Document:

EX-4.2

 Exhibit 4.2 

THE HANOVER INSURANCE GROUP, INC., 

as Issuer 
 and 

U.S. Bank National Association, 

as Trustee 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of August 24, 2020 

to the Indenture dated as of April 8, 2016 

2.500% Notes due 2030 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Article 1	  	Application of supplemental indenture	  	 	1	 
			
	Section 1.01.	  	Application of Second Supplemental Indenture	  	 	1	 
			
	Article 2	  	Definitions	  	 	2	 
			
	Section 2.01.	  	Certain Terms Defined in the Indenture	  	 	2	 
	Section 2.02.	  	Definitions	  	 	2	 
			
	Article 3	  	Form and Terms of the Notes	  	 	3	 
			
	Section 3.01.	  	Form and Dating	  	 	3	 
	Section 3.02.	  	Execution and Authentication	  	 	4	 
	Section 3.03.	  	Paying Agent	  	 	4	 
	Section 3.04.	  	Terms of the Notes	  	 	4	 
	Section 3.05.	  	Optional Redemption	  	 	5	 
	Section 3.06.	  	Certain Interest Payments	  	 	6	 
			
	Article 4	  	Certain Covenants	  	 	6	 
			
	Section 4.01.	  	Restrictions on Issuance or Disposition of Stock of Restricted Subsidiaries	  	 	7	 
	Section 4.02.	  	Limitations on Liens	  	 	7	 
			
	Article 5	  	Miscellaneous	  	 	8	 
			
	Section 5.01.	  	Trust Indenture Act Controls	  	 	8	 
	Section 5.02.	  	New York Law to Govern	  	 	8	 
	Section 5.03.	  	Counterparts	  	 	8	 
	Section 5.04.	  	Severability	  	 	9	 
	Section 5.05.	  	Ratification	  	 	9	 
	Section 5.06.	  	Effectiveness	  	 	9	 
	Section 5.07.	  	Trustee Makes No Representation	  	 	9	 
		
	EXHIBIT A – Form of $300,000,000 2.500% Note due 2030	  	 	A-1	 

  

  
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 SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of August 24, 2020, between The Hanover
Insurance Group, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 8, 2016 (the “Base
Indenture,” and together with this Second Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the Base Indenture;

 WHEREAS, Section 9.1 of the Base Indenture provides, among other things, that the Company and the Trustee may enter into
indentures supplemental to the Base Indenture, without the consent of any Holders of Securities, to establish the form of any Security, as permitted by Section 2.1 of the Base Indenture, and to provide for the issuance of the Notes (as defined
below), as permitted by Section 3.1 of the Base Indenture, and to set forth the terms thereof; 
 WHEREAS, the Company
desires to execute this Second Supplemental Indenture pursuant to Section 2.1 of the Base Indenture to establish the form, and pursuant to Section 3.1 of the Base Indenture to provide for the issuance, of a series of its senior notes
designated as its 2.500% Notes due 2030 (the “Notes”), in an initial aggregate principal amount of $300,000,000. The Notes are a series of securities as referred to in Section 3.1 of the Base Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture; 

WHEREAS, all things necessary have been done by the Company to make this Second Supplemental Indenture, when executed and delivered by
the Company, a valid supplement to the Indenture; and 
 WHEREAS, all things necessary have been done by the Company to make
the Notes, when executed by the Company and authenticated and delivered in accordance with the provisions of the Indenture, the valid obligations of the Company; 

NOW, THEREFORE, in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and
the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE 1 
 APPLICATION
OF SUPPLEMENTAL INDENTURE 
 SECTION 1.01. Application of Second Supplemental Indenture. Notwithstanding any other provision
of this Second Supplemental Indenture, all provisions of this Second Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other securities issued
under 

  
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the Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. Unless otherwise expressly specified, references in
this Second Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Second Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other
document. All Initial Notes and Additional Notes, if any, shall be treated as a single class for all purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase, except for Additional Notes, if any issued with a
different CUSIP number. 
 ARTICLE 2 

DEFINITIONS 

SECTION 2.01. Certain Terms Defined in the Indenture. For purposes of this Second Supplemental Indenture, all capitalized terms
used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture, as amended hereby. 
 SECTION 2.02.
Definitions. For the benefit of the Holders of the Notes, Section 1.1 of the Base Indenture shall be amended by adding the following new definitions: 

“Additional Notes” has the meaning specified in Section 3.04(b) hereto. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Consolidated Assets” mean the Company’s assets
and the assets of the Company’s consolidated subsidiaries, to be determined as of the last day of the most recent fiscal quarter ended at least 30 days prior to the date of the determination, for which internal financial statements are
available and have been prepared in accordance with generally accepted accounting principles in the United States as in effect on the last day of that fiscal quarter. 

“Global Note” has the meaning specified in Section 3.01(c) and is substantially in the form of Exhibit A. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” has the meaning specified in Section 3.04(b) hereto. 

  
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 “Lien” means any lien, mortgage, pledge, security interest, charge or encumbrance
of any kind (including any conditional sale or other title retention agreement and any lease in the nature thereof). 
 “Notes”
has the meaning specified in the recitals hereto. 
 “Preferred Stock,” as applied to the Capital Stock of any corporation, means
Capital Stock of any class or classes (however designated) which is preferred as to the payment of the dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of
Capital Stock of any other class of such corporation. 
 “Reference Treasury Dealer” means each of (i) Morgan
Stanley & Co. LLC or its affiliates, Wells Fargo Securities, LLC or its affiliates and J.P. Morgan Securities LLC or its affiliates ; and (ii) up to three other primary U.S. Government securities dealers in the City of New York (each,
a “Primary Treasury Dealer”) selected by the Company, and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company shall
substitute therefor another such Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Company by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

“Restricted Subsidiary” means (i) any Subsidiary the assets of which, determined as of the last day of the most recent fiscal
quarter ended at least 30 days prior to the date of determination, for which internal financial statements are available and have been prepared in accordance with generally accepted accounting principles in the United States as in effect on the last
day of that fiscal quarter, exceed 15% of the Consolidated Assets, or (ii) any Subsidiary designated as a Restricted Subsidiary by the board of directors, or similar governing body, of such Subsidiary, effective as of the date of such
designation. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent
yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. 
 ARTICLE 3 

FORM AND TERMS OF THE NOTES 

SECTION 3.01. Form and Dating. 

(a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
attached hereto. The Notes shall be executed on behalf of the Company by an Officer of the Company and attested by its Secretary or one 

  
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of its Assistant Secretaries. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The
Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b) The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture,
and the Company and the Trustee, by their execution and delivery of this Second Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

(c) The Notes shall be issued initially in the form of fully registered Global Securities (the “Global Note”), which
shall be deposited on behalf of the purchasers of the Notes represented thereby with The Depository Trust Company, New York, New York (the “Depositary”) and registered in the name of Cede & Co., the Depositary’s nominee, duly
executed by the Company, authenticated by the Trustee. 
 SECTION 3.02. Execution and Authentication. This Section 3.02
shall apply only to the Global Note deposited with or on behalf of the Depositary. The Company shall execute and the Trustee shall, in accordance with this Section 3.02, authenticate and deliver the Global Note that shall be registered in the
name of the Depositary or the nominee of the Depositary and shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions. 

SECTION 3.03. Paying Agent. The Company initially appoints the Trustee as Paying Agent for the payment of the principal of (and
premium, if any) and interest on the Notes and the office of the Trustee at U.S. Bank National Association, One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust
Services, Reference # Hanover 2020 be and hereby is, designated as the Place of Placement where the Notes may be presented for payment. 

SECTION 3.04. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “2.500% Notes due 2030”. 

(b) Principal Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered
under the Indenture (the “Initial Notes”) shall be $300,000,000 (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7
of the Base Indenture). The Company may from time to time, without the consent of, or notice to, the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate,
Maturity and other terms as the Initial Notes (other than the public offering price and date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), provided, however, that no
Additional Notes may be issued unless the Additional Notes are fungible with the Notes for U.S. federal income tax purposes or issued with a 

  
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different CUSIP number. Any Additional Notes and the Initial Notes shall constitute a single series under the Indenture unless the Additional Notes are issued with a different CUSIP number. All
references to the Notes shall include the Initial Notes and any Additional Notes unless the context otherwise requires or the Additional Notes are issued with a different CUSIP number. 

(c) Maturity Date. The entire outstanding principal amount of the Notes shall be payable on September 1, 2030. 

(d) Interest Rate. The rate at which the Notes shall bear interest shall be 2.500% per annum; the date from which
interest shall accrue on the Notes shall be August 24, 2020, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be March 1 and September 1 of each
year, beginning March 1, 2021; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Note (or predecessor Note) is
registered (which shall initially be the Depositary) at the close of business on the Regular Record Date for such interest, which shall be February 15 or August 15, as the case may be, next preceding such Interest Payment Date. Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For so long as the Notes are represented in global form by one or more Global Securities, all payments of principal (and
premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event that definitive
Notes shall have been issued, all payments of principal (and premium, if any) and interest shall be made at the office of the Paying Agent at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Services, Reference
# Hanover 2020; provided, that the Company may at its option pay interest (i) by check to the registered address of each Holder of a definitive Note or (ii) by wire transfer of immediately available funds to the account of any
registered Holder thereof, in each of cases (i) and (ii), if such Holder so requests in writing to the Trustee at least 15 days prior to the relevant Interest Payment Date. 

(e) Sinking Fund. The Notes are not subject to any sinking fund. 

SECTION 3.05. Optional Redemption. 

(a) The provisions of Article 11 of the Base Indenture, as supplemented by the provisions of this Second Supplemental
Indenture, shall apply to the Notes. 
 (b) At any time and from time to time prior to June 1, 2030, the Notes shall be
redeemable as a whole or in part in integral multiples of $1,000 principal amount, at the Company’s option (an “Optional Redemption”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to
be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued and unpaid to the date of redemption and assuming the notes mature on June 1, 2030)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the date
of redemption. 

  
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 (c) At any time and from time to time on or after June 1, 2030, the
Company may redeem the Notes as a whole or in part, at the Company’s option (a “Special Redemption”), at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus in each case accrued and unpaid
interest thereon to, but not including, the date of redemption. 
 (d) Further installments of interest on the Notes to be
redeemed that are due and payable on the Interest Payment Dates falling on or prior to the Redemption Date shall be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date
according to the Notes and the Indenture. 
 (e) Notice of any Optional Redemption or Special Redemption under this
Section 3.05 will be mailed at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed; provided, however, that notice of any Optional Redemption or Special
Redemption may be mailed more than 60 days prior to the Redemption Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of Notes. If fewer than all of the Notes are to be redeemed, the Notes to be
redeemed shall be selected by the Trustee by lot or any other such method as the Trustee deems to be fair and appropriate. 

(f) Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes or portions thereof called for Optional Redemption or Special Redemption, as the case may be, under this Section 3.05. 

SECTION 3.06. Certain Interest Payments. 

(a) Installments of interest that are due and payable on Notes to be repurchased or redeemed on a Redemption Date between a
Regular Record Date and an Interest Payment Date shall be payable on the Redemption Date to the registered Holders as of the close of business on the relevant Regular Record Date according to the Notes and the Indenture. 

ARTICLE 4 
 CERTAIN
COVENANTS 
 The following covenants shall be applicable to the Company for so long as any of the Notes are Outstanding. Nothing in this
Article will, however, affect the Company’s rights or obligations under any other provision of the Base Indenture or this Second Supplemental Indenture. 

  
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 SECTION 4.01. Restrictions on Issuance or Disposition of Stock of Restricted
Subsidiaries. 
 (a) The Company will not, nor will it permit any Restricted Subsidiary to, issue, sell or otherwise
dispose of any shares of Capital Stock (other than non-voting Preferred Stock) of any Restricted Subsidiary, except for: 

(i) directors’ qualifying shares; 

(ii) sales or other dispositions to the Company or to one or more Subsidiaries that are Restricted Subsidiaries or that will
become Restricted Subsidiaries immediately after the sale or disposition; 
 (iii) the disposition of all or any part of the
Capital Stock of any Restricted Subsidiary for consideration which is at least equal to the fair value of such Capital Stock as determined by the Company’s or such Restricted Subsidiary’s board of directors, as the case may be (acting in
good faith), in any case in accordance with the laws of the jurisdiction of formation of such Person; provided, however, that any such Capital Stock issued, sold, granted, transferred or otherwise disposed of to any employee, officer,
director, agent or consultant pursuant to any agreement, plan or arrangement approved by the board of directors of the Company or such Restricted Subsidiary, as appropriate, shall be deemed to be issued, sold or otherwise disposed of at fair value;
or 
 (iv) any issuance, sale, assignment, transfer or other disposition made in compliance with an order of a court or
regulatory authority of competent jurisdiction, other than an order issued at the request of the Company or any Restricted Subsidiary. 

SECTION 4.02. Limitations on Liens. 

(a) Except as provided below, neither the Company nor any Restricted Subsidiary may incur, issue, assume or guarantee any
Indebtedness secured by a Lien on (A) any shares of Capital Stock issued by a Restricted Subsidiary and held directly or indirectly by the Company or another Restricted Subsidiary or (B) any Indebtedness of a Restricted Subsidiary owing to
and held directly or indirectly by the Company or another Restricted Subsidiary, without effectively providing that the Notes (together with, if the Company shall so determine, any other Indebtedness which is not subordinated to the Notes) shall be
secured equally and ratably with (or prior to) such Indebtedness, so long as such Indebtedness shall be so secured; provided, however, that this covenant shall not apply to Indebtedness secured by: 

(i) Liens in favor of, or required by, governmental authorities, including insurance regulatory authorities; 

(ii) Liens existing on the date of this Second Supplemental Indenture; 

  
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 (iii) Liens on any shares of Capital Stock or Indebtedness of any
corporation (including any Subsidiary) (a) existing at the time such corporation becomes a Restricted Subsidiary or merges into or consolidates with the Company or a Restricted Subsidiary and (b) not incurred in contemplation thereof; 

(iv) Liens in favor of the Company or any Restricted Subsidiary; 

(v) Liens, pledges or deposits to secure statutory obligations, including Liens and deposits required or provided for under
state insurance laws and similar regulatory statutes; 
 (vi) materialmen’s, mechanic’s, carrier’s,
workmen’s, repairmen’s, or other like Liens, and pledges and deposits made in the ordinary course of business to obtain the release thereof; and 

(vii) any extension, renewal or replacement as a whole or in part, of any Lien referred to in the foregoing clauses (i) to
(vi) inclusive; provided, however, that (a) such extension, renewal or replacement Lien shall be limited to all or a part of the same shares of Capital Stock or the same Indebtedness that secured the Lien extended, renewed or
replaced and (b) the Indebtedness secured by such Lien at such time is not so increased. 
 Any Lien that is granted to secure the
Notes pursuant to this covenant shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described above that triggered the obligation to secure the Notes. 

ARTICLE 5 
 MISCELLANEOUS

 SECTION 5.01. Trust Indenture Act Controls. If any provision of this Second Supplemental Indenture limits, qualifies or
conflicts with another provision which is required to be included in this Second Supplemental Indenture by the TIA, the required provision shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision of
the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Second Supplemental Indenture as so modified or to be excluded, as the case may be. 

SECTION 5.02. New York Law to Govern. The Second Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York. 
 SECTION 5.03. Counterparts. This Second Supplemental Indenture may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The parties hereto agree that the electronic signature of a
party to this Second Supplemental Indenture shall be as valid as an original signature of such party and shall be effective to bind such party to this Second Supplemental Indenture. The words “execution,” “signed,”
“signature,” and words of like import in this Second Supplemental Indenture or in any other certificate, agreement or 

  
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document related to this Second Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
“pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limiting the foregoing, the parties hereto agree that any electronically signed document (including this Second Supplemental Indenture) shall be deemed (i) to be
“written” or “in writing”, (ii) to have been signed, and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic
files. Such paper copies or “printouts”, if introduced as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties hereto to the same extent and under the same conditions as
other original business records created and maintained in documentary form. Neither party hereto shall contest the admissibility of true and accurate copies of electronically signed documents on the basis of the best evidence rule or as not
satisfying the business records exception to the hearsay rule. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

SECTION 5.04. Severability. If any provision of this Second Supplemental Indenture or the Notes shall be held to be illegal or
unenforceable under applicable law, then the remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained therein. 

SECTION 5.05. Ratification. The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all
respects ratified and confirmed. The Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
unless not permitted by law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 

SECTION 5.06. Effectiveness. The provisions of this Second Supplemental Indenture shall become effective as of the date hereof.

 SECTION 5.07. Trustee Makes No Representation. The recitals contained herein are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture. All rights, protections, privileges, indemnities and benefits granted
or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act under this Second Supplemental Indenture. 

  
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 [Remainder of page intentionally left blank.] 

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

			
	THE HANOVER INSURANCE GROUP, INC.
		
	By:	 	/s/ Jeffrey M. Farber
		 	Name: Jeffrey M. Farber
		 	 Title:   Executive Vice President
and Chief Financial
Officer

 Attest: 
  

			
	By:	 	/s/ Dennis F. Kerrigan
		 	Name: Dennis F. Kerrigan
		 	 Title:   Executive Vice President, Chief Legal Officer and Assistant
Secretary

 [Signature Page to Hanover—Second Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION

 
			
		
	By:	 	/s/ David W. Doucette

 
			
	Name:	 	David W. Doucette
	Title:	 	Vice President

 [Signature Page to Hanover—Second Supplemental Indenture] 

 EXHIBIT A 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE
INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THE HANOVER INSURANCE GROUP, INC. 

2.500% Note due 2030 
  

					
	No. 1	  	Principal Amount	 
	 CUSIP No. 410867 AG0
	  	$	300,000,000	 

 The Hanover Insurance Group, Inc., a Delaware corporation (hereinafter called the “Company”, which
term includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Three Hundred Million U.S. Dollars (U.S. $300,000,000) on
September 1, 2030 and to pay interest thereon from August 24, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1 and September 1 in each year (each an
“Interest Payment Date”), beginning March 1, 2021 at the rate of 2.500% per annum, until the principal hereof is paid or duly made available for payment. The interest so payable and punctually paid or duly provided for on any
Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
shall forthwith cease to be payable to the Holder hereof on the 

  
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relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and the interest on this Note shall be made at the designated office of the Trustee (as
defined below) at U.S. Bank National Association, One Federal Street, 3rd Floor, Boston Massachusetts 02110, Attention: Corporate Trust Services, Reference # Hanover 2020 in such currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global Securities, all payments of
principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event
that definitive Notes shall have been issued, all payments of principal (and premium, if any) and interest shall be made at the office of the Paying Agent at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust
Services, Reference # Hanover 2020; provided, that the Company may at its option pay interest (i) by check to the registered address of each Holder of a definitive Note or (ii) by wire transfer of immediately available funds to the
account of any registered Holder thereof, in each of cases (i) and (ii), if such Holder so requests in writing to the Trustee at least 15 days prior to the relevant Interest Payment Date. 

This Note is one of the duly authorized series of Securities of the Company, designated as the Company’s “2.500% Notes due
2030”, initially limited to an aggregate principal amount of $300,000,000, all issued or to be issued under and pursuant to an Indenture (the “Base Indenture”), dated as of April 8, 2016, between the Company and U.S. Bank
National Association, as Trustee (hereinafter referred to as the “Trustee”), as supplemented by the Second Supplemental Indenture thereto, dated as of August 24, 2020 (the “Second Supplemental Indenture”, and together with
the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a description of the respective rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of
the Notes. 
 At any time and from time to time prior to June 1, 2030, the Company may redeem the Notes as a whole or in part, at the
Company’s option (an “Optional Redemption”), at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (exclusive of interest accrued and unpaid to the date of redemption and assuming the notes mature on June 1, 2030) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate; plus 30 basis points, plus in each case accrued and unpaid interest thereon to, but not including, the date of redemption. 

At any time and from time to time on or after June 1, 2030, the Company may redeem the Notes as a whole or in part, at the Company’s
option (a “Special Redemption”), at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus in each case accrued and unpaid interest thereon to, but not including, the date of redemption. 

  
 A-2 

 Further installments of interest on the Notes to be redeemed that are due and payable on the
Interest Payment Dates falling on or prior to a Redemption Date shall be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Regular Record Date. 

Notice of any Optional Redemption or Special Redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date
to each Holder of Notes to be redeemed; provided, however, that notice of Optional Redemption or Special Redemption may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of
the Notes or a satisfaction and discharge of Notes. 
 If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be
selected by the Trustee by lot or any other such method as the Trustee deems to be fair and appropriate. 
 Unless the Company defaults in
payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or portions thereof called for redemption under an Optional Redemption or Special Redemption. 

The Notes are not subject to any sinking fund. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate
principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the right of the Holder of this Note, which is absolute and unconditional, to receive payment of the principal of and, subject to certain qualifications in the
Indenture, interest on this Note at the times herein and in the Indenture prescribed and to institute suit for the enforcement of any such payment unless the Holder of this Note shall have consented to the impairment of such right. 

  
 A-3 

 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more
new Notes of this series and of any authorized denominations and of a like aggregate principal amount and tenor, shall be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Subject to certain limitations therein set forth in the Indenture and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series in different authorized denominations, as requested by the Holders
surrendering the same. 
 No service charge shall be made for any such registration of transfer or for exchange of this Note, but the
Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of a Note, other than in certain cases provided in the
Indenture. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject
to certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture. 

This Note shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual or
electronic signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	Dated: August 24, 2020	 	
		 	       THE HANOVER INSURANCE GROUP, INC.

  

													
	Attest:	 	 	 		 	By:	 	 
		 	Name:	 	Dennis F. Kerrigan	 		 		 	Name:	 	Jeffrey M. Farber
		 	Title:	 	 Executive Vice President, Chief Legal Officer and

Assistant Secretary
	 		 		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 2.500% Note due 2030 

Signature Page 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
	Dated: August 24, 2020	 		 	
		 		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	 
		 		 	Name:	 	David W. Doucette
		 		 	Title:	 	Vice President

  
 2.500% Note due 2030 

Signature Page 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations. 
  

					
	TEN COM –	 	as tenants	  	UNIF GIFT MIN ACT -. . .Custodian..
		 	in common	  	 (Cust) (Minor)

	TEN ENT -	 	as tenants by	  	 Under Uniform Gifts to

		 	the entireties	  	 Minor Act

	JT TEN -	 	as joint tenants	  	
		 	with right of	  	
		 	survivorship and	  	
		 	not as tenants in	  	
                      
                                      

		 	common	  	 (State)

  

			
	Additional abbreviations may also be used though not in the above list.	 	
	                                      
      	 	
	 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
	 	
		
		 	
	 (Please insert Assignee’s legal name)
	 	
		 	
	 (Please insert Social Security or other identifying number of
Assignee)
	 	
		
		 	
	 	
	 	 	
	(Please print or typewrite name and address including postal zip code of Assignee) the within Note of THE HANOVER INSURANCE GROUP, INC. and does hereby
irrevocably                            constitute
                            and
                            appoint
                                         
                                attorney to transfer the said Note on the books of the
Company, with full power of substitution in the premises.
		
	
Dated:                  
                          
	 	
		
	 Your Signature:
                                         
               
	 	
		
	 (Sign exactly as your name appears on

                the face of this Note)
	 	

  
 [NOTICE: The
signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.] 

  
 2.500% Note due 2030 

Signature PageExhibit 4.1

 

 

BY-LAW NO. 2

 

A by-law relating generally to

the transaction of the business

and affairs of

 

MEDICENNA THERAPEUTICS CORP.

(the “Corporation”)

 

DIRECTORS AND OFFICERS

 

		1.	Calling of and Notice of Meetings - Meetings of the board shall be held at such place and
time and on such day as the chair of the board, president, chief executive officer or a vice-president, if any, or any two directors
may determine. Notice of meetings of the board shall be given to each director not less than 48 hours before the time when
the meeting is to be held. Each newly elected board may without notice hold its first meeting for the purposes of organization
and the appointment of officers immediately following the meeting of shareholders at which such board was elected.

 

		2.	Quorum - Subject to the residency requirements contained in the Business Corporations Act,
the quorum for the transaction of business at any meeting of the board shall consist of a majority of the number of directors in
office. A person participating in a meeting by means of telephonic, electronic or other communication facilities shall be deemed
for the purposes hereof to be present at the meeting.

 

		3.	Place of Meeting - Meetings of the board may be held in or outside Canada.

 

		4.	Votes to Govern - At all meetings of the board every question shall be decided by a majority
of the votes cast on the question; and in case of an equality of votes the chair of the meeting shall not be entitled to a second
or casting vote.

 

		5.	Interest of Directors and Officers Generally in Contracts - No director or officer shall
be disqualified by his office from contracting with the Corporation nor shall any contract or arrangement entered into by or on
behalf of the Corporation with any director or officer or in which any director or officer is in any way interested be liable to
be voided nor shall any director or officer so contracting or being so interested be liable to account to the Corporation for any
profit realized by any such contract or arrangement by reason of such director or officer holding that office or of the fiduciary
relationship thereby established; provided that the director or officer shall have complied with the provisions of the Business
Corporations Act.

 

SHAREHOLDERS’ MEETINGS

 

		6.	Quorum - Subject to the requirements of the Business Corporations Act, a quorum for the
transaction of business at any meeting of the shareholders, irrespective of the number of persons actually present at the meeting,
shall be one person present in person being a shareholder entitled to vote thereat or a duly appointed representative or proxyholder
for an absent shareholder so entitled, and holding or representing in the aggregate not less than a majority of the outstanding
shares of the Corporation entitled to vote at the meeting.

 

     

    
	 	-2-	 

    

 

At such time as shares of the Corporation have been sold
to the public, the quorum for the transaction of business at any meeting of the shareholders shall consist of at least two persons
holding or representing by proxy not less than twenty-five (25%) percent of the outstanding shares of the Corporation entitled
to vote at the meeting.

 

A person participating in a meeting by means of telephonic,
electronic or other communication facilities shall be deemed for the purposes hereof to be present at the meeting.

 

		7.	Nomination of Directors - Subject only to the Business Corporations Act and the Articles,
only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation.
Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of
shareholders if one of the purposes for which a special meeting was called was the election of directors:

 

		i)	by or at the direction of the board or an authorized officer of the Corporation, including pursuant
to a notice of meeting;

 

		ii)	by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance
with the provisions of the Business Corporations Act, or a requisition of the shareholders made in accordance with the provisions
of the Business Corporations Act; or

 

		iii)	by any person (a “Nominating Shareholder”): (A) who, at the close of business
on the date of the giving of the notice provided for in this Section 7 and on the record date for the notice of such meeting,
is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting, or who beneficially
owns shares that are entitled to be voted at such meeting; and (B) who complies with the notice procedures set forth in this
Section 7.

 

		(a)	Timely Notice - In addition to any other applicable requirements, for a nomination to be
made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the
corporate secretary of the Corporation at the registered office of the Corporation in accordance with this Section 7.

 

		(b)	Manner of Timely Notice - To be timely, a Nominating Shareholder’s notice to the corporate
secretary of the Corporation must be made

 

		(i)	in the case of an annual meeting of shareholders, not less than 30 prior to the date of the
annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a
date that is less than 50 days after the date (the “Notice Date”) on which the first public announcement
of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business
on the tenth (10th) day following the Notice Date;

 

		(ii)	in the case of a special meeting (which is not also an annual meeting) of shareholders called for
the purpose of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth
(15th) day following the day (the “Special Meeting Notice Date”) on which the first public announcement
of the date of the special meeting of shareholders was made; and

 

     

    
	 	-3-	 

    

 

		(iii)	in the case of an annual meeting of shareholders or a special meeting of shareholders (which is
not also an annual meeting of shareholders) called for the purpose of electing directors (whether or not called for other purposes)
where notice-and-access is used for delivery of proxy-related materials, not later than the close of business on the 40th
day prior to the date of the meeting of shareholders; provided, however, that if the shareholders’ meeting is to be held
on a date that is less 50 days after the Notice Date or the Special Meeting Notice Date, as applicable, notice by the Nominating
Shareholder shall be made, in the case of an annual meeting of shareholders, not later than the close of business on the tenth
(10th) day following the Notice Date and, in the case of a special meeting (which is not also an annual meeting of shareholders)called
for the purpose of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth
(15th) day following the Special Meeting Notice Date.

 

In the event of any adjournment or postponement of a meeting
of shareholders, or a public announcement thereof, the required time periods for the giving of a Nominating Shareholder’s
notice as described in this Section 7(b) shall apply using the date of the adjourned or postponed meeting or the date of a public
announcement thereof, as the case may be.

 

		(c)	Proper Form of Timely Notice - To be in proper written form, a Nominating Shareholder’s
notice to the corporate secretary of the Corporation must set forth:

 

		(i)	as to each person whom the Nominating Shareholder proposes to nominate for election as a director:
(i) the name, age, business address and residence address of the person; (ii) the principal occupation or employment
of the person; (iii) the citizenship or residency status; (iv) the class or series and number of shares in the capital of
the Corporation which are controlled or which are owned beneficially or of record by the person as of the record date for the meeting
of shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such
notice; (v) any other information relating to the person that would be required to be disclosed in a dissident’s proxy circular
in connection with solicitations of proxies for election of directors pursuant to the Business Corporations Act and Applicable
Securities Laws; and

 

		(ii)	as to the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding
or relationship pursuant to which such Nominating Shareholder has a right to vote any share of the Corporation and any other information
relating to such Nominating Shareholder that would be required to be made in a dissident’s proxy circular in connection with
solicitations of proxies for election of directors pursuant to the Business Corporations Act and Applicable Securities Laws.

 

     

    
	 	-4-	 

    

 

The Corporation may requires any proposed nominee to furnish
such other information, including a written consent to act, as may reasonably be required by the Corporation to determine the eligibility
of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable shareholder’s
understanding of the independence, or lack thereof, of such proposed nominee.

 

		(d)	Notice to be Updated - To be considered timely and in proper written form, a Nominating
Shareholder’s notice will be promptly updated and supplemented, if necessary, so that the information provided or required
to be provided in such notice will be true and correct as of the record date for the meeting.

 

		(e)	Eligibility for Nomination As A Director - No person shall be eligible for election as a
director of the Corporation unless nominated in accordance with the provisions of this Section 7; provided, however that nothing
in this Section 7 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting
of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of
the Business Corporations Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made
in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with
such foregoing provisions, to declare that such defective nomination shall be disregarded.

 

		(f)	Terms - For purposes of this Section 7:

 

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

 

		(ii)	“Applicable Securities Laws” means the applicable securities legislation of each relevant
province and territory of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any
such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities
commission and similar regulatory authority of each province and territory of Canada, and all applicable securities laws of the
United States.

 

		(g)	Delivery of Notice - Notwithstanding any other provision of this Section 7, notice
given to the corporate secretary of the Corporation pursuant to this Section 7 may only be given by personal delivery, facsimile
transmission (at such contact information as set out on the Corporation’s issuer profile on the System for Electronic Document
Analysis and Retrieval at www.sedar.com) or by email (at such email address as stipulated from time to time by the secretary of
the Corporation for the purposes of this notice), and shall be deemed to have been given and made only at the time it is served
by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (at the address as aforesaid provided
that receipt of confirmation of such transmission has been received) to the secretary at the address of the registered offices
of the Corporation; provided that if such delivery or electronic communication is made on a day which is not a business day or
later than 5:00 p.m. (Ontario time) on a day which is a business day, then such a delivery or electronic communication shall
be deemed to have been made on the subsequent day that is a business day.

 

     

    
	 	-5-	 

    

 

		(h)	Board Discretion - Notwithstanding the foregoing, the board may, in its sole discretion,
waive any requirement in this Section 7.

 

		8.	Votes to Govern - At any meeting of shareholders every question shall, unless otherwise
required by the Business Corporations Act, be determined by the majority of votes cast on the question. In case of an equality
of votes either upon a show of hands or upon a poll, the chair of the meeting shall not be entitled a second or casting vote.

 

		9.	Procedures at meetings - The board may determine the procedures to be followed at any meeting
of shareholders including, without limitation, the rules of order. Subject to the foregoing, the chair of a meeting may determine
the procedures of the meeting in all respects.

 

		10.	Postponement or cancellation of meetings - A meeting of shareholders may be postponed or
cancelled by the board at any time prior to the date of the meeting.

 

VIRTUAL MEETING

 

		11.	Directors and Shareholders - A meeting of the shareholders, of the board or of a committee
of the board may be held by means of a telephonic, electronic or other communication facility that permits all participants to
communicate adequately with each other during the meeting.

 

INDEMNIFICATION

 

		12.	Indemnification of Directors and Officers - The Corporation shall indemnify a director or
officer of the Corporation, a former director or officer of the Corporation or another individual who acts or acted at the Corporation’s
request as a director or officer, or in a similar capacity, of another entity, and his heirs and legal representatives to the extent
permitted by the Business Corporations Act.

 

		13.	Indemnity of Others - Except as otherwise required by the Business Corporations Act and
subject to paragraph 12, the Corporation may from time to time indemnify and save harmless any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or
was an employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee,
agent of or participant in another entity, against expenses (including legal fees), judgments, fines and any amount actually and
reasonably incurred by him in connection with such action, suit or proceeding if he acted honestly and in good faith with a view
to the best interests of the Corporation or, as the case may be, to the best interests of the other entity for which he served
at the Corporation’s request and, with respect to any criminal or administrative action or proceeding that is enforced by
a monetary penalty, had reasonable grounds for believing that his conduct was lawful. The termination of any action, suit or proceeding
by judgment, order, settlement or conviction shall not, of itself, create a presumption that the person did not act honestly and
in good faith with a view to the best interests of the Corporation or other entity and, with respect to any criminal or administrative
action or proceeding that is enforced by a monetary penalty, had no reasonable grounds for believing that his conduct was lawful.

 

     

    
	 	-6-	 

    

 

		14.	Right of Indemnity Not Exclusive - The provisions for indemnification contained in the by-laws
of the Corporation shall not be deemed exclusive of any other rights to which any person seeking indemnification may be entitled
under any agreement, vote of shareholders or directors or otherwise, both as to action in his official capacity and as to action
in another capacity, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs and legal representatives of such a person.

 

		15.	No liability of Directors or Officers for Certain Matters - To the extent permitted by law,
no director or officer of the Corporation shall be liable for the acts, receipts, neglects or defaults of any other director or
officer or employee or for joining in any receipt or act for conformity or for any loss, damage or expense happening to the Corporation
through the insufficiency or deficiency of title to any property acquired by the Corporation or for or on behalf of the Corporation
or for the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging to the Corporation shall
be placed out or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm
or body corporate with whom or which any moneys, securities or other assets belonging to the Corporation shall be lodged or deposited
or for any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any moneys, securities
or other assets belonging to the Corporation or for any other loss, damage or misfortune whatever which may happen in the execution
of the duties of his respective office or trust or in relation thereto unless the same shall happen by or through his failure to
act honestly and in good faith with a view to the best interests of the Corporation and in connection therewith to exercise the
care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. If any director or officer
of the Corporation shall be employed by or shall perform services for the Corporation otherwise than as a director or officer or
shall be a member of a firm or a shareholder, director or officer of a body corporate which is employed by or performs services
for the Corporation, the fact of his being a director or officer of the Corporation shall not disentitle such director or officer
or such firm or body corporate, as the case may be, from receiving proper remuneration for such services.

 

DIVIDENDS

 

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

 

		17.	Dividend Cheques - A dividend payable in cash shall be paid by cheque drawn on the Corporation’s
bankers or one of them to the order of each registered holder of shares of the class or series in respect of which it has been
declared and mailed by prepaid ordinary mail to such registered holder at his recorded address, unless such holder otherwise directs.
In the case of joint holders the cheque shall, unless such joint holders otherwise direct, be made payable to the order of all
such joint holders and mailed to them at their recorded address. The mailing of such cheque as aforesaid, unless the same is not
paid on due presentation, shall satisfy and discharge the liability for the dividend to the extent of the sum represented thereby
plus the amount of any tax which the Corporation is required to and does withhold.

 

     

    
	 	-7-	 

    

 

		18.	Non-Receipt of Cheques - In the event of non-receipt of any dividend cheque by the person
to whom it is sent as aforesaid, the Corporation shall issue to such person a replacement cheque for a like amount on such terms
as to indemnify, reimbursement of expenses and evidence of non-receipt and of title as the board may from time to time prescribe,
whether generally or in any particular case.

 

		19.	Unclaimed Dividends - Any dividend unclaimed after a period of six (6) years from the
date on which the same has been declared to be payable shall be forfeited and shall revert to the Corporation.

 

BANKING ARRANGEMENTS, CONTRACTS, DIVISIONS ETC.

 

		20.	Banking Arrangements - The banking business of the Corporation, or any part thereof, shall
be transacted with such banks, trust companies or other financial institutions as the board may designate, appoint or authorize
from time to time by resolution and all such banking business, or any part thereof, shall be transacted on the Corporation’s
behalf by such one or more officers and/or other persons as the board may designate, direct or authorize from time to time by resolution
and to the extent therein provided.

 

		21.	Execution of Instruments - Contracts, documents or instruments in writing requiring execution
by the Corporation may be signed by any one officer or director and all contracts, documents or instruments in writing so signed
shall be binding upon the Corporation without any further authorization or formality. The board is authorized from time to time
by resolution to appoint any officer or officers or any other person or persons on behalf of the Corporation to sign and deliver
either contracts, documents or instruments in writing generally or to sign either manually or by facsimile signature and/or counterpart
signature and deliver specific contracts, documents or instruments in writing. Contracts, documents or instruments in writing that
are to be signed by hand may be signed electronically. The term “contracts, documents or instruments in writing” as
used in this by-law shall include without limitation deeds, mortgages, charges, conveyances, powers of attorney, transfers and
assignments of property of all kinds (including specifically, but without limitation, transfers and assignments of shares, warrants,
bonds, debentures or other securities), share certificates, warrants, bonds, debentures and other securities or security instruments
of the Corporation and all paper writings.

 

		22.	Voting Rights in Other Bodies Corporate - The signing officers of the Corporation may execute
and deliver proxies and arrange for the issuance of voting certificates or other evidence of the right to exercise the voting rights
attaching to any securities held by the Corporation. Such instruments shall be in favour of such persons as may be determined by
the officers executing or arranging for the same. In addition, the board may from time to time direct the manner in which and the
persons by whom any particular voting rights or class of voting rights may or shall be exercised.

 

		23.	Creation and Consolidation of Divisions - The board may cause the business and operations
of the Corporation or any part thereof to be divided or to be segregated into one or more divisions upon such basis, including
without limitation, character or type of operation, geographical territory, product manufactured or service rendered, as the board
may consider appropriate in each case. The board may also cause the business and operations of any such division to be further
divided into sub-units and the business and operations of any such divisions or sub-units to be consolidated upon such basis as
the board may consider appropriate in each case.

 

     

    
	 	-8-	 

    

 

		24.	Name of Division - Any division or its sub-units may be designated by such name as the board
may from time to time determine and may transact business, enter into contracts, sign cheques and other documents of any kind and
do all acts and things under such name. Any such contracts, cheque or document shall be binding upon the Corporation as if it had
been entered into or signed in the name of the Corporation.

 

		25.	Officers of Divisions - From time to time, the board or a person designated by the board,
may appoint one or more officers for any division, prescribe their powers and duties and settle their terms of employment and remuneration.
The board or a person designated by the board, may remove at its or his pleasure any officer so appointed, without prejudice to
such officers rights under any employment contract. Officers of divisions or their sub-units shall not, as such be officers of
the Corporation.

 

MISCELLANEOUS

 

		26.	Invalidity of Any Provisions of This By-Law - The invalidity or unenforceability of any
provision of this by-law shall not affect the validity or enforceability of the remaining provisions of this by-law.

 

		27.	Share Certificates, Acknowledgements and Direct Registration System - Every shareholder
of one or more shares of the Corporation shall be entitled, at the shareholder's option, to a share certificate that complies with
the Business Corporations Act, or a non-transferable written acknowledgment that complies with the Business Corporations Act of
the shareholder's right to obtain a share certificate from the Corporation in respect of the shares of the Corporation held by
such shareholder in an amount as shown on the securities register of the Corporation. Any share certificate issued pursuant to
this paragraph 35 shall be in such form as the board may from time to time approve, shall be signed by the Corporation in accordance
with paragraph 21 and need not be under the corporate seal.

 

For greater certainty, but subject to paragraph 27,
a registered shareholder may have his holdings of shares of the Corporation evidenced by an electronic, book-based, direct registration
system or other non-certificated entry or position on the register of shareholders to be kept by the Corporation in place of a
physical share certificate pursuant to such a registration system that may be adopted by the Corporation, in conjunction with its
transfer agent. This by-law shall be read such that a registered holder of shares of the Corporation pursuant to any such electronic,
book-based, direct registration service or other non-certificated entry or position shall be entitled to all of the same benefits,
rights, entitlements and shall incur the same duties and obligations as a registered holder of shares evidenced by a physical share
certificate. The Corporation and its transfer agent may adopt such policies and procedures and require such documents and evidence
as they may determine necessary or desirable in order to facilitate the adoption and maintenance of a share registration system
by electronic, book-based, direct registration system or other non-certificated means.

 

     

    
	 	-9-	 

    

 

		28.	Omissions and Errors - The accidental omission to give any notice to any shareholder, director,
officer or auditor or the non-receipt of any notice by any shareholder, director, officer or auditor or any error in any notice
not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise
founded thereon.

 

INTERPRETATION

 

		29.	Interpretation - In this by-law and all other by-laws of the Corporation words importing
the singular number only shall include the plural and vice versa; words importing the masculine gender shall include the feminine
and neuter genders; words importing persons shall include an individual, partnership, association, body corporate, executor, administrator
or legal representative and any number or aggregate of persons; “articles” include the original or restated articles
of incorporation, articles of amendment, articles of amalgamation, articles of continuance, articles of reorganization, articles
of arrangement and articles of revival; “board” shall mean the board of directors of the Corporation; “Business
Corporations Act” shall mean the Canada Business Corporations Act, R.S.C., 1985, c. C-44, as amended from time to
time, or any act that may hereafter be substituted therefor; “meeting of shareholders” shall mean and include an annual
meeting of shareholders and a special meeting of shareholders of the Corporation; and “signing officers” means any
person authorized to sign on behalf of the Corporation pursuant to paragraph 21.

 

Repeal

 

		30.	Repeal - By-law No. 1 of the Corporation is repealed as of the coming into force of this
by-law provided that such repeal will not affect the previous operation of any by-law so repealed or affect the validity of any
act done or right, privilege, obligation or liability acquired or incurred under or the validity of any contract or agreement made
pursuant to any such by-law prior to its repeal. All officers and persons acting under any by-law so repealed will continue to
act as if appointed by the directors under the provisions of this by-law or the Business Corporations Act until their successors
are appointed.

 

 

DATED: July 31, 2020.

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