Document:

EX-10.17

 Exhibit 10.17 

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

FORM OF STOCK OPTION GRANT AGREEMENT 

(NONSTATUTORY STOCK OPTION) 

(2014 Omnibus Incentive Plan) 
 Valeant
Pharmaceuticals International, Inc. (the “Company”), pursuant to its 2014 Omnibus Incentive Plan (the “Plan”), hereby grants to you an option to purchase the number of Common Shares set forth below
(the “Award”). This Award is subject to all of the terms and conditions as set forth herein (the “Agreement”) and in the Plan, which is incorporated herein in its entirety. Capitalized terms not
otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the terms in the Agreement and the Plan, the terms of the Plan shall control. For the avoidance of doubt, any terms contained in the
Agreement but are not in the Plan shall not constitute a conflict and such terms in the Agreement shall control. 
  

			
	 Optionholder:
	  	
	 Equity Grant Date:
	  	January [•], 2017
	 Number of Shares Subject to Award:
	  	[•]
	 Exercise Price (Per Share):
	  	$[•]
	 Total Exercise Price:
	  	$[•]
	 Expiration Date:
	  	 January [•], 2027

  

	Type of Grant:	☒ Nonstatutory Stock Option 

  

	Exercise Schedule:	Same as Vesting Schedule 

  

	Vesting Schedule:	This Award shall vest in accordance with the following vesting schedule, provided that you are employed on the applicable vesting date: 

 

	 	☐ 1/3rd of the shares vest on the first anniversary of the Equity Grant Date. 

 

	 	☐ 1/3rd of the shares vest on the second anniversary of the Equity Grant Date. 

 

	 	☐ 1/3rd of the shares vest on the third anniversary of the Equity Grant Date. 

 

	Payment:	By one or a combination of the following methods of payment (described in the Agreement): 

  

	 	☒ Cash or check 

  

	 	☒ Bank draft or money order payable to the Company 

  

	 	☒ Pursuant to a Regulation T program (cashless exercise) if the shares are publicly traded 

  

	 	☒ Delivery of already-owned shares if the shares are publicly traded 

  

	 	☒ Net exercise 

  

 The details of your Award are as follows: 

1. VESTING. 

(a) In General. Subject to the provisions of the Plan and the limitations contained herein, your Award will vest as provided above;
provided that vesting will cease upon the termination of your employment (except as set forth below in Section 1(b) and (c)), and any unvested portion of your Option will be forfeited (and, in the case of termination for Cause, the vested
portion of your Option will also be forfeited). 
 (b) Vesting Acceleration Upon Termination due to Death or Disability.
Notwithstanding the foregoing and any other provisions of the Plan to the contrary, in the event that your employment is terminated by the Company due to your death or Disability, then any unvested portion of your Option will vest on the date of
your termination of employment. 
 (c) Vesting Acceleration Upon Termination in Connection with a Change of Control. Notwithstanding
the foregoing and any other provisions of the Plan to the contrary, in the event that your employment is terminated (x) by the Company without Cause or (y) by you for Good Reason, in either case within twelve (12) months following a Change
of Control (or during the six month period prior to a Change of Control if such termination was in contemplation of, and directly related to, the Change of Control), then any portion of your Option that was not cancelled in connection with such
Change of Control in exchange for a cash payment will vest on the date of your termination of employment [(or on the date of the Change of Control if such termination occurs during the six month period prior to a Change of Control)], conditioned on
you (i) having been employed at the Company for at least twelve (12) months following the Equity Grant Date; and (ii) delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within
fifty-five (55) days following the date of your termination. 
 2. NUMBER OF
SHARES AND EXERCISE PRICE. The number of Common Shares subject to your Option and your exercise price per share referenced above may be adjusted from time to time for
capital adjustments. 
 3. METHOD OF PAYMENT. Payment of the
exercise price is due in full upon exercise of all or any part of your Option. You may elect to make payment of the exercise price of your Option in cash or by check or in any other manner permitted above, which may include one or more of the
following: 
 (a) Bank draft or money order payable to the Company. 

(b) Provided that at the time of exercise the Common Shares are publicly traded and quoted regularly in The Wall Street Journal,
pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Shares, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds. 

  
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 (c) Provided that at the time of exercise the Common Shares are publicly traded and quoted
regularly in The Wall Street Journal, by delivery to the Company (either by actual delivery or attestation) of already-owned Common Shares either that you have held for the period required to avoid a charge to the Company’s reported
earnings (generally six (6) months) or that you did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Market Price on the date of
exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your Option, shall include delivery to the Company of your attestation of ownership of such Common Shares in a form approved by the
Company. Notwithstanding the foregoing, you may not exercise your Option by tender to the Company of Common Shares to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the
Company’s stock. 
 (d) By a “net exercise” arrangement pursuant to which the Company will reduce the number of Common
Shares issued upon exercise of your Option by the largest whole number of Common Shares with a Market Price that does not exceed the aggregate exercise price; provided, however, that the Company shall accept a cash or other payment from you
to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole Common Shares to be issued; provided further, however, that Common Shares will no longer be outstanding under
your Option and will not be exercisable thereafter to the extent that (i) Common Shares are used to pay the exercise price pursuant to the “net exercise,” (ii) Common Shares are delivered to you as a result of such exercise, and
(iii) Common Shares are withheld to satisfy tax withholding obligations. 
 4. WHOLE
SHARES. You may exercise your Option only for whole Common Shares. 
 5.
SECURITIES LAW COMPLIANCE. Notwithstanding anything to the contrary contained herein, you may not exercise your Option unless the Common Shares issuable upon such exercise are
then registered under the Securities Act of 1933, as amended (the “Securities Act”) or, if such Common Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the
registration requirements of the Securities Act. The exercise of your Option also must comply with other applicable laws and regulations governing your Option, and you may not exercise your Option if the Company determines that such exercise would
not be in material compliance with such laws and regulations. 
 6. TERM. You may not exercise
your Option before it becomes vested and exercisable or after the expiration of its term. The term of your Option commences on the Equity Grant Date and, except as provided otherwise in Section 7(a) of the Plan, expires upon the earliest of the
following: 
 (a) the Expiration Date indicated above; 

(b) your termination of employment, in the event your employment is terminated for Cause; 

  
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 (c) thirty (30) days following your termination of employment by the Company without
Cause or by you for Good Reason; 
 (d) six (6) months following your termination of employment by the Company due to your death
or Disability, or upon the expiration of your employment term following a notice of non-renewal of your employment agreement by the Company; or 

(e) three (3) months following your termination of employment for any reason other than those specifically enumerated in this
Section 6; provided, however, that (i) if, during any part of the thirty (30) day or six (6) month periods set forth in Section 6(c) or (d), respectively, your Option is not exercisable solely because of the condition set
forth in Section 5, your Option shall not expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of thirty (30) days or six (6) months after termination of your employment, as
applicable. 
 7. EXERCISE. You may exercise the vested portion of your Option during its
term by delivering a notice (in a form designated by the Company) together with the exercise price to the Company’s Plan administrator, or to such other person as the Company may designate, during regular business hours, together with such
additional documents as the Company may then require. 
 8. TRANSFERABILITY. 

(a) Restrictions on Transfer. Your Option shall not be transferable except by will or by the laws of descent and distribution and shall
be exercisable during your lifetime only by you; provided, however, that the Board may, in its sole discretion, permit you to transfer your Option in a manner consistent with applicable tax and securities laws upon your request. 

(b) Domestic Relations Orders. Notwithstanding the foregoing, your Option may be transferred pursuant to a domestic relations order.

 (c) Beneficiary Designation. Notwithstanding the foregoing, you may, by delivering written notice to the Company, in a form
provided by or otherwise satisfactory to the Company, designate a third party who, in the event of your death, shall thereafter be entitled to exercise your Option. 

9. CHANGE OF CONTROL. Upon the occurrence of a Change of Control, at
the election of the Company, your Option shall either be (i) cancelled in exchange for a cash payment based in the case of any merger transaction on the price received by shareholders in the transaction constituting the Change of Control or in
the case of any other event that constitutes a Change of Control, the Market Price of a Common Share on the date such Change of Control occurs (minus the applicable exercise price per Common Share) or (ii) converted into an option in respect of
the common stock of the acquiring entity (in a merger or otherwise) on the basis of the relative values of such stock and the Common Shares at the time of the Change of Control; provided that clause (ii) shall only be applicable if the
common stock of the acquiring entity is publicly traded on an established securities market on the date on which such Change of Control is effected. 

  
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 10. OPTION NOT A SERVICE
CONTRACT. Your Option is not an employment or service contract, and nothing in your Option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company, or of
the Company to continue your employment. In addition, nothing in your Option shall obligate the Company, their respective stockholders, boards of directors or employees to continue any relationship that you might have as an employee for the Company.

 11. COMMON SHARE OWNERSHIP REQUIREMENTS. You
agree to comply with, and be subject to the terms of, any Common Share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly situated executives of the Company. 

12. WITHHOLDING OBLIGATIONS. 

(a) At the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby
authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by
the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with the exercise of your Option.

 (b) The Company shall withhold from fully vested Common Shares otherwise issuable to you upon the exercise of your Option a number
of whole Common Shares having a Market Price, determined by the Company as of the date of exercise, equal to an amount up to the maximum amount of tax that can be withheld by law (or such other amount as may be permitted by applicable law and
accounting standards). Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

13. NOTICES. Any notices provided for in your Option or the Plan shall be given in writing and
shall be deemed effectively given upon your receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the mail, postage prepaid, addressed to you at the last address you provided to the Company. 

14. HEADINGS. The headings of the Sections in this Agreement are inserted for convenience only and
shall not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement. 
 15.
AMENDMENT. Nothing in this Agreement shall restrict the Company’s ability to exercise its discretionary authority pursuant to Section 4 of the Plan; provided, however, that no such action
may, without your consent, adversely affect your rights under your Option. Without limiting the foregoing, the Board (or appropriate committee thereof) reserves the right to change, by written notice to you, the provisions of this Agreement in any
way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision; provided that any such change will be
applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 

  
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 16. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Option shall be transferable to any one or more persons or entities, and all
covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. 
 (b)
You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Option. 

(c) You acknowledge and agree that you have reviewed your Option in its entirety, have had an opportunity to obtain the advice of
counsel prior to executing and accepting your Option and fully understand all provisions of your Option. This Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject matter hereof, and supersede any
other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof (including, without limitation, the provisions in your employment letter with respect thereto). 

(d) This Agreement will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan and this Agreement will be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business and/or assets of the Company. 

17. GOVERNING PLAN DOCUMENT. Your Option is subject to all the
provisions of the Plan, the provisions of which are hereby made a part of your Option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In
the event of any conflict between the provisions of your Option and those of the Plan, the provisions of the Plan shall control. The Board (or appropriate committee thereof) will have the power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Board (or appropriate
committee thereof) will be final and binding upon you, the Company and all other interested persons. No member of the Board (or appropriate committee thereof) will be personally liable for any action, determination or interpretation made in good
faith with respect to the Plan or this Agreement. 
 18. EFFECT ON OTHER
EMPLOYEE BENEFIT PLANS. The value of the Award subject to this Agreement will not be included as compensation, earnings, salaries or other similar terms used when calculating the
employee’s benefits under any employee benefit plan sponsored by the Company except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify or terminate any of the Company’s employee benefit
plans. 
 19. CHOICE OF LAW. The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the Province of Ontario and the laws of Canada. 

  
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 20. SEVERABILITY. If all or any part of this
Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid. 

  
 7EX-10.18

 Exhibit 10.18 

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

2014 OMNIBUS INCENTIVE PLAN 

FORM OF RESTRICTED STOCK UNIT AWARD
AGREEMENT 
 (RESTRICTED STOCK UNITS) 

Valeant Pharmaceuticals International, Inc. (the “Company”), pursuant to the Company’s 2014 Omnibus Incentive Plan (the
“Plan”), hereby awards to you a Restricted Stock Unit Award in the form of restricted share units (the “Restricted Stock Units” or the “Award”), payable in common shares of the
Company (“Common Shares”), covering the number of Common Shares set forth below. This Award is subject to all of the terms and conditions as set forth herein (the “Award Agreement”) and in the
Plan, which is incorporated herein in its entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the terms in the Award Agreement and the Plan, the terms of the
Plan shall control. For the avoidance of doubt, any terms contained in the Award Agreement but are not in the Plan shall not constitute a conflict and such terms in the Award Agreement shall control. 

 

			
	 Participant:
	  	 [•]

	 Date of Grant:
	  	 January [•], 2017

	 Number of Shares Subject to Award:
	  	 [•]

 The details of your Award are as follows. 

1. CONSIDERATION. Consideration for this Award is satisfied by your services to the
Company. 
 2. VESTING. 

(a) In General. Subject to the provisions of the Plan and this Award Agreement, one-third of the
Award shall vest on each of the first three anniversaries of the Date of Grant (each such anniversary, a “Vesting Date”); provided you are employed through the applicable Vesting Date. Vesting will cease upon
termination of your employment (except as set forth below in Sections 2(b), (c), and (d)). Any Stock Units that did not become vested prior to your termination of employment or that do not become vested according to the provisions in this
Section 2 shall be forfeited immediately following the date of your termination of employment. Settlement of vested Awards shall be pursuant to Section 3 below. 

(b) Accelerated Vesting upon a Termination of Employment due to Death or Disability. Notwithstanding the foregoing and any other
provisions of the Plan to the contrary, in the event that your employment is terminated by the Company due to your death or Disability, then any unvested portion of your Restricted Stock Units will vest on the date of your termination of employment.

 (c) Accelerated Vesting upon a Termination of Employment without Cause or for Good Reason. Notwithstanding the foregoing and any
other provisions of the Plan to the contrary, in the event that your employment is terminated by the Company without Cause [or by you for Good Reason], then an additional number of your Restricted Stock Units will vest 

 

 as of the date of your termination, equal to the number of your unvested Restricted Stock Units multiplied by a
fraction, the numerator of which is the number of days from the prior Vesting Date through the date of your termination, and the denominator of which is 365, conditioned on you (i) having been employed at the Company for at least twelve
(12) months following the Date of Grant; and (ii) delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following the date of your termination. 

(d) Accelerated Vesting upon a Termination of Employment in Connection with a Change of Control. Notwithstanding the foregoing and any
other provisions of the Plan to the contrary, in the event that your employment is terminated (x) by the Company without Cause or (y) by you for Good Reason, in either case within twelve (12) months following a Change of Control (or
during the six month period prior to a Change of Control if such termination was in contemplation of, and directly related to, the Change of Control), then any portion of your Restricted Stock Units that was not cancelled in connection with such
Change of Control will vest on the date of your termination of employment [(or on the date of the Change of Control if such termination occurs during the six month period prior to a Change of Control)], conditioned on you (i) having been
employed at the Company for at least twelve (12) months following the Date of Grant; and (ii) delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within fifty-five (55) days following
the date of your termination. 
 3. DISTRIBUTION OF COMMON
SHARES. The Company will deliver to you a number of Common Shares equal to the sum of (i) the number of Restricted Stock Units subject to your Award that become vested in accordance with the terms of this Award
Agreement, plus (ii) any Restricted Stock Units resulting from dividend equivalents credited with respect to such Restricted Stock Units in accordance with Section 6 of this Award Agreement, as soon as practicable (but, subject to Section
7(c)(vi) of the Plan regarding blackout restrictions, in any event no later than sixty (60) days) following the date on which such Restricted Stock Units become vested; provided that, notwithstanding anything in the Plan to the contrary,
if the Company terminates your service for Cause prior to the date on which the Common Shares are distributed to you, you shall forfeit any right to such distribution of Common Shares. 

4. NUMBER OF SHARES. The number of Common Shares subject to your
Award may be adjusted from time to time for capital adjustments, as provided in the Plan. The Company will establish a bookkeeping account to reflect the number of Restricted Stock Units standing to your credit from time to time. However, you will
not be deemed to be the holder of, or to have any of the rights of a stockholder with respect to, any Common Shares subject to your Award (including but not limited to stockholder voting rights) unless and until the shares have been delivered to you
in accordance with Section 3 of this Award Agreement. 
 5. COMMON SHARE
OWNERSHIP REQUIREMENTS. You agree to comply with any Common Share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly situated executives of
the Company. 
 6. DIVIDEND EQUIVALENTS. The bookkeeping account maintained for
your Award shall, until the final Vesting Date or the termination and cancellation or forfeiture of the Restricted Stock Units pursuant to the terms of this Award Agreement, be allocated additional 

  
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Restricted Stock Units on the payment date of dividends on the Company’s Common Shares. Such dividends will be converted into a number of additional Common Shares covered by the Restricted
Stock Units equal to the quotient of (i) the aggregate amount or value of the dividends paid with respect to that number of Common Shares equal to the number of shares covered by the Restricted Stock Units divided by (ii) the Market Price
per Common Share on the payment date for such dividend. Any such additional Restricted Stock Units shall have the same Vesting Dates and vest in accordance with the same terms as the Restricted Stock Units granted under this Award Agreement. 

7. COMPLIANCE WITH SECTION 409A OF THE
INTERNAL REVENUE CODE. The Award is intended to comply with section 409A of the Code to the extent subject thereto, and shall be interpreted in accordance with section 409A of
the Code and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. Notwithstanding any provision in the Plan to the
contrary, no payment or distribution under this Plan that constitutes an item of deferred compensation under section 409A of the Code and becomes payable by reason of your termination of employment or service with the Company shall be made to you
until your termination of employment or service constitutes a separation from service within the meaning of section 409A of the Code. For purposes of this Award, each amount to be paid or benefit to be provided shall be construed as a separate
identified payment for purposes of section 409A of the Code. Notwithstanding any provision in the Plan to the contrary, if you are a specified employee within the meaning of section 409A of the Code, then to the extent necessary to avoid the
imposition of taxes under section 409A of the Code, you shall not be entitled to any payments upon a termination of your employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of your
separation from service or (ii) the date of your death. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 7 (whether they would have
otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to you in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and
any remaining payments due under this Award will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any affiliate be liable to
you on account of an Award’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, section 409A of the Code. 

8. SECURITIES LAW COMPLIANCE. You may not be issued any Common
Shares under your Award unless the Common Shares are either (i) then registered under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) the Company has determined that such issuance would be
exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not receive such shares if the Company determines that such receipt would not
be in material compliance with such laws and regulations. 
 9. RESTRICTIVE
LEGENDS. The Common Shares issued under your Award shall be endorsed with appropriate legends, if any, determined by the Company. 

  
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 10. TRANSFERABILITY. Except as otherwise permitted by
the Committee in accordance with the terms of the Plan, your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in the form prescribed by
the Company, you may designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Shares pursuant to Section 3 of this Award Agreement. 

11. AWARD NOT A SERVICE CONTRACT. Your
Award is not an employment or service contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or an affiliate, or on the part of the Company or an
affiliate to continue such service. In addition, nothing in your Award will obligate the Company or an affiliate, their respective stockholders, boards of directors or employees to continue any relationship that you might have as an employee of the
Company or an affiliate. 
 12. UNSECURED OBLIGATION. Your Award is unfunded and
you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue Common Shares pursuant to this Award Agreement. You will not have voting or any other rights as a stockholder of the Company
with respect to the Common Shares subject to your Award until such Common Shares are delivered to you pursuant to Section 3 of this Award Agreement. Upon such delivery, you will obtain full voting and other rights as a stockholder of the
Company. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 

13. WITHHOLDING OBLIGATIONS. On or before the time you receive a distribution of
Common Shares pursuant to your Award, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Shares, payroll and any other amounts payable or issuable to you and/or otherwise agree to
make adequate provision in cash for any sums that can be withheld to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any affiliate which arise in connection with your Award (the “Withholding
Taxes”). The Company shall withhold Common Shares with an aggregate Market Price (measured as of the date Common Shares are delivered pursuant to Section 3) equal to the amount of such Withholding Taxes; provided,
however, that the number of such Common Shares so withheld shall not exceed the maximum amount that can be withheld satisfy the Company’s required tax withholding obligations. 

14. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.

 15. HEADINGS. The headings of the Sections in this Award Agreement are inserted for
convenience only and will not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement. 

  
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 16. AMENDMENT. Nothing in this Award Agreement shall
restrict the Company’s ability to exercise its discretionary authority pursuant to Section 4 of the Plan; provided, however, that no such action may, without your consent, adversely affect your rights under your Award and this Award
Agreement. Without limiting the foregoing, the Board (or appropriate committee thereof) reserves the right to change, by written notice to you, the provisions of this Award Agreement in any way it may deem necessary or advisable to carry out the
purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision; provided that any such change will be applicable only to rights relating to that portion of the
Award which is then subject to restrictions as provided herein. 
 17. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award will be transferable by the Company to any one or more persons or
entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. This Award Agreement and the Plan contain the entire agreement and understanding among
the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof (including, without limitation, the provisions in your employment
letter with respect thereto). 
 (d) This Award Agreement will be subject to all applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may be required. 
 (e) All obligations of the Company
under the Plan and this Award Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business and/or assets of the Company. 
 18. GOVERNING PLAN
DOCUMENT. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which
may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan will control; provided, however, for avoidance of
doubt, terms contained in the Award Agreement but not in the Plan shall not constitute a conflict and such terms in the Award Agreement shall control. The Committee will have the power to interpret the Plan and this Award Agreement and to adopt such
rules for the administration, interpretation, and application of the Plan as are consistent therewith and to 

  
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interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon you, the Company, and all other interested
persons. No member of the Board or the Committee will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement. 

19. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of the Award subject to this Award Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the employee’s benefits under any employee
benefit plan sponsored by the Company or any affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any affiliate’s employee benefit
plans. 
 20. CHOICE OF LAW. The interpretation, performance and
enforcement of this Award Agreement will be governed by the law of the Province of Ontario and the laws of Canada. 
 21.
SEVERABILITY. If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any
portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give
effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

  
 6

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