Document:

EX-4.3

 Exhibit 4.3 
  

 
  

					
		  		  	
		  	  
	  	
		  	  
	  	
	                            	  	  
 REGISTRATION RIGHTS AGREEMENT

 
 BY AND AMONG

 
 THE LION ELECTRIC COMPANY

 
 AND

 
 CERTAIN INVESTORS OF THE LION ELECTRIC COMPANY

 
 DATED AS OF
MAY 6 2021
  
	  	                            
		  	  
	  	
		  	  
	  	

 TABLE OF CONTENTS 

 

							
	 ARTICLE I EFFECTIVENESS
	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	1	 
		
	 ARTICLE III REGISTRATION RIGHTS
	  	 	6	 
	 Section 3.1.
	 	 Demand Registration
	  	 	6	 
			
	 Section 3.2.
	 	 Shelf Registration
	  	 	9	 
			
	 Section 3.3.
	 	 Piggyback Registration
	  	 	12	 
			
	 Section 3.4.
	 	 Lock-Up Agreements
	  	 	13	 
			
	 Section 3.5.
	 	 Registration Procedures
	  	 	13	 
			
	 Section 3.6.
	 	 Underwritten Offerings
	  	 	19	 
			
	 Section 3.7.
	 	 No Inconsistent Agreements; Additional Rights
	  	 	19	 
			
	 Section 3.8.
	 	 Registration Expenses
	  	 	20	 
			
	 Section 3.9.
	 	 Indemnification
	  	 	20	 
			
	 Section 3.10.
	 	 Rules 144 and 144A and Regulation S
	  	 	23	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	23	 
	 Section 4.1.
	 	 Authority; Effect
	  	 	23	 
			
	 Section 4.2.
	 	 Notices
	  	 	23	 
			
	 Section 4.3.
	 	 Termination and Effect of Termination
	  	 	25	 
			
	 Section 4.4.
	 	 Permitted Transferees
	  	 	25	 
			
	 Section 4.5.
	 	 Remedies
	  	 	25	 
			
	 Section 4.6.
	 	 Amendments
	  	 	25	 
			
	 Section 4.7.
	 	 Governing Law
	  	 	25	 
			
	 Section 4.8.
	 	 Dispute Resolution
	  	 	25	 
			
	 Section 4.9.
	 	 Merger; Binding Effect, Etc.
	  	 	26	 
			
	 Section 4.10.
	 	 Counterparts
	  	 	26	 
			
	 Section 4.11
	 	 Severability
	  	 	26	 
			
	 Section 4.12.
	 	 Exercise of Rights and Remedies
	  	 	26	 
			
	 Section 4.13.
	 	 No Recourse
	  	 	26	 
			
	 Section 4.14.
	 	 Language
	  	 	26	 

  
 - i - 

 This REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in
accordance with the terms hereof, the “Agreement”), dated as of May 6, 2021 is made by and among: 
  

	 	i.	 The Lion Electric Company, a company organized under the laws of Québec (the “Company”);

  

	 	ii.	 9368-2672 Québec Inc., a company organized under the laws of Québec (“9368-2672”);

  

	 	iii.	 Power Energy Corporation, a company organized under the laws of Canada (“PEC”); and

  

	 	iv.	 Amazon.com NV Investment Holdings LLC, a company organized under the laws of Nevada (“Warrantholder”,
and together with 9368-2672 and PEC, the “Principal Shareholders”). 

 RECITALS 

WHEREAS pursuant to a business combination agreement and plan of reorganization dated November 30, 2020 among the Company, Lion
Electric Merger Sub Inc. (“Merger Sub”) and Northern Genesis Acquisition Corp. (“NGA”), on the date hereof, the Company completed a business combination transaction pursuant to which (i) Merger Sub merged (the
“Merger”) with and into NGA, with NGA surviving the Merger as a wholly-owned direct subsidiary of the Company and (ii) the Company amended and restated its Articles (as defined below) (collectively, the “Business
Combination”). 
 WHEREAS, in connection with the Business Combination, the Company became a registrant under applicable U.S.
securities laws and will become, shortly after closing of the Business Combination, a reporting issuer in the Province of Québec, and its Common Shares (as defined below) will be listed on the New York Stock Exchange and the Toronto Stock
Exchange. 
 WHEREAS, in connection with the closing of the Business Combination, the parties believe that it is in the best interests
of the Company and the other parties hereto to set forth their agreements regarding certain registration rights as investors in the Company. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 EFFECTIVENESS 

Section 1.1.    Effectiveness. This Agreement shall become effective as of May 6, 2021, being the
date of closing of the Business Combination. 
 ARTICLE II 

DEFINITIONS 

Section 2.1.    Definitions. As used in this Agreement, the following terms have the following meanings:

 “9368-2672 Permitted Holders” means (i) Marc Bedard, Camile Chartrand, Fiducie Bedard, Fiducie Chartrand,
Gestion Placebo Inc., Les Placements L.-S. Piché Inc. and any Members of the Immediate Family of Marc Bedard or Camile Chartrand, and (ii) any Person controlled, directly or indirectly by one or

 
more of the Persons referred to in clause (i) above (which includes, for greater certainty, 9368-2672 as of the date hereof). 

“Adverse Disclosure” means public disclosure of material non-public information
that, in the good faith judgment of the Board: (i) would be required to be made in any Registration Statement filed with the SEC or any Canadian Preliminary Prospectus or Canadian Prospectus filed with any Canadian Securities Authority so that,
in the case of a Registration Statement, such Registration Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or, in the case of a Canadian Preliminary Prospectus or Canadian Prospectus, so that such Canadian Preliminary Prospectus or Canadian Prospectus contain full, true and plain disclosure of all material facts
relating to the securities distributed thereunder and does not contain a misrepresentation; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement or the filing of
such Canadian Preliminary Prospectus or Canadian Prospectus; and (iii) the Company has a bona fide business purpose for not disclosing publicly. 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person; provided that
the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Holder. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the preamble. 

“Articles” means the articles of the Company, as they will be in effect upon completion of the Business Combination, as
amended from time to time. 
 “Board” means the board of directors of the Company. 

“Bought Deal” means an Underwritten Public Offering of the type which is commonly known as a “bought deal,”
“block trade” or “overnight offering” or pursuant to which an underwriter has committed to purchase securities of the Company in a “bought deal” letter prior to the filing of a prospectus under applicable Canadian
Securities Laws, as permitted by NI 44-101. 
 “Business Day” means any day
on which the principal offices of the SEC in Washington, D.C. and the Autorité des marches financiers in Québec (Canada) are open to accept filings or any day on which banks are not authorized or obligated to be
closed in New York, New York or in Montreal, Québec. 
 “Canadian Base Shelf Prospectus” has the meaning set
forth in Section 3.2.8(a). 
 “Canadian Preliminary Prospectus” means a preliminary prospectus in respect of
Common Shares or other securities which (unless the context requires otherwise) has been filed with and a receipt or mutual reliance review decision document issued therefor by the applicable Canadian Securities Authorities, including, without
limitation all amendments and all supplements thereto and all documents incorporated or deemed to be incorporated by reference therein. 

“Canadian Prospectus” means a (final) prospectus in respect of Common Shares or other securities which (unless the
context requires otherwise) has been filed with and a receipt or mutual reliance review decision document issued therefor by the applicable Canadian Securities Authorities, including, without limitation all amendments and all supplements thereto and
all documents incorporated or deemed to be incorporated by reference therein, and includes, as applicable, a Canadian Base Shelf Prospectus and a Canadian Shelf Supplement. 

  
 - 2 - 

 “Canadian Securities Authorities” means any of the British Columbia
Securities Commission, Alberta Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, Manitoba Securities Commission, Ontario Securities Commission, Autorité des marchés financiers (Québec), Financial
and Consumer Services Commission (New Brunswick), Nova Scotia Securities Commission, Office of the Superintendent of Securities (Prince Edward Island), Office of the Superintendent of Securities Service (Newfoundland and Labrador), Office of the
Superintendent of Securities (Northwest Territories), Office of the Yukon Superintendent of Securities, Nunavut Securities Office, and any of their successors. 

“Canadian Securities Laws” means the securities laws, regulations and rules of each of the provinces and territories of
Canada, the forms and disclosure requirements made or promulgated under those laws, regulations or rules, the policy statements, rules, orders and companion policies of or administered by the Canadian Securities Authorities, and applicable
discretionary rulings, blanket orders or orders issued by the Canadian Securities Authorities pursuant to such laws, regulations, rules and policy statements, all as amended and in effect from time to time. 

“Canadian Shelf Registration Request” has the meaning set forth in Section 3.2.8(a). 

“Canadian Shelf Supplement” has the meaning set forth in Section 3.2.8(c). 

“Common Shares” means the common shares of the Company, as contemplated by the Articles. 

“Demand Canadian Preliminary Prospectus” has the meaning set forth in Section 3.1.1(c). 

“Demand Canadian Prospectus” has the meaning set forth in Section 3.1.1(c). 

“Demand Notice” has the meaning set forth in Section 3.1.3. 

“Demand Registration” has the meaning set forth in Section 3.1.1(a). 

“Demand Registration Request” has the meaning set forth in Section 3.1.1(a). 

“Demand Registration Statement” has the meaning set forth in Section 3.1.1(c). 

“Demand Suspension” has the meaning set forth in Section 3.1.6. 

“Director” means a director on the Board. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “FINRA” means the
Financial Industry Regulatory Authority. 
 “Holder” means a Principal Shareholder that holds Registrable Securities.

 “Issuer Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the
Securities Act, relating to an offer of the Registrable Securities. 
 “Loss” has the meaning set forth in
Section 3.9.1. 
 “marketing materials” has the meaning set forth in NI
41-101. 
 “Member of the Immediate Family” means with respect to any
individual, each parent (whether by birth or adoption), spouse or child (including any step-child) or other descendants (whether by birth or adoption) of such individual, each spouse of any of the aforementioned Persons, each trust created solely

  
 - 3 - 

 
for the benefit of such individual and/or one or more of the aforementioned Persons, and each legal representative of such individual or of any aforementioned Persons (including a tutor, curator,
mandatary due to incapacity, custodian, guardian or testamentary executor), acting in such capacity under the authority of the law, an order from a competent tribunal, a will or a mandate in case of incapacity or similar instrument. For the purposes
of this definition, a Person shall be considered the spouse of an individual if such Person is legally married to such individual, lives in a civil union with such individual or is the common law partner (as defined in the Income Tax Act
(Canada) as amended from time to time) of such individual. A Person who was the spouse of an individual within the meaning of this paragraph immediately before the death of such individual shall continue to be considered a spouse of such individual
after the death of such individual. 
 “misrepresentation” has the meaning set forth under applicable Canadian
Securities Laws. 
 “NI 41-101” means National Instrument 41-101 General Prospectus Requirements. 
 “NI
44-101” means National Instrument 44-101 Short Form Prospectus Distributions. 

“NI 44-102” means National Instrument
44-102 Shelf Distributions. 
 “PEC Permitted Holders” means Power
Energy Corporation and any of its Affiliates. 
 “Permitted Transferee” means, in each case to the extent such Person
agrees to be bound by the terms of this Agreement, (i) in the case of PEC, any PEC Permitted Holder, (ii) in the case of 9368-2672, any 9368-2672 Permitted Holder, and (iii) in the case of
Warrantholder, any Warrantholder Permitted Holder. 
 “Person” means any individual, partnership, corporation,
company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Piggyback Notice” has the meaning set forth in Section 3.1.1. 

“Piggyback Registration” has the meaning set forth in Section 3.1.1. 

“Potential Takedown Participant” has the meaning set forth in Section 3.2.5(b). 

“Principal Shareholder” has the meaning set forth in the preamble. 

“Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an
Underwritten Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the
numerator of which is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered
or sold. 
 “Public Offering” means the offer and sale of Registrable Securities for cash pursuant to (i) an
effective Registration Statement under the Securities Act (other than a Registration Statement on Form S-4, Form F-4 or Form S-8
or any successor form), (ii) a Canadian Prospectus, (iii) a combination of (i) and (ii) above, or (iv) comparable mechanics under the securities laws of any other jurisdiction. 

“Registrable Securities” means (i) all Common Shares that are not then subject to forfeiture to the Company,
(ii) all Common Shares issuable upon the exercise, conversion or exchange of any option, warrant or convertible security of the Company and (iii) all Common Shares directly or indirectly issued or then issuable with respect to the
securities referred to in clauses (i) or (ii) above by way of a stock dividend or stock split, or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable
Securities, such securities shall cease to be Registrable 

  
 - 4 - 

 
Securities when (w) (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed
of in accordance with such Registration Statement or (B) such securities shall have been qualified for distribution under applicable Canadian Securities Laws in any province or territory of Canada pursuant to the filing with the applicable
Canadian Securities Authorities of a Canadian Prospectus and the issuance of a receipt therefor, and such securities shall have been disposed of thereunder, (x) such securities shall have been Transferred pursuant to Rule 144, (y) both
(A) such holder is able to immediately sell such securities under Rule 144 without any restrictions on transfer (including without application of paragraphs (c), (d), (e), (f) and (h) of Rule 144), as reasonably determined by the Holder,
and (B) the trade of such securities by such holder in Canada would not constitute a “control distribution” as such term is defined in National Instrument 45-102 Resale of Securities, or
(z) such securities shall have ceased to be outstanding. 
 “Registration” means a (i) registration under
the Securities Act of the offer and sale to the public of any Registrable Securities under a Registration Statement, (ii) the qualification of any Registrable Securities for distribution under applicable Canadian Securities Laws in any province
or territory of Canada by way of a Canadian Prospectus, (iii) a combination of (i) and (ii) above, or (iv) comparable mechanics under the securities laws of any other jurisdiction. The terms “register”,
“registered” and “registering” shall have correlative meanings. 
 “Registration
Expenses” has the meaning set forth in Section 3.8. 
 “Registration Statement” means any registration
statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related U.S. Prospectus, amendments and supplements to such registration statement, including pre- and
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration statement (and related U.S. Prospectus) filed on Form S-4, Form F-4 or Form S-8 or any successor form thereto. 

“Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents,
attorneys, accountants, actuaries, consultants, equity financing partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 

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

“SEC” means the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities
Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Securities Authorities”
means the SEC and the Canadian Securities Authorities or applicable securities authorities of any other jurisdiction. 

“Transfer” means, with respect to any Registrable Security, any interest therein, or any other securities or equity
interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether
voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning. 

“Underwritten Public Offering” means an underwritten Public Offering, including any Bought Deal. 

“Underwritten U.S. Shelf Takedown” means an Underwritten Public Offering pursuant to an effective U.S. Shelf
Registration Statement. 
 “U.S. Prospectus” means (i) the prospectus included in any Registration Statement,
all amendments and supplements to such prospectus, including post-effective amendments and supplements, 

  
 - 5 - 

 
and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus. 

“U.S. Shelf Period” has the meaning set forth in Section 3.2.3. 

“U.S. Shelf Registration” has the meaning set forth in Section 3.2.1(a). 

“U.S. Shelf Registration Notice” has the meaning set forth in Section 3.2.2. 

“U.S. Shelf Registration Request” has the meaning set forth in Section 3.2.1(a). 

“U.S. Shelf Registration Statement” has the meaning set forth in Section 3.2.1(a). 

“U.S. Shelf Suspension” has the meaning set forth in Section 3.2.4. 

“U.S. Shelf Takedown Notice” has the meaning set forth in Section 3.2.5(b). 

“U.S. Shelf Takedown Request” has the meaning set forth in Section 3.2.5(a). 

“Warrantholder” has the meaning set forth in the preamble. 

“Warrantholder Permitted Holder” means Amazon.com NV Investment Holdings LLC and any of its Affiliates. 

“WKSI” means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the
Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition. 

Section 2.2.    Other Interpretive Provisions.  

(1)        The meanings of defined terms are equally applicable to the singular and plural forms
of the defined terms. 
 (2)        The words “hereof”, “herein”,
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(3)        The term “including” is not limiting and means “including without
limitation.” 
 (4)        The captions and headings of this Agreement are for
convenience of reference only and shall not affect the interpretation of this Agreement. 

(5)        Whenever the context requires, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms. 
 ARTICLE III 

REGISTRATION RIGHTS 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 Section 3.1.        Demand Registration. 

  
 - 6 - 

 Section 3.1.1.    Request for Demand Registration. 

 

	 	(a)	 At any time following the date of this Agreement, each of PEC, 9368-2672 and Warrantholder, for as long as it is a
Holder and holds, together with its Permitted Transferees, at least 10% of the outstanding Common Shares (on a non-diluted basis), shall have the right to make a written request from time to time (a
“Demand Registration Request”) to the Company for Registration of all or part of the Registrable Securities held by such Principal Shareholders. Any such Registration pursuant to a Demand Registration Request shall
hereinafter be referred to as a “Demand Registration.” 

  

	 	(b)	 Each Demand Registration Request shall specify (x) the aggregate amount of such Holders’ Registrable
Securities to be registered, (y) the intended method or methods of disposition thereof and (z) the jurisdiction(s) in which the Registration is to take place. 

 

	 	(c)	 Upon receipt of a Demand Registration Request, the Company shall as promptly as practicable file a Registration
Statement (a “Demand Registration Statement”) relating to such Demand Registration, and use its reasonable best efforts to cause such Demand Registration Statement to be promptly declared effective under the Securities Act, and/or,
as may be requested, file with the applicable Canadian Securities Authorities and use its reasonable best efforts to secure the issuance of a receipt or mutual reliance review decision document for a Canadian Preliminary Prospectus (a
“Demand Canadian Preliminary Prospectus”) and a Canadian Prospectus (a “Demand Canadian Prospectus”) relating to such Demand Registration, including, if necessary or useful, in reliance upon the
post-receipt pricing procedures under National Instrument 44-103 Post-Receipt Pricing. 

Section 3.1.2.    Limitation on Demand Registrations. The Company shall not be
obligated to take any action to effect any Demand Registration if (a) within any twelve-month period there have been effected three (3) Demand Registrations (including, for greater certainty, any Demand Registration which is subsequently
withdrawn pursuant to Section 3.1.4), or (b) the value of the Common Shares to be offered under any such Demand Registration is less than US$30 million. Additionally, the Company shall not be obligated under this Section 3.1 to
take any action to effect any Demand Registration within 90 days following the completion of a Public Offering in which a Demand Registration, U.S. Shelf Registration, U.S. Shelf Takedown or a Piggyback Registration has been effected. 

Section 3.1.3.    Demand Notice. Other than in connection with a Bought Deal, promptly
upon receipt of a Demand Registration Request pursuant to Section 3.1.1 (but in no event more than two (2) Business Days thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Demand
Registration Request to all other Holders and the Demand Notice shall offer each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as each such Holder may request in writing. Subject to
Section 3.1.7, the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days after the date that
the Demand Notice was delivered. In the event that a Demand Registration is made in connection with a Bought Deal, the notice periods set forth in this Section 3.1.3 shall not be applicable and the Company shall give the other Holders such
notice as is practicable under the circumstances given the speed and urgency with which Bought Deals are currently carried out in common market practice of its rights to participate thereunder and such Holders shall have at least 24 hours to notify
the Company and the requesting Holder that they will participate in the Bought Deal, failing which, the requesting Holder shall be free to pursue the Bought Deal without the participation of such other Holders. 

  
 - 7 - 

 Section 3.1.4.    Demand Withdrawal.
The Holders may withdraw all or any portion of their Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the Demand Registration Statement or the filing of the Demand
Canadian Prospectus, as applicable. Upon receipt of a notice to such effect with respect to all of the Registrable Securities included by the Holders in such Demand Registration, the Company shall cease all efforts to pursue or consummate such
Demand Registration. 
 Section 3.1.5.    Effective Registration. The Company
shall (a) use reasonable best efforts to cause any Demand Registration Statement to become effective and remain effective for not less than one hundred eighty (180) days (or such shorter period as will terminate when all Registrable
Securities covered by such Demand Registration Statement have been sold or withdrawn), or, if such Demand Registration Statement relates to an Underwritten Public Offering, such longer period as in the opinion of counsel for the underwriter or
underwriters a U.S. Prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer, and (b) from the period beginning on the filing of any Demand Canadian Preliminary Prospectus or
Demand Canadian Prospectus until the completion of the distribution of the Registrable Securities covered by such Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus (or the closing date of the offering of such Registrable
Securities thereunder, if later), comply with section 57 of the Securities Act (Ontario) and the comparable provisions of other applicable Canadian Securities Laws, and prepare and file promptly any prospectus or marketing material
amendment which, in the opinion of the Company, acting reasonably, may be necessary or advisable, and will otherwise comply with all legal requirements and take all actions necessary to continue to qualify such Registrable Securities for
distribution in the applicable provinces and territories of Canada for as long as may be necessary to complete the distribution of such Registrable Securities. 

Section 3.1.6.    Delay in Filing; Suspension of Registration. If the filing,
initial effectiveness or continued use of a Demand Registration Statement or the filing or continued use of a Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus (including pursuant to Section 3.2.8(a)) at any time would
require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, as applicable, the Demand Registration Statement,
Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus (a “Demand Suspension”); provided, however, that a Demand Suspension in respect of a given Demand Registration may not exceed sixty (60) days
and Demand Suspensions in respect of multiple Demand Registrations in any twelve (12) month period may not exceed one hundred twenty (120) days. In the case of a Demand Suspension, the Holders agree to suspend use of any applicable U.S.
Prospectus, Demand Canadian Preliminary Prospectus or Canadian Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately
notify the Holders in writing upon the termination of any Demand Suspension, amend or supplement any U.S. Prospectus, if necessary, so it does not contain any untrue statement or omission, amend or supplement any Demand Canadian Preliminary
Prospectus or Demand Canadian Prospectus, if necessary, so that it contains full, true and plain disclosure of all material facts relating to the securities distributed thereunder and does not contain a misrepresentation or if required by applicable
Canadian Securities Laws or as may reasonably be requested by the Holders whose Registrable Securities are covered by such Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus, and furnish to the Holders such numbers of copies of any
U.S. Prospectus, Demand Canadian Preliminary Prospectus or Demand Canadian Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary, supplement or amend any Demand Registration Statement, if
required by the registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be
requested by the Holders of a majority of Registrable Securities that are included in such Demand Registration Statement. 

  
 - 8 - 

 Section 3.1.7.    Priority of Securities Registered
Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Public Offering of the Registrable Securities included in a Demand Registration advise the Company in writing that, in its or their
opinion, the number of securities requested to be included in such Demand Registration exceeds the number that can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered
or the market for the securities offered, then the securities to be included in such Registration shall be, in the case of any Demand Registration, (x) first, allocated to each Holder that has requested to participate in such Demand
Registration an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and
(y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.1.8.    Resale Rights. In the event that a Holder requests to participate in a
Registration pursuant to this Section 3.1 in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners or members, if requested by such Holder. 

Section 3.2.    Shelf Registration. 

Section 3.2.1.    Request for U.S. Shelf Registration. 

 

	 	(a)	 Upon the written request of any Holders entitled to make Demand Registration Requests (a “U.S. Shelf
Registration Request”), the Company shall promptly file a shelf Registration Statement with the SEC pursuant to Rule 415 under the Securities Act (each, a “U.S. Shelf Registration Statement”) relating to the offer
and sale of Registrable Securities by such Holders from time to time in accordance with the methods of distribution elected by such Holders, and the Company shall use its reasonable best efforts to cause such U.S. Shelf Registration Statement to
promptly become effective under the Securities Act. Any such Registration pursuant to a U.S. Shelf Registration Request shall hereinafter be referred to as a “U.S. Shelf Registration.” 

 

	 	(b)	 If on the date of the U.S. Shelf Registration Request contemplating the filing of a U.S. Shelf Registration Statement,
the Company is a WKSI, then the U.S. Shelf Registration Request may request Registration with the SEC of an unspecified amount of Registrable Securities to be sold by unspecified Holders. If on the date of the U.S. Shelf Registration Request the
Company is not a WKSI, then the U.S. Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered. The Company shall provide to the Holders the information necessary to determine the Company’s status
as a WKSI upon request. 

  

	 	(c)	 All Holders shall be deemed to have made a U.S. Shelf Registration Request on the date hereof for the Company to file
a U.S. Shelf Registration Statement relating to the resale of all Registrable Securities owned by such Holders on the date hereof promptly following the closing of the Business Combination. 

Section 3.2.2.    U.S. Shelf Registration Notice. Promptly upon receipt of a U.S. Shelf
Registration Request (but in no event more than two (2) Business Days thereafter (or such shorter period as may be reasonably requested in connection with a Bought Deal)), the Company shall deliver a written notice (a “U.S. Shelf
Registration Notice”) of any such request to all other Holders, which notice shall specify, if applicable, the amount of Registrable Securities to be registered, and the U.S. Shelf Registration Notice shall offer each such Holder the
opportunity to include in the U.S. Shelf Registration that number of Registrable Securities as each such Holder may request in 

  
 - 9 - 

 
writing. The Company shall include in such U.S. Shelf Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within
three (3) Business Days (or such shorter period as may be reasonably requested in connection with a Bought Deal provided such period is at least 24 hours) after the date that the U.S. Shelf Registration Notice has been delivered;
provided, however, that if the Holder, is not, or is not controlled (directly or indirectly) by, a director or officer of the Company, such time for providing written requests for inclusion shall be extended to five
(5) Business Days (or such shorter period as may be reasonably requested in connection with a Bought Deal provided such period is at least 24 hours). 

Section 3.2.3.    Continued Effectiveness of U.S. Shelf Registration Statement. The
Company shall use its reasonable best efforts to keep any U.S. Shelf Registration Statement continuously effective under the Securities Act in order to permit the U.S. Prospectus forming part of the U.S. Shelf Registration Statement to be usable by
Holders until the earlier of: (i) the date as of which all Registrable Securities have been sold pursuant to the U.S. Shelf Registration Statement as part of another Registration (but in no event prior to the applicable period referred to in
Section 4(a)(3) of the Securities Act and Rule 174 thereunder); and (ii) the date as of which no Holder holds Registrable Securities (such period of effectiveness, the “U.S. Shelf Period”). Subject to
Section 3.2.4, the Company shall be deemed not to have used its reasonable best efforts to keep the U.S. Shelf Registration Statement effective during the U.S. Shelf Period if the Company voluntarily takes any action or omits to take any action
that would result in Holders of the Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such U.S. Shelf Registration Statement during the U.S. Shelf Period, unless such action or omission is
required by applicable law. 
 Section 3.2.4.    Suspension of U.S. Shelf
Registration. If the continued use of such U.S. Shelf Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, suspend
use of the U.S. Shelf Registration Statement (a “U.S. Shelf Suspension”); provided, however, that the Company shall not be permitted to exercise a U.S. Shelf Suspension more than sixty (60) consecutive days
or more than one hundred twenty (120) days during any twelve (12) month period. In the case of a U.S. Shelf Suspension, the Holders agree to suspend use of the applicable U.S. Prospectus in connection with any sale or purchase of, or offer
to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any U.S. Shelf Suspension, amend or supplement the U.S. Prospectus, if
necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the U.S. Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary,
supplement or amend the U.S. Shelf Registration Statement, if required by the registration form used by the Company for the U.S. Shelf Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the
rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such U.S. Shelf Registration Statement. 

Section 3.2.5.    U.S. Shelf Takedown. 

 

	 	(a)	 At any time the Company has an effective U.S. Shelf Registration Statement, by notice to the Company specifying the
intended method or methods of disposition thereof, a Holder entitled to make Demand Registration Requests and whose Registrable Securities are able to be offered on such U.S. Shelf Registration Statement may make a written request (a “U.S.
Shelf Takedown Request”) to the Company to effect a Public Offering, including an Underwritten U.S. Shelf Takedown, of all or a portion of such Registrable Securities that may be registered under such U.S. Shelf Registration
Statement, and as soon as practicable the Company shall amend or supplement the U.S. Shelf Registration Statement as necessary for such purpose. 

  
 - 10 - 

	 	(b)	 Promptly upon receipt of a U.S. Shelf Takedown Request (but in no event more than two (2) Business Days
thereafter (or such shorter period as may be reasonably requested in connection with a Bought Deal)) for any Underwritten U.S. Shelf Takedown, the Company shall deliver a notice (a “U.S. Shelf Takedown Notice”) to each other
Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a “Potential Takedown Participant”). The
U.S. Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten U.S. Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in
writing. The Company shall include in the Underwritten U.S. Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three (3) Business Days (or such
shorter period as may be reasonably requested by the requesting Holder in connection with a Bought Deal provided such period is at least 24 hours) after the date that the U.S. Shelf Takedown Notice has been delivered. Notwithstanding the
delivery of any U.S. Shelf Takedown Notice, all determinations as to whether to complete any Underwritten U.S. Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten U.S. Shelf Takedown contemplated by this
Section 3.2.5 shall be determined by the requesting Holder. 

Section 3.2.6.    Priority of Securities Sold Pursuant to U.S. Shelf Takedowns. If the
managing underwriter or underwriters of a proposed Underwritten U.S. Shelf Takedown pursuant to Section 3.2.5 advise the Company in writing that, in its or their opinion, the number of securities requested to be included in the proposed
Underwritten U.S. Shelf Takedown exceeds the number that can be sold in such Underwritten U.S. Shelf Takedown without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the
securities offered, the number of Registrable Securities to be included in such offering shall be (x) first, allocated to each Holder that has requested to participate in such Underwritten U.S. Shelf Takedown an amount equal to the lesser of
(i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to
in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be sold without having such adverse effect. 

Section 3.2.7.    Resale Rights. In the event that a Holder elects to request a
Registration pursuant to this Section 3.2 in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for resale by such partners or members, if requested by such Holder. 

Section 3.2.8.    Request for Canadian Shelf Registration. 

 

	 	(a)	 Upon the written request of any Holders entitled to make Demand Registration Requests from time to time following the
completion of the Business Combination (a “Canadian Shelf Registration Request”), the Company shall promptly file with the applicable Canadian Securities Authorities, and use its reasonable best efforts to secure the issuance of a
receipt or mutual reliance review decision document for, a preliminary base shelf prospectus and base shelf (final) prospectus (the “Canadian Base Shelf Prospectus”) pursuant to the provisions of NI 44-102 to qualify the distribution of all of the Registrable Securities in each of the provinces and territories of Canada (or as otherwise determined by the Holders entitled to make Demand Registration Requests in
the Canadian Shelf Registration Request). 

  

	 	(b)	 In advance of the expiration of any Canadian Base Shelf Prospectus, except as otherwise directed by the Holders
entitled to make Demand Registration Requests 

  
 - 11 - 

	 	 
in writing, the Company shall renew such Canadian Base Shelf Prospectus in accordance with Section 3.2.8(a), such that the Company shall at all times have an effective Canadian Base Shelf
Prospectus with enough capacity to allow the sale thereunder of all remaining Registrable Securities. 

  

	 	(c)	 The Company shall satisfy any Demand Registration Request that is submitted pursuant to Section 2.2 at a time
that a Canadian Base Shelf Prospectus is effective by filing a supplement to the Canadian Base Shelf Prospectus (a “Canadian Shelf Supplement”) with the applicable Canadian Securities Authorities in accordance with NI 44-102 as soon as practicable and in any event not later than three (3) Business Days after the Demand Registration Request is received. Section 3.1 shall apply mutatis mutandis to any
Demand Registration Request effected pursuant to this Section 3.2.8. 

Section 3.3.    Piggyback Registration. 

Section 3.3.1.    Participation. If the Company at any time following the Business
Combination proposes (a) to file a Registration Statement with respect to any offering of its equity securities for its own account or for the account of any securityholder under the Securities Act, (b) to qualify any of its equity
securities for distribution for its own account or for the account of any securityholder under applicable Canadian Securities Laws in any province or territory of Canada by way of a Canadian Prospectus or (c) to otherwise conduct a Public
Offering with respect to any offering of its equity securities for its own account or for the account of any other Person pursuant to a Registration Statement that registers Registrable Securities or that registers an unspecified amount of
securities (other than (i) a Registration under Section 3.1 or Section 3.2, (ii) a Registration on Form S-4, Form F-4 or Form S-8 or any successor form to such forms or (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock
plan or other employee benefit plan arrangement), then, as soon as practicable (but in no event less than ten (10) Business Days prior to the proposed date of filing of the U.S. Registration Statement, Canadian Preliminary Prospectus or
Canadian Shelf Supplement in respect of such offering or, in the case of a Public Offering under a U.S. Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a “Piggyback
Notice”) of such proposed filing or Public Offering to all Holders (other than any Holders whose participation in such offering would require the filing of (x) a new registration statement or a post-effective amendment to an existing
registration statement, or (y) the filing of a new Canadian Base Shelf Prospectus or an amendment to an existing Canadian Base Shelf Prospectus, as applicable), and such Piggyback Notice shall offer the Holders the opportunity to register under
any such Registration Statement or under any applicable Canadian Prospectus, or to include in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”).
Subject to Section 3.3.2, the Company shall include in such Registration Statement, Canadian Preliminary Prospectus or Canadian Prospectus or in such Public Offering, as applicable, all such Registrable Securities that are requested to be
included therein within five (5) days after the receipt by such Holder of any such notice; provided, however, that if at any time after giving written notice of its intention to register or sell any securities and prior to the
effective date of the Registration Statement filed in connection with such Registration, the filing of a Canadian Prospectus in connection with such Registration, or the pricing or trade date of a Public Offering under a U.S. Shelf Registration
Statement, the Company determines for any reason not to register or sell or to delay the Registration or sale of such securities, the Company shall give written notice of such determination to each Holder and, thereupon, (i) in the case of a
determination not to register or sell, 

  
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shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration
Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under Section 3.1, (including pursuant to Section 3.2.8(c))
or an Underwritten U.S. Shelf Takedown under Section 3.2, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten U.S. Shelf
Takedown, as the case may be, shall be permitted to delay registering or selling any Registrable Securities, for the same period as the delay in registering or selling such other securities. Any Holder shall have the right to withdraw all or part of
its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw. 

Section 3.3.2.    Priority of Piggyback Registration. If the managing
underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such
Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the
market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Company proposes to sell, and (ii) second, and only if all the securities
referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated among the
Holders that have requested to participate in such Registration based on an amount equal to the lesser of (x) the number of such Registrable Securities requested to be sold by such Holder, and (y) a number of such shares equal to such
Holder’s Pro Rata Portion, and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration. 

Section 3.3.3.    No Effect on Other Registrations. No Registration of Registrable
Securities effected pursuant to a request under this Section 3.3 shall be deemed to have been effected pursuant to Section 3.1 and Section 3.2 or shall relieve the Company of its obligations under Section 3.1 and
Section 3.2. 
 Section 3.4.    Lock-Up Agreements. In
connection with each Registration or sale of Registrable Securities pursuant to Section 3.1, Section 3.2 or Section 3.3 conducted as an Underwritten Public Offering, each Holder agrees, if requested, to become bound by and to execute
and deliver a lock-up agreement with the underwriter(s) of such Underwritten Public Offering restricting such Holder’s right to (a) Transfer, directly or indirectly, any equity securities of the
Company held by such Holder or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such securities during the period commencing on the date of the final U.S. Prospectus and/or
of the Canadian Prospectus relating to the Underwritten Public Offering and ending on the date specified by the underwriters (such period not to exceed ninety (90) days following the date of closing of the Underwritten Public Offering plus,
such additional period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on the publication or other distribution of research reports and analyst recommendations and opinions, if applicable). 

Section 3.5.    Registration Procedures. 

Section 3.5.1.    Requirements. In connection with the Company’s obligations under
Section 3.1 to Section 3.6, the Company shall use its reasonable best efforts to effect such 

  
 - 13 - 

 
Registration and to permit the offering, sale and distribution of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as
reasonably practicable, and in connection therewith the Company shall: 
  

	 	(a)	 As promptly as practicable prepare the required Registration Statement and U.S. Prospectus and/or Canadian Preliminary
Prospectus and Canadian Prospectus including all exhibits, financial statements and ancillary materials required under the Securities Act or Canadian Securities Laws to be filed therewith, and, before filing a Registration Statement, U.S.
Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement,
Canadian Preliminary Prospectus or Canadian Prospectus, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such changes in
such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under Section 3.3 not file any Registration Statement, U.S.
Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or amendments or supplements thereto to which the participating Holders, in such capacity, or the underwriters, if any, shall reasonably object; 

 

	 	(b)	 prepare and file with the applicable Securities Authorities such amendments and post-effective amendments to the
Registration Statement, such supplements to the U.S. Prospectus and such amendments and supplements to the Canadian Preliminary Prospectus and Canadian Prospectus as may be (x) reasonably requested by any Holder with Registrable Securities
covered by such Registration (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration Statement effective for the period of
time required by this Agreement or to continue to qualify such Registrable Securities for distribution as required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all
securities covered by such Registration during such period in accordance with the intended method or methods of disposition by the sellers thereof; 

  

	 	(c)	 notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such
notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes
effective, and when the applicable U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus, or any amendment or supplement thereto, has been filed (and, in the case of a Canadian Preliminary Prospectus or Canadian Prospectus, when a
receipt or mutual reliance review decision document has been issued therefor), (b) of any written comments by the Securities Authorities, or any request by the Securities Authorities or other governmental authority in any jurisdiction for
amendments or supplements to any such Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus or to any marketing materials, or for additional information (whether before or after the effective date of the
Registration Statement) or any other correspondence with the Securities Authorities relating to, or which may affect, the Registration, (c) of the issuance by the Securities Authorities of any stop order suspending the effectiveness of such
Registration Statement or any order by the Securities Authorities or any other regulatory authority preventing or suspending the use of any preliminary or final U.S. Prospectus or of any Canadian Preliminary Prospectus, Canadian Prospectus or
marketing materials, or the 

  
 - 14 - 

	 	 
initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be
true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering, sale or distribution in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; 

  

	 	(d)	 promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes
aware of the happening of any event as a result of which any applicable Registration Statement or the U.S. Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements therein (in the case of such U.S. Prospectus or any preliminary U.S. Prospectus, in light of the circumstances under which they were made) not misleading or as a result of which any Canadian Preliminary
Prospectus, Canadian Prospectus or marketing materials would contain a misrepresentation or a statement otherwise misleading or untrue, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in
the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials in
order to comply with the Securities Act or Canadian Securities Laws and, as promptly as reasonably practicable thereafter, prepare and file with the SEC and/or the applicable Canadian Securities Authority, and furnish without charge to the selling
Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials which shall correct such
misstatement or omission or effect such compliance; 

  

	 	(e)	 to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the
Company files any U.S. Shelf Registration Statement, the Company shall include in such U.S. Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in
a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such U.S. Shelf Registration Statement at a later time through the filing of a U.S. Prospectus supplement
rather than a post-effective amendment; 

  

	 	(f)	 use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order or notice
preventing or suspending the use of any preliminary or final U.S. Prospectus or of any Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials; 

 

	 	(g)	 promptly incorporate in a U.S. Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such
information as the managing underwriter or underwriters and the selling Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such U.S. Prospectus
supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such U.S. Prospectus supplement, Issuer Free Writing Prospectus or post-effective
amendment; 

  

	 	(h)	 furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder
or underwriter may reasonably request of 

  
 - 15 - 

	 	 
any applicable Registration Statement, Canadian Preliminary Prospectus or Canadian Prospectus and any amendment or post-effective amendment or supplement thereto, including financial statements
and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

  

	 	(i)	 deliver to each selling Holder and each underwriter, if any, without charge, as many copies of any applicable U.S.
Prospectus (including each preliminary U.S. Prospectus), Canadian Preliminary Prospectus or Canadian Prospectus and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to
facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus or any amendment or
supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering, sale or distribution of the Registrable Securities covered by such U.S. Prospectus, Canadian Preliminary Prospectus or Canadian
Prospectus or any amendment or supplement thereto); 

  

	 	(j)	 on or prior to the date on which any applicable Registration Statement becomes effective or any applicable Canadian
Prospectus is filed, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification
of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel
reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by Section 3.1 or Section 3.2, as applicable,
provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject; 

  

	 	(k)	 cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request prior to any sale of
Registrable Securities to the underwriters; 

  

	 	(l)	 use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

  

	 	(m)	 not later than the effective date of any applicable Registration Statement or the filing of any applicable Canadian
Prospectus, provide a CUSIP number for all Registrable Securities and, as applicable, provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust
Company or CDS Clearing and Depository Services Inc., as applicable; 

  

	 	(n)	 make such representations and warranties to the Holders of which Registrable Securities are being registered, and the
underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar 

  
 - 16 - 

	 	 
to the offering then being undertaken; 

  

	 	(o)	 enter into such customary agreements (including underwriting and indemnification agreements) and take all such other
actions as the selling Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities; 

 

	 	(p)	 obtain for delivery to the Holders of the Registrable Securities being registered and to the underwriter or
underwriters, if any, an opinion or opinions from counsel for the Company dated the most recent effective date of any Registration Statement or, in the event of an Underwritten Public Offering or if customary in public offerings similar to the
offering then being undertaken, the date of the closing under the underwriting agreement or for such offering, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may
be, and their respective counsel; 

  

	 	(q)	 in the case of an Underwritten Public Offering, obtain for delivery to the Company and the managing underwriter or
underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary, any other independent certified public
accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement or Canadian Prospectus)
in customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing
under the underwriting agreement; 

  

	 	(r)	 cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of
such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA or IIROC; 

  

	 	(s)	 use its reasonable best efforts to comply with all applicable securities laws and, if a Registration Statement was
filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;

  

	 	(t)	 provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such
Registration; 

  

	 	(u)	 use its reasonable best efforts to cause all Registrable Securities covered by such Registration to be listed on each
securities exchange on which any of the Company’s equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are then quoted; 

 

	 	(v)	 make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a
representative appointed by the selling Holders, by any underwriter participating in any Registration and by any attorney, accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records and
pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, Directors and employees and the independent public accountants who have certified its financial statements to make themselves available to
discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such 

  
 - 17 - 

	 	 
Registration; 

  

	 	(w)	 in the case of an Underwritten Public Offering, cause the senior executive officers of the Company to participate in
the customary “road show” presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated
herein and customary selling efforts related thereto; 

  

	 	(x)	 take no direct or indirect action prohibited by Regulation M under the Exchange Act, OSC Rule 48-501 – Trading during Distributions, Formal Bids and Share Exchange Transactions and by Section 7.7 of the Universal Market Integrity Rules; 

 

	 	(y)	 take all reasonable action to (y) ensure that any Issuer Free Writing Prospectus utilized in connection with such
Registration complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related U.S. Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading
and (z) ensure that any marketing materials to be provided in connection with such Registration comply with Canadian Securities Laws and approve in writing all such marketing materials (including as may be reasonably required by any managing
underwriter or underwriters) and file such marketing materials to the extent required for the use of such marketing materials under applicable Canadian Securities Laws; and 

 

	 	(z)	 take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate
the disposition of such Registrable Securities in accordance with the terms of this Agreement. 

Section 3.5.2.    Company Information Requests. The Company may require each seller of
Registrable Securities as to which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of
Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information
within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

 Section 3.5.3.    Discontinuing Registration. Each Holder agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section 3.5.1(d), such Holder will discontinue disposition of Registrable Securities pursuant to such Registration Statement or the distribution of
Registrable Securities under such Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials until such Holder’s receipt of the copies of the supplemented or amended U.S. Prospectus or Canadian Preliminary Prospectus, Canadian
Prospectus or marketing materials contemplated by Section 3.5.1(d), or until such Holder is advised in writing by the Company that the use of the U.S. Prospectus, Canadian Preliminary Prospectus, Canadian Prospectus or marketing materials may
be resumed, and, as applicable, has received copies of any additional or supplemental filings that are incorporated by reference in the U.S. Prospectus, Canadian Preliminary Prospectus or Canadian Prospectus, or any amendments or supplements
thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s 

  
 - 18 - 

 
possession, of such documents current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which any applicable Registration Statement is
required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration
Statement either receives the copies of the supplemented or amended U.S. Prospectus contemplated by Section 3.5.1(d) or is advised in writing by the Company that the use of the U.S. Prospectus may be resumed. 

Section 3.6.    Underwritten Offerings. 

Section 3.6.1.    Demand Registrations. If requested by the underwriters for any
Underwritten Public Offering, pursuant to a Registration or sale under Section 3.1 or Section 3.2, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and
form to each of the Company, the Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type. The Holders of the Registrable Securities
proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders
shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any
representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended
method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder under such agreement shall not exceed such Holder’s
proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

Section 3.6.2.    Piggyback Registrations. If the Company proposes to register or sell
any of its securities as contemplated by Section 3.3 and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to Section 3.3 and, subject to the provisions of
Section 3.3.2, use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by
such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between
the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder
shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities,
such Holder’s intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such
Holder’s proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses. 

Section 3.6.3.    Selection of Underwriters. In the case of an Underwritten Public
Offering under Section 3.1 or Section 3.2 the managing underwriter or underwriters to administer the offering shall be determined by the requesting Holder and shall be reasonably acceptable to the Company, and in the case of an
Underwritten Public Offering under Section 3.3, the managing underwriter or underwriters to administer the offering shall be determined by the Company. 

Section 3.7.    No Inconsistent Agreements; Additional Rights. Neither the Company nor any of its
subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a 

  
 - 19 - 

 
party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement. Neither the Company nor any of its subsidiaries shall enter
into any agreement granting registration or similar rights to any Person without the prior written consent of each Holders hereunder that beneficially owns at least 10% of the outstanding Common Shares (on a
non-diluted basis), unless such rights are subordinated or pari passu to the registration rights granted to the Holders under this Agreement. The Company hereby represents and warrants that, as of the date
hereof, no registration or similar rights have been granted to any other Person other than pursuant to this Agreement, except pursuant to those certain Subscription Agreements, dated as of November 30, 2020, by and among the Company, NGA and
certain investors. 
 Section 3.8.    Registration Expenses. All expenses incident to the
Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC, FINRA, the
Canadian Securities Authorities or IIROC, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements of counsel for the underwriters in connection with
blue sky qualifications of the Registrable Securities), (iii) all printing, translation, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including all expenses of any transfer agent and expenses relating to
The Depository Trust Company or CDS Clearing and Depository Services Inc. and of printing prospectuses or other offering documents), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants
or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar
insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (viii) all reasonable fees and disbursements of one legal counsel for the selling Holders, (ix) all fees and expenses incurred in connection with the
distribution or Transfer of Registrable Securities to or by a Holder or its Permitted Transferees in connection with a Public Offering, (x) all fees and expenses of any special experts or other Persons retained by the Company in connection with
any Registration or sale, (xi) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xii) all expenses related to any “road
show”, including the reasonable out-of-pocket expenses of the Holders and underwriters, if so requested. All such expenses are referred to herein as
“Registration Expenses”. The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting
discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

Section 3.9.    Indemnification. 

Section 3.9.1.    Indemnification by the Company. The Company shall indemnify and
hold harmless, to the full extent permitted by law, each selling Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general
partner, each of their respective Affiliates, officers, directors, managers, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act or of analogous provisions under
applicable Canadian Securities Laws) or is deemed to control such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or
several (including reasonable costs of investigation and legal expenses and any indemnity and contribution payments made to underwriters ) (each, a “Loss” and collectively “Losses”) arising out of or based upon
(i) (A) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary U.S.
Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or (B) any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S. Prospectus, in light of 

  
 - 20 - 

 
the circumstances under which they were made) not misleading, (ii) any information or statement in a Canadian Preliminary Prospectus or Canadian Prospectus that contains or is alleged to
contain a misrepresentation or any omission of a Canadian Preliminary Prospectus or Canadian Prospectus to contain full, true and plain disclosure of all material facts relating to the securities distributed thereunder, (iii) any untrue or
alleged untrue statement of a material fact contained in any other disclosure document produced by or on behalf of the Company or any of its subsidiaries including any report and other document filed under the Exchange Act or Canadian Securities
Laws or (iv) any violation or alleged violation by the Company or any of its subsidiaries of any federal, state, provincial, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or
inaction in connection with any such registration, disclosure document or other document or report; provided, that no selling Holder shall be entitled to indemnification pursuant to this Section 3.9.1 in respect of any untrue statement
or omission or any misrepresentation contained in any information relating to such selling Holder furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement, Canadian Preliminary Prospectus or
Canadian Prospectus and used by the Company in conformity therewith (such information “Selling Holder Information”). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed to in the underwriting
agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each
Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties. 

Section 3.9.2.    Indemnification by the Selling Holders. Each selling Holder agrees
(severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its Directors and officers and each Person who controls (within the meaning of the Securities Act or the Exchange Act or of analogous
provisions under applicable Canadian Securities Laws) or is deemed to control the Company from and against any Losses resulting from (i) (A) any untrue statement of a material fact in any Registration Statement under which such Registrable
Securities were registered or sold under the Securities Act (including any final, preliminary or summary U.S. Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or
(B) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a U.S. Prospectus or preliminary U.S. Prospectus, in light of the circumstances under which they were
made) not misleading, or (ii) any information or statement in a Canadian Preliminary Prospectus or Canadian Prospectus that contains a misrepresentation, in each case to the extent, but only to the extent, that such untrue statement or omission
or such misrepresentation is contained in such selling Holder’s Selling Holder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its
Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder pursuant to Section 3.9.4 and any amounts paid by
such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. 

Section 3.9.3.    Conduct of Indemnification Proceedings. Any Person entitled to
indemnification hereunder shall (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve
the indemnifying party of its obligations hereunder only to the extent, if at all, that it forfeits substantive legal rights by reason of such delay or failure) and (b) permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such
claim, but the fees and expenses of such counsel shall be at the expense of such 

  
 - 21 - 

 
Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a
reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based upon advice of
its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person (based upon
advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate
counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, the indemnifying party shall not have the
right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such indemnified party. If such defense is not assumed by the indemnifying party, the
indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as
specifically set forth in this Section 3.9.3, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to
practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of
counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an
indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. 

Section 3.9.4.    Contribution. If for any reason the indemnification provided for in
Section 3.9.1 and Section 3.9.2 is unavailable to an indemnified party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification contained in Section 3.9.1 and
Section 3.9.2), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party on
the one hand and the indemnified party on the other hand shall be determined by reference to, among other things whether any untrue or alleged untrue statement of a material fact or misrepresentation or the omission or alleged omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement, misrepresentation or
omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.9.4 were determined by pro rata allocation or by any other method of allocation that does not take account of the
equitable considerations referred to in this Section 3.9.4. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party as a result of the Losses referred to in Section 3.9.1 and Section 3.9.2 shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3.9.4, in connection with any Registration
effected pursuant to this Agreement, a selling Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification
obligation, net of underwriting discounts and commissions but before expenses, 

  
 - 22 - 

 
less any amounts paid by such Holder pursuant to Section 3.9.2 and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to
such Registration. If indemnification is available under this Section 3.9, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 3.9.1 and Section 3.9.2 hereof without regard to the
provisions of this Section 3.9.4. The remedies provided for in this Section 3.9 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

Section 3.10.    Rules 144 and 144A and Regulation S. The Company shall file the
reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make
publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from
time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable
Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities
Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied
with such requirements and, if not, the specifics thereof. 
 Section 3.11.    Compliance with Canadian
Securities Laws. With a view to making available the benefits of Canadian Securities Laws that may at any time permit the resale of Registrable Securities without the filing of a Canadian Prospectus, at all times after the Company becoming a
reporting issuer or the equivalent under Canadian Securities Laws in any province or territory of Canada, the Company agrees to use is reasonable best efforts to (a) file with the appropriate Canadian Securities Authority authorities in a
timely manner all reports and other documents required under Canadian Securities Laws, and (b) so long as any Holder owns any Registrable Securities, furnish to any Holder forthwith upon request a written statement by the Company stating that
the Company is a reporting issuer and is not in default of any requirement under Canadian Securities Laws. 

Section 3.12.    Short Form Registrations. After the Company becoming a reporting issuer or the
equivalent under Canadian Securities Laws in any province or territory of Canada, the Company agrees to use its reasonable best efforts to make available and maintain the availability of short form prospectus Registrations pursuant to NI 44-101. For greater certainty, references herein to a Canadian Preliminary Prospectus or a Canadian Prospectus shall as applicable include a short form Canadian Preliminary Prospectus or a short form Canadian
Prospectus. 
 ARTICLE IV 
 MISCELLANEOUS

 Section 4.1.    Authority; Effect. Each party hereto represents and warrants to and agrees with
each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such
party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties’ members of a joint venture or
other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

Section 4.2.    Notices. Any notices, requests, demands and other communications required or permitted
in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows: 

  
 - 23 - 

 If to the Company to: 

 

			
	The Lion Electric Company
	921 ch. de la Rivière-du-Nord
	Saint-Jérôme (Québec) J7Y 5G2
		
	Attention:	  	Marc Bedard, CEO - Founder
		  	Nicolas Brunet, Executive Vice-President and CFO
		
	E-mail:            	  	[***]
		  	[***]

 with a copy to: 
  

			
	 Stikeman Elliott LLP

	 1155 René-Lévesque Blvd. West, 41st Floor

	 Montreal (Québec) H3B 3V2

		
	 Attention:
	  	 Aniko Pelland; David Tardif

		
	
E-mail:            

	  	 [***]

		  	 [***]

 If to PEC to: 
  

			
	 Power Energy Corporation

	 751 rue du Square Victoria

	 Montreal (Quebec) H2Y 2J3

		
	 Attention:
	  	 Pierre Larochelle

		
	
E-mail:            

	  	 [***]

 If to the 9368-2672 to: 
  

			
	 Marc Bedard

	 921 ch. de la
Rivière-du-Nord

	 Saint-Jérôme (Québec) J7Y
5G2

		
	 Attention:
	  	 Marc Bedard

		
	
E-mail:            

	  	 [***]

 If to Warrantholder to: 
  

			
	 Amazon.com NV Investment Holdings LLC

c/o Amazon.com, Inc.

	 P.O. Box 81226

	 Seattle, WA 98108-1226

		
	 Attention:        
	  	 General Counsel

  
 - 24 - 

 Unless otherwise specified herein, such notices or other communications shall be
deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by e-mail on a Business Day, or if not delivered on a Business Day, on the first Business
Day thereafter and (iii) two (2) Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.3.    Termination and Effect of Termination. This Agreement shall terminate upon the date on
which no Holder holds any Registrable Securities; except for the provisions of Section 3.9 and Section 3.10, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or
Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 3.9 hereof shall retain such indemnification rights with respect to any matter
that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

Section 4.4.    Permitted Transferees. The rights of a Holder hereunder may be assigned (but only with
all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer,
no assignment permitted under the terms of this Section 4.4 will be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form
and substance reasonably satisfactory to the Company that the Permitted Transferee will be bound by, and will be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section 4.4 may not again
transfer those rights to any other Permitted Transferee, other than as provided in this Section 4.4. 

Section 4.5.    Remedies. The parties to this Agreement shall have all remedies available at law, in
equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available,
each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the
circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be
construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or
default occurring before or after that waiver. 
 Section 4.6.    Amendments.This Agreement may not be
orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing
signed by each of the Company (acting through independent Directors), PEC and 9368-2672 (and, as applicable, any PEC or 9368-2672 Permitted Holders holding shares at such time), provided that this Agreement may not be amended, modified, extended or
terminated without Warrantholder’s prior consent if such amendment, modification, extension or termination would result in Warrantholder having registration rights less favorable to it than those provided to any other Principal Shareholder
hereunder. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party. The Company shall provide
prompt notice to Warrantholder of any amendment or modification to this Agreement. 

Section 4.7.    Governing Law.This Agreement and all claims arising out of or based upon this
Agreement or relating to the subject matter hereof shall be governed and interpreted by and construed in accordance with the substantive laws of the Province of Québec and the federal laws of Canada applicable therein (without giving effect
to conflict of law principles). 
 Section 4.8.    Dispute Resolution. Any claim, dispute or
controversy arising out of or relating to 

  
 - 25 - 

 
the interpretation, application or enforcement of this Agreement or any breach of this Agreement shall be settled by arbitration to be held the Province of Québec, district of
Montréal. A party wishing to submit a dispute to arbitration shall give written notice to such effect to the other parties hereto. The parties shall have fifteen (15) days from a party’s notice of such a request for arbitration to
designate the arbitrators for the dispute in accordance with this Section 4.8. 

Section 4.9.    Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement of the
parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto
and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under
this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 4.10.    Counterparts. This Agreement may be executed in multiple counterparts, each of which
shall be deemed an original, but all of which taken together shall constitute one instrument. 

Section 4.11.    Severability. In the event that any provision hereof would, under applicable law, be
invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable,
and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.12.    Exercise of Rights and Remedies. No delay or omission in the exercise of any right,
power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default,
or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

Section 4.13.    No Recourse. Notwithstanding anything that may be expressed or implied in this
Agreement, the Company and each Principal Shareholder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be made against any current or future
director, officer, employee, shareholder, general or limited partner or member of any Principal Shareholder or of any Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by
virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee
of any Principal Shareholder or any current or future member of any Principal Shareholder or any current or future director, officer, employee, shareholder, partner or member of any Principal Shareholder or of any Affiliate or assignee thereof, as
such, for any obligation of any Principal Shareholder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

Section 4.14.    Language. The parties confirm that it is their wish that this Agreement as well as any
other documents relating hereto including notices, have been and shall be drawn up in English only. Les parties aux présentes confirment leur volonté de rédiger exclusivement en langue anglaise la présente convention
ainsi que tous les documents s’y rapportant, notamment les avis. 
 [Signature pages follow] 

  
 - 26 - 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as
of the date first above written. 
  

							
	Company:	 		 	THE LION ELECTRIC COMPANY
				
		 		 	By:	 	     (signed) Nicolas Brunet

		 		 		 	 Name: Nicolas Brunet
 Title: Executive Vice President and Chief

        Financial Officer

			
	Principal Shareholders:	 		 	9368-2672 QUÉBEC INC.
				
		 		 	By:	 	     (signed) Marc Bedard

		 		 		 	 Name: Marc Bedard
 Title: Authorized Signatory

			
		 		 	POWER ENERGY CORPORATION
				
		 		 	By:	 	     (signed) Marc Bedard

		 		 		 	 Name: Pierre Larochelle
 Title: Chief Executive
Officer

			
		 		 	AMAZON.COM NV INVESTMENT HOLDINGS LLC
				
		 		 	By:	 	     (signed) [***]

		 		 		 	 Name: [***]
 Title: Authorized Signatory

 [Signature Page to Registration Rights Agreement]EX-10.3

 Exhibit 10.3 
  

 
  
  

 
 

 
  
  

THE LION ELECTRIC COMPANY / LA COMPAGNIE ÉLECTRIQUE LION 

OMNIBUS INCENTIVE PLAN 
  

 
 Effective May 6, 2021 

 TABLE OF CONTENTS 
  

							
	 Article 1 INTERPRETATION
	  	 	1	 
			
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 Section 1.2
	 	 Interpretation
	  	 	7	 
		
	 Article 2 PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS
	  	 	8	 
			
	 Section 2.1
	 	 Purpose of the Plan
	  	 	8	 
	 Section 2.2
	 	 Implementation and Administration of the Plan
	  	 	8	 
	 Section 2.3
	 	 Participation in this Plan
	  	 	10	 
	 Section 2.4
	 	 Shares Available Under the Plan
	  	 	11	 
	 Section 2.5
	 	 Limits with Respect to Insiders
	  	 	12	 
	 Section 2.6
	 	 Granting of Awards
	  	 	12	 
		
	 Article 3 OPTIONS
	  	 	13	 
			
	 Section 3.1
	 	 Nature of Options
	  	 	13	 
	 Section 3.2
	 	 Option Awards
	  	 	13	 
	 Section 3.3
	 	 Option Price
	  	 	13	 
	 Section 3.4
	 	 Option Term
	  	 	13	 
	 Section 3.5
	 	 Exercise of Options
	  	 	13	 
	 Section 3.6
	 	 Method of Exercise and Payment of Option Price
	  	 	14	 
	 Section 3.7
	 	 Grant of Incentive Stock Options
	  	 	14	 
	 Section 3.8
	 	 Grant of Options for Non-Qualifying Canadian Securities
	  	 	15	 
	 Section 3.9
	 	 Option Agreements
	  	 	15	 
		
	 Article 4 PERFORMANCE SHARE UNITS
	  	 	16	 
			
	 Section 4.1
	 	 Nature of PSUs
	  	 	16	 
	 Section 4.2
	 	 PSU Awards
	  	 	16	 
	 Section 4.3
	 	 Vesting of PSUs
	  	 	16	 
	 Section 4.4
	 	 Settlement of PSUs
	  	 	17	 
	 Section 4.5
	 	 Determination of Amounts
	  	 	17	 
	 Section 4.6
	 	 PSU Agreements
	  	 	17	 
	 Section 4.7
	 	 Grant of Dividend Equivalents
	  	 	18	 
		
	 Article 5 RESTRICTED SHARE UNITS
	  	 	18	 
			
	 Section 5.1
	 	 Nature of RSUs
	  	 	18	 
	 Section 5.2
	 	 RSU Awards
	  	 	18	 
	 Section 5.3
	 	 Vesting of RSUs
	  	 	19	 
	 Section 5.4
	 	 Settlement of RSUs
	  	 	19	 
	 Section 5.5
	 	 Determination of Amounts
	  	 	20	 
	 Section 5.6
	 	 RSU Agreements
	  	 	20	 
	 Section 5.7
	 	 Grant of Dividend Equivalents
	  	 	20	 

  
 i 

							
	 Article 6 DEFERRED SHARE UNITS
	  	 	20	 
			
	 Section 6.1
	 	 Nature of DSUs
	  	 	20	 
	 Section 6.2
	 	 DSU Awards
	  	 	21	 
	 Section 6.3
	 	 Vesting of DSUs
	  	 	21	 
	 Section 6.4
	 	 Settlement of DSUs
	  	 	22	 
	 Section 6.5
	 	 Determination of Amounts
	  	 	22	 
	 Section 6.6
	 	 DSU Agreements
	  	 	22	 
	 Section 6.7
	 	 Grant of Dividend Equivalents
	  	 	23	 
		
	 Article 7 GENERAL CONDITIONS
	  	 	23	 
			
	 Section 7.1
	 	 General Conditions applicable to Awards
	  	 	23	 
	 Section 7.2
	 	 General Conditions applicable on Termination
	  	 	24	 
		
	 Article 8 COMPLIANCE WITH U.S. TAX LAWS
	  	 	26	 
			
	 Section 8.1
	 	 Special Provisions Related to Section 409A of the U.S. Code
	  	 	26	 
		
	 Article 9 ADJUSTMENTS AND AMENDMENTS
	  	 	28	 
			
	 Section 9.1
	 	 Adjustment to Shares Subject to Outstanding Awards
	  	 	28	 
	 Section 9.2
	 	 Change of Control
	  	 	28	 
	 Section 9.3
	 	 Amendment or Discontinuance of the Plan
	  	 	29	 
		
	 Article 10 MISCELLANEOUS
	  	 	31	 
			
	 Section 10.1
	 	 Use of an Administrative Agent and Trustee
	  	 	31	 
	 Section 10.2
	 	 Tax Withholding and Deduction
	  	 	31	 
	 Section 10.3
	 	 Clawback
	  	 	32	 
	 Section 10.4
	 	 Securities Law Compliance
	  	 	33	 
	 Section 10.5
	 	 Reorganization of the Company
	  	 	33	 
	 Section 10.6
	 	 Governing Laws
	  	 	33	 
	 Section 10.7
	 	 Severability
	  	 	34	 
	 Section 10.8
	 	 Currency
	  	 	34	 
	 Section 10.9
	 	 Effective Date of the Plan
	  	 	34	 

  
 ii 

 THE LION ELECTRIC COMPANY 

OMNIBUS INCENTIVE PLAN 
 The
Lion Electric Company (the “Company”) hereby establishes this Omnibus Incentive Plan (the “Plan”) for certain qualified directors, executive officers, employees, and consultants of the Company or any of its
Subsidiaries. The Plan shall become effective on the Effective Date (as set forth in Section 10.9 hereof) and shall remain in effect, subject to the right of the board of directors of the Company (the
“Board”) to amend or terminate the Plan at any time pursuant to Section 9.3 hereof, until the tenth (10th) anniversary of the Effective Date (as defined
below). Except as otherwise specifically permitted in the Plan or a Grant Agreement, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written
consent of the Participant holding such Award. 
 Article 1 

INTERPRETATION 

Section 1.1        Definitions. 

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms
shall have the following meanings, respectively: 
 (1)      “Account” means an account
maintained for each Participant on the books of the Company which will be credited with PSUs, RSUs or DSUs, as applicable, in accordance with the terms of this Plan; 

(2)      “Affiliates” means, at the time of determination, any “parent”
or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (a) to vote more than 50% of the securities having ordinary
voting power for the election of directors of the controlled entity or organization or (b) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting
securities, by contract, or otherwise. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition; 

(3)      “Associate”, where used to indicate a relationship with a Participant, means
(a) any domestic partner of that Participant, and (b) the spouse of that Participant and that Participant’s children (whether by birth or adoption), as well as that Participant’s relatives and that Participant’s
spouse’s relatives, in each case if they share that Participant’s residence; 

(4)      “Award” means an Option, a PSU, an RSU and/or a DSU, as applicable, granted to a
Participant pursuant to the terms of the Plan and the applicable Grant Agreement and/or a Cash Equivalent and a Dividend Equivalent granted under the Plan; 

(5)      “Black-Out Period” means a period of
time when pursuant to any policies of the Company (including the Company’s insider trading policy), any securities of the Company may not be traded by certain Persons designated by the Company; 

  
 1 

 (6)      “Business Day” means a day
other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in Montréal, Québec and New York, New York for the transaction of banking business; 

(7)      “Cash Equivalent” means the amount of money equal to the Market Value multiplied
by the number of vested PSUs, RSUs or DSUs, as applicable, in the Participant’s Account, net of any applicable taxes in accordance with Section 10.2, on the RSU Settlement Date, the PSU Settlement Date or the DSU
Settlement Date, as applicable; 
 (8)      “Cause” has the meaning ascribed thereto in
Section 7.2(1) hereof; 
 (9)      “Change of Control” has
the meaning assigned to such term in the Employment Agreement, if any, between a Participant and the Company or a Subsidiary, provided, however that if there is no such Employment Agreement in which such term is defined, and unless otherwise defined
in the applicable Grant Agreement or otherwise determined by the Board, then “Change of Control” shall mean the happening, in a single transaction or in a series of related transactions, of any of the following events: 

 

	 	(a)	 any acquisition by a Person (other than a non-arm’s length party), or a
combination of Persons acting jointly or in concert of the direct or indirect beneficial ownership of securities of the Company representing 50% or more of the aggregate voting power of all of the Company’s then issued and outstanding
securities entitled to vote in the election of directors of the Company, other than any such acquisition that occurs upon the exercise or settlement of options or other securities granted by the Company under any of the Company’s equity
incentive plans; 

  

	 	(b)	 the sale or disposition of all or substantially all of the Company’s assets, or consummation of any transaction,
or series of related transactions, having similar effect; 

  

	 	(c)	 other than as a result of a solicitation by management of the Company, a change in the composition of the Board, which
occurs at a single meeting of the shareholders or upon the execution of a shareholders’ resolution, such that individuals who are members of the Board immediately prior to such meeting or resolution cease to constitute a majority of the Board;

  

	 	(d)	 the dissolution, liquidation or winding up of the Company; or 

 

	 	(e)	 an arrangement, amalgamation, merger, consolidation or similar transaction involving (directly or indirectly) the
Company and, immediately after the consummation of such arrangement, amalgamation, merger, consolidation or similar transaction, the shareholders of the Company immediately prior thereto do not beneficially own, directly or indirectly, either
(A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving or resulting entity in such amalgamation, merger, consolidation or similar transaction or (B) more than 50% of the
combined outstanding voting power of the parent of the surviving or resulting entity in such arrangement, amalgamation merger, consolidation or similar transaction, in each case in substantially the same proportions as their beneficial ownership of
the outstanding voting securities of the Company immediately prior to such transaction. 

  
 2 

 Notwithstanding any provision in the definition of “Change of Control” to
the contrary, for purposes of an Award that provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules, to the extent the impact of a Change of Control on such Award would subject a Participant to additional taxes
under the Nonqualified Deferred Compensation Rules, a Change of Control described above with respect to such Award will mean both a Change of Control and a “change in the ownership of a corporation,” “change in the effective control
of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets” within the meaning of the Nonqualified Deferred Compensation Rules as applied to the Company. 

(10)      “Company” means The Lion Electric Company, a corporation incorporated under the
Business Corporations Act (Québec), as amended from time to time; 

(11)      “consultants”, where used in respect of a Canadian Participant, has the meaning
ascribed to such term in Division 4 of National Instrument 45-106 – Prospectus Exemptions; 

(12)      “Dividend Equivalent” means a bookkeeping entry equivalent in value to a
dividend paid on a Share credited to a Participant’s Account; 
 (13)      “Dividend
Payment Date” means the date on which the Company pays a dividend on the Shares; 

(14)      “DSU” means a deferred share unit that is granted by the Company from time to
time to a Participant pursuant to Article 6 hereof which shall upon vesting entitle the holder thereof to receive Shares issued from treasury or purchased on the open market, the Cash Equivalent or a combination thereof,
subject to the terms and conditions of this Plan and the applicable DSU Agreement, provided that such DSU has not expired before vesting; 

(15)      “DSU Agreement” means a written agreement between the Company and a Participant
evidencing the grant of DSUs and the terms and conditions thereof; 
 (16)      “DSU Settlement
Date” has the meaning ascribed thereto in Section 6.4 hereof; 

(17)      “Effective Date” has the meaning ascribed thereto in
Section 10.9 hereof; 
 (18)      “Eligible Participants”
means any director, executive officer, employee or consultant of the Company or any of its Subsidiaries (for so long as such Person holds any such position, excluding any period of statutory, contractual or reasonable notice of termination of
employment or deemed employment); provided, however, that any such individual must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Shares; provided further, however, that solely with respect to the grant of an Incentive Stock Option, an Eligible Participant shall be
any employee (including any executive officer) of the Company or any Subsidiary Corporation; 

(19)      “Employment Agreement” means, with respect to any Participant, any written
employment agreement entered into between the Company or a Subsidiary, as applicable, and such Participant; 

  
 3 

 (20)      “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto; 

(21)      “Exercise Notice” means a notice, in the form attached as Schedule
“A” hereto or such other form as the Board may use from time to time, in writing signed by a Participant and stating the Participant’s intention to exercise Options and the manner in which such Options are to be exercised; 

(22)      “Grant Agreement” means a written agreement entered into by the Company and a
Participant evidencing the grant to such Participant of an Award, including an Option Agreement, a PSU Agreement, an RSU Agreement and a DSU Agreement; 

(23)      “Incentive Stock Option” or “ISO” means an Option that is
intended to meet the requirements of Section 422 of the U.S. Code; 

(24)      “Insider” means a “reporting insider” as defined in National
Instrument 55-104 – Insider Reporting Requirements and Exemptions and includes Associates and affiliates (as such term is defined in Part 1 of the TSX Company Manual) of such “reporting insider”; 

(25)      “Legacy Option” means an option granted by the Company under the Legacy Option
Plan which upon exercises entitle the holder thereof to acquire a designated number of Shares from treasury, subject to the terms and conditions of the Legacy Option Plan and option grant agreement, provided that such Legacy Option has not
expired prior to being exercised; 
 (26)      “Legacy Option Plan” means the
Company’s option plan adopted on November 1, 2017 (as amended on December 11, 2019), as amended and restated as of May 6, 2021; 

(27)      “Market Value” means at any date when the market value of Shares is to be
determined (a) if the Shares are listed on the NYSE and/or the TSX (i) the VWAP on the NYSE for the five (5) trading days immediately preceding such date where value is determined in U.S. dollars for the grant or payment of an Award
and (ii) the VWAP on the TSX for the five (5) trading days immediately preceding such date where value is determined in Canadian dollars for the grant or payment of an Award, as applicable; (b) if the Shares are not listed on both the
NYSE and the TSX, then as calculated in paragraph (a) by reference to the price on the stock exchange on which the Shares are listed (if more than one, then using the exchange on which a majority of Shares are traded on the five
(5) trading days preceding the date of determination); or (c) if the Shares are not listed on any stock exchange, the value as is determined solely by the Board, acting reasonably and in good faith and such determination shall be
conclusive and binding on all Persons; 

(28)      “Non-Employee Director” means members
of the Board who, at the time of execution of a Grant Agreement and at all times thereafter while they continue to serve as a member of the Board, are not employees of the Company or a Subsidiary; 

(29)      “Non-Exempt Deferred Compensation” has
the meaning ascribed thereto in Section 8.1(2) hereof; 
 (30)      “Non-Qualified Canadian Security” has the meaning ascribed thereto in Section 110 of the Tax Act, if the Proposed Section 110 Amendments have come into force; 

  
 4 

 (31)      “Nonqualified Deferred Compensation
Rules” means the limitations and requirements of Section 409A of the U.S. Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto;

 (32)      “Nonstatutory Option” means an Option that is not an ISO. 

(33)      “NYSE” means the New York Stock Exchange. 

(34)      “Option” means an option that is granted by the Company from time to time to a
Participant pursuant to Article 3 hereof which shall upon exercise entitle the holder thereof to acquire a designated number of Shares from treasury at the Option Price, subject to the terms and conditions of this Plan and
the applicable Option Agreement, provided that such Option has not expired prior to being exercised; 

(35)      “Option Agreement” means a written agreement between the Company and a
Participant evidencing the grant of Options and the terms and conditions thereof; 

(36)      “Option Price” has the meaning ascribed thereto in
Section 3.2 hereof; 
 (37)      “Option Term” has the
meaning ascribed thereto in Section 3.4 hereof; 

(38)      “Participants” means Eligible Participants that are granted Awards under the
Plan; 
 (39)      “Performance Criteria” means specified criteria established by the
Board and set forth in the applicable Grant Agreement, other than the mere continuation of employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. 

(40)      “Performance Period” means the period determined by the Board at the time any
Award is granted or at any time thereafter during which any Performance Criteria and any other conditions specified by the Board with respect to such Award are to be measured and by which the vesting of the Award is determined; 

(41)      “Person” means an individual, corporation, company, cooperative, partnership,
trust, unincorporated association, entity with juridical personality or governmental authority or body, and pronouns which refer to a Person shall have a similarly extended meaning; 

(42)      “Plan” means this The Lion Electric Company Omnibus Incentive Plan, including
any amendments or supplements hereto made after the Effective Date hereof and from time to time thereafter by amendment; 

(43)      “Proposed Section 110 Amendments” means the amendments to
Section 110 of the Tax Act set out in the “Legislative Proposals to Amend the Income Tax Act and Other Related Legislation, as well as Draft Amendments to Related Regulations”, which form part of the Government of Canada’s Fall
Economic Statement 2020, “Supporting Canadians and Fighting COVID-19”, dated November 30, 2020; 

(44)      “PSU” means a performance share unit that is granted by the Company from time
to time to a Participant pursuant to Article 4 hereof which shall upon vesting entitle the holder thereof to receive Shares issued from treasury or purchased on the open market, the Cash

  
 5 

 
Equivalent or a combination thereof, subject to the terms and conditions of this Plan and the applicable PSU Agreement, provided that such PSU has not expired before vesting; 

(45)      “PSU Agreement” means a written agreement between the Company and a Participant
evidencing the grant of PSUs and the terms and conditions thereof; 
 (46)      “PSU Settlement
Date” has the meaning ascribed thereto in Section 4.4(1) hereof; 

(47)      “Required Delay Period” has the meaning ascribed thereto in
Section 8.1(3)(a) hereof; 
 (48)      “Restriction
Period” means a period determined by the Board, in its sole discretion, ending in all cases no later than (i) in the case of PSUs and RSUs that are subject to the Tax Act, three (3) years after the last day of the calendar year in
which the performance of services for which PSUs or RSUs are granted, occurred, (ii) in the case of DSUs that are subject to the Tax Act, the last day of the calendar year following the Participant’s Termination Date; and (iii) in
every other case, the date determined by the Board at the time any Award is granted or at any time thereafter during which any RSU or DSU is subject to vesting, risk of forfeiture or deferral, as applicable. 

(49)      “RSU” means a restricted share unit that is granted by the Company from time to
time to a Participant pursuant to Article 5 hereof which shall upon vesting entitle the holder thereof to receive a payment in the form of Shares issued from treasury or purchased on the open market, the Cash Equivalent or
a combination thereof, subject to the terms and conditions of this Plan and the applicable RSU Agreement, provided that such RSU has not expired before vesting; 

(50)      “RSU Agreement” means a written agreement between the Company and a Participant
evidencing the grant of RSUs and the terms and conditions thereof; 
 (51)      “RSU Settlement
Date” has the meaning ascribed thereto in Section 5.4(1) hereof; 

(52)      “Rule 16b-3” means Rule 16b-3, promulgated by the U.S. Securities Exchange Commission under Section 16 of the Exchange Act; 

(53)      “Securities Act” means U.S. Securities Act of 1933, as amended from time to
time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto; 

(54)      “Share Compensation Arrangement” means a stock option, stock option plan,
employee stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to one or more full-time employees, directors, officers, Insiders, or consultants of the
Company or a Subsidiary, including a Share purchase from treasury by a full-time employee, director, officer, Insider, or consultant which is financially assisted by the Company or a Subsidiary by way of a loan, guarantee or otherwise; 

(55)      “Shares” means the common shares in the share capital of the Company, and such
other securities as may be substituted (or re-substituted) for Shares pursuant to Article 9; 

(56)      “Share Unit Vesting Determination Date” means the date on which the Board
determines if the vesting conditions with respect to PSUs, RSUs or DSUs (including, in the case 

  
 6 

 
of PSUs and RSUs, any applicable Performance Criteria) have been met, and as a result, establishes the number of PSUs, RSUs or DSUs, as applicable, that become vested, if any. 

(57)      “Specified Employee” has the meaning ascribed thereto in
Section 8.1(3) hereof; 
 (58)      “Stock Exchange” means
the NYSE or the TSX or, if the Shares are not listed or posted for trading on such stock exchange at a particular date, any other stock exchange on which the majority of the trading volume and value of the Shares are listed or posted for trading;

 (59)      “Subsidiary” means a corporation, company or partnership that is
controlled, directly or indirectly, by the Company; 
 (60)      “Subsidiary
Corporation” means a corporation other than the Company in an unbroken chain of corporations beginning with the Company if, at the time of granting the Option, each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain; 

(61)      “Tax Act” means the Income Tax Act (Canada) and the regulations
thereunder, as amended from time to time; 
 (62)      “Termination Date” means the
actual date that a Participant ceases to actively perform his or her employment duties or services, as the case may be, for the Company or one of its Subsidiaries, and expressly excludes, as the case may be, any statutory period of notice of
termination, any period of notice of resignation or payment in lieu of notice, termination or severance payment or other continuing benefits or amounts, whether pursuant to applicable law, contract or further to a judgment rendered by a tribunal of
competent jurisdiction, as the case may be, that follows or ought to have followed the last day on which a Participant actively performs his or her employment duties for the Company or one of its Subsidiaries, as applicable; 

(63)      “TSX” means the Toronto Stock Exchange; 

(64)      “U.S. Code” the United States Internal Revenue Code of 1986, as amended
from time to time and any reference to a particular section of the U.S. Code shall include references to guidance, regulations and rulings thereunder and to successor provisions; 

(65)      “Vesting Year” has the meaning ascribed thereto in Section 110 of
the Tax Act, if the Proposed Section 110 Amendments have come into force; and 

(66)      “VWAP” means the volume weighted average trading price of the Shares,
calculated by dividing the total value by the total volume of Shares traded for the relevant period. 

Section 1.2      Interpretation. 

(1)      Whenever the Board is to exercise discretion or authority in the administration of the terms and
conditions of this Plan, the term “discretion” or “authority” means the sole and absolute discretion of the Board. 

(2)      The provision of a table of contents, the division of this Plan into Articles, Sections and other
subdivisions and the insertion of headings are for convenient reference only and do not affect the interpretation of this Plan. 

  
 7 

 (3)      In this Plan, words importing the singular
shall include the plural, and vice versa and words importing any gender include any other gender. 

(4)      The words “including”, “includes” and “include” and any derivatives
of such words mean “including (or includes or include) without limitation”. As used herein, the expressions “Article”, “Section” and other subdivision followed by a number, mean and refer to the specified Article,
Section or other subdivision of this Plan, respectively. 
 (5)      If any action may be taken within,
or any right or obligation is to expire at the end of, a period of days under this Plan, then the first day of the period is not counted, but the day of its expiry is counted. 

Article 2 
 PURPOSE AND ADMINISTRATION OF THE
PLAN; GRANTING OF AWARDS 
 Section 2.1         Purpose of the Plan. 

The purpose of the Plan is to permit the Company to grant Awards to Eligible Participants, subject to certain conditions as hereinafter
set forth, for the following purposes: 
 (1)      to provide a means through which the Company or a
Subsidiary may attract, retain and motivate able Persons to advance its business strategy; 

(2)      to increase the interest in the Company’s welfare of those Eligible Participants, who share
responsibility for the management, growth and protection of the business of the Company or a Subsidiary; 

(3)      to provide an incentive to such Eligible Participants to continue their services for the Company
or a Subsidiary and to encourage such Eligible Participants whose skills, performance and loyalty to the objectives and interests of the Company or a Subsidiary are necessary or essential to its success, image, reputation or activities; and 

(4)      to reward Participants for their performance of services while working for the Company or a
Subsidiary. 
 Section 2.2         Implementation and Administration of the Plan. 

(1)      The Plan shall be administered and interpreted by the Board or, if the Board by resolution so
decides, by a committee or plan administrator appointed by the Board. If such committee or plan administrator is appointed for this purpose, all references to the “Board” herein will be deemed references to such committee or plan
administrator. Nothing contained herein shall prevent the Board from adopting other or additional Share Compensation Arrangements or other compensation arrangements from time to time, subject to any required approval. 

(2)      Subject to Article 9 hereof, Rule
16b-3 and any applicable rules of a Stock Exchange, the Board may, from time to time, as it may deem expedient, adopt, amend and rescind rules and regulations or vary the terms of this Plan and/or any Award
hereunder for carrying out the provisions and purposes of the Plan and/or to address tax or other requirements of any applicable jurisdiction. Subject to the provisions herein, the Board is authorized, in its sole discretion, to make such
determinations under, and such interpretations of, and take such steps and actions in connection with, the proper administration and operations of the Plan as it may 

  
 8 

 
deem necessary or advisable, which determinations and decisions need not be uniform among Participants or Awards granted hereunder, including each of the following: 

(a)      designate Eligible Participants as Participants; 

(b)      determine the type or types of Awards to be granted to an Eligible Participant;

 (c)      determine the number of Shares or amount of cash to be covered by Awards;

 (d)      determine the terms and conditions of any Award, including whether, to what
extent and under what circumstances Awards may be vested, settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more Performance Criteria); 

(e)      modify, waive or adjust any term or condition of an Award that has been granted,
which may include the acceleration of vesting, waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Shares or vice versa, provided that an Award to which Section 7 of the Tax Act is
intended to apply shall not be settled in cash except at the election of the Participant), early termination of a performance period, or modification of any other condition or limitation regarding an Award; 

(f)      determine the treatment of an Award upon a termination of employment or other
service relationship; 
 (g)      impose a holding period with respect to an Award or
the Shares received in connection with an Award; 
 (h)      interpret and administer
the Plan and any Award Agreement; 
 (i)      correct any defect, supply any omission or
reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and 

(j)      make any other determination and take any other action that the Board deems
necessary or desirable for the administration of the Plan. 
 (3)      The Board or any committee
thereof administering the Plan may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards;
provided, that such delegation does not (a) violate applicable law, or (b) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to
Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Board,” other than in Article 9, shall be deemed to include any subcommittee or
officer of the Company to whom such powers have been delegated by the Board. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that such subcommittee
members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member
of the Board, or any executive officer of the Company or an Affiliate. The Board may also appoint agents 

  
 9 

 
who are not executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the
authority to grant or modify any Awards that will, or may, be settled in Stock. Any such delegation by the Board may be revoked at any time at the Board’s sole discretion. The interpretation, administration, construction and application of the
Plan and any provisions hereof made by the Board, or by any officer, manager, committee or any other Person to which the Board delegated authority to perform such functions, shall be final and binding on the Company, its Subsidiaries and all
Eligible Participants. 
 (4)      No member of the Board or any Person acting pursuant to authority
delegated by the Board hereunder shall be liable for any action or determination taken or made in good faith in the administration, interpretation, construction or application of the Plan or any Award granted hereunder. Members of the Board, and any
Person acting at the direction or on behalf of the Board, shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination. 

(5)      The Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with
regard to the allotment or issuance of any Shares or any other securities in the capital of the Company. For greater clarity, the Company shall not by virtue of this Plan be in any way restricted from declaring and paying stock dividends,
repurchasing Shares or any other securities in its share capital, or varying or amending its share capital or corporate structure. 

Section 2.3         Participation in this Plan. 

(1)      The Company makes no representation or warranty as to the future market value of the Shares or
with respect to any income tax matters affecting any Participant resulting from the grant, vesting or settlement of an Award, the exercise of an Option or resulting from any transactions in the Shares or any other event affecting the Awards. With
respect to any fluctuations in the market price of the Shares, neither the Company, nor any of its directors, officers, employees, shareholders or agents shall be liable for anything done or omitted to be done by such Person or any other Person with
respect to the price, time, quantity or other conditions and circumstances of the issuance of Shares hereunder, or in any other manner related to the Plan. 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 Awards will be granted to such Participant to compensate for a downward fluctuation in the price of the Shares, nor will any other form of benefit be conferred upon, or in respect of, a
Participant for such purpose. The Company and its Affiliates do not assume responsibility for the income or other tax consequences resulting to any Participant and each Participant is advised to consult with his or her own tax advisors. 

(2)      Participants (and their legal representatives and the liquidator, executor or administrator, as
the case may be, of their respective estate) shall have no legal or equitable right, claim, or interest in any specific property or asset of the Company or any of its Affiliates. No asset of the Company or any of its Affiliates shall be held in any
way as collateral security for the fulfillment of the obligations of the Company or any of its Affiliates under this Plan. Unless otherwise determined by the Board, this Plan shall be an unfunded obligation of the Company and its Affiliates (as
applicable). To the extent any Participant or his or her estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless otherwise determined by the Board) shall be general unsecured obligations and shall not be greater
than the rights of an unsecured creditor of the Company. 

  
 10 

 (3)      Unless otherwise determined by the Board, the
Company shall not offer financial assistance to any Participant in regards to the exercise of any Award granted under this Plan. 

Section 2.4         Shares Available Under the Plan. 

(1)      The maximum number of Shares available for issuance, in the aggregate, under this Plan and the
Legacy Option Plan shall not exceed ten percent (10%) of the aggregate number of Shares issued and outstanding from time to time (calculated on a non-diluted basis); of which not more than 8,474,574
Shares may be issued pursuant to the exercise of Incentive Stock Options granted under the Plan. Any Shares subject to an Award which has been exercised or settled in Shares will again be available for issuance under the Plan. The number of Shares
available for issuance under the Plan will increase as the number of issued and outstanding Shares increases from time to time. 

(2)      No Award that can be settled in Shares issued from treasury may be granted if such grant would
have the effect of causing the total number of Shares underlying Awards made under this Plan and awards made under the Legacy Option Plan to exceed the above-noted number of Shares reserved for issuance under this Plan and the Legacy Option Plan.
For greater certainty, Section 2.4(1) shall not limit the Company’s ability to issue Awards that are payable other than in Shares issued from treasury. Shares will not be deemed to have been issued pursuant to the Plan with respect to any
portion of an Award that is settled in cash. The Board may also cause Shares used to satisfy the settlement of PSUs, RSUs or DSUs granted under the Plan to be purchased instead on the open market. 

(3)      The Company shall, at all times during the term of this Plan, ensure that the number of Shares it
is authorized to issue is sufficient to satisfy the requirement of this Plan and the Legacy Option Plan; provided that awards will no longer be granted under the Legacy Option Plan, as of the effective date of the original form of this Plan. 

(4)      If an outstanding Award (or portion thereof) under this Plan or an outstanding Legacy Option
under one of the Legacy Option Plan expires or is forfeited, surrendered, cancelled or otherwise terminated for any reason without having been exercised or settled in full, or if Shares acquired pursuant to an Award or Legacy Option subject to
forfeiture are forfeited, the Shares covered by such Award or Legacy Option, if any, will again be available for issuance under the Plan. Shares will not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that
is settled in cash, but Shares purchased on the open market will be deemed to have been issued pursuant to the Plan for the purpose of the Share reserve set forth in Section 2.4(1). 

(5)      No fractional Shares shall be issued upon the exercise of any Award granted under the Plan and,
accordingly, if a Participant would otherwise become entitled to a fractional Share upon the exercise of such Award, or from an adjustment permitted by the terms of this Plan, such Participant shall only have the right to receive the next lowest
whole number of Shares, and no payment or other adjustment will be made with respect to the fractional interest so disregarded. 

(6)      For the purposes of Section 2.4(1), in the event that the Company
cancels or purchases to cancel any of its issued and outstanding Shares and as a result of such cancellation or purchase, the Shares issuable under the Plan exceed the maximum number of Shares set out in Section 2.4(1), no
approval of the shareholders of the Company shall be required for the issuance of Shares on the exercise or settlement of any Awards which were granted prior to such cancellation or purchase. 

  
 11 

 (7)      For the purposes of
Section 2.4(1), Shares issuable in reliance upon an exemption from the rules of a Stock Exchange applicable to security-based compensation arrangements used as an inducement to persons or entities not previously employed by
and not previously an Insider of the Company shall not be included in the determination of the maximum number of Shares issuable under the Plan set out in Section 2.4(1), it being understood that, notwithstanding the
foregoing, such security-based compensation arrangements can be made otherwise subject to the terms and conditions prescribed under this Plan. 

Section 2.5         Limits with Respect to Insiders. 

(1)      The maximum number of Shares issuable from treasury to Eligible Participants who are Insiders, at
any time, under this Plan, the Legacy Option Plan and any other proposed or established Share Compensation Arrangement, shall not exceed ten percent (10%) of the Shares issued and outstanding from time to time (calculated on a non-diluted basis). 
 (2)      The maximum number of Shares issued
from treasury to Eligible Participants who are Insiders, within any one-year period, under this Plan, the Legacy Option Plan and any other proposed or established Share Compensation Arrangement, shall not
exceed ten percent (10%) of the Shares issued and outstanding from time to time (calculated on a non-diluted basis). 

(3)      Any Award granted pursuant to the Plan, or securities issued under the Legacy Option Plan and any
other Share Compensation Arrangement, prior to a Participant becoming an Insider, shall be excluded from the purposes of the limits set out in Section 2.5(1) and Section 2.5(2). 

Section 2.6         Granting of Awards. 

(1)      Any Award granted under the Plan shall be subject to the requirement that, if at any time counsel
to the Company shall determine that the listing, registration or qualification of the Shares subject to such Award, if applicable, upon any securities exchange or under any law or regulation of any jurisdiction, or the consent or approval of any
securities exchange or any governmental or regulatory body, is necessary as a condition of, or in connection with, the grant of such Awards or the exercise of any Option or the issuance or purchase of Shares thereunder, if applicable, such Award may
not be accepted or exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board. Nothing herein shall be deemed to require the Company
to apply for or to obtain such listing, registration, qualification, consent or approval. 

(2)      The Company may require, as a condition to the exercise of an Award or the delivery of Shares
under an Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act or any applicable state or non-U.S. securities law. Any Shares
required to be issued to Participants under the Plan will be evidenced in such manner as the Board may deem appropriate, including book-entry registration or delivery of share certificates. In the event that the Board determines that share
certificates will be issued to Participants under the Plan, the Board may require that certificates evidencing Shares issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Shares, and the Company
may hold the share certificates pending lapse of the applicable restrictions. 

  
 12 

 Article 3 

OPTIONS 

Section 3.1         Nature of Options. 

An Option is a right granted by the Company from time to time to a Participant entitling such Participant to acquire a designated number
of Shares from treasury at the Option Price, but subject to the provisions hereof and the provisions of the applicable Option Agreement. For the avoidance of doubt, no Dividend Equivalents shall be granted in connection with an Option. 

Section 3.2         Option Awards. 

Subject to the provisions set forth in this Plan and any shareholder or regulatory approval which may be required, the Board shall, from
time to time, by resolution, in its sole discretion, determine the price per Share to be payable upon the exercise of each such Option (the “Option Price”), the relevant vesting provisions (including Performance Criteria and Vesting
Year, if applicable), the Option Term, the date(s) and the manner in which Options may be exercised during the Option Term (including the initial year such Options will become exercisable during the Option Term so as to constitute the Vesting Year)
and all other option conditions, the whole subject to the terms and conditions prescribed in this Plan or in the applicable Option Agreement, and any applicable rules of a Stock Exchange. 

Section 3.3         Option Price. 

The Option Price for Shares that are the subject of any Option shall be determined and approved by the Board when such Option is
granted, but, subject to Section 3.7(b), shall not be less than the Market Value of such Shares at the time of the grant. 

Section 3.4         Option Term. 

(1)      The Board shall determine, at the time of granting the particular Option, the period during which
the Option is exercisable, which, subject to Section 3.7(b), shall not be more than ten (10) years from the date the Option is granted (the “Option Term”). Unless otherwise determined by the Board, all
unexercised Options shall be cancelled at the expiry of such Options. 
 (2)      Should the expiration
date for an Option fall within a Black-Out Period, such expiration date shall be automatically extended without any further act or formality to that date which is the tenth (10th) Business Day after the end of the Black-Out Period, such tenth (10th) Business Day to be considered the
expiration date for such Option for all purposes under the Plan. Notwithstanding Section 9.3 hereof, the ten (10) Business Day period referred to in Section 3.4(2) may not be extended by the
Board. 
 Section 3.5         Exercise of Options. 

Prior to expiration or earlier termination in accordance with the Plan, each Option shall be exercisable at such time or times and/or
pursuant to the achievement of such Performance Criteria and/or other vesting conditions as the Board at the time of granting the particular Option may determine in its sole discretion. For the avoidance of doubt, any exercise of Options by a
Participant shall be made in accordance with the Company’s insider trading policy. 

  
 13 

 Section 3.6         Method of Exercise and
Payment of Option Price. 
 (1)      Subject to the provisions of the Plan and the applicable
Option Agreement, an Option granted under the Plan shall be exercisable (from time to time as provided in Section 3.5 hereof) by the Participant (or by the liquidator, executor or administrator, as the case may be, of the
estate of such Participant) by delivering a fully completed Exercise Notice to the Company at its registered office to the attention of the Corporate Secretary of the Company (or the individual that the Corporate Secretary of the Company may from
time to time designate) or by giving notice in such other manner as the Company may from time to time designate, which notice shall specify the number of Shares in respect of which the Option is being exercised and shall, if applicable, be
accompanied by full payment, by cash, certified cheque, bank draft or any other form of payment deemed acceptable by the Company of the Option Price for the number of Shares specified therein and, if required by
Section 10.2, the amount necessary to satisfy any taxes. Unless otherwise determined by the Board, payment of the Option Price must be provided no later than three (3) Business Days following delivery by the
Participant of the Exercise Notice to the Company. 
 (2)      Upon the exercise of any Option, the
Company shall, as soon as practicable after such exercise but no later than ten (10) Business Days following such exercise, forthwith cause the transfer agent and registrar of the Shares either to: 

(a)      deliver to the Participant (or to the liquidator, executor or administrator, as
the case may be, of the estate of such Participant) a certificate in the name of the Participant representing in the aggregate such number of Shares as the Participant (or to the liquidator, executor or administrator, as the case may be, of the
estate of such Participant) shall have then paid for and as are specified in such Exercise Notice; or 

(b)      in the case of Shares issued in uncertificated form, cause the issuance of the
aggregate number of Shares as the Participant (or the liquidator, executor or administrator, as the case may be, of the estate of such Participant) shall have then paid for and as are specified in such Exercise Notice to be evidenced by a book
position on the register of the shareholders of the Company to be maintained by the transfer agent and registrar of the Shares. 

Section 3.7         Grant of Incentive Stock Options. 

At the time of the grant of any Option, the Board may in its discretion designate that such Option shall be made subject to additional
restrictions to permit it to qualify as an Incentive Stock Option under Section 422 of the U.S. Code. Any Option designated as an Incentive Stock Option: 

(a)      shall be granted only to an employee of the Company or a Subsidiary Corporation;

 (b)      shall have an Option Price of not less than 100% of the Market Value of a
Share on the date the Incentive Stock Option is granted, and, if granted to a person who owns capital stock (including stock treated as owned under Section 424(d) of the U.S. Code) possessing more than 10% of the total combined voting power of
all classes of capital stock of the Company or any Subsidiary Corporation (a “More Than 10% Owner”), have an Option Price not less than 110% of the Market Value of a Share on its Grant Date; 

  
 14 

 (c)      shall have an Option Term of
not more than 10 years (5 years if the Eligible Participant is a More Than 10% Owner) from the date the Option is granted, and shall be subject to earlier termination as provided herein or in the applicable Grant Agreement; 

(d)      shall not have an aggregate Market Value (as of the date of grant) of the Shares
with respect to which Incentive Stock Options (within the meaning of Section 424(e) and (f) of the U.S. Code, and whether granted under the Plan or any other stock option plan of the Eligible Participant’s employer or any Subsidiary
Corporation (“Other Plans”)) are exercisable for the first time by such Eligible Participant during any calendar year (“Current Grant”), determined in accordance with the provisions of Section 422 of the U.S.
Code, which exceeds US$100,000 (the “US$100,000 Limit”); provided, that any Options in excess of the US$100,000 Limit shall be reclassified as Nonstatutory Options; 

(e)      shall require the Eligible Participant to notify the Company of any disposition
of any Shares delivered pursuant to the exercise of the Incentive Stock Option under the circumstances described in Section 421(b) of the U.S. Code (relating to holding periods and certain disqualifying dispositions) (“Disqualifying
Disposition”) within 10 days of such a Disqualifying Disposition; 

(f)      shall by its terms not be assignable or transferable other than by will or the
laws of descent and distribution and may be exercised, during the Eligible Participant’s lifetime, only by the Eligible Participant; provided, however, that the Eligible Participant may, to the extent provided in the Plan in any
manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option after the Eligible Participant’s death; and 

(g)      shall, if such Option nevertheless fails to meet the foregoing requirements, or
otherwise fails to meet the requirements of Section 422 of the U.S. Code for an Incentive Stock Option, be treated for all purposes of this Plan, except as otherwise provided in subsection (d) above, as an Option that is not an Incentive
Stock Option. 
 Section 3.8         Grant of Options for
Non-Qualifying Canadian Securities 
 If the Proposed Section 110 Amendments have
come into force, at the time of the grant of any Option, the Board may designate, or shall, to the extent required by the Tax Act, designate, that such Option shall be in respect of Shares that are
Non-Qualifying Canadian Securities, and the Board shall cause to be provided notice of such designation of Shares as Non-Qualifying Canadian Securities in the manner and
by the date(s) required by subsection 110(1.9) of the Tax Act to each of: 

(a)      the Participant (including, where permitted by the Tax Act, in a Grant
Agreement); and 
 (b)      the Minister of National Revenue for Canada. 

Section 3.9         Option Agreements. 

Options shall be evidenced by an Option Agreement, in such form not inconsistent with the Plan as the Board may from time to time
determine. The Option Agreement shall contain such terms and conditions that may be considered necessary in order for the Options to comply with any provisions respecting options contained in any income tax laws or any other laws in force in

  
 15 

 
any country or jurisdiction of which the Participant may from time to time be a resident or citizen or the rules of any regulatory body having jurisdiction over the Company. 

Article 4 
 PERFORMANCE SHARE UNITS 

Section 4.1         Nature of PSUs. 

A PSU is an Award that, upon vesting, entitles the Participant to receive (1) a Share (issued from treasury or purchased on the
open market), (2) the Cash Equivalent or (3) a combination thereof, as the case may be, and whose grant or vesting is in whole or in part conditional on the attainment of specific Performance Criteria, all pursuant to and subject to such
conditions as the Board may determine at the time of grant. 
 Section 4.2         PSU
Awards.  
 (1)      Subject to the provisions herein set forth and any shareholder or
regulatory approval which may be required, the Board shall, at any time and from time to time, in its sole discretion, determine the relevant conditions and vesting provisions (including the applicable Performance Period and Performance Criteria)
and the Restriction Period of such PSUs, the whole subject to the terms and condition prescribed in this Plan and in the applicable PSU Agreement. 

(2)      In making such determination, the Board shall consider the timing of crediting PSUs, including
crediting PSUs in connection with Dividend Equivalents, to a Participant’s Account, the vesting requirements and settlement timing applicable to such PSUs to ensure that the crediting of the PSUs to the Participant’s Account, the vesting
requirements and settlement timing are not considered a “salary deferral arrangement” for the purposes of the Tax Act and any applicable provincial legislation. 

(3)      Subject to the vesting and other conditions and provisions herein set forth and in the applicable
PSU Agreement (including the applicable Performance Period and Performance Criteria), each PSU awarded to a Participant shall entitle the Participant to receive (a) a Share (issued from treasury or purchased on the open market), (b) the
Cash Equivalent or (c) a combination thereof, as the case may be, upon determination by the Board on the Share Unit Vesting Determination Date that the vesting conditions (including the Performance Criteria) have been met and no later than the
last day of the applicable Restriction Period. 
 Section 4.3         Vesting of PSUs. 

Subject to the terms of this Plan and the applicable PSU Agreement, after the applicable Performance Period has ended, the holder of
PSUs shall be entitled to receive payout on the value and number of PSUs, determined by the Board on the applicable Share Unit Vesting Determination Date as a function of the extent to which the corresponding Performance Criteria have been achieved.
After the Board has determined that the Performance Criteria relating to PSUs credited to a Participant’s Account with respect to a Performance Period have been achieved, such PSUs shall entirely vest and be paid in accordance with
Section 4.4. Notwithstanding any provision to the contrary in this Plan or the applicable PSU Agreement, the Board may, in its sole discretion, make adjustments to the calculation of any PSUs granted to Participants based
on its assessment of the risk level, events that may impact the value of the PSUs or when calculations do not properly reflect all of the relevant considerations. Unless 

  
 16 

 
otherwise determined by the Board, all PSUs credited to a Participant’s Account with respect to a Performance Period, in respect of which the Performance Criteria have not been achieved,
shall automatically be forfeited and be cancelled on the Share Unit Vesting Determination Date and, in any event, no later than the last day of the Restriction Period. 

Section 4.4         Settlement of PSUs. 

(1)      The applicable settlement period in respect of a particular PSU shall be determined by the Board.
Except as otherwise provided in a PSU Agreement or any other provision of this Plan, all vested PSUs shall be settled as soon as practicable following the applicable Share Unit Vesting Determination Date but in all cases no later than the earlier of
(a) sixty (60) days following the applicable Share Unit Vesting Determination Date; and (b) for a PSU that is subject to the Tax Act, three (3) years after the last day of the calendar year in which the performance of services for
which such PSU was granted, occurred (the “PSU Settlement Date”). Following the receipt of such settlement, the PSU so settled shall be of no value whatsoever and shall be removed from the Participant’s Account. 

(2)      The Board, in its sole discretion, may settle at the end of the applicable Performance Period
vested PSUs by providing a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) with: 

(a)      in the case of settlement of PSUs for their Cash Equivalent, delivery of a cheque
or any other form of payment deemed acceptable by the Board to the Participant representing the Cash Equivalent; 

(b)      in the case of settlement of PSUs for Shares, delivery of Shares issued from
treasury or purchased on the Participant’s behalf on the open market; 

(c)      in the case of settlement of the PSUs for a combination of Shares and the Cash
Equivalent, a combination of (a) and (b) above, together equivalent in value to the vested PSUs. 

Section 4.5         Determination of Amounts. 

(1)      For purposes of determining the Cash Equivalent of PSUs to be made pursuant to
Section 4.4, such calculation will be made on the PSU Settlement Date based on the Market Value on the PSU Settlement Date multiplied by the number of vested PSUs in the Participant’s Account to settle in cash. 

(2)      For the purposes of determining the number of Shares to be issued or delivered to a Participant
upon settlement of PSUs pursuant to Section 4.4, such calculation will be made on the PSU Settlement Date based on the whole number of Shares equal to the whole number of vested PSUs then recorded in the Participant’s
Account to settle in Shares. 
 Section 4.6         PSU Agreements 

PSUs shall be evidenced by a PSU Agreement, in such form not inconsistent with the Plan as the Board may from time to time determine. The
PSU Agreement shall contain such terms that may be considered necessary in order that the PSU will comply with any provisions respecting performance share units in the income tax or other laws in force in any country or jurisdiction of 

  
 17 

 which the Participant may from time to time be a resident (for tax purposes) or a citizen or the rules
of any regulatory body having jurisdiction over the Company. 

Section 4.7            Grant of Dividend Equivalents 

(1)          Unless otherwise set forth in a PSU Agreement, Dividend Equivalents shall
be awarded in respect of all PSUs in a Participant’s Account every time dividends (other than share dividends) are paid on the Shares. On the Dividend Payment Date, the Company shall credit an additional number of PSUs to the Participant’s
Account determined as per the following formula: (A x B)/C where: 
 “A” represents the amount of the dividend per Share
declared and paid on the Shares by the Company; 
 “B” represents the number of PSUs listed in the Participant’s
Account on the Dividend Payment Date; and 
 “C” represents the Market Value of one Share on the Dividend Payment Date. 

(2)          Any additional PSUs credited to a Participant’s Account as a
Dividend Equivalent pursuant to this Section 4.7 shall be subject to the same applicable Share Unit Vesting Determination Date, Performance Period, Performance Criteria, vesting conditions, and settlement dates as the
related PSUs in respect of which such additional PSUs are credited. 
 Article 5 

RESTRICTED SHARE UNITS 

Section 5.1            Nature of RSUs. 

An RSU is an Award that, upon vesting, entitles the Participant to receive (1) a Share (issued from treasury or purchased on the
open market), (2) the Cash Equivalent or (3) a combination thereof, as the case may be, all pursuant and subject to such restrictions and conditions as the Board may determine at the time of grant. Conditions may be based on continuing
employment (or other service relationship) and/or achievement of Performance Criteria or other pre-established vesting conditions and objectives. 

Section 5.2            RSU Awards. 

(1)          Subject to the provisions herein set forth and any shareholder or
regulatory approval which may be required, the Board shall, from time to time, in its sole discretion, determine the relevant conditions and vesting provisions (including the applicable Performance Period and Performance Criteria, if any) and the
Restriction Period of such RSUs, the whole subject to the terms and conditions prescribed in this Plan and in the applicable RSU Agreement. 

(2)          In making such determination, the Board shall consider the timing of
crediting RSUs, including crediting RSUs in connection with Dividend Equivalents, to a Participant’s Account, the vesting requirements and settlement timing applicable to such RSUs to ensure that the crediting of the RSUs to the
Participant’s Account, the vesting requirements and settlement timing are not considered a “salary deferral arrangement” for the purposes of the Tax Act and any applicable provincial legislation. 

  
 18 

 (3)          Subject to the vesting
and other conditions and provisions herein set forth and in the applicable RSU Agreement, each RSU awarded to a Participant shall entitle the Participant to receive (a) a Share (issued from treasury or purchased on the open market),
(b) the Cash Equivalent or (c) a combination thereof, as the case may be, upon determination by the Board on the Share Unit Vesting Determination Date that the vesting conditions (including the Performance Criteria, if any) have been met
and no later than the last day of the applicable Restriction Period. 

Section 5.3            Vesting of RSUs. 

Subject to the terms of this Plan and the applicable RSU Agreement, after the applicable vesting period has ended, the holder of RSUs
shall be entitled to receive payout on the value and number of RSUs, determined by the Board on the applicable Share Unit Vesting Determination Date as a function of the extent to which the corresponding vesting criteria, including Performance
Criteria, if any, have been achieved. After the Board has determined that the vesting criteria relating to RSUs credited to a Participant’s Account have been achieved, such RSUs shall entirely vest and be paid in accordance with
Section 5.4. Notwithstanding any provision to the contrary in this Plan or the applicable RSU Agreement, the Board may, in its sole discretion, make adjustments to the calculation of any RSUs granted to Participants based
on its assessment of the risk level, events that may impact the value of the RSUs or when calculations do not properly reflect all of the relevant considerations. Unless otherwise determined by the Board, all RSUs credited to a Participant’s
Account in respect of which the vesting criteria have not been achieved, shall automatically be forfeited and be cancelled on the Share Unit Vesting Determination Date and, in any event, no later than the last day of the Restriction Period. 

Section 5.4            Settlement of RSUs. 

(1)          The applicable settlement period in respect of a particular RSU shall be
determined by the Board. Except as otherwise provided in an RSU Agreement or any other provision of this Plan, all vested RSUs shall be settled as soon as practicable following the applicable Share Unit Vesting Determination Date but in all cases no
later than the earlier of (a) sixty (60) days following the applicable Share Unit Vesting Determination Date; and (b) for an RSU that is subject to the Tax Act, three (3) years after the last day of the calendar year in which the
performance of services for which such RSU was granted, occurred (the ”RSU Settlement Date”). Following the receipt of such settlement, the RSU so settled shall be of no value whatsoever and shall be removed from the
Participant’s Account. 
 (2)          The Board, in its sole discretion, may
settle vested RSUs by providing a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) with: 

(a)          in the case of settlement of RSUs for their Cash
Equivalent, delivery of a cheque or any other form of payment deemed acceptable by the Board to the Participant representing the Cash Equivalent; 

(b)          in the case of settlement of RSUs for Shares, delivery of
Shares issued from treasury or purchased on the Participant’s behalf on the open market; 

(c)          in the case of settlement of the RSUs for a combination
of Shares and the Cash Equivalent, a combination of (a) and (b) above, together equivalent in value to the vested RSUs. 

  
 19 

Section 5.5            Determination of Amounts. 

(1)          For purposes of determining the Cash Equivalent of RSUs to be made
pursuant to Section 5.4, such calculation will be made on the RSU Settlement Date based on the Market Value on the RSU Settlement Date multiplied by the number of vested RSUs in the Participant’s Account to settle in
cash. 
 (2)          For the purposes of determining the number of Shares to be
issued or delivered to a Participant upon settlement of RSUs pursuant to Section 5.4, such calculation will be made on the RSU Settlement Date based on the whole number of Shares equal to the whole number of vested RSUs
then recorded in the Participant’s Account to settle in Shares. 

Section 5.6            RSU Agreements.  

RSUs shall be evidenced by an RSU Agreement, in such form not inconsistent with the Plan as the Board may from time to time determine.
The RSU Agreement shall contain such terms that may be considered necessary in order that the RSU will comply with any provisions respecting restricted share units in the income tax or other laws in force in any country or jurisdiction of which the
Participant may from time to time be a resident or citizen or the rules of any regulatory body having jurisdiction over the Company. 

Section 5.7            Grant of Dividend Equivalents. 

(1)          Unless otherwise set forth in an RSU Agreement, Dividend Equivalents
shall be awarded in respect of all RSUs in a Participant’s Account every time dividends (other than share dividends) are paid on the Shares. On the Dividend Payment Date, the Company shall credit an additional number of RSUs, if any, to the
Participant’s Account determined as per the following formula: (A x B)/C where: 
 “A” represents the amount of the
dividend per Share declared and paid on the Shares by the Company; 
 “B” represents the number of RSUs listed in the
Participant’s Account on the Dividend Payment Date; and 
 “C” represents the Market Value of one Share on the Dividend
Payment Date. 
 (2)          Any additional RSUs credited to a Participant’s
Account as a Dividend Equivalent pursuant to this Section 5.7 shall be subject to the same applicable Share Unit Vesting Determination Date, vesting conditions, and settlement dates as the related RSUs in respect of which
such additional RSUs are credited. 
 Article 6 

DEFERRED SHARE UNITS 

Section 6.1            Nature of DSUs. 

A DSU is an Award that, upon vesting, entitles the Participant to receive (1) a Share (issued from treasury or purchased on the
open market), (2) to receive the Cash Equivalent or (3) to receive a combination thereof, as the case may be, all pursuant and subject to such restrictions and conditions as the Board may determine at the time of grant. Conditions may be

  
 20 

 
based on continuing employment (or other service relationship) and/or other pre-established vesting conditions and objectives. 

Section 6.2            DSU Awards. 

(1)          Subject to the provisions herein set forth and any shareholder or
regulatory approval which may be required, the Board shall, from time to time, in its sole discretion, determine the relevant conditions and any vesting provisions and the Restriction Period of such DSUs, the whole subject to the terms and
conditions prescribed in this Plan and in any applicable DSU Agreement. 

(2)          In making such determination, the Board shall consider the timing of
crediting DSUs, including crediting DSUs in connection with Dividend Equivalents, to a Participant’s Account, any vesting requirements and settlement timing applicable to such DSUs to ensure that the crediting of the DSUs to the
Participant’s Account, any vesting requirements and settlement timing are compliant with Regulation 6801(d) under the Tax Act and any applicable provincial legislation. 

(3)          Subject to any vesting and other conditions and provisions herein set
forth and in the applicable DSU Agreement, if any, each DSU awarded to a Participant shall entitle the Participant to receive (a) a Share (issued from treasury or purchased on the open market), (b) the Cash Equivalent or (c) a
combination thereof, as the case may be, upon determination by the Board on the Share Unit Vesting Determination Date that any applicable vesting conditions have been met and no later than the last day of the applicable Restriction Period. 

Section 6.3            Vesting of DSUs. 

Except as otherwise determined by the Board or as provided in the applicable DSU Agreement, if any, DSUs shall entirely vest on the date
of grant. Subject to the terms of this Plan and the applicable DSU Agreement, if any, after the applicable vesting period, if any, has ended and after the Participant’s Termination Date, the holder of DSUs shall be entitled to receive payout on
the value and number of DSUs, determined by the Board on the applicable Share Unit Vesting Determination Date as a function of the extent to which the corresponding vesting criteria, if any, have been achieved. After the Board has determined that
the vesting criteria, if any, relating to DSUs credited to a Participant’s Account have been achieved, such DSUs shall entirely vest and be paid in accordance with Section 6.4. Notwithstanding any provision to the
contrary in this Plan or any applicable DSU Agreement, the Board may, in its sole discretion, make adjustments to the calculation of any DSUs granted to Participants based on its assessment of the risk level, events that may impact the value of the
DSUs or when calculations do not properly reflect all of the relevant considerations, provided further that, in respect of any DSUs subject to the Tax Act, no such adjustments shall entitle the Participant or a person with whom the employee does not
deal at arm’s length, either immediately or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted or to be granted for the purpose of reducing the impact, in whole or in part, of any reduction in
the Market Value of the Shares. Unless otherwise determined by the Board, all DSUs credited to a Participant’s Account in respect of which any vesting criteria have not been achieved shall automatically be forfeited and be cancelled on the
Share Unit Vesting Determination Date and, in any event, no later than the last day of the Restriction Period. 

  
 21 

 Section 6.4            Settlement
of DSUs. 
 (1)          The applicable settlement period in respect of a
particular DSU shall be determined by the Board and set forth in an Award Agreement. Except as otherwise provided in any DSU Agreement or any other provision of this Plan, all vested DSUs shall be settled as soon as practicable following the
applicable Share Unit Vesting Determination Date but no later than the earlier of (a) sixty (60) days following the applicable Share Unit Vesting Determination Date; and (b) in the case of a DSU that is subject to the Tax Act, the last day
of the calendar year following the Participant’s Termination Date (the ”DSU Settlement Date”). Following the receipt of such settlement, the DSU so settled shall be of no value whatsoever and shall be removed from the
Participant’s Account. 
 (2)          The Board, in its sole discretion, may
settle vested DSUs by providing a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) with: 

(a)          in the case of settlement of DSUs for their Cash
Equivalent, delivery of a cheque or any other form of payment deemed acceptable by the Board to the Participant representing the Cash Equivalent; 

(b)          in the case of settlement of DSUs for Shares, delivery of
Shares issued from treasury or purchased on the Participant’s behalf on the open market; 

(c)          in the case of settlement of the DSUs for a combination
of Shares and the Cash Equivalent, a combination of (a) and (b) above, together equivalent in value to the vested DSUs. 

Section 6.5          Determination of Amounts. 

(1)          For purposes of determining the Cash Equivalent of DSUs to be made
pursuant to Section 6.4, such calculation will be made on the DSU Settlement Date based on the Market Value on the DSU Settlement Date multiplied by the number of vested DSUs in the Participant’s Account to settle in
cash. 
 (2)          For the purposes of determining the number of Shares to be
issued or delivered to a Participant upon settlement of DSUs pursuant to Section 6.4, such calculation will be made on the DSU Settlement Date based on the whole number of Shares equal to the whole number of vested DSUs
then recorded in the Participant’s Account to settle in Shares. 

Section 6.6            DSU Agreements.  

DSUs shall be evidenced by a DSU Agreement, in such form not inconsistent with the Plan as the Board may from time to time determine.
The DSU Agreement may contain such terms that may be considered necessary in order that the DSU will comply with any provisions respecting deferred share units in the income tax or other laws in force in any country or jurisdiction of which the
Participant may from time to time be a resident or citizen or the rules of any regulatory body having jurisdiction over the Company. 

  
 22 

 Section 6.7        Grant of Dividend Equivalents.

 (1)      Except as otherwise set forth in a DSU Agreement, Dividend Equivalents shall be awarded in
respect of all DSUs in a Participant’s Account every time dividends (other than share dividends) are paid on the Shares. On the Dividend Payment Date, the Company shall credit an additional number of DSUs, if any, to the Participant’s
Account determined as per the following formula: (A x B)/C where: 
 “A” represents the amount of the dividend per Share
declared and paid on the Shares by the Company; 
 “B” represents the number of DSUs listed in the Participant’s
Account on the Dividend Payment Date; and 
 “C” represents the Market Value of one Share on the Dividend Payment Date. 

(2)      Any additional DSUs credited to a Participant’s Account as a Dividend Equivalent pursuant to
this Section 6.7 shall be subject to the same applicable Share Unit Vesting Determination Date, vesting conditions and settlement dates, if any, as the DSUs in respect of which such additional DSUs are credited. 

Article 7 
 GENERAL CONDITIONS 

Section 7.1        General Conditions applicable to Awards. 

Each Award, as applicable, shall be subject to the following conditions: 

(1)      Vesting Period. Each Award granted hereunder shall vest in accordance with the terms of
the Grant Agreement entered into in respect of such Award. 
 (2)      Employment.
Notwithstanding any express or implied term of this Plan to the contrary, the granting of an Award pursuant to the Plan shall in no way be construed as a guarantee by the Company or a Subsidiary to the Participant of employment or another service
relationship with the Company or a Subsidiary. The granting of an Award to a Participant shall not impose upon the Company or a Subsidiary any obligation to retain the Participant in its employ or service in any capacity. Nothing contained in this
Plan or in any Award granted under this Plan shall interfere in any way with the rights of the Company or any of its Affiliates in connection with the employment, retention or termination of any such Participant. The loss of existing or potential
profit in Shares underlying Awards granted under this Plan shall not constitute an element of damages in the event of termination of a Participant’s employment or service in any office or otherwise. For clarity, in the event of such a
termination, (i) there will be no further Awards granted to a Participant after the Termination Date; and (ii) the Participant will not be entitled to any damages or compensation in respect of any Awards which may have been granted or paid
to the Participant after the Termination Date or if working notice of termination had been given, including but not limited to damages in lieu of notice at law. 

(3)      Grant of Awards. Eligibility to participate in this Plan does not confer upon any Eligible
Participant any right to be granted Awards pursuant to this Plan. Granting Awards to any Eligible Participant does not confer upon any Eligible Participant the right to receive nor preclude such Eligible Participant from receiving any additional
Awards at any time. Participation in the 

  
 23 

 
Plan shall be entirely voluntary and any decision not to participate shall not affect an Eligible Participant’s relationship or employment with the Company or any Subsidiary. 

(4)      Rights as a Shareholder. Neither the Participant nor such Participant’s personal
representatives or legatees shall have any rights whatsoever as shareholder in respect of any Shares underlying such Participant’s Awards by reason of the grant of such Awards until such Awards have been duly exercised, as applicable, and
settled and Shares have been issued or purchased on the open market, as applicable. 

(5)      Conformity to Plan. In the event that an Award is granted or a Grant Agreement is executed
which does not conform in all particulars with the provisions of the Plan, or purports to grant Awards on terms different from those set out in the Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award
so granted will be adjusted to become, in all respects, in conformity with the Plan. In the event of conflicting provisions contained within any applicable Grant Agreement, the Board shall have sole discretion to determine the prevailing provision
and interpretation thereof. 
 (6)      Transferrable Awards. Except as specifically provided in
a Grant Agreement approved by the Board, each Award granted under the Plan is personal to the Participant and shall not be assignable or transferable by the Participant, whether voluntarily or by operation of law, except by will or by the laws of
succession of the domicile of the deceased Participant. No Award granted hereunder shall be pledged, hypothecated, charged, transferred, monetized, securitized, assigned or otherwise encumbered or disposed of on pain of nullity. 

(7)      Participant’s Entitlement. Except as otherwise provided in this Plan or
unless the Board permits otherwise, upon any Subsidiary ceasing to be a subsidiary of the Company, Awards previously granted under this Plan that, at the time of such change, are held by a Person who is a director, executive officer, employee or
consultant of such Subsidiary and not of the Company itself, whether or not then vested or exercisable, shall automatically terminate on the date of such change. 

(8)      No Other Employee Benefits. The amount or value deemed to be or received by a Participant
as a result of the exercise or settlement of an Award or as a result of the sale of a Share received or purchased upon the exercise or settlement of an Award will not constitute compensation with respect to which any other employee benefits of that
Participant are determined including benefits under any bonus, pension, profit-sharing, insurance and salary continuation plan, except as otherwise specifically determined by the Board, nor will it be a basis to calculate any amount of termination
or severance after the Participant’s Termination Date. In the event that the employment of the Participant is terminated by the Company either with or without Cause, and with or without reasonable notice, the Participant shall have no rights to
any particular grants which have been made to him or her other than as set forth in the Plan, the applicable Grant Agreement or in any other separate written agreement entered into between the Company and the Participant, and the Participant will
not be entitled to recover damages nor to be paid any benefits or to recover any compensation which the Participant would or may otherwise have been entitled to under the Plan if the Participant had remained actively employed by the Company. 

Section 7.2        General Conditions applicable on Termination. 

Unless otherwise determined by the Board or otherwise provided in the applicable Grant Agreement, each Award shall be subject to the
following conditions, as applicable: 

  
 24 

 (1)      Termination for Cause. Upon a
Participant ceasing to be an Eligible Participant for Cause, any Awards granted to such Participant, whether vested or unvested on the Termination Date, shall terminate automatically and become void immediately on the Termination Date. For the
purposes of the Plan, the determination by the Company that the Participant was discharged for Cause shall be binding on the Participant. “Cause” shall have the meaning set forth in an employment or termination or severance
agreement between a Participant and the Company or a Subsidiary, and if no such agreement exists (or if such agreement does not define “Cause” or similar term) shall include gross misconduct, theft, fraud, breach of confidentiality
or breach of the Company’s code of business conduct and ethics and any other reason determined by the Company to be cause for termination without notice or payment in lieu of notice in accordance with applicable law. 

(2)      Resignation or Retirement. Upon a Participant ceasing to be an Eligible Participant as a
result of his or her resignation or retirement from the Company or a Subsidiary, as applicable, (a) the Board may, in its sole discretion, determine that a portion of the PSUs, RSUs and/or DSUs granted to such Participant under the Plan will
immediately vest and be settled (based on the vesting terms, including, if applicable, achievement of Performance Criteria, up to the Termination Date, as determined in the final and sole discretion of the Board), (b) all unvested Options will
be forfeited on the Termination Date, and (c) vested Options will remain exercisable until the earlier of thirty (30) days after the Termination Date or the expiry date of the Options, after which time all Options will expire. For greater
certainty, if, following a Participant’s resignation or retirement from the Company or a Subsidiary, the end of the thirty (30) day period during which Options may be exercised should fall within a
Black-Out Period, the provisions of Section 3.4(2) shall apply to extend the end of such period to the tenth (10th) Business Day
following the end of such Black-Out Period. 
 (3)      Death
or Disability. Upon a Participant’s termination of employment as a result of death or Disability, (a) all rights, title and interest in Options granted to such Participant under the Plan, which are unvested on the Termination Date,
will continue to vest in accordance with the terms of this Plan and the Participant’s Grant Agreement for a period of up to two years, subject to the underlying Options’ expiry date, (b) vested Options (including such Options that
vest during the period following the Termination Date) will remain exercisable until the earlier of (i) two years after the Termination Date and (ii) the expiry date of the Options, after which time all Options will automatically expire,
and (iii) a portion of PSUs, RSUs and/or DSUs granted to the Participant under the Plan will immediately vest on the Termination Date and be settled (based on the vesting terms, including, if applicable, achievement of Performance Criteria, up
to the Termination Date, as determined in the final and sole discretion of the Board). Upon the death or Disability of a Participant, the Participant’s rights if any shall only be exercisable by the administrator, executor or liquidator of the
Participant’s estate, as the case may be. “Disability” shall have the meaning set forth in an employment or termination or severance agreement between a Participant and the Company or a Subsidiary, and if no such agreement exists (or
if such agreement does not define “Disability” or similar term) shall mean any medical condition whatsoever (including physical or mental illness) which leads to the Participant’s absence from his or her job function for a continuous
period of six (6) months without the Participant being able to resume functions on a full-time basis at the expiration of such period and which, in light of the position held by the Participant, the parties agree would cause undue hardship to
the Company or any of its Subsidiaries which cannot be accommodated; it being understood that unsuccessful attempts to return to work for periods of less than fifteen (15) days shall not interrupt the calculation of such six (6) month
period. 

  
 25 

 (4)      Termination without Cause. Upon
termination of a Participant’s employment without Cause, (a) the Board may, in its sole discretion, determine that a portion of the PSUs, RSUs and/or DSUs granted to such Participant under the Plan will immediately vest and be settled
(based on the vesting terms, including, if applicable, achievement of Performance Criteria, up to the Termination Date, as determined in the final and sole discretion of the Board), (b) all unvested Options will be forfeited on the Termination
Date, and (c) vested Options will remain exercisable until the earlier of ninety (90) days after the Termination Date or the expiry date of the Options, after which time all Options will expire. For greater certainty, if, following
termination of a Participant’s employment without Cause, the end of the ninety (90) day period during which Options may be exercised should fall within a Black-Out Period, the provisions of
Section 3.4(2) shall apply to extend the end of such period to the tenth (10th) Business Day following the end of such Black-Out
Period. 
 (5)      Rights of Participant. The rights of a Participant pursuant to the above
paragraphs are the only rights to which the Participant (or his or her estate) is entitled on a termination of employment with respect to such Participant’s Options, PSUs, RSUs and DSUs. Regardless of whether, on the Termination Date, the
Participant is entitled to a reasonable notice period of termination of employment or compensation in lieu thereof, or is entitled to a specific notice period of termination of employment or compensation in lieu thereof, the Participant is not
entitled to claim any other rights to any vested or unvested Options, PSUs, RSUs, or DSUs during such notice period or compensation in lieu thereof, whether by way of general or specific damages and whether in contract, tort or otherwise. 

(6)      Unvested Awards. Other than as provided herein, if any portion of an Award has not vested
by the Termination Date, that portion of such Award may not, under any circumstances, be exercised by the Participant. This provision will apply regardless of whether the Participant was entitled to a period of notice of termination, termination or
severance payment or other continuing benefits or amounts, whether pursuant to applicable law, contract or further to a judgment rendered by a tribunal of competent jurisdiction, as the case may be, that follows or ought to have followed the last
day on which a Participant actively performs his or her employment duties for the Company or one of its Subsidiaries, as applicable. 
 Article 8

 COMPLIANCE WITH U.S. TAX LAWS 

The provisions of this Article 8 shall apply solely to Participants who are subject to taxation under the U.S.
Code. 
 Section 8.1        Special Provisions Related to
Section 409A of the U.S. Code. 
 (1)      General. It is
the intention, but not the obligation, that the Board design payments and benefits provided under this Plan and design any Award so that it shall either be exempt from the application of, or comply with, the requirements of the Nonqualified Deferred
Compensation Rules. The Plan and all Grant Agreements shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or guaranteed. Neither the Company,
its Subsidiaries nor their respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or other
taxpayer as a result of the Plan or any Award. 

  
 26 

 (2)      Allocation among Possible Exemptions. If
any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the
dollar limit permitted for the separation pay exemptions, the Company shall determine which Awards or portions thereof will be subject to such exemptions. 

(3)      Six-Month Delay in Certain Circumstances.
Notwithstanding anything in the Plan or in any Grant Agreement to the contrary, if any amount or benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable
under this Plan or any Grant Agreement by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the
Board under the Nonqualified Deferred Compensation Rules, including Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of
employment taxes): 
 (a)      the amount of such
Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be
accumulated through and paid or provided, without interest, on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s
death) (in either case, the “Required Delay Period”); and 

(b)      the normal payment or distribution schedule for any remaining payments or
distributions will resume at the end of the Required Delay Period. 
 For purposes of this Plan, the term “Specified
Employee” has the meaning given such term in the Nonqualified Deferred Compensation Rules; provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all
nonqualified deferred compensation arrangements of the Company, including this Plan. 

(4)      Installment Payments. If, pursuant to an Award, a Participant is entitled to a series of
installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes of the preceding sentence, the term “series of
installment payments” has the meaning provided in the Nonqualified Deferred Compensation Rules. 

(5)      Timing of Release of Claims. Whenever an Award conditions a payment or benefit on the
Participant’s execution and non-revocation of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the
Participant’s employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is exempt from the Nonqualified Deferred Compensation Rules, the Company may elect to make or commence payment at any time during
such 60-day period. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to Section 8.1(3) above, (a) if such 60-day period begins and ends in a
single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (b) if such 60-day period begins in one calendar year and ends in the next calendar year, the payment shall be made or commence
during the second such calendar year (or any later date 

  
 27 

 
specified for such payment under the applicable Award), even if such signing and non-revocation of the release occur during the first such calendar year
included within such 60-day period. 
 (6)      Permitted Acceleration. The Company shall have
the sole authority to make any accelerated distribution permissible under the Nonqualified Deferred Compensation Rules to Participants of deferred amounts, provided that such distribution(s) meets the requirements of the Nonqualified Deferred
Compensation Rules. 
 Article 9 

ADJUSTMENTS AND AMENDMENTS 

Section 9.1        Adjustment to Shares Subject to Outstanding Awards. 

At any time after the grant of an Award to a Participant and prior to the expiration of the term of such Award or the forfeiture or
cancellation of such Award, in the event of (i) any subdivision of the Shares into a greater number of Shares, (ii) any consolidation of Shares into a lesser number of Shares, (iii) any reclassification, reorganization or other change
affecting the Shares, (iv) any merger, amalgamation or consolidation of the Company with or into another corporation, (v) any distribution to all holders of Shares or other securities in the capital of the Company, of cash, evidences of
indebtedness or other assets of the Company (excluding an ordinary course dividend in cash or shares, but including for greater certainty shares or equity interests in a subsidiary or business unit of the Company or one of its subsidiaries or cash
proceeds of the disposition of such a subsidiary or business unit) or (vi) any transaction or change having a similar effect, then the Board shall in its sole discretion, subject to the required approval of a Stock Exchange (if any), determine
the appropriate adjustments or substitutions to be made in such circumstances in order to maintain the economic rights of the Participant in respect of such Award in connection with such occurrence or change, including: 

(1)      adjustments to the Option Price without any change in the total price applicable to the
unexercised portion of any Options granted under the Plan; 
 (2)        adjustments to the
number of Shares to which the Participant is entitled upon exercise or settlement of such Award; 

(3)      adjustments permitting the immediate exercise of any outstanding Awards that are not otherwise
exercisable (subject, in the case of a DSU subject to the Tax Act, to any requirements of Regulation 6801(d) under the Tax Act); or 

(4)      adjustments to the number or kind of Shares reserved for issuance pursuant to the Plan. 

Notwithstanding the foregoing, no such adjustment shall be authorized with respect to any Options held by Participants who are United
States taxpayers to the extent that such adjustment would cause the Option (determined as if all such Options were Incentive Stock Options whether or not so designated) to violate Section 424(a) of the U.S. Code or would otherwise subject any
Participant to taxation under Section 409A of the U.S. Code. 
 Section 9.2        Change of
Control. 
 Notwithstanding anything else to the contrary herein, in the event of a potential Change of Control, the Board shall
have the power, in its sole discretion, to modify the terms of this Plan 

  
 28 

 
and/or Awards (including, for greater certainty, to cause the vesting of all unvested Awards) to assist the Participants to tender into any take-over bid or similar transaction leading to a
Change of Control. For greater certainty, in the event of a take-over bid or any other transaction leading to a Change of Control, the Board may (i) provide that any or all Awards shall thereupon terminate, provided that any such outstanding
Awards that have vested shall remain exercisable until consummation of such Change of Control, or (ii) permit Participants to conditionally exercise their Awards, such conditional exercise to be conditional upon the take-up by such offeror of the Shares or other securities tendered to such take-over bid in accordance with the terms of such take-over bid (or the effectiveness of such other transaction leading to a Change of
Control). If, however, the potential Change of Control referred to in this Section 9.2 is not completed within the time specified therein (as same may be extended), then notwithstanding this Section 9.2 or the definition of “Change of
Control”: (i) any conditional exercise of vested Options shall be deemed to be null, void and of no effect, and such conditionally exercised Awards shall for all purposes be deemed not to have been exercised, (ii) Shares which were issued
pursuant to exercise of Options which vested pursuant to this Section 9.2 shall be returned by the Participant to the Company and reinstated as authorized but unissued Shares, and (iii) the original terms applicable to Awards which vested
pursuant to this Section 9.2 shall be reinstated. 
 Section 9.3        Amendment or
Discontinuance of the Plan. 
 (1)      The Board may suspend or terminate the Plan at any
time, or from time to time amend or revise the terms of the Plan or any granted Awards without the consent of the Participants, provided that such suspension, termination, amendment or revision shall: 

(a)      not adversely alter or impair the rights or tax treatment of any Participant,
without the consent of such Participant except as permitted by the provisions of the Plan; 

(b)      be in compliance with applicable law and with the prior approval, if required, of
the shareholders of the Company, a Stock Exchange or any other regulatory body having authority over the Company; and 

(c)      be subject to shareholder approval, where required by law or the requirements of
a Stock Exchange, provided that the Board may, from time to time, in its absolute discretion and without approval of the shareholders of the Company make the following amendments to this Plan: 

 

	 	(i)	 any amendment to the vesting provision, if applicable, or assignability provisions of the Awards;

  

	 	(ii)	 any amendment to the expiration date of an Award that does not extend the terms of the Award past the original date of
expiration of such Award; 

  

	 	(iii)	 any amendment regarding the effect of termination of a Participant’s employment or engagement;

  

	 	(iv)	 any amendment to the terms and conditions of grants of PSUs, RSUs or DSUs, including the Performance Criteria, as
applicable, quantity, type of Award, grant date, vesting periods, settlement date and other terms and conditions with respect to the Awards; 

  
 29 

	 	(v)	 any amendment which accelerates the date on which any Award may be exercised or payable, as applicable, under the
Plan; 

  

	 	(vi)	 any amendment to the definition of an Eligible Participant under the Plan (other than with respect to Eligible
Participants who are eligible to receive an Award of Incentive Stock Options), it being understood that, as applicable, any amendment aimed at expanding the scope of persons that may be eligible under the Plan will not be made without obtaining the
approval of the shareholders of the Corporation as may be required under the rules of any stock exchange on which the Shares are listed at the applicable time; 

 

	 	(vii)	 any reduction in the Option Price of an Option or any cancellation and replacement of an Option with an Option with a
lower Option Price, to the extent such reduction or replacement does not benefit an Insider; 

  

	 	(viii)	 any amendment necessary to comply with applicable law or the requirements of a Stock Exchange or any other regulatory
body; 

  

	 	(ix)	 any amendment of a “housekeeping” nature, including to clarify the meaning of an existing provision of the
Plan, correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan, correct any grammatical or typographical errors or amend the definitions in the Plan; 

 

	 	(x)	 any amendment regarding the administration of the Plan; 

 

	 	(xi)	 any amendment to add a provision permitting the grant of Awards settled otherwise than with Shares issued from
treasury; 

  

	 	(xii)	 any amendment to add a cashless exercise feature or net exercise procedure; 

 

	 	(xiii)	 any amendment to add a form of financial assistance; and 

 

	 	(xiv)	 any other amendment that does not require the approval of the holders of Shares under Section 9.3(2).

 (2)      Notwithstanding Section 9.3(1), the Board shall
be required to obtain shareholder approval to make the following amendments: 

(a)      any increase to the maximum number of Shares issuable pursuant to the
Plan; 
 (b)      except in the case of an adjustment pursuant to
Article 9, any reduction in the Option Price of an Option or any cancellation and replacement of an Option with an Option with a lower Option Price, to the extent such reduction or replacement benefits an Insider;

  
 30 

 (c)      any extension of the term of an
Award beyond the original expiry date, to the extent such amendment benefits an Insider; 

(d)      any amendment which increases the maximum number of Shares that may be issuable
to Insiders at any time pursuant to the Insider participation limit; 

(e)      any amendment to the maximum number of Shares issuable, either as a fixed number
or fixed percentage of outstanding capital represented by such Shares; 
 (f)      any
amendment which increases the maximum number of Shares that may be issuable upon exercise of Incentive Stock Options or modifies the definition of Eligible Participant used for purposes of determining eligibility for the grant of an Incentive Stock
Option; and 
 (g)      any amendment to the amendment provisions of the Plan; 

provided that Shares held directly or indirectly by Insiders benefiting from the amendments shall be excluded when obtaining such shareholder approval.

 (3)      The Board may, by resolution, advance the date on which any Award may be exercised or
payable (subject, in the case of a DSU subject to the Tax Act, to any requirements of Regulation 6801(d) under the Tax Act) or, subject to applicable regulatory provisions, including any rules of a Stock Exchange extend the expiration date of any
Award, in the manner to be set forth in such resolution, provided that the period during which an Option is exercisable or a PSU, RSU or DSU remains outstanding does not exceed (a) in the case of Options, ten (10) years from the
date such Option is granted and (b) in the case of PSUs, RSUs and DSUs, the last day of the Restriction Period in respect of such PSUs, RSUs and DSUs. The Board shall not, in the event of any such advancement or extension, be under any
obligation to advance or extend the date on or by which any Option may be exercised or any PSU, RSU or DSU may remain outstanding by any other Participant. 

Article 10 
 MISCELLANEOUS 

Section 10.1      Use of an Administrative Agent and Trustee. 

The Board may in its sole discretion appoint from time to time one or more entities to act as administrative agent or trustee to
administer the Awards granted under the Plan and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions determined by the Board in its
sole discretion. The Company and the administrative agent will maintain records showing the number of Awards granted to each Participant under the Plan. 

Section 10.2      Tax Withholding and Deduction. 

(1)      Notwithstanding any other provision of this Plan, all distributions, delivery of Shares or
payments (including, for greater certainty, payments of Cash Equivalent) to a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of such Participant) under the Plan shall be made net of applicable taxes
and social security and other source deductions. The Board shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents,

  
 31 

 
Shares (including through delivery of previously owned Shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of Shares otherwise issuable or
delivered pursuant to the Award), other property, or any other legal consideration the Board deems appropriate. 

(2)      Participants will be responsible for (and will indemnify the Company and any Affiliate in respect
of) all taxes, social security contributions (including, if the terms of the Participant’s Option Agreement so provides, and if lawful, employer social security contributions) and other liabilities arising out of or in connection with any Award
or the acquisition, holding or disposal of Shares. If the Company or any Affiliate or the trustee of any employee benefit trust has any liability to pay or account for any such tax or contribution, it may meet the liability by: 

(a)      selling Shares to which the Participant becomes entitled on his behalf and using
the proceeds to meet the liability; 
 (b)      deducting the amount of the liability
from any cash payment due under this Plan; 
 (c)      reducing the number of Shares to
which the Participant would otherwise be entitled; and/or 
 (d)      deducting the
amount from any payment of salary, bonus or other payment due to the Participant. 
 (3)      A Canadian
tax resident Participant shall not settle any tax or social security contributions, or other such liabilities, by the sale of Shares, acquired through a prior Award, to the Company. 

Section 10.3      Clawback. 

Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock
exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such
law, government regulation or stock exchange listing requirement). Without limiting the generality of the foregoing, the Board may provide in any case that outstanding Awards (whether or not vested or exercisable) and the proceeds from the exercise
or disposition of Awards or Shares acquired under Awards will be subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted violates (1) a non-competition, non-solicitation, confidentiality or other restrictive covenant by which he or she is bound, or (2) any policy adopted by the Company applicable to the
Participant that provides for forfeiture or disgorgement with respect to incentive compensation that includes Awards under the Plan. In addition, the Board may require forfeiture and disgorgement to the Company of outstanding Awards and the proceeds
from the exercise or disposition of Awards or Shares acquired under Awards, with interest and other related earnings, to the extent required by law or applicable stock exchange listing standards and any related policy adopted by the Company. Each
Participant, by accepting or being deemed to have accepted an Award under the Plan, agrees to cooperate fully with the Board, and to cause any and all permitted transferees of the Participant to cooperate fully with the Board, to effectuate any
forfeiture or disgorgement required hereunder. Neither the Board nor the Company nor any other Person, other than the Participant and his or her permitted transferees, if any, will be responsible for any

  
 32 

 
adverse tax or other consequences to a Participant or his or her permitted transferees, if any, that may arise in connection with this Section 10.3. 

Section 10.4      Securities Law Compliance. 

(1)      The Plan (including any amendments to it), the terms of the grant of any Award under the Plan,
the grant of any Award and the exercise of any Options, and the Company’s obligation to sell and deliver Shares in respect of any Awards, shall be subject to all applicable federal, provincial, state and foreign laws, rules and regulations, the
rules and regulations of a Stock Exchange, the Securities Act, the Exchange Act, and to such approvals by any regulatory or governmental agency as may, as determined by the Company, be required. The Company shall not be obliged by any provision of
the Plan or the grant of any Award hereunder to issue, sell or deliver Shares in violation of such laws, rules and regulations, the Securities Act, the Exchange Act, or any condition of such approvals. 

(2)      No Awards shall be granted, and no Shares shall be issued, sold or delivered hereunder, where
such grant, issue, sale or delivery would require registration of the Plan or of the Shares under the securities laws of any foreign jurisdiction (other than Canada or the United States) or the filing of any prospectus for the qualification of same
thereunder, and any purported grant of any Award or purported issue or sale of Shares hereunder in violation of this provision shall be void. 

(3)      The Company shall have no obligation to issue any Shares pursuant to this Plan unless upon
official notice of issuance, such Shares shall have been duly listed with a Stock Exchange. The Company cannot guarantee that the Shares will be listed or quoted on a Stock Exchange. Shares issued, sold or delivered to Participants under the Plan
may be subject to limitations on sale or resale under applicable securities laws. 
 (4)      If Shares
cannot be issued or delivered to a Participant upon the exercise or settlement of an Award due to legal or regulatory restrictions, the obligation of the Company to issue or deliver such Shares shall terminate. Any funds paid to the Company in
connection with the exercise or settlement of such Award will be returned to the applicable Participant as soon as practicable. 

Section 10.5      Reorganization of the Company. 

The existence of any Awards shall not affect in any way the right or power of the Company or its shareholders to make or authorize any
adjustment, reclassification, recapitalization, reorganization or other change in the Company’s capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Company or to create or issue any bonds,
debentures, shares or other securities of the Company or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar nature or otherwise. 
 Section 10.6      Governing Laws.

 The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the
Province of Québec and the laws of Canada applicable thereto and without recourse to conflict of laws rules. 

  
 33 

 Section 10.7      Severability. 

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision
and any invalid or unenforceable provision shall be severed from the Plan. With respect to ISOs, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for
all purposes of the Plan. 
 Section 10.8      Currency 

Unless otherwise specifically determined by the Board, all Awards and payments pursuant to such grants shall be determined in U.S.
currency. The Board shall determine, in its discretion, whether and to the extent any payments made pursuant to an Award shall be made in local currency, as opposed to U.S. dollars. In the event payments are made in local currency, the Board may
determine, in its discretion and without liability to any Participant, the method and rate of converting the payment into local currency. 

Section 10.9      Effective Date of the Plan 

The Plan is effective as of May 6, 2021 (the “Effective Date”). 

  
 34 

 SCHEDULE “A” 

ELECTION TO EXERCISE OPTIONS 

TO:          The Lion Electric Company (the “Company”) 

The undersigned option holder hereby irrevocably elects to exercise options (“Options”) granted by the
Company to the undersigned pursuant to the Company’s Omnibus Incentive Plan (the “Plan”) for the number of common shares in the capital of the Company (“Common Shares”) as set forth below. 

Capitalized terms not defined here have the meanings specified in the Plan. 

 

					
	 Number of Shares to be Acquired:
	 		  	
                        
                                         
  

			
	 Option Price (per Common Share):
	 		  	
$                        
                                         
 

			
	 Aggregate Option Price:
	 		  	
$                        
                                         
 

			
	 Amount enclosed that is payable on account of withholding of tax or other required deductions relating to the
exercise of the Options (contact the Company for details of such amount) (the “Applicable Withholdings and Deductions”):
	 		  	
$                        
                                         
 

			
	 o   Or check here if alternative arrangements have been made with the
Company with respect to the payment of Applicable Withholdings and Deductions;
	 		  	

 and hereby tender cash, a certified cheque or bank draft for such aggregate Option Price, and, if
applicable, Applicable Withholdings and Deductions, and directs such Common Shares to be registered in the name of
                                         
                                         
      . 
 [Signature page follows.] 

  
 Schedule A – Page 1 

 DATED this      day of
        ,         . 
  

	
	  

	   Signature

	
	  

	   Name

  
 Schedule A – Page 2

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