and after the Conversion Date) (the
“U.S. Company Declared Shares”), then on such U.S. Company Dividend Declaration Date, the Board of Directors shall, subject to applicable law, declare a dividend on each Exchangeable Share: 

 

	(a)	 Cash Dividends – in the case of a cash dividend declared on the U.S. Company Declared Shares, in an
amount in cash for each Exchangeable Share in U.S. dollars equal to the cash dividend declared on each U.S. Company Declared Share; 

  

	(b)	 Stock Dividends – in the case of a stock dividend declared on any U.S. Company Declared Shares to
be paid in MVS or SVS, by the issue or transfer by the Corporation of such number of Exchangeable Shares for each Exchangeable Share as is equal to the number of MVS or SVS, as applicable, to be paid on each U.S. Company Declared Share as a result
of such stock dividend unless, in lieu of such stock dividend, the Corporation elects (at the discretion of the Board of Directors in accordance with the Exchange and Support Agreement) to effect a corresponding and contemporaneous and economically
equivalent subdivision of the issued and outstanding Exchangeable Shares; and 

  

	(c)	 Other Property Dividends – in the case of a dividend declared on the U.S. Company Declared Shares
in property other than cash, MVS or SVS (including U.S. Company Preferred Stock, and rights, options or warrants to purchase additional MVS, SVS and/or U.S. Company Preferred Stock), in such type and amount of property for each Exchangeable Share as
is the same as or economically equivalent to (at the discretion of the Board of Directors in accordance with the Exchange and Support Agreement) the type and amount of property declared as a dividend on each U.S. Company Declared Share.

 Section 5.2 Record Date for Dividends 

The record date for the determination of the holders of Exchangeable Shares entitled to receive payment of, and the payment date for, any dividend declared on
the Exchangeable Shares under Section 5.1 shall be the same dates as the record date and payment date, respectively, for the corresponding dividend declared on the U.S. Company Declared Shares. The record date for the determination of the
holders of Exchangeable Shares entitled to receive Exchangeable Shares in connection with any subdivision of the Exchangeable Shares under Section 5.1(b), and the effective date of any such subdivision, shall be the same dates as the record and
payment date, respectively, for the corresponding stock dividend declared on the U.S. Company Declared Shares. 
 Section 5.3 Payment 

 

	(a)	 Cash Dividends – Cheques of the Corporation payable at par at any branch of the bankers of the
Corporation shall be issued in respect of any cash dividends contemplated by Section 5.1(a), and the sending of such a cheque to each holder of Exchangeable Shares shall satisfy the cash dividend represented thereby unless the cheque is not
paid on presentation. No holder of Exchangeable Shares shall be entitled to recover by action or other legal process against the Corporation any dividend represented by a cheque that has not been duly presented to the Corporation’s bankers for
payment or that otherwise remains unclaimed for a period of six years from the date on which such dividend was payable. 

  
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	(b)	 Stock Dividends – Satisfaction by the Corporation of the issue or transfer of Exchangeable Shares
as contemplated by Section 5.1(b) shall be made by delivery to each holder of Exchangeable Shares, at the address of the holder recorded in the securities register of the Corporation or by holding for pick up by the holder at the registered
office of the Corporation, of certificates representing Exchangeable Shares (which shares shall be duly issued, fully paid and non-assessable, and free and clear of any Lien). 

 

	(c)	 Other Property Dividends – Such other type and amount of property in respect of any dividends
contemplated by Section 5.1(c) shall be issued, distributed or transferred by the Corporation in such manner as it shall reasonably determine, and the issuance, distribution or transfer thereof by the Corporation to each holder of Exchangeable
Shares shall satisfy the dividend represented thereby. 

 Section 5.4 Subsequent Payment of Dividends 

If on any payment date for any dividends declared on the Exchangeable Shares under Section 5.1 the dividends are not paid in full on all of the issued and
outstanding Exchangeable Shares, any such dividends that remain unpaid are to be paid on a subsequent date or dates determined by the Board of Directors on which the Corporation has sufficient money, assets or property properly available for the
payment of such dividends. 
 Section 5.5 No Other Dividends 

Other than as set out in Section 5.1 (including, for the avoidance of doubt, as contemplated in the Exchange and Support Agreement), or except with prior
approval of the U.S. Company and with Exchangeable Shareholder Approval, holders of Exchangeable Shares are not entitled to receive dividends. 

Section 5.6 Eligible Dividends 
 Any dividends paid
or deemed to be paid on the Exchangeable Shares shall be designated as “eligible dividends” for purposes of the Tax Act to the maximum extent permitted by applicable law without causing the Corporation to be subject to tax under
subsection 185.1(1) of the Tax Act. 
 ARTICLE 6 

LIQUIDATION 
 Section 6.1 Rights on
Liquidation 
 Upon the liquidation, dissolution or winding-up of the Corporation, or any other distribution of
the assets of the Corporation among its shareholders for the purpose of winding up its affairs (each, a “Liquidation Event”), each holder of Exchangeable Shares shall be entitled, subject to applicable law, the Liquidation Call
Right and the Liquidation Put Right, to receive from the assets of the Corporation in respect of each Exchangeable Share held by such holder on the effective date of such Liquidation Event (the “Liquidation Date”) before any
distribution of any part of the assets of the Corporation among the holders of the Common Shares (or any other shares of the Corporation ranking junior to the Exchangeable Shares), an amount per Exchangeable Share equal to the Exchange Amount
calculated as of the last Business Day prior to the Liquidation Date, which Exchange Amount per Exchangeable Share shall be paid and satisfied in full by the Corporation causing to be delivered to such holder on the Liquidation Date:
(a) (i) if the Liquidation Date occurs prior to the Conversion Date, one MVS or, if such holder elects by delivering to the Corporation written notice prior to the exercise by the U.S. Company or a Permitted Subsidiary of the Liquidation
Call Right pursuant to Section 6.3, one SVS, or (ii) if the Liquidation Date occurs on or after the Conversion Date, one SVS, in each case, as adjusted for Stock Splits; and (b) an amount equal to the Outstanding Dividend Amount
calculated as of the Liquidation Date (collectively, the “Liquidation Consideration”). 

  
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 Section 6.2 Method of Distribution on Liquidation 

 

	(a)	 On or before the Liquidation Date, and subject to the exercise by the U.S. Company or a Permitted Subsidiary of
the Liquidation Call Right or the exercise by the holder of the Liquidation Put Right, the Corporation shall cause to be delivered to the holders of the Exchangeable Shares the Liquidation Consideration for each Exchangeable Share upon presentation
and surrender of the Closing Documents pursuant to the Closing Procedures. 

  

	(b)	 After the Corporation has satisfied its obligation to pay to all of the holders of Exchangeable Shares the
Liquidation Consideration pursuant to Section 6.1, such holders shall not be entitled to share in any further distribution of the assets of the Corporation in connection with the Liquidation Event. 

Section 6.3 Liquidation Call Right 
  

	(a)	 Upon a Liquidation Event, the U.S. Company or a Permitted Subsidiary shall have the overriding right, and,
where the Corporation has not paid each holder of Exchangeable Shares the Liquidation Consideration pursuant to Section 6.1, the obligation (the “Liquidation Call Right”), to exchange with all (but not less than all) of the
holders of Exchangeable Shares (other than the U.S. Company or any of its Subsidiaries), on the Liquidation Date, all (but not less than all) of the Exchangeable Shares held by each such holder for consideration per Exchangeable Share equal to the
Liquidation Consideration for such Exchangeable Shares. 

  

	(b)	 To exercise the Liquidation Call Right, the U.S. Company or a Permitted Subsidiary must notify the holders of
Exchangeable Shares of its intention to exercise such right at least 10 days before the Liquidation Date. 

  

	(c)	 If the U.S. Company or a Permitted Subsidiary exercises the Liquidation Call Right, then, on the Liquidation
Date, the U.S. Company or a Permitted Subsidiary shall acquire, and the holders of Exchangeable Shares shall transfer to the U.S. Company or a Permitted Subsidiary, all of the then issued and outstanding Exchangeable Shares for consideration equal
to the Liquidation Consideration for each such Exchangeable Share against presentation and surrender of the Closing Documents pursuant to the Closing Procedures. 

Section 6.4 Liquidation Put Right 
  

	(a)	 Upon a Liquidation Event, provided that the U.S. Company or a Permitted Subsidiary has not exercised the
Liquidation Call Right, each holder of Exchangeable Shares shall have the right to require the U.S. Company or a Permitted Subsidiary to purchase from such holder, on the Liquidation Date, all (but not less than all) of the Exchangeable Shares held
by such holder for consideration per Exchangeable Share equal to the Liquidation Consideration for such Exchangeable Shares (the “Liquidation Put Right”). 

 

	(b)	 To exercise the Liquidation Put Right, a holder of Exchangeable Shares must notify the U.S. Company of its
intention to exercise such right before the Liquidation Date. 

  

	(c)	 If the Liquidation Put Right is exercised by a holder of Exchangeable Shares, then, on the Liquidation Date,
the U.S. Company or a Permitted Subsidiary shall acquire, and such holder of Exchangeable Shares shall transfer to the U.S. Company or a Permitted Subsidiary, all (but not less than all) of the Exchangeable Shares held by such holder for
consideration equal to the Liquidation Consideration for each such Exchangeable Share against presentation and surrender of the Closing Documents pursuant to the Closing Procedures. 

  
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 Section 6.5 Solvency Restrictions 

Notwithstanding any other provision of these Articles, the Corporation shall not be obligated to deliver any Liquidation Consideration to the extent that the
delivery of the Liquidation Consideration with respect to all of the then issued and outstanding Exchangeable Shares would be contrary to applicable law. 

ARTICLE 7 

RETRACTION 
 Section 7.1 Retraction
of Exchangeable Shares by Holder 
 A holder of Exchangeable Shares shall be entitled at any time, subject to the exercise by the U.S. Company or a
Permitted Subsidiary of the Retraction Call Right and the Retraction Put Right and otherwise upon compliance with the provisions of this Article 7, to require the Corporation to redeem any or all of the Exchangeable Shares registered in the
name of such holder for an amount per Exchangeable Share equal to the Exchange Amount calculated as of the last Business Day prior to the Retraction Date, which Exchange Amount per Exchangeable Share shall be paid and satisfied in full by the
Corporation causing to be delivered to such holder on the Retraction Date: (a) (i) if the Retraction Date occurs prior to the Conversion Date, one MVS or, if such holder elects in the Retraction Request, one SVS, or (ii) if the Retraction
Date occurs on or after the Conversion Date, one SVS, in each case, as adjusted for Stock Splits; and (b) an amount equal to the Outstanding Dividend Amount calculated as of the Retraction Date (collectively, the “Retraction
Consideration”). 
 Section 7.2 Retraction Request by Holders 

To effect the redemption contemplated in Section 7.1, a holder must deliver to the Corporation, in accordance with the Closing Procedures, the Closing
Documents together with a duly executed statement in the form of Appendix A attached to these Articles (the “Retraction Request”): 
  

	(a)	 specifying that such holder desires to have all, or any number specified in the Retraction Request, of the
Exchangeable Shares held by such holder (the “Retracted Shares”) redeemed by the Corporation; 

  

	(b)	 specifying that such holder desires to have all or any number of the Retracted Shares redeemed in exchange for
SVS, if applicable; 

  

	(c)	 stating the Business Day on which the holder desires to have the Corporation redeem the Retracted Shares (the
“Retraction Date”); provided, that: 

  

	 	(i)	 the Retraction Date may not be less than five Business Days nor more than 15 Business Days after the date on
which the Retraction Request is received by the Corporation; and 

  

	 	(ii)	 if no such Business Day is specified by the holder in the Retraction Request, the Retraction Date shall be the
15th Business Day after the date on which the Retraction Request is received by the Corporation; and 

  

	(d)	 acknowledging, subject to the holder revoking the Retraction Request in the manner specified in
Section 7.9, the Retraction Call Right of the U.S. Company or a Permitted Subsidiary. 

  
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 Section 7.3 Retraction Call Right 

If a holder of Exchangeable Shares delivers a Retraction Request to the Corporation, the U.S. Company or a Permitted Subsidiary has the overriding right, and,
where the Corporation has not redeemed the Retracted Shares pursuant to Section 7.1, the obligation (the “Retraction Call Right”), to exchange with such holder all (but not less than all) the Retracted Shares held by such
holder for an exchange price per Exchangeable Share equal to the Retraction Consideration on the terms and conditions set out in Section 7.4. 

Section 7.4 Exercise of Retraction Call Right 
  

	(a)	 Upon receipt by the Corporation of a Retraction Request, the Corporation shall immediately notify the U.S.
Company of such receipt. 

  

	(b)	 In order to exercise the Retraction Call Right, the U.S. Company or a Permitted Subsidiary must deliver notice
to the holder of its determination to do so (the “Exchange Notice”) within five Business Days of the Corporation’s receipt of the Retraction Request. 

 

	(c)	 If the U.S. Company or a Permitted Subsidiary delivers an Exchange Notice within such five Business Day period,
and, provided, that the Retraction Request is not revoked by such holder in the manner specified in Section 7.9: 

  

	 	(i)	 the Retraction Request shall thereupon be considered only to be an offer by the holder to sell the Retracted
Shares to the U.S. Company or a Permitted Subsidiary in accordance with the Retraction Call Right; 

  

	 	(ii)	 such offer shall be deemed to be accepted by the U.S. Company or a Permitted Subsidiary, as applicable;

  

	 	(iii)	 the Corporation shall not redeem the Retracted Shares; and 

 

	 	(iv)	 the U.S. Company or a Permitted Subsidiary, as applicable, shall purchase from such holder, and such holder
shall sell to the U.S. Company or a Permitted Subsidiary, as applicable, on the Retraction Date the Retracted Shares for a purchase price per Retracted Share equal to the Retraction Consideration for the Retracted Shares against presentation and
surrender of Closing Documents pursuant to the Closing Procedures. 

 Section 7.5 Retraction Put Right 

 

	(a)	 If a holder of Exchangeable Shares delivers a Retraction Request to the Corporation, provided that (i) the
U.S. Company or a Permitted Subsidiary has not exercised the Retraction Call Right and (ii) the Retraction Request is not revoked by such holder in the manner specified in Section 7.9, such holder of Exchangeable Shares shall have the
right to require the U.S. Company or a Permitted Subsidiary to purchase from such holder, on the Retraction Date, the Retracted Shares for consideration per Retracted Share equal to the Retraction Consideration for such Retracted Shares (the
“Retraction Put Right”). 

  

	(b)	 To exercise the Retraction Put Right, a holder of Exchangeable Shares must notify the U.S. Company and the
Corporation of its intention to exercise such right at any time prior to the closing of the redemption of the Retracted Shares contemplated in the Retraction Request. 

 

	(c)	 If the Retraction Put Right is exercised by a holder of Exchangeable Shares and, provided, that the Retraction
Request is not revoked by such holder in the manner specified in Section 7.9, then, on the Retraction Date, the U.S. Company or a Permitted Subsidiary shall acquire, and such holder of Exchangeable Shares shall transfer to the U.S. Company or a
Permitted Subsidiary, all (but not less than all) of the Retracted Shares for consideration equal to the Retraction Consideration for each such Retracted Share against presentation and surrender of the Closing Documents pursuant to the Closing
Procedures. 

  
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 Section 7.6 Redemption by the Corporation 

If the U.S. Company or a Permitted Subsidiary does not deliver an Exchange Notice to the holder within the five Business Day period contemplated in
Section 7.4(b), and if the Retraction Request is not revoked by the holder in the manner specified in Section 7.9 and the holder has not exercised the Retraction Put Right, the Corporation will cause to be delivered on the Retraction Date
to the holder the Retraction Consideration for each Retracted Share against presentation and surrender of the Closing Documents pursuant to the Closing Procedures. 

Section 7.7 Solvency Restrictions 
  

	(a)	 Notwithstanding any other provision of these Articles, the Corporation shall not be obligated to redeem
Retracted Shares specified by a holder in a Retraction Request pursuant to this Article 7 to the extent that such redemption of Retracted Shares would be contrary to solvency requirements or any other provision of applicable law.

  

	(b)	 If the Corporation believes that on any Retraction Date it would not be permitted by solvency requirements or
any other provision of applicable law to redeem the Retracted Shares tendered for redemption on the Retraction Date, and if the U.S. Company or a Permitted Subsidiary has not exercised the Retraction Call Right, or the holder has not exercised the
Retraction Put Right, with respect to the Retracted Shares, the Corporation shall be obligated to redeem Retracted Shares specified by the holder in the Retraction Request only to the extent of the maximum number of Retracted Shares (rounded down to
a whole number) as would not be contrary to solvency requirements or any other provision of applicable law, and the Corporation shall notify the holder at least two Business Days prior to the Retraction Date as to the number of Retracted Shares that
will not be redeemed by the Corporation. 

  

	(c)	 In any case in which the redemption by the Corporation of Retracted Shares would be contrary to solvency
requirements or other provisions of applicable law, the Corporation shall: (i) redeem Retracted Shares in accordance with these Articles on a pro rata basis; and (ii) issue to the holder of Retracted Shares a new certificate, at the
expense of the Corporation, representing the Retracted Shares not redeemed by the Corporation. 

 Section 7.8 Exchange Right with
the U.S. Company or a Permitted Subsidiary 
 If the Retraction Request is not revoked by the holder in the manner specified in Section 7.9, the
holder of any Retracted Shares that are not redeemed by the Corporation, or exchanged or purchased by the U.S. Company or a Permitted Subsidiary, as applicable, is deemed, by the delivery of the Retraction Request to the Corporation, to require the
U.S. Company or a Permitted Subsidiary to purchase such Retracted Shares from such holder on the Retraction Date (or as soon as practicable thereafter) for a purchase price per Retracted Share to be satisfied in full by the U.S. Company or a
Permitted Subsidiary delivering to such holder the applicable Exchange Right Consideration for each Retracted Share, all as more specifically provided in the Exchange and Support Agreement. 

Section 7.9 Revocability 
 A holder of Retracted
Shares may, by notice in writing given by such holder to the Corporation at any time prior to the closing of the redemption of the Retracted Shares contemplated in the Retraction Request, withdraw such Retraction Request, in which case such
Retraction Request shall be null and void and, for greater certainty, each of (a) the revocable offer constituted by the Retraction Request to sell the Retracted Shares to the U.S. Company or a Permitted Subsidiary, and (b) any exercise of
the Retraction Put Right, as applicable, shall be deemed to have been revoked. 

  
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 ARTICLE 8 

REDEMPTION 
 Section 8.1 Redemption
of Exchangeable Shares by the Corporation 
 Subject to applicable law, and so long as (a) neither the U.S. Company nor a Permitted Subsidiary has
exercised the Redemption Call Right, and (b) all holders of Exchangeable Shares have not exercised the Redemption Put Right, the Corporation shall on the Redemption Date redeem all (but not less than all) of the then issued and
outstanding Exchangeable Shares (other than those held by the U.S. Company or any of its Subsidiaries and those in respect of which holders have exercised the Redemption Put Right) for an amount per Exchangeable Share equal to the Exchange Amount
for such Exchangeable Share calculated as of the last Business Day prior to the Redemption Date, which Exchange Amount per Exchangeable Share shall be paid and satisfied in full by the Corporation causing to be delivered to each holder of
Exchangeable Shares on the Redemption Date: (i) (A) if the Redemption Date occurs prior to the Conversion Date, one MVS or, if such holder elects by delivering to the Corporation written notice not less than five (5) Business Days
prior to the Redemption Date, one SVS, or (B) if the Redemption Date occurs on or after the Conversion Date, one SVS, in each case, as adjusted for Stock Splits; and (ii) an amount equal to the Outstanding Dividend Amount calculated as of
the Redemption Date (collectively, the “Redemption Consideration”). 
 Section 8.2 Notice of Redemption by Corporation 

 

	(a)	 Prior to a redemption of Exchangeable Shares under this Article 8, the Corporation shall send or cause to be
sent to each holder of Exchangeable Shares a notice in writing of the redemption by the Corporation, or the purchase by the U.S. Company or a Permitted Subsidiary pursuant to the Redemption Call Right, as the case may be, of the Exchangeable Shares
held by such holder: 

  

	 	(i)	 in the case of a Redemption Date established in connection with a U.S. Company Sale, on as many days’
prior written notice as may be determined by the Board of Directors to be reasonably practicable in the circumstances; and 

  

	 	(ii)	 in any other case, at least 10 days before the Redemption Date. 

 

	(b)	 The notice contemplated in Section 8.2(a) must set out the Redemption Consideration, the Redemption Date
and, if applicable, particulars of the Redemption Call Right. 

 Section 8.3 Delivery of Redemption Consideration 

On the Redemption Date, subject to the exercise by the U.S. Company or a Permitted Subsidiary of the Redemption Call Right and the exercise by any holder of
the Redemption Put Right, the Corporation shall cause to be delivered to the holders of the Exchangeable Shares to be redeemed the Redemption Consideration for each such Exchangeable Share, upon presentation and surrender of the Closing Documents
pursuant to the Closing Procedures. 
 Section 8.4 Redemption Call Right 

The U.S. Company or a Permitted Subsidiary shall have the overriding right, and, where the Corporation has not redeemed the Exchangeable Shares pursuant to
Section 8.1, the obligation (the “Redemption Call Right”), notwithstanding the proposed redemption of the Exchangeable Shares by the Corporation pursuant to Section 8.1, to exchange with all (but not less than all) of the
holders of Exchangeable Shares (other than the U.S. Company or any of its Subsidiaries), on the Redemption Date, all (but not less than all) of the Exchangeable Shares held by each such holder for consideration per Exchangeable Share

  
 - 12 - 

 
equal to the Redemption Consideration. Upon the exercise of the Redemption Call Right by the U.S. Company or a Permitted Subsidiary, each holder must exchange all of the Exchangeable Shares held
by the holder with the U.S. Company or a Permitted Subsidiary on the Redemption Date upon delivery by the U.S. Company or a Permitted Subsidiary to the holder of the Redemption Consideration. 

Section 8.5 Exercise of Redemption Call Right 
  

	(a)	 The Corporation shall notify the U.S. Company of a Redemption Date at least ten Business Days prior to the
Redemption Date (except in respect of a Redemption Date established in connection with a U.S. Company Sale, in which case the Corporation shall so notify the U.S. Company with as much prior notice as is determined by the Board of Directors to be
reasonably practicable in the circumstances). 

  

	(b)	 To exercise the Redemption Call Right, the U.S. Company or a Permitted Subsidiary must notify the holders of
Exchangeable Shares of its intention to exercise such right at least five Business Days before the Redemption Date (except in respect of a Redemption Date established in connection with a U.S. Company Sale, in which case the U.S. Company or a
Permitted Subsidiary shall so notify the holders of Exchangeable Shares with as much prior notice as is determined by the U.S. Company Board to be reasonably practicable in the circumstances). 

 

	(c)	 If the U.S. Company or a Permitted Subsidiary exercises the Redemption Call Right, then, on the Redemption
Date, the U.S. Company or a Permitted Subsidiary, as applicable, shall purchase, and the holders of Exchangeable Shares shall sell to the U.S. Company or a Permitted Subsidiary, as applicable, all of the then issued and outstanding Exchangeable
Shares for an amount per Exchangeable Share equal to the Redemption Consideration for each such Exchangeable Share against presentation and surrender of the Closing Documents pursuant to the Closing Procedures. 

 

	(d)	 If a Redemption Date results from a U.S. Company Sale, the exchange shall be effective only upon, and shall be
conditional upon, the closing of the transaction (or series of related transactions) constituting the U.S. Company Sale and only to the extent necessary to enable the holders of Exchangeable Shares to participate in the U.S. Company Sale on an
economically equivalent basis to the holders of SVS. 

 Section 8.6 Redemption Put Right 

 

	(a)	 Provided that the U.S. Company or a Permitted Subsidiary has not exercised the Redemption Call Right, each
holder of Exchangeable Shares shall have the right to require the U.S. Company or a Permitted Subsidiary to purchase from such holder, on the Redemption Date, all (but not less than all) of the Exchangeable Shares held by such holder for
consideration per Exchangeable Share equal to the Redemption Consideration for such Exchangeable Shares (the “Redemption Put Right”). 

  

	(b)	 To exercise the Redemption Put Right, a holder of Exchangeable Shares must notify the U.S. Company of its
intention to exercise such right prior to the Redemption Date. 

  

	(c)	 If the Redemption Put Right is exercised by a holder of Exchangeable Shares, then, on the Redemption Date, the
U.S. Company or a Permitted Subsidiary shall acquire, and such holder of Exchangeable Shares shall transfer to the U.S. Company or a Permitted Subsidiary, all (but not less than all) of the Exchangeable Shares held by such holder for consideration
equal to the Redemption Consideration for each such Exchangeable Share against presentation and surrender of the Closing Documents pursuant to the Closing Procedures. 

  
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 Section 8.7 Exchange Right with the U.S. Company or a Permitted Subsidiary 

The holder of any Exchangeable Shares that are not redeemed by the Corporation, or exchanged or purchased by the U.S. Company or a Permitted Subsidiary, as
applicable, is deemed to require the U.S. Company or a Permitted Subsidiary to purchase such Exchangeable Shares from such holder on the Redemption Date (or as soon as practicable thereafter) for a purchase price per Exchangeable Share to be
satisfied in full by the U.S. Company or a Permitted Subsidiary delivering to such holder the applicable Exchange Right Consideration for each Exchangeable Share, all as more specifically provided in the Exchange and Support Agreement. 

Section 8.8 Solvency Restrictions 
 Notwithstanding
any other provision of these Articles, the Corporation is not obligated to redeem any Exchangeable Shares pursuant to this Article 8 to the extent that the redemption of all of the then issued and outstanding Exchangeable Shares would be
contrary to solvency requirements or any other provision of applicable law. 
 ARTICLE 9 

CLOSING PROCEDURES 
 Section 9.1
Holder Exchange 
  

	(a)	 For purposes of completing an exchange of Exchangeable Shares pursuant to a Holder Exchange, the Corporation
shall cause to be delivered to the holder of Exchangeable Shares subject to the Holder Exchange the Holder Exchange Consideration against presentation and surrender of the Closing Documents. 

 

	(b)	 Satisfaction by the Corporation of the aggregate Holder Exchange Consideration shall be made by delivery to
each applicable holder, at the address of such holder recorded in the securities register of the Corporation or by holding for pick up by such holder at the registered office of the Corporation, the MVS or SVS to which such holder is entitled, as
applicable (which shares shall be duly issued as fully paid and non-assessable, and free and clear of any Lien), either in the form of certificates representing the MVS or SVS, as applicable, or, in whole or
in part, in book-entry form through the direct registration system, and, if applicable, a cheque of the Corporation payable at par at any branch of the bankers of the Corporation totalling the cash portion of any Outstanding Dividend Amount (less
any tax required to be deducted and withheld from the total Holder Exchange Consideration by the Corporation) without interest. 

  

	(c)	 On and after the Holder Exchange Date, the Exchangeable Shares subject to the Holder Exchange shall cease to be
outstanding, and such holders shall cease to be holders of the Exchangeable Shares subject to the Holder Exchange and shall not be entitled to exercise any of the rights of holders in respect thereof, other than the right to receive their
proportionate part of the total Holder Exchange Consideration, unless delivery of the total Holder Exchange Consideration for such Exchangeable Shares is not made upon presentation and surrender of share certificates in accordance with the foregoing
provisions, in which case the rights of such holders shall remain unaffected until the total Holder Exchange Consideration has been paid. 

  

	(d)	 The Corporation may, at any time on or after the Holder Exchange Date, deposit or cause to be deposited the
total Holder Exchange Consideration in respect of the Exchangeable Shares represented by certificates subject to the Holder Exchange that have not, at the Holder Exchange Date, been surrendered by the applicable holders thereof in a custodial
account with any chartered bank or trust company in Canada. The rights of the applicable holders of such Exchangeable Shares after such deposit shall be limited to the receipt of their proportionate part of the total Holder Exchange Consideration
(less any tax required to be deducted and withheld therefrom) without interest for such Exchangeable Shares subject to the Holder Exchange, against presentation and surrender of the certificates held by them in accordance with the foregoing
provisions, and such holders shall thereafter be deemed to be holders of MVS or SVS, as applicable. 

  
 - 14 - 

 Section 9.2 Call Right Exchange and Put Right Exchange 

 

	(a)	 For the purposes of completing an exchange of the Exchangeable Shares pursuant to the Call Right Exchange or
the Put Right Exchange, the U.S. Company or a Permitted Subsidiary shall cause to be delivered to the holders of the Exchangeable Shares subject to the Call Right Exchange or the Put Right Exchange the Call Right Exchange Consideration or the Put
Right Exchange Consideration, as applicable, against presentation and surrender of the Closing Documents. 

  

	(b)	 Satisfaction by the U.S. Company or a Permitted Subsidiary of payment of the Call Right Exchange Consideration
or the Put Right Exchange Consideration, as applicable, for such Exchangeable Shares shall be made by delivery to each holder, at the address of such holder recorded in the securities register of the Corporation or by holding for pick up by such
holder at the registered office of the Corporation, the MVS or SVS to which such holder is entitled, as applicable (which shares are to be duly issued as fully paid and non-assessable, and free and clear of
any Lien), either in the form of certificates representing the MVS or SVS, as applicable, or, in whole or in part, in book-entry form through the direct registration system, and, if applicable, a cheque of the U.S. Company or a Permitted Subsidiary
payable at par at any branch of the bankers of the U.S. Company or a Permitted Subsidiary, respectively, totalling any Outstanding Dividend Amount (less any tax required to be withheld from the total Call Right Exchange Consideration or Put Right
Exchange Consideration, as applicable, by the U.S. Company or a Permitted Subsidiary) without interest. 

  

	(c)	 On and after the Call Right Exchange Date or the Put Right Exchange Date, the Exchangeable Shares shall cease
to be outstanding, and the holders of the Exchangeable Shares shall cease to be holders of such Exchangeable Shares and shall not be entitled to exercise any of the rights of holders in respect thereof, other than the right to receive their
proportionate part of the total Call Right Exchange Consideration or Put Right Exchange Consideration, as applicable, unless the U.S. Company or a Permitted Subsidiary does not complete the Call Right Exchange or the Put Right Exchange, as
applicable, in the manner described above, in which case the holders of the Exchangeable Shares will be entitled to receive from the Corporation, and the Corporation will pay therefor, the Holder Exchange Consideration in the manner set forth in
Section 9.1, failing which the rights of the holders shall remain unaffected until the total Call Right Exchange Consideration or Put Right Exchange Consideration, as applicable, in either case, without duplication, has been paid.

  

	(d)	 The U.S. Company or a Permitted Subsidiary may, at any time on or after the Call Right Exchange Date or the Put
Right Exchange Date, as applicable, deposit the total Call Right Exchange Consideration or Put Right Exchange Consideration, as applicable, in respect of the Exchangeable Shares represented by certificates that have not at the Call Right Exchange
Date or the Put Right Exchange Date been surrendered by the holders thereof in a custodial account with any chartered bank or trust company in Canada. The right of the holders of such Exchangeable Shares after such deposit shall be limited to the
receipt of their proportionate part of the total Call Right Exchange Consideration or Put Right Consideration (less any tax required to be deducted and withheld therefrom), as applicable, without interest for such Exchangeable Shares, against
presentation and surrender of the certificates held by them in accordance with the foregoing provisions, and such holders are thereafter deemed to be holders of MVS or SVS, as applicable. 

  
 - 15 - 

 Section 9.3 Fractional Shares 

As soon as practicable after any exchange of Exchangeable Shares pursuant to these Articles, the Corporation shall direct the Transfer Agent to:
(a) determine the number of whole and, if any, fractional MVS and/or SVS allocable to the holder of Exchangeable Shares exchanged hereunder; (b) aggregate any such fractional shares and sell the whole shares obtained thereby at the
direction of the Corporation either in open market transaction or otherwise, in each case, at then prevailing trading prices; and (c) cause to be distributed to such holder in lieu of any fractional share, such holder’s rateable share of
the proceeds of such sale, after making appropriate deductions of the amount required to be withheld for tax purposes and after deducting an amount equal to all brokerage charges, commissions and transfer taxes attributed to such sale. 

ARTICLE 10 
 NOTICES

 Section 10.1 Method of Delivery of Notice by Holders of Exchangeable Shares 

Any notice, request or other communication to be given to the Corporation, the U.S. Company or a Permitted Subsidiary by a holder of Exchangeable Shares must
be in writing and shall be valid if given in accordance with the bylaws of the Corporation. 
 Section 10.2 Presentation and Surrender of
Exchangeable Shares 
  

	(a)	 Any presentation and surrender by a holder of Exchangeable Shares to the Corporation of certificates
representing Exchangeable Shares, and such other Closing Documents, in connection with the liquidation, dissolution or winding-up of the Corporation, or the retraction or redemption of Exchangeable Shares,
must be made by registered mail (postage prepaid) or by delivery to the registered office of the Corporation or any office of the Transfer Agent as may be specified by the Corporation by notice to the holders of Exchangeable Shares, in each case,
addressed to the attention of the President of the Corporation. 

  

	(b)	 Any presentation and surrender of certificates and other Closing Documents contemplated in
Section 10.2(a): (i) shall be deemed only to have been made and to be effective upon actual receipt thereof by the Corporation or the Transfer Agent, as applicable; and (ii) made by registered mail shall be at the sole risk of the
holder mailing the same. 

 Section 10.3 Delivery of Notices, etc. by the Corporation to Holders of Exchangeable Shares 

Any notice, request or other communication to be given to a holder of Exchangeable Shares by or on behalf of the Corporation must be in writing and shall be
valid if given in accordance with the bylaws of the Corporation. 
 ARTICLE 11 

CERTAIN RESTRICTIONS 
 If, and only to the
extent that, all dividends on the outstanding Exchangeable Shares corresponding to dividends declared and paid to date on the MVS and/or SVS, as applicable, have not been declared and paid on the Exchangeable Shares, the Corporation shall not
without, but may at any time with, Exchangeable Shareholder Approval: 
  

	(a)	 pay any dividends on the Common Shares (or any other shares ranking junior to the Exchangeable Shares with
respect to the payment of dividends), other than stock dividends payable in Common Shares (or any such other shares ranking junior to the Exchangeable Shares, as the case may be); 

 

	(b)	 redeem, purchase or make any capital distribution in respect of Common Shares (or any other shares ranking
junior to the Exchangeable Shares with respect to the payment of dividends); 

  
 - 16 - 

	(c)	 redeem or purchase any other shares of the Corporation ranking equally with the Exchangeable Shares with
respect to the payment of dividends or the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of
the assets of the Corporation among its shareholders for the purpose of winding up its affairs; or 

  

	(d)	 issue any Exchangeable Shares (or any other shares of the Corporation ranking equally with, or superior to, the
Exchangeable Shares with respect to the payment of dividends or the distribution of assets in the event of the liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or
any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs), other than: (i) by way of stock dividend to the holders of Exchangeable Shares; or (ii) pursuant to agreements
entered into by the Corporation as of the date of these Articles. 

 ARTICLE 12 

ACTIONS BY THE CORPORATION UNDER THE EXCHANGE AND SUPPORT AGREEMENT 

Section 12.1 Compliance with the Exchange and Support Agreement 

The Corporation shall take all such actions and do all such things as shall be necessary or advisable to perform and comply with and to ensure performance of
the U.S. Company and the Corporation with all provisions of the Exchange and Support Agreement applicable to the U.S. Company and the Corporation, respectively, in accordance with the terms thereof, including, without limitation, taking all such
actions and doing all such things as shall be necessary or advisable to enforce to the fullest extent possible for the direct benefit of the Corporation all rights and benefits in favour of the Corporation under or pursuant to the Exchange and
Support Agreement. 
 Section 12.2 Required Approval 

The Corporation shall not propose, agree to or otherwise give effect to any amendment to, or waiver or forgiveness of its rights or obligations under, the
Exchange and Support Agreement without Exchangeable Shareholder Approval. 
 ARTICLE 13 

LEGEND; ACKNOWLEDGEMENT OF CALL RIGHTS 

Section 13.1 Appropriate Legends 
 The certificates
evidencing the Exchangeable Shares shall contain or have affixed thereto a legend, in form and on terms approved by the Board of Directors, with respect to the Exchange and Support Agreement (including the provisions with respect to the Exchange
Right and Automatic Exchange Right thereunder) and the provisions relating to the Liquidation Call Right, the Retraction Call Right, the Redemption Call Right, the Liquidation Put Right, the Retraction Put Right and the Redemption Put Right. 

Section 13.2 Acknowledgement of Call Rights 
 Each
holder of an Exchangeable Share, whether of record or beneficial, by virtue of becoming and being such a holder shall be deemed to acknowledge each of the Liquidation Call Right, the Retraction Call Right and the Redemption Call Right, in each case,
in favour of the U.S. Company or a Permitted Subsidiary, and the overriding nature thereof in connection with the liquidation, dissolution or winding-up of the Corporation, or the retraction or redemption of
Exchangeable Shares, as the case may be, and to be bound thereby in favour of the U.S. Company or a Permitted Subsidiary as therein provided. 

  
 - 17 - 

 ARTICLE 14 

TAX MATTERS 
 Section 14.1 Right to
Withhold 
 The U.S. Company, a Permitted Subsidiary and the Corporation may deduct and withhold from any consideration otherwise payable to any holder
of Exchangeable Shares such amounts as the U.S. Company, a Permitted Subsidiary or the Corporation is required or permitted to deduct and withhold with respect to such payment under the Tax Act, the United States Internal Revenue Code of 1986
or any provision of provincial, state, local or foreign tax law, in each case, as amended or succeeded. To the extent that amounts are so withheld, such withheld amounts are to be treated for all purposes as having been paid to the holder of the
shares in respect of which such deduction and withholding was made; provided, that such withheld amounts are actually remitted to the appropriate taxing authority. To the extent that the amount so required or permitted to be deducted or withheld
from any payment to a holder exceeds the cash portion of the consideration otherwise payable to the holder, the holder will be notified in writing thereof by the U.S. Company, a Permitted Subsidiary or the Corporation (as applicable), and the holder
must pay the difference (up to the amount required to be withheld by the U.S. Company, a Permitted Subsidiary or the Corporation) in cash to such withholding party. Failing payment of such difference within five Business Days after notice is
provided to the holder, the U.S. Company, a Permitted Subsidiary and the Corporation are hereby authorized to sell or otherwise dispose of such portion of the consideration as is necessary to provide sufficient funds to the U.S. Company, a Permitted
Subsidiary or the Corporation, as the case may be, to enable it to comply with such deduction or withholding requirement, and the U.S. Company, a Permitted Subsidiary or the Corporation will notify the holder thereof and remit to such holder any
unapplied balance of the net proceeds of such sale. The U.S. Company or a Permitted Subsidiary shall endeavor in good faith to maximize the proceeds realized from any such sale or disposition of the consideration. 

Section 14.2 Section 116 Clearance Certificate for Non-Resident Holders 

Each holder of Exchangeable Shares that is a non-resident of Canada for purposes of the Tax Act and to whom the
Exchangeable Shares are “taxable Canadian property” and not “excluded property” for purposes of the Tax Act must, prior to a disposition of such shares to the U.S. Company, a Permitted Subsidiary or the Corporation, deliver a
Section 116 clearance certificate to the U.S. Company, a Permitted Subsidiary or the Corporation, as applicable, in form and content satisfactory to the U.S. Company, a Permitted Subsidiary or the Corporation, as applicable, failing which the
U.S. Company, a Permitted Subsidiary or the Corporation will withhold that portion of the proceeds of disposition otherwise deliverable to the holder of Exchangeable Shares sufficient to remit the amount required to the Receiver General for Canada
pursuant to the provisions of Section 116 of the Tax Act. 
 PART 3: COMMON SHARES 

ARTICLE 15 
 VOTING
RIGHTS 
 The Common Shares shall have the following rights, privileges, restrictions and conditions. 

 

	(a)	 Each holder of Common Shares shall be entitled to receive notice of and to attend all meetings of shareholders
of the Corporation, and to vote at such meetings, except meetings at which only holders of a specified class of shares (other than Common Shares) or specified series of shares are entitled to vote. 

 

	(b)	 At all meetings of which notice must be given to the holders of Common Shares, each holder of Common Shares
shall be entitled to one vote in respect of each Common Share held by such holder. 

  
 - 18 - 

 ARTICLE 16 

DIVIDENDS 
 The holders of Common Shares
shall be entitled, subject to the rights, privileges, restrictions and conditions attaching to any other class or series of shares of the Corporation, to receive dividends if, as and when declared by the Board of Directors. 

ARTICLE 17 

LIQUIDATION, DISSOLUTION OR WINDING-UP 

The holders of Common Shares shall be entitled, subject to the rights, privileges, restrictions and conditions attaching to any other class or series of
shares of the Corporation, to receive the remaining property of the Corporation on a liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary. 

  
 - 19 - 

 APPENDIX A 

FORM OF RETRACTION REQUEST 
  

	To:	 6582125 Canada Inc. (the “Corporation”) 

 

	And to:	 Zekelman Industries, Inc. (the “U.S. Company”) or a Permitted Subsidiary

  This Retraction Request is given pursuant to the special rights and restrictions attaching to the Exchangeable Shares represented
by the share certificate(s) attached hereto (the “Share Provisions”). All capitalized terms used but not defined in this Retraction Request have the meanings ascribed to such terms in the Share Provisions. 

The undersigned hereby notifies the Corporation that, subject to the Retraction Call Right referred to below and the Retraction Put Right, the undersigned
desires to have the Corporation redeem the following Exchangeable Shares (the “Retracted Shares”) in accordance with the Share Provisions: 
  

	☐	 all Exchangeable Shares represented by the share certificate(s) attached hereto; or 

 

	☐	 _____________ Exchangeable Shares only. 

The undersigned hereby elects to receive (if applicable): 
  

	☐	 MVS in respect of ________________________ of the Retracted Shares; and 

 

	☐	 SVS in respect of ________________________ of the Retracted Shares. 

The undersigned hereby notifies the Corporation that the Retraction Date shall be ______________. 

NOTE: 
 The Retraction Date must be a Business Day and
must not be less than five Business Days, nor more than 15 Business Days, after the date upon which this Retraction Request is received by the Corporation. If no such Business Day is specified above, the Retraction Date shall be deemed to be the
15th Business Day after the date on which this Retraction Request is received by the Corporation. 
 The undersigned acknowledges: (a) the overriding
Retraction Call Right of the U.S. Company or a Permitted Subsidiary to purchase all (but not less than all) of the Retracted Shares held by the undersigned; and (b) that this Retraction Request is and shall be deemed to be a revocable offer by
the undersigned to sell the Retracted Shares to the U.S. Company or a Permitted Subsidiary, as the case may be, in accordance with the Retraction Call Right on the Retraction Date for the Retraction Consideration, and on the other terms and
conditions set out in Section 7.4 of the Share Provisions. This Retraction Request, and the offer to sell the Retracted Shares to the U.S. Company or a Permitted Subsidiary, as applicable, contemplated hereby, may be revoked and withdrawn by
the undersigned only by notice in writing given to the Corporation at any time before the close of business on the Business Day immediately preceding the Retraction Date. 

The undersigned acknowledges that if, as a result of solvency requirements or any other provision of applicable law, the Corporation is unable to redeem all
of the Retracted Shares, and provided, that (a) neither the U.S. Company nor a Permitted Subsidiary has exercised the Retraction Call Right with respect to the Retracted Shares, (b) the undersigned has not exercised the Retraction Put
Right and (c) the undersigned has not invoked its right to withdraw this Retraction Request, the undersigned will be deemed to have exercised the Exchange Right so as to require the U.S. Company or a Permitted Subsidiary, as the case may be, to
purchase the unredeemed Retracted Shares. 

 The undersigned hereby represents and warrants to the U.S. Company or a Permitted Subsidiary, as the case
may be, and the Corporation that the undersigned: 
  

	☐	 is 

  

	☐	 is not 

(select one) 
 a
non-resident of Canada for purposes of the Tax Act. The undersigned acknowledges that in the absence of an indication that the undersigned is not a non-resident of
Canada, withholding on account of Canadian tax may be made from amounts payable to the undersigned on the redemption or purchase of the Retracted Shares. 

The undersigned hereby represents and warrants to the U.S. Company or a Permitted Subsidiary, as the case may be, and the Corporation that the undersigned has
good title to and owns the Exchangeable Shares represented by the share certificate(s) attached hereto to be acquired by the U.S. Company or a Permitted Subsidiary, or by the Corporation, as the case may be, free and clear of any Lien, other than
under the Articles. 
  

			
	Date:	 	 

					
			
	   
	 	  
	 	   

	Signature of Shareholder	 		 	Guarantee of Signature
			
	   
	 	  
	 	  

	Name of Shareholder	 		 	

  

	☐	 Please check this box if the securities and any cheque(s) resulting from the retraction or purchase of the
Retracted Shares are to be held for pick-up by the shareholder from the Corporation, failing which the securities and any cheque(s) will be mailed to the last address of the shareholder as it appears on the
securities register of the Corporation 

   

	NOTE:	 The information below must be completed and this certificate, together with such additional documents as the
Corporation may require, must be deposited with the Corporation at its registered office in Ontario. The securities and any cheque(s) resulting from the retraction or exchange of the Retracted Shares will be issued and registered in, and made
payable to, respectively, the name of the shareholder as it appears on the securities register of the Corporation, and the securities and cheque(s) resulting from such retraction or exchange will be delivered to such shareholder as indicated above,
unless the form appearing immediately below is duly completed. 

					
			
	   
	 	  
	 	   

	 Name of person in whose name securities or

cheque(s) are to be registered, issued or

delivered (please print)
	 		 	Date:
			
	   
	 	  
	 	   

	 Street Address or P.O. Box
	 		 	Signature of Shareholder
			
	   
	 	  
	 	  

	 City, Province
	 		 	

  

	NOTE:	 If the Retraction Request is for less than all of the Exchangeable Shares represented by the share
certificate(s) attached hereto, a certificate representing the remaining Exchangeable Shares represented by the share certificate(s) attached hereto will be issued and registered in the name of the shareholder as it appears on the securities
register of the Corporation, unless the share transfer power on each such share certificate is duly completed in respect of such Exchangeable Shares.

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