Document:

EX-4.2

 Exhibit 4.2 

INVESTOR RIGHTS AGREEMENT 

dated as of 
 October 19, 

2021 by and 
 among 

ALGOMA STEEL GROUP INC. 

and 
 CERTAIN SHAREHOLDERS OF
ALGOMA STEEL GROUP INC. 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	Other Definitional and Interpretative Provisions	  	 	9	 
	 ARTICLE II CORPORATE GOVERNANCE
	  	 	10	 
	 Section 2.1
	  	Nomination Rights	  	 	10	 
	 Section 2.2
	  	Vacancies	  	 	11	 
	 Section 2.3
	  	Compensation	  	 	11	 
	 Section 2.4
	  	Organizational Document Provisions	  	 	12	 
	 Section 2.5
	  	Notice of Meeting	  	 	12	 
	 Section 2.6
	  	Board Observers	  	 	12	 
	 Section 2.7
	  	Exculpation; Indemnification; D&O Insurance	  	 	12	 
	 Section 2.8
	  	Priority of Indemnification	  	 	14	 
	 ARTICLE III REGISTRATION RIGHTS
	  	 	15	 
	 Section 3.1
	  	Demand Registration	  	 	15	 
	 Section 3.2
	  	Piggyback Registration	  	 	17	 
	 Section 3.3
	  	Restriction on Demand Registration and Piggyback Registration	  	 	18	 
	 Section 3.4
	  	Transfer Restrictions	  	 	18	 
	 Section 3.5
	  	Registration Procedures	  	 	19	 
	 Section 3.6
	  	Indemnification by the Company	  	 	22	 
	 Section 3.7
	  	Indemnification by Participating Shareholders	  	 	23	 
	 Section 3.8
	  	Conduct of Indemnification Proceedings	  	 	24	 
	 Section 3.9
	  	Contribution	  	 	25	 
	 Section 3.10
	  	Participation in Public Offering	  	 	26	 
	 Section 3.11
	  	Other Indemnification; Third-Party Beneficiaries	  	 	26	 
	 Section 3.12
	  	Limitations on Subsequent Registration Rights	  	 	26	 
	 Section 3.13
	  	Alternative Registration Rights	  	 	27	 
	 Section 3.14
	  	Opt-Out Process	  	 	27	 
	 ARTICLE IV CERTAIN COVENANTS AND AGREEMENTS
	  	 	27	 
	 Section 4.1
	  	Business Opportunities	  	 	27	 
	 Section 4.2
	  	Tax Matters	  	 	27	 
	 ARTICLE V MISCELLANEOUS
	  	 	28	 
	 Section 5.1
	  	Binding Effect; Assignability; Third-Party Beneficiaries	  	 	28	 
	 Section 5.2
	  	Notices	  	 	29	 
	 Section 5.3
	  	Waiver; Amendment; Termination; Fallaway	  	 	29	 

							
	 Section 5.4
	  	Fees and Expenses	  	 	30	 
	 Section 5.5
	  	Governing Law	  	 	30	 
	 Section 5.6
	  	Jurisdiction	  	 	30	 
	 Section 5.7
	  	WAIVER OF JURY TRIAL	  	 	31	 
	 Section 5.8
	  	Specific Enforcement	  	 	31	 
	 Section 5.9
	  	Counterparts; Effectiveness	  	 	31	 
	 Section 5.10
	  	Entire Agreement	  	 	31	 
	 Section 5.11
	  	Termination of Existing Registration Rights	  	 	31	 
	 Section 5.12
	  	Severability	  	 	31	 
	 Section 5.13
	  	Aggregation of Affiliates and Related Funds	  	 	31	 
	 Section 5.14
	  	Independent Agreement by the Shareholders	  	 	32	 
	 Section 5.15
	  	Status as Shareholder	  	 	32	 

  

 INVESTOR RIGHTS AGREEMENT 

This Investor Rights Agreement (the “Agreement”), by and among Algoma Steel Group Inc., a corporation organized under the
laws of British Columbia (the “Company”), and the holders of the Shares (as defined below) who are or become party to this Agreement, is effective as of October 19, 2021 (the “Effective Date”). Capitalized terms
used without definition shall have the meanings assigned thereto in ARTICLE I. 
 W I T N E S S E T H: 

WHEREAS, reference is made to that certain Agreement and Plan of Merger, dated as of May 24, 2021 (as amended, supplemented, restated or
otherwise modified from time to time, the “Merger Agreement”), by and among, the Company, Algoma Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of the Company (“Merger Sub”), and
Legato Merger Corp., a Delaware corporation (“Legato”), pursuant to which Merger Sub will merge with and into Legato, with Legato surviving as a wholly owned subsidiary of the Company and the securityholders of Legato becoming
securityholders of the Company (the “Merger”). 
 WHEREAS, in connection with the consummation of the Merger, the Company
and the Shareholders desire to enter into this Agreement, which shall govern certain rights, duties and obligations of the parties hereto from and after the Effective Date. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each party hereto, intending to be legally bound hereby, agrees as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1 Definitions. 

(a) As used in this Agreement, the following terms have the following meanings: 

“66 2/3% Approval” means the approval by an instrument in writing by Shareholders with Aggregate Ownership of at least a 66
2/3% of the Shares held by the Shareholders. 
 “Adverse Person” means any Person that the Board determines in good faith
is a competitor or a potential competitor of any of the members of the Company Group. 
 “Affiliate” means, with respect to
any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided that no Shareholder or other securityholder of the Company shall be deemed an Affiliate of the Company or
another member of the Company Group or an Affiliate of any other security holder of the Company solely by reason of any investment in the Company or the existence or exercise of any rights or obligations under this Agreement or the Company
Securities held by such 

  
 1 

 
security holder. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise; provided that, with respect to a Shareholder, the members of the Company Group shall be deemed to not be Affiliates of such Shareholder (without prejudice to whether a
Shareholder may be deemed to be an Affiliate of a member of the Company Group). 
 “Algoma Shareholder” means a Shareholder
who is not a Legato Founder. 
 “Aggregate Ownership” means, with respect to any Shareholder or group of Shareholders at
any time of determination, the total number of Shares beneficially owned (without duplication) by such Shareholder or group of Shareholders and any Affiliates or Related Funds of such Shareholder or group of Shareholders as of the date of such
calculation. 
 “Archview” means Archview Investment Group LP, together with its Affiliates and Related Funds that hold
Shares. 
 “Bain” means Bain Capital Credit, LP solely in its capacity as investment adviser for its Related Funds that
hold Shares, and such Related Funds. 
 “Barclays” means Barclays Bank PLC together with its Affiliates and Related Funds
that hold Shares. 
 “beneficial owner” has the meaning defined in Rule 13d-3 and
Rule 13d-5 of the Exchange Act. “beneficially own,” “beneficially owned” and “beneficial ownership” have correlative meanings. 

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

“Bought Deal” means any of (i) a block trade of Registrable Securities, (ii) an “overnight” underwritten
offering of Registrable Securities without a prior marketing process or (iii) a sale of Registrable Securities by the Company to underwriters for reoffering to the public as described in the definition of “bought deal agreement” in
Section 7.1 of NI 44-101, in each case, pursuant to an agreement among the Company, one or more underwriters and other Persons and a Shelf Prospectus Supplement. For the avoidance of doubt, any sale of
Registrable Securities by a Shareholder to one or more underwriters that does not require a new Registration Filing or Shelf Prospectus Supplement shall be deemed not to be a Bought Deal. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in (i) New York City, New
York, in the United States of America or (ii) Toronto, Ontario, in Canada, are authorized by law to close. 
 “Canada
Jurisdictions” means each province of Canada. 

  
 2 

 “Canada Law” means the Business Corporations Act (British Columbia)
from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to the Business Corporations Act with the definitions and rules of construction in the Interpretation Act (British
Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to Interpretation Act, except, if there is a conflict between a definition in the Business Corporations Act and a
definition or rule in the Interpretation Act, the definition in the Business Corporations Act will prevail. 
 “Canada National
Securities Exchange” means the Canadian Securities Exchange, Toronto Stock Exchange, TSX Venture Exchange or NEO Exchange. 

“Canada Securities Authorities” means the “Canadian securities regulatory authorities” as defined in National
Instrument 14-101—Definitions, and any of their successors. 
 “Canada Securities
Laws” means all applicable securities laws, the respective regulations, rules and orders made thereunder, and all applicable policies, instruments and notices issued by the commissions in the Canada Jurisdictions as they may be amended from
time to time. 
 “Company Group” means the Company and its Subsidiaries (including any present or future direct or indirect
Subsidiaries). 
 “Company Securities” means (i) the Shares, (ii) any securities convertible into or exchangeable
for Shares and (iii) any options, warrants or other rights to acquire Shares. 
 “Damages” means any and all losses,
claims, damages, liabilities and expenses (including reasonable and documented expenses of investigation and reasonable attorneys’ fees and expenses). 

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

“Excluded Registration” means a registration or qualification (i) on Form S-8, S-4 or F-4, any successor forms or any substantially equivalent forms or prospectuses under the Canada Securities Laws, or any prospectus under the Canada Securities Laws used
exclusively for a similar purpose, (ii) relating to Company Securities issuable upon exercise of employee equity awards or in connection with any employee benefit or similar plan of the Company, (iii) in connection with a direct or
indirect acquisition by the Company of another Person or (iv) in connection with an offering of debt securities of a member of the Company Group convertible into or exchangeable for capital stock or other securities of a member of the Company
Group and any capital stock or other securities of a member of the Company Group issuable upon the conversion or exchange of such debt securities. 

“FINRA” means the Financial Industry Regulatory Authority. 

  
 3 

 “GTAM” means GoldenTree Asset Management LP, solely in its capacity as
investment adviser for its Related Funds that hold Shares, and such Related Funds. 
 “Key Shareholder” means a Shareholder
with Aggregate Ownership of at least 239,704 Shares. 
 “Legal Action” means any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative. 
 “Legato Founders” means the holders of the
common stock, par value $0.0001 per share, of Legato, sold by Legato prior to its initial public offering. 
 “Lock-Up Agreement” means that certain lock-up agreement entered into concurrently with the execution of the Merger Agreement, by and among the Company’s sole
shareholder and the Legato Founders. 
 “Majority Approval” means the approval by an instrument in writing by Shareholders
with Aggregate Ownership of at least a majority of the Shares held by the Shareholders. 
 “Marathon” means Marathon Asset
Management, L.P., solely in its capacity as investment adviser for its Related Funds that hold Shares, and such Related Funds. 

“NI 44-101” means National Instrument
44-101—Short Form Prospectus Distributions. 
 “NI 44-102” means National Instrument 44-102—Shelf Distributions. 

“NI 44-103” means National Instrument
44-103—Post-Receipt Pricing. 
 “Nomination Right Termination Event”
means, with respect to a Shareholder and such Shareholder’s Nomination Rights, such time that (a) such Shareholder Transfers one or more Shares to a Person (other than an Affiliate or a Related Fund of such Shareholder) or (b) the
Company issues additional Shares (other than to an Affiliate or another member of the Company Group), and immediately following such Transfer or issuance: (i) with respect to the first Nomination Right held by a Shareholder, such Shareholder no
longer has an Ownership Percentage of at least 7.36%; or (ii) with respect to the second Nomination Right held by a Shareholder, such Shareholder no longer has an Ownership Percentage of at least 18.4%, following which, such Nomination Right
shall terminate; provided that for purposes of determining whether a Nomination Right Termination Event has occurred with respect to a Nomination Right held by Marathon and Archview, acting together solely for purposes of exercising
Nomination Rights and related rights pursuant to ARTICLE II, the Ownership Percentages of Marathon and Archview shall be aggregated. 

  
 4 

 “Organizational Documents” with respect to a Person means the articles of
association, articles of incorporation, certificate of incorporation, bylaws or any other applicable organizational or formation documents of such Person. 

“Ownership Percentage” means, with respect to a Shareholder, the Aggregate Ownership of such Shareholder divided by the total
number of then-outstanding Shares on the relevant date of determination. 
 “Person” means an individual, corporation,
limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Preliminary Prospectus” means, (i) with respect to the Securities Act, a preliminary prospectus that is a part of a
Registration Filing filed with the SEC, or (ii) with respect to the Canada Securities Laws, a preliminary prospectus prepared in accordance with applicable Canada Securities Laws of the Canada Jurisdictions in which such preliminary prospectus
is proposed to be filed (which may include, for greater certainty, a preliminary base PREP prospectus prepared in accordance with NI 44-103) and, with respect to a Preliminary Prospectus under Canada
Securities Laws, includes both the English language and French language version thereof, if the Company is, or will pursuant to the Registration Filing become, a reporting issuer in the Province of Quebec. 

“Prospectus” means, (i) with respect to the Securities Act, a final prospectus contained within a Registration Filing
proposed to be filed with the SEC (which includes, for greater certainty, a final prospectus omitting pricing information in accordance with Rule 430A under the Securities Act), or (ii) with respect to the Canada Securities Laws, a final
prospectus prepared in accordance with applicable Canada Securities Laws of the Canada Jurisdictions in which such final prospectus is proposed to be filed (which includes, for greater certainty, a final base PREP prospectus omitting pricing
information in accordance with NI 44-103) and, with respect to a Prospectus under Canada Securities Laws, includes both the English language and French language version thereof, if the Company is, or will
pursuant to the Registration Filing become, a reporting issuer in the Province of Quebec. 
 “Public Offering” means a
public offering of Company Securities pursuant to an effective Registration Filing, other than pursuant to a registration statement on Form S-4, Form F-4 or Form S-8, any successor form, or any form similar in function or any prospectus used exclusively for a similar purpose under the Canada Securities Laws. 

“Public Offering Launch” means the earlier of (i) the commencement of marketing or a “roadshow” by
underwriters in connection with a Public Offering or (ii) the filing of a Preliminary Prospectus or preliminary Shelf Prospectus Supplement with the SEC or a Canada Securities Authority in which such Preliminary Prospectus or Shelf Prospectus
Supplement contains an estimated price range. 
 “Public Offering Pricing” means the approval of a price for securities to
be sold in a Public Offering by the Company (whether by the Board, a pricing committee thereof or other 

  
 5 

 
Persons to which such approval has been properly delegated), which may be evidenced by the entry into an underwriting agreement or purchase agreement by the Company or any Shareholders selling
securities in the Public Offering. 
 “Registrable Securities” means any Company Securities held by any Legato Founder or
Key Shareholder until: 
 (i) (A) a Registration Filing covering the offering and sale of such Company Securities has been declared
effective by the SEC (or comparable governmental or self-regulatory authority) and such Company Securities have been disposed of pursuant to such effective Registration Filing or (B) a final receipt or equivalent document for a Prospectus
qualifying the distribution of such Company Securities by the Shareholder thereof has been issued by Canada Securities Authorities and such Company Securities have been disposed of pursuant to such Prospectus; 

(ii) such Company Securities have been sold or may be sold to the public by such Shareholder (A) without volume or manner of sale
limitation under Rule 144 or (B) without being subject to any control person sale restrictions or subject to any remaining hold period or seasoning period under the Canada Securities Laws; or 

(iii) such Company Securities are otherwise Transferred and such Company Securities may be resold by the Transferee under the same
circumstances described in the immediately preceding clause (ii). 
 “Registration Expenses” means any and all expenses
incident to the performance of or compliance with any registration, qualification or marketing of Registrable Securities, including all (i) registration, qualification and filing fees, and all other fees and expenses payable in connection with
the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities laws or “blue sky” laws (including reasonable fees and disbursements of counsel
in connection therewith) of any applicable jurisdiction, (iii) expenses in connection with the preparation, printing, mailing and delivery of any Registration Filing, prospectuses and other documents in connection therewith and any amendments
or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and
disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by
independent certified public accountants of any comfort letters requested pursuant to Section 3.5(h)), (vii) reasonable fees and expenses of any special experts retained by the Company in connection with such registration,
(viii) reasonable and documented fees, out-of-pocket costs, and expenses of the Shareholders and Shareholders Counsel, (ix) fees and expenses in connection
with any review by FINRA or comparable governmental or self-regulatory authority of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and
expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions and transfer taxes attributable to the sale of
Registrable Securities, (xi) costs of 

  
 6 

 
printing and producing any agreements among underwriters, underwriting agreements, any “wrapper,” “blue sky” or legal investment memoranda and any selling agreements and other
documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with
such offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses
payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies and (xv) all out-of-pocket
costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with Section 3.5(l). 

“Registration Filing” means, (i) with respect to the Securities Act, any registration statement promulgated by the SEC,
including Form S-1, Form S-3, Form F-1 and Form F-3, and Form F-10; (ii) with respect to the Canada Securities Laws, a Shelf Base Prospectus or Preliminary Prospectus, in each case, including any amendments and supplements thereto, including post-effective amendments, all
exhibits thereto or documents required to be filed therewith, and all materials incorporated by reference therein; and (iii) both (i) and (ii), in the case of a Registration Filing concurrently in both the United States and Canada. 

“Registration Requirements” means, with respect to one or more Legato Founders or Key Shareholders, that such Legato Founder
or Key Shareholder is not able to freely resell Registrable Securities (i) without volume or manner of sale restrictions under Rule 144 or (ii) without being subject to any remaining hold period or seasoning period under the Canada
Securities Laws. 
 “Related Fund” means, with respect to any Person, (i) an Affiliate of such Person; or
(ii) any fund, account or investment vehicle that is controlled, managed, advised or sub-advised by such Person, an Affiliate of such Person, the same investment manager, advisor or sub-advisor of such Person or an Affiliate of such investment manager, advisor or sub-advisor; provided that, with respect to a Shareholder, the members of the Company
Group shall be deemed to not be Related Funds of such Shareholder (without prejudice to whether a Shareholder may be deemed to be a Related Fund of a member of the Company Group). 

“Rule 144” means Rule 144 (or any successor provisions) under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securities Requirement” means, for any Shareholder, that the issuance of Company Securities or other securities to such
Shareholder would be in compliance with all applicable securities laws and would not require under applicable law (i) the registration or qualification of such Company Securities or other securities or of any Person as a broker or dealer or
agent with respect to such Company Securities or other securities, or (ii) the provision to such Shareholder of any information that would not be furnished by the issuer of such securities in the applicable transaction if such Shareholder were
an “accredited investor” as defined by Rule 501 promulgated under Regulation D under the Securities Act. 

  
 7 

 “Selling Shareholder Information” means the name of a Registering
Shareholder selling Company Securities pursuant to a Demand Registration or Piggyback Registration, the amount of Company Securities offered and the address and other information (excluding percentages) with respect to such Registering Shareholder
that appear (or are required by applicable law and rule or regulation of an applicable governmental authority or securities exchange) in a table and corresponding footnotes in the Registration Filing, Preliminary Prospectus, Prospectus, Shelf Base
Prospectus or Shelf Prospectus Supplement or any amendment or supplement thereto. 
 “Shareholder” means at any time, any
Person, together with its Affiliates and Related Funds, (other than a member of the Company Group) who is a party to or bound by this Agreement, so long as such Person (and such Person’s Affiliates and Related Funds) shall beneficially own any
Company Securities. 
 “Shareholders Counsel” means one law firm or other legal counsel for all Registering Shareholders
selected by the Registering Shareholders holding at least a majority of the Registrable Securities to be sold for the account of all Registering Shareholders in the offering and one or more local counsels for any of the Registering Shareholders.

 “Shares” means the common shares, without par value, of the Company and any other security into which such common shares
may hereafter be converted or changed. 
 “Shelf Base Prospectus” (i) with respect to the Securities Act, means a
prospectus filed as part of a Registration Filing with the SEC pursuant to a Shelf Registration, or (ii) with respect to the Canada Securities Laws, has the meaning ascribed to “base shelf prospectus” thereto in NI 44-102. 
 “Shelf Prospectus Supplement” means (i) with respect to the Securities
Act, means a prospectus supplement filed with the SEC with respect to a Registration Filing for which a Shelf Base Prospectus has been filed or (ii) with respect to the Canada Securities Laws, has the meaning ascribed thereto in NI 44-102. 
 “Shelf Registration” means (i) with respect to the Securities Act, a
proposed registration of securities pursuant to a registration statement on a delayed or continuous offering basis pursuant to Rule 415 or any similar provision that may be adopted by the SEC or (ii) with respect to the Canada Securities Laws,
a Shelf Base Prospectus. 
 “Subsidiary” means, with respect to any Person, any entity of which securities or other
ownership interests having ordinary voting power to elect at least a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Transfer” means, with respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of,
exchange, pledge, encumber, hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly 

  
 8 

 
(including pursuant to a derivative transaction), or agree or commit to do any of the foregoing, and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange,
pledge, encumbrance, hypothecation, or other transfer of such Company Securities or any participation or interest therein or any agreement or commitment to do any of the foregoing. “Transferred,” “Transferor” and
“Transferee” shall have correlative meanings. 
 “U.S. National Securities Exchange” means the Nasdaq
Global Select Market, Nasdaq Global Market, Nasdaq Capital Market, New York Stock Exchange or NYSE MKT. 
 (b) Each of the following terms
is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	Section
	 Agreement
	  	Preamble
	 Board Observer
	  	2.6
	 Company
	  	Preamble
	 Demand Registration
	  	3.1(a)
	 D&O Exculpated Parties
	  	2.7(a)
	 Nomination Right
	  	2.1(a)
	 Effective Date
	  	Preamble
	 Indemnified Party
	  	3.8
	 Indemnifying Party
	  	3.8
	 Inspectors
	  	3.5(g)
	 issuer free writing prospectus
	  	3.6
	 Institutional Indemnitors
	  	2.8(a)
	 Maximum Offering Size
	  	3.1(e)
	 PFIC
	  	4.2(a)
	 Piggyback Registration
	  	3.2(a)
	 Records
	  	3.5(g)
	 Registering Shareholders
	  	3.1(a)
	 Replacement Nominee
	  	2.2(a)
	 Requesting Shareholder
	  	3.1(a)
	 road show
	  	3.6
	 Shareholder Nominee
	  	2.1(a)

 Section 1.2 Other Definitional and Interpretative Provisions. The words “hereof,”
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits
and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the
meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact 

  
 9 

 
followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any
agreement or contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any law include all rules and regulations promulgated thereunder. References to
any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. Any references to a certain number of Shares
shall be subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Shares after the Effective Date. 

ARTICLE II 
 CORPORATE
GOVERNANCE 
 Section 2.1 Nomination Rights. 

(a) Subject to the nomination of the persons who will serve as the initial Board on the Effective Date pursuant to the Merger Agreement and
Section 2.1(d) hereof, each of (i) Bain, (ii) Barclays, (iii) GTAM and (iv) Marathon and Archview, with Marathon and Archview acting together solely for purposes of exercising Nomination Rights and related
rights pursuant to this ARTICLE II but all of such Shareholders otherwise acting separately, shall have the right (each, a “Nomination Right”) to nominate one director to the Board (a “Shareholder Nominee”)
until the occurrence of a Nomination Right Termination Event with respect to such Shareholder’s Nomination Right. If a Nomination Right Termination Event has occurred at a time when a Shareholder Nominee nominated pursuant to the Nomination
Right is serving on the Board, the affected Shareholder shall cause such Shareholder Nominee to offer his or her resignation to the Board at least 60 days prior to the expected date of the Company’s next meeting of shareholders called for the
purpose of electing directors, which resignation may be effective as of the date of the shareholder meeting. Notwithstanding the foregoing, the Board (or a committee thereof) may, in its sole discretion, recommend for nomination any Shareholder
Nominee that has tendered his or her resignation in accordance with this Section 2.1(a). 
 (b) Any Shareholder
with a Nomination Right that acquires Shares such that after such acquisition such Shareholder has an Ownership Percentage of at least 18.4% shall automatically receive a second Nomination Right until such time as a Nomination Right Termination
Event occurs with respect to such second Nomination Right; provided that no Shareholder shall have or exercise more than two Nomination Rights, regardless of its Ownership Percentage. 

(c) The Company agrees, to the fullest extent permitted by applicable law, to and to use its reasonable best efforts to cause the directors
to: (i) include in the slate of nominees recommended by the Board or any committee thereof for election at any meeting of shareholders called for the purpose of electing directors the Shareholder Nominees and to nominate and recommend the
Shareholder Nominees to be elected as directors as provided herein and (ii) include the Shareholder Nominees in the information circular prepared by the Company in 

  
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connection with the Company’s solicitation of proxies or consents in favor of director nominees for every meeting of the shareholders of the Company called with respect to the election of
members of the Board, and at every adjournment or postponement thereof, and on every action or approval by written resolution of the shareholders of the Company or the Board with respect to the election of members of the Board, (iii) enable any
Shareholder with Nomination Rights to nominate for election a Shareholder Nominee, whether by increasing the size of the Board or otherwise, or nominate a Shareholder Nominee to fill any newly created vacancy, provided such vacancy is not
caused by the death, disability, retirement, resignation, removal (with or without cause) or otherwise of a director for which a Shareholder has a Nomination Right, in which case such Shareholder will be entitled to nominate a Replacement Nominee
pursuant to Section 2.2, (iv) take all actions necessary at any time and from time to time so that a Shareholder Nominee will not be removed from the Board without the approval of the Shareholder that nominated such
Shareholder Nominee, and (v) use the same efforts to cause the election of Shareholder Nominee as it uses to cause other nominees recommended by the Board to be elected, including soliciting proxies or consents in favor thereof. 

Section 2.2 Vacancies. If, as a result of death, disability, retirement, resignation, removal (with or without cause) or otherwise,
there shall exist or occur any vacancy on the Board: 
 (a) a Shareholder with a Nomination Right to nominate such director or manager whose
death, disability, retirement, resignation or removal resulted in such vacancy, shall have the exclusive right to nominate another individual (such Person, the “Replacement Nominee”) to fill such vacancy and serve as a
director on the Board by providing written notice thereof to the Company; 
 (b) if no shareholder action is required under applicable law
to appoint a Replacement Nominee, the Company will take all steps necessary to cause the appointment of the Replacement Nominee; 
 (c) if
shareholder action is required under applicable law to appoint a Replacement Nominee, the Company shall use its reasonable best efforts to cause such Replacement Nominee to be elected to the Board, as soon as reasonably practicable, and the Company
shall take or cause to be taken, to the fullest extent permitted by applicable law, at any time and from time to time, all actions necessary to accomplish the same; and 

(d) a Replacement Nominee shall be treated as a Shareholder Nominee for all purposes of this Agreement. 

Section 2.3 Compensation. 

(a) The Company (or a Subsidiary) shall pay all reasonable
out-of-pocket expenses incurred by each Shareholder Nominee or any Board Observer in connection with attending regular and special meetings of the Board or board of
directors, board of managers or similar governing body of any member of the Company Group or any committee thereof. 
 (b) Except to the
extent a Shareholder with Nomination Rights may otherwise notify the Company, a Shareholder Nominee nominated by such Shareholder shall be 

  
 11 

 
entitled to compensation consistent with the compensation received by other members of the Board who are not employees of the Company, including any fees and equity awards, provided, that
at the election of a Shareholder Nominee, any director compensation (whether cash, equity awards and/or cash in lieu of equity as may be designated by such Shareholder Nominee) shall be paid to the Shareholder that nominated such Shareholder Nominee
or an Affiliate thereof specified by such Shareholder Nominee rather than to such Shareholder Nominee. 
 Section 2.4 Organizational
Document Provisions. The Organizational Documents of the Company shall provide for (a) the elimination of liability of each director on the Board to the maximum extent permitted by applicable law and (b) indemnification of, and
advancement of expenses for, each director on the Board for acts on behalf of a member of the Company Group to the maximum extent permitted by applicable law. 

Section 2.5 Notice of Meeting. The Company agrees to give each director (by email or otherwise) notice and the agenda for each meeting of
the Board or any committee thereof at least 24 hours prior to such meeting. 
 Section 2.6 Board Observers. Any Shareholder with
one or more Nomination Rights shall have the right, exercisable by delivering written notice to the Company (or the Board), and subject to the prior written consent of the Board (which shall not be unreasonably withheld), to designate one nonvoting
observer (a “Board Observer”) to attend meetings of the Board and any committees thereof and any boards of directors (or similar governing body) of any member of the Company Group and any committee thereof; provided that, in
the event such consent is not given for a Board Observer, such Shareholder may designate a different Person as a Board Observer, subject to the prior written consent of the Board, which shall not be unreasonably withheld. In connection with the
designation of a Board Observer, the Company may require such Board Observer to enter into a written agreement with respect to confidentiality and other customary matters for board observers; provided that any such agreement shall be on terms
reasonably acceptable to Shareholder or Shareholders designating such Board Observer. Any Board Observer shall be permitted to attend any meeting of the Board or any committee thereof or any boards of directors (or similar governing body) of any
member of the Company Group or any committee thereof, in each case, using the same form of communication permitted for members of such board or any committee thereof, and the applicable member of the Company Group shall provide notice and all
written materials to the Board Observers for any meeting in the same form, and at the same time, as the director or manager of the applicable member of the Company Group receives; provided that the Board Observer may be excluded from access
to any material or meeting or portion thereof if the Board or any Subsidiary board, as applicable, determines in good faith, upon advice of legal counsel, that such exclusion is reasonably necessary to prevent a waiver of any attorney-client
privilege or necessary to prevent a conflict of interest with respect to the fiduciary duties of the directors, managers or other members. 

Section 2.7 Exculpation; Indemnification; D&O Insurance. 

(a) To the maximum extent permitted by applicable law, no member of the Board or any other board of directors or managers of a member of the
Company Group, or Board Observer (and the heirs, executors or administrators of such Person) (the “D&O Exculpated Parties”) shall be liable to any other D&O Exculpated Party, member of the Company

  
 12 

 
Group or any Shareholder for any loss suffered by any member of the Company Group or any Shareholder unless such loss is caused by such D&O Exculpated Party’s fraud, willful misconduct,
violation of law. The D&O Exculpated Parties shall not be liable for errors in judgment or for any acts or omissions that do not constitute fraud, willful misconduct, a violation of law or a material breach of this Agreement or the
Organizational Documents of the members of the Company Group. Any D&O Exculpated Party may consult with counsel, accountants and any Shareholder, director, manager, employee or committee of any member of the Company Group or any other
professional expert, and provided the D&O Exculpated Party acts in good-faith reliance upon the advice or opinion of any such counsel, accountants or other professional expert, the D&O Exculpated Party shall not be liable for any loss
suffered by any other D&O Exculpated Party, any member of the Company Group or any Shareholder in reliance thereon. Each D&O Exculpated Party is an express third-party beneficiary of the rights conferred thereto in this
Section 2.7(a). 
 (b) Each Person (and the heirs, executors or administrators of such Person) who was or is a
party or is threatened to be made a party to, or is involved in, any Legal Action, by reason of the fact that such Person is or was a director, manager or officer of a member of the Company Group or is or was serving at the request of a member of
the Company Group as a director, manager or officer of another company, corporation, partnership, joint venture, trust or other enterprise (the “D&O Indemnified Parties”), shall be indemnified and held harmless by the members of
the Company Group to the fullest extent permitted by applicable law, including to the extent of any Damages caused by, related to or arising from, such Legal Action, whether arising prior to, on or after the Effective Date. The right to
indemnification conferred in this Section 2.7(b) shall also include the right to be paid by the members of the Company Group the expenses incurred in connection with any such Legal Action in advance of its final disposition
to the fullest extent authorized by applicable law. Each D&O Indemnified Party is an express third-party beneficiary of the rights conferred thereto in this Section 2.7(b). 

(c) The Company or any other appropriate member of the Company Group will purchase, and will use commercially reasonable efforts to maintain,
director and officer liability insurance in such amounts and such limits as reasonably determined by the Board on behalf of any Person who is or was a director on the Board or any other board of directors or managers of a member of the Company Group
against any liability asserted against such Person or incurred by such Person in any capacity as such, whether or not any of the members of the Company Group would have the power to indemnify such Person against that liability under any of the
Organizational Documents of the members of the Company Group. 
 (d) Neither the amendment nor repeal of this
Section 2.7, nor the adoption of any provision of this Agreement or any Organizational Document of a member of the Company Group, nor, to the fullest extent permitted by applicable law, any modification of law, shall
adversely affect any right or protection of any Person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless
of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed). The rights to exculpation, indemnification and the advancement and payment of expenses conferred in this
Section 2.7 shall not exclude any other right which a D&O Exculpated Party or D&O Indemnified Party may have or hereafter acquire under any law (common or statutory), this Agreement or the Organizational Documents
of the members of the Company Group, any vote of 

  
 13 

 
Shareholders or disinterested directors or managers, or otherwise, but each D&O Exculpated Party and D&O Indemnified Party shall not be entitled to recover more than once for the same
loss, cost or expense in respect of which it is otherwise entitled to indemnification under this Section 2.7. If this Section 2.7 shall be invalidated on any ground by any court of competent
jurisdiction, then the members of the Company Group shall nevertheless indemnify and hold harmless each D&O Indemnified Party pursuant to this Section 2.7 as to any Damages to the fullest extent permitted by this
Section 2.7 and applicable law. Each D&O Exculpated Party and D&O Indemnified Party is an express third- party beneficiary of the rights conferred thereto in this Section 2.7(d). 

Section 2.8 Priority of Indemnification. 

(a) Each member of the Company Group hereby acknowledge that the D&O Indemnified Parties nominated pursuant to this ARTICLE II may
have certain rights to indemnification, advancement of expenses or insurance provided by the Shareholders that nominated such directors, managers or Board Observers pursuant to Nomination Rights or otherwise and certain of their Affiliates or
Related Funds or their Affiliates’ and Related Funds’ respective partners (whether general, limited or otherwise), shareholders, members, directors, officers, fiduciaries, managers, members, controlling Persons, employees and agents
(collectively, the “Institutional Indemnitors”). Each member of the Company Group hereby agrees (i) that they are the indemnitors of first resort (i.e., their obligations to such D&O Indemnified Parties are primary
and any obligation of the Institutional Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such D&O Indemnified Parties are secondary), (ii) that they shall be required to advance the
full amount of expenses incurred by such D&O Indemnified Parties and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of
the Organizational Documents of any member of the Company Group (or any other agreement between a member of the Company Group and such D&O Indemnified Parties), without regard to any rights such D&O Indemnified Parties may have against the
Institutional Indemnitors, and (iii) that they irrevocably waive, relinquish and release the Institutional Indemnitors from any and all claims against the Institutional Indemnitors for contribution, subrogation or any other recovery of any kind
in respect thereof. Each member of the Company Group further agrees that no advancement or payment by the Institutional Indemnitors on behalf of such D&O Indemnified Parties with respect to any claim for which such D&O Indemnified Parties
have sought indemnification from a member of the Company Group shall affect the foregoing and the Institutional Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of such D&O Indemnified
Parties against a member of the Company Group. 
 (b) No Institutional Indemnitor shall have any liability as a result of nominating a
D&O Indemnified Party, or for any act or omission by such nominated D&O Indemnified Party in his or her capacity as a director, manager, officer or Board Observer, as applicable. Each of the Institutional Indemnitors is an express third-
party beneficiary of the rights conferred thereto in this Section 2.8. 

  
 14 

 ARTICLE III 

REGISTRATION RIGHTS 

Section 3.1 Demand Registration. 

(a) If at any time and from time to time on or after the date hereof, the Company shall receive a request from one or more Legato Founders or
Key Shareholders (such Legato Founders or Key Shareholders, collectively, the “Requesting Shareholders”) that the Company, (i) effect a registration under the Securities Act if any Registrable Securities are listed on a U.S.
National Securities Exchange or the Company is otherwise subject to Section 13 or 15(d) of the Exchange Act, or (ii) effect a qualification for distribution by prospectus under Canada Securities Laws if any Registrable Securities are
listed on a Canada National Securities Exchange or the Company is a reporting issuer in any province or territory of Canada under Canada Securities Laws, of all or any portion of the Requesting Shareholder’s Registrable Securities, specifying
the intended method of disposition thereof, including whether to be conducted via an underwritten offering (each such request shall be referred to herein as a “Demand Registration”). The Company shall use its commercially reasonable
efforts to effect, as expeditiously as possible, the filing of a Registration Filing and the effectiveness of the Demand Registration, or the filing of a prospectus under Canada Securities Laws and the issuance of a final receipt for such
prospectus, or both, subject to the restrictions set forth in this ARTICLE III. The Company shall give reasonably prompt notice of a Demand Registration (and in no event later than 15 Business Days or 4 Business Days in the case of a Bought
Deal prior to the anticipated filing date of the Registration Filing relating to such Demand Registration) to the other Legato Founders and Key Shareholders with respect to all other Registrable Securities of the same class as those requested to be
registered by the Requesting Shareholders (all such Legato Founders and Key Shareholders, together with the Requesting Shareholders, and any other Shareholders participating in a Demand Registration or Piggyback Registration, the
“Registering Shareholders”) that such Shareholders have the right to request the Company to register by request received by the Company within 10 Business Days, or 2 Business Days in the case of a Bought Deal, after the date of the
Company’s notice of the Demand Registration, and the Company shall use commercially reasonable efforts to include all Registrable Securities requested to be registered by the Registering Shareholders in such Registration Filing. Notwithstanding
the foregoing, the Company shall not be obligated to effect a Demand Registration (i) unless the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration equals
or exceeds C$50,000,000 and (ii) if the Company shall have effected a Demand Registration or Piggyback Registration in which Legato Founders and Key Shareholders had the opportunity to sell Registrable Securities within the four-month period
prior to receipt of the Demand Registration. 
 (b) At any time prior to the Public Offering Launch of a Demand Registration, the Requesting
Shareholders may revoke such request, without liability to any of the other Registering Shareholders, by providing a notice to the Company revoking such request. 

(c) The Company shall be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether such
Demand Registration is completed. 
 (d) A Demand Registration shall be deemed not to have occurred: 

  
 15 

 (i) unless the Public Offering Pricing has been completed and a final Prospectus or Shelf
Prospectus Supplement relating to the applicable Registration Filing containing pricing information has been filed with the SEC or one or more Canada Securities Authorities; provided that a Demand Registration shall be deemed not to have
occurred if either (1) such Registration Filing is interfered with by any cease trade or stop order, injunction or other order or requirement of the SEC, a Canada Securities Authority or any other governmental agency or court or (2) less
than 75% of the Registrable Securities included in such Registration Filing have been sold thereunder; or 
 (ii) if the Maximum Offering
Size is reduced in accordance with Section 3.1(e) such that less than 75% of the Registrable Securities of the Requesting Shareholders sought to be included in such registration are included. 

(e) If a Demand Registration involves an underwritten Public Offering and the managing underwriters advise the Company and the Registering
Shareholders that, in their view, the amount of Registrable Securities requested to be included in such Demand Registration (including any securities that the Company proposes to include) exceeds the largest amount of Registrable Securities that can
be sold without having an adverse effect on such offering, including the price at which such Registrable Securities can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed
below, up to the Maximum Offering Size: 
 (i) first, all Registrable Securities requested to be registered by the Registering Shareholders
(allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Persons on the basis of the relative number of Registrable Securities beneficially owned by such Registering Shareholders); and 

(ii) second, any securities proposed to be registered by any other Persons (including the Company), with such priorities among them as the
Company shall determine. 
 (f) The Company may postpone effecting a Demand Registration on one occasion during any period of twelve
consecutive months for a reasonable time specified in the notice but not exceeding 90 days (which period may not be extended or renewed), if the Company provides a certificate signed by the principal executive officer of the Company stating that in
the good faith judgement of the Board that (A) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably
believes would not be in the best interests of the Company or (B) that it would otherwise be seriously detrimental to the Company and its shareholders for such Demand Registration to be effected at such time. It is agreed that the existence or
anticipation of a material acquisition or financing activity will be sufficient reason for the Company to postpone a Demand Registration. 

(g) At any time that Legato Founders or Key Shareholders may request a Demand Registration, upon the request of one or more Legato Founders or
Key Shareholders that satisfy the Registration Requirements, the Company shall use its commercially reasonable efforts to file a Registration Filing for a Shelf Registration with respect to the Registrable Securities

  
 16 

 
and to cause such Shelf Registration to become effective. Any request for the Company to prepare and file a Shelf Prospectus Supplement pursuant to a Shelf Registration in any underwritten Public
Offering shall be deemed to be a Demand Registration subject to the provisions of Section 3.1(a); provided that none of (x) the filing of a Shelf Base Prospectus or (y) the filing of Shelf Prospectus
Supplement that does not relate to an underwritten Public Offering and is only for the purpose of updating a Shelf Base Prospectus with the identities of any selling shareholders, the amounts of securities to be sold and any related information
required by the applicable Registration Filing, shall constitute a Demand Registration. The Company shall give notice of any Shelf Registration pursuant to the procedures in Section 3.1(a). 

Section 3.2 Piggyback Registration. 

(a) If at any time the Company proposes to effect a Registration Filing under the Securities Act (other than an Excluded Registration) or
under the Canada Securities Laws, whether or not for sale for its own account, the Company shall each such time give prompt notice at least 10 Business Days, or 4 Business Days in the case of a Bought Deal, prior to the anticipated filing date of
the Registration Filing relating to such registration to each Legato Founder and Key Shareholder, which notice shall set forth such Legato Founder’s and Key Shareholder’s rights under this Section 3.2 and shall
offer such Legato Founder and Key Shareholder the opportunity to include in such Registration Filing the number of Registrable Securities of the same class or series as those proposed to be registered as each such Legato Founder and Key Shareholder
may request (a “Piggyback Registration”), subject to the provisions of Section 3.2(b). Upon the request of any such Legato Founder or Key Shareholder made within 10 Business Days, or 2 Business Days in the
case of a Bought Deal, after the receipt of notice from the Company (which request shall specify the number of Registrable Securities intended to be registered by such Legato Founder or Key Shareholder), the Company shall use its commercially
reasonable efforts to effect a Registration Filing for all Registrable Securities that the Company has been so requested to register by all such Registering Shareholders; provided that (i) if such registration involves an underwritten
Public Offering, all such Registering Shareholders must sell their Registrable Securities to the underwriters selected as provided in Section 3.5(f)(i) on the same terms and conditions as apply to the Company or the
Requesting Shareholders, as applicable, and (ii) if, at any time after giving notice of its intention to register any Registrable Securities pursuant to this Section 3.2(a) and prior to the Public Offering Pricing for
such Piggyback Registration, the Company shall determine for any reason not to register such Registrable Securities, the Company shall give notice to all such Registering Shareholders and, thereupon, shall be relieved of its obligation to register
any Registrable Securities in connection with such Registration Filing. The Company shall pay all Registration Expenses in connection with each Piggyback Registration. 

(b) If a Piggyback Registration involves an underwritten Public Offering (other than any Demand Registration, in which case the provisions
with respect to priority of inclusion in such offering set forth in Section 3.1(e) shall apply) and the managing underwriters advise the Company that, in its view, the number of Registrable Securities that the Company and
such Registering Shareholders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 

  
 17 

 (i) first, so much of the Registrable Securities proposed to be registered for the account
of the Company as would not cause the offering to exceed the Maximum Offering Size; 
 (ii) second, all Registrable Securities requested to
be included in such registration by any Registering Shareholders pursuant to Section 3.2 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Registering Shareholders on the
basis of the relative amount of Registrable Securities so requested to be included in such registration by each); and 
 (iii) third, any
securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 

Section 3.3 Restriction on Demand Registration and Piggyback Registration. For the avoidance of doubt and notwithstanding anything
to the contrary contained in this Agreement or the effectiveness of any Registration Statement, no sales of Registrable Securities shall be effected by any Shareholder until after the expiration of the applicable
lock-up period in accordance with the Lock-Up Agreement. 

Section 3.4 Transfer Restrictions. 

(a) Subject to Section 3.4(c), in connection with any underwritten Public Offering and if required by the Board
after consultation with the managing underwriters, no Registering Shareholder that is selling securities in such Public Offering shall Transfer any Company Securities (or any securities convertible into or exchangeable or exercisable for such
Company Securities), other than any Company Securities sold to the managing underwriters, or exercise any registration rights with respect to such Company Securities from the Public Offering Launch for up to 90 days (or such shorter time as
determined by the managing underwriters) following the date of a final Prospectus or Shelf Prospectus Supplement filed for such Public Offering. 

(b) Any Person restricted under this Section 3.4 shall execute a customary
lock-up agreement with the underwriters, which shall be consistent with the provisions described under this Section 3.4 and otherwise provide for customary exceptions as negotiated by
the Company with the managing underwriters. Any such executed lock-up agreement shall be deemed to replace the restrictions under Section 3.4. 

(c) No Shareholder shall be subject to the restrictions of this Section 3.4 unless all members of the Board, all
officers of the Company, all Shareholders selling securities in such Public Offering are subject to this Section 3.4 or similar lock-up restrictions. If the Company or the
underwriters grant a waiver or release under this Section 3.4, any lock-up agreement or any substantially similar restrictions to (i) any Person or entity that beneficially owns
1% or more of the outstanding capital stock of the Company or (ii) any member of the Board or officer of the Company, then all Shareholders shall be deemed to receive the same waiver or release to the same extent and on the same terms as such
other Person for the same number of Company Securities as waived or released for such other Person; provided that if such waiver is in connection with a 

  
 18 

 
follow-on Public Offering, then such waiver shall only apply with respect to a Shareholder’s sales in such
follow-on Public Offering so long as such Shareholder is given the opportunity to participate in such Public Offering on a ratable basis as all other Shareholders; provided further that this
Section 3.4(c) shall not apply (x) to any waiver or release for hardship as reasonably determined by the managing underwriters or the Board; (y) with respect to any “net” or “cashless”
exercise, or with respect to any dispositions solely to cover taxes or the payment of any exercise price, in connection with any equity awards; or (z) until holders of at least 2% of the outstanding capital stock of the Company have been
granted such waiver or release. 
 Section 3.5 Registration Procedures. In the event of a Demand Registration or Piggyback
Registration, the Company shall use its commercially reasonable efforts to effect the registration and the sale of all Registrable Securities requested to be included by any Registering Shareholders in accordance with the intended method of
disposition thereof as quickly as practicable, and, in connection with any such request: 
 (a) The Company shall as promptly as reasonably
possible prepare and file a Registration Filing on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered
thereunder in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts (i) to cause such filed Registration Filing to become and remain effective, until the earlier of (A) the time at which
all of the Registrable Securities of the Registering Shareholders included in such Registration Filing shall have actually been sold thereunder and (B) in the case of a Shelf Registration, three years or, in the case of any other Demand
Registration, the time at which the offering contemplated by such Registration Filing (upon the advice of the underwriters participating in such offering, if applicable) is terminated; and (ii) to cause a final receipt for any Canadian
prospectus relating to such Registration Filing to be issued by the applicable Canada Securities Authorities and remain available for use until the earlier of (X) the time at which all of the Registrable Securities of the Registering
Shareholders included in such Registration Filing shall have actually been sold thereunder and (Y) in the case of a Shelf Registration, twenty-five months or, in the case of any other Demand Registration, the time at which the offering
contemplated by such Registration Filing (upon the advice of the underwriters participating in such offering, if applicable) is terminated. 

(b) Prior to filing a Registration Filing, Preliminary Prospectus, Prospectus, Shelf Base Prospectus, Shelf Prospectus Supplement, or any
amendment or supplement thereto, or any free writing prospectus or any other filing (in each case including all exhibits thereto and documents incorporated by reference therein) related to such Registration Filing, the Company shall, if requested,
furnish to Shareholders Counsel, each Registering Shareholder and each underwriter, if any, and such underwriter’s counsel, copies of such Registration Filing or other document as proposed to be filed, and thereafter the Company shall also
furnish such number of copies of such Registration Filing or other document as Shareholders Counsel, such Registering Shareholder, underwriter or underwriter’s counsel may reasonably request. Each Registering Shareholder shall have the right to
request that the Company modify any information contained in such Registration Filing or other document pertaining to such Registering Shareholder and the Company shall use its commercially reasonable efforts to comply with such request;
provided, however, that the Company shall not have any obligation to so modify 

  
 19 

 
any information if the Company reasonably expects that so doing would cause the applicable document to contain an 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. 
 (c) After the filing of the Registration Filing, the
Company shall (i) cause the related Preliminary Prospectus or Shelf Base Prospectus to be supplemented by any required Prospectus or Shelf Prospectus Supplement or any amendment or other supplement, and, as so amended or supplemented, to be
filed, (ii) comply with the provisions of the Securities Act or the Canada Securities Laws, or both, as applicable, with respect to the disposition of all Registrable Securities covered by such Registration Filing during the applicable period
in accordance with the intended methods of disposition by the Shareholders thereof set forth in such Registration Filing, as amended or supplemented, and (iii) promptly notify each Shareholder holding Registrable Securities covered by such
Registration Filing of any cease trade or stop order, injunction or other order issued or threatened by the SEC, a Canada Securities Authority or any other governmental authority or court and take all reasonable actions required to prevent the entry
of such order or injunction or to remove it if entered. 
 (d) The Company shall use its commercially reasonable efforts to
(i) register or qualify the Registrable Securities covered by such Registration Filing under such U.S. state “blue sky” laws, or the Canada Securities Laws of any provinces or territories of Canada in which the Company is not already
a reporting issuer (including, for greater certainty, the Province of Quebec), or such other securities laws as any Registering Shareholder holding such Registrable Securities reasonably (in light of such Registering Shareholder’s intended plan
of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and
all other acts and things that may be reasonably necessary or advisable to enable such Registering Shareholder to consummate the disposition of the Registrable Securities owned by such Registering Shareholder; provided that the Company shall
not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.5(d), (B) subject itself to taxation in any such jurisdiction or
(C) consent to general service of process in any such jurisdiction. 
 (e) The Company shall immediately notify each Registering
Shareholder holding such Registrable Securities covered by such Registration Filing, at any time when a Prospectus or Shelf Prospectus Supplement relating thereto is required to be delivered under the Securities Act or Canada Securities Laws, of the
occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus or Shelf Prospectus Supplement so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Shelf Prospectus
Supplement will not contain an 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, or in the case of a prospectus under Canada Securities
Laws, will not contain a misrepresentation within the meaning of Canada Securities Laws, and promptly prepare and make available to each such Registering Shareholder and file with the SEC and, if applicable, Canada Securities Authorities, any such
supplement or amendment. Each Registering Shareholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in this Section 3.5(e), such Registering Shareholder shall
forthwith discontinue disposition of Registrable Securities pursuant to the Registration Filing covering such Registrable 

  
 20 

 
Securities until such Registering Shareholder’s receipt of the copies of the supplemented or amended Prospectus or Shelf Prospectus Supplement contemplated by
Section 3.5(e). If the Company shall give such notice, the Company shall make such supplement or amendment available as promptly as reasonably possible and shall extend the period during which such registration statement
shall be maintained effective (including the period referred to in Section 3.5(a)) by the number of days during the period from and including the date of the giving of notice pursuant to this
Section 3.5(e) to the date when the Company shall make available to such Registering Shareholder a Prospectus or Shelf Prospectus Supplement supplemented or amended to conform with the requirements of
Section 3.5(e). 
 (f) (i) The Requesting Shareholders shall have the right, in their sole discretion, to select
an underwriter or underwriters in connection with any Public Offering resulting from the exercise of a Demand Registration, which underwriter or underwriters may include any Affiliate of any Requesting Shareholder; and (ii) the Company shall
have the right, in its sole discretion, to select an underwriter or underwriters in connection with any other Public Offering, including a Piggyback Registration. In connection with any Public Offering, the Company shall enter into customary
agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including
the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting arrangements with FINRA. 

(g) Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the Company shall make
available for inspection by any Shareholders Counsel, any Registering Shareholder and any underwriter participating in any disposition pursuant to a Registration Filing being filed by the Company pursuant to this
Section 3.5 and any attorney, accountant or other professional retained by any such Legato Founder, Key Shareholder or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any Inspectors in connection with such Registration Filing. Records that the Company determines, in good faith, to be confidential and that it notifies the
Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission, or misrepresentation within the meaning of Canada Securities Laws, in
such Registration Filing or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Each Registering Shareholder agrees that information obtained by it as a result of such
inspections shall be deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Registrable Securities unless and until such information is made generally available to the public. Each
Registering Shareholder further agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company, at its expense, to undertake appropriate action to
prevent disclosure of the Records deemed confidential 
 (h) If requested by the managing underwriters in an underwritten Public Offering,
the Company shall furnish to each underwriter (i) an opinion or opinions of legal counsel 

  
 21 

 
to the Company (including, for greater certainty, in the case of a Registration Filing made with the SEC, negative assurance letters or “10b-5
negative assurance letters”) and (ii) a comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort
letters, as the case may be, as the managing underwriters reasonably request. 
 (i) The Company shall otherwise use its commercially
reasonable efforts to comply with the Securities Act and all applicable rules and regulations of the SEC and the Canada Securities Laws and all applicable rules and regulations of any Canada Securities Authority. If the Registration Filing is made
with the SEC, the Company shall make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act and the
requirements of Rule 158 thereunder. 
 (j) The Company may require each Registering Shareholder promptly to furnish in writing to the
Company such information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection with such registration. 

(k) The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such Registration Filing on any
securities exchange or quotation system on which any of the Registrable Securities are then listed or traded, or have become listed in connection with the Registration Filing. 

(l) The Company shall have appropriate officers of the Company (i) prepare and make presentations at any “road shows” and
before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the
underwriters in the offering, marketing or selling of the Registrable Securities. 
 Section 3.6 Indemnification by the
Company. (a) The Company agrees to indemnify and hold harmless each Registering Shareholder beneficially owning any Registrable Securities covered by a Demand Registration or Piggyback Registration, each such Registering Shareholder’s
Affiliates and Related Funds and each of such Registering Shareholder’s and its Affiliates’ and Related Funds’ respective partners (whether general, limited or otherwise), shareholders, members, directors, officers, fiduciaries,
managers, members, controlling Persons, employees and agents, and each Person, if any, who controls such Registering Shareholder or its Affiliates and Related Funds within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act from and against any and all Damages caused by, relating to, arising out of or based upon (a) any untrue statement or alleged untrue statement of a material fact, or misrepresentation or alleged misrepresentation within the
meaning of Canada Securities Laws, contained or incorporated by reference in any Registration Filing, Preliminary Prospectus, Prospectus, Shelf Base Prospectus or Shelf Prospectus Supplement, relating to the Demand Registration or Piggyback
Registration, any “issuer free writing prospectus” (as defined in Rule 405 under the Securities Act), any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any
road show as defined in Rule 433(h) under the Securities Act (a “road show”) (including, with respect to any of the foregoing, any 

  
 22 

 
amendments or supplements thereto and all documents incorporated by reference therein), or caused by or relating to any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are caused by or related to any such untrue statement or omission or alleged untrue statement or omission, or misrepresentation or alleged
misrepresentation within the meaning of Canada Securities Laws, so made based upon the Selling Shareholder Information furnished in writing to the Company by such Registering Shareholder or on such Registering Shareholder’s behalf expressly for
use therein, or (b) any non-compliance in connection with such Demand Registration or Piggyback Registration by the Company or a member of the Company Group, or an officer, manager, director, employee or
agent of the Company or a member of the Company Group of the Securities Act, Exchange Act, any Canada Securities Laws, or any applicable rules or regulations of the SEC, FINRA, a Canada Securities Authority or any other applicable securities laws,
rules or regulations. The Company also agrees to indemnify any underwriters for the Demand Registration or Piggyback Registration, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Registering Shareholders provided in this Section 3.6. 

Section 3.7 Indemnification by Participating Shareholders. 

(a) Subject to Section 3.7(b), each Registering Shareholder holding Registrable Securities included in any
Registration Filing agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act from and against any and all Damages caused by, relating to or arising out of or based upon any untrue statement or alleged untrue statement of a material fact, or misrepresentation or alleged
misrepresentation within the meaning of Canada Securities Laws, contained in any Registration Filing, Preliminary Prospectus, Prospectus, Shelf Base Prospectus or Shelf Prospectus Supplement, relating to the Demand Registration or Piggyback
Registration, any issuer free writing prospectus, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any road show (including, with respect to any of the foregoing, any
amendments or supplements thereto and all documents incorporated by reference therein), or caused by or relating to any 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 misrepresentation or alleged misrepresentation within the meaning of Canada Securities Laws, but only with respect to the Selling Shareholder Information furnished in writing by such Registering Shareholder or on such
Registering Shareholder’s behalf expressly for use in any Registration Filing, Preliminary Prospectus, Prospectus, Shelf Base Prospectus or Shelf Prospectus Supplement relating to the Demand Registration or Piggyback Registration, or any
amendment or supplement thereto. Subject to Section 3.7(b), each such Registering Shareholder also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each
Person who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company provided in this
Section 3.7(a). As a condition to including Registrable Securities in any Registration Filing filed in accordance with ARTICLE III, the Company may require that it shall have received an undertaking reasonably
satisfactory to it 

  
 23 

 
from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities. 

(b) No Shareholder shall be liable under this Section 3.7 for any Damages in excess of the net proceeds (after
deducting discounts and commissions and transfer taxes) actually realized by such Registering Shareholder in the sale of Registrable Securities of such Registering Shareholder to which such Damages relate. 

Section 3.8 Conduct of Indemnification Proceedings. 

(a) If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to this ARTICLE III, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all reasonable and documented fees and expenses; provided that the failure of any
Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding,
any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually
agreed to the retention of such counsel; (ii) the Indemnifying Party has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Party; (iii) the Indemnified Party shall have reasonably concluded that
there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party; or (iv) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying
Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in respect of the
legal expenses of any Indemnified Party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such Indemnified
Parties and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be nominated in writing by the Indemnified Parties. 

(b) The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with
such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by
Section 3.8(a), the Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by
such Indemnifying Party of the aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of such settlement. Without the prior written consent of the
Indemnified Party, no Indemnifying Party shall effect any settlement of any pending 

  
 24 

 
or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement
(x) includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any
Indemnified Party. 
 Section 3.9 Contribution. 

(a) If the indemnification provided for in this ARTICLE III is unavailable to the Indemnified Parties in respect of any Damages, then
each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages (i) as between the Company and the Registering Shareholders
holding Registrable Securities covered by a Registration Filing on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and such Registering Shareholders on the
one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the
relative fault of the Company and such Registering Shareholders on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages, as well as any other relevant equitable
considerations; and (ii) as between the Company on the one hand and each such Registering Shareholder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each such Registering Shareholder in
connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by the Company and such Registering Shareholders on the one hand and such underwriters on the other shall be deemed
to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and such Registering Shareholders bear to the total underwriting discounts and
commissions received by such underwriters. The relative fault of the Company and such Registering Shareholders on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact, or misrepresentation or alleged misrepresentation within the meaning of Canada Securities Laws, relates to information supplied by the Company
and such Registering Shareholders or by such underwriters. The relative fault of the Company on the one hand and of each such Registering Shareholder on the other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact, or misrepresentation or alleged misrepresentation within the meaning of Canada Securities Laws, relates to information supplied by such party, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or misrepresentation. 

(b) The Company and the Registering Shareholders agree that it would not be just and equitable if contribution pursuant to this
Section 3.9 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include,

  
 25 

 
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 3.9, no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and
distributed to the public were offered to the public exceeds the amount of any Damages that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, or
misrepresentation or alleged misrepresentation within the meaning of Canada Securities Laws, and no Registering Shareholder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable
Securities of such Registering Shareholder were offered to the public (less underwriters’ discounts and commissions and transfer taxes) exceeds the amount of any Damages that such Registering Shareholder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission, or such misrepresentation or alleged misrepresentation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act or under applicable provincial laws of Canada) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(c) Each Registering Shareholder’s obligation to contribute pursuant to this Section 3.9 is several in the
proportion that the proceeds of the offering received by such Registering Shareholder bears to the total proceeds of the offering received by all such Registering Shareholders and not joint. Notwithstanding anything to contrary in this
Section 3.9, no Registering Shareholder shall be liable under this Section 3.9 for any Damages in excess of the net proceeds (after deducting discounts, commissions and transfer taxes) actually
realized by such Registering Shareholder in the sale of Registrable Securities of such Registering Shareholder to which such Damages relate. 

Section 3.10 Participation in Public Offering. No Shareholder may participate in any Public Offering hereunder unless such
Shareholder (a) agrees to sell such Shareholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights. 

Section 3.11 Other Indemnification; Third-Party Beneficiaries. Indemnification similar to that specified herein (with appropriate
modifications) shall be given by the Company and each Shareholder participating therein with respect to any required registration or other qualification of securities under any federal, provincial or state law or regulation or governmental authority
other than the Securities Act and Canada Securities Laws. Each Person indemnified under Section 3.6 or 3.7 is an express third-party beneficiary of Section 3.6 or 3.7, as applicable,
and to the extent also applicable, Section 3.8, Section 3.9 and this Section 3.11. 

Section 3.12 Limitations on Subsequent Registration Rights. The Company agrees that it shall not enter into any agreement with any
holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to include such securities in any Demand Registration or Piggyback Registration unless, under the terms of such agreement, such
holder or prospective holder may include such securities in any such registration 

  
 26 

 
only to the extent that their inclusion would not reduce the amount of the Registrable Securities of the Shareholders or (ii) on terms otherwise more favorable than this Agreement unless
Majority Approval is obtained for such other agreement (calculated after excluding any Shares owned by Shareholders (or their Affiliates or Related Funds) who are party to such other agreement). 

Section 3.13 Alternative Registration Rights. In the event that the Company proposes to offer publicly any of its securities
pursuant to the securities laws of a jurisdiction other than the U.S. or Canada, the Shareholders and the Company shall, before such public offering, amend this Agreement to provide the Legato Founders and Key Shareholders with registration rights,
provisions for lock-up agreements, payment of expenses, indemnification and contribution that are substantially equivalent to those provided under this ARTICLE III with any necessary modifications to
reflect differences in securities laws and process for such other jurisdiction and securities exchange. 
 Section 3.14 Opt-Out Process. Any Shareholder may at any time by written notice to the Company opt out of receiving any notices of a Demand Registration, Piggyback Registration or other notice or communication under this
ARTICLE III and after delivering such notice, any such Shareholder shall not have the right to request a Demand Registration or Piggyback Registration, and the Company shall not provide any notices of future Demand Registrations or Piggyback
Registrations thereof; provided that such Shareholder shall still be subject to Section 3.4 (Transfer Restrictions) and any other obligations under this ARTICLE III. Any
opted-out Shareholder may at any time provide written notice to the Company or the Company that it desires to cancel such opt-out at which time such Shareholder will
have all the same rights and receive the same notices as any other Shareholder that has not opted out. 
 ARTICLE IV 

CERTAIN COVENANTS AND AGREEMENTS 

Section 4.1 Business Opportunities. To the fullest extent permitted by applicable law and the Organizational Documents of
the members of the Company Group, the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to any member of the Company Group or any Shareholder. Each Shareholder, its Affiliates and Related Funds and each
of such Shareholder’s and its Affiliates’ and Related Funds’ respective partners (whether general, limited or otherwise), shareholders, members, directors, officers, fiduciaries, managers, members, controlling Persons, employees and
agents shall not have any obligation to refrain from (i) engaging in the same or similar activities or lines of business as any member of the Company Group or developing or marketing any products or services that compete, directly or
indirectly, with those of the Company or any of its Subsidiaries, (ii) investing or owning any interest publicly or privately in, or developing a business relationship with, any Person engaged in the same or similar activities or lines of
business as, or otherwise in competition with, any member of the Company Group, (iii) doing business with any client or customer of any member of the Company Group or (iv) employing or otherwise engaging a former officer or employee of any
member of the Company Group. 
 Section 4.2 Tax Matters. The Company shall: 

  
 27 

 (a) using commercially reasonable efforts, to the extent the Board determines, based on the
advice of U.S. tax advisors, that the Company will be treated as holding an equity interest in a “passive foreign investment company” (within the meaning of Section 1297 of the Code) (a “PFIC”), provide to the
Shareholders such information that is necessary to permit the Shareholders to make an election to treat the PFIC as a “qualified electing fund” under Section 1295 of the Code, and to permit the Shareholders (or, if applicable, each of
its investors which are U.S. taxable investors) to comply with its U.S. federal income tax reporting requirements relating to the PFIC; 

(b) using commercially reasonable efforts, to the extent the Company is treated as holding a direct or indirect equity interest in a
“controlled foreign corporation” (within the meaning of Section 957 of the Code), provide to each Shareholder such information that is necessary to permit the Shareholder to report its pro rata share of Subpart F income (within the
meaning of Section 951 of the Code), “global intangible low-taxed income” (within the meaning of Section 951A of the Code), and/or the amount determined under Section 956 of the Code;
and 
 (c) using commercially reasonable efforts, provide to any Shareholder the additional information reasonably requested by the
Shareholder in order to prepare any tax returns required to be filed by the Shareholder reflecting the operations of the Company and its Subsidiaries. 

ARTICLE V 
 MISCELLANEOUS

 Section 5.1 Binding Effect; Assignability; Third-Party Beneficiaries. 

(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal
representatives and permitted assigns. Any Shareholder that ceases to beneficially own any Company Securities shall cease to be bound by the terms hereof (other than (i) the provisions of Section 3.4 (Transfer
Restrictions), 3.6 (Indemnification by the Company), 3.7 (Indemnification by Participating Shareholders), 3.8 (Conduct of Indemnification Proceedings), 3.9 (Contribution) and 3.11
(Other Indemnification; Third-Party Beneficiaries) applicable to such Shareholder with respect to any offering of Registrable Securities completed before the date such Shareholder ceased to own any Company Securities and (ii) this
ARTICLE V) (and the related definitions for each of the foregoing set forth in ARTICLE I). 
 (b) Neither this Agreement nor
any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto pursuant to any Transfer of Company Securities or otherwise without the prior written consent of the Company, provided
that a Shareholder may assign or aggregate its rights and obligations under this Agreement among its Affiliates and Related Funds without any prior written consent. 

(c) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement other than as expressly provided under this Agreement pursuant to

  
 28 

 
Section 2.7 (Exculpation; Indemnification; D&O Insurance), Section 2.8 (Priority of Indemnification),
Section 3.6 (Indemnification by the Company), 3.7 (Indemnification by Participating Shareholders), 3.8 (Conduct of Indemnification Proceedings), 3.9 (Contribution) and
3.11 (Other Indemnification; Third-Party Beneficiaries). 
 Section 5.2 Notices. All notices, requests and other
communications to any party shall be in writing and shall be delivered in person, mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission or email or other electronic transmission including email: 

if to the Company to: 
 Algoma
Steel Group Inc. 
 105 West Street, 

Sault Ste. Marie 
 Ontario, Canada
P6A 7B4 
 Attention: Rajat Marwah, Chief Financial 

Officer Email: rajat.marwah@algoma.com 

and if to a Shareholder, to the address listed for such Shareholder on its signature page hereto or if no such address is listed, to the
address for such Shareholder listed in the Company’s register of shareholders. 
 All notices, requests and other communications shall
be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed
not to have been received until the next succeeding Business Day in the place of receipt. 
 Any Person that becomes a Shareholder shall
provide its mailing address, email address and other notice information to the Company on its signature page hereto. 
 Section 5.3
Waiver; Amendment; Termination; Fallaway. 
 (a) Subject to Section 5.3(b), any provision of this Agreement
may only be amended, waived or otherwise modified by an instrument in writing executed by the Company with approval of the Board and with 66 2/3% Approval. In addition, subject to Section 5.3(b), any provision of this
Agreement may be waived with respect to all of the Shareholders by 66 2/3% Approval and any party may waive any provision of this Agreement with respect to itself by an instrument in writing executed by the party against whom the waiver is to be
effective. 
 (b) Any amendment to ARTICLE II (Corporate Governance) or this Section 5.3 (and the
related definitions for each of the foregoing set forth in ARTICLE I) shall require the prior written consent of each Shareholder with a Nomination Right. Any amendment, waiver or modification of any provision of this Agreement that would
materially and adversely affect the rights, preferences or privileges under this Agreement of any Shareholder in a manner that is disproportionate to the manner in which it affects the rights, preferences or privileges of the

  
 29 

 
Shareholders as a whole may be effected only with the consent of the Shareholder so disproportionately affected. Any amendment, waiver or modification to this
Section 5.3 (and the related definitions set forth in ARTICLE I), or the definition of “Key Shareholder,” may only be amended, waived or otherwise modified by an instrument in writing executed by the
Company with approval of the Board and with the approval of Shareholders with Aggregate Ownership of at least a 75% of the then-outstanding Shares. 

(c) This Agreement may be terminated and be of no further force and effect upon the delivery to the Company of an instrument in writing signed
by the Company and each of the Shareholders with Nomination Rights, and with approval of Shareholders with Aggregate Ownership of at least a 75% of the then-outstanding Shares; provided that Section 3.4 (Transfer
Restrictions) 3.6 (Indemnification by the Company), 3.7 (Indemnification by Participating Shareholders), 3.8 (Conduct of Indemnification Proceedings), 3.9 (Contribution), 3.11
(Other Indemnification; Third-Party Beneficiaries) (and the related definitions for each of the foregoing set forth in ARTICLE I) shall survive such termination. 

Section 5.4 Definition of Legato Founders. The definition of “Legato Founder,” may only be amended, waived or otherwise
modified by an instrument in writing signed by the holders of a majority of the Shares held by the Legato Founders immediately prior to the effectiveness of such amendment, waiver, or modification. 

Section 5.5 Fees and Expenses. Except as otherwise agreed, all costs and expenses incurred in connection with the preparation of
this Agreement and any amendment or waiver of this Agreement, and all of the transactions contemplated hereby shall be paid by the Company. 

Section 5.6 Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York, without regard to the conflicts of laws rules of such state, other than in respect of any matters as to which the application of Canada Law is mandatory which in
such case shall be governed thereby. 
 Section 5.7 Jurisdiction. The parties hereto agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or,
to the extent such court does not have subject matter jurisdiction, any New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of
action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or
without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of 

  
 30 

 
process on such party as provided in Section 5.2 shall be deemed effective service of process on such party. 

Section 5.8 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 5.9 Specific
Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any
bond, and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy
that may then be available. 
 Section 5.10 Counterparts; Effectiveness. This Agreement may be executed in any number of
counterparts (including PDFs), each of which shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective on the Effective Date. 

Section 5.11 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof. 

Section 5.12 Termination of Existing Registration Rights. The registration rights granted under this Agreement shall supersede any
registration, qualification or similar rights with respect any shares of securities of the Company or Legato granted under any other agreement, and any of such preexisting registration, qualification or similar rights shall be terminated and of no
further force and effect. 
 Section 5.13 Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be
affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall 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 so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 5.14 Aggregation of Affiliates and Related Funds. To the extent that any action, consent or right under this Agreement
requires a threshold level of ownership of Shares, Company Securities or Registrable Securities, any Shareholder hereunder may aggregate the ownership of such interests beneficially owned by it or its Affiliates and Related Funds, as applicable, for
the purposes of satisfying such threshold. 

  
 31 

 Section 5.15 Independent Agreement by the Shareholders. The parties hereto
acknowledge that this Agreement does not constitute an agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring, holding, voting, or disposing of the Shares, Company Securities or any equity securities of
the Company or any other member of the Company Group and the Shareholders do not constitute a “group” within the meaning of Rule 13d-5 under the Exchange Act or “joint actors” under Canada
Securities Laws. Nothing contained in this Agreement and no action taken by any Shareholder pursuant to this Agreement shall be deemed to constitute or to create a presumption by any parties that the Shareholders are in any way acting in concert or
as a “group” or “joint actors” (or a joint venture, partnership or association), and the Company and the Shareholders agree to not assert any such claim with respect to such obligations or the transactions contemplated by this
Agreement. 
 Section 5.16 Status as Shareholder. Other than as expressly set forth herein, no Shareholder, solely by reason of
its status as a holder of Company Securities, shall be required to assume or be made responsible for the liabilities of the Company, nor shall be required to make any contribution to the Company. 

[Signature pages follow] 

  
 32 

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

			
	 ALGOMA STEEL GROUP INC.

 

	 By: 
	 	 /s/ Michael McQuade

	 Name:
	 	 Michael McQuade

	 Title:
	 	 Chief Executive Officer

 [Signature Page to Investor Rights Agreement] 

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

			
	 Olifant Fund, Ltd.

		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title:   Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	FFI Fund, Ltd.
		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title: Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	XUS, LLC
		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title: Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	QUS, LLC
		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title: Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	YUS, LLC
		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title: Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	FYI Ltd.
		
	By:	 	 /s/ John N. Spinney, Jr.

		 	Name: John N. Spinney, Jr.
		 	Title: Authorized Signatory

  

			
	Notice Information for Section 5.2
		
	Address:	 	888 Boylston St.
		 	Suite 1500
		 	Boston, MA 02199
	Email:	 	legalnotices@brcap.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Aon Collective Investment Trust - Multi-Asset Credit Fund
	
	By: Bain Capital Credit, LP, as Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Avery Point III CLO, Limited
	
	By: Bain Capital Credit, LP, as Portfolio Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Avery Point IV CLO, Limited
	
	By: Bain Capital Credit, LP, as Portfolio Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	BCSSS Investments Limited
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Distressed and Special Situations 2013 (D), L.P.
	
	By: Bain Capital Distressed and Special Situations 2013
	
	Investors (D), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Distressed and Special Situations 2013 (AIV I), L.P.
	
	By: Bain Capital Distressed and Special Situations 2013 Investors (A), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Distressed and Special Situations 2013 (AIV II Master), L.P.
	
	By: Bain Capital Distressed and Special Situations 2013 Investors (A2), L.P., its general partner
	
	By: Bain Capital Credit Member II, Ltd. its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Distressed and Special Situations 2013 (B), L.P.
	
	By: Bain Capital Distressed and Special Situations 2013 Investors (B), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Distressed and Special Situations 2013 (B), L.P.
	
	By: Bain Capital Distressed and Special Situations 2013 Investors (B), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	CommonSpirit Health Operating Investment Pool
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	CommonSpirit Health Master Retirement Trust
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	FirstEnergy System Master Retirement Trust
	
	By: Bain Capital Credit, LP, as Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Future Fund Board of Guardians
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital I ICAV acting in respect of and for the account of its sub fund Global Loan Fund
		
	By:	 	 /s/ Thomas Simon Maughan

		 	Name: Thomas Simon Maughan
		 	Title: Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Kaiser Foundation Hospitals
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Kaiser Permanente Group Trust
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Los Angeles County Employees Retirement Association
	
	By: Bain Capital Credit, LP, as Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	TMPSL Investments Limited
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Credit Rio Grande FMC, L.P.
	
	By: Bain Capital Credit Managed Account Investors (NMSIC), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Credit Managed Account (PSERS), L.P.
	
	By: Bain Capital Credit Managed Account Investors, LLC, its general partner
	
	By: Bain Capital Credit Member, LLC, its manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Credit (Australia) Pty Ltd in its capacity as trustee of QCT
	
	By: Bain Capital Credit, LP, as Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	NatWest Pension Trustee Limited as trustee of NatWest Group Pension Fund
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	San Francisco City and County Employees’ Retirement System
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital High Income Partnership, L.P.
	
	By: Bain Capital High Income Investors, L.P.
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Senior Loan Fund, L.P.
	
	By: Bain Capital Senior Loan Investors, LLC, its general partner
	
	By: Bain Capital Credit Member, LLC, its manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Senior Loan Fund (SRI), L.P.
	
	By: Bain Capital Senior Loan Investors (SRI), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Sunsuper Pooled Superannuation Trust
	
	By: Bain Capital Credit, LP, as Manager
		
	By:	 	 /s/ Andrew S. Viens

			
	 Name: Andrew S. Viens

	 Title: Managing Director & Global Head of

Operations

	
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:  617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bain Capital Credit Managed Account (TCCC), L.P.
	
	By: Bain Capital Credit Managed Account Investors (TCCC), L.P., its general partner
	
	By: Bain Capital Credit Member, LLC, its general partner
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	 617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Blue Cross of California
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

		 	Name: Andrew S. Viens
		 	Title: Managing Director & Global Head of Operations

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Community Insurance Company
	
	By: Bain Capital Credit, LP, as Investment Manager
		
	By:	 	 /s/ Andrew S. Viens

			
	 Name: Andrew S. Viens

	 Title: Managing Director & Global Head of Operations

	
	Notice Information for Section 5.2
		
	Address:	 	200 Clarendon Street
		 	Boston, MA 02116
		 	
	Email:	 	BainCapitalCreditDocs@BainCapital.com
	Fax No.:	 	617-352-3300

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Barclays Bank PLC
		
	By:	 	 /s/ Amy Silverzweig

			
	 Name: Amy Silverzweig

	 Title: Managing Director

	
	Notice Information for Section 5.2
		
	Address:	 	745 Seventh Ave
		 	New York, NY 10019
		 	
	Email:	 	Brian.Hook@Barclays.com
		 	Robert.Levinson@Barclays.com
		 	Daniel.Miranda@Barclays.com
	Fax No.:	 	212-520-9446

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bybrook Capital Badminton Fund LP
		
	By:	 	 /s/ Adam Dowell

 
			
	 Name: Adam Dowell

	 Title: Authorized Signatory

	
	Notice Information for Section 5.2
		
	Address:	 	C/O Cairn Capital Limited
		 	62 Buckingham Gate
		 	London, SW1E 6AJ
	Email:	 	Operations@BybrookCapital.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bybrook Capital Master Fund LP
		
	By:	 	 /s/ Adam Dowell

 
			
	 Name: Adam Dowell

	 Title: Authorized Signatory

	
	Notice Information for Section 5.2
		
	Address:	 	C/O Cairn Capital Limited
		 	62 Buckingham Gate
		 	London, SW1E 6AJ
	Email:	 	Operations@BybrookCapital.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Bybrook Capital Hazelton Master Fund LP
		
	By:	 	 /s/ Adam Dowell

 
			
	 Name: Adam Dowell

	 Title: Authorized Signatory

	
	Notice Information for Section 5.2
		
	Address:	 	C/O Cairn Capital Limited
		 	62 Buckingham Gate
		 	London, SW1E 6AJ
	Email:	 	Operations@BybrookCapital.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Contrarian Capital Management, L.L.C., on behalf of its Related Funds set forth in Schedule A
		
	By:	 	 /s/ Lewis Schwartz

		 	Name: Lewis Schwartz
		 	Title: Chief Operating Officer

  

			
	Notice Information for Section 5.2
		
	Address:	 	411 West Putnam Avenue
		 	Suite 425
		 	Greenwich, CT 06830
	Email:	 	legal@contrariancapital.com
	Fax No.:	 	203-629-1977

  
 [Signature Page to
Investor Rights Agreement] 

 Schedule A 

Contrarian Capital Fund I, L.P. 

Contrarian Centre Street Partnership, L.P. 

Contrarian Capital Trade Claims, L.P. 

Contrarian Advantage-B, LP 

Contrarian Opportunity Fund, L.P. 

Contrarian Emerging Markets, L.P. 

Contrarian EM II, LP 
 Boston
Patriot Summer St, LLC 
 E1 SP, a Segregated Portfolio of EMAP SPC 

Emma 1 Master Fund, L.P. 
 EMMA 2
Fund, L.P. 

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Goldman Sachs & Co. LLC
		
	By:	 	 /s/ Thomas Malafronte

		 	Name: Thomas Malafronte
		 	Title: Managing Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	200 West Street
		 	New York, NY 10282
		 	
	Email:	 	Thomas.Malafronte@gs.com
		 	Dana.Jupiter@gs.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	GT NM, LP
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	GoldenTree High Yield Value Master Fund ICAV - GoldenTree High Yield Value Master Fund Portfolio A
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	GoldenTree Asset Management Lux Sarl
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Kapitalforeningen MP Invest, High Yield obligationer II
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	GoldenTree Multi-Sector Master Fund ICAV - GoldenTree Multi-Sector Master Fund Portfolio A
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	City of New York Group Trust
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Stichting PGGM Depositary acting in its capacity as title holder for PGGM High Yield Fund
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Kapitalforeningen PenSam Invest, PSI 84 US high yield II
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	CenturyLink, Inc. Defined Benefit Master Trust
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	San Bernardino County Employees’ Retirement Association
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Kapitalforeningen MP Invest, High Yield obligationer
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	GoldenTree High Yield Value Fund Offshore (Strategic), Limited
	
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ Karen Weber

		 	Name: Karen Weber
		 	Title: Director – Bank Debt

  

			
	Notice Information for Section 5.2
		
	Address:	 	GoldenTree Asset Management, LP
		 	485 Lexington Ave, 15th FL
		 	New York, NY 10017
	Email:	 	GTAMClosers@goldentree.com
		 	palderman@goldentree.com
	Fax No.:	 	212-847-3535

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Maple Rock Master Fund LP
		
	By:	 	 /s/ Stephen D. Lane

		 	Name: Stephen D. Lane
		 	Title: CFO of Maple Rock Capital Partners Inc., its Investment Manager

  

			
	Notice Information for Section 5.2
		
	Address:	 	Attn: Operations
		 	21 St. Clair Ave E, Suite 1100
		 	Toronto, ON M4T 1L9 Canada
	Email:	 	ops@maplerockpartners.com
		 	calvin@maplerockpartners.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	New Mexico Napier Park Fund LLC
	
	By: Napier Park Global Capital (US) LP, Its Investment Manager
		
	By:	 	 /s/ Scott Lorinsky

		 	Name: Scott Lorinsky
		 	Title: Managing Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	280 Park Ave, 3rd Floor
		 	New York, NY 10017
		 	Attention: Evan Odim
	Email:	 	npgnylt@napierparkglobal.com
	Fax No.:	 	646-291-1748

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	D-Star Ltd
	
	By: Napier Park Global Capital (US) LP, Its Investment Manager
		
	By:	 	 /s/ Scott Lorinsky

		 	Name: Scott Lorinsky
		 	Title: Managing Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	280 Park Ave, 3rd Floor
		 	New York, NY 10017
		 	Attention: Evan Odim
	Email:	 	npgnylt@napierparkglobal.com
	Fax No.:	 	646-291-1748

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Napier Park Select Master Fund LP
	
	By: Napier Park Global Capital (US) LP, Its Investment Manager
		
	By:	 	 /s/ Scott Lorinsky

		 	Name: Scott Lorinsky
		 	Title: Managing Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	280 Park Ave, 3rd Floor
		 	New York, NY 10017
		 	Attention: Evan Odim
	Email:	 	npgnylt@napierparkglobal.com
	Fax No.:	 	646-291-1748

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Wanaka Fund Ltd
	
	By: Napier Park Global Capital (US) LP, Its Investment Manager
		
	By:	 	 /s/ Scott Lorinsky

		 	Name: Scott Lorinsky
		 	Title: Managing Director

  

			
	Notice Information for Section 5.2
		
	Address:	 	280 Park Ave, 3rd Floor
		 	New York, NY 10017
		 	Attention: Evan Odim
	Email:	 	npgnylt@napierparkglobal.com
	Fax No.:	 	646-291-1748

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	New Generation Advisors, LLC
		
	By:	 	 /s/ Baily Dent

		 	Name: Baily Dent
		 	Title: Partner

  

			
	Notice Information for Section 5.2
		
	Address:	 	13 Elm Street, Suite 2
		 	Manchester, MA
		 	01944
	Email:	 	bdent@turnarounds.com
	Fax No.:	 	578-704-6210

  
 [Signature Page to
Investor Rights Agreement] 

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

			
	Moore Global Investments, LLC
	
	By: Moore Capital Management, LP
		
	By:	 	 /s/ James Kaye

		 	Name: James Kaye
		 	Title: Vice President

  

			
	Notice Information for Section 5.2
		
	Address:	 	c/o Moore Capital Management, LP
		 	11 Times Square
		 	New York, NY 10038
	Email:	 	legal.notices@moorecap.com
	Fax No.:	 	  

  
 [Signature Page to
Investor Rights Agreement]EX-4.8

 Exhibit 4.8 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN 

October 19, 2021 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 PURPOSE
	  	 	1	
	 1.1
	 	Purpose	  	 	1	
		
	 ARTICLE 2 INTERPRETATION
	  	 	1	
	 2.1
	 	Definitions	  	 	1	
	 2.2
	 	Interpretation	  	 	9	
		
	 ARTICLE 3 ADMINISTRATION
	  	 	9	
	 3.1
	 	Administration	  	 	9	
	 3.2
	 	Delegation to Committee	  	 	10	
	 3.3
	 	Determinations Binding	  	 	11	
	 3.4
	 	Eligibility	  	 	11	
	 3.5
	 	Total Shares Subject to Awards	  	 	11	
	 3.6
	 	Limits on Grants of Awards	  	 	12	
	 3.7
	 	Award Agreements	  	 	12	
	 3.8
	 	Non-transferability of Awards	  	 	12	
		
	 ARTICLE 4 OPTIONS
	  	 	13	
	 4.1
	 	Granting of Options	  	 	13	
	 4.2
	 	Exercise Price	  	 	13	
	 4.3
	 	Term of Options	  	 	13	
	 4.4
	 	Vesting and Exercisability	  	 	13	
	 4.5
	 	Payment of Exercise Price	  	 	14	
		
	 ARTICLE 5 RESTRICTED SHARE UNITS
	  	 	14	
	 5.1
	 	Granting of RSUs	  	 	14	
	 5.2
	 	RSU Account	  	 	15	
	 5.3
	 	Vesting of RSUs	  	 	15	
	 5.4
	 	Settlement of RSUs	  	 	15	
		
	 ARTICLE 6 PERFORMANCE SHARE UNITS
	  	 	16	
	 6.1
	 	Granting of PSUs	  	 	16	
	 6.2
	 	Terms of PSUs	  	 	16	
	 6.3
	 	Performance Goals	  	 	16	
	 6.4
	 	PSU Account	  	 	17	
	 6.5
	 	Vesting of PSUs	  	 	17	
	 6.6
	 	Settlement of PSUs	  	 	17	
		
	 ARTICLE 7 DEFERRED SHARE UNITS
	  	 	18	
	 7.1
	 	Granting of DSUs	  	 	18	
	 7.2
	 	DSU Account	  	 	19	
	 7.3
	 	Vesting of DSUs	  	 	19	
	 7.4
	 	Settlement of DSUs	  	 	19	
	 7.5
	 	No Additional Amount or Benefit	  	 	20	

  
 (i) 

							
		
	 ARTICLE 8 ADDITIONAL AWARD TERMS
	  	 	20	
	 8.1
	 	Dividend Equivalents	  	 	20	
	 8.2
	 	Black-out Period	  	 	21	
	 8.3
	 	Withholding Taxes	  	 	21	
	 8.4
	 	Recoupment	  	 	21	
		
	 ARTICLE 9 TERMINATION OF EMPLOYMENT OR SERVICES
	  	 	22	
	 9.1
	 	Termination of Officer, Employee, Consultant or Director	  	 	22	
	 9.2
	 	Discretion to Permit Acceleration	  	 	23	
		
	 ARTICLE 10 EVENTS AFFECTING THE CORPORATION
	  	 	23	
	 10.1
	 	General	  	 	23	
	 10.2
	 	Change in Control	  	 	24	
	 10.3
	 	Reorganization of Corporation’s Capital	  	 	25	
	 10.4
	 	Other Events Affecting the Corporation	  	 	25	
	 10.5
	 	Immediate Acceleration of Awards	  	 	26	
	 10.6
	 	Issue by Corporation of Additional Shares	  	 	26	
	 10.7
	 	Fractions	  	 	26	
		
	 ARTICLE 11 U.S. TAXPAYERS
	  	 	26	
	 11.1
	 	Provisions for U.S. Taxpayers	  	 	26	
	 11.2
	 	ISOs	  	 	26	
	 11.3
	 	ISO Grants to 10% Shareholders	  	 	27	
	 11.4
	 	US$100,000 Per Year Limitation for ISOs	  	 	27	
	 11.5
	 	Disqualifying Dispositions	  	 	27	
	 11.6
	 	Section 409A of the Code	  	 	27	
	 11.7
	 	Section 83(b) Election	  	 	28	
	 11.8
	 	Application of Article 11 to U.S. Taxpayers	  	 	28	
		
	 ARTICLE 12 AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN
	  	 	29	
	 12.1
	 	Amendment, Suspension, or Termination of the Plan	  	 	29	
	 12.2
	 	Shareholder Approval	  	 	29	
	 12.3
	 	Permitted Amendments	  	 	30	
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	30	
	 13.1
	 	Legal Requirement	  	 	30	
	 13.2
	 	No Other Benefit	  	 	31	
	 13.3
	 	Rights of Participant	  	 	31	
	 13.4
	 	Corporate Action	  	 	31	
	 13.5
	 	Conflict	  	 	31	
	 13.6
	 	Anti-Hedging Policy	  	 	31	
	 13.7
	 	Participant Information	  	 	31	
	 13.8
	 	Participation in the Plan	  	 	31	
	 13.9
	 	International Participants	  	 	32	
	 13.10
	 	Successors and Assigns	  	 	32	
	 13.11
	 	General Restrictions or Assignment	  	 	32	
	 13.12
	 	Severability	  	 	32	
	 13.13
	 	Notices	  	 	32	

  
 (ii) 

							
	 13.14
	 	Effective Date	  	 	33	
	 13.15
	 	Currency	  	 	33	
	 13.16
	 	Governing Law	  	 	33	
	 13.17
	 	Submission to Jurisdiction	  	 	33	

  
 (iii) 

 Algoma Steel Group Inc. 

Omnibus Equity Incentive Plan 

ARTICLE 1 
 PURPOSE

  

	1.1	 Purpose 

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

ARTICLE 2 

INTERPRETATION 
  

	2.1	 Definitions 

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

“Affiliate” means any entity that is an “affiliate” for the purposes of National Instrument
45-106 – Prospectus Exemptions of the Canadian Securities Administrators, as amended from time to time; 

“Award” means any Option, Restricted Share Unit, Performance Share Unit or Deferred Share Unit granted under this Plan which may be
denominated or settled in Shares or cash; 
 “Award Agreement” means a signed, written agreement between a Participant and the Corporation,
in the form or any one of the forms approved by the Plan Administrator, evidencing the terms and conditions on which an Award has been granted under this Plan and which need not be identical to any other such agreements; 

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

“Business Day” means a day, other than a Saturday or Sunday, on which the principal commercial banks in the City of Toronto are open for
commercial business during normal banking hours; 
 “Canadian Taxpayer” means a Participant that is resident of Canada for purposes of the
Tax Act; 
 “Cash Fees” has the meaning set forth in Subsection 7.1(a); 

“Cashless Exercise” has the meaning set forth in Subsection 4.5(b); 

“Cause” means, with respect to a particular Participant: 

	 	(a)	 “cause” (or any similar term) as such term is defined in the employment or other written agreement
between the Corporation or a subsidiary of the Corporation and the Participant; 

  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation or a
subsidiary of the Corporation and the Participant, or “cause” (or any similar term) is not defined in such agreement, “cause” as such term is defined in the Award Agreement; or 

 

	 	(c)	 in the event neither (a) nor (b) apply, “cause” as such term is defined by applicable law or, if
not so defined, such term shall refer to circumstances where (i) an employer may terminate an individual’s employment without notice or pay in lieu thereof or other damages, or (ii) the Corporation or any subsidiary thereof may
terminate the Participant’s contract without notice or without pay in lieu thereof or other termination fee or damages; 

“Change in Control” means the occurrence of any one or more of the following events: 

 

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

 

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

  

	 	(c)	 the dissolution or liquidation of the Corporation, other than in connection with the distribution of assets of
the Corporation to one or more Persons which were Affiliates of the Corporation prior to such event; 

  

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

  

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

  
 - 2 - 

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

Notwithstanding the foregoing, for purposes of any Award that constitutes “deferred compensation” (within the meaning of
Section 409A of the Code), the payment of which is triggered by or would be accelerated upon a Change in Control, a transaction will not be deemed a Change in Control for Awards granted to any Participant who is a U.S. Taxpayer unless the
transaction qualifies as “a change in control event” within the meaning of Section 409A of the Code; 
 “Code” means the
United States Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder; 

“Committee” has the meaning set forth in Section 3.2; 

“Compensation Committee” means the Compensation Committee of the Board and any replacement or successor committee of the Board that is
responsible for compensation, nominating and governance matters, or the Board if there is no such committee; 
 “Consultant” means any
individual or, solely to the extent permitted by any applicable securities laws, entity engaged by the Corporation or any subsidiary of the Corporation to render consulting or advisory services (including as a director or officer of any subsidiary
of the Corporation), other than as an Officer, Employee or Director, and whether or not compensated for such services; 
 “Control” means:

  
 - 3 - 

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

 

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

  

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

 the words “Controlled by”, “Controlling” and
similar words have corresponding meanings; provided that a Person who controls a corporation, partnership, limited partnership or joint venture will be deemed to Control a corporation, partnership, limited partnership, trust or joint venture which
is Controlled by such Person and so on; 
 “Corporation” means Algoma Steel Group Inc.; 

“Date of Grant” means, for any Award, the date specified by the Plan Administrator at the time it grants the Award or if no such date is
specified, the date upon which the Award was granted; 
 “Deferred Share Unit” or “DSU” means a unit equivalent in value
to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 7; 
 “Director” means
a director of the Corporation who is not an Employee; 
 “Director Fees” means the total compensation (including annual retainer and
meeting fees, if any) paid by the Corporation to a Director in a calendar year for service on the Board; 
 “Disabled” or
“Disability” means, with respect to a particular Participant: 
  

	 	(a)	 “disabled” or “disability” (or any similar terms) as such term is defined in the employment
or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant; 

  

	 	(b)	 in the event there is no written or other applicable employment or other agreement between the Corporation or a
subsidiary of the Corporation and the Participant, or “disabled” or “disability” (or any similar terms) is not defined in such agreement, “disabled” or “disability” (or any similar terms) as such term is
defined in the Award Agreement; or 

  

	 	(c)	 in the event neither (a) or (b) apply, then the incapacity or inability of the Participant, by reason of
mental or physical incapacity, disability, illness or disease (as determined by a legally qualified medical practitioner or by a court) that prevents the Participant from carrying out their normal and essential duties as an Employee, Director or
Consultant for a continuous period of six months or for any cumulative period of 180 days in any consecutive twelve month period, the 

  
 - 4 - 

	 	
foregoing subject to and as determined in accordance with procedures established by the Plan Administrator for purposes of this Plan; 

“Effective Date” means the effective date of this Plan, being October 19, 2021; 

“Elected Amount” has the meaning set forth in Subsection 7.1(a); 

“Electing Person” means a Participant who is, on the applicable Election Date, a Director; 

“Election Date” means the date on which the Electing Person files an Election Notice in accordance with Subsection 7.1(b); 

“Election Notice” has the meaning set forth in Subsection 7.1(b); 

“Employee” means an individual who is considered by the Corporation as an employee of the Corporation or a subsidiary of the Corporation for
purposes of source deductions under applicable tax or social welfare legislation; 
 “Exchanges” means the Nasdaq, the TSX and any other
exchange on which the Shares are or may be listed from time to time; 
 “Exercise Notice” means a notice in writing, signed by a
Participant and stating the Participant’s intention to exercise a particular Option; 
 “Exercise Price” means the price at which an
Option Share may be purchased pursuant to the exercise of an Option; 
 “Expiry Date” means, in respect of Options, the expiry date
specified in the Award Agreement for an Option (which shall not be later than the tenth anniversary of the Date of Grant) or, if not so specified, means the tenth anniversary of the Date of Grant; 

“In the Money Amount” has the meaning given to it in Subsection 4.5(b); 

“Insider” means an “insider” as defined in the rules of the Exchanges from time to time; 

“ISOs” has the meaning given to it in Section 11.1; 

“Market Price” means, at any date when the market price of Shares is to be determined: 

 

	 	(a)	 subject to paragraph (b) of this definition, if the Shares are listed on (i) the Nasdaq, the VWAP on
the Nasdaq for the five trading days immediately preceding such date on which value is determined for the grant or payment of the applicable Award (the “Nasdaq VWAP”); or (ii) the TSX, the VWAP on the TSX for the five trading
days immediately preceding such date on which value is determined for the grant or payment of the applicable Award, as applicable (the “TSX VWAP”); provided that, for so long as the Shares are listed on the TSX, the Market Price
shall not be less than the market price, as calculated under the policies of the TSX; and provided, further, that with respect to an Option granted to a U.S. Taxpayer, such Participant and the number of Shares subject to such Option shall be
identified by 

  
 - 5 - 

	 	
the Board or the Committee prior to the start of the applicable five trading day period; 

  

	 	(b)	 if the Shares are listed on both the Nasdaq and the TSX, the greater of (i) the Nasdaq VWAP converted into
Canadian dollars using the Bank of Canada daily exchange rate published for the date on which value is determined for the grant or payment of the applicable Award; and (ii) the TSX VWAP; provided that with respect to an Option granted to a U.S.
Taxpayer, such Participant and the number of Shares subject to such Option shall be identified by the Board or the Committee prior to the start of the applicable five trading day period; 

 

	 	(c)	 if the Shares are not listed on either the Nasdaq or the TSX but are listed on another Exchange, the VWAP on
such Exchange for the five trading days immediately preceding such date on which value is determined for the grant or payment of the applicable Award, converted into Canadian dollars using the Bank of Canada daily exchange rate published for such
date if the trading price of the Shares on such Exchange is not Canadian dollars; provided that with respect to an Option granted to a U.S. Taxpayer, such Participant and the number of Shares subject to such Option shall be identified by the Board
or the Committee prior to the start of the applicable five trading day period; or 

  

	 	(d)	 if the Shares are not listed on any Exchange, the fair market value as is determined solely by the Board,
acting reasonably and in good faith, and, with respect to an Award made to a U.S. Taxpayer, in accordance with Section 409A of the Code, and such determination shall be conclusive and binding on all Persons; 

“Nasdaq” means the Nasdaq Stock Market; 

“Officer” means an Employee of the Corporation who is considered by the Corporation as an officer of the Corporation or a subsidiary of the
Corporation; 
 “Option” means a right to purchase Shares under Article 4 of this Plan that is
non-assignable and non-transferable, unless otherwise approved by the Plan Administrator; 

“Option Shares” means Shares issuable by the Corporation upon the exercise of outstanding Options; 

“Participant” means a Director, Officer, Employee or Consultant to whom an Award has been granted under this Plan; 

“Participant’s Employer” means with respect to a Participant that is or was an Employee, the Corporation or such subsidiary of the
Corporation as is or, if the Participant has ceased to be employed by the Corporation or such subsidiary of the Corporation, was the Participant’s Employer; 

“Performance Goals” means performance goals expressed in terms of attaining a specified level of the particular criteria or the attainment of
a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Corporation, a subsidiary of the Corporation, a division of the Corporation or a subsidiary of the Corporation, or an individual, or may be
applied 

  
 - 6 - 

 to the performance of the Corporation or a subsidiary of the Corporation relative to a market index, a group
of other companies or a combination thereof, or on any other basis, all as determined by the Plan Administrator in its discretion; 
 “Performance
Share Unit” or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6; 

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

“Plan” means this Omnibus Equity Incentive Plan, as may be amended from time to time; 

“Plan Administrator” means a Person determined by the Board, which will initially be the Compensation Committee, or if the administration of
this Plan has been delegated by the Board to the Committee pursuant to Section 3.2, the Committee; 
 “PSU Service Year” has the
meaning given to it in Section 6.1; 
 “Restricted Share Unit” or “RSU” means a unit equivalent in value to a Share,
credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 5; 
 “RSU Service Year” has the
meaning given to it in Section 5.1; 
 “Section 409A of the Code” or “Section 409A”
means Section 409A of the Code and all regulations, guidance, compliance programs, and other interpretive authority issued thereunder; 

“Securities Laws” means securities legislation, securities regulation and securities rules, as amended, and the policies, notices,
instruments and blanket orders in force from time to time that govern or are applicable to the Corporation or to which it is subject; 
 “Security
Based Compensation Arrangement” means a stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to Directors, Officers, Employees
and/or service providers of the Corporation or any subsidiary of the Corporation, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise; 

“Share” means one common share in the capital of the Corporation as constituted on the Effective Date or any share or shares issued in
replacement of common share in compliance with Canadian law or other applicable law, or after an adjustment contemplated by Article 10, such other shares or securities to which the holder of an Award may be entitled as a result of such
adjustment; 
 “subsidiary” means an issuer that is Controlled directly or indirectly by another issuer and includes a subsidiary of that
subsidiary, or any other entity in which the Corporation has an equity interest and is designated by the Plan Administrator, from time to time, for purposes of this Plan to be a subsidiary; 

“Tax Act” means the Income Tax Act (Canada) and the regulations thereunder, as amended from time to time; 

  
 - 7 - 

 “Termination Date” means, subject to applicable law which cannot be waived: 

 

	 	(a)	 in the case of an Employee or Officer whose employment with the Corporation or a subsidiary of the Corporation
terminates, (i) the date designated by the Employee or Officer and the Corporation or a subsidiary of the Corporation as the “Termination Date” (or similar term) in a written employment or other agreement between the Employee or
Officer and Corporation or a subsidiary of the Corporation, or (ii) if no such written employment or other agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Employee or
Officer ceases to be an employee or officer of the Corporation or the subsidiary of the Corporation, as the case may be, provided that, in the case of termination of employment by voluntary resignation by the Participant, such date shall not be
earlier than the date notice of resignation was given; and in any event, the “Termination Date” shall be determined without including any period of reasonable notice that the Corporation or the subsidiary of the Corporation (as the case
may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination, severance pay or other damages paid or payable to the Participant; 

 

	 	(b)	 in the case of a Consultant whose agreement or arrangement with the Corporation or a subsidiary of the
Corporation terminates, (i) the date designated by the Corporation or the subsidiary of the Corporation, as the “Termination Date” (or similar term) or expiry date in a written agreement between the Consultant and Corporation or a
subsidiary of the Corporation, or (ii) if no such written agreement exists, the date designated by the Corporation or a subsidiary of the Corporation, as the case may be, on which the Consultant ceases to be a Consultant or a service provider
to the Corporation or the subsidiary of the Corporation, as the case may be, or on which the Participant’s agreement or arrangement is terminated, provided that in the case of voluntary termination by the Participant of the Participant’s
consulting agreement or other written arrangement, such date shall not be earlier than the date notice of voluntary termination was given; in any event, the “Termination Date” shall be determined without including any period of notice that
the Corporation or the subsidiary of the Corporation (as the case may be) may be required by law to provide to the Participant or any pay in lieu of notice of termination, termination fees or other damages paid or payable to the Participant;

  

	 	(c)	 in the case of a Director, the date such individual ceases to be a Director, unless the individual continues to
be a Participant in another capacity; and 

  

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

“TSX” means the Toronto Stock Exchange; 

“U.S.” or “United States” means the United States of America, its territories and possessions, any State of the United
States, and the District of Columbia; 

  
 - 8 - 

 “U.S. Securities Act” means the United States Securities Act of 1933, as amended and
the rules and regulations promulgated thereunder; 
 “U.S. Taxpayer” shall mean a Participant who, with respect to an Award, is subject to
taxation under the applicable U.S. tax laws; and 
 “VWAP” means the volume weighted average closing price of the Shares, calculated by
dividing the total value of the trading Shares by the total volume of such Shares traded for the relevant period. 
  

	2.2	 Interpretation 

 

	 	(a)	 Whenever the Plan Administrator exercises discretion in the administration of this Plan, the term
“discretion” means the sole and absolute discretion of the Plan Administrator. 

  

	 	(b)	 As used herein, the terms “Article”, “Section”, “Subsection” and
“clause” mean and refer to the specified Article, Section, Subsection and clause of this Plan, respectively. 

  

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

  

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

 

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

 

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

 ARTICLE 3 

ADMINISTRATION 
  

	3.1	 Administration 

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

 

	 	(a)	 determine the individuals to whom grants under the Plan may be made; 

 

	 	(b)	 make grants of Awards under the Plan relating to the issuance of Shares (including any combination of Options,
Restricted Share Units, Performance Share Units or 

  
 - 9 - 

	 	
Deferred Share Units) in such amounts, to such Persons and, subject to the provisions of this Plan, on such terms and conditions as it determines including without limitation: 

 

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

 

	 	(ii)	 the conditions under which: 

 

	 	(A)	 Awards may be granted to Participants; or 

 

	 	(B)	 Awards may be forfeited to the Corporation, 

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

 

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

  

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

  

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

  

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

 

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

  

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

 

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

  

	 	(g)	 make any designations or other classifications of Awards for tax purposes; and 

 

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

  

	3.2	 Delegation to Committee 

 

	 	(a)	 The initial Plan Administrator shall be the Compensation Committee. 

 

	 	(b)	 To the extent permitted by applicable law, the Board may, from time to time, assume or delegate to any
committee of the Board (the “Committee”) all or any of 

  
 - 10 - 

	 	
the powers conferred on the Plan Administrator pursuant to this Plan, including the power to sub-delegate to any member(s) of the Committee or any
specified officer(s) of the Corporation or its subsidiaries all or any of the powers delegated by the Board. In such event, the Committee or any sub-delegate will exercise the powers delegated to it in the
manner and on the terms authorized by the delegating party. Any decision made or action taken by the Committee or any sub-delegate arising out of or in connection with the administration or interpretation of
this Plan in this context is final and conclusive and binding on the Corporation and all subsidiaries of the Corporation, all Participants and all other Persons. 

 

	3.3	 Determinations Binding 

Any decision made or action taken by the Board, the Committee or any sub-delegate to whom authority has been delegated
pursuant to Section 3.2 arising out of or in connection with the administration or interpretation of this Plan is final, conclusive and binding on the Corporation, the affected Participant(s), their legal and personal representatives and all
other Persons. 
  

	3.4	 Eligibility 

All Directors, Officers, Employees and Consultants are eligible to participate in the Plan, subject to Section 9.1(e). Participation in the Plan is
voluntary and eligibility to participate does not confer upon any Director, Officer, Employee or Consultant any right to receive any grant of an Award pursuant to the Plan. The extent to which any Director, Officer, Employee or Consultant is
entitled to receive a grant of an Award pursuant to the Plan will be determined in the sole and absolute discretion of the Plan Administrator. 
  

	3.5	 Total Shares Subject to Awards 

 

	 	(a)	 Subject to adjustment as provided for in Article 10 and any subsequent amendment to this Plan, the aggregate
number of Shares that may be issued pursuant to this Plan shall be 8,849,266 Shares. 

  

	 	(b)	 To the extent any Awards (or portion(s) thereof) under this Plan terminate or are cancelled for any reason
prior to exercise in full, or are surrendered to the Corporation by the Participant, any Shares subject to such Awards (or portion(s) thereof) shall be added back to the number of Shares reserved for issuance under this Plan and will again become
available for issuance pursuant to the exercise of Awards granted under this Plan. 

  

	 	(c)	 Any Shares issued by the Corporation through the assumption or substitution of outstanding stock options or
other equity-based awards from an acquired company shall not reduce the number of Shares available for issuance pursuant to the exercise of Awards granted under this Plan. 

  
 - 11 - 

	3.6	 Limits on Grants of Awards 

Notwithstanding anything in this Plan: 
  

	 	(a)	 the aggregate number of Shares: 

 

	 	(i)	 issuable to Insiders at any time, under all of the Corporation’s Security Based Compensation Arrangements,
shall not exceed 5% of the Corporation’s issued and outstanding Shares; and 

  

	 	(ii)	 issued to Insiders within any one year period, under all of the Corporation’s Security Based Compensation
Arrangements, shall not exceed 5% of the Corporation’s issued and outstanding Shares; 

  

	 	(b)	 the Plan Administrator shall not make grants of Awards to Directors if, within any one financial year of the
Corporation, the aggregate fair market value on the Date of Grant of all Awards granted to any one Director under all of the Corporation’s Security Based Compensation Arrangements would exceed $150,000 (including no more than $100,000 in
Options); provided that such limits shall not apply to (i) Awards taken in lieu of any cash retainer or other Director Fees, and (ii) a one-time initial grant to a Director upon such Director joining
the Board; and 

  

	 	(c)	 the Plan Administrator shall not grant any Awards that may be denominated or settled in Shares to residents of
the United States unless such Awards and the Shares issuable upon exercise thereof are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act.

  

	3.7	 Award Agreements 

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

	3.8	 Non-transferability of Awards 

Except as permitted by the Plan Administrator and to the extent that certain rights may pass to a beneficiary or legal representative upon death of a
Participant, by will or as required by law, no assignment or transfer of Awards, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Awards whatsoever in any assignee or transferee and immediately
upon any assignment or transfer, or any attempt to make the same, such Awards will terminate and be of no further force or effect. To the extent that certain rights to exercise any portion of an outstanding Award pass to a beneficiary or legal
representative upon death of a Participant, the period in which such Award can be exercised by such beneficiary or legal representative shall not exceed one year from the Participant’s death. 

  
 - 12 - 

 ARTICLE 4 

OPTIONS 
  

	4.1	 Granting of Options 

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

	4.2	 Exercise Price 

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

	4.3	 Term of Options 

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

 

	4.4	 Vesting and Exercisability 

 

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

  

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

  

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

  

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

 

	 	(e)	 No Option holder who is resident in the United States may exercise Options unless the Option Shares are
registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

  
 - 13 - 

	4.5	 Payment of Exercise Price 

 

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

  

	 	(b)	 A Participant may, in lieu of exercising an Option pursuant to an Exercise Notice, request, subject to the
consent of the Corporation, to surrender such Option to the Corporation (a “Cashless Exercise”) in consideration for an amount from the Corporation equal to (i) the Market Price of the Shares issuable on the exercise of
such Option (or portion thereof) as of the date such Option (or portion thereof) is exercised, less (ii) the aggregate Exercise Price of the Option (or portion thereof) surrendered relating to such Shares, (the “In-the-Money Amount”), less (iii) deductions for applicable income or other taxes, by written notice to the Corporation indicating the number of Options such
Participant wishes to exercise using the Cashless Exercise, and such other information that the Corporation may require. Subject to Section 8.3, if the Corporation consents to a Cashless Exercise, the Corporation shall satisfy payment of the In-the-Money Amount by delivering to the Participant such number of Shares (rounded down to the nearest whole number) having an aggregate fair market value equal to the In-the-Money Amount. No Shares will be issued or transferred until full payment therefor has been received by the Corporation. 

 

	 	(c)	 If a Participant surrenders Options through a Cashless Exercise pursuant to Section 4.5(b), to the extent
that such Participant would be entitled to a deduction under paragraph 110(1)(d) of the Tax Act in respect of such surrender if the election described in subsection 110(1.1) of the Tax Act were made and filed (and the other procedures described
therein were undertaken) on a timely basis after such surrender, the Corporation will cause such election to be so made and filed (and such other procedures to be so undertaken). 

ARTICLE 5 

RESTRICTED SHARE UNITS 
  

	5.1	 Granting of RSUs 

 

	 	(a)	 The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and
conditions as the Plan Administrator may prescribe, grant RSUs to any Participant in respect of a bonus or similar payment in respect 

  
 - 14 - 

	 	
of services rendered by the applicable Participant in a taxation year (the “RSU Service Year”). The terms and conditions of each RSU grant may be evidenced by an Award
Agreement. Each RSU will consist of a right to receive a Share, cash payment, or a combination thereof (as provided in Section 5.4(a)), upon the settlement of such RSU. 

 

	 	(b)	 The number of RSUs (including fractional RSUs) granted at any particular time pursuant to this Article 5 will
be calculated by dividing (i) the amount of any bonus or similar payment that is to be paid in RSUs (including the elected amount as applicable), as determined by the Plan Administrator, by (ii) the greater of (A) the Market Price of
a Share on the Date of Grant; and (B) such amount as determined by the Plan Administrator in its sole discretion. 

  

	5.2	 RSU Account 

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

  

	5.3	 Vesting of RSUs 

The Plan Administrator shall have the authority to determine any vesting terms applicable to the grant of RSUs, provided that the terms comply with
Section 409A, with respect to a U.S. Taxpayer. 
  

	5.4	 Settlement of RSUs 

 

	 	(a)	 The Plan Administrator shall have the sole authority to determine the settlement terms applicable to the grant
of RSUs, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for
any RSU, the Participant shall redeem each vested RSU for: 

  

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

  

	 	(ii)	 a cash payment, or 

  

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

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

 

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

  

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

  
 - 15 - 

	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as otherwise
provided in an Award Agreement, no settlement date for any RSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any RSU, under this Section 5.4 any later than the final Business Day of the third calendar
year following the applicable RSU Service Year. 

  

	 	(e)	 No RSU holder who is resident in the United States may settle RSUs for Shares unless the Shares issuable upon
settlement of the RSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

ARTICLE 6 

PERFORMANCE SHARE UNITS 
  

	6.1	 Granting of PSUs 

The Plan Administrator may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Plan Administrator may
prescribe, grant PSUs to any Participant in respect of a bonus or similar payment in respect of services rendered by the applicable Participant in a taxation year (the “PSU Service Year”). The terms and conditions of each PSU
grant shall be evidenced by an Award Agreement, provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Each PSU will consist of a right to receive a Share, cash payment, or a combination
thereof (as provided in Section 6.6(a)), upon the achievement of such Performance Goals during such performance periods as the Plan Administrator shall establish. 
  

	6.2	 Terms of PSUs 

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

  

	6.3	 Performance Goals 

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

  
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	6.4	 PSU Account 

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

  

	6.5	 Vesting of PSUs 

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

 

	6.6	 Settlement of PSUs 

 

	 	(a)	 The Plan Administrator shall have the authority to determine the settlement terms applicable to the grant of
PSUs provided that with respect to a U.S. Taxpayer the terms comply with Section 409A to the extent it is applicable. Subject to Section 11.6(d) below and except as otherwise provided in an Award Agreement, on the settlement date for any
PSU, the Participant shall redeem each vested PSU for: 

  

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

  

	 	(ii)	 a cash payment, or 

  

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

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

 

	 	(b)	 Any cash payments made under this Section 6.6 by the Corporation to a Participant in respect of PSUs to be
redeemed for cash shall be calculated by multiplying the number of PSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 

  

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

  

	 	(d)	 Notwithstanding any other terms of this Plan but subject to Section 11.6(d) below and except as otherwise
provided in an Award Agreement, no settlement date for any PSU shall occur, and no Share shall be issued or cash payment shall be made in respect of any PSU, under this Section 6.6 any later than the final Business Day of the third calendar
year following the applicable PSU Service Year. 

  

	 	(e)	 No PSU holder who is resident in the United States may settle PSUs for Shares unless the Shares issuable upon
settlement of the PSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

  
 - 17 - 

 ARTICLE 7 

DEFERRED SHARE UNITS 
  

	7.1	 Granting of DSUs 

 

	 	(a)	 The Board may fix from time to time a portion of the Director Fees that is to be payable in the form of DSUs.
In addition, each Electing Person is given, subject to the conditions stated herein, the right to elect in accordance with Section 7.1(b) to participate in the grant of additional DSUs pursuant to this Article 7. An Electing Person who elects
to participate in the grant of additional DSUs pursuant to this Article 7 shall receive their Elected Amount (as that term is defined below) in the form of DSUs. The “Elected Amount” shall be an amount, as elected by the Director,
in accordance with applicable tax law, between 0% and 100% of any Director Fees that would otherwise be paid in cash (the “Cash Fees”). 

  

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

  

	 	(c)	 Subject to Subsection 7.1(d), the election of an Electing Person under Subsection 7.1(b) shall be deemed to
apply to all Cash Fees paid subsequent to the filing of the Election Notice, and such Electing Person is not required to file another Election Notice for subsequent calendar years. 

 

	 	(d)	 Each Electing Person who is not a U.S. Taxpayer is entitled once per calendar year to terminate their election
to receive DSUs by filing with the Chief Financial Officer of the Corporation a termination notice in the form of Schedule B. Such termination shall be effective immediately upon receipt of such notice, provided that the Corporation has not imposed
a “black-out” on trading. Thereafter, any portion of such Electing Person’s Cash Fees payable or paid in the same calendar year and, subject to complying with Subsection 7.1(b), all subsequent
calendar years shall be paid in cash. For greater certainty, to the extent an Electing Person 

  
 - 18 - 

	 	
terminates their participation in the grant of DSUs pursuant to this Article 7, they shall not be entitled to elect to receive the Elected Amount, or any other amount of their Cash Fees in
DSUs again until the calendar year following the year in which the termination notice is delivered. An election by a U.S. Taxpayer to receive the Elected Amount in DSUs for any calendar year is irrevocable for that calendar year after the expiration
of the election period for that year and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which the termination notice in the form of Schedule C is delivered.

  

	 	(e)	 Any DSUs granted pursuant to this Article 7 prior to the delivery of a termination notice pursuant to
Section 7.1(d) shall remain in the Plan following such termination and will be redeemable only in accordance with the terms of the Plan. 

  

	 	(f)	 The number of DSUs (including fractional DSUs) granted at any particular time pursuant to this Article 7 will
be calculated by dividing (i) the amount of any Director Fees that are to be paid in DSUs (including any Elected Amount), by (ii) the Market Price of a Share on the Date of Grant. 

 

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

  

	7.2	 DSU Account 

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

	7.3	 Vesting of DSUs 

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

 

	7.4	 Settlement of DSUs 

 

	 	(a)	 DSUs shall be settled on the date established in the Award Agreement; provided, however that if there is
no Award Agreement or the Award Agreement does not establish a date for the settlement of the DSUs, then, for a Participant who is not a U.S. Taxpayer the settlement date shall be the date determined by the Participant; provided that, in the case of
a Participant who is a Canadian Taxpayer, the settlement date shall be no earlier than the date on which the Participant ceases to be a Director (and, if such Participant is also a non-Director Employee, the
date on which the Participant ceases to be such an Employee) and no later than the last Business Day of the immediately following calendar year, and in the case of a Participant who is a U.S. Taxpayer, the settlement date shall be the date of the
Participant’s “separation from service” under Section 409A and for greater certainty in all cases by the end of the year in which such separation from service 

  
 - 19 - 

	 	
occurs, subject to Section 11.6(d). On the settlement date for any DSU, the Participant shall redeem each vested DSU for: 

 

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

  

	 	(ii)	 a cash payment; or 

  

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

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

 

	 	(b)	 Any cash payments made under this Section 7.4 by the Corporation to a Participant in respect of DSUs to be
redeemed for cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the Market Price per Share as at the settlement date. 

  

	 	(c)	 Payment of cash to Participants on the redemption of vested DSUs may, subject to the applicable timelines set
out in Section 7.4(a), be made through the Corporation’s payroll or in such other manner as determined by the Corporation. 

  

	 	(d)	 No DSU holder who is resident in the United States may settle DSUs for Shares unless the Shares issuable upon
settlement of the DSUs are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

 

	7.5	 No Additional Amount or Benefit 

For greater certainty, neither a Director to whom DSUs are granted nor any person with whom such Director does not deal at arm’s length (for purposes of
the Tax Act) shall be entitled, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted or to be granted for the purpose of reducing the impact, in whole or in part, of any reduction
in the fair market value of the Shares to which the DSUs relate. 
 ARTICLE 8 

ADDITIONAL AWARD TERMS 
  

	8.1	 Dividend Equivalents 

 

	 	(a)	 Unless otherwise determined by the Plan Administrator and set forth in the particular Award Agreement, an Award
of RSUs, PSUs and DSUs shall include the right for such RSUs, PSUs and DSUs be credited with dividend equivalents in the form of additional RSUs, PSUs and DSUs, respectively, as of each dividend payment date in respect of which normal cash dividends
are paid on Shares. Such dividend equivalents shall be computed by dividing: (a) the amount obtained by multiplying the amount of the dividend declared and paid per Share by the number of RSUs, PSUs and DSUs, as applicable, held by the
Participant on the record date for the payment of such dividend, by (b) the Market Price at the close of the first Business Day immediately following the dividend record date, with fractions

  
 - 20 - 

	 	
computed to three decimal places. Dividend equivalents credited to a Participant’s account shall vest in proportion to the RSUs, PSUs and DSUs to which they relate, and shall be settled in
accordance with Subsections 5.4, 6.6, and 7.4 respectively. 

  

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

  

	8.2	 Black-out Period 

If an Award expires during, or within five Business Days after, a routine or special trading black-out period imposed
by the Corporation to restrict trades in the Corporation’s securities, then, notwithstanding any other provision of this Plan, unless the delayed expiration would result in tax consequences, the Award shall expire five Business Days after the
trading black-out period is lifted by the Corporation. 
  

	8.3	 Withholding Taxes 

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

 

	8.4	 Recoupment 

Notwithstanding any other terms of this Plan, Awards may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance
with the terms of any clawback, recoupment or similar policy adopted by the Corporation or the relevant subsidiary of the Corporation, or as set out in the Participant’s employment agreement, Award Agreement or other written agreement, or as
otherwise required by law or the rules of the Exchanges. The Plan Administrator may at any time waive the application of this Section 8.4 to any Participant or category of Participants. 

  
 - 21 - 

 ARTICLE 9 

TERMINATION OF EMPLOYMENT OR SERVICES 
  

	9.1	 Termination of Officer, Employee, Consultant or Director 

Subject to Section 9.2, unless otherwise determined by the Plan Administrator or as set forth in an employment agreement, Award Agreement or other written
agreement: 
  

	 	(a)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated or the
Participant ceases to hold office or their position, as applicable, by reason of voluntary resignation by the Participant, termination by the Corporation or a subsidiary of the Corporation (whether such termination occurs for, or without Cause, with
or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of such reasonable notice) then, subject to applicable law that cannot be waived by the Participant: 

 

	 	(i)	 each Award held by the Participant that has not vested as of the Termination Date is immediately forfeited and
cancelled as of the Termination Date or, to the extent applicable and not subject to waiver by the Participant, the earliest date thereafter as required by employment standards legislation or regulations applicable to the Participant’s
employment or other engagement with the Corporation or any of its subsidiaries; and 

  

	 	(ii)	 each Award held by a Participant that has vested may, subject to Sections 5.4(d) and 6.6(d) (where applicable),
be exercised, settled or surrendered to the Corporation by the Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award, and (B) the date that is 120 days after the Termination Date,
provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that has not been
exercised, settled or surrendered at the end of such period being immediately forfeited and cancelled; 

  

	 	(b)	 where a Participant’s employment, consulting or other agreement or arrangement is terminated by reason of
the death of the Participant, then each Award held by the Participant that has not vested as of the date of the death of such Participant shall vest on such date and may, subject to Sections 5.4(d) and 6.6(d) (where applicable), be exercised,
settled or surrendered to the Corporation by the Participant’s legal representative at any time during the period that terminates on the earlier of: (i) the Expiry Date of such Award, and (ii) the first anniversary of the date of the
death of such Participant provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s death, and shall be payable only to such legal
representative or one or more applicable dependants or relations of the Participant for purposes of paragraph 6801(d) of the Income Tax Regulations (Canada). Any Award that has not been exercised, settled or surrendered at the end of such
period being immediately forfeited and cancelled; 

  
 - 22 - 

	 	(c)	 where a Participant becomes Disabled, then each Award held by the Participant that has not vested as of the
date of the Disability of such Participant shall vest on such date and may, subject to Sections 5.4(d), 6.6(d) and 7.4(a) (where applicable), be exercised or surrendered to the Corporation by a Participant at any time until the Expiry Date of such
Award, provided that any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised or surrendered within the same calendar year as the Participant’s “separation from service”. Any Award that remains unexercised
or has not been surrendered to the Corporation by the Participant shall be immediately forfeited upon the termination of such period; 

  

	 	(d)	 a Participant’s eligibility to receive further grants of Awards under this Plan ceases as of the earliest
of the following: 

  

	 	(i)	 the Termination Date; 

 

	 	(ii)	 the date that the Corporation or a subsidiary of the Corporation, as the case may be, provides the Participant
with written notification that the Participant’s employment, consulting or other agreement or arrangement is terminated, notwithstanding that such date may be prior to the Termination Date; or 

 

	 	(iii)	 the date of the death, Disability or the date notice is given of the resignation of the Participant; and

  

	 	(e)	 notwithstanding Subsection 9.1(a), unless the Plan Administrator, in its discretion, otherwise determines, at
any time and from time to time, Awards are not affected by a change of employment or consulting agreement or arrangement, or directorship within or among the Corporation or a subsidiary of the Corporation for so long as the Participant continues to
be a Director, Officer, Employee or Consultant, as applicable, of the Corporation or a subsidiary of the Corporation. 

  

	9.2	 Discretion to Permit Acceleration 

Notwithstanding the provisions of Section 9.1, the Plan Administrator may, in its discretion, at any time prior to, or following the events contemplated
in such Section, or in an employment agreement, Award Agreement or other written agreement between the Corporation or a subsidiary of the Corporation and the Participant, permit the acceleration of vesting of any or all Awards or waive termination
of any or all Awards, all in the manner and on the terms as may be authorized by the Plan Administrator. 
 ARTICLE 10 

EVENTS AFFECTING THE CORPORATION 
  

	10.1	 General 

The existence of any Awards does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any
adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, arrangement, merger or consolidation involving the Corporation, to create or issue

  
 - 23 - 

 
any bonds, debentures, Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or
any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Article 10 would have an
adverse effect on this Plan or on any Award granted hereunder. 
  

	10.2	 Change in Control 

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

	 	(a)	 Notwithstanding anything else in this Plan, the Plan Administrator may, without the consent of any Participant,
take such steps as it deems necessary or desirable, including to cause (i) the conversion or exchange of any outstanding Awards into or for, rights or other securities of substantially equivalent value, as determined by the Plan Administrator
in its discretion, in any entity participating in or resulting from a Change in Control; (ii) outstanding Awards to vest and become exercisable, realizable, or payable, or restrictions applicable to an Award to lapse, in whole or in part prior
to or upon consummation of such merger or Change in Control, and, to the extent the Plan Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iii) the termination of an Award
in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise or settlement of such Award or realization of the Participant’s rights as of the date of the occurrence of the
transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Plan Administrator determines in good faith that no amount would have been attained upon the exercise or settlement of such Award or realization
of the Participant’s rights, then such Award may be terminated by the Corporation without payment); (iv) the replacement of such Award with other rights or property selected by the Board in its sole discretion; or (v) any combination of
the foregoing. In taking any of the actions permitted under this Section 10.2(a), the Plan Administrator will not be required to treat all Awards similarly in the transaction. Notwithstanding the foregoing, in the case of Options held by a
Canadian Taxpayer, the Plan Administrator may not cause the Canadian Taxpayer to receive (pursuant to this Subsection 10.2(a)) any property in connection with a Change in Control other than rights to acquire shares of a corporation or units of a
“mutual fund trust” (as defined in the Tax Act), of the Corporation or a “qualifying person” (as defined in the Tax Act) that does not deal at arm’s length (for purposes of the Tax Act) with the Corporation, as applicable,
at the time such rights are issued or granted. 

  

	 	(b)	 Notwithstanding Section 9.1, if within 12 months following the completion of a transaction resulting in a
Change in Control, a Participant’s employment, consultancy or directorship is terminated by the Corporation or a subsidiary of the Corporation without Cause: 

  
 - 24 - 

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

  

	 	(ii)	 any vested Awards of Participants may, subject to Sections 5.4(d) and 6.6(d) (where applicable), be exercised,
settled or surrendered to the Corporation by such Participant at any time during the period that terminates on the earlier of: (A) the Expiry Date of such Award; and (B) the date that is 90 days after the Termination Date, provided that
any Awards subject to Section 409A awarded to U.S. Taxpayers, shall be exercised, settled or surrendered within the same calendar year as the Participant’s “separation from service”, with any Award that has not been exercised,
settled or surrendered at the end of such period being immediately forfeited and cancelled. 

  

	 	(c)	 Notwithstanding Subsection 10.2(a) and unless otherwise determined by the Plan Administrator, if, as a result
of a Change in Control, the Shares will cease trading on all Exchanges, then the Corporation may terminate all of the Awards, other than an Option held by a Canadian Taxpayer for the purposes of the Tax Act, granted under this Plan at the time of
and subject to the completion of the Change in Control transaction by paying to each holder at or within a reasonable period of time following completion of such Change in Control transaction an amount for each Award equal to the fair market value
of the Award held by such Participant as determined by the Plan Administrator, acting reasonably, at or within a reasonable period of time following completion of such Change in Control transaction. 

 

	 	(d)	 It is intended that any actions taken under this Section 10.2 will comply with the requirements of
Section 409A of the Code with respect to Awards granted to U.S. Taxpayers. 

  

	10.3	 Reorganization of Corporation’s Capital 

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

	10.4	 Other Events Affecting the Corporation 

In the event of an amalgamation, combination, arrangement, merger or other transaction or reorganization involving the Corporation and occurring by exchange of
Shares, by sale or lease of assets or otherwise, that does not constitute a Change in Control and that warrants the amendment or replacement of any existing Awards in order to adjust the number and/or type of Shares that may be acquired on the
vesting of outstanding Awards or by reference to which such Awards may 

  
 - 25 - 

 
be settled (as applicable), and/or the terms of any Award, in order to preserve proportionately the rights and obligations of the Participants holding such Awards, the Plan Administrator will,
subject to the prior approval of the Exchanges, authorize such steps to be taken as it may consider to be equitable and appropriate to that end. 
  

	10.5	 Immediate Acceleration of Awards 

In taking any of the steps provided in Sections 10.3 and 10.4, the Plan Administrator will not be required to treat all Awards similarly and where the Plan
Administrator determines that the steps provided in Sections 10.3 and 10.4 would not preserve proportionately the rights, value and obligations of the Participants holding such Awards in the circumstances or otherwise determines that it is
appropriate, the Plan Administrator may, but is not required to, permit the immediate vesting of any unvested Awards. 
  

	10.6	 Issue by Corporation of Additional Shares 

Except as expressly provided in this Article 10, neither the issue by the Corporation of shares of any class or securities convertible into or
exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment by reason thereof is to be made with respect to the number of Shares that may be acquired as a result of a grant of Awards.

  

	10.7	 Fractions 

No fractional Shares will be issued pursuant to an Award. Accordingly, if, as a result of any adjustment under this Article 10 or a dividend equivalent, a
Participant would become entitled to a fractional Share, the Participant has the right to acquire only the adjusted number of full Shares and no payment or other adjustment will be made with respect to the fractional Shares, which shall be
disregarded. 
 ARTICLE 11 

U.S. TAXPAYERS 
  

	11.1	 Provisions for U.S. Taxpayers 

Options granted under this Plan to U.S. Taxpayers may be non-qualified stock options or incentive stock options
qualifying under Section 422 of the Code (“ISOs”). Each Option shall be designated in the Award Agreement as either an ISO or a non-qualified stock option. The Corporation shall not be
liable to any Participant or to any other Person if it is determined that an Option intended to be an ISO does not qualify as an ISO. Nonqualified stock options will be granted to a U.S. Taxpayer only if (i) such U.S. Taxpayer performs services
for the Corporation or any corporation or other entity in which the Corporation has a direct or indirect controlling interest or otherwise has a significant ownership interest, as determined under Section 409A, such that the Option will
constitute an option to acquire “service recipient stock” within the meaning of Section 409A, or (ii) such option otherwise is exempt from Section 409A. 

 

	11.2	 ISOs 

The aggregate number of Shares reserved for issuance in respect of granted ISOs shall be subject to any limitations in Section 3.5, and the terms and
conditions of any ISOs granted to a U.S. Taxpayer on the Date of Grant hereunder, including the eligible recipients of 

  
 - 26 - 

 
ISOs, shall be subject to the provisions of Section 422 of the Code, and the terms, conditions, limitations and administrative procedures established by the Plan Administrator from time to
time in accordance with this Plan. At the discretion of the Plan Administrator, ISOs may be granted to any employee of the Corporation, or of a “parent corporation” or “subsidiary corporation”, as such terms are defined in
Sections 424(e) and (f) of the Code. 
  

	11.3	 ISO Grants to 10% Shareholders 

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

	11.4	 US$100,000 Per Year Limitation for ISOs 

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

 

	11.5	 Disqualifying Dispositions 

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

	11.6	 Section 409A of the Code 

 

	 	(a)	 This Plan will be construed and interpreted to be exempt from, or where not so exempt, to comply with
Section 409A of the Code to the extent required to preserve the intended tax consequences of this Plan. Any reference in this Plan to Section 409A of the Code also include any regulation promulgated thereunder or any other formal guidance
issued by the Internal Revenue Service with respect to Section 409A of the Code. Each Award shall be construed and administered such that the Award either (A) qualifies for an exemption from the requirements of Section 409A of the
Code or (B) satisfies the requirements of Section 409A of the Code. If an Award is subject to Section 409A of the Code, (I) distributions shall only be made in a manner and upon an event permitted under Section 409A of the
Code, (II) payments to be made upon a termination of employment or service shall only be 

  
 - 27 - 

	 	
made upon a “separation from service” under Section 409A of the Code, (III) unless the Award specifies otherwise, each installment payment shall be treated as a separate
payment for purposes of Section 409A of the Code, and (IV) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Section 409A of the Code. To the
extent that an Award or payment, or the settlement or deferral thereof, is subject to Section 409A of the Code, the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A of the Code,
such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A of the Code. The Corporation reserves the right to amend this Plan to the extent it reasonably determines
is necessary in order to preserve the intended tax consequences of this Plan in light of Section 409A of the Code. In no event will the Corporation or any of its subsidiaries or Affiliates be liable for any tax, interest or penalties that may
be imposed on a Participant under Section 409A of the Code or any damages for failing to comply with Section 409A of the Code. 

  

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

  

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

  

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

 

	11.7	 Section 83(b) Election 

If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Shares subject to vesting or other forfeiture
conditions, the Participant shall be required to promptly file a copy of such election with the Corporation. 
  

	11.8	 Application of Article 11 to U.S. Taxpayers 

For greater certainty, the provisions of this Article 11 shall only apply to U.S. Taxpayers. 

  
 - 28 - 

 ARTICLE 12 

AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN 
  

	12.1	 Amendment, Suspension, or Termination of the Plan 

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

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

  

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

 

	12.2	 Shareholder Approval 

Notwithstanding Section 12.1 and subject to any rules of the Exchanges, approval of the holders of Shares shall be required for any amendment,
modification or change that: 
  

	 	(a)	 increases the number of Shares reserved for issuance under the Plan, except pursuant to the provisions under
Article 10 which permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Corporation or its capital; 

  

	 	(b)	 increases or removes the 5% limits on Shares issuable or issued to Insiders as set forth in Subsection 3.6(a);

  

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

 

	 	(d)	 extends the term of an Option Award beyond the original Expiry Date (except where an Expiry Date would have
fallen within a blackout period applicable to the Participant or within five Business Days following the expiry of such a blackout period); 

  
 - 29 - 

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

  

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

 

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

 

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

 

	 	(i)	 deletes or reduces the range of amendments which require approval of shareholders under this Section 12.2.

  

	12.3	 Permitted Amendments 

Without limiting the generality of Section 12.1, but subject to Section 12.2, the Plan Administrator may, without shareholder approval, at any time
or from time to time, amend the Plan for the purposes of: 
  

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

 

	 	(b)	 making any amendments to the provisions set out in Article 9; 

 

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

 

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

 

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

 ARTICLE 13 

MISCELLANEOUS 
  

	13.1	 Legal Requirement 

The Corporation is not obligated to grant any Awards, issue any Shares or other securities, make any payments or take any other action if, in the opinion of
the Plan Administrator, in its sole discretion, such action would constitute a violation by a Participant or the Corporation of any 

  
 - 30 - 

 
provision of any applicable statutory or regulatory enactment of any government or government agency or the requirements of any Exchange upon which the Shares may then be listed. 

 

	13.2	 No Other Benefit 

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

	13.3	 Rights of Participant 

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

	13.4	 Corporate Action 

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

	13.5	 Conflict 

In the event of any conflict between the provisions of this Plan and an Award Agreement, the provisions of the Award Agreement shall govern. 

 

	13.6	 Anti-Hedging Policy 

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

	13.7	 Participant Information 

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

	13.8	 Participation in the Plan 

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any
rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does 

  
 - 31 - 

 
not constitute a condition of employment or engagement nor a commitment on the part of the Corporation to ensure the continued employment or engagement of such Participant. The Plan does not
provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and Directors and they are
advised to consult with their own tax advisors. 
  

	13.9	 International Participants 

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

	13.10	 Successors and Assigns 

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

 

	13.11	 General Restrictions or Assignment 

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

 

	13.12	 Severability 

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

	13.13	 Notices 

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

Algoma Steel Group Inc. 
 105 West
Street 
 Sault Ste. Marie, Ontario 

P6A 7B4 Canada 
 Attention:
General Counsel 
 Email: legal@algoma.com 

All notices to a Participant will be addressed to the principal address of the Participant on file with the Corporation. Either the Corporation or the
Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by email, on the date of delivery, and if sent by mail, on the fifth Business Day following the date of

  
 - 32 - 

 
mailing. Any notice given by either the Participant or the Corporation is not binding on the recipient thereof until received. 

 

	13.14	 Effective Date 

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

 

	13.15	 Currency 

Unless otherwise specified, all dollar amounts referred to in this Plan are expressed in Canadian dollars. 

 

	13.16	 Governing Law 

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

	13.17	 Submission to Jurisdiction 

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

  
 - 33 - 

 SCHEDULE A 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION NOTICE 
 All capitalized terms
used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 
 Pursuant to the Plan, I hereby elect to participate in the
grant of DSUs pursuant to Article 7 of the Plan and to receive ____% of my Cash Fees in the form of DSUs. 
 I confirm that: 

 

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

  

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

 

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

  

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

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

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		
		  	  
 (Signature of
Participant)

 SCHEDULE B 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

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

Notwithstanding my previous election in the form of Schedule A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the date hereof
shall be paid in DSUs in accordance with Article 7 of the Plan. 
 I understand that the DSUs already granted under the Plan cannot be redeemed except
in accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them. 

 

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		  	  
 (Signature of
Participant)

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

 SCHEDULE C 

ALGOMA STEEL GROUP INC. 

OMNIBUS EQUITY INCENTIVE PLAN (THE “PLAN”) 

ELECTION TO TERMINATE RECEIPT OF ADDITIONAL DSUs 

(U.S. TAXPAYERS) 
 All capitalized terms
used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 
 Notwithstanding my previous election in the form of Schedule
A to the Plan, I hereby elect that no portion of the Cash Fees accrued after the effective date of this termination notice shall be paid in DSUs in accordance with Article 7 of the Plan. 

I understand that this election to terminate receipt of additional DSUs will not take effect until the first day of the calendar year following the year in
which I file this termination notice with the Corporation. 
 I understand that the DSUs already granted under the Plan cannot be redeemed except in
accordance with the Plan. 
 I confirm that I have received and reviewed a copy of the terms of the Plan and agree to be bound by them. 

 

			
	Date:
                                         
                   	  	  

		  	(Name of Participant)
		  	
		  	  
 (Signature of
Participant)

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

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