Document:

EX-10.1

 Exhibit 10.1 
  

 
 August 22,
2018                   
 Mr. Yves Ribeill 

Dear Yves: 
 This letter agreement (this
“Letter”) confirms your appointment as Interim Chief Executive Officer (“Interim CEO”) of Calyxt, Inc. (the “Company”), effective as of August 22, 2018 (the
“Transition Date”). This appointment is in addition to your continuing service as a member of the Board of Directors of the Company (the “Board”). This Letter serves to set forth certain terms relating
to your appointment as Interim CEO. 
  

	1.	 Certain Definitions. Certain words or phrases used in this Letter with initial capital letters will have the
meanings set forth in paragraph 10 hereof. 

  

	2.	 Employment. If you accept the terms of this Letter, the Company will employ you upon the terms and conditions
set forth in this Letter, and ending as provided in paragraphs 3 and 7 hereof. 

  

	3.	 Position and Term of Employment. For the period starting on the Transition Date and ending on the earlier of
(a) August 21, 2019 and (b) the date that the Company appoints a new Chief Executive Officer of the Company (the “Transition Period”), you will serve as Interim CEO of the Company, and you shall have the
customary duties, responsibilities and authority of an executive serving in such position, subject to the power of the Board to expand or limit such duties, responsibilities and authority, either generally or in specific instances. During the
Transition Period, you shall report to the Chairman of the Board. Notwithstanding anything in this Letter to the contrary, you will be an at-will employee of the Company, and you or the Company may terminate
your employment as Interim CEO with the Company for any reason or no reason at any time. You shall devote all of your business time and attention to the 

  
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performance of your duties under this Letter and will not engage in any other business activities, without the prior consent of the Board. Notwithstanding the foregoing, you will be permitted to
purchase and own less than five percent (5%) of the publicly-traded securities of any corporation, provided that such ownership represents a passive investment and that you are not a controlling person of, or a member of a group that controls such
corporation, and provided further that this ownership does not interfere with the performance of your duties and responsibilities to the Company, including, but not limited to, the duties and responsibilities set forth in this paragraph 3.

  

	4.	 Place of Employment. During the Transition Period, the principal place of your employment will be the
Company’s corporate office that is presently located in Roseville, Minnesota, as it may be established from time to time, except that you may be required to travel on Company business during your employment. 

 

	5.	 Compensation and Benefits. During the Transition Period, you will be entitled to the following compensation and
benefits: 

 (a)        Base Salary. You will receive a base salary
at the annual rate of $400,000. Your base salary shall be payable in installments in accordance with the regular payroll practices of the Company. 

(b)        Annual Performance Bonus. You will be eligible to receive an annual
performance bonus, with the target amount of such bonus equal to sixty (60%) of your base salary (the “Annual Performance Bonus”). Your Annual Performance Bonus will be based on the achievement of individual and/or Company
performance goals that are established in the sole discretion of the Compensation Committee of the Board and will be subject to your remaining employed as Interim CEO through the applicable payment date. For 2018, the goals shall be established
within thirty days of the Transition Date and for 2019, if applicable, the goals shall be established by March 31, 2019. If the Annual Performance Bonus for an applicable year is earned, it shall be paid on the date on which bonus amounts
are paid to other senior executives of the Company, but in no event later than March 15 of the year following the calendar year to which it relates, and shall be pro-rated based on the number of days
you served as Interim CEO during calendar year 2018 and, if applicable, calendar year 2019. 

(c)        Executive Benefits Package. You will be entitled during your employment to
participate in the Company’s Executive Benefits Package. The Company’s “Executive Benefits Package” means those benefits (including benefits for which substantially all of the employees of the Company are from time to time
generally eligible), as determined from time to time by the Board. The Company reserves the right to amend or cancel any employee benefit plans, programs, or practices 

  
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at any time in its sole discretion, subject to the terms of the employee benefit plan and applicable law. 

(d)        Vacation. You will be entitled to take paid vacation pursuant to the
Company’s existing policies regarding paid vacations. You will be entitled to accrue twenty (20) days of paid vacation per calendar year. Vacation time that is not used by you in the calendar year it accrues may be carried over to the next
calendar year. 
 (e)        Business Expense Reimbursement. The Company will reimburse
you for the travel, entertainment and other business expenses, including the expenses related to the rent of an apartment as mentioned in section (e) below provided that such reimbursement will be capped to $1,500 per month, incurred by you in
the performance of your duties as Interim CEO, in accordance with the Company’s expense reimbursement policies as in effect from time to time; provided, however, that such expenses must be paid no later than the last day of the
calendar year following the calendar year in which such expenses were incurred and further provided that in no event will the amount of expenses so reimbursed in one taxable year affect the amount of expenses eligible for reimbursement in any other
taxable year. 
 (e)        Accommodations. During the Transition Period, you agree to
rent an apartment in the Minneapolis, Minnesota area. 
  

	6.	 Equity Award. Subject to the approval of the Board and your execution of award agreements, pursuant to the
Company’s 2017 Omnibus Incentive Plan, you will be granted 180,000 stock options (the “Stock Options”) and 60,000 restricted stock units (the “RSUs”) effective as of the Transition Date. One-third of each of the Stock Options and RSUs will vest on January 1, 2019, an additional one-third will vest on January 1, 2020, and the remaining one-third will vest on January 1, 2021. Other terms of the Stock Options and RSUs, including additional vesting and exercise provisions, shall be set forth in separate award agreements. 

 

	7.	 Termination Events. Your employment with the Company may be terminated prior to the end of the Transition
Period upon the occurrence of any of the following events: 

	 	(a)	 your death; 

	 	(b)	 your Permanent Disability; 

	 	(c)	 your resignation; 

	 	(d)	 a Termination For Cause; or 

	 	(e)	 a Termination Without Cause. 

  
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	8.	 Consequences of Termination. Upon the termination of your employment as provided in paragraph 7 or at the end
of the Transition Period, you will cease to have any rights to base salary, bonus awards, unvested equity awards, expense reimbursements, fringe benefits or any other compensation or benefits of any nature, except that you will be entitled to
receive (a) any base salary that has accrued but is unpaid and (ii) any reimbursable expenses that have been incurred but are unpaid. 

  

	9.	 Competitive Activity; Confidentiality; Non-Solicitation; Discoveries and
Inventions; Works Made for Hire. 

  

	 	(a)	 Acknowledgements and Agreements. You hereby acknowledge and agree that in the performance of your duties to the
Company, you will be brought into frequent contact with existing Customers and Prospective Customers of the Company throughout the world. You agree that trade secrets and confidential information of the Company, more fully described in subparagraph
9(e)(i), gained by you during your association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company. You further understand and
agree that the foregoing makes it necessary for the protection of the Company’s Business that you do not compete with the Company during your employment with the Company and that you do not compete with the Company for a reasonable period
thereafter, as further provided in the following subparagraphs. 

  

	 	(b)	 Competitive Activity. 

(i)        While employed by the Company, and for a period of one (1) year following your
Termination Date, you will not compete, directly or indirectly, with the Company in North and South America. In accordance with this restriction, but without limiting its terms, you will not: 

 

	 	(A)	 enter into or engage in any business which competes with the Company’s Business and in particular but not limited
to any of the following entities, in any geographic region worldwide: 

  
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 - Archer Daniels Midland (ADM) 

- Arcadia 
 - BASF

 - Bayer 
 -
Bunge 
 - Cargill 

- Cibus 
 - Dow 

- DuPont Pioneer 
 -
Inari 
 - KWS 
 -
Limagrain Companies 
 - Monsanto 

- SES Vanderhave 
 -
Syngenta 
  

	 	(B)	 solicit customers, business, patronage or orders for, or sell, any products or services in competition with, or for
any business that competes with, the Company’s Business; 

  

	 	(C)	 divert, entice or otherwise take away any customers, business, patronage or orders of the Company or attempt to do so;
or 

  

	 	(D)	 promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity
engaged in any business which competes with the Company’s Business. 

  

	 	(ii)	 Direct or Indirect Competition. For the purpose of subparagraph 9(b)(i) but without limitation thereof, you
will be in violation thereof if you engage in any or all of the activities set forth therein directly as an individual on your own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director
of any firm, association, partnership, corporation or other entity, or as a stockholder of any corporation in which you or your spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent of the
outstanding stock. 

  

	 	(iii)	 If it is judicially determined that you have violated subparagraph 9(b)(i), then the period applicable to each
obligation that you have been determined to have violated will automatically be extended 

  
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from the date of judicial determination by a period of time equal in length to the period during which such violation(s) occurred. 

 

	 	(c)	 The Company. For purposes of this subparagraph 9(c), the Company will include any and all direct and indirect
subsidiary, parent, affiliated, or related companies of the Company for which you worked or had responsibility at the time of termination of your employment and at any time during the two-year period prior to
such termination. 

  

	 	(d)	 Non-Solicitation. 

 

	 	(i)	 Of Customers. You will not directly or indirectly at any time during the period of your employment or for a
period of twenty-four (24) months following your Termination Date, directly or indirectly, solicit, divert, or take away or supervise any other person, firm, or other entity in soliciting, diverting, or taking away any Customer or Prospective
Customer of the Company for the purpose of selling, performing or providing Business Services to that Customer or Prospective Customer. 

  

	 	(ii)	 Of Employees. You will not, directly or indirectly, at any time during the period of your employment or for a
period of twenty-four (24) months following your Termination Date solicit, hire, employ, engage, affiliate with for profit, retain (or assist any other person or entity in soliciting, hiring, employing, engaging, affiliating for profit or
retaining) any person who was a Company employee or consultant or independent contractor at any time during the one (1)-year period prior to your soliciting, hiring, employing, engaging, affiliating for profit or retaining, whether for your benefit
or the benefit of any other person or organization other than the Company, or solicit, induce, or encourage any such person to terminate or leave the Company’s employ, engagement, or other remunerative relationship with the Company. You
acknowledge that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business. 

  

	 	(e)	 Confidentiality. 

  

	 	(i)	 You will keep in strict confidence, and will not, directly or indirectly, at any time, during or after your employment
with the Company, disclose, furnish, disseminate, make available or, except in the 

  
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course of performing your duties of employment, use any trade secrets or confidential business and technical information of the Company or its Customers, suppliers or vendors, without limitation
as to when or how you may have acquired such information. Such confidential information will include, without limitation, all information belonging to the Company, its affiliates, subsidiaries, or any other person or entity that has entrusted
information to the Company in confidence, technology, computer programs or programming, systems, software, software codes, designs, data bases, trade secrets, know-how, research, methods, manuals, records,
product or service ideas or plans, work-in-progress, results, algorithms, inventions, developments, original works of authorship, discoveries, experimental processes,
experimental results, unpublished patent applications, laboratory notebooks, processes, formulas, investigation or research techniques, engineering designs and drawings, hardware configuration information, regulatory information, medical reports,
clinical data and analysis reagents, cell lines, biological materials, chemical formulas, financial information including, but not limited to, price lists, pricing methodologies, cost data, financial forecasts, historical financial data, and
budgets, marketing information, including but not limited to market share data, marketing plans, licenses, business plans, lists of the needs and preferences of Customers and Prospective Customers, promotional materials, training courses and other
training and instructional materials, vendor and product information, all agreements with third parties and terms of agreements, transactions and potential transactions, negotiations, information relating to employees and consultants of the Company,
including names, contact information, and expertise, lists of or information relating to suppliers and vendors and other business information disclosed by the Company (whether by oral, written, graphic or machine-readable format) which confidential
information is designated in writing to be confidential or proprietary, or if given orally, is confirmed in writing as having been disclosed as confidential or proprietary within a reasonable time (not to exceed 30 days after the oral disclosure),
or which information would, under the circumstances appear to a reasonable person to be confidential or proprietary. 

  

	 	(ii)	 You specifically acknowledge that all such confidential information, whether reduced to writing, maintained on any
form of electronic media, or maintained in your mind or memory and whether 

  
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compiled by the Company, and/or you, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its
disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information, that such information is the sole property of the Company and that any retention and your use of such information during your
employment with the Company (except in the course of performing your duties and obligations to the Company) or after the termination of your employment will constitute a misappropriation of the Company’s trade secrets. 

 

	 	(iii)	 The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be
held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an
attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, the DTSA
provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding,
if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

  

	 	(iv)	 You agree that upon termination of your employment with the Company, for any reason, you will return to the Company,
in good condition, all property of the Company, including without limitation, the originals and all copies of any documents in whatever form (electronic, hard copy, etc.) or materials which contain, reflect, summarize, describe, analyze or refer or
relate to any items of information listed in subparagraph 9(e)(i) of this Letter. You agree that all confidential information, as listed in subparagraph 9(e)(i) of this Letter is the sole property of the Company and you have no right, title or
interest to this property. In the event that such items are not so returned, the Company will have the right to charge you for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or
recovering such property. 

  
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	 	(v)	 Notwithstanding the above, you will have no liability to the Company with regard to any confidential information you
can prove was in the public domain at the time it was disclosed or entered the public domain through no fault of yours. 

  

	 	(f)	 Discoveries and Inventions; Work Made for Hire. 

 

	 	(i)	 You agree that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or
other material or design that: (A) relates to the business of the Company, or (B) relates to the Company’s actual or demonstrably anticipated research or development, or (C) results from any work performed by you for the Company,
you will assign to the Company the entire right, title and interest in and to any such idea, discovery, invention, improvement, software, writing or other material or design (collectively, “Discoveries and Inventions”).
Subject to the requirements of applicable state law, if any, you understand that Discoveries and Inventions will not include, and the provisions of this Letter will not apply to any idea, discovery, invention, improvement, software, writing or other
material or design that qualifies fully for exclusion under the provisions of applicable state law. You also agree that any idea, discovery, invention, improvement, software, writing or other material or design that relates to the business of the
Company or relates to the Company’s actual or demonstrably anticipated research or development which is conceived or suggested by you, either solely or jointly with others, within one year following termination of your employment under this
Letter or any successor agreements will be presumed to have been so made, conceived or suggested in the course of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets. 

 

	 	(ii)	 You agree that during your employment, and for one year after termination of your employment under this Letter or any
successor agreements, you will disclose immediately and fully to the Company any Discovery and Invention conceived, made or developed by you solely or jointly with others. The Company agrees to keep any such disclosures confidential. You also agree
to record descriptions of all work in the manner directed by the Company, agree that all such records and copies, samples and experimental materials will be the exclusive property of the Company, and agree not to remove these

  
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records from the Company’s place of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the Company for the purpose of
furthering the Company’s business. You agree that at the request of and without charge to the Company, but at the Company’s expense, you will execute a written assignment of the idea, discovery, invention, improvement, software, writing or
other material or design to the Company and will assign to the Company any application for letters patent or for trademark registration made thereon, and to any common-law or statutory copyright therein; and
that you will do whatever may be necessary or desirable to enable the Company to secure any patent, trademark, copyright, or other property right therein in the United States and in any foreign country, and any division, renewal, continuation, or
continuation in part thereof, or for any reissue of any patent issued thereon. In the event the Company is unable, after reasonable effort, and in any event after ten business days, to secure your signature on a written assignment to the Company of
any application for letters patent or to any common-law or statutory copyright or other property right therein, whether because of your physical or mental incapacity or for any other reason whatsoever, you
irrevocably designate and appoint the General Counsel of the Company as your attorney-in-fact to act on your behalf to execute and file any such application and to do
all other lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark. Any assignment of the rights to an idea, discovery, invention, improvement, software, writing or other material or design
includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, any other rights throughout the world that may be known or referred to as “moral rights,” “artists rights,” “droit
moral,” or the like (“Moral Rights”). To the extent that Moral Rights cannot be assigned under applicable law, you hereby waive and agree not to enforce any and all Moral Rights, including, without limitation, any
limitation on subsequent modification, to the extent permitted under applicable law. 

  

	 	(iii)	 You acknowledge that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs,
negatives, tapes and masters therefor, prototypes and other materials (hereinafter, “items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated by you
during your employment with the Company will 

  
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be considered a “work made for hire” and that ownership of any and all copyrights in any and all such items will belong to the Company. The item will recognize the Company as the
copyright owner, will contain all proper copyright notices, e.g., “(creation date), All Rights Reserved,” and will be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements
throughout the world. 

  

	 	(g)	 Communication of Contents of Letter. While employed by the Company and for one year thereafter, you will
communicate the contents of paragraph 9 of this Letter to any person, firm, association, partnership, corporation or other entity that you intend to be employed by, associated with, or represent. 

 

	 	(h)	 Confidentiality Agreements. You agree that you will not disclose to the Company or induce the Company to use
any secret or confidential information belonging to your former employers. Except as indicated, you warrant that you are not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit your
right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries, improvements or designs or other information that may be conceived during employment with the Company. You agree to provide the Company with a copy
of any and all agreements with a third party that preclude or limit your right to make disclosures or to engage in any other activities contemplated by your employment with the Company. 

 

	 	(i)	 Relief. You acknowledge and agree that the remedy at law available to the Company for breach of any of your
obligations under this Letter would be inadequate. You therefore agree that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which
may be brought to enforce any provision contained in subparagraphs 9(b), 9(d), 9(e), 9(f), 9(g) and 9(h) inclusive, of this Letter, without the necessity of proof of actual damage or the need to post a bond. 

 

	 	(j)	 Reasonableness. You acknowledge that your obligations under this paragraph 9 are reasonable in the context of
the nature of the Company’s Business and the competitive injuries likely to be sustained by the Company if you were to violate such obligations. You further acknowledge that this Letter is made in consideration of, and is adequately supported
by the agreement of the Company to perform its obligations under this Letter and by other consideration, which you acknowledge constitutes good, valuable and sufficient consideration. 

  
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	10.	 Definitions. 

  

	 	(a)	 “Customer” means any client, customer or account, including, but not limited to, any person, firm,
corporation, association or other business entity of any kind to which the Company has provided or is providing products or services. 

  

	 	(b)	 “Company’s Business” means the research, development, and/or commercialization of products and
services based on gene-editing technologies in the field of agriculture, food and plant sciences, which is to be construed to include all research, development, and/or commercialization of products and services as may hereinafter evolve within the
gene editing field or is in planning or developmental stages at the Company. 

  

	 	(c)	 “Permanent Disability” means that, because of accident, disability, or physical or mental illness,
you are incapable of performing your duties to the Company or any subsidiary, as determined by the Board. Notwithstanding the foregoing, you will be deemed to have become incapable of performing your duties to the Company or any subsidiary, if you
are incapable of so doing for (i) a continuous period of 90 days and remain so incapable at the end of such 90 day period or (ii) periods amounting in the aggregate to 180 days within any one period of 365 days and remain so incapable at
the end of such aggregate period of 180 days. 

  

	 	(d)	 “Prospective Customer” means any prospective client, customer or account, including, without
limitation, any person, firm, corporation, association or other business entity of any kind with which the Company had any negotiations or substantial discussions regarding the possibility of providing products or services within the one
(1) year period preceding your Termination Date. 

  

	 	(e)	 “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and any
guidance issued thereunder. 

  

	 	(f)	 “Termination Date” means the effective date of your termination of employment with the Company.

  

	 	(g)	 “Termination For Cause” means the termination by the Company of your employment with the Company or
any subsidiary as a result of (i) your conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude; (ii) your engagement in an act of fraud,
dishonesty, or 

  
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unauthorized disclosure of Confidential Information (as defined in this Letter); (iii) your failure or refusal to comply with any valid and legal directive of the Board; (iv) your gross
negligence or willful misconduct with respect to the Company or any subsidiary or affiliate of the Company; (v) your failure or refusal to perform your duties and responsibilities as Interim CEO (other than such failure resulting from
incapacity due to physical or mental illness) which is not cured within five (5) days after written notice thereof to you; (vi) your material failure to comply with the Company’s written policies or rules, as they may be in effect
from time to time during your employment, which is not cured within five (5) days after written notice thereof to you; or (vii) your material breach of this Letter or any other agreement with the Company, which is not cured within thirty
(30) days after written notice thereof to you. 

  

	 	(h)	 “Termination Without Cause” means the termination by the Company of your employment with the Company
for any reason other than a termination for Permanent Disability, death, or a Termination for Cause. 

  

	11.	 Indemnification. The Company agrees to indemnify you and hold you harmless to the fullest extent permitted by
law for any action or inaction by you while serving as an officer and director of the Company or, at the Company’s request, as an officer or director of any other entity or as a fiduciary of any benefit plan. The Company shall cover you under
directors and officers’ liability insurance after the Transition Date in the same amount and to the same extent as the Company covers its other officers and directors. 

 

	12.	 Representations. You represent and warrant to the Company that: 

 

	 	(a)	 Your acceptance of employment with the Company and your performance of the duties and responsibilities under this
Letter will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or otherwise bound. 

 

	 	(b)	 Your acceptance of employment with the Company and the performance of your duties and responsibilities under this
Letter will not violate any non-solicitation, non-competition or other similar covenant or agreement of a prior employer. 

  
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	13.	 Survival. Upon the termination of this Letter, the respective rights and obligations of the parties hereto will
survive this termination to the extent necessary to carry out the intention of the parties to this Letter. 

  

	14.	 Taxes. The Company may withhold from any amounts payable under this Letter all federal, state, city or other
taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling. Notwithstanding any other provision of this Letter, the Company shall not be obligated to guarantee any particular tax result for you with respect to
any payment provided to you hereunder, and you shall be responsible for any taxes imposed on you with respect to any such payment. 

  

	15.	 Section 409A of the Code. It is intended that this Letter comply with, or be exempt from, the provisions
of Section 409A so that the income inclusion provisions of Section 409A(a)(1) do not apply. This Letter will be administered in a manner consistent with this intent. Furthermore, each payment and the provision of each benefit under this
Letter will be considered a separate payment and not one of a series of payments for purposes of Section 409A. In addition, notwithstanding anything in this Letter to the contrary, if you are a “specified employee” (within the meaning
of Section 409A) and have a “separation from service” with the Company (as defined under Section 409A), and any payment or benefit under this Letter is considered to be a “deferral of compensation” (as such phrase is
defined for purposes of Section 409A), then the date of payment for such deferred compensation shall be the date that is the first day of the seventh month after the date of your “separation from service” with the Company (determined
in accordance with Section 409A). 

  

	16.	 Notices. Any notice provided for in this Letter will be in writing, with a copy to respective individual email
addresses, and will be either personally delivered, sent by reputable overnight carrier or mailed by first class mail, return receipt requested, to the recipient at the address below indicated: 

Notices to You: 

Mr. Yves Ribeill 

Notices to the Company: 

Mr. André Choulika 

Calyxt, Inc 
 2800
Mount Ridge Road 
 Roseville, MN 55113 

  
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 or such other address or to the attention of such other person as the recipient party will have
specified by prior written notice to the sending party. Any notice under this Letter will be deemed to have been given when so delivered. 
  

	17.	 Severability. Whenever possible, each provision of this Letter will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Letter is held to be invalid or unenforceable in any respect under any applicable law, such invalidity or unenforceability will not affect any other provision, but this Letter
will be reformed, construed and enforced as if such invalid or unenforceable provision had never been contained herein. Should a determination be made by the court designated in paragraph 18 hereof that the character, duration, or geographical scope
of paragraph 9 of the Letter is unreasonable in light of the circumstances as they then exist, then it is the intention and the agreement of the parties to the Letter that the provision be construed by the court in such a manner as to impose only
those restrictions on the parties that are reasonable in light of the circumstances as they then exist and as are necessary to assure the parties of the intended benefit of the Letter. If, in any judicial proceeding, the court refuses to enforce all
of the separate provisions included in the Letter because, taken together, they are more extensive than necessary to assure the parties of the intended benefit of the Letter, those provisions which, if eliminated, would permit the remaining separate
provisions to be enforced in such proceeding, will, for the purpose of such proceeding, be deemed eliminated from the Letter. 

  

	18.	 Governing Law. This Letter shall be governed by and construed in accordance with the laws of the State of
Minnesota. You agree that the state and federal courts located in the State of Minnesota, without regard to or application of conflict of laws principles, will have jurisdiction in any action, suit or proceeding against you based on or arising out
of this Letter and you hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection with any action, suit or proceeding against you; and (c) waive any other requirement (whether
imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, venue or service of process. 

  

	19.	 Complete Agreement. This Letter embodies the complete agreement and understanding between the parties with
respect to the subject matter hereof and effective as of its date supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related to the subject matter hereof in any
way. 

  

	20.	 Successors and Assigns. This Letter shall bind and inure to the benefit of and be enforceable by you, the
Company and their respective heirs, executors, personal representatives, successors and assigns, except that, subject to the following 

  
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sentence, neither party may assign any rights or delegate any obligations hereunder without the prior written consent of the other party. Notwithstanding the foregoing, in the event that there is
a successor to the Company (whether direct or indirect and whether by merger, acquisition, consolidation or otherwise), the Company shall assign the liabilities of the Company hereunder to such successor and you hereby consent to the assignment by
the Company of all of its rights and obligations hereunder to any such successor to the Company. 

  

	21.	 Amendment and Waiver. The provisions of this Letter may be amended or waived only with the prior written
consent of you and the Company, and no course of conduct or failure or delay in enforcing the provisions of this Letter will affect the validity, binding effect or enforceability of this Letter. 

 

	22.	 Acknowledgement of Full Understanding. I acknowledge and agree that I have fully read and understand this
Letter, and I have had the opportunity to ask questions and consult with an attorney of my choice before signing this Letter. 

 * *
* * * 
 If you agree with the foregoing, please sign and date the enclosed copy of this Letter in the space indicated below. 

 

			
	 Sincerely,

	
	 /s/ André Choulika

	 By:
	 	 André Choulika

		 	 Chairman of the Board of

Directors

  

	
	 Accepted by and Agreed to:

/s/ Yves Ribeill

	 Yves Ribeill

	 Date:

  
 Page 16 of 16Exhibit 4.4

	 

 

 

 

 

 

THIRD SUPPLEMENTAL INDENTURE

Dated as of [●], 2018

between

ROYAL BANK OF CANADA

and

The Bank of New York MelloN

(as
successor to JPMorgan Chase Bank, National Association), 

as
Trustee

to

INDENTURE

Dated as of October 23, 2003

between

ROYAL BANK OF CANADA

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Trustee

 

 

 

	 

 

    			 

    	 

    

 

Third
Supplemental Indenture, dated as of [●], 2018 (this “Third Supplemental Indenture”) between
Royal Bank of Canada, a Canadian chartered bank (the “Bank”),
having its corporate headquarters located at Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada M5J 2J5 and its head office
located at 1 Place Ville Marie, Montreal, Quebec, Canada H3C 3A9, and The Bank of New York
Mellon, as successor to JPMorgan Chase Bank, National Association, a national
banking association, as Trustee (the “Trustee”), under the Senior Debt Indenture dated as of October 23, 2003
between the Bank and the Trustee (the “Senior Debt Indenture”) as amended by the First Supplemental Indenture
dated as of July 21, 2006 (the “First Supplemental Indenture”) and the Second Supplemental Indenture dated as
of February 28, 2007 (together with the Senior Debt Indenture and the First Supplemental Indenture, the “Indenture”).
All capitalized terms used in this Third Supplemental Indenture and not otherwise defined herein have the meanings given such terms
in the Indenture.

 

Recitals
Of The Bank

 

Whereas,
the Bank and the Trustee entered into the Indenture, pursuant to which one or more series of senior debt securities of the Bank
may be issued from time to time; and

 

Whereas,
Section 901(5) of the Indenture provides that the Bank and the Trustee at any time and from time to time, may enter into one or
more indentures supplemental thereto, in form satisfactory to the Trustee, to add to, change or eliminate any of the provisions
of the Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination shall neither
(i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision;

 

Whereas,
the Bank wishes to make certain changes only to Securities issued on or after September 23, 2018 and not applying to, or modifying
the rights of Holders of, any other Securities; and

 

Whereas,
the Bank has requested that the Trustee execute and deliver this Third Supplemental Indenture; and all requirements necessary to
make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the
Securities, when executed by the Bank and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations
of the Bank, have been satisfied; and the execution and delivery of this Third Supplemental Indenture has been duly authorized
in all respects.

 

Now,
Therefore, in consideration of the covenants and other provisions set forth in this Third Supplemental Indenture and the
Indenture, the Bank and the Trustee mutually covenant and agree with each other, and for the equal and proportionate benefit of
the respective Holders of the applicable Securities from time to time, as follows:

 

    			 

    	 

    

 

ARTICLE I

PROVISIONS OF GENERAL APPLICATION

 

Section 1.1    Effect of Third Supplemental
Indenture on Indenture.

 

This Third Supplement Indenture is a supplement
to the Indenture. As supplemented by this Third Supplemental Indenture, the Indenture is in all respects ratified, approved and
confirmed, and the Indenture and this Third Supplemental Indenture shall together constitute one and the same instrument.

 

Section 1.2    Governing Law; Submission
to Jurisdiction.

 

This Third Supplemental Indenture shall
be governed by and construed in accordance with the laws of the State of New York, except that Section 1601(a) of the Indenture,
as set forth in Section 2.7 of this Third Supplemental Indenture, shall be governed by and construed in accordance with the laws
of the Province of Ontario and the federal laws of Canada applicable therein. By its acquisition of an interest in any Bail-inable
Security, each Holder or Beneficial Owner of that Bail-inable Security shall be deemed to attorn and submit to the jurisdiction
of the courts in the Province of Ontario with respect to actions, suits and proceedings arising out of or relating to the operation
of the CDIC Act and the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the Indenture
and the Bail-inable Security. 

 

ARTICLE II

AMENDMENTS

 

Section 2.1    Applicability.

 

Except as otherwise may be provided pursuant
to Section 301 of the Indenture with respect to any particular Security issued on or after September 23, 2018, Sections 2.2
through 2.8, inclusive, of this Third Supplemental Indenture shall apply to Securities issued on or after September 23, 2018 and
shall not apply to, or modify the rights of Holders or Beneficial Owners of, any Securities issued before September 23, 2018, or
any Security of any series created prior to the execution of this Third Supplemental Indenture.

 

Notwithstanding the foregoing, Section 2.9
of this Third Supplemental Indenture shall apply to Securities issued on or after the execution of this Third Supplemental Indenture
and shall not apply to, or modify the rights of Holders or Beneficial Owners of, any Security of any series created prior to the
execution of this Third Supplemental Indenture.

 

    			 

    	 

    

 

Section 2.2    Definition of Terms.

 

The following definitions shall be added
to, or where applicable, replace in their entirety, the applicable definitions set forth in Section 101 of the Indenture:

 

“Bail-inable Security”
means a Security subject to Bail-in Conversion under the Bail-in Regime.

 

“Bail-in Conversion”
means the conversion of Bail-inable Securities in whole or in part – by means of a transaction or series of transactions
and in one or more steps – into common shares in the capital of the Bank or any of its affiliates under the Bail-in Regime.

 

“Bail-In Regime” means
the provisions of, and regulations under, the Bank Act, the CDIC Act and certain other Canadian federal statutes pertaining to
banks, providing for a bank recapitalization regime for banks designated by the Superintendent as domestic systemically important
banks, including subsection 39.2(2.3) of the CDIC Act, the Bank Recapitalization (Bail-in) Conversion Regulations (Canada),
the Bank Recapitalization (Bail-in) Issuance Regulations (Canada) and the Compensation Regulations (Canada), and
in each case any successor statute or regulation thereto, as amended from time to time.

 

“Bank Act” means the
Bank Act (Canada), and any successor statute thereto, in each case as amended from time to time.

 

“Bank Request” or “Bank
Order” means a written request or order signed in the name of the Bank by any one of its Chief Executive Officer, the
President, a Group Head, the Chief Financial Officer, the Chief Administrative Officer, the Chief Risk Officer, the Chief Human
Resources Officer, a Senior Executive Vice-President, the Chief Audit Executive, an Executive Vice-President or a Senior Vice-President
or by any two of its Vice-Presidents, acting together for such purpose (or any Person designated by one of them, or in the case
of any two Vice-Presidents acting together, both of them, in writing as authorized to sign and deliver such written request or
order or any Person designated by the Board of Directors as authorized to sign and deliver such written request or order), and
delivered to the Trustee.

 

“Beneficial Owner” means
(i) with respect to Global Securities of a series, the beneficial owners of the relevant Securities of such series and (ii) with
respect to the relevant definitive Securities of a series, the Holders in whose names the relevant Securities of such series are
registered in the Security Register.

 

“CDIC Act” means Canada
Deposit Insurance Corporation Act (Canada), and any successor statute thereto, in each case as amended from time to time.

 

    			 

    	 

    

 

“Officers’ Certificate”
means a certificate signed by any one of the Bank’s Chief Executive Officer, the President, a Group Head, the Chief Financial
Officer, the Chief Administrative Officer, the Chief Risk Officer, the Chief Human Resources Officer, a Senior Executive Vice-President,
the Chief Audit Executive, an Executive Vice-President or a Senior Vice-President or by any two of its Vice-Presidents, acting
together for such purpose (or any Person designated by one of them, or in the case of any two Vice-Presidents acting together,
both of them, in writing as authorized to sign and deliver such certificate or any Person designated by the Board of Directors
as authorized to sign and deliver such certificate), and delivered to the Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Bank.

 

“OSFI” means the Office
of the Superintendent (Canada).

 

“Superintendent” means
the Superintendent of Financial Institutions (Canada).

 

“TLAC” means Total Loss
Absorbing Capacity within the meaning of the TLAC Guideline.

 

“TLAC Guideline” means
the Guideline on Total Loss Absorbing Capacity for Canadian Domestic Systemically Important Banks of OSFI, and any successor guideline
thereto, in each case as amended from time to time.

 

Section 2.3.    Governing Law; Submission
to Jurisdiction.

 

Article One of the Indenture is hereby amended
by amending and restating Section 112 in its entirety, which shall read as follows:

 

Section 112. Governing Law; Submission
to Jurisdiction.

 

This Indenture and the Securities shall
be governed by and construed in accordance with the laws of the State of New York, except that Section 301(b) and Section 1601(a)
shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. By its acquisition of an interest in any Bail-inable Security, each Holder or Beneficial Owner of that Bail-inable Security
shall be deemed to attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to actions, suits
and proceedings arising out of or relating to the operation of the CDIC Act and the laws of the Province of Ontario and the federal
laws of Canada applicable therein in respect of the this Indenture and the Bail-inable Security. 

 

Section 2.4.    Redemption
and Repurchases; Defeasance and Covenant Defeasance.

 

(a)       Article
Eleven of the Indenture is hereby amended by inserting a Section 1108, which shall read as follows:

 

    			 

    	 

    

 

Section 1108. Redemption of Bail-inable
Securities; Repurchases.

 

(a)       If
the Bank has delivered a notice of redemption pursuant to Section 1104 with respect to Bail-inable Securities, but prior to
the payment of the Redemption Price or Redemption Prices with respect to such redemption, such Bail-inable Securities are converted
pursuant to a Bail-in Conversion, such redemption notice shall be automatically rescinded and shall be of no force and effect,
and no payment in respect of the Redemption Price or Redemption Prices shall be due and payable.

 

(b)       Notwithstanding
any other provision of this Indenture or the Bail-inable Securities, the Bank may only redeem Bail-inable Securities of any series
prior to their Stated Maturity or repurchase Bail-inable Securities of any series (and give notice thereof to the Holders of such
series of Bail-inable Securities in the case of redemption) if the Bank has obtained the prior approval of the Superintendent,
where the redemption or repurchase would result in the Bank not meeting the TLAC requirements applicable to the Bank pursuant to
the TLAC Guideline.

 

(b)Section 1404 of the Indenture is
hereby amended by inserting a paragraph (10), which shall read as follows: 

 

(10)       Notwithstanding
any other provision of this Indenture or the Bail-inable Securities, a Defeasance or Covenant Defeasance with respect to Bail-inable
Securities of any series shall be subject to the prior approval of the Superintendent, where the Defeasance or Covenant Defeasance
would result in the Bank not meeting the TLAC requirements applicable to the Bank pursuant to the TLAC Guideline.

 

(c)For the avoidance of
doubt, except as otherwise set forth in this Third Supplemental Indenture, the provisions of Article Eleven and Article
Fourteen of the Indenture shall be applicable to any redemption or any Defeasance or Covenant Defeasance, respectively, of
Bail-inable Securities. 

 

Section 2.5.Remedies.

 

(a)       Article
Five of the Indenture is hereby amended by amending and restating Section 501 in its entirety, which shall read as follows:

 

Section 501. Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)       default
in the payment of the principal of, or interest on, any Security of that series and, in each case, such default continues for a
period of 30 Business Days; or

 

    			 

    	 

    

 

(2)       if
the Bank shall become insolvent or bankrupt or subject to the provisions of the Winding-up and Restructuring Act
(Canada), or any statute hereafter enacted in substitution therefor, as such Act, or substituted Act, may be amended
from time to time, or go into liquidation, either voluntary or under an order of a court of competent jurisdiction, passes a
resolution for the winding-up, liquidation or dissolution of the Bank, is ordered wound-up or otherwise acknowledges its
insolvency (provided that a resolution or order for winding-up the Bank with a view to its consolidation, amalgamation
or merger with another bank or the transfer of its assets as an entirety to such other bank, as provided in Article Eight,
shall not constitute an Event of Default under this Section 501 if such last-mentioned bank shall, as a part of such
consolidation, amalgamation, merger or transfer, and, within 90 days from the passing of the resolution or the date of the
order for the winding-up or liquidation of the Bank or within such further period of time as may be allowed by the Trustee,
comply with the conditions to that end stated in Article Eight); or

 

(3)       any
other Event of Default provided with respect to Securities of that series.

 

For avoidance of doubt, a Bail-in
Conversion shall not constitute a default or an Event of Default under this Section 501.

 

(b)       Section
502 of the Indenture is hereby amended by inserting immediately following the last paragraph of Section 502 three new paragraphs,
which shall read as follows:

 

Notwithstanding the foregoing,
Holders and Beneficial Owners of Bail-inable Securities of any series shall not be entitled to exercise, or direct the exercise
of, the rights in this Section 502 where the Governor in Council (Canada) has made an order pursuant to subsection 39.13(1)
of the CDIC Act in respect of the Bank.

 

Notwithstanding the exercise of
any of the rights provided for in this Section 502, Bail-inable Securities with respect to which such rights have been exercised
shall continue to be subject to Bail-in Conversion until repaid in full.

 

For purposes of this Article Five
only, and except as may otherwise be provided pursuant to Section 301 as to all or any particular Securities, with respect
to Securities issued hereunder, the term “series” shall be deemed to refer to Securities with identical terms, except
as to issue date, principal amount and, if applicable, the date from which interest begins to accrue.

 

(c)       Article
Five of the Indenture is hereby amended by inserting a Section 516, which shall read as follows:

 

Section 516. Bail-inable Securities;
No Set-Off and Netting Rights.

 

Notwithstanding any other
provision of this Indenture or the Securities, Holders and Beneficial Owners of Bail-inable Securities shall not be entitled
to exercise, or direct the exercise of, any set-off or netting rights with respect to such Bail-inable Securities.

 

    			 

    	 

    

 

Section 2.6.Amendment, Modification
or other Variance.

 

Article Nine of the Indenture is hereby
amended by inserting a Section 907, which shall read as follows:

 

Section 907. Bail-inable Securities;
Amendment, Modification or other Variance.

 

Where an amendment, modification
or other variance that can be made pursuant to this Article Nine or any other provision of this Indenture would affect the recognition
of Bail-inable Securities issued hereunder by the Superintendent as TLAC, that amendment, modification or variance shall require
the prior approval of the Superintendent.

 

Section 2.7.Bail-in and Bail-in Acknowledgment.

 

The Indenture is hereby amended by inserting
an Article Sixteen and an Article Seventeen, each of which shall read as follows.

 

ARTICLE SIXTEEN

 

Canadian
Bail-in and Bail-in Acknowledgment

 

Section 1601. Bail-in Acknowledgement.

 

(a)       By
its acquisition of an interest in any Bail-inable Security, each Holder and each Beneficial Owner of that Bail-inable Security
shall be deemed to (i) agree to be bound, in respect of that Bail-inable Security, by the CDIC Act, including the conversion
of the Bail-inable Securities, in whole or in part – by means of a transaction or series of transactions and in one or more
steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation
or extinguishment of the Bail-inable Securities in consequence, and by the application of the laws of the Province of Ontario
and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Bail-inable
Securities; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and
those laws; and (iii) acknowledge and agree that the terms referred to in clauses (i) and (ii) above, are binding on that Holder
and/or Beneficial Owner despite any provisions in this Indenture or the Bail-inable Securities, any other law that governs the
Bail-inable Securities and any other agreement, arrangement or understanding between that Holder or Beneficial Owner and the Bank
with respect to the Bail-inable Securities. 

 

    			 

    	 

    

 

(b)       Holders
and Beneficial Owners of Bail-inable Securities shall have no further rights in respect of Bail-inable Securities that are converted
upon a Bail-in Conversion other than those provided under the Bail-in Regime, and by its acquisition of an interest in any Bail-inable
Security, each Holder and each Beneficial Owner of that Bail-inable Security shall be deemed to irrevocably consent to the principal
amount of that Bail-inable Security and any accrued and unpaid interest thereon being deemed paid in full by the issuance of common
shares of the Bank upon the occurrence of a Bail-in Conversion, which Bail-in Conversion shall occur without any further action
on the part of that Holder or Beneficial Owner or the Trustee; provided that, for the avoidance of doubt, this consent shall
not limit or otherwise affect any rights of that Holder or Beneficial Owner provided for under the Bail-in Regime.

 

(c)       By
its acquisition of an interest in a Bail-inable Security, each Holder and each Beneficial Owner of that Bail-inable Security shall
be deemed to acknowledge and agree:

 

(1)       that
the Bail-in Conversion shall not give rise to a default or Event of Default for purposes of Section 315(b) (Notice of Default)
and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;

 

(2)       to
the extent permitted by the Trust Indenture Act, that such Holder or Beneficial Owner waives any and all claims, in law and/or
in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee
shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the Bail-in
Regime; and

 

(3)       upon
a Bail-in Conversion or other action pursuant to the Bail-in Regime with respect to Bail-inable Securities, (i) the Trustee shall
not be required to take any further directions from Holders of such Bail-inable Securities under Section 512; and (ii)
the Indenture shall not impose any duties upon the Trustee whatsoever with respect to a Bail-in Conversion or such other action
pursuant to the Bail-in Regime.

 

(d)       By
its acquisition of an interest in a Bail-inable Security, each Holder and each Beneficial Owner of that Bail-inable Security shall
be deemed to have authorized, directed and requested the Depositary and any direct participant in the Depositary or other intermediary
through which it holds such Bail-inable Security to take any and all necessary action, if required, to implement the Bail-in Conversion
or other action pursuant to the Bail-in Regime with respect to the Bail-inable Security, as may be imposed on it, without any
further action or direction on the part of that Holder or Beneficial Owner, the Trustee or the Paying Agent. Notwithstanding the
foregoing, if, following the completion of a Bail-in Conversion, some or all of the relevant Bail-inable Securities remain Outstanding,
then the Trustee’s duties under this Indenture shall remain applicable with respect to those Bail-inable Securities following
such completion to the extent that the Bank and the Trustee shall agree pursuant to a supplemental indenture or an amendment to
this Indenture; provided, however, that notwithstanding the Bail-in Conversion, there shall at all times be a Trustee
for the Bail-inable Securities in accordance with this Indenture, and the resignation and/or removal of the Trustee, and the appointment
of a successor trustee and the rights of the Trustee or any successor trustee shall continue to be governed by this Indenture,
including to the extent no supplemental indenture or amendment to this Indenture is agreed upon in the event the relevant Bail-inable
Securities remain Outstanding following the completion of the Bail-in Conversion. 

 

    			 

    	 

    

 

(e)       Upon
a Bail-in Conversion, the Bank shall provide a written notice to the Depositary and the Holders of Bail-inable Securities through
the Depositary as soon as practicable regarding such Bail-in Conversion. The Bank shall also deliver a copy of such notice to the
Trustee for information purposes.

 

(f)       The
Bank’s obligations to indemnify the Trustee in accordance with Section 607 shall survive, with respect to any Bail-inable
Security, any Bail-in Conversion with respect to such Bail-inable Securities, but shall be subject to Section 1602 below.

 

Section 1602. Parties’
Acknowledgement with Respect to Treatment of Bail-inable Securities.

 

Notwithstanding and to the exclusion
of any other term of this Indenture, any indenture supplemental hereto or any other agreements, arrangements, or understanding
between the parties, the Trustee acknowledges and accepts that each Bail-inable Security under this Indenture or any indenture
supplemental hereto shall be subject to the Bail-in Regime.

 

ARTICLE SEVENTEEN

 

SUBSEQUENT
HOLDERS’ AGREEMENT

 

Each Holder or Beneficial
Owner of a Bail-inable Security that acquires an interest in the Bail-inable Security in the secondary market and any
successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of any Holder or
Beneficial Owner shall be deemed to acknowledge, accept, agree to be bound by and consent to the same provisions specified
herein to the same extent as the Holders or Beneficial Owners that acquire an interest in the Bail-inable Securities upon
their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and
consent to the terms of the Bail-inable Securities related to the Bail-in Regime.

 

    			 

    	 

    

 

Section 2.8Execution, Authentication,
Delivery and Dating.

 

Section 303 of the Indenture is hereby amended
by amending and restating the first paragraph of Section 303, which shall read as follows:

 

The Securities shall be executed
on behalf of the Bank by any one of its Chief Executive Officer, the President, a Group Head, the Chief Financial Officer, the
Chief Administrative Officer, the Chief Risk Officer, the Chief Human Resources Officer, a Senior Executive Vice-President, the
Chief Audit Executive, an Executive Vice-President or a Senior Vice-President or by any two of its Vice-Presidents, acting together
for such purpose (or any Person designated by one of them, or in the case of any two Vice-Presidents acting together, both of them,
in writing as authorized to execute and deliver Securities or any Person designated by the Board of Directors as authorized to
execute and deliver Securities). The signature of any of these officers on the Securities may be manual or facsimile.

 

Section 2.9.Interest Act
(Canada).

 

Section 310 of the Indenture is hereby amended
by inserting immediately following the last paragraph of Section 310 the following paragraph, which shall read as follows:

 

The Bank confirms that it fully
understands and is able to calculate the effective annual rate of interest applicable to the Securities based on the methodology
for calculating per annum rates provided for in the Securities. The Bank irrevocably agrees not to plead or assert Section 4 of
the Interest Act (Canada), whether by way of defense or otherwise, in any proceeding relating to the Securities.

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1.Counterparts.

 

This Third Supplemental Indenture
may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

    			 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed, all as of the day and year first above written.

 

 

	 	ROYAL BANK OF CANADA	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	THE BANK OF NEW YORK MELLON,	 
	 	(as successor to JPMorgan Chase Bank, N.A.) as Trustee	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:

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