Document:

Form of Restricted Stock Unit Award and Agreement

 Exhibit 10.2 
 FINANCIAL ENGINES, INC. 
 AMENDED AND RESTATED 

2009 STOCK INCENTIVE PLAN 
 NOTICE OF RSU AWARD 
 You have been granted the following Restricted Stock
Units (“RSUs”) representing Common Stock of FINANCIAL ENGINES, INC. (the “Company”) under the Company’s Amended and Restated 2009 Stock Incentive Plan (the “Plan”). 

 

			
		
	Name of Participant:	  	  

		
	Total Number of RSUs Granted:	  	  

		
	Date of Grant:	  	____________________ _____________,_____________
		
	Vesting Commencement Date:	  	____________________ _____________,_____________
		
	Vesting Schedule:	  	1/4th of the RSUs subject to this Award vest when you complete each twelve (12)-month period of continuous Service as an Employee or a Consultant from the Vesting Commencement Date. Partial accelerated vesting
may apply in some circumstances.

 By your acceptance and the signature of the Company’s representative below, you and the Company
agree that these RSUs are granted under and governed by the term and conditions of the Plan and the RSU Agreement (the “Agreement”), both of which are attached to and made a part of this document. 

By accepting this notice and agreement you further agree that the Company may deliver by e-mail all documents relating to the Plan or
this Award (including without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and
proxy statements). You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will
notify you by e-mail. 
  

			
	FINANCIAL ENGINES, INC.
		
		 	

		
	By:	 	 RAYMOND J SIMS

	Title:	 	E.V.P. and Chief Financial Officer

  

FINANCIAL ENGINES, INC. 

2011 FORM OF NOTICE OF RSU AWARD AND
AGREEMENT 

 FINANCIAL ENGINES, INC. 

AMENDED AND RESTATED 
 2009 STOCK INCENTIVE PLAN 
 RSU AGREEMENT 

 

			
	Payment for RSUs	  	No cash payment is required for the RSUs you receive. You are receiving the RSUs in consideration for Services rendered by you.
		
	Vesting	  	 The RSUs that you are receiving will vest in installments, as shown in the Notice of RSU Award.

 
 No additional RSUs vest after your Service as an Employee or a Consultant has
terminated for any reason.

		
	Forfeiture	  	 If your Service terminates for any reason, then your Award expires immediately as to the number of RSUs that have not vested before the
termination date and do not vest as a result of termination. This means that the unvested RSUs will immediately be cancelled. You receive no payment for RSUs that are forfeited.

 
 Notwithstanding the foregoing, if your Service as an Employee or a Consultant
terminates as a result of (i) death, (ii) Total and Permanent Disability, or (iii) an Involuntary Termination (as defined below) at any time within twelve (12) months after a Change in Control, then the vesting of the RSUs shall accelerate
with respect to that number of Shares for which this Award would have vested during the twelve (12) months following the termination of Service in the event of (i) or (ii), or following the consummation of the Change in Control in the event of
(iii).
  
 The Company determines when your Service terminates for this
purpose and all purposes under the Plan and its determinations are conclusive and binding on all persons.

		
	Involuntary Termination	  	 “Involuntary Termination” means (i) without your express written consent, a material diminution of your authority, duties,
position or responsibilities relative to your authority, duties, position or responsibilities in effect immediately prior to such reduction (provided that for this purpose, your authority, duties, position and responsibilities will not be deemed to
be materially diminished if following a Change in Control you retain the same authority, duties and responsibilities with respect to the Company business or the business with which such business is operationally merged or subsumed); (ii) without
your express written consent, a material reduction by the Company of your base salary or bonus opportunity as in effect immediately prior to such reduction; (iii) without your express written consent, the relocation of your principal place of
employment to a facility or a location more than fifty (50) miles from your then current location; (iv) without your express written consent, any purported termination of your Service by the Company which is not effected for Cause. A termination due
to death or disability shall not be considered an Involuntary Termination.
  

A termination shall not be considered an “Involuntary Termination” unless you provide written notice to the Company of the condition described
in subsections (i), (ii) or (iii) above within ninety (90) days after the initial existence of such condition, the Company fails to remedy the condition within thirty (30) days following the receipt of such notice, and you terminate your employment
within twelve months following the Change in Control.

  

FINANCIAL ENGINES, INC. 

2011 FORM OF NOTICE OF RSU AWARD AND
AGREEMENT 

			
		
	Cause	  	“Cause” means (i) commission of a felony, an act involving moral turpitude, or an act constituting common law fraud, and which has a material adverse effect on the
business or affairs of the Company or its affiliates or stockholders; (ii) intentional or willful misconduct or refusal to follow the lawful instructions of the Board of Directors; or (iii) intentional breach of Company confidential information
obligations which has an adverse effect on the Company or its affiliates or stockholders. For these purposes, no act or failure to act shall be considered “intentional or willful” unless it is done, or omitted to be done, in bad faith
without a reasonable belief that the action or omission is in the best interests of the Company.
		
	Leaves of Absence	  	For purposes of this Award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave of absence was
approved by the Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law. But your Service terminates when the approved leave ends, unless you immediately return to active
work.
		
	Nature of RSUs	  	Your RSUs are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue Shares on a future date. As a holder of RSUs, you have no
rights other than the rights of a general creditor of the Company. The Committee in its sole discretion may substitute a cash payment in lieu of Shares, such cash payment to be equal to the Fair Market Value of the Shares on the date that such
Shares would have otherwise been issued under the terms of the Plan.
		
	No Voting Rights or Dividends	  	Your RSUs carry neither voting rights nor rights to dividends. You, or your estate or heirs, have no rights as a stockholder of the Company unless and until your RSUs are settled by
issuing Shares. No adjustments will be made for dividends or other rights if the applicable record date occurs before your Shares are issued, except as described in the Plan.
		
	Acceptance of Award	  	This Award Agreement is one of the documents governing this RSU Award, which you may accept or reject online through the third party maintaining the Company’s stock award
website. If you have not rejected this Award by the time of the first vesting event, you will be deemed to have accepted this Award, and the Shares vested pursuant to the Award will be issued and taxed accordingly.
		
	RSUs Nontransferable	  	You may not sell, transfer, assign, pledge or otherwise dispose of any RSUs. For instance, you may not use your RSUs as security for a loan. If you attempt to do any of these
things, your RSUs will immediately become invalid.
		
	Settlement of RSUs	  	 Each of your vested RSUs will be settled when it vests.
  

At the time of settlement, you will receive one Share for each vested RSU; provided, however, that no fractional Shares will be issued or delivered
pursuant to the Plan or this Agreement, and the Committee will determine whether cash will be paid in lieu of any fractional Share or whether such fractional Share and any rights thereto will be canceled, terminated or otherwise eliminated. In
addition, the Shares are issued to you subject to the condition that the issuance of the Shares not violate any law or regulation.

  

FINANCIAL ENGINES, INC. 

2011 FORM OF NOTICE OF RSU AWARD AND
AGREEMENT 

			
		  	  
 In the event of death, the vested portion of the Award shall be
delivered to the executor or administrator of your estate or, if none, by the person(s) entitled to receive the vested Award under your will or the laws of descent or distribution.

 
 In no event will the RSUs be settled later than 2-1/2 months after the end of the
calendar year in which the RSUs become vested (or if later, 2-1/2 months after the end of the taxable year of the Company in which the RSUs become vested).

		
	 Withholding Taxes and

Stock Withholding
	  	 Regardless of any action the Company takes with respect to any or all income tax, social insurance, payroll tax or other tax-related
withholding (the “Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company (1) makes no representations or undertakings
regarding the treatment of any Tax-Related Items in connection with any aspect of this Award, including the grant and vesting of the Award, the issuance of Shares upon settlement of the Award, the subsequent sale of Shares acquired pursuant to the
Award and the receipt of any dividends or other distributions, if any; and (2) does not commit to structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items.

 
 No Shares will be distributed to you unless you have made arrangements acceptable to
the Company to pay withholding taxes that may be due as a result of this Award or the settlement of the RSUs. These arrangements, at the sole discretion of the Company, may include (a) having the Company withhold taxes from the proceeds of the
sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization), (b) having the Company withhold Shares that otherwise would be distributed to you when the
RSUs are settled having a Fair Market Value equal to the amount necessary to satisfy the minimum statutory withholding amount, or (c) any other arrangement approved by the Company. The Fair Market Value of any Shares withheld, determined as of
the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes. You also authorize the Company, or your actual employer, to satisfy all withholding obligations of the Company or your actual
employer with respect to this Award from your wages or other cash compensation payable to you by the Company or your actual employer.

		
	Restrictions on Resale	  	You agree not to sell any Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will
apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	No Retention Rights	  	Neither your Award nor this Agreement gives you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its
subsidiaries reserve the right to terminate your Service at any time, with or without cause.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company Shares, the number of RSUs covered by this Award shall be adjusted pursuant to the
Plan.
		
	Successors and Assigns	  	Except as otherwise provided in the Plan or this Agreement, every term of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, legatees, legal representatives, successors, transferees and assigns.

  

FINANCIAL ENGINES, INC. 

2011 FORM OF NOTICE OF RSU AWARD AND
AGREEMENT 

			
		
	Notice	  	Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon the earliest of personal delivery, receipt or the third
full day following mailing with postage and fees prepaid, addressed to the other party hereto at the address last known in the Company’s records or at such other address as such party may designate by ten (10) days’ advance written
notice to the other party hereto.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions). For purposes of litigating any dispute
that arises directly or indirectly from the relationship of the parties evidenced by this grant or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that such litigation shall
be conducted only in the courts of the County of Santa Clara, California, or the federal courts for United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.
		
	Section 409A	  	To the fullest extent applicable, benefits payable under this Agreement are intended to be exempt from the definition of “nonqualified deferred compensation” under Section
409A of the Code. To the extent that any such benefit is or becomes subject to Section 409A due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation, this Agreement is intended to comply with the
applicable requirements of Section 409A with respect to such benefits. This Agreement shall be interpreted and administered to the extent possible in a manner consistent with the foregoing statement of intent, and any ambiguity as to its compliance
with Section 409A will be read in such a manner so that all benefits hereunder comply with Section 409A of the Code.
		
	The Plan and Other Agreements	  	The text of the Plan is incorporated in this Agreement by reference. All capitalized terms in this Agreement shall have the meanings assigned to them in the Plan. This Agreement and
the Plan constitute the entire understanding between you and the Company regarding this Award. Any prior agreements, commitments or negotiations concerning this Award are superseded. This Agreement may be amended by the Committee without your
consent; however, if any such amendment would materially impair your rights or obligations under the Agreement, this Agreement may be amended only by another written agreement, signed by you and the Company.

 BY ACCEPTING THIS AGREEMENT, 

YOU AGREE TO ALL OF THE TERMS AND CONDITIONS 
 DESCRIBED ABOVE AND IN THE PLAN. 

  

FINANCIAL ENGINES, INC. 

2011 FORM OF NOTICE OF RSU AWARD AND
AGREEMENTExhibit 4.1

 Exhibit 4.1 
 QUÉBEC 
 Medium-Term Notes, Series A, 

Due Nine Months or More from Date of Issue 
 AMENDED AND RESTATED DISTRIBUTION AGREEMENT 
 New York, New York 

November 22, 2011 
 Merrill
Lynch, Pierce, Fenner & Smith Incorporated 
 Deutsche Bank Securities Inc. 
 HSBC Securities (USA) Inc. 
 J.P. Morgan Securities LLC. 

RBS Securities Inc. 
 Ladies and Gentlemen:

 Québec wishes to amend and restate effective as of the date hereof that certain Distribution Agreement, dated
July 29, 1994, as amended June 28, 1996, August 20, 1999, May 23, 2002, May 28, 2002, December 11, 2003, October 23, 2008 and June 15, 2011, among Québec and certain of you, as Agents,
and confirms its agreement with you as Agents with respect to the issue and sale by Québec of its Medium-Term Notes, Series A, Due Nine Months or More from Date of Issue registered under the Registration Statements referred to in the
third paragraph of the introduction to this Agreement (the “Notes”). The Notes are to be issued under the fiscal agency agreement dated as of May 30, 2002, as may be amended or supplemented from time to time (the “Fiscal Agency
Agreement”, which term whenever used herein shall mean said fiscal agency agreement as the same shall have been amended from time to time) among Québec and Citibank, N.A., as fiscal agent (the “Fiscal Agent”, which term shall,
unless the context otherwise requires, include its successors and assigns). The Notes shall have the terms described in the Prospectus referred to in the third paragraph of the introduction to this Agreement as it may be amended or supplemented from
time to time, including any supplement to the Prospectus that sets forth only the terms of a particular issue of the Notes (a “Pricing Supplement”). Notes will be issued, and the terms thereof established, from time to time by
Québec in accordance with the Fiscal Agency Agreement and the Procedures (as defined in Section 2(c) hereof). 

Subject to the terms and conditions stated herein, Québec hereby (i) appoints Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and RBS Securities Inc. (each individually being an “Agent” and sometimes collectively referred to herein as the “Agents”) as its
Agents for the purpose of soliciting purchases of the Notes 

 
by others from Québec, it being understood that additional Agents may be added from time to time by Québec in its sole discretion, provided such Agents sign and deliver a
counterpart of this Agreement, a copy of which will be provided to the then existing Agents, and (ii) agrees that whenever Québec determines to sell Notes directly to any Agent as principal for resale to others, it will enter into a
Terms Agreement (as defined below) relating to such sale in accordance with the provisions of Section 2(b) hereof. Québec reserves the right from time to time to accept a specific offer to purchase Notes solicited by, and made by or
through, a dealer other than the Agents (each, an “Other Dealer”), without obtaining the prior consent of any of the Agents, provided that (i) Québec shall give each of the Agents notice of its decision to accept such an
offer to purchase Notes and (ii) any Other Dealer shall agree to be bound by and subject to the terms and conditions of this Agreement binding on the Agents (including the commission schedule set forth on Annex A). Any such appointment of
an Other Dealer may be limited in duration or restricted to a particular trade or trades, in Québec’s sole discretion. Any Other Dealer so appointed shall be deemed, with respect to such appointment, to be an Agent for all purposes of
this Agreement. In addition, Québec may sell the Notes directly to investors on its own behalf in those jurisdictions where it is authorized to do so. No commission will be payable to the Agents on Notes sold directly by Québec.

 Québec has filed with the Securities and Exchange Commission (the “Commission”) Registration Statement
No. 333-177932 relating to the debt securities of Québec, including the Notes, under the Securities Act of 1933, as amended (the “1933 Act”). Such registration statement has been declared effective by the Commission.
Registration Statement No. 333-177932 and any other registration statement filed with respect to the Notes and any registration statement containing a prospectus used to offer the Notes, in each case as amended and including the exhibits
thereto, are hereinafter referred to as the “Registration Statement”. As is permitted by Rule 429 under the 1933 Act, the prospectus contained in any subsequent registration statement may include the debt securities registered thereby
and certain debt securities previously registered by Québec. Any prospectus, prospectus supplement and/or pricing supplement related to any Notes that is used before the acceptance by Québec of an offer for the purchase of those Notes
and which omitted information to be included upon pricing in the form of final prospectus or final prospectus supplement filed with the Commission pursuant to Rule 424(b) under the 1933 Act is hereinafter referred to as a “Preliminary
Prospectus”. The most recent prospectus included in the Registration Statement, as supplemented with respect to the Notes and as further supplemented with respect to the terms of the distribution of the Notes, is hereinafter referred to as the
“Prospectus”. Any reference herein to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents filed by Québec under the Securities Exchange Act of 1934,
as amended (the “1934 Act”), and incorporated by reference therein upon reliance on interpretative letters from the Division of Corporate Finance of the Commission, dated May 28, 1987 and November 30, 1987; and any reference
herein to “amend”, “amendment” or “supplement” with respect to the Registration Statement, any Preliminary Prospectus or 

  
 –2–

 
the Prospectus shall be deemed to refer to and include the filing by Québec of any document incorporated therein by reference. 
 SECTION 1. Representations and Warranties. 
 Québec represents and
warrants to the Agents as of the date hereof, as of the Closing Time and as of the date of each delivery of Notes, whether to an Agent or Other Dealer as principal or through an Agent or Other Dealer as agent (the date of each such delivery to an
Agent or Other Dealer as principal being a “Settlement Date”), and as of the times referred to in Sections 6(a) and 6(b) hereof (in each case, a “Representation Date”), as follows: 

(a) Each part of the Registration Statement, when such part became effective, conformed in all respects to the
requirements of the 1933 Act, the 1934 Act and the rules and regulations of the Commission (“Regulations”) and did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and on each Representation Date, the Registration Statement, any Preliminary Prospectus and the Prospectus conform or will conform in all respects to the requirements of the 1933 Act,
the 1934 Act and the Regulations and none of such documents include or will include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
except that the foregoing does not apply to statements in or omissions from any of such documents based upon written information furnished to Québec by the Agents, specifically for use therein; 

(b) Each Time of Sale Prospectus (as defined below) relating to the issuance of any Notes will not, as of the Time of
Pricing (as defined below) or as of the Settlement Date, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading, and will comply in all material respects with the 1933
Act and has been or will be filed in accordance with the 1933 Act (to the extent required thereby), except that the foregoing does not apply to statements in or omissions from any of such documents based upon written information furnished to Quebec
by the Agents, specifically for use therein; as used in this Agreement, (i) “Time of Sale Prospectus” means, as of the applicable Time of Pricing, any applicable Preliminary Prospectus, any applicable Term Sheet (as defined below) and
any applicable Issuer Free Writing Prospectus (as defined below), each as amended or supplemented prior to the applicable Time of Pricing, (ii) “Issuer Free Writing Prospectus” means an “issuer free writing prospectus” as
defined in Rule 433 under the 1933 Act that relates to the Notes, (iii) “Time of Pricing” means the time of each acceptance by Quebec of an offer to purchase Notes or such other time identified as such in an applicable Terms
Agreement, and (iv) “Term Sheet” means a term sheet containing a description of the Notes, which shall be in a form approved by the Agents involved in the offer and sale of the relevant Notes

  
 –3–

 
and substantially consistent with the terms agreed orally and confirmed in writing to the relevant Agent in a Terms Agreement or otherwise (any such Term Sheet shall constitute an Issuer Free
Writing Prospectus and Québec shall file such Term Sheet with the Commission pursuant to Rule 433(d) under the 1933 Act within the time period prescribed by such Rule); 

(c) Québec has not distributed and will not distribute, prior to the Time of Pricing with respect to a particular
issue of Notes, any offering material in connection with the offering and sale of the Notes other than a Preliminary Prospectus, the Prospectus, any Issuer Free Writing Prospectus (including any Term Sheet) or the Registration Statement, each as
amended or supplemented prior to or as at the applicable Time of Pricing; 
 (d) The Notes have been duly
authorized and, when executed, issued and delivered outside Québec and in accordance with the Orders in Council and Ministerial Orders of the Gouvernement du Québec applicable thereto, will have been duly executed, issued and delivered
in accordance with the laws of Québec, and such Notes and this Agreement and the Fiscal Agency Agreement, following their execution and delivery, and the covenants therein contained will each constitute valid and legally binding, direct and
unconditional general obligations of Québec, for the payment and performance of which the full faith and credit of Québec have been pledged; and such Notes will be enforceable against Québec, in accordance with their respective
terms, subject to the qualifications set forth in Section 5(a)(1)(i) and Section 5(a)(v); 
 (e) The
Notes will rank equally among themselves and with the other debt securities issued by Québec and outstanding on such Representation Date or thereafter and all funds required to make payments in respect of the Notes will be taken out of the
Consolidated Revenue Fund of Québec; 
 (f) The purchase and sale of any Notes in accordance with the
provisions hereof and of any Terms Agreement are not prohibited by any statute, order, rule or regulation promulgated by any legislative, executive or regulatory body or authority of Canada, the United States of America, Québec or the State
of New York; 
 (g) Subsequent to the date of the most recent consolidated financial statements included or
incorporated by reference in the Registration Statement and the Time of Sale Prospectus, there has been no material adverse change, or any development involving a prospective material adverse change, in the financial condition of Québec,
except as set forth or contemplated in the Time of Sale Prospectus; 
 (h) Québec is not in default under
the provisions of any agreement or of any instrument evidencing or relating to any outstanding material indebtedness for borrowed money, direct or contingent, of Québec and execution, delivery and

  
 –4–

 
performance by Québec of its obligations under this Agreement, the Fiscal Agency Agreement and the Notes will not conflict with, or result in any breach of, any term, condition or
provision of, or constitute a default under, any applicable law or any agreement or instrument to which Québec is a party or by which it is bound; and 
 (i) Any certificate signed by any authorized representative of Québec and delivered to the Agents or to counsel for the Agents in connection with an offering of Notes shall be deemed a
representation and warranty by Québec to the Agents as to the matters covered thereby. 
 SECTION 2. Solicitations as Agents;
Purchases as Principal. 
 (a) Solicitations as Agents. On the basis of the representations and
warranties herein contained, but subject to the terms and conditions herein set forth, each Agent agrees, as agent of Québec, to use its reasonable efforts to solicit offers to purchase the Notes upon the terms and conditions set forth in the
Time of Sale Prospectus and the Prospectus and at a purchase price agreed to between Québec and the purchaser. 
 Each Agent shall communicate to Québec, orally or in writing, each reasonable offer to purchase Notes received by such Agent. Québec shall have the sole right to accept offers to purchase
the Notes and may reject any such offer in whole or in part. Each Agent shall have the right, in its discretion reasonably exercised, to reject any offer to purchase the Notes received by such Agent in whole or in part, and any such rejection shall
not be deemed a breach of such Agent’s agreement contained herein. 
 Québec agrees to pay to the
relevant Agent a commission, which in the case of a sale under a Terms Agreement as provided in Section 2(b) shall be in the form of a discount, equal to a percentage of the principal amount of each Note sold by Québec as a result of a
solicitation made by such Agent (the “Presenting Agent”), as agreed between Québec and the Presenting Agent but which shall not exceed the applicable percentage as set forth in Annex A hereto. 

Québec reserves the right, in its sole discretion, to suspend solicitation of purchases of the Notes commencing at
any time for any period of time or permanently for any reason whatsoever. Upon receipt of instructions from Québec, each Agent will forthwith suspend solicitation of purchases of Notes from Québec until such time as Québec has
advised the Agents that such solicitation may be resumed. 
 (b) Purchases as Principal. Each Agent may
purchase Notes from Québec as principal. Each sale of Notes to an Agent as principal shall be made in accordance with the terms of this Agreement and a separate agreement which will provide for the sale of such Notes to, and the purchase and
reoffering thereof 

  
 –5–

 
by, such Agent. Each such separate agreement (which may be an oral agreement, promptly confirmed in writing by facsimile transmission or otherwise between the relevant Agent and Québec) is
herein referred to as a “Terms Agreement”. Unless the context otherwise requires, each reference contained herein to “this Agreement” shall be deemed to include any applicable Terms Agreement between Québec and an Agent.
Each such Terms Agreement, whether oral or in writing, shall be with respect to such information (as applicable) as is specified in Annex B hereto. A commitment by any Agent to purchase Notes pursuant to any Terms Agreement shall be deemed to
have been made on the basis of the representations and warranties of Québec herein contained and shall be subject to the terms and conditions herein set forth. 

(c) Procedures. Administrative procedures respecting the sale of Notes shall be agreed upon from time to time by
the Agents, Québec and the Fiscal Agent (the “Procedures”). The Agents and Québec agree to perform the respective duties and obligations specifically provided to be performed by each of them in the Procedures. 

(d) Free Writing Prospectuses. Each applicable Agent, jointly (the equivalent notion in common law of
“severally and not jointly”), represents and warrants to, and agrees with Québec and each other applicable Agent that, unless it obtains the consent of Québec and the other applicable Agents (if any) prior to the use thereof,
it has not made and will not make any offer relating to the Notes that would constitute a “free writing prospectus” as defined in Rule 405 under the 1933 Act required to be filed with the Commission, provided the prior consent of
Québec and the other applicable Agents (if any) shall be deemed to have been given in respect of any Issuer Free Writing Prospectus, including any Term Sheet, attached as a schedule to any applicable Terms Agreement. 

SECTION 3. Covenants of Québec. 
 Québec covenants with the Agents as follows: 
 (a) If at any
time when the Prospectus is required by the 1933 Act to be delivered in connection with sales of the Notes (including in the circumstances where such requirement can be satisfied pursuant to Rule 172 under the 1933 Act) any event shall occur or
condition exist as a result of which it is necessary, in the reasonable opinion of counsel for the Agents or counsel for Québec, to further amend or supplement the Time of Sale Prospectus or the Prospectus in order that such document will not
include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall
be necessary, in the reasonable opinion of any such counsel, at any such time to amend or supplement the Registration Statement, the Time of Sale Prospectus or the Prospectus in order to comply with the requirements of the 1933 Act or the
Regulations, immediate notice shall 

  
 –6–

 
be given, and confirmed in writing, to the Agents to cease the solicitation of offers to purchase the Notes and to cease sales of any Notes the Agents may then own as principal, and Québec
will promptly prepare and file with the Commission such amendment or supplement as may be necessary to correct such untrue statement or omission or to make the Registration Statement, the Time of Sale Prospectus or the Prospectus, as the case
may be, comply with such requirements. 
 (b) Québec will advise the Agents promptly of any proposal to
amend or supplement the Registration Statement, the Time of Sale Prospectus or the Prospectus, and will not effect such amendment or supplement without prior consultation with the Agents; Québec will also advise the Agents promptly of
the institution by the Commission of any stop order proceedings in respect of the Registration Statement or any part thereof, and will use its best efforts to prevent the issuance of any such stop order and to obtain as soon as possible its lifting,
if issued. 
 (c) As soon as practicable after publication thereof following the close of its fiscal year,
Québec will make generally available to its noteholders a consolidated statement of its revenues and expenditures, which shall satisfy the provisions of Section 11(a) of the 1933 Act. 

(d) Québec will deliver to the Agents as many signed and conformed copies of the Registration Statement (as
originally filed) and of each amendment thereto (including exhibits filed therewith and documents incorporated by reference therein) as the Agents may reasonably request. Québec will furnish to the Agents as many copies of the Time of Sale
Prospectus and the Prospectus (as amended or supplemented) as the Agents shall reasonably request so long as the Agents are required to deliver a Time of Sale Prospectus or Prospectus in connection with sales or solicitations of offers to purchase
the Notes. 
 (e) Québec will furnish such information and execute such instruments as may be required to
qualify the Notes for sale and determine their eligibility for investment under the laws of such jurisdictions in the United States of America as the Agents designate and will continue such qualifications in effect so long as required for their
distribution, provided that Québec need not submit to any requirements that it reasonably deems unduly burdensome. 
 (f) So long as any of the Notes are outstanding, Québec will post on the Commission’s Electronic Document Gathering and Retrieval System, which is commonly known by the acronym EDGAR, through
the Commission’s website (http://www.sec.gov) as soon as practicable after publication thereof, its annual consolidated statement of revenues and expenditures. Upon request from the Agents or the Representatives, Québec will furnish hard
copies of such documents. 

  
 –7–

 (g) Between the date of any Terms Agreement and the Settlement Date with
respect to such Terms Agreement, Québec will not, without the prior consent of the Agents, offer or sell, or enter into any agreement to sell in the United States, any of its debt securities registered with the Commission having a maturity of
nine months or more (other than the Notes), except as may otherwise be provided in any such Terms Agreement. 

(h) The maximum aggregate initial offering price of Notes outstanding at any one time shall not exceed U.S.$3,000,000,000
or the equivalent thereof in other currencies. Such amount may be increased in the future if Québec determines that it may wish to sell additional notes. 
 (i) The documents required to be delivered at the Closing Time (as defined below) by Section 5 hereof shall be delivered at the office of Sullivan & Cromwell LLP, 125 Broad Street, New York,
New York, 10004, on November 22, 2011, or at such other time and place as the Agents and Québec may agree upon in writing (the “Closing Time”). 

(j) Other than the Term Sheet prepared and filed pursuant to Section 1(b) hereof, without the prior consent of the
Agents, Québec has not sent and will not send any written communication relating to the Notes that would constitute a “free writing prospectus” as defined in Rule 405 under the 1933 Act (“Free Writing Prospectus”); and any
such Free Writing Prospectus, the use of which has been consented to by Québec and the Agents (including the final term sheet prepared and filed pursuant to Section 1(b) hereof) will be listed on a schedule to the applicable Terms
Agreement. 
 SECTION 4. Payment of Expenses. 
 Québec will pay the following expenses incident to the performance of its obligations under this Agreement: (i) the preparation and filing of the Registration Statement and all amendments
thereto; (ii) the preparation, issuance and delivery of the Notes; (iii) the fees and disbursements of the Fiscal Agent; (iv) the qualification of the Notes under securities laws in accordance with the provisions of Section 3(e),
including filing fees and the reasonable fees and disbursements of counsel for the Agents in connection therewith and in connection with the preparation of any Blue Sky Survey and any Legal Investment Survey; (v) the printing and delivery to
the Agents in quantities as hereinabove stated of copies of the Registration Statement and all amendments thereto, and of the Time of Sale Prospectus and the Prospectus and any amendments or supplements thereto; (vi) the printing and delivery
to the Agents of copies of the Fiscal Agency Agreement, the Exchange Rate Agency Agreement (as defined below), the Calculation Agency Agreement (as defined below) and any Blue Sky Survey and any Legal Investment Survey; and (vii) any fees
charged by rating agencies for the rating of the Notes. 

  
 –8–

 Québec shall also reimburse the Agents for the reasonable fees and disbursements of
U.S. and Canadian counsel for the Agents and other out-of-pocket expenses incurred with the approval of Québec. 
 SECTION 5.
Conditions to the Obligations of the Agents. 
 The obligations of the Agents to solicit offers to purchase the Notes as
agents of Québec and the obligations of any Agent to purchase Notes pursuant to any Terms Agreement will be subject to the accuracy of the representations and warranties on the part of Québec herein, to the accuracy of the statements
of authorized representatives of Québec made in any certificate furnished pursuant to the provisions hereof, to the performance and observance by Québec of all covenants and agreements herein contained on its part to be performed and
observed and to the following additional conditions precedent: 
 (a) At Closing Time, the Agents, and, in the
case of the opinions referred to in Sections 5(a)(2) and 5(a)(3), at each Settlement Date with respect to any applicable Terms Agreement, if called for by such Terms Agreement, the relevant Agent shall have received: 

(1) The opinion, dated as of such date, of Miller Thomson LLP, counsel to Québec or other counsel satisfactory to
the Agents, in form and substance satisfactory to the Agents and the Agents’ counsel, to the effect that: 

(i) The Notes have been duly authorized; and, under the applicable laws of Québec in effect at the Closing Time or
Settlement Date, as the case may be, the Notes, when executed, issued, authenticated and delivered outside Québec and in accordance with the Orders in Council and Ministerial Orders of the Gouvernement du Québec applicable thereto in
effect on such date, will have been duly executed, issued and delivered in accordance with the laws of Québec in effect on such date, and such Notes and this Agreement and the Fiscal Agency Agreement, and the covenants therein contained will
constitute valid and legally binding, direct and unconditional general obligations of Québec, for the payment and performance of which the full faith and credit of Québec have been pledged; and such Notes will be enforceable against
Québec in accordance with their terms, subject to the qualifications set forth in Section 5(a)(1)(v), and subject furthermore to the provisions of Book Ten, Title Four of the Civil Code of Québec whereby, in recognizing and
enforcing a decision rendered by a court outside Québec for a sum of money expressed in foreign currency, a Québec court will convert that sum of money into Canadian currency at the rate of exchange prevailing on the day such decision
became enforceable at the place where it was 

  
 –9–

 
rendered and whereby, in the cases listed below, a decision rendered by a court outside Québec would not be recognized and, where applicable, declared enforceable by a Québec court:

 1. the court rendering the decision had no jurisdiction under the provisions of the Civil Code of
Québec, 
 2. the decision is not final or enforceable at the place where it was rendered, is in
contravention of fundamental principles of procedure, or is manifestly inconsistent with public order as understood in international relations, 
 3. a decision on the same matter either (i) is pending before or has been rendered by a Québec court or (ii) has been rendered by a foreign tribunal and is recognizable in Québec,

 4. the decision enforces obligations resulting from taxation laws of a foreign country which does not itself
recognize and enforce taxation obligations resulting from Québec law, or 
 5. the decision is rendered
by default and the act of procedure initiating the proceedings was not duly served on the defaulting party; 

(ii) The Notes will rank equally among themselves and with the other debt securities issued by Québec and
outstanding on such Representation Date or thereafter and all funds required to make payments in respect of the Notes will be taken out of the Consolidated Revenue Fund of Québec; 

(iii) This Agreement, the Fiscal Agency Agreement, the Exchange Rate Agency Agreement, dated as of December 11,
2003, between Québec and Citibank, N.A. (the “Exchange Rate Agency Agreement”), the Calculation Agency Agreement, dated as of December 11, 2003, between Québec and Citibank, N.A. (the “Calculation Agency
Agreement”) and, if the opinion is being given pursuant to Section 6(c) hereof on account of Québec having entered into a Terms Agreement, the applicable Terms Agreement, have been duly authorized, executed and delivered by
Québec in accordance with the Orders in Council and Ministerial Orders of the Gouvernement du Québec applicable thereto; 

  
 –10–

 (iv) All necessary action has been duly taken by or on behalf of
Québec, and all necessary authorizations and approvals under the laws of Québec have been duly obtained, for the authorization, execution and delivery by Québec of this Agreement, the Fiscal Agency Agreement, the Exchange Rate
Agency Agreement, the Calculation Agency Agreement, any Terms Agreement and the Notes and for the issuance and sale of the Notes pursuant to this Agreement, any Terms Agreement and the Fiscal Agency Agreement, and there are no laws of Canada
applicable to any such authorization, execution, delivery, issuance, or sale, and no authorizations or approvals under the laws of Canada are necessary therefor; 

(v) Québec does not enjoy, under the laws of Québec and the laws of Canada applicable therein, a right of
immunity from suit, on the ground of sovereignty or otherwise, in respect of its obligations under this Agreement, the Fiscal Agency Agreement and the Notes subject to the following qualifications: 

1. the provisions of the Code of Civil Procedure of Québec which bar extraordinary recourses (quo warranto,
mandamus and evocation) and provisional remedies (injunction, seizure of assets before judgment and sequestration) against the Gouvernement du Québec, and 

2. the general immunity of the State from compensation, set-off, acquisitive prescription, attachment and execution on a
judgment; 
 (vi) The English translations of the Orders in Council and Ministerial Orders of the Gouvernement
du Québec, authorizing the issuance and sale of the Notes on the terms set forth herein and in the Terms Agreement, are exact translations and are not susceptible to any materially different interpretation with respect to any material matter
therein; 
 (vii) There are no Canadian non-resident withholding taxes payable under the laws of Canada or of
Québec in respect of any Notes or premium, if any, or interest thereon unless all or any part of the interest or of any amount deemed by the Income Tax Act (Canada) (“Canadian Tax Act”) to be interest paid or payable on the
Notes is contingent or dependent upon the use of or production from property in Canada or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable to
shareholders of any class of shares of a corporation. If any interest paid or payable on a Note, 

  
 –11–

 
or any amount deemed by the Canadian Tax Act to be interest thereon, is to be calculated by reference to a criterion referred to above, such interest or amount, as the case may be, may be subject
to Canadian non-resident withholding tax, subject to the following: no such withholding tax would apply if the Notes are “prescribed obligations” for these purposes. The regulations under the Canadian Tax Act provide that a prescribed
obligation is a debt obligation the terms or conditions of which provide for an adjustment to the amount payable in respect of the obligation that is determined by reference to a change in the purchasing power of money and on which no amount
payable, other than such an adjustment, is dependent or contingent upon or computed by reference to any of the criteria referred to above. There are no other taxes on income or capital gains payable under the laws of Canada or of Québec in
respect of any Notes or premium, if any, or interest thereon by an owner who, at all relevant times, for purposes of the Canadian Tax Act and any applicable tax convention, is not, and is not deemed to be, a resident of Canada and does not use or
hold, and is not deemed to use or hold, any Notes in or in the course of carrying on a business in Canada and is not an insurer carrying on an insurance business in Canada and elsewhere and is not an authorized foreign bank carrying on a bank
business in Canada within the meaning of the Canadian Tax Act. There are no estate taxes or succession duties imposed by Canada or Québec in respect of any Notes or premium, if any, or interest thereon; and 

(viii) Such counsel have no reason to believe that either the Registration Statement, any Time of Sale Prospectus
or the Prospectus, or any amendment or supplement thereto, contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading; their opinion
with respect to Canadian taxes under the captions “Description of the Securities” and “Canadian Tax Considerations” in the Prospectus is accurately described therein; the descriptions in the Registration Statement and Prospectus
of statutes, legal and governmental proceedings and contracts and other documents are accurate and fairly present the information required to be shown; and such counsel do not know of any legal or governmental proceedings required to be described in
the Prospectus which are not described as required, or of any contracts or documents of a character required to be described in the Registration Statement or Prospectus or to be filed as exhibits to the Registration Statement which are not described
and filed as required. 

  
 –12–

 In rendering such opinion, such counsel may rely upon the opinion of Sullivan &
Cromwell LLP as to matters of United States law and procedure, and upon a certificate of Québec as to the securities of Québec outstanding on the date of such opinion; and no opinion need be expressed by such counsel as to the
financial statements or other financial data contained in the Registration Statement, any Time of Sale Prospectus and Prospectus. 
 (2) The opinion, dated such date, of Norton Rose OR LLP, Canadian counsel to the Agents, with respect to the validity of any Notes, the Registration Statement, the Time of Sale Prospectus, the Prospectus,
and other related matters as the Agents may reasonably request, and Québec shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In rendering such opinion, such counsel
may rely upon the opinion of Sullivan & Cromwell LLP as to matters of United States law and procedure and upon a certificate of Québec as to the securities of Québec outstanding on such date; and no opinion need be expressed
by such counsel as to the financial statements or other financial data contained in the Registration Statement and the Prospectus. 
 (3) The opinion, dated such date, of Sullivan & Cromwell LLP, counsel for the Agents, with respect to the validity of any Notes, the Registration Statement, the Prospectus, and other
related matters as the Agents may reasonably request, and Québec shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. In rendering such opinion, such counsel may rely
upon the opinions of counsel named in Sections 5(a)(1) and 5(a)(2) as to matters of Canadian and Québec law and procedure; and no opinion need be expressed by such counsel as to the financial statements or other financial data contained
in the Registration Statement, any Time of Sale Prospectus and the Prospectus. 
 (b) At the Closing Time,
the Agents shall have received a certificate of any authorized official at the Ministère des Finances, dated such date, in which such official shall, to the best of his knowledge after reasonable investigation, state that the representations
and warranties of Québec in this Agreement are true and correct as of the date thereof, that Québec has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to such
date, that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are contemplated by the Commission and that, subsequent to the date of the most recent
financial statements included or incorporated by reference in the Prospectus, there has been no material adverse change, or any development involving a prospective material adverse 

  
 –13–

 
change, in the financial condition of Québec, except as set forth or contemplated in the Prospectus. 

(c) At the Closing Time and at each Settlement Date with respect to any applicable Terms Agreement, the purchase and sale
of any Notes in accordance with the provisions hereof and of any Terms Agreement shall not be prohibited by any statute, order, rule or regulation promulgated by any legislative, executive or regulatory body or authority of Canada, the United States
of America, Québec or the State of New York. 
 (d) Québec shall have furnished to the Agents, at
the Closing Time, and to the relevant Agent, if so requested at each Settlement Date with respect to any applicable Terms Agreement, and to counsel for the Agents, at the Closing Time and at each Settlement Date, accurate English translations of all
Orders in Council and Ministerial Orders of the Gouvernement du Québec, relating to the authorization, issuance and sale of any Notes, and of all documents and certificates delivered pursuant to the foregoing paragraphs of this
Section 5, which pursuant to the laws of Québec were adopted, passed, enacted or drawn in the French language. 
 (e) At the Closing Time and at each Settlement Date with respect to any applicable Terms Agreement, counsel for the Agents shall have been furnished with such documents and opinions as they may reasonably
require for the purpose of enabling them to pass upon the issuance and sale of the Notes as herein contemplated and related proceedings, or in order to evidence the accuracy and completeness of any of the representations and warranties, or the
fulfillment of any of the conditions, herein contained; and all proceedings taken by Québec in connection with the issuance and sale of the Notes as herein contemplated shall be satisfactory in form and substance to the Agents and the
Agents’ counsel. 
 The obligations of any Agent to purchase Notes pursuant to any Terms Agreement will be subject to the
following further conditions: (a) the rating assigned by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the 1934 Act) to any debt securities of Québec as of the date of the
applicable Terms Agreement shall not have been lowered since that date nor shall any public announcement that any such organization has under surveillance or review its rating of any debt securities of Québec (other than an announcement with
positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating) have occurred and (b) there shall not have come to such Agent’s attention any facts that would cause such Agent to believe that
the Time of Sale Prospectus or the Prospectus, at the time it was required to be delivered to a purchaser of the Notes, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements
therein, in light of the circumstances existing at such time, not misleading. 

  
 –14–

 If any condition specified in this Section 5 shall not have been fulfilled, this
Agreement may be terminated by the Agents, and any Terms Agreement may be terminated by the relevant Agent, by notice to Québec at any time at or prior to the Closing Time or applicable Settlement Date, and such termination shall be without
liability of any party to any other party, except that the covenants set forth in Section 3(c) hereof, the provisions of Section 4 hereof, the indemnity and contribution agreement set forth in Sections 7 and 8 hereof, and the
provisions of Sections 10 and 13 hereof shall remain in effect. 
 SECTION 6. Additional Covenants of Québec. 

Québec covenants and agrees that: 
 (a) Each acceptance by Québec of an offer for the purchase of Notes, and each sale of Notes to an Agent pursuant to a Terms Agreement, shall be deemed to be an affirmation that the representations
and warranties of Québec contained in this Agreement and in any certificate theretofore delivered to the Agents pursuant hereto are true and correct at the time of such acceptance or sale, as the case may be, and an undertaking that such
representations and warranties will be true and correct at the time of delivery to the purchaser or his agent, or to an Agent, of the Notes relating to such acceptance or sale, as the case may be, as though made at and as of each such time (and it
is understood that such representations and warranties shall relate to the Registration Statement, the Time of Sale Prospectus and the Prospectus as amended and supplemented to each such time); 

(b) Each time that the Registration Statement or the Prospectus shall be amended or supplemented (other than by an
amendment or supplement providing solely for a change in the interest rates of the Notes, a change in the aggregate initial offering price of Notes remaining to be sold, or a change in the currency in which the Notes are to be denominated or similar
changes) or, if so indicated in the applicable Terms Agreement, at the time Québec delivers Notes to an Agent pursuant to a Terms Agreement, Québec shall furnish or cause to be furnished forthwith to the Agents or such Agent, as the
case may be, a certificate in form satisfactory to the Agents or such Agent, as the case may be, to the effect that the statements contained in the certificate referred to in Section 5(b) hereof which was last furnished to such Agent are true
and correct at the time of such amendment or supplement or filing or sale, as the case may be, as though made at and as of such time (except that such statements shall be deemed to relate to the Registration Statement and the Prospectus as amended
and supplemented to such time) or, in lieu of such certificate, a certificate of the same tenor as the certificate referred to in said Section 5(b), modified as necessary to relate to the Registration Statement and the Prospectus as amended and
supplemented to the time of delivery of such certificate; 

  
 –15–

 (c) Each time that the Registration Statement or the Prospectus shall be
amended or supplemented (other than by an amendment or supplement providing solely for a change in the interest rates of the Notes, a change in the aggregate initial offering price of Notes remaining to be sold, or a change in the currency in
which the Notes are to be denominated or similar changes) or, if so indicated in the applicable Terms Agreement, at the time Québec sells Notes to an Agent pursuant to a Terms Agreement, Québec shall furnish or cause to be furnished
forthwith to the Agents or such Agent, as the case may be, and counsel for the Agents a written opinion of Miller Thomson LLP, counsel to Québec, or other counsel satisfactory to the Agents or such Agent, as the case may be, dated the date of
delivery of such opinion, in substance satisfactory to the Agents or such Agent, of the same tenor as the opinion referred to in Section 5(a)(1) hereof but modified, as necessary, to relate to the Registration Statement, the Time of Sale
Prospectus and the Prospectus as amended and supplemented to the time of delivery of such opinion or, in lieu of such opinion, counsel last furnishing such opinion to the Agents or such Agent, as the case may be, shall furnish a letter to the effect
that the Agents or such Agent may rely on such last opinion to the same extent as though it was dated the date of such letter authorizing reliance (except that statements in such last opinion shall be deemed to relate to the Registration Statement
and the Prospectus as amended and supplemented to the time of delivery of such letter authorizing reliance); 

(d) Within nine months after the close of each fiscal year of Québec, Québec will file an Annual Report on
Form 18-K (the “Annual Report”) with the Commission; 
 (e) As soon as practicable after the
occurrence of a material development in the affairs of Québec, Québec will disclose such material development by filing on Form 18-K/A an amendment to its Annual Report on Form 18-K; 

(f) As soon as possible after the relevant information is made public, Québec will file on Form 18-K/A an
amendment to its Annual Report to disclose Québec’s monthly report on financial transactions and any other material information contained in its monthly report; and 

(g) Any obligation of a person who has agreed to purchase Notes to make payment for and take delivery of such Notes shall
be subject to the satisfaction, on such Settlement Date, of the following conditions: (i) no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are
contemplated by the Commission; (ii) neither the Registration Statement, the Time of Sale Prospectus nor the Prospectus shall contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein not misleading; (iii) the condition set 

  
 –16–

 
forth in clause (a) of the next-to-last paragraph of Section 5 hereof; and (iv) none of the events described in clauses (i) to (iv) of the first paragraph of
Section 11 hereof shall have occurred, it being understood that under no circumstance shall any Agent have any duty or obligation to exercise the judgment permitted under clauses (i) and (ii) of such Section 11. 

SECTION 7. Indemnification. 
 (a) Québec agrees to indemnify and hold harmless each Agent and each person, if any, who “controls” each Agent within the meaning of Section 15 of the 1933 Act as follows:

 (1) against any and all loss, liability, claim, damage and expense whatsoever arising out of any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact contained in the Time of Sale Prospectus (or any part thereof), Issuer Free Writing Prospectus (or any part thereof) or the
Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
unless such untrue statement or omission or such alleged untrue statement or omission was made in reliance upon and in conformity with written information furnished to Québec by the Agents expressly for use in the Registration Statement (or
any amendment thereto), the Time of Sale Prospectus (or any part thereof), Issuer Free Writing Prospectus (or any part thereof) or the Prospectus (or any amendment or supplement thereto); provided that, the foregoing indemnification shall not apply
to any use of an Issuer Free Writing Prospectus after Quebec shall have notified the Agents to discontinue the use thereof; 
 (2) against any and all loss, liability, claim, damage and expense whatsoever to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (except as made in reliance upon and in conformity with information furnished by
the Agents as aforesaid) if such settlement is effected with the written consent of Québec; and 
 (3)
against any and all expense whatsoever (including the fees and disbursements of counsel chosen by the Agents) reasonably incurred 

  
 –17–

 
in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or omission (except as made in reliance upon and in conformity with information furnished by the Agents as aforesaid), to the extent that any such expense is not paid under
(1) or (2) above. 
 (b) Each Agent agrees to indemnify and hold harmless Québec against any and
all loss, liability, claim, damage and expense described in the indemnity contained in Section 7(a), but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendment thereto), the Time of Sale Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to Québec by such Agent expressly for use in the
Registration Statement (or any amendment thereto), the Time of Sale Prospectus or the Prospectus (or any amendment or supplement thereto). 
 (c) Each indemnified party shall give prompt notice to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder but failure to so notify an
indemnifying party shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may, at its own expense, participate in and, to the extent that it may wish, jointly with any
other indemnifying party, similarly notified, assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, without the consent of the indemnified party, be counsel to the indemnifying party), and after notice from
the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable costs of investigation. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel, in addition to any local counsel, for all
indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. 
 SECTION 8. Contribution. 
 If recovery is not available under the foregoing
indemnification provisions for any reason other than as specified therein, the parties entitled to indemnification by the terms thereof shall be entitled to contribution to liabilities and expenses, except to the extent that contribution is not
permitted under Section 11(f) of the 1933 Act. In determining the amount of contribution to which the respective parties are entitled, there shall be considered the relative benefits received by each party from the offering of any Notes (taking
into account the portion of the proceeds of the offering realized by each), 

  
 –18–

 
the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any statement or
omission, and any other equitable considerations appropriate under the circumstances. Québec and the Agents agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita
allocation. Neither an Agent nor any person controlling such Agent shall be obligated to make contributions hereunder which in the aggregate exceed the total public offering price of any Notes purchased by that Agent under this Agreement and any
Terms Agreement, less the aggregate amount of any damages which such Agent and its controlling persons have otherwise been required to pay in respect of the same claim or any substantially similar claim. The Agents’ obligations to contribute
are joint meaning that each such Agent is obligated to contribute only in proportion to the principal amount of Notes specified to be purchased by or through such Agent under this Agreement and, if applicable, any Terms Agreement. 

SECTION 9. Status of the Agents. 
 In soliciting purchases of the Notes from Québec, the Agents are acting solely as agents for Québec and not as principal. The Agents will make reasonable efforts to assist Québec in
obtaining performance by each purchaser whose offer to purchase Notes from Québec has been solicited by the Agents and accepted by Québec but the Agents shall not have any liability to Québec in the event any such purchase is
not consummated for any reason. 
 SECTION 10. Representations, Warranties and Agreements to Survive Delivery. 

All representations, warranties and agreements contained in this Agreement or any Terms Agreement, or contained in certificates of
authorized officials of Québec submitted pursuant hereto, shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Agents or any controlling person of the Agents, or by or on behalf of
Québec, and shall survive each delivery of and payment for any of the Notes. 
 SECTION 11. Termination. 

This Agreement may be terminated for any reason, at any time by Québec as to any Agent or, in the case of any Agent, by such Agent
insofar as this Agreement relates to such Agent, upon the giving of 30 days’ written notice of such termination to the other party hereto. An Agent party to a Terms Agreement may also terminate such Terms Agreement, immediately upon notice
to Québec, at any time prior to the Settlement Date relating thereto (i) if there has been, since the respective dates as of which information is given in the Registration Statement, the Time of Sale Prospectus or the Prospectus any
change, or any development involving a prospective change, in the financial condition of Québec such as to make it, in such Agent’s judgment, impractical or inadvisable to market the Notes or enforce contracts for the sale of the Notes,
or (ii) if there has occurred any outbreak or escalation of major hostilities in which the United 

  
 –19–

 
States or Canada is involved, any declaration of war by the United States Congress or the Government of Canada or any other substantial national or international calamity or emergency if the
effect of any such outbreak, escalation, declaration, calamity or emergency is such as to make it, in such Agent’s judgment, impractical or inadvisable to market the Notes or enforce contracts for the sale of the Notes, or (iii) if trading
generally on either the NYSE Amex or the New York Stock Exchange has been suspended, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, by either of said exchanges or by
order of the Commission or any other governmental authority, or if trading of any securities of Québec on any exchange or in the over-the-counter market has been suspended, or (iv) if a banking moratorium has been declared by either
Federal or New York or Canadian authorities. 
 In the event of any such termination, neither party will have any liability
to the other party hereto, except that (a) the Agents shall be entitled to any commissions earned in accordance with the third paragraph of Section 2(a) hereof, (b) if at the time of termination (i) the Agents shall own any of
the Notes with the intention of reselling them or (ii) an offer to purchase any of the Notes has been accepted by Québec or an agreement for the sale of Notes has been entered into between Québec and an Agent but the time of
delivery to the purchaser or his agent of the Notes relating thereto has not occurred, the covenants set forth in Sections 3 and 6 hereof shall remain in effect until such Notes are so resold or delivered, as the case may be, and (c) the
covenant set forth in Section 3(c) hereof, the provisions of Section 4 hereof, the indemnity agreement set forth in Section 7 hereof, the contribution agreement set forth in Section 8 hereof, and the provisions of
Sections 10 and 13 hereof shall remain in effect. 
 SECTION 12. Notices and Authority. 

All communications hereunder shall be effective only on receipt, and shall be delivered or sent by letter, facsimile transmission or
telephone (but in the case of communication by telephone with subsequent confirmation by letter or facsimile transmission) as follows: 
  

	 	(a)	to the Agents: 

 Bank of America
Merrill Lynch 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 

50 Rockefeller Plaza 
 New York, New York 10020 
 Tel.: (646) 855-0724 

Fax: (212) 901-7881 
 Attention: Corporate Syndicate Department 
 Deutsche Bank Securities Inc.

 60 Wall Street 
 New York, New York 10005 

  
 –20–

 
Tel.: (212) 250-6801 
 Fax: (212) 797-2202 

Attention: Debt Capital Markets Syndicate 
 HSBC Securities (USA) Inc. 
 452 5th Avenue, 3rd Floor 
 New York, New York 10018 
 Tel.: (212) 525-3652 

Fax: (212) 525-0238 
 Attention: Transaction Management Group 
 J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York, New York 10179 
 Tel.: (212) 834-5640 

Fax: (212) 834-6702 
 Attention: Transaction Executive Group 
 RBS Securities Inc. 

600 Washington Boulevard 
 Stamford, Connecticut 06901 
 Fax: (203) 873-4534 

Attention: Debt Capital Markets Syndicate 
  

	 	(b)	to Québec: 

Ministère des Finances 
 Direction du financement des organismes publics et de la documentation financière 
 12, rue Saint-Louis 
 Québec, Québec 

Canada G1R 5L3 

Tel.: (418) 643-8141 
 Fax: (418) 643-4700 
 Attention: La directrice principale 

SECTION 13. Parties. 

This Agreement, and any Terms Agreement, shall inure to the benefit of and be binding upon the Agents, and the Agent party to such Terms
Agreement and Québec and its successors and, to the extent provided in Section 6(g), any person who has agreed to purchase Notes from Québec. Nothing expressed or mentioned in this Agreement or any Terms Agreement is intended or
shall be construed to give any person, firm or corporation, other than the parties hereto and their respective successors and the controlling persons referred to in Sections 7 and 8 and their heirs and legal representatives and, to the extent
provided in Section 6(g), any person who 

  
 –21–

 
has agreed to purchase Notes from Québec, any legal or equitable right, remedy or claim under or in respect of this Agreement or any Terms Agreement or any provision herein or therein
contained. This Agreement and any Terms Agreement and all conditions and provisions hereof and thereof are intended to be for the sole and exclusive benefit of the parties hereto and their respective successors and said controlling persons and
officers and directors and their heirs and legal representatives and, to the extent provided in Section 6(g), any person who has agreed to purchase Notes from Québec, and for the benefit of no other person, firm or corporation.

 SECTION 14. Governing Law. 
 This Agreement and the Terms Agreement shall be governed by and construed in accordance with the laws of Québec and the laws of Canada applicable therein. 

Nothing herein contained shall affect the right to serve process on Québec in any manner permitted by law. Québec hereby
irrevocably consents to the fullest extent permitted by law to the giving of any relief including, without limitation, the making, enforcement or execution against any property of any order or judgment made or given in connection with any
proceedings arising out of or in connection with this Agreement. 
 SECTION 15. No Fiduciary Relationship. 

Québec acknowledges and agrees that: (a) the purchase and sale of the Notes pursuant to this Agreement and any Terms Agreement
is an arm’s-length commercial transaction between Québec, on the one hand, and the Agents, on the other hand; (b) in connection with the offerings contemplated hereby and the process leading to any such transaction the Agents are
and have been acting as a principal and are not the agent (except to the extent expressly set forth herein) or fiduciary of Québec, or its respective creditors, employees or any other party; and (c) the Agents have not provided any
legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and Québec has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. 

SECTION 16. Jurisdiction of Courts. 
 Québec hereby appoints the person from time to time who holds the position of Delegate General of Québec in New York, One Rockefeller Plaza, 26th floor, New York, New York, 10020-2102, as
its authorized agent (the “Authorized Agent”) upon whom process may be served in any action by any Agent, or by any person controlling such Agent, and based upon this Agreement which may be instituted in any State or Federal court in The
City of New York, and expressly accepts the non-exclusive jurisdiction of any such court in respect of such action. Québec hereby irrevocably waives any immunity to service of process in respect of any such action to which the Authorized
Agent might otherwise be entitled. Such appointment shall be irrevocable as 

  
 –22–

 
long as any of the Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or no longer has an address in The City of New York,
Québec will appoint another person or persons in The City of New York, selected in its discretion, as Authorized Agent(s). Québec will take any and all action, including the filing of any and all documents and instruments that may be
necessary to continue such appointment or appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent together with written notice of such service mailed or delivered to Québec at its address set forth in
Section 12, shall be deemed in every respect effective service of process upon Québec. Notwithstanding the foregoing, any action by an Agent, or by any person controlling such Agent, and based upon this Agreement may be instituted in any
competent court in Québec. Québec hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction to which it might otherwise be entitled in any action based on this Agreement which may be instituted as
provided in this Section in any State or Federal court in The City of New York or in any competent court in Québec. 
 SECTION 17.
Currency. 
 All dollar figures set forth in this Agreement or to be set forth in any Terms Agreement are or will be in
United States dollars, unless otherwise indicated. 
 SECTION 18. Counterparts. 

This Agreement may be signed in any number of counterparts, each of which shall be deemed an original, which taken together shall
constitute one and the same instrument. 

  
 –23–

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to Québec a counterpart hereof, whereupon this instrument along with all counterparts will become a binding agreement among each of you and Québec in accordance with its terms. 

 

			
	Very truly yours,
	
	QUÉBEC
		
	By:	 	  

		 	Name:
		 	Title:

 CONFIRMED AND ACCEPTED in The City of New York, as of November 22, 2011. 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

					
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	HSBC SECURITIES (USA) INC.
		
	By:	 	  

		 	Name:	 	Diane M. Kenna
		 	Title:	 	Senior Vice President - Head of Transaction Management - Americas
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	
	RBS SECURITIES INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Annex A 
  

					
	 Term
	  	Maximum
Commission
Rates	 
		
	 From nine months or more but less than one year
	  	 	0.125	% 
	 One year but less than eighteen months
	  	 	0.150	% 
	 Eighteen months but less than two years
	  	 	0.200	% 
	 Two years but less than three years
	  	 	0.250	% 
	 Three years but less than four years
	  	 	0.350	% 
	 Four years but less than five years
	  	 	0.450	% 
	 Five years but less than fifteen years
	  	 	0.500	% 
	 Fifteen years but less than twenty years
	  	 	0.600	% 
	 Twenty years to thirty years (inclusive)*
	  	 	0.650	% 

  

	*	The commission rate applicable to the sale of any Note that matures more than thirty years from its date of issue will be determined by the relevant Agent and
Québec at the time of such sale and disclosed in the applicable Pricing Supplement. 

  
 A-1

 Annex B 
 QUÉBEC 
 Medium-Term Notes 

TERMS AGREEMENT 
  

							
		  		  		  	  

 Québec 

Ministère des Finances 
 Direction du
financement des organisms publics et de la documentation financière 
 12 rue Saint-Louis 

Québec, Québec 
 Canada G1R 5L3

  

	Re:	Amended and Restated Distribution Agreement dated November 22, 2011 

 The undersigned agrees to purchase the following principal amount of Notes: 

$             
 Interest Rate:              
 Fixed Rate Note:              
 Interest Rate:              
 Floating Rate:              
 Interest Rate Basis:              
 Initial Interest Rate:              
 Spread or Spread Multiplier, if any:              
 Interest Rate Reset Dates:                      

Interest Payment Dates:
                     

Index Maturity:
                     

Maximum Interest Rate, if any:              

Minimum Interest Rate, if any:              

Interest Rate Reset Period:
                     

Interest Payment Period:
                     

 Interest Determination Date:
                     

Calculation Date:
                     

Index, if any:
                     

Maturity Date:
                     

Purchase Price:     % 
 Settlement Date and Time:                      

Currency:                     

 Denominations (if currency is other than U.S. 
 dollars):                      

Redemption Date(s):
                     

Initial Redemption Percentage:
                     

Annual Redemption Percentage Reduction 
 (If other than 100% of 
 principal Amount):
                     

Optional Repayment Date(s):
                     

Initial Repayment Percentage:
                     

Annual Repayment Percentage Reduction 
 (If other than 100% of 
 Principal Amount):
                     

Exceptions, if any, to Section 3(g) of the Distribution 

			
	 Agreement:
	 	  

	  

	  

	  

 Time of Pricing:
                     

  
 B-2

 [The certificates referred to in Section 6(b) of the Distribution Agreement, the
opinion[s] referred to in [Section 5(a)(2)] [and Section 5(a)(3)] [and] [Section 6(c)] of the Distribution Agreement shall be delivered to us on (and dated as of) [Settlement
Date].] 
  

			
	[Name of Agent]
		
	By	 	  

	Name:	 	
	Title:	 	

  

							
	Accepted:
	
	QUÉBEC
		
	By	 	  

	Name:	 		 		 	
	Title:	 		 		 	
				
	By	 	  
	 	|	 	  

	Name:	 		 		 	
	Title:	 		 		 	

  
 B-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]