Document:

Exhibit

Exhibit 10.3

PRECISION CASTPARTS CORP. 
DEFERRED COMPENSATION PLAN 
January 1, 2016

Precision Castparts Corp.,
an Oregon corporation
4650 SW Macadam, Suite 440
Portland, OR  97239    Company

80419146.6 0062232-00003.033 

TABLE OF CONTENTS
	
					
	 
	 
	 
	 
	Page

	INDEX OF TERMS
	 
	 
	iii

	 
	 

	ARTICLE 1 Effective Date; Purpose and Nature of Plan; Plan Year
	2

	 
	 
	 
	 
	 

	1.01
	Effective Date
	 
	 
	2

	1.02
	Purpose of Plan
	 
	 
	2

	1.03
	Nature of Plan
	 
	 
	2

	1.04
	Plan Year
	 
	 
	2

	 
	 
	 
	 
	 

	ARTICLE 2 Application to the Company and Affiliates
	2

	 
	 
	 

	2.01
	Definitions of Employer and Affiliate
	2

	2.02
	Transfers of Employment
	2

	2.03
	Benefit Obligations of Company and Affiliates
	3

	 
	 
	 
	 
	 

	ARTICLE 3 Administration
	3

	 
	 
	 

	3.01
	Administrator
	3

	3.02
	Administrator Powers and Duties
	3

	3.03
	Indemnity
	4

	 
	 
	 
	 
	 

	ARTICLE 4 Eligibility and Participation
	4

	 
	 
	 
	 
	 

	4.01
	Eligibility
	 
	 
	4

	4.02
	Participation
	 
	 
	4

	 
	 
	 
	 
	 

	ARTICLE 5 Elective Deferrals
	5

	 
	 
	 
	 
	 

	5.01
	Deferral Elections
	 
	5

	 
	 
	 
	 
	 

	ARTICLE 6 Participants' Accounts
	6

	 
	 
	 
	 

	6.01
	Establishment of Accounts 
	 
	6

	6.02
	Credit to Account
	 
	6

	6.03
	Earnings Adjustment
	 
	6

	6.04
	Unfunded Nature of Accounts
	 
	6

	6.05
	Annual Statement of Account 
	 
	7

	6.06
	Nonassignment
	 
	7

	6.07
	FICA Withholding
	 
	7

	6.08
	Vesting
	 
	 
	7

	 
	 
	 
	 
	 

80419146.6 0062232-00003.033    i
    

	
					
	ARTICLE 7 Payment of Accounts
	8

	 
	 
	 

	7.01
	Time and Manner of Payment
	8

	7.02
	Separation from Service
	8

	7.03
	Subsequent Election
	9

	7.04
	Payment on Death
	9

	7.05
	Accelerated Payment Because of Change in Law
	10

	7.06
	In-service Withdrawals and Distributions
	10

	 
	 
	 
	 
	 

	ARTICLE 8 Amendment and Termination
	10

	 
	 
	 
	 
	 

	8.01
	Termination 
	 
	 
	10

	8.02
	Amendment
	 
	 
	10

	 
	 
	 
	 
	 

	ARTICLE 9 Claims Procedures
	11

	 
	 
	 
	 
	 

	9.01
	Adoption of Procedures
	11

	9.02
	Decision on Initial Claim
	12

	9.03
	Review of Denied Claim
	13

	 
	 
	 
	 
	 

	ARTICLE 10 General Provisions
	14

	 
	 
	 
	 
	 

	10.01
	Governing Law
	14

	10.02
	Not a Contract of Employment
	14

	10.03
	Attorneys' Fees
	14

	10.04
	Change in Form of Organization
	14

	10.05
	Notices
	14

	10.06
	Action by Company or Employer
	15

	10.07
	Offset for Obligations to Employer
	15

	10.08
	Delay of Nondeductible Payments
	15

	10.09
	Withholding
	15

	10.10
	Severability
	 
	 
	15

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

80419146.6 0062232-00003.033    ii

INDEX OF TERMS
	
			
	Term
	Section
	Page

	Account
	6.01
	6

	Administrator
	3.01-1
	3

	Affiliate
	2.01
	2

	 
	 
	 

	Beneficiary
	7.04-3
	10

	Board
	1.01
	2

	Bonus
	5.01-1
	5

	 
	 
	 

	CEO
	3.01-1
	3

	Code
	Preamble
	1

	Commencement Date
	7.01-1
	8

	Company
	Header
	1

	 
	 
	 

	Elective Deferrals
	5.01-1
	5

	Executives
	Preamble
	1

	Employer
	2.01
	2

	ERISA
	Preamble
	1

	 
	 
	 

	IRS
	Preamble
	1

	 
	 
	 

	Participant
	4.02-1
	4

	Plan
	Preamble
	1

	Plan Year
	1.04
	2

	 
	 
	 

	Salary
	5.01-1
	5

	Separation Date
	7.01-1(a)
	8

	Separation from Service
	7.02-1
	8

	Specified Employee
	7.02-2
	9

	Subsequent Election
	7.03-1
	9

	 
	 
	 

	Treasury
	Preamble
	1

80419146.6 0062232-00003.033    iii

PRECISION CASTPARTS CORP. 
DEFERRED COMPENSATION PLAN 
January 1, 2016
Precision Castparts Corp.,
an Oregon corporation
4650 SW Macadam, Suite 440
Portland, OR  97239    Company

The Company adopts and establishes the Precision Castparts Corp. Deferred Compensation Plan (the “Plan”) as an unfunded program of deferred compensation for a select group of management or highly compensated employees (“Executives”).  The Plan is not a successor to or restatement of the Precision Castparts Corp. Executive Deferred Compensation Plan.
The Plan is intended to constitute a nonqualified, unfunded plan for federal tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”).  Further, this Plan is intended to comply with section 409A of the Internal Revenue Code (the “Code”) and is to be construed in accordance with Code section 409A, related regulations, and such additional regulatory and/or other guidance as may be issued by the Internal Revenue Service (“IRS”) or the U.S. Department of Treasury (“Treasury”) from time to time with respect to Code section 409A.
Without affecting the validity of any other provisions of the Plan, to the extent that any Plan provision does not meet the requirements of Code section 409A or related regulations (including modifications and amendments thereto), the Plan shall be construed and administered as necessary to comply with such requirements until the Plan is appropriately amended to comply with such requirements.
This Plan shall function solely as a “top-hat” plan within the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.  As such, this Plan is subject to limited ERISA reporting and disclosure requirements, and is exempt from all other ERISA requirements.  Distributions required or contemplated by this Plan or actions required to be taken under this Plan shall not be construed as creating a trust of any kind or a fiduciary relationship between the Company and any Participant, any Participant’s designated Beneficiary, or any other person.

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ARTICLE 1 
 
Effective Date; Purpose and Nature of Plan; Plan Year
		
	1.01
	Effective Date

The Plan is generally effective as of January 1, 2016.  Irrevocable deferral elections for compensation payable after the effective date may be made on or after the date the Plan is adopted by the Board of Directors (“Board”).
		
	1.02
	Purpose of Plan

The purpose of the Plan is to assist the Company and its adopting Affiliates under 2.01 in attracting and retaining key executives by providing such executives with the opportunity to make arrangements for retirement income through means not otherwise available to them due to legal, plan design, and economic considerations affecting the Company’s and Affiliates’ tax‐qualified retirement plans for employees generally.
		
	1.03
	Nature of Plan

The Plan is intended to be and shall be administered and maintained by the Company and adopting Affiliates as an unfunded plan primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of sections 201(2), 301(a)(3), and 401(a)(1) and related provisions of ERISA, as amended from time to time, and related Department of Labor regulations.
		
	1.04
	Plan Year

The “Plan Year” shall be the calendar year.
ARTICLE 2     
 
Application to the Company and Affiliates
		
	2.01
	Definition of Employer and Affiliate

The Plan shall apply to the Company and to any Affiliate that employs an eligible Executive (collectively referred to herein as “Employer”).  “Affiliate” means an entity in which the Company owns more than a 50 percent interest directly or constructively under Treasury regulation section 1.414(c)-4.
		
	2.02
	Transfers of Employment

Transfer of employment between Affiliates shall not cause a Separation from Service or otherwise alter participation in the Plan, except as required by law.  Irrevocable deferral elections remain in effect as long as a Participant is employed by the Company or an Affiliate.

80419146.6 0062232-00003.033    2

		
	2.03
	Benefit Obligations of Company and Affiliates

2.03-1    Except as provided in 2.03-2, benefits payable under the Plan shall be an obligation of the Company.
2.03-2    The Company may charge administrative or other costs to an Affiliate with respect to that Affiliate’s covered Executives.
ARTICLE 3     
 
Administration
		
	3.01
	Administrator

3.01-1    The Plan shall be administered by an officer of the Company (the “Administrator”) appointed by the Company’s chief executive officer (the “CEO”).  
3.01-2    If a trust is established under 6.04-2, the trustee shall be given the name and specimen signature of the Administrator and the CEO.
3.01-3    Administrative documents may be signed by the Administrator or for the Administrator by another Company employee designated by the Administrator.
3.01-4    The Administrator shall not receive separate compensation (apart from compensation as a Company employee) for services as the Administrator.  The Administrator shall be reimbursed for all expenses.
		
	3.02
	Administrator Powers and Duties

3.02-1    Except as provided in 3.02-2, the Administrator shall interpret the Plan, decide any questions about the rights of Participants, and generally administer the Plan.  Any decision by the Administrator shall be final and bind all parties.  The Administrator shall have absolute discretion in carrying out responsibilities under the Plan.
3.02-2    No Executive with authority to interpret the Plan as Administrator or a delegate may do so if the interpretation affects the benefit of that Executive without having the same effect on substantially all other similarly situated Participants.
3.02-3    The Administrator shall keep records of all relevant data about the rights of all persons under the Plan.  The Administrator shall determine eligibility to make deferrals and the time, manner, amount, and recipient of payment of benefits.
3.02-4    The Administrator may delegate all or part of the administrative duties to one or more agents and may retain advisors for assistance in carrying out administrative duties.  The Administrator may consult with and rely upon the advice of counsel, who may be counsel for the Company.

80419146.6 0062232-00003.033    3

3.02-5    The Administrator may correct any defect, supply any omission, or reconcile any inconsistency in the Plan in the manner and to the extent the Administrator shall deem expedient to carry out the Plan, and the Administrator shall be the sole and final judge of such expediency.
		
	3.03
	Indemnity

3.03-1    The Company shall indemnify and defend any Plan fiduciary who is an officer or employee of the Company or a member of the Board, or the board of directors of any Affiliate, from any claim or liability that arises from any action or inaction in connection with the Plan, subject to 3.03-2 through 3.03-4.
3.03-2    Indemnity shall be limited to actions taken in good faith that the fiduciary reasonably believed were not opposed to the best interests of Participants, the Company, or an Affiliate.
3.03-3    Indemnity shall be reduced to the extent of any insurance coverage.
3.03-4    Negligence by the fiduciary shall be covered to the fullest extent permitted by law, subject to the foregoing limitations.
ARTICLE 4     
 
Eligibility and Participation
		
	4.01
	Eligibility

Executives designated by the Board, in its discretion, shall be eligible to participate in the Plan.  The Board may delegate its authority to designate eligible Executives.  
		
	4.02
	Participation

4.02-1    “Participant” means an eligible Executive who has elected to defer compensation under 5.01.
4.02-2    Participation shall continue until the Participant has been paid all amounts in accordance with the Plan.  An individual who ceases to be an eligible Executive or who the Administrator determines is no longer eligible shall continue to be a Participant, subject to the following:
(a)    The Participant’s existing Elective Deferral elections shall remain in effect in accordance with their terms; and
(b)    The Participant shall not be eligible to make any additional Elective Deferrals.

80419146.6 0062232-00003.033    4

ARTICLE 5     
 
Elective Deferrals
		
	5.01
	Deferral Elections

5.01-1    An eligible Executive may elect to defer a percentage or amount of  future Salary and Bonus compensation in accordance with the following provisions (“Elective Deferrals”).  “Salary” means regular compensation paid monthly or on a more frequent payroll schedule.  Other taxable payments and all nontaxable payments (including expense reimbursements and taxable or nontaxable fringe benefits) shall not be considered Salary.  “Bonus” means an amount payable under an annual bonus arrangement pursuant to which the eligible Executive may become entitled to additional compensation from Employer for performance in a fiscal year.  Elections shall be subject to the rules in 5.01-2 through 5.01-7.
5.01-2    Subject to 5.01-4 and 5.01-6, an election to defer Salary must be filed with the Administrator and shall be irrevocable and effective not later than the end of the Plan Year before the Plan Year for which the election applies.  
5.01-3    Subject to 5.01-4 and 5.01-6, an election to defer a Bonus must be filed with the Administrator and shall be irrevocable and effective not later than the start of performance period for the Bonus.  
5.01-4    The following shall apply to an Executive who first becomes eligible after the start of a Plan Year:
(a)    The individual may elect to defer Salary and Bonus compensation for services performed after the election by submitting the election within 30 days after becoming eligible.
(b)    All arrangements that are required to be aggregated under applicable law shall be considered.  An individual shall not be treated as first becoming eligible under the Plan if the individual is already eligible under another arrangement that is aggregated with the Plan to determine the “plan” under Code section 409A that covers the individual.
5.01-5    A deferral election shall designate the time and form of payment as provided in 7.01 in accordance with procedures established by the Administrator, subject to the following:
(a)    If a Participant fails to designate a time and form of payment, the Participant shall be deemed to have elected to receive payment in a single lump sum after Separation from Service.
(b)    A valid time and form of payment election shall apply to subsequent Elective Deferrals, unless the Participant designates a different time and form of payment in a subsequent valid deferral election.

80419146.6 0062232-00003.033    5

5.01-6    Deferral elections may be expressed as a percentage of, or as a dollar amount from, Salary or a Bonus.  The maximum deferral percentage for Salary is 90 percent, and the maximum deferral percentage for Bonus is 100 percent.  Deferral elections may be made for Salary but not Bonus, or vice versa, or both, and may be different for each.  The CEO may change the maximum deferral percentage for Salary and/or Bonus to be effective for deferral elections submitted after the change.  
5.01-7    Elective Deferral amounts shall be credited to the Participant’s Account under ARTICLE 6.
ARTICLE 6     
 
Participants’ Accounts
		
	6.01
	Establishment of Accounts

The Administrator shall establish and maintain an “Account” for each Participant solely for record-keeping purposes.  Each Account shall begin with an opening balance of zero dollars.  A separate Account shall be established or kept for each Participant’s Elective Deferrals for each different time and manner of payment combination elected by the Participant.
		
	6.02
	Credit to Account

Elective Deferrals shall be credited to a Participant’s Account as of the date the Salary or Bonus compensation would otherwise be payable.
		
	6.03
	Earnings Adjustment

6.03-1    The Company shall credit earnings to each Participant’s Account, based on guideline investment earnings, until the entire Account has been paid out, as follows:
(a)    The Administrator shall establish guideline investment funds with investment objectives fixed by the Administrator, and may change the funds in its discretion.  The guideline funds may parallel mutual funds or other investments available under any insurance policy or policies purchased by the Company in connection with the Plan, or mutual funds available under a qualified plan of the Company.  
(b)    The Administrator shall credit Accounts with each Account’s proportional share of the earnings (which may be negative) of the established guideline investment funds in accordance with procedures established by the Administrator.
		
	6.04
	Unfunded Nature of Accounts

6.04-1    The Accounts and all amounts payable under the Plan shall be unfunded under ERISA and the Code and payable only from the general assets of the Company.  

80419146.6 0062232-00003.033    6

Participants and Beneficiaries entitled to benefits shall have no interest in any assets of the Company or Affiliate, or in any funded benefit arrangement (such as a tax-qualified retirement plan) maintained by the Company or Affiliate, and shall have no rights greater than the rights of any unsecured general creditor of the Company or Affiliate, as applicable.
6.04-2    The Company or other adopting Affiliate may establish a trust with a financial institution in connection with benefits under the Plan as well as any other unfunded executive deferred compensation plans maintained by the Company or an Affiliate.  Such a trust, if created, shall be a “grantor trust” for tax purposes and shall provide that any assets contributed to the trustee shall be used exclusively for payment of benefits under the unfunded executive deferred compensation plans of the Company or Affiliate except in the event the Company or Affiliate becomes insolvent, in which case the trust fund shall be held for payment of the Company’s or Affiliate’s obligations to its general creditors.
		
	6.05
	Annual Statement of Account

After the end of each calendar year, the Administrator shall furnish to each Participant a statement showing the balance of the Participant’s Account at the beginning and the end of the year and the amounts added to or subtracted from the Participant’s Account during the year.
		
	6.06
	Nonassignment

6.06-1    The rights of a Participant under the Plan are personal.  Except for payments after a Participant’s death, no interest of a Participant or a Beneficiary entitled to benefits under the Plan may be assigned, transferred, seized by legal process, or subjected to the claims of creditors in any way.
6.06-2    The rights of a Participant and any Beneficiary entitled to benefits under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, or encumbrance.  In particular, such rights are not subject to the debts, contracts, liabilities, engagements, or torts of the Participant or Beneficiary.
		
	6.07
	FICA Withholding

Amounts credited under 6.02 shall be treated as wages for purposes of FICA tax when the deferred amount would otherwise have been paid. The amount required to be withheld from any Participant for FICA tax at any time shall, in the discretion of the Administrator, be withheld from either (i) other non-deferred compensation payable to the Participant, or (ii) the Elective Deferral, in which case the Elective Deferral amount credited to a Participant’s Account will be net of all required tax withholdings.  The Administrator may not, directly or indirectly, allow any Participant to choose which method of FICA withholding will apply to him or her.
		
	6.08
	Vesting

A Participant’s Accounts shall be fully vested at all times.

80419146.6 0062232-00003.033    7

ARTICLE 7     
 
Payment of Accounts
		
	7.01
	Time and Manner of Payment

7.01-1    Subject to 7.02-2, 7.03, 7.04-1 and 7.05, a Participant’s Account shall be paid or payment of the Account shall commence as provided in 7.01-2 after one of the following dates (the “Commencement Date”):
(a)    The date the Participant has a Separation from Service with the Company under 7.02 (the “Separation Date”); or
(b)    The date that is from 1 to 10 whole years (as elected by the Participant) after the Separation Date.
7.01-2    The manner of payment of a Participant’s Account shall be in one or a combination of the following:
(c)    In a single lump sum payment as soon as practicable after the end of the calendar year in which the Commencement Date occurs.
(d)    In 1 to 10 substantially equal annual installments.  If a Participant postpones commencement of payment by selecting a date under 7.01-1(b), the number of years of postponement plus the number of installments selected under this section shall not total more than 10.  Installments shall be payable as soon as practicable after the end of each calendar year, commencing with the end of the calendar year in which the Commencement Date occurs. The amount of each installment payment shall be determined by dividing the Account as of each calendar year-end by the number of remaining payments.     
7.01-3    The time and manner of payment under 7.01-1 and 7.01-2 shall be selected by each Participant under 5.01.  
		
	7.02
	Separation from Service

7.02-1    “Separation from Service” shall occur upon termination of the Participant’s employment with the controlled group of corporations or commonly controlled trades or businesses, as defined in Code section 414(b) and (c), of which the Company is a member.  The Participant shall not be regarded as having a Separation from Service if:
(a)    The Participant is on leave from the Employer for up to six months or for longer with reemployment rights protected by statute or contract; or
(b)    The Participant will continue performing services for the Employer, and the Participant and the Company reasonably anticipate that the level of such continuing services, whether as an employee or an independent 

80419146.6 0062232-00003.033    8

contractor, will be at a rate of 50 percent or more of the average level during the immediately preceding 36-month period.
7.02-2    All payments upon a Separation from Service shall not be paid to the Participant until six months following the Separation Date, regardless of whether the Participant is a Specified Employee.  Subject to 7.01, all amounts due during such six months shall be paid as soon as practicable after the six months has expired.  “Specified Employee” means a “key employee” as defined in Code section 416(i), determined without regard to Code section 416(i)(5).  
		
	7.03
	Subsequent Election

7.03-1    Subject to 7.03-2, a Participant may elect once to change the time and manner of payment of one or more Elective Deferrals under 7.01 by filing a “Subsequent Election.” 
7.03-2    The following requirements apply to Subsequent Elections: 
(a)    The Subsequent Election must be in writing on a form prescribed by the Administrator and must be consistent with one of the time and manner of payment combinations permitted in 7.01.
(b)    The Subsequent Election must be delivered to the Administrator not less than 12 months before January 1 of the year following the year of the previous Commencement Date.
(c)    The Participant must select a new Commencement Date at least five years later than the previous Commencement Date.  
		
	7.04
	Payment on Death

7.04-1    A Participant’s Account shall be payable under 7.04-2 on the Participant’s death regardless of the provisions of 7.01. 
7.04-2    The manner of payment under 7.04-1 shall be as follows:
(a)    If the Beneficiary is the surviving spouse and the Participant elected installments but died before starting to receive payments, the spouse’s payments shall begin as soon as practicable after the following December 31, and the period selected under 7.01-2(b) for the Participant’s payments shall govern.  If the Participant had already started receiving installments, the surviving spouse shall receive the installments for the remainder of the term selected by the Participant.
(b)    If the Beneficiary is the surviving spouse and the Participant did not elect installments, or if the Beneficiary is not the surviving spouse, a lump sum shall be paid as soon as practicable to the Beneficiary.

80419146.6 0062232-00003.033    9

7.04-3    On death of a surviving spouse receiving installments under 7.04-2(a), the Account shall be paid in a single sum to the spouse’s estate as soon as practicable after death.
7.04-4    “Beneficiary” means the individual or trust designated by the Participant in writing in accordance with procedures established by the Administrator.
7.04-5    If a Participant does not have a valid Beneficiary designated at the time of the Participant’s death, the Participant’s Account shall be paid in the following priority:
(a)    To the Participant’s surviving spouse.
(b)    To the Participant’s surviving children in equal shares.
(c)    To the Participant’s estate.
		
	7.05
	Accelerated Payment Because of Change in Law

The Administrator may pay a Participant’s Account in full upon determining that due to a change in the federal tax laws, regulations, or Treasury rulings, including but not limited to Code section 409A, or due to other legal authority that the Administrator determines to be applicable to a Participant’s Accounts, a Participant must currently recognize income for federal income tax purposes.
		
	7.06
	In-service Withdrawals and Distributions

In-service loans, withdrawals and distributions of any kind shall not be permitted.
ARTICLE 8     
 
Amendment and Termination
		
	8.01
	Termination

8.01-1    Subject to 8.01-2, the Board may terminate the Plan and provide for payment of amounts under all Accounts as follows:
(a)    No payments, other than payments that would be payable if the termination had not occurred, will be made within 12 months of the termination of the Plan.
(b)    All payments shall be made within 24 months of the termination of the Plan.
8.01-2    Any amendments to the Plan in connection with termination shall not reduce amounts credited to Accounts, and earnings credits shall continue pending full payment.
		
	8.02
	Amendment

80419146.6 0062232-00003.033    10

8.02-1    The Plan may be amended at any time by any of the following methods:
(a)    The Board may adopt any amendment to the Plan.
(b)    The CEO may amend the Plan to make any change that does not result in a material increase in the Company’s costs.
(c)    The CEO may amend this plan to make technical, editorial or operational changes on advice of counsel to comply with applicable law or to simplify or clarify the Plan.  The CEO may delegate this amendment authority.
8.02-2    If the amendment ceases Salary and Bonus deferrals, the following shall apply:
(a)    Elective Deferrals under 5.01 that are irrevocable at the time of the amendment shall be given effect in accordance with their terms, unless the Company terminates the Plan.
(b)    Earnings credits shall continue.
8.02-3    No amendment may reduce the amount credited to any Account as of the date the notice of amendment is issued to Participants.
8.02-4    No amendment may change the Plan in a way that would cause the terms or operation of the Plan to fail to comply with the requirements of Code section 409A, but the Company shall have no liability if the Plan fails to comply with Code section 409A, unless the violation is deliberate and the Company has knowledge of the violation.
8.02-5    Unless otherwise restricted by law or the express terms of the Plan, amendments may be effective as of any date provided in the amendment document, including a retroactive effective date.
8.02-6    Notwithstanding any restriction in the Plan, the Company may amend the Plan from time to time to comply with Code section 409A or with other legal requirements that would cause material adverse consequences to Participants if violated.  Participant consent to such amendments is not required.
ARTICLE 9     
 
Claims Procedures
		
	9.01
	Adoption of Procedures

The Administrator shall establish administrative processes and safeguards to ensure and verify that claims decisions are made in accordance with the Plan and that, when appropriate, Plan provisions have been applied consistently with respect to similarly situated 

80419146.6 0062232-00003.033    11

claimants.  Any person claiming a payment or requesting an interpretation, ruling, or information under the Plan shall present the request in writing to the Administrator.
		
	9.02
	Decision on Initial Claim

The Administrator will respond to a claim as follows:
9.02-1    The Administrator will notify the claimant of an adverse determination within a reasonable time not longer than 90 days after the Administrator receives the claim, unless special circumstances require an extension of time.
9.02-2    The Administrator will notify a claimant in writing of the need for any extension under 9.02-1 before the end of the initial 90 days.  Any notice of extension will indicate the special circumstances requiring the extension and the date by which a decision is expected.  Any extension will be no longer than another 90 days after the initial period.
9.02-3    If the claim involves a disability determination, the Administrator will notify the claimant of an adverse determination within 45 days after the Administrator receives the claim, unless special circumstances require an extension of time, which shall be subject to the following:
(a)    The Administrator will notify a claimant in writing of the need for an extension, which will be no more than 30 days, unless a second extension is required, which will be no more than an additional 30 days.
(b)    If an extension of time to decide a disability claim is required because the claimant failed to supply information specified in the extension notice, the claimant will have at least 45 days in which to provide the information, and the time for deciding the claim will be delayed by the number of days until the claimant responds to the request for additional information or until the date for the claimant to respond has passed, whichever occurs first.
9.02-4    The Administrator will provide the claimant with written or electronic notification of any adverse determination on a claim, including:
(a)    The specific reason(s) for the determination.
(b)    Reference to the specific Plan provisions on which the determination is based.
(c)    A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why it is necessary.
(d)    A description of the review procedures under 9.03 and the applicable time limits.

80419146.6 0062232-00003.033    12

(e)    A statement of the claimant’s right to bring a legal action under ERISA following any adverse determination on review.
		
	9.03
	Review of Denied Claim

Any person whose claim or request is denied may request review by notice in writing to the Administrator in accordance with the following:
9.03-1    A request to review a claim must be submitted to the Chair of the Board in writing no later than:
(a)    For claims that involve a disability determination, 180 days after the claimant receives notice of the adverse determination.
(b)    For all other claims, 60 days after the claimant receives notice of the adverse determination.
9.03-2    The claimant may submit written comments, documents, records, and other information relating to the claim.  Upon request and at no charge, the claimant may have copies of any document, record, or other information that was relied on in making the determination; was submitted, considered, or generated in the course of making the determination, whether or not relied on; or demonstrates compliance with the processes and safeguards under 9.02.
(a)    The Board’s review shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, whether or not considered in the initial determination.
(b)    If the appeal is for a claim that involves a disability determination, the claimant shall be provided the name of any medical or vocational expert whose advice was obtained in reviewing the initial claim.
(c)    If the appeal is for a claim that involves a disability determination, the Board will not defer to the initial claim denial.  If the denial was based on a medical judgment, the Board will consult a medical professional, such as a doctor, trained in the medical field involved in judging the disability claim.  The person consulted will not be the same person consulted in deciding the initial claim.
(d)    The Board may, but shall not be required to, grant the claimant a hearing.
9.03-3    The Board shall review any appeal and shall respond as follows:
(a)    The Board will notify the claimant of its determination on review within a reasonable time not longer than 60 days (45 days in the case of a claim involving a disability determination) after the Chair of the Board receives 

80419146.6 0062232-00003.033    13

the request for review, unless an extension of time is required for a hearing or other special circumstances.
(b)    The Board will notify a claimant in writing of the need for any extension before the end of the initial 60 days (45 days in the case of a claim involving a disability determination).  Any notice of extension will indicate the special circumstances requiring the extension and the date by which a decision is expected.  No extension will be longer than another 60 days (45 days in the case of a claim involving a disability determination) after the initial period.
9.03-4    The Board will provide the claimant with written or electronic notification of its determination on appeal.  If the determination is adverse, the notice will include the specific reason or reasons for the determination; reference to the specific Plan provisions on which the determination is based; a statement that, upon request and at no charge, the claimant may have copies of any document, record, or other information under 9.03-2; and a summary of the claimant’s right to bring a civil action under ERISA.
ARTICLE 10     
 
General Provisions
		
	10.01
	Governing Law

Except as preempted by federal law, the Plan shall be construed according to the laws of Oregon without regard to principles of conflict of law.
		
	10.02
	Not a Contract of Employment

Nothing in the Plan shall give any employee the right to continued employment.  The Plan shall not prevent discharge of any employee at any time for any reason.
		
	10.03
	Attorneys’ Fees

If suit or action is instituted to enforce any rights under the Plan, the prevailing party may recover from the other party reasonable attorneys’ fees at trial and on any appeal.
		
	10.04
	Change in Form of Organization

If the Company or an adopting Affiliate merges, consolidates, or otherwise reorganizes, or if its business or assets are acquired by another company, the Plan shall continue with respect to those eligible Executives who continue in the employ of the successor company.  This transition of Employers shall not be considered a Separation from Service for purposes of the Plan.  In such an event, however, a successor corporation may terminate the Plan on the effective date of the succession by notice to Participants within a reasonable time no later than 90 days after the succession.
		
	10.05
	Notices

80419146.6 0062232-00003.033    14

Any notice under the Plan shall be in writing or by electronic means and shall be effective when actually delivered or, if mailed, when deposited postage prepaid.  Mail shall be directed to the Company at the address stated in the Plan, to the Participant at the address stated in the deferral election, to a Beneficiary entitled to benefits at the address stated in the Beneficiary designation, or to such other address as a party may specify by written notice to the other parties.  Notices to the Administrator shall be sent to the Company’s address.  Notices to an Affiliate shall be sent to the Affiliate’s address in the Affiliate’s Adoption Statement and to the Company at the address stated in the Plan.
		
	10.06
	Action by Company or Employer

10.06-1    Except as otherwise provided in the Plan, all Company or Employer functions or responsibilities shall be exercised by the Board, which may delegate those functions or responsibilities to a duly authorized committee of the Board, or to a person or persons authorized by resolution of the Board.
10.06-2    Membership on the Board, or on the board of directors of an adopting Affiliate shall not, by itself, cause a person to be considered a Plan fiduciary.
		
	10.07
	Offset for Obligations to Employer

If, at such time as a Participant or a Participant’s Beneficiary becomes entitled to benefit payments hereunder, the Participant has any debt, obligation or other liability representing an amount owing to an Employer or an Affiliate, and if such debt, obligation, or other liability is due and owing at the time benefit payments are payable hereunder, the Employer may offset the amount owing it or an Affiliate against the after-tax amount of benefits otherwise distributable hereunder.
		
	10.08
	Delay of Nondeductible Payments

The Employer may delay any payment to the extent that the Employer reasonably anticipates that the Employer’s deduction with respect to such payment would be limited or eliminated by application of Code section 162(m).  A delayed payment will be made at the earliest date the Employer reasonably anticipates that the deduction of the payment will not be limited or eliminated by application of Code section 162(m).
		
	10.09
	Withholding

The Company or an Employer may withhold from any amounts paid under the Plan any income tax or other amounts as required by law.
		
	10.10
	Severability

If any term or provision of the Plan shall be found by a court of competent jurisdiction to be invalid, or otherwise unenforceable, the same shall not affect the other terms or provisions hereof or the whole of the Plan, and such term or provision shall be deemed modified to the extent necessary to render such term or provision enforceable, and the rights and 

80419146.6 0062232-00003.033    15

obligations of the parties shall be construed and enforced accordingly, preserving to the fullest permissible extent the intent and agreements of the parties herein set forth.
[signature page follows]
	
			
	Company
	PRECISION CASTPARTS CORP.

	 
	

By:    /s/ Ruth A. Beyer   

	 
	 
	Signature

	 
	

        Ruth A. Beyer   

	 
	Print or type name

	 
	 

	 
	Date signed: December 15   , 2015

80419146.6 0062232-00003.033    16Exhibit 4.1

 

DHX
MEDIA LTD.

PERFORMANCE SHARE UNIT PLAN

 

ARTICLE 1
- ESTABLISHMENT OF PLAN

 

		1.1	Establishment and Purpose of the Plan

 

The Plan is hereby established,
its purpose being to enhance shareholder value by:

 

		(a)	focusing Participants on, and rewarding Participants for, achieving specific long-term financial
goals and performance objectives;

 

		(b)	promoting a greater alignment of interests between the Participants and the shareholders of the
Corporation; and

 

		(c)	assisting the Corporation in attracting, retaining and rewarding key executives and employees.

 

		1.2	Administration of the Plan

 

The Plan shall be administered
by the Committee. The Committee shall have the power, where consistent with the general purpose and intent of the Plan and subject
to the specific provisions of the Plan, to:

 

		(a)	establish policies and to adopt rules and regulations for carrying out the purposes, provisions
and administration of the Plan;

 

		(b)	interpret and construe the Plan and to determine all questions arising out of the Plan and any
Award granted pursuant to the Plan, and any such interpretation, construction or determination made by the Committee shall be final,
binding and conclusive for all purposes; and

 

		(c)	prescribe the form of the instruments relating to the grant, vesting or Settlement of Awards, if
any.

 

		1.3	Authority

 

The members of the Committee
are hereby authorized to sign and execute all instruments and documents and to do all things necessary or desirable for carrying
this Plan into effect or to carry out the provisions hereof.

 

		1.4	Interpretation

 

In this Plan and any instrument
supplemental or ancillary hereto, unless the context requires otherwise, the following terms and phrases shall have the following
meanings:

 

		(a)	"Adjustment Factor" has the meaning set forth in subparagraph 2.1(a)(ii);

 

		(b)	"Award" means the granting of PSUs or RSUs pursuant to paragraph 3.1;

 

		(c)	"Award Price" means an initial price for the PSUs and RSUs determined by the Committee,
provided that for any Award such price shall not be less than the Market Value of the corresponding class of Shares immediately
prior to the start of the applicable Term;

 

     

    -2- 

    

  

		(d)	“Board” means the Board of Directors of the Corporation;

 

		(e)	"CEO" means the Chief Executive Officer of the Corporation;

 

		(f)	"Change of Control" means:

 

		(i)	any change in the beneficial ownership or control of the outstanding securities or other interests
of the Corporation, by way of completed take-over bid or otherwise, which results in:

 

		(A)	a person or group of persons "acting jointly or in concert" (as defined in the Securities
Act (Nova Scotia), as amended from time to time), or

 

		(B)	an "affiliate" or "associate" (each as defined in the Securities Act
(Nova Scotia), as amended from time to time) of such person or group of persons,

 

holding, owning
or controlling, directly or indirectly, Shares having voting rights attached representing more than 50% of the voting rights attached
to all outstanding Shares in aggregate, or more than 33% of the voting rights attached to all outstanding Shares in aggregate as
a result of a transaction or series of transactions that was not approved by the Incumbent Directors;

 

		(ii)	Incumbent Directors no longer constituting a majority of the Board;

 

		(iii)	the sale, lease or transfer of all or substantially all of the directly or indirectly held assets
of the Corporation to any other person or persons (other than pursuant to an internal reorganization); or

 

		(iv)	any determination by a majority of the Board that a Change of Control has occurred or is about
to occur and any such determination shall be binding and conclusive for all purposes of the Plan.

 

		(g)	"Committee" means the Human Resources and Compensation Committee or any other
committee of such persons as are otherwise appointed from time to time by the Board to administer the Plan;

 

		(h)	"Common Voting Shares" means the Common Voting Shares without par value in the
capital stock of the Corporation;

 

		(i)	"Corporation" means DHX Media Ltd., a corporation continued under the Canada
Business Corporations Act;

 

		(j)	"Determination Time" means, subject to subparagraph 2.1(c), the close of business
on the first day of the month preceding the end of every fiscal year of the Corporation during which the Plan is in operation,
or if such day is not a business day, the close of business on the first subsequent business day;

 

     

    -3- 

    

  

		(k)	"Disability"
means the Participant's physical or mental incapacity that prevents him from substantially fulfilling his duties and responsibilities
on behalf of the Employer and in respect of which the Participant commences receiving, or is eligible to receive, disability benefits
under the Employer's long-term disability plan. 

 

		(l)	"Disability Date"
means the date on which the Participant first becomes eligible for long-term disability benefits under the Employer's long-term
disability plan;

 

		(m)	"Employers" means the Corporation and any corporation affiliated (as that term
is used in the Securities Act (Nova Scotia)) with the Corporation and "Employer" means any one of them;

 

		(n)	"Incumbent Directors" means any member of the Board who was a member of the Board
at the effective date of the Plan and any successor to an Incumbent Director who was recommended or elected or appointed to succeed
any Incumbent Director by the affirmative vote of the Board, including a majority of the Incumbent Directors then on the Board,
prior to the occurrence of the transaction, transactions, elections or appointments giving rise to a Change of Control;

 

		(o)	"Insider" means those insiders within the meaning of applicable securities law
who are "reporting insiders" as defined in National Instrument 55-104 – Insider Reporting Requirements and Exemptions;

 

		(p)	"Market Value" on a particular date means the volume weighted average trading
price of the applicable class of Shares on the Toronto Stock Exchange for the five days immediately preceding the relevant date
on which the Toronto Stock Exchange was open for trading;

 

		(q)	"Participants" has the meaning set forth in subparagraph 3.1(a);

 

		(r)	"Performance Levels" means the different ranges of achievement specified by the
Committee within the Performance Measures at which different Adjustment Factors will apply;

 

		(s)	"Performance Measures" has the meaning set forth in subparagraph 2.1(a)(i);

 

		(t)	"Plan" means the Performance Share Unit Plan of the Corporation hereby established,
as amended from time to time;

 

		(u)	"PSU" means a performance-based notional share unit issued under the Plan entitling
the holder to a conditional right to payment where the value of each PSU vested and paid out is linked to the value of a Share;

 

		(v)	“Reorganization” has the meaning set forth in paragraph 5.5.

 

		(w)	"Retirement" means the retirement of the Participant from employment with the
Employer in accordance with the policies of the Employer, or any voluntary termination of employment by the Participant that is
deemed by the HRCC to be a retirement;

 

		(x)	“Revised Vesting Date” has the meaning set forth in paragraph
5.5.

 

     

    -4- 

    

  

		(y)	"RSU" means a notional share unit issued under the Plan entitling the holder to
a conditional right to payment where the value of each RSU vested and paid out is linked to the value of a Share;

 

		(z)	"SBCAs" means a compensation arrangement of the Corporation considered to be a
security based compensation arrangement pursuant to section 613(b) of the Toronto Stock Exchange Company Manual, including, without
limitation, this Plan, the Corporation’s Stock Option Plan and the Corporation’s Employee Share Purchase Plan;

 

		(aa)	"Settlement Amount" has the meaning set forth in subparagraph 4.2(a);

 

		(bb)	"Settlement Deadline Date" has the meaning set forth in subparagraph 4.2(b);

 

		(cc)	"Share Purchase Trust" means a trust established pursuant to Section 3.5 with
an independent, unaffiliated bank or trust company as "Trustee", to hold Shares for delivery from time to time to Participants
upon settlement of Vested Awards, that is established and maintained in accordance with applicable law;

 

		(dd)	"Shares" means, collectively, the Common Voting Shares and the Variable Voting
Shares, and when used in reference to a PSU or RSU, means (i) a Common Voting Share when used in reference to a PSU or RSU held
by a "Canadian" within the meaning of the Broadcasting Act, S.C. 1991, c. 11 and the regulations and directions made
pursuant to such act, as amended from time to time, and (ii) a Variable Voting Share when used in reference to a PSU or RSU held
by a person who is not a "Canadian" within the meaning of the Broadcasting Act, S.C. 1991, c. 11 and the regulations
and directions made pursuant to such act, as amended from time to time;

 

		(ee)	"Stock Exchange" means the Toronto Stock Exchange and such other stock exchange
on which either class of the Shares are listed, or if the Shares are not listed on any stock exchange, then on the over-the-counter
market;

 

		(ff)	"Stock Exchange Rules" means the applicable rules of any Stock Exchange;

 

		(gg)	"Term" has the meaning set forth in paragraph 3.2;

 

		(hh)	"Time Vesting" means the vesting schedule applicable to any Award the vesting
of which is based solely upon the passage of time and is not based upon any Performance Measures;

 

		(ii)	“U.S. Code” means the United States Internal Revenue Code of 1986, as amended
from time to time;

 

		(jj)	“U.S. Participant” means a Participant who is a citizen or resident of the United
States (including its territories, possessions and all areas subject to the jurisdiction);

 

		(kk)	“U.S. Securities Act” shall mean the United States Securities Act of 1933, as
amended.

 

		(ll)	"Variable Voting Shares" means the Variable Voting Shares without par value in
the capital stock of the Corporation;

 

     

    -5- 

    

  

		(mm)	"Vesting Date" has the meaning set forth in paragraph 3.2; and

 

		(nn)	“Vested Awards” has the meaning set forth in paragraph 4.1.

 

		1.5	Plan not a Salary Deferral Arrangement

 

It is intended that the Plan
will not constitute a "salary deferral arrangement" with respect to a Participant as such term is defined in subsection
248(1) of the Income Tax Act (Canada) and for Canadian tax purposes, the value of the PSUs and RSUs granted under the Plan,
including additional PSUs and RSUs credited for dividend equivalents, will not be included in a Participant's taxable income in
Canada until the year in which the Settlement Amount is paid. However, with respect to any U.S. Participant, the Plan will constitute
a deferred compensation arrangement for purposes of Section 409A of the U.S. Code and will be subject to the provisions set forth
in Article 6.

 

ARTICLE 2
- GOVERNANCE

 

		2.1	Performance Measures, Performance Levels, Adjustment Factors and Vesting

 

		(a)	In consultation with the CEO, the Committee shall:

 

		(i)	determine the performance measures against which corporate performance will be measured over a
Term (the "Performance Measures") and set such Performance Levels for each Performance Measure that it, in its
sole discretion, determines appropriate in respect of any Award of PSUs; and

 

		(ii)	set the adjustment factor to be applied in order to determine the number of PSUs that will vest
on achievement of each Performance Level (the "Adjustment Factor").

 

		(b)	In setting the Performance Levels and Adjustment Factor applicable in each Term, the Committee
shall have the authority to set a minimum Performance Level at or below which the Adjustment Factor will be zero and no PSUs subject
to a particular Award will vest for the Term.

 

		(c)	The Committee shall have the authority, as it determines appropriate from time to time, and in
its sole discretion:

 

		(i)	to amend or adjust Performance Measures, Performance Levels and Adjustment Factors during the Term
of an Award of PSUs, provided that any such amendment or adjustment will be bona fide and will not be made for the sole
purpose of ensuring that applicable Performance Measures, Performance Levels and Adjustment Factors are met by a Participant;

 

		(ii)	to establish a different Determination Time with respect to one or more Participants;

 

		(iii)	to grant any Award in whole or in part based solely upon Time Vesting and to determine the vesting
schedule of PSUs granted under each such Award.

 

     

    -6- 

    

  

ARTICLE 3
- awards

 

		3.1	Grant of Awards

 

		(a)	Awards may be granted to employees of the Employers who are either:

 

		(i)	key executives designated by the Committee from time to time as eligible to participate in the
Plan, or

 

		(ii)	full-time employees nominated to participate by the CEO and approved by the Committee for participation
in the Plan.

 

(collectively, such designated
persons, the "Participants"),

 

		(b)	Unless otherwise determined by the Committee, the Committee shall make annual Awards to Participants
in respect of services rendered or to be rendered by the Participant in that particular fiscal year or future years.

 

		(c)	For each Award, the Committee shall determine the number of PSUs or RSUs to be granted to each
Participant and, except as provided in subparagraph 2.1(c)(ii), such determination will be based on the Participant's base salary
as of July 1 of each year, annual bonus, management level, and any additional criteria or considerations that the Committee deems
appropriate or advisable and shall be expressed as percentage of base salary and dollar figure and converted into a target number
of PSUs by dividing the cash amount by the Award Price.

 

		(d)	All Awards made to a Participant shall be made on or before November 30 of the first fiscal year
of the applicable Term, unless otherwise approved by the Committee.

 

		3.2	Term of Awards

 

Each Award shall have a fixed
term of not more than three fiscal years (the "Term"), commencing on the first day of the first fiscal year of
such Term and ending on the final day of the final fiscal year of such Term (the "Vesting Date").

 

		3.3	Dividends

 

Additional RSUs or PSUs, as applicable,
will be allocated to Participants based on the notional equivalent dividend that would have been paid on the number of Shares equal
to the number of RSUs or PSUs held. The number of additional RSUs or PSUs will be determined by dividing the dollar value of such
notional dividend by the Market Value on the corresponding dividend payment date. Any PSUs issued in respect of dividends will
be subject to the same vesting conditions as the PSUs in respect of which the same are issued. Fractional RSUs and PSUs are permitted
in respect of such dividend equivalents.

 

		3.4	Unfunded Plan

 

Unless specifically provided
for herein or determined by the Committee, the Corporation will not contribute any amounts to a third party or otherwise set aside
any amounts to fund the amounts payable under the Plan.

 

     

    -7- 

    

  

		3.5	Establishment of Share Purchase Trust

 

From time to time, the Corporation
may establish and maintain one or more Share Purchase Trusts, on such terms and conditions as the Committee and/or Board shall
determine, and may contribute cash for the purchase of Shares thereto, on its own behalf and/or on behalf of such Employers as
the Corporation may determine.

 

Shares delivered to Participants
in connection with the settlement of Awards from a Share Purchase Trust shall be purchased through the facilities of any Stock
Exchange by the Trustee acting through a broker designated by the Trustee in accordance with Stock Exchange Rules and who is a
member of the Stock Exchange through which the purchase is made. Subject to the foregoing part of this Section 3.5 any such designation
of a broker may be changed from time to time.

 

		3.6	Issuance Limit

 

Subject to adjustment as provided
in this Plan, the maximum number of Shares that may be issued to Participants under the SBCAs shall not exceed 8.5% of the outstanding
Shares, to be allocated among the SBCAs as determined by the Committee from time to time.

 

		3.7	Insider Participation Limit

 

The number of Shares issuable
to Insiders, at any time, under all of the Corporation's SCBAs, cannot exceed 10% of the total number of issued and outstanding
Shares. The number of Shares issued to Insiders, within any 12-month period, under all of the Corporation's SCBAs, cannot exceed
10% of the total number of issued and outstanding Shares.

 

ARTICLE 4
- vesting and Settlement

 

		4.1	Vesting of Awards

 

		(a)	All RSUs shall be fully vested upon award or subject to Time Vesting only.

 

		(b)	The number of PSUs or RSUs that vest on the Vesting Date under an Award shall be dependent upon
Time Vesting and the achievement of the Performance Measures, if any, applicable to such Award.

 

		(c)	The Committee shall review the Corporation's actual performance against the Performance Measures
and shall determine the Performance Level achieved.

 

		(d)	The number of PSUs and RSUs which vest for each Participant, including any PSUs or RSUs issued
in lieu of dividends in respect of PSUs or RSUs held by the Participant as provided in Section 3.3, shall be determined by Time
Vesting where applicable and, in respect of the balance of PSUs comprising any Award by multiplying the remaining number of PSUs
granted under the Award by the Adjustment Factor applicable to the Performance Level achieved (the "Vested Awards").

 

     

    -8- 

    

  

		4.2	Settlement of Awards

 

		(a)	On the Vesting Date, each Participant shall be entitled to receive from the Corporation (the "Settlement
Amount"):

 

		(i)	cash in the currency of Canada in an amount equal to the number of Vested Awards held by the Participant
multiplied by the Market Value on the Vesting Date, less applicable withholding taxes as required by applicable legislation; or

 

		(ii)	Shares, obtained on the public markets or issued from treasury, where the number of Shares transferred
to the Participant shall be equal to the number of Vested Awards on the Vesting Date, less a number of Shares having an aggregate
Market Value as of the Vesting Date equal to the amount of any applicable withholding taxes as required by applicable legislation.

 

The form of settlement as provided
above shall be at the sole discretion of the Corporation at the time of payment, and may be different for different Awards even
if settled on the same date, provided that settlement for any fractional RSUs or PSUs shall be in cash.

 

		(b)	Unless otherwise provided in this Plan, the Settlement Amount shall be delivered to each Participant
within 90 days of the Vesting Date and after the approval of the Committee, but, in any event, not later than December 31st
of the year in which the Vesting Date occurs (the "Settlement Deadline Date").

 

		(c)	For greater certainty, no amount will be paid to, or in respect of, a Participant under the Plan
or pursuant to any other arrangement, and no additional PSUs will be granted to a Participant to compensate the Participant for
any downward fluctuations in the price of a Share nor will any other form of benefit be conferred upon, or in respect of, a Participant
for such a purpose.

 

ARTICLE 5
- TERMINATION AND EXPIRY

 

		5.1	Termination of Employment and Death

 

To the extent that a Participant
may otherwise be entitled to PSUs granted, but not vested under an Award, the following provisions shall apply to each Award except
as may otherwise be determined by the Committee from time to time:

 

		(a)	For the purposes of this Section 5.1,

 

		(i)	The "number of days worked in the remainder of the Term" includes any day where the Participant
is on an authorized leave of absence from the Corporation, and for greater certainty includes, but is not limited to, vacation
days, sick days, short-term disability leave and statutory leaves of absence, but does not include days on which the Participant
is eligible for long-term disability benefits under the Employer's long-term disability plan; and

 

		(ii)	a PSU will be "crystallized" to the extent that it has met annual Performance Levels
for any completed fiscal years of the Corporation within the Term to the extent that it is eligible to be vested based on annual
Performance Levels for that fiscal year only in accordance with the performance schedule attaching to the Award.

 

     

    -9- 

    

  

		(b)	Termination Without Cause: If, before the Vesting Date, the employment of a Participant
shall be terminated by the Employer without cause, subject to the terms hereof, such Participant shall be entitled to a settlement
in full satisfaction of the Participant's unvested Award, to be paid out as soon as possible after the date of the termination
of the Participant's employment or, at the sole discretion of the Committee, another date after the date of the termination of
the Participant's employment that is not later than the Settlement Deadline Date. The settlement will be determined in accordance
with Section 4.2, provided that the Vesting Date for this purpose shall be deemed to be the date of termination for the number
of RSUs then held and the number of PSUs deemed vested as follows

 

		(i)	with respect to that portion of any Award eligible to be vested for fiscal years completed on or
prior to the date of termination, vesting the number of PSUs that have crystallized;

 

		(ii)	with respect to that portion of any Award not covered by (i), applying an at-target Adjustment
Factor to any PSUs that are remaining in the Term and vesting a pro-rated number of PSUs based on the number of days worked in
the remainder of the Term.

 

		(c)	Voluntary Resignation and Termination for Cause: If, before the Vesting Date, the employment
of a Participant by the Employer shall be terminated (i) by the voluntary resignation of the Participant (other than Retirement),
or (ii) by the Employer for cause, such Award shall expire and terminate simultaneously with the act or event which causes the
termination and such Participant shall not be entitled to any Payment Amount, or other compensation for the termination of such
unvested Award.

 

		(d)	Retirement: If, before the Vesting Date, the employment of the Participant by the Employer
shall terminate by reason of the Retirement of the Participant:

 

		(i)	Where the Participant has less than 10 years of service with the Employer prior to the date of
Retirement, such Award shall continue with vesting to be adjusted as follows:

 

		(A)	with respect to that portion of any Award eligible to be vested for fiscal years completed on or
prior to the date of termination, vesting the number of PSUs that have crystallized;

 

		(B)	with respect to that portion of any Award not covered by (A), applying an Adjustment Factor to
any PSUs that are remaining in the Term based on performance achieved during the Term and vesting a pro-rated number of PSUs based
on the number of days worked in the remainder of the Term.

 

		(ii)	Where the Participant has 10 years of service or more with the Employer prior to the date of Retirement,
PSUs shall continue to vest in accordance with Article 4.1, and shall be paid out in accordance with Article 4.2.

 

     

    -10- 

    

  

		(iii)	If the Participant accepts employment with a competitor of the Employer at any time prior to the
settlement of the PSUs or RSUs, as applicable, the termination of the Participant's employment with the Employer will be deemed
not to be a Retirement, and such Awards will be governed by the terms of Section 5.1(c) rather than this Section 5.1(d). For greater
certainty, a "competitor" includes any company in the business of producing, distributing, broadcasting, merchandising
and licensing, and/or otherwise exploiting film, television, or other audiovisual works or intellectual property related thereto
as reasonably determined by the Corporation.

 

		(iv)	Notwithstanding (i), (ii) and (iii) above, where the Participant retires before July 1st
of the fiscal year in which a PSU Award is granted, such Award expires and terminates immediately upon Retirement.

 

		(e)	Disability: If, before the Vesting Date, the Participant develops a Disability, such Award
shall continue with vesting to be adjusted as follows:

 

		(i)	With respect to that portion of any Award eligible to be vested for fiscal years completed on or
prior to the Disability Date, vesting the number of PSUs that have crystallized prior to that date;

 

		(ii)	with respect to that portion of any Award not covered by (i), applying an Adjustment Factor to
any PSUs that are remaining in the Term based on performance achieved during the Term and vesting a pro-rated number of PSUs based
on the number of days worked in the remainder of the Term.

 

		(f)	Death: If, before the Vesting Date, the employment of a Participant by the Employer shall
be terminated by reason of the death of the Participant or for any other reason whatsoever other than in circumstances addressed
in (b), (c), (d) and (e) above, subject to the terms hereof, such Participant or, if the Participant is deceased, the legal personal
representative(s) of the estate of the Participant, shall be entitled to a settlement in full satisfaction of the Participant's
unvested Award, to be paid out as soon as possible after the date of termination or, at the sole discretion of the Committee, another
date that is not later than the Settlement Deadline Date. The settlement will be determined in accordance with Section 4.2, provided
that the Vesting Date for this purpose shall be deemed to be the date of termination for the number of RSUs then held and the number
of PSUs deemed vested as follows:

 

		(i)	with respect to that portion of any Award eligible to be vested for fiscal years completed on or
prior to the date of termination, vesting the number of PSUs that have crystallized;

 

		(ii)	with respect to that portion of any Award not covered by (i), applying an at-target Adjustment
Factor to any PSUs that are remaining in the Term and vesting a pro-rated number of PSUs based on the number of days worked in
the remainder of the Term.

 

		5.2	U.S. Participants

 

The time of payment in connection
with any event listed in paragraph 5.1 in respect of a U.S. Participant shall be governed by Article 6.

 

     

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		5.3	No Future Grants

 

Upon the occurrence of any of
the events listed in paragraph 5.1 in respect of a Participant, such Participant shall not be entitled to receive any further Awards
under the Plan. For greater certainty, Participants shall not be entitled to any Awards during any period of working notice or
with respect to any period for which payment in lieu of notice is provided.

 

		5.4	Change of Control

 

If upon a Change of Control,
(a) there is no longer a public market for the Shares to determine Market Value, or (b) in the opinion of the Committee, Performance
Measures are no longer appropriate or practically measurable, then the Committee will determine and fix the Settlement Amount as
it deems appropriate. In addition, and subject to Article 6, the Committee will determine the timing of payment of the Settlement
Amount and whether there are any ongoing employment or other terms and conditions that would apply up to the regular Vesting Date.

 

		5.5	Reorganization 

 

In the event of any take-over
bid, merger, consolidation, amalgamation, arrangement, recapitalization, liquidation, dissolution, business combination or similar
transaction that is not a Change of Control in which the Corporation is not the surviving or continuing corporation (a "Reorganization"),
all unvested PSUs and RSUs granted hereunder shall be assumed by the surviving or continuing corporation, provided that the Committee
may make appropriate adjustment in the manner in which vesting of or payment on such PSUs and RSUs will occur prior to such assumption,
as long as no such adjustment would increase or decrease the amount of any payment to which a Participant would be entitled had
the adjustment not been made. Subject to Article 6, if, in the event of any such Reorganization, provision for such assumption
satisfactory to the Committee is not made by the surviving or continuing corporation, all unvested PSUs and RSUs held by a Participant
as at the date of the Reorganization shall vest, based on applicable performance measures achieved from the start of the Term to
a new vesting date determined by the Committee (the "Revised Vesting Date") and each Participant shall have paid
to him, in full satisfaction for any amounts payable pursuant to PSUs and RSUs under the Plan, an amount calculated pursuant to
paragraphs 4.1 and 4.2 in respect of all vested PSUs and RSUs held by such Participant, such payment to be made within thirty days
after the Revised Vesting Date determined by the Committee but not later than the Settlement Deadline Date.

 

ARTICLE 6
- Special Rules for U.S. Participants

 

		6.1	General

 

Notwithstanding any other provision
of the Plan, the provisions of this Article 6 shall apply to any RSUs and PSUs granted to a U.S. Participant and shall supersede
any inconsistent provision found elsewhere in the Plan with respect to a U.S. Participant.

 

		6.2	Time of Payment

 

Notwithstanding any provision
in the Plan to the contrary, payment in settlement of RSUs and vested PSUs granted to any U.S. Participant (in the amount, if any,
as otherwise determined in the Plan) shall only be made at the earliest of the following events:

 

     

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		(a)	during the calendar month immediately following the last day of the Term (which Term shall be established
in writing at the time the Award is granted to the U.S. Participant) and which may not be changed, unless such change would not
result in a prohibited acceleration or deferral of the payment;

 

		(b)	within ninety (90) days following a Change in Control of the Corporation, provided that such event
also constitutes a change in control event described in U.S. Treasury Regulation section 1.409A-3(i)(5). For the avoidance of doubt,
a Reorganization shall not affect the time of payment for a U.S. Participant;

 

		(c)	subject to Section 6.3, within ninety (90) days following the U.S. Participant’s “Separation
from Service,” as defined in United States Treasury Regulation section 1.409A-1(h) (“Separation from Service”);

 

		(d)	within ninety (90) days following the U.S. Participant becomes “Disabled,” as defined
in United States Treasury Regulation section 1.409A-3(i)(4); or

 

		(e)	within ninety (90) days following the U.S. Participant’s death.

 

The time of payment within the
ninety (90) day payment window described in (b)-(e) above shall be within the sole discretion of the Committee. In no event shall
the Participant have the right to directly or indirectly designate the taxable year of the payment. Accordingly, to the extent
any such payment depends on any action of the Participant, such as execution of a release, if the ninety (90) day payment window
begins in one calendar year and ends in another calendar year, the payment shall be made during the second calendar year (but still
within ninety days after the payment triggering event).

 

		6.3	Six-Month Delay for Specified Employees 

 

In the case of any U.S. Participant
who is a specified employee (as defined in Sec.1.409A-1(i)) as of the date of a Separation from Service that triggers payment under
Section 6.1, payments may not be made before the date that is six months after the date of Separation from Service (or, if earlier
than the end of the six-month period, the date of death of the specified employee). Payments to which a specified employee would
otherwise be entitled during the first six months following the date of Separation from Service are accumulated and paid on the
first day of the seventh month following the date of Separation from Service (or, if earlier, the Participant’s death).

 

		6.4	Unfunded Benefits 

 

Amounts payable to U.S. Participants
shall be paid from the general assets of the Corporation and are subject to the Corporation’s general creditors. U.S. Particiapnts
shall have no interest in a Share Purchase Trust or any benefit placed in a trust under this Plan unless the trust is established
as a grantor trust and at all times the assets of such trust remain subject to the claims of the Corporation’s general creditors.

 

     

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		6.5	Adjustments/Amendment/Termination

 

No adjustment or amendment shall
be made to the amounts or timing of payments to any U.S. Participant, under Section 7.1, 7.7 or otherwise, except as otherwise
permitted under Section 409A of the U.S. Code. No termination of the Plan may affect the timing of payments hereunder, except as
otherwise permitted under Section 409A.

 

		6.6	Section 409A Omnibus Provisions 

 

With respect to any U.S. Participant,
this Plan is intended to comply with Section 409A of the U.S. Code and shall be interpreted in a manner consistent with such section
and the U.S. Treasury Regulations promulgated thereunder. Notwithstanding the foregoing, or any other provision of the Plan to
the contrary, neither the Corporation, the Board, the Committee, nor any officer, director, employee, agent or representative of
the foregoing or any affiliates of the Corporation shall be liable to any Participant or his or her estate, heirs or beneficiaries
for any taxes relating in any way to any payment under the Plan, including, without limitation, as a result of the application
of Section 409A of the U.S. Code to such payments.

 

		6.7	Cut-Back of Excess Parachute Payments 

 

Notwithstanding any provision
in the Plan to the contrary, if the U.S. Participant is a “disqualified individual” (as defined in Section 280G(c)
of the U.S. Code), and the payment in settlement of any Award hereunder, together with any other payments which the U.S. Participants
has the right to receive from the Corporation (or its affiliates and subsidiaries), would constitute a “parachute payment”
(as defined in Section 280G(b)(2) of the U.S. Code), the payments hereunder shall be reduced. The reduction shall be in an amount
so that the present value of the total amount received by the Participant from the Corporation or its affiliates and subsidiaries
that would otherwise be “parachute payments” will be one dollar ($1.00) less than three (3) times the employee's base
amount (as defined in Section 280G(b) of the U.S. Code) and so that no portion of the amounts received by the Participant shall
be subject to the excise tax imposed by Section 4999 of the U.S. Code (excise tax) or non-deductible by the Company under Section
280G of the U.S. Code.

 

ARTICLE 7
- GENERAL

 

		7.1	Certain Adjustments 

 

Appropriate adjustments to the
unvested PSUs and RSUs notionally granted under outstanding Awards shall be made, if required, to give effect to adjustments in
the number of Shares of the applicable class resulting from subdivisions, consolidations or re-classifications of the Shares of
the applicable class, the payment of stock dividends by the Corporation (other than dividends in the ordinary course) or other
relevant changes in the capital stock of the Corporation, as the Committee in its sole discretion deems advisable.

 

		7.2	PSU and RSU not a Share

 

Under no circumstances shall
a PSU or a RSU be considered to be a Share or to entitle any Participant to exercise voting rights or any other rights or entitlements
associated with a Share.

 

     

    -14- 

    

  

		7.3	Effect of Participation

 

Nothing contained in this Plan,
nor in any Award granted pursuant to this Plan, shall confer upon any Participant any right with respect to employment or continuance
of employment by the Corporation or any affiliate of the Corporation, nor interfere in any way with the right of the Corporation
or any affiliate to terminate his or her employment at any time. No Participant shall have any claim or right to receive Awards
under this Plan and the granting of Awards is at the sole discretion of the Committee.

 

		7.4	Non-resident Participation

 

The Corporation may limit or
restrict participation in this Plan by residents or citizens of jurisdictions other than Canada, if deemed advisable upon consideration
of the effect on and applicability to the Corporation, the Employers or the Participants of laws, rules and regulatory provisions
of such jurisdictions.

 

		7.5	Taxes

 

Notwithstanding anything else
contained herein, each Participant shall be responsible for the payment of all applicable taxes, including, but not limited to,
income taxes payable in connection with the payment of the Settlement Amount, and the Corporation, its employees (other than the
Participant to the extent that he is responsible for the payment of such taxes relating to his status as a Participant) and agents
shall bear no liability in connection with the payment of such taxes. The Corporation shall have the right to deduct from all payments
made to a Participant any taxes required by law to be withheld with respect to such payments.

 

		7.6	Designation of a Beneficiary

 

A Participant may designate a
beneficiary who will be entitled to receive all amounts that may be received under the Plan after the Participant's death. If no
valid beneficiary designation is in effect, the legal personal representative of the Participant's estate will be entitled to receive
such amounts.

 

		7.7	Amendment and Termination of Plan

 

From time to time, the Board
may amend any of the provisions of the Plan or suspend or terminate the Plan in such manner and to such extent as it deems advisable,
provided that any amendment of the provisions of the Plan or any termination of the Plan shall not divest any Participant of Awards
granted to him nor, in the event of termination of the Plan, otherwise affect the rights of a Participant holding an Award at the
time of such termination without his consent. Further any amendment, suspension or termination with respect to a U.S. Participant
shall also be subject to the provisions of Article 6. Any such amendment, suspension or termination may be made without the approval
of shareholders, provided that:

 

		(a)	no amendment to the Plan or Award made pursuant to the Plan may be made without the consent of
a Participant if it adversely alters or impairs the rights of the Participant in respect of any allocation previously made to such
Participant under the Plan, except that Participant consent shall not be required where the amendment is required for purposes
of compliance with applicable law;

 

     

    -15- 

    

  

		(b)	no amendment to the Plan may be made without approval of shareholders where such amendment is proscribed
by Applicable Law, including without limitation the rules of the Toronto Stock Exchange and The Nasdaq Stock Market, LLC (or other
stock exchange or consolidated stock price reporting system on which prices for the Shares are quoted at such time), without approval
of shareholders;

 

		(c)	the following types of amendments will not be made to the provisions of the Plan without approval
of shareholders:

 

		(i)	Increase of the maximum number of Share issuable under the Plan, either as a fixed number or a
fixed percentage of the Corporation’s outstanding capital represented by such Shares;

 

		(ii)	any amendment(s) that would permit non-employee directors of the Corporation to be Participants
under the Plan; or

 

		(iii)	any amendment(s) to this paragraph 6.7 of the Plan.

 

		(d)	without limiting the generality of the foregoing, the Committee and/or Board may make the following
types of amendments to the provisions of the Plan without approval of shareholders (except to the extent that such amendment would
constitute a material amendment to the Plan under the rules of The Nasdaq Stock Market, LLC):

 

		(i)	reduction of the number of Shares issuable under the Plan;

 

		(ii)	increase or decrease the maximum number of Shares any single participant is entitled to receive
under the Plan;

 

		(iii)	any amendment pertaining to the vesting provisions of each Award;

 

		(iv)	any amendment to the terms of the Plan relating to the effect of termination, cessation or death
of a participant on the right to settlement of Awards;

 

		(v)	amend the settlement process for a vested Award;

 

		(vi)	add and/or amend any form of financial assistance provision to the Plan;

 

		(vii)	amend the eligibility requirement for Participants in the Plan other than as provided in subparagraph
7.7(c)(ii) above;

 

		(viii)	allocate and reallocate among the SBCAs the number of Shares issuable to Participants pursuant
to each SBCA;

 

		(ix)	any amendment as may be necessary or desirable to bring the Plan into compliance with Applicable
Law;

 

		(x)	any amendment to add covenants of the Corporation for the protection of Participants, provided
that the Committee and/or the Board shall be of the good faith opinion that such additions will not be prejudicial to the rights
or interest of the Participants;

 

     

    -16- 

    

  

		(xi)	any amendment not inconsistent with the Plan as may be necessary or desirable with respect to matters
or questions, which in the good faith opinion of the Committee and/or the Board, having in mind the best interests of the Participants,
it may be expedient to make, provided that the Committee and/or the Board shall be of the opinion that such amendments and modifications
will not be prejudicial to the interests of the Participants; and

 

		(xii)	any such changes or corrections which, in the advice of counsel to the Corporation, are required
for the purpose of curing or correcting any ambiguity or defect or inconsistent provision or clerical omission or mistake or manifest
error, provided that the Committee and/or the Board shall be of the opinion that such changes or corrections will not be prejudicial
to the rights and interest of the Participants.

 

		7.8	Compliance with Applicable Laws and Regulations

 

		(a)	Shares shall not be issued or purchased under this Plan unless the issuance or purchase, as applicable,
and delivery of such Shares shall comply with all relevant provisions of applicable securities law, including, without limitation,
the U.S. Securities Act, the United States Securities Exchange Act of 1934, as amended, applicable U.S. state securities laws,
the rules and regulations promulgated under U.S. federal and state securities laws, and the requirements of any stock exchange
or consolidated stock price reporting system on which prices for the Shares are quoted at any given time.

 

		(b)	Unless such securities are registered under the U.S. Securities Act, the certificates representing
any Shares issued or purchased in the United States shall, until such time as the same is no longer required under the applicable
requirements of the U.S. Securities Act or applicable U.S. state securities laws and regulations, bear a legend restricting transfer
without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is
available.

 

		7.9	Governing Law

 

The Plan is established under
the laws of the Province of Nova Scotia and the rights of all parties and the construction and effect of each and every provision
of the Plan shall be according to the laws of the Province of Nova Scotia.

 

		7.10	Enurement

 

The Plan shall enure to the benefit
of and be binding upon the Corporation, its successors and assigns. The interest hereunder of any Participant shall not be transferable
or alienable by the Participant either by assignment, pledge or in any other manner whatsoever and, during his lifetime, shall
be vested only in him, but shall enure to the benefit of and be binding upon the legal personal representatives of the Participant.

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