Document:

Exhibit 10.72

 Exhibit 10.72 

 
 

 
 To: 
                     
 Personal
and Confidential 
  

	Re:	Notification of Grant 

 I
am pleased to inform you that in recognition of your contribution to the Company, the Board of Directors of QLT Inc. (the “Company”) has granted to you an Option to purchase
             Common Shares (the “Optioned Shares”) at the Option Exercise Price of Cdn
$             per Optioned Share, effective              (the “Grant Date”). The Option to acquire
the Optioned Shares will expire ten years from the Grant Date, on              (the “Expiry Date”). The terms and conditions which govern the Option are set out in three
places: (1) in this letter (the “Notification Letter”), (2) in the attached schedule which sets out general terms and conditions relating to the Option (the “General Terms”), and (3) in the QLT 2000 Incentive Stock
Plan, as amended and restated effective April 25, 2013 (the “Plan”). Capitalized terms used but not defined in this Notification Letter have the meanings given to such terms in the Plan. 

We encourage you to review a copy of the Company’s Proxy Statement for the Annual General and Special Meeting of Shareholders held
on June 14, 2013 (the “Proxy Statement”), which sets out a summary of the Plan and the amendments made to the Plan effective April 25, 2013, and a copy of the Plan Prospectus. The Proxy Statement, the Plan and Plan Prospectus are
available for reference on QLink. You may also obtain a copy of any of these documents by contacting the Company’s legal department at (604) 707-7363. 
 Anyone exercising options or trading in QLT stock must comply with the QLT Trading Policy. A copy of the Trading Policy has been previously provided to you, and you are subject to it. The QLT Trading
Policy is also available for your reference on QLink. 
 By signing this Notification Letter where indicated, you and the
Company agree that the Option is granted under and governed by the terms and conditions of this Notification Letter, the General Terms and the Plan, all of which together constitute the Award Agreement between you and the Company relating to the
Option. 
 Please confirm receipt of this Notification Letter by signing and returning this Notification Letter to
                     as soon as possible. You may retain a copy for your personal records. 

In the event that you do not return a copy of this Notification Letter signed by you to the person indicated above, you will be deemed to
have accepted the Option and agreed to the terms of the Award Agreement upon the exercise by you of the Option in respect of any one or more Optioned Shares. 
 Yours truly, 
 QLT Inc. 
 Per: 
 [Name] 
 [Title] 
  

									
	Accepted and agreed to:	 		 	Date:
				
	___________________________________	 		 		 	_____________________________
		 		 		 		 	

 GENERAL TERMS AND CONDITIONS 

STOCK OPTION GRANTS TO DIRECTORS 
  

	1.	 Defined Terms. All capitalized terms which are not defined in the Notification Letter or below have the meaning given to them in the Plan.

  

	2.	 Term. Subject to the terms and conditions of the Plan, Section 5 of these General Terms and Conditions, and this Section 2, the
Option will terminate on the earlier of: 

  

	 	(a)	 The date on which the Option is exercised with respect to all of the Optioned Shares; and 

 

	 	(b)	 5:00 p.m. (Vancouver time) on the Expiry Date 

If the end of the term of the Option falls within, or within two business days after the end of, a “black out”
or similar period imposed under any insider trading policy or similar policy of the Company (but not, for greater certainty, a restrictive period resulting from the Company or its insiders being the subject of a cease trade order of a securities
regulatory authority), the end of the term of the Option will be the tenth business day after the earlier of the end of such black out period and, provided the black out period has ended, the Expiry Date. 

 

	3.	 Vesting. Subject to the terms and conditions of the Award Agreement, the Option will vest and become exercisable in 36 equal monthly
instalments on the monthly anniversary of the Grant Date (each monthly anniversary, a “Vesting Date”), provided that, if the number of Optioned Shares is not equally divisible by 36, at each Vesting Date the cumulative number of
Optioned Shares vested will be rounded to the nearest whole number. 

  

	4.	 Exercise of Options. 

  

	 	(a)	 Exercise Notice. The Grantee may exercise the Option in respect of vested Optioned Shares by giving written notice of exercise (the
“Exercise Notice”) signed and dated by the Grantee (and not postdated), stating that the Grantee elects to exercise his or her rights to purchase Optioned Shares under the Option and specifying the number of Optioned Shares in
respect of which the Option is being exercised and specifying the Option Exercise Price to be paid therefor. 

  

	 	(b)	 Delivery and Payment. The Grantee shall deliver the Exercise Notice to the Company at its principal office at 887 Great Northern Way, Suite
101, Vancouver, British Columbia, Canada, V5T 4T5 (or at such other address as the principal office of the Company may be located at the time of exercise) addressed to the attention of the Secretary or assistant secretary (if any) of the Company (or
a designee notified in writing from time to time by the Company) and be accompanied by full payment (payable at par in Vancouver, British Columbia) in any combination of the following (subject to all applicable laws): 

 

	 	(i)	cash, bank draft or certified cheque; 

	 	(ii)	 if and so long as the Common Shares are listed on an Exchange, delivery of a properly executed Exercise Notice, together with irrevocable
instructions, to 

  

	 	(A)	 a brokerage firm designated by the Company to deliver promptly to the Company the aggregate amount of sale or loan proceeds to pay the Option
Exercise Price and any withholding tax obligations that may arise in connection with the exercise, and 

  

	 	(B)	 the Company to deliver the certificates for such purchased shares directly to such brokerage firm, 

all in accordance with the regulations of any relevant regulatory authorities; 

 

	 	(iii)	 with prior written consent of the Company and subject to section 13.3 of the Plan, written instructions from the Grantee to the Company to effect a
net settlement of Optioned Shares under the Option having a value equal to the Option Exercise Price of any Option and/or the withholding taxes due with respect to the exercise of the Option; and 

 

	 	(c)	 Certificate. As soon as practicable after any exercise of the Option, a certificate or certificates representing the Common Shares of which
the Option is exercised will be delivered by the Company to the Grantee or to the Grantee’s designated brokered firm, as applicable. 

  

	5.	 Rules Upon Retirement, Death, Disability or Termination. The Option will terminate on the earlier of the expiry of the Option under
Section 2 of these General Terms and Conditions and the 90th day (effective following the close of trading on the Exchange, if such day is a trading day) after the date of the Grantee’s Termination of Service as a director of the Company
or its Affiliates, provided that: 

  

	 	(a)	 Death. If the Grantee dies while the Option is otherwise exercisable, unless otherwise determined by the Committee and approved by the
Exchange (if applicable), all Optioned Shares of the Grantee will become immediately vested and will be exercisable by the legal personal representatives of the estate of the Grantee during a period ending on the earlier of:

  

	 	(i)	 the date that is 12 months following the date of death, and 

 

	 	(ii)	 the expiry of the Option. 

  

	 	(b)	 Disability. If the Board determines, in its sole discretion, that the continuous service of the Grantee as a director of the Company or any
Affiliate has been interrupted or terminated as a result of the Grantee’s complete disability, as determined by the Board, in its sole discretion, (but no interruption or termination will be deemed to have occurred in the case of sick leave or
any other leave of absence approved of by the Board, provided that either such leave is for a period of not more than 90 days), unless otherwise determined by the Board and approved by the Exchange (if applicable), the Optioned Shares will become
immediately vested and will be exercisable by the Grantee (or in the case of an Grantee who is legally incapacitated, by his or her guardians or legal representatives) during the period ending on the earlier of: 

 

	 	(i)	12 months following the date of such termination, and 

	 	(ii)	the expiry of the Option. 

  

	 	(c)	Termination. If the Grantee ceases to be a director of the Company or any Affiliate as a result of: 

 

	 	(i)	 ceasing to meet the qualifications set forth in subsection 124(2) of the Business Corporations Act (British Columbia), as amended, or such other
qualifications required by the corporate laws in any other jurisdiction under which the Company is continued or amalgamated, 

  

	 	(ii)	 a special resolution having been passed by the shareholders of the Company pursuant to subsection 128(3) of the Business Corporations Act (British
Columbia), as amended, or an equivalent enactment pursuant to the corporate laws in any other jurisdiction under which the Company is continued or amalgamated, or 

 

	 	(iii)	 by order of a securities commission, the TSX, NASDAQ or any other regulatory body having jurisdiction to so order, 

unless otherwise determined by the Committee and approved by the Exchange (if applicable), the Option will expire
automatically on the date of such cessation. 
 The Optioned Shares will cease to vest (on a monthly basis or at
all) after the date of the Grantee’s Termination of Service as a director of the Company. 
  

	6.	Change in Control. 

  

	 	(a)	 Definitions. For the purposes of this Section, “Change in Control” means any of the following events:

  

	 	(i)	 Merger. A merger, consolidation, reorganization or arrangement involving the Company other than a merger, consolidation, reorganization or
arrangement in which stockholders of the Company immediately prior to such merger, consolidation, reorganization or arrangement own, directly or indirectly, securities possessing at least 50% of the total combined voting power of the outstanding
voting securities of the corporation resulting from such merger, consolidation, reorganization or arrangement in substantially the same proportion as their ownership of such voting securities immediately prior to such merger, consolidation,
reorganization or arrangement; 

  

	 	(ii)	 Tender Offer. The acquisition, directly or indirectly, by any person or group of persons acting jointly or in concert (other than the Company
or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership of securities possessing more than 50% of the total combined voting power of the Company’s outstanding
securities pursuant to a tender offer (which for greater certainty, includes a takeover bid) made directly to the Company’s stockholders; 

	 	(iii)	 Sale. The sale, transfer or other disposition of all or substantially all of the assets of the Company other than a sale, transfer or other
disposition to an Affiliate of the Company or to an entity in which stockholders of the Company immediately prior to such sale, transfer or other disposition own, directly or indirectly, securities possessing at least 50% of the total combined
voting power of the outstanding voting securities of the purchasing entity in substantially the same proportion as their ownership of such voting securities immediately prior to sale, transfer or other disposition; or 

 

	 	(iv)	 Board Change. A change in the composition of the Board over a period of 24 consecutive months or less such that a majority of the Board
members ceases to be comprised of individuals who either have been: 

  

	 	(A)	 Board members continuously since the beginning of such period, or 

 

	 	(B)	 appointed or nominated for election as Board members during such period by at least a majority of the Board members described in subsection
(A) above who were still in office at the time the Board approved such appointment or nomination. 

  

	 	(b)	 Acceleration. Effective immediately upon the occurrence of a Change in Control, any portion of the Option of the Grantee that is unvested
will, to the extent determined by the Board in its sole discretion with respect to the Change of Control, become immediately vested and will be exercisable on and after the date of the Change of Control until the expiry of the Option.

  

	7.	 Conditions to Exercise. Notwithstanding any of the provisions of the Award Agreement, the Company’s obligation to issue Common Shares to
the Grantee upon exercise of the Option is subject to the following: 

  

	 	(a)	 Qualification. Completion of registration or other qualification of the Common Shares or obtaining approval of such governmental authority as
the Company determines is necessary or advisable in connection with the authorization, issuance or sale of the Common Shares; 

  

	 	(b)	 Listing. The admission of the Common Shares to listing or quotation on the Exchange; and 

 

	 	(c)	 Undertakings. The receipt by the Company from the Grantee of such representations, agreements and undertakings, including as to future
dealings in the Common Shares, as the Company or its counsel determines are necessary or advisable in order to safeguard against the violation of securities laws of any jurisdiction. 

 

	8.	 Adjustments. In the event that there is any material change in the Common Shares resulting from subdivisions, consolidations, substitutions
or reclassifications of the Common Shares, the payment of stock dividends by the Company (other than dividends in the ordinary course) or other relevant changes in the capital of the Company or from a proposed merger, amalgamation or other corporate
arrangement or reorganization involving the exchange or replacement of Common Shares for those in another corporation, appropriate adjustments in the number of Optioned Shares and the Option Exercise Price will be conclusively determined by the
Committee. 

	9.	 Further Adjustments. Subject to Sections 6 and 8, if, because of a merger, amalgamation or other corporate arrangement or reorganization, the
exchange or replacement of Common Shares for those in another corporation is imminent, the Board may, in a fair and equitable manner, determine the manner in which all unexercised or unvested options granted under this Option will be treated
including, without limitation, requiring the acceleration of the time for the exercise and/or vesting of the option rights by the Grantee and of the time for the fulfilment of any conditions or restrictions on exercise or vesting. All determinations
of the Board under this Section will be final, binding and conclusive for all purposes subject to the approval of the Exchange, if applicable. 

  

	10.	 Tax. The Grantee is solely responsible for the payment of any applicable taxes arising from the grant, vesting, settlement or exercise of the
Option and any payment is to be in a manner satisfactory to the Company. Notwithstanding the foregoing, the Company will have the right to withhold from any amount payable to a Grantee, either under the Plan or otherwise, such amount as may be
necessary to enable the Company to comply with the applicable requirements of any federal, provincial, state, local or foreign law, or any administrative policy of any applicable tax authority, relating to the withholding of tax or any other
required deductions with respect to the Option (the “Withholding Obligations”). The Company may require the Grantee, as a condition to the exercise or settlement of the Option, to make such arrangements as the Company may require so
that the Company can satisfy applicable Withholding Obligations, including, without limitation, requiring the Grantee to (i) remit the amount of any such Withholding Obligations to the Company in advance; (ii) reimburse the Company for any
such Withholding Obligations; (iii) deliver written instructions contemplated in Section 4(b)(iii) hereof, to effect a net settlement of Common Shares under an Option in an amount required to satisfy any such Withholding Obligations; or
(iv) pursuant to Section 4(b)(ii) hereof, cause such broker to withhold from the proceeds realized from such transaction the amount required to satisfy any such Withholding Obligations and to remit such amount directly to the Company.

  

	11.	 Black Out Periods. The Grantee acknowledges and agrees that the Award Agreement and the grant of the Option to the Grantee is subject to the
Grantee’s agreement to at all times comply with the Company’s policies with respect to black out periods, as more particularly set out in the Company’s Trading Policy, as amended from time to time. 

 

	12.	 No Rights as Shareholder. The Grantee will not have any rights as a Shareholder with respect to any of the Optioned Shares underlying the
Option until such time as the Grantee becomes the record owner of such Optioned Shares. 

  

	13.	 No Effect on Employment. Nothing in the Award Agreement will: 

 

	 	(a)	 Continue Employment. Confer upon the Grantee any right to continue in the employ of or under contract with the Company or any Affiliate or
affect in any way the right of the Company or any Affiliate to terminate his or her employment at any time. 

  

	 	(b)	 Extend Employment. Be construed to constitute an agreement, or an expression of intent, on the part of the Company or any Affiliate to extend
the employment of the Grantee beyond the time that he or she would normally be retired pursuant to the provisions of any present or future retirement plan or policy of the Company or any Affiliate, or beyond the time at which he or she would
otherwise be retired pursuant to the provisions of any contract of employment with the Company or any Affiliate. 

	14.	 Enurement. The Award Agreement shall enure to the benefit of and be binding upon the parties to the Award Agreement and upon the successors
or assigns of the Company and upon the executors, administrators and legal personal representatives of the Grantee. 

  

	15.	 Further Assurances. Each of the parties to the Award Agreement will do such further acts and execute such further documents as may required
to give effect to and carry out the intent of the Award Agreement. 

  

	16.	 Non-Assignable. The Option is personal to the Grantee and may not be assigned or transferred in whole or in part, except by will or by the
operation of the laws of devolution or distribution and descent. 

  

	17.	 Amendments. Any amendments to the Award Agreement must be in writing duly executed by the parties and will (if required) be subject to the
approval of the applicable regulatory authorities. 

  

	18.	 Time of the Essence. Time is of the essence of the Award Agreement. 

 

	19.	 Governing Law. The Award Agreement shall be governed, construed and enforced according to the laws of the Province of British Columbia and is
subject to the exclusive jurisdiction of the courts of the Province of British Columbia. 

  

	20.	 Interpretation of the Award Agreement and the Plan. If any question or dispute arises as to the interpretation of the Award Agreement, the
question or dispute will be determined by the Committee and such determination will be final, conclusive and binding for all purposes on both the Company and the Grantee. 

 

	21.	 Conflict Between these General Terms and Conditions and the Plan. If there is any conflict between these General Terms and the Plan, the
Plan, as amended from time to time, will govern. 

 These General Terms and Conditions are dated for reference:
July 15, 2013Exhibit 10.73

 Exhibit 10.73 
 QLT INC. 
 AMENDED AND RESTATED 2000 INCENTIVE STOCK PLAN 

RESTRICTED STOCK UNIT AWARD GRANT NOTICE AND 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 QLT Inc. (the
“Company”), pursuant to its amended and restated 2000 Incentive Stock Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (“Participant”), an award of
restricted stock units (“Restricted Stock Units” or “RSUs”). Each Restricted Stock Unit represents the right to receive one Common Share upon vesting of such Restricted Stock Unit. This award of
Restricted Stock Units is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Award Agreement”) and the Plan, each of which are
incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Award Agreement. 

 

					
	 Participant’s Name:
	 	 	 	
			
	 Participant’s Address:
	 	 	 	
			
		 	 	 	
			
	 Grant Date:
	 	 	 	
			
	 Total Number of RSUs:
	 	 	 	
			
	 Vesting Commencement Date:
	 	 	 	
			
	 Vesting Schedule:
	 	 	 	

 By his or her signature and the Company’s signature below, Participant agrees to be
bound by the terms and conditions of the Plan, the Award Agreement and this Grant Notice. Participant has reviewed the Award Agreement, the Plan and this Grant Notice in their entirety and fully understands all provisions of this Grant Notice, the
Award Agreement and the Plan. Additionally, by signing below, Participant agrees that Participant has read, fully understands and agrees to abide by the terms of the Company’s Trading Policy and has read and fully understands the Plan
Prospectus, copies of which have been delivered to Participant and are available for reference on QLink. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions
arising under the Plan or relating to the RSUs. 
  

									
	QLT INC.:	 		 	PARTICIPANT:
					
	By:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Title:	 	 	 		 		 	
	Address:	 	 	 		 	Address:	 	 
		 	 	 		 		 	 

 EXHIBIT A 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 RESTRICTED STOCK UNIT AWARD
AGREEMENT 
 Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”)
to which this Restricted Stock Unit Award Agreement (the “Award Agreement”) is attached, QLT Inc. (the “Company”) has granted to Participant an award of restricted stock units (“Restricted Stock
Units” or “RSUs”) under the Company’s amended and restated 2000 Incentive Stock Plan, as amended from time to time (the “Plan”). 

ARTICLE I. 
 GENERAL 
 1.1 Defined Terms. Capitalized terms not
specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
 1.2
General. Each Restricted Stock Unit shall constitute a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Shares (subject to adjustment as provided in
Section 16 of the Plan) solely for purposes of the Plan and this Award Agreement. The Restricted Stock Units shall be used solely as a device for the determination of the Common Shares to eventually be delivered to Participant if such
Restricted Stock Units vest pursuant to Section 2.3 below. The Restricted Stock Units shall not be treated as property or as a trust fund of any kind. 
 1.3 Incorporation of Terms of Plan. RSUs are subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this
Award Agreement, the terms of the Plan shall control. 
 ARTICLE II. 

GRANT OF RESTRICTED STOCK UNITS 
 2.1 Grant of RSUs. In consideration of Participant’s service as a director of the Company and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant
Notice (the “Grant Date”), the Company grants to Participant an award of RSUs as set forth in the Grant Notice. 
 2.2 Company’s Obligation to Pay. Each RSU has a value equal to the Fair Market Value of a Common Share on the date it becomes vested. Unless and until the RSUs will have vested in the manner
set forth in Article II hereof, Participant will have no right to receive any Common Shares in respect of any such RSUs. Prior to actual delivery of Common Shares for any vested RSUs, such RSUs will represent an unsecured obligation of the Company,
payable (if at all) only from the general assets of the Company. 
 2.3 Vesting Schedule. Subject to
Section 2.4 and Section 2.5 below, the RSUs awarded by the Grant Notice will vest and become nonforfeitable with respect to the applicable portion thereof according to the vesting schedule set forth on the Grant Notice to which this Award
Agreement is attached (the “Vesting Schedule”). Unless otherwise determined by the Committee, partial employment or service, even if substantial, during any vesting period will not entitle Participant to any proportionate vesting or
avoid or mitigate a termination of rights and benefits upon or following a Termination of Service as provided in Section 2.4 below or under the Plan. 

  
 A-1

 2.4 Forfeiture, Termination and Cancellation upon Termination of
Services. 
 (a) Termination. Upon Participant’s Termination of Service for any or no reason, the
then-unvested RSUs subject to this Award Agreement (after giving effect to any accelerated vesting, including without limitation, pursuant to subsections (b) and (c) below) will thereupon be automatically forfeited, terminated and
cancelled as of the applicable termination date without payment of any consideration by the Company, and Participant, or Participant’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder.

 (b) Death. If Participant dies while the RSUs are unvested, unless otherwise determined by the
Committee and approved by the Exchange (if applicable), all Common Shares subject to the RSUs will become immediately vested and will be settled with the legal personal representatives of the estate of Participant. 

(c) Disability. If the Board determines, in its sole discretion, that the continuous service of Participant as a
director, officer, employee or Consultant of the Company or any Affiliate has been interrupted or terminated as a result of Participant’s complete disability, as determined by the Board in its sole discretion, (but no interruption or
termination will be deemed to have occurred in the case of sick leave or any other leave of absence approved of by the Board, provided that either such leave is for a period of not more than 90 days), unless otherwise determined by the Board and
approved by the Exchange (if applicable), the Common Shares subject to the RSUs will become immediately vested and will be settled with Participant (or in the case of a Participant who is legally incapacitated, by his or her guardians or legal
representatives). 
 2.5 Acceleration upon a Change in Control. Effective immediately upon the occurrence
of a Change in Control, all Common Shares subject to the RSUs will become immediately vested on the date of the Change in Control (as defined below). For purposes of this Award Agreement, “Change in Control” shall mean any of the
following events: 
 (a) Merger. A merger, consolidation, reorganization or arrangement involving the
Company other than a merger, consolidation, reorganization or arrangement in which stockholders of the Company immediately prior to such merger, consolidation, reorganization or arrangement own, directly or indirectly, securities possessing at least
50% of the total combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation, reorganization or arrangement in substantially the same proportion as their ownership of such voting securities
immediately prior to such merger, consolidation, reorganization or arrangement; 
 (b) Tender Offer. The
acquisition, directly or indirectly, by any person or group of persons acting jointly or in concert (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of
beneficial ownership of securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities pursuant to a tender offer (which for greater certainty, includes a takeover bid) made directly to the
Company’s stockholders; 
 (c) Sale. The sale, transfer or other disposition of all or substantially
all of the assets of the Company other than a sale, transfer or other disposition to an Affiliate of the Company or to an entity in which stockholders of the Company immediately prior to such sale, transfer or other disposition own, directly or
indirectly, securities possessing at least 50% of the total combined voting power of the outstanding voting securities of the purchasing entity in substantially the same proportion as their ownership of such voting securities immediately prior to
sale, transfer or other disposition; or 

  
 A-2

 (d) Board Change. A change in the composition of the Board over a
period of 24 consecutive months or less such that a majority of the Board ceases to be comprised of individuals who either have been: 
 (i) Board members continuously since the beginning of such period, or 
 (ii) appointed or nominated for election as Board members during such period by at least a majority of the Board members described in subsection (A) above who were still in office at the time the
Board approved such appointment or nomination. 
 2.6 Payment after Vesting. 

(a) As soon as administratively practicable, and, in any event, within sixty (60) days, following the vesting of any
Restricted Stock Units pursuant to Section 2.3 above or Section 3.2 below, the Company shall deliver to Participant a number of Common Shares (either by delivering one or more certificates for such shares or by entering such shares in book
entry form, as determined by the Company in its sole discretion) equal to the number of Restricted Stock Units subject to this award that vest on the applicable vesting date, unless such Restricted Stock Units terminate prior to the given vesting
date pursuant to Section 2.4 above. Notwithstanding the foregoing, in the event Common Shares cannot be issued pursuant to Section 2.8(a) or (b) hereof, then the Common Shares shall be issued pursuant to the preceding sentence as soon
as administratively practicable after the Committee determines that Common Shares can again be issued in accordance with Sections 2.8(a) or (b) hereof. Notwithstanding any discretion in the Plan, the Grant Notice or this Award Agreement to the
contrary, upon vesting of the RSUs, Common Shares will be issued as set forth in this section. In no event will the RSUs be paid to Participant in the form of cash. 

(b) Notwithstanding anything to the contrary in this Award Agreement, the Participant will be solely responsible for
paying any applicable withholding taxes arising from the grant, vesting or settlement of any RSUs and any payment is to be in a manner satisfactory to the Company. Notwithstanding the foregoing, the Company will have the right to withhold from any
amount payable to a Participant, either under the Plan or otherwise, such amount as may be necessary to enable the Company to comply with the applicable requirements of any federal, provincial, state, local or foreign law, or any administrative
policy of any applicable tax authority, relating to the withholding of tax or any other required deductions with respect to the Option (the “Withholding Obligations”). The Company may require the Participant, as a condition to the
settlement of an RSU, to make such arrangements as the Company may require so that the Company can satisfy applicable Withholding Obligations, including, without limitation, requiring the Participant to (i) remit the amount of any such
Withholding Obligations to the Company in advance; (ii) reimburse the Company for any such Withholding Obligations; (iii) deliver written instructions contemplated in Section 13.1(c) of the Plan, to effect a net settlement of Common
Shares under an RSU in an amount required to satisfy any such Withholding Obligations; or (iv) pursuant to a transaction as contemplated in Section 13.1(b) of the Plan, cause such broker to withhold from the proceeds realized from such
transaction the amount required to satisfy any such Withholding Obligations and to remit such amount directly to the Company. 
 Notwithstanding any other provision of this Award Agreement or the Plan to the contrary, if Participant is a Director or an “executive officer” of the Company within the meaning of
Section 13(k) of the U.S. Exchange Act, Participant shall not be permitted to make payment with respect to any Restricted Stock Units, or continue any extension of credit with respect to such payment, with a loan from the Company or a loan
arranged by the Company in violation of Section 13(k) of the U.S. Exchange Act. 

  
 A-3

 The Company shall not be obligated to deliver any new certificate
representing Common Shares to Participant or Participant’s legal representative or enter such Common Shares in book entry form unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in
full the amount of all federal, state, provincial and local taxes applicable to the taxable income of Participant resulting from the grant of the RSUs or the issuance of Common Shares. 

2.7 Rights as Shareholder. Unless otherwise determined by the Committee, the Participant shall possess no
incidents of ownership with respect to the Common Shares underlying the RSUs and deliverable hereunder unless and until such Common Shares are transferred to the Participant pursuant to the terms of the Plan and this Award Agreement. 

2.8 Conditions to Delivery of Common Shares. Subject to Section 13.5 of the Plan, the Common Shares
deliverable hereunder, or any portion thereof, may be either previously authorized but unissued Common Shares or issued Common Shares which have then been reacquired by the Company. Such Common Shares shall be fully paid and nonassessable.

 (a) The Company shall not be required to issue or deliver any Common Shares deliverable hereunder or portion
thereof prior to fulfillment of all of the following conditions: 
 (i) The completion of such registration or
other qualification of such Common Shares or obtaining approval of such governmental authority as the Company will determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; 

(ii) The admission of such Common Shares to listing or quotation on the Exchange; 

(iii) The obtaining of any approval or other clearance from any state, provincial or federal governmental agency which
the Committee shall, in its absolute discretion, determine to be necessary or advisable; 
 (iv) the receipt
from Participant of such representations, agreements and undertakings, including as to future dealings in such Common Shares, as the Company or its counsel determines to be necessary or advisable in order to safeguard against the violation of the
securities laws of any jurisdiction; 
 (b) No fractional Common Shares shall be issued under this Award
Agreement and any such fractional shares shall be eliminated by rounding down. 
 ARTICLE III. 

OTHER PROVISIONS 
 3.1 Administration. The Committee shall have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as
are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon Participant, the Company and all other
interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Award Agreement or the RSUs. 

  
 A-4

 3.2 Adjustments upon Specified Events. Upon the occurrence of certain
events relating to the Common Shares contemplated by Section 16.1 of the Plan (including, without limitation, an extraordinary cash dividend on such Common Shares), the Committee shall make such adjustments as the Committee deems appropriate in
the number of Restricted Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Restricted Stock Units. Participant acknowledges that the RSUs are subject to modification and termination in certain
events as provided in this Award Agreement and Sections 15 and 16 of the Plan. 
 3.3 Grant is not
Transferable. During the lifetime of Participant, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject
to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the RSUs, or any right or privilege conferred hereby, or upon any attempted sale under any execution,
attachment or similar process, the RSUs and the rights and privileges conferred hereby immediately will become null and void. Notwithstanding anything herein to the contrary, this Section 3.3 shall not prevent transfers by will or by operation
of the laws of devolution or distribution and descent or pursuant to a qualified domestic relations order, as defined by the U.S. Code. 
 3.4 Binding Agreement. Subject to the limitation on the transferability of the RSUs contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees,
legal representatives, successors and assigns of the parties hereto. 
 3.5 Notices. Any notice to be
given under the terms of this Award Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to
Participant at Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 3.5, either party may hereafter designate a different address for notices to be given to that party. Any notice
shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

 3.6 Titles. The division of this Award Agreement into Sections and Articles and the insertion of
headings are for convenience of reference only and will not affect the construction or interpretation of this Award Agreement or the Plan. 
 3.7 Governing Law; Severability. The laws of the Province of British Columbia shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Award
Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.8
Conformity to Securities Laws. Participant acknowledges that the Plan and this Award Agreement are intended to conform to the extent necessary with all applicable provisions of the U.S. Securities Act and the U.S. Securities Exchange Act and
any and all regulations and rules promulgated by the U.S. Securities and Exchange Commission thereunder, and applicable state and Canadian securities laws and regulations. This Award Agreement, the Plan, the granting and vesting of the RSUs under
the Plan and this Award Agreement, and the settlement and delivery of Common Shares hereunder are subject to compliance with all applicable federal, state, provincial, local and foreign laws, rules and regulations (including but not limited to
state, provincial, federal and foreign securities law and margin requirements) and to such approvals by any stock exchange, regulatory or governmental authority as may, 

  
 A-5

 
in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under this Award Agreement or the Plan shall be subject to such
restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal
requirements. To the extent permitted by applicable law, this Award Agreement, the Plan and the RSUs granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

3.9 Amendments, Suspension and Termination. To the extent permitted by the Plan, this Award Agreement may be
wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension
or termination of this Award Agreement shall adversely affect the RSUs in any material way without the prior written consent of Participant. 
 3.10 Successors and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this Award Agreement shall inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 3.3 hereof, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.

 3.11 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the
Plan or this Award Agreement, if Participant is subject to Section 16 of the U.S. Exchange Act, the Plan, the RSUs and this Award Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the U.S. Exchange Act (including any amendment to Rule 16b-3 of the U.S. Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Award Agreement shall be
deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 3.12 Not a Contract
of Employment. Nothing in this Award Agreement or the Plan will confer upon Participant any right to continue in the employ or service of or under contract with the Company or any Affiliate or affect in any way the right of the Company or any
such Affiliate to terminate his or her employment or service at any time; nor will anything in this Award Agreement or the Plan be deemed or construed to constitute an agreement, or an expression of intent, on the part of the Company or any such
Affiliate to extend the employment or the service of Participant beyond the time that he or she would normally be retired pursuant to the provisions of any present or future retirement plan of the Company or any Affiliate or any present or future
retirement policy of the Company or any Affiliate, or beyond the time at which he or she would otherwise be retired pursuant to the provisions of any contract of employment with the Company or any Affiliate. 

3.13 Entire Agreement. The Plan, the Grant Notice and this Award Agreement constitute the entire agreement of the
parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
 3.14 Section 409A. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the U.S. Code (together with any Department
of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding
any other provision of the Plan, the Grant Notice or this Award Agreement, if at any time the Committee determines that the RSUs (or any portion thereof) may be subject to Section 409A, the Committee shall have the right in its sole discretion
(without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Plan, this Award 

  
 A-6

 
Agreement or the Grant Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee
determines are necessary or appropriate either for the RSUs to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. 

3.15 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than
as herein provided. This Award Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any
assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Common Shares
as a general unsecured creditor with respect to RSUs, as and when payable hereunder. 

  
 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00219-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00219-of-00352.parquet"}]]