Document:

EX-10.10

 Exhibit 10.10 
  

 
 

 
  
 LONG TERM INCENTIVE PLAN 

Effective as of ●, 2015 

 SHOPIFY INC. 

LONG TERM INCENTIVE PLAN 

The purpose of this Plan is to advance the interests of the Corporation and its shareholders by providing to the directors, officers,
employees and consultants of the Corporation a performance incentive for continued and improved services with the Corporation and its Affiliates. 

ARTICLE 1 

INTERPRETATION 
  

	Section 1.1	Definitions 

 For the purposes of this Plan, the following terms shall have the following
meanings: 
  

	 	(a)	“Affiliate” or “Affiliated” means, with respect to any specified Person, any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by,
or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise); 

  

	 	(b)	“Annual Board Retainer” means the annual retainer paid by the Corporation to a director in a Fiscal Year for service on the Board, together with Board committee fees, attendance fees and additional fees
and retainers to committee chairs; 

  

	 	(c)	“Applicable Withholding Taxes” has the meaning given to that term in Section 2.6(1); 

  

	 	(d)	“Authorized Leave” means any leave of absence (paid or unpaid) approved in writing by the Corporation for a period of more than four (4) weeks that occurs while an RSU Participant continues to be
employed as a full-time employee by the Corporation or retained as a full-time Consultant by the Corporation and includes any parental leave, short term disability, or other bona fide paid or unpaid leave of absence or sabbatical period;

  

	 	(e)	“Award Date” means the date(s) during the Fiscal Year on which the Annual Board Retainer is awarded; 

  

	 	(f)	“Board” means the board of directors of the Corporation as constituted from time to time, or a committee thereof to which authority has been delegated by the board of directors with respect to any
particular functions of the board of directors, as set forth herein; 

  

	 	(g)	“Business Day” means a day, other than a Saturday or Sunday, on which banking institutions in Ottawa, Ontario are not authorized or obligated by law to close; 

	 	(h)	“Cash Equivalent” means the amount of money expressed in U.S. dollars equal to the Market Value multiplied by the number of vested Units in the Participant’s notional account, net of any Applicable
Withholding Taxes, on the PSU Settlement Date, RSU Settlement Date or DSU Termination Date, as applicable; 

  

	 	(i)	“Change of Control” means, unless the Board determines otherwise, the happening, in a single transaction or in a series of related transactions, of any of the following events: 

 

	 	(i)	any transaction (other than a transaction described in clause (ii) below) pursuant to which any person or group of persons acting jointly or in concert acquires the direct or indirect beneficial ownership of
securities of the Corporation representing 50% or more of the aggregate voting power of all of the Corporation’s then issued and outstanding securities entitled to vote in the election of directors of the Corporation, other than any such
acquisition that occurs (A) upon the exercise or settlement of options or other securities granted by the Corporation under any of the Corporation’s equity incentive plans, or (B) as a result of the conversion of Multiple Voting
Shares into Shares; 

  

	 	(ii)	there is consummated an arrangement, amalgamation, merger, consolidation or similar transaction involving (directly or indirectly) the Corporation and, immediately after the consummation of such arrangement,
amalgamation, merger, consolidation or similar transaction, the shareholders of the Corporation 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 Corporation immediately
prior to such transaction; 

  

	 	(iii)	the sale, lease, exchange, license or other disposition of all or substantially all of the Corporation’s assets to a person other than a person that was an Affiliate of the Corporation at the time of such sale,
lease, exchange, license or other disposition, other than a sale, lease, exchange, license or other disposition to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are beneficially owned by
shareholders of the Corporation in substantially the same proportions as their beneficial ownership of the outstanding voting securities of the Corporation immediately prior to such sale, lease, exchange, license or other disposition;

  

	 	(iv)	 the passing of a resolution by the Board or Shareholders to substantially liquidate the assets of the Corporation or wind up the Corporation’s
business or significantly rearrange its affairs in one or more transactions or series of transactions or the commencement of proceedings for such a liquidation, 

  
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winding-up or re-arrangement (except where such re-arrangement is part of a bona fide reorganization of the Corporation in circumstances where the business of the Corporation is continued and the
shareholdings remain substantially the same following the re-arrangement); or 

  

	 	(v)	individuals who, on the Effective Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that
if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be
considered as a member of the Incumbent Board. 

  

	 	(j)	“Consultant” has the meaning ascribed to that term in National Instrument 45-106 of the Canadian Securities Administrators; 

 

	 	(k)	“Corporation” means Shopify Inc. and its respective successors and assigns; 

  

	 	(l)	“Date of Grant” means the date on which a particular Unit is granted by the Board as evidenced by the Grant Agreement pursuant to which the applicable Unit was granted; 

 

	 	(m)	“Deferred Share Unit” or “DSU” means a unit designated as a Deferred Share Unit representing the right to receive one Share or the Cash Equivalent in accordance with the terms set forth
in the Plan; 

  

	 	(n)	“DSU Participant” means a director of the Corporation (who for greater certainty may also be an employee, if applicable) who has been designated by the Corporation for participation in the Plan and who
has agreed to participate in the Plan and to whom Deferred Share Units have or will be granted thereunder; 

  

	 	(o)	“DSU Payment Date” means, with respect to a Deferred Share Unit granted to a DSU Participant, no later than December 31 of the Fiscal Year following the Fiscal Year in which the DSU Termination
Date occurred; 

  

	 	(p)	“DSU Settlement Notice” means a notice, in the form contained in Schedule “F” attached hereto, by a DSU Participant to the Corporation electing the desired form of settlement of Deferred Share
Units; 

  

	 	(q)	“DSU Termination Date” of a DSU Participant means, the day that the DSU Participant ceases to be a director and, if applicable, an employee of the Corporation for any reason including, without limiting
the generality of the foregoing, as a result of retirement, death, voluntary or involuntary termination without cause, or Incapacity; 

  

	 	(r)	“Effective Date” has the meaning ascribed thereto in Section 2.5; 

  

	 	(s)	“Elected Amount” has the meaning ascribed thereto in Section 5.3(1); 

  
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	 	(t)	“Election Notice” has the meaning ascribed thereto in Section 5.3(1); 

  

	 	(u)	“Eligible Person” means any director, officer, employee or Consultant of the Corporation or any of its Affiliates and any such person’s personal holding company, as designated by the Board in a
resolution; 

  

	 	(v)	“Expire” means, with respect to a Unit, the termination of such Unit, on the occurrence of which such Unit is void, incapable of settlement, and of no value whatsoever; and Expires and Expired have a
similar meaning; 

  

	 	(w)	“Fiscal Year” means the fiscal year of the Corporation, which as of the Effective Date is the annual period commencing January 1 and ending the following December 31; 

 

	 	(x)	“Grant Agreement” means an agreement between the Corporation and a Participant under which a Unit is granted, substantially in the form attached hereto as Schedule “A” in reference to RSUs,
Schedule “D” in reference to DSUs, and Schedule “G” in reference to PSUs, as each may be amended from time to time; 

  

	 	(y)	“Incapacity” means the permanent and total incapacity of a Participant as determined in accordance with procedures established by the Board for purposes of this Plan; 

 

	 	(z)	“Incumbent Board” has the meaning given to that term in Section 1.1(i)(v); 

  

	 	(aa)	“ITA” means the Income Tax Act (Canada), and the regulations thereunder; 

  

	 	(bb)	“Legacy Option Plan” means the Corporation’s Fourth Amended and Restated Incentive Stock Option Plan, as may be amended from time to time; 

 

	 	(cc)	“Market Value” means, on any particular day, the volume weighted average trading price of a Share on the New York Stock Exchange for the five (5) preceding days on which the Shares were traded, or
on any other stock exchange as selected by the Board for these purposes. In the event that such Shares are not listed and posted for trading on any stock exchange, the Market Value shall be the fair market value of such Shares as determined by the
Board in its sole and absolute discretion; 

  

	 	(dd)	“Multiple Voting Shares” means the Class B multiple voting shares in the capital of the Corporation; 

  

	 	(ee)	“Participant” means an RSU Participant, or a DSU Participant, or a PSU Participant, as applicable; 

  

	 	(ff)	“Performance Criteria” shall mean criteria, if any, established by the Board which, without limitation, may include criteria based on the financial performance of the Corporation and/or an Affiliate;

  

	 	(gg)	 “Performance Share Unit” or “PSU” means a unit granted or credited to a PSU Participant’s notional account
pursuant to the terms of this Plan that, subject to the 

  
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provisions hereof, entitles a PSU Participant to receive one Share or the Cash Equivalent in accordance with the terms set forth in the Plan; 

 

	 	(hh)	“Plan” means this Long Term Incentive Plan, as amended from time to time; 

  

	 	(ii)	“PSU Participant” means an Eligible Person who has been designated by the Corporation for participation in the Plan and who has agreed to participate in the Plan and to whom a Performance Share Unit has
been granted or will be granted thereunder; 

  

	 	(jj)	“PSU Settlement Date” has the meaning given to that term in Section 7.1(1); 

  

	 	(kk)	“PSU Settlement Notice” means a notice, in the form contained in Schedule “H” attached hereto, by a PSU Participant to the Corporation electing the desired form of settlement of vested
Performance Share Units; 

  

	 	(ll)	“PSU Termination Date” means the date on which a PSU Participant ceases to be an Eligible Person as a result of a termination of employment or retention with the Corporation or an Affiliate for any
reason, including death, retirement, or resignation with or without cause. For the purposes of the Plan, a PSU Participant’s employment or retention with the Corporation or an Affiliate shall be considered to have terminated effective on the
last day of the PSU Participant’s actual and active employment or retention with the Corporation or Affiliate, whether such day is selected by agreement with the individual, or unilaterally by the PSU Participant or the Corporation or
Affiliate, and whether with or without advance notice to the PSU Participant. For the avoidance of doubt, no period of notice or pay in lieu of notice that is given or that ought to have been given under applicable law in respect of such termination
of employment or retention that follows or is in respect of a period after the PSU Participant’s last day of actual and active employment or retention shall be considered as extending the PSU Participant’s period of employment or retention
for the purposes of determining his or her entitlement under the Plan; 

  

	 	(mm)	“PSU Vesting Date” means the date or dates determined in accordance with the terms of the Grant Agreement entered into in respect of such Performance Share Units (as described in Section 6.4), on
and after which a particular Performance Share Unit will be settled, subject to amendment or acceleration from time to time in accordance with the terms hereof; 

  

	 	(nn)	“Restricted Share Unit” or “RSU” means a unit granted or credited to an RSU Participant’s notional account pursuant to the terms of this Plan that, subject to the provisions
hereof, entitles an RSU Participant to receive one Share or the Cash Equivalent in accordance with the terms set forth in the Plan; 

  

	 	(oo)	“RSU Participant” means an Eligible Person who has been designated by the Corporation for participation in the Plan and who has agreed to participate in the Plan and to whom a Restricted Share Unit has
been granted or will be granted thereunder; 

  
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	 	(pp)	“RSU Settlement Date” has the meaning ascribed thereto in Section 4.1(1); 

  

	 	(qq)	“RSU Settlement Notice” means a notice, in the form contained in Schedule “B” attached hereto, by an RSU Participant to the Corporation electing the desired form of settlement of vested
Restricted Share Units; 

  

	 	(rr)	“RSU Termination Date” means the date on which an RSU Participant ceases to be an Eligible Person as a result of a termination of employment or retention with the Corporation or an Affiliate for any
reason, including death, retirement, or resignation with or without cause. For the purposes of the Plan, an RSU Participant’s employment or retention with the Corporation or an Affiliate shall be considered to have terminated effective on the
last day of the RSU Participant’s actual and active employment or retention with the Corporation or Affiliate, whether such day is selected by agreement with the individual, or unilaterally by the RSU Participant or the Corporation or
Affiliate, and whether with or without advance notice to the RSU Participant. For the avoidance of doubt, no period of notice or pay in lieu of notice that is given or that ought to have been given under applicable law in respect of such termination
of employment or retention that follows or is in respect of a period after the RSU Participant’s last day of actual and active employment or retention shall be considered as extending the RSU Participant’s period of employment or retention
for the purposes of determining his or her entitlement under the Plan; 

  

	 	(ss)	“RSU Vesting Date” means the date or dates determined in accordance with the terms of the Grant Agreement entered into in respect of such Restricted Share Units (as described in Section 3.4), on
and after which a particular Restricted Share Unit will be settled, subject to amendment or acceleration from time to time in accordance with the terms hereof; 

  

	 	(tt)	“Share” means a Class A subordinate voting share in the capital of the Corporation; 

  

	 	(uu)	“Share Compensation Arrangement” means any stock option, stock option plan, employee stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism of the Corporation
involving the issuance or potential issuance of securities of the Corporation from treasury, including without limitation a Share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise, but
does not include any such arrangement which does not involve the issuance from treasury or potential issuance from treasury of securities of the Corporation; 

  

	 	(vv)	“Shareholders” means holders of Shares or Multiple Voting Shares; 

  

	 	(ww)	“Stock Exchange” means the TSX or, if the Shares are not listed or posted for trading on the TSX but are listed and posted for trading on another stock exchange, the stock exchange on which the Shares
are listed or posted for trading; 

  

	 	(xx)	“Stock Option Plan” means the Corporation’s Stock Option Plan, as may be amended from time to time; 

  
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	 	(yy)	“Termination Notice” has the meaning ascribed thereto in Section 5.4(1); 

  

	 	(zz)	“TSX” means the Toronto Stock Exchange; and 

  

	 	(aaa)	“Units” means DSUs, PSUs and RSUs, as applicable. 

  

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

 

	(3)	Unless otherwise specified in the Participant’s Grant Agreement, all references to money amounts are to United States currency. 

 

	(4)	As used herein, the terms “Article” and “Section” mean and refer to the specified Article and Section of this Plan, respectively. 

 

	(5)	The words “including” and “includes” mean “including (or includes) without limitation”. 

ARTICLE 2 
 GENERAL
PROVISIONS 
  

	Section 2.1	Administration. 

  

	(1)	The Board shall administer this Plan. Nothing contained herein shall prevent the Board from adopting other or additional Share Compensation Arrangements or other compensation arrangements. 

 

	(2)	Subject to the terms and conditions set forth herein, the Board has the authority: (i) to grant Restricted Share Units to RSU Participants; (ii) to grant Deferred Share Units to DSU Participants; (iii) to
grant Performance Share Units to PSU Participants; (iv) to determine the terms, including the limitations, restrictions, vesting period, Performance Criteria and conditions (including any Performance Criteria), if any, of such grants;
(v) to interpret this Plan and all agreements entered into hereunder; (vi) to adopt, amend and rescind such administrative guidelines and other rules relating to this Plan as it may from time to time deem advisable; and (vii) to make
all other determinations and to take all other actions in connection with the implementation and administration of this Plan as it may deem necessary or advisable. The Board’s guidelines, rules, interpretations, and determinations shall be
conclusive and binding upon the Corporation, its subsidiaries, and all RSU Participants, DSU Participants, PSU Participants, Eligible Persons and their legal, personal representatives and beneficiaries. 

 

	(3)	 Notwithstanding the foregoing or any other provision contained herein, the Board shall have the right to delegate the administration and operation of
this Plan, in whole or in part, 

  
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to a committee thereof. For greater certainty, any such delegation by the Board may be revoked at any time at the Board’s sole discretion. 

 

	(4)	No member of the Board or any person acting pursuant to authority delegated by it hereunder shall be liable for any action or determination in connection with the Plan made or taken in good faith, and each member of the
Board and each such person shall be entitled to indemnification by the Corporation with respect to any such action or determination. 

  

	(5)	The Board may adopt such rules or regulations and vary the terms of this Plan and any grant hereunder as it considers necessary to address tax or other requirements of any applicable non-Canadian jurisdiction. Without
limiting the generality of the foregoing, if any provision of this Plan contravenes Section 409A (“Section 409A”) of the U.S. Internal Revenue Code of 1986, as amended, the Board may, in its sole discretion and without the
participant’s consent, modify such provision to: (i) comply with, or avoid being subject to, Section 409A, or to avoid incurring taxes, interest or penalties under Section 409A, or otherwise; and/or (ii) maintain, to the
maximum extent practicable, the original intent and economic benefit to the Participant of the applicable provision without materially increasing the cost to the Corporation and contravening Section 409A. 

 

	(6)	The Plan shall not in any way fetter, limit, obligate, restrict or constrain the Board with regard to the allotment or issue of any Shares or any other securities in the capital of the Corporation other than as
specifically provided for in the Plan. 

  

	Section 2.2	Grant of Units and Shares Reserved 

  

	(1)	Subject to the provisions of this Plan, the Board may grant Units to Participants upon the terms, conditions and limitations set forth herein and such other terms, conditions and limitations permitted by and not
inconsistent with this Plan as the Board may determine, provided that: 

  

	 	(a)	The maximum number of Shares reserved for issuance, in the aggregate, under this Plan and the Stock Option Plan shall initially be equal to 2,500,000 Shares plus the number of Shares equal to the number of Multiple
Voting Shares subject to the Legacy Option Plan’s available reserve as of the Effective Date. The number of Shares available for issuance, in the aggregate, under this Plan and the Stock Option Plan will be automatically, and without any
further action on the part of the Board or the Shareholders, increased on January 1 of each year, beginning on January 1, 2016 and ending on January 1, 2026, in an amount equal to 5% of the aggregate number of outstanding Shares and
Multiple Voting Shares on December 31 of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be
no January 1st increase in the maximum number of Shares reserved for issuance under this Plan and the Stock Option Plan for such fiscal year or that any increase in the Share reserve for such
year will be a lesser number of Shares than would otherwise occur pursuant to the preceding sentence; and 

  
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	 	(b)	The number of Shares subject to any grants of Units (or portions thereof) that (i) Expire or are forfeited, surrendered, cancelled or otherwise terminated prior to the delivery of the Shares pursuant to a grant of
Units or (ii) are settled in cash in lieu of settlement in Shares shall, in each case, automatically become available to be made and subject to new grants under this Plan. In addition, if an option under the Stock Option Plan or the Legacy
Option Plan expires, is forfeited, or is cancelled for any reason, the Shares subject to that option or the number of Shares equal to the number of Multiple Voting Shares subject to that legacy option, as applicable, shall be available for grants
under this Plan, subject to any required prior approval by the Stock Exchange. 

  

	Section 2.3	Amendment and Termination. 

  

	(1)	The Board may, in its sole discretion, suspend or terminate the Plan at any time or from time to time and/or amend or revise the terms of the Plan or of any Unit granted under the Plan and any Grant Agreement relating
thereto provided that such suspension, termination, amendment, or revision shall: 

  

	 	(a)	not adversely alter or impair any Unit previously granted except as permitted by the terms of this Plan; 

  

	 	(b)	be in compliance with applicable law and subject to any regulatory approvals including, where required, the approval of the Stock Exchange; and 

 

	 	(c)	be subject to Shareholder approval, where required by law, the requirements of the Stock Exchange or this Plan. 

  

	(2)	If the Plan is terminated, the provisions of the Plan and any administrative guidelines and other rules and regulations adopted by the Board and in force with respect to outstanding Units will continue in effect as long
as any such Unit or any rights pursuant thereto remain outstanding and, notwithstanding the termination of the Plan, the Board will remain able to make such interpretations and amendments to the Plan or the Units as they would have been entitled to
make if the Plan were still in effect. 

  

	(3)	Subject to Section 2.3(1), the Board may from time to time, in its discretion and without the approval of Shareholders or Participants, make changes to the Plan or any Unit that do not require the approval of
Shareholders under Section 2.3(4), which may include but are not limited to: 

  

	 	(a)	any amendment of a “housekeeping” nature, including without limitation those made 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 regarding administration of the Plan; 

 

	 	(b)	changes that alter, extend or accelerate the terms of vesting or settlement applicable to any Units; 

  
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	 	(c)	any amendment to the Plan respecting administration and eligibility for participation under the Plan; and 

  

	 	(d)	an amendment of the Plan or a Unit as necessary to comply with applicable law or the requirements of the Stock Exchange or any other regulatory body having authority over the Corporation, the Plan, the Participants or
the Shareholders. 

  

	(4)	Shareholder approval is required for the following amendments to the Plan: 

  

	 	(a)	any increase in the maximum number of Shares that may be issuable from treasury pursuant to Units granted under the Plan (as set out in Section 2.2), other than an adjustment pursuant to Section 2.15.

  

	 	(b)	any amendment to Section 2.3(3) and this Section 2.3(4). 

  

	(5)	No such amendment to the Plan shall cause the Plan in respect of Restricted Share Units or Performance Share Units to cease to be a plan described in section 7 of the ITA or any successor to such provision.

  

	(6)	No such amendment to the Plan shall cause the Plan in respect of Deferred Share Units to cease to be a plan described in regulation 6801(d) of the ITA or any successor to such provision. 

 

	Section 2.4	Compliance with Legislation 

  

	(1)	The administration of the Plan (including any amendments thereto), the terms of the grant of any Unit under the Plan, the grant of Units, and the Corporation’s obligation to issue Shares or deliver a Cash
Equivalent shall be subject to all applicable federal, provincial, state and foreign laws, rules and regulations, the rules and regulations of the Stock Exchange and any other stock exchange on which the Shares are listed or posted for trading, and
to such approvals by any regulatory or governmental agency as may, in the opinion of counsel to the Corporation, be required. The Corporation shall not be obliged by any provision of the Plan or the grant of any Unit hereunder to issue Shares or
deliver a Cash Equivalent in violation of such laws, rules and regulations or any condition of such approvals. 

  

	(2)	No Unit shall be granted, and no Shares shall be issued hereunder, where such grant or issue would require registration of the Plan or of Shares under the securities laws of any foreign jurisdiction (other than the
United States), and any purported grant of any Unit or purported issue of Shares hereunder in violation of this provision shall be void. 

  

	(3)	The Corporation 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 the Stock Exchange (and any other stock exchange on
which the Shares are listed or posted for trading). Shares issued to Participants pursuant to the settlement of Units may be subject to limitations on sale or resale under applicable securities laws. 

 

	(4)	 Should the Board, in its sole and absolute discretion and subject to Section 2.3(5) and Section 2.3(6), determine that it is not desirable
or feasible to provide for the settlement of Restricted Share Units, Deferred Share Units or Performance Share Units, as applicable, 

  
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including by reason of any such laws, regulations, rules, orders or requirements, it shall notify the Participants of such determination and on receipt of such notice each Participant shall have
the option of electing that such settlement obligations be satisfied by means of a cash payment by the Corporation equal to the Cash Equivalent of the Restricted Share Units, Deferred Share Units or Performance Share Units, as applicable. Each
Participant shall comply with all such laws, regulations, rules, orders and requirements, and shall furnish the Corporation with any and all information and undertakings, as may be required to ensure compliance therewith. 

 

	Section 2.5	Effective Date 

 The Plan shall be effective upon the date (the “Effective
Date”) of the closing of the initial public offering of the Shares. 
  

	Section 2.6	Applicable Tax Withholdings and Deductions. 

  

	(1)	Notwithstanding any other provision contained herein, and together with Section 2.6(3) the Corporation or the relevant Affiliate, as applicable, shall be entitled to withhold from any amount payable to a
Participant, either under this Plan or otherwise, such amounts as may be necessary so as to ensure that the Corporation or the relevant Affiliate is in compliance with all applicable withholding tax or other source deduction liabilities relating to
the settlement of such Units (the “Applicable Withholding Taxes”). 

  

	(2)	It is the responsibility of the Participant to complete and file any tax returns which may be required within the periods specified in applicable laws as a result of the Participant’s participation in the Plan. The
Corporation shall not be held responsible for any tax consequences to a Participant as a result of the Participant’s participation in the Plan and the Participant shall indemnify and save harmless the Corporation from and against any and all
loss, liability, damage, penalty or expense (including legal expense), which may be asserted against the Corporation or which the Corporation may suffer or incur arising out of, resulting from, or relating in any manner whatsoever to any tax
liability in connection therewith. 

  

	(3)	For greater certainty, unless not required under the ITA or any other applicable law, no cash payment will be made nor will Shares be issued until: 

 

	 	(a)	an amount sufficient to cover the Applicable Withholding Taxes payable on the settlement of Units has been received by the Corporation (or withheld by the Corporation from the Cash Equivalent and/or cash payment noted
above if applicable); 

  

	 	(b)	the Participant undertakes to arrange for such number of Shares to be sold as is necessary to raise an amount equal to the Applicable Withholding Taxes, and to cause the proceeds from the sale of such Shares to be
delivered to the Corporation; or 

  

	 	(c)	the Participant elects to settle for cash such number of Units as is necessary to raise funds sufficient to cover the Applicable Withholding Taxes with such amount being withheld by the Corporation. 

  
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	Section 2.7	No Interest. 

 No interest or other amounts shall accrue to the Participant in respect of
any amount payable by the Corporation to the Participant under this Plan or Unit. 
  

	Section 2.8	Non-Transferability 

 Except as set forth herein, Units are not transferable. Units may
be settled only by: 
  

	 	(a)	the Participant to whom the Units were granted; 

  

	 	(b)	with the Corporation’s prior written approval and subject to such conditions as the Corporation may stipulate, such Participant’s family or any registered retirement savings plans or registered retirement
income funds of which the Participant is and remains the annuitant; 

  

	 	(c)	upon the Participant’s death, by the legal representative of the Participant’s estate; or 

  

	 	(d)	upon the Participant’s Incapacity, the legal representative having authority to deal with the property of the Participant; 

provided that any such legal representative shall first deliver evidence satisfactory to the Corporation of entitlement to settle any Unit and
this is in compliance with Section 2.3(6). 
  

	Section 2.9	Participation in this Plan. 

  

	(1)	No Participant has any claim or right to be granted a Unit (including, without limitation, a Unit granted in substitution for any Unit that has expired pursuant to the terms of this Plan), and the granting of any Unit
does not and is not to be construed as giving a Participant a right to continued employment or to remain a Consultant, director, officer or employee, as the case may be, of the Corporation or an Affiliate of the Corporation. Nothing contained in
this Plan or in any Unit granted under this Plan shall interfere in any way with the rights of the Corporation or an Affiliate of the Corporation in connection with the employment, retention or termination of any such person. 

 

	(2)	No Participant has any rights or privileges as a Shareholder of the Corporation in respect of Shares that are issuable upon the settlement of a Unit pursuant to the terms of this Plan until the allotment and issuance to
the Participant of certificates representing such Shares or the entry of such Participant’s name on the share register of the Corporation as the holder of Shares, and that person becomes the holder of record of those Shares. The Participant or
the Participant’s legal representative shall not, by reason of the grant of any Unit, be considered to be a Shareholder of the Corporation until a Unit has been duly settled and Shares have been issued in respect thereof. 

 

	(3)	 Units shall be credited to an unfunded notional bookkeeping account established and maintained by the Corporation in the name of each Participant.
Notwithstanding any other provision of the Plan to the contrary, a Unit shall not be considered or construed as an actual investment in Shares. Participants shall have no legal or equitable rights, claims, or interest in any specific property or
assets of the Corporation or any Affiliate. No assets of the Corporation or any Affiliate shall be held in any way as collateral security for the fulfillment 

  
 - 12 - 

	 	
of the obligations of the Corporation or any Affiliate under this Plan. Any and all of the Corporation’s or any Affiliate’s assets shall be, and remain, the general unrestricted assets
of the Corporation or Affiliate. 

  

	(4)	The Corporation’s or any of its Affiliate’s obligation under this Plan shall be merely that of an unfunded and unsecured promise of the Corporation or such Affiliate to pay money in the future, and the rights
of Participants shall be no greater than those of unsecured general creditors. 

  

	(5)	The Corporation makes no representation or warranty as to the future Market Value of the Shares or with respect to any income tax matters affecting the Participant resulting from the grant or settlement of a Unit or
transactions in the Shares. With respect to any fluctuations in the Market Value of Shares, neither the Corporation, 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 Units 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 Corporation does not assume responsibility for the income or other tax consequences resulting to the Participant and they are advised to consult with their own tax advisors.

  

	Section 2.10	Notice 

 Any Notice required to be given pursuant to the Plan must be in writing. All
notices to the Corporation must be delivered personally, by prepaid registered mail or by email and must be addressed to the secretary of the Corporation. All notices to the Participant will be addressed to the principal address of the Participant
on file with the Corporation. Either the Corporation or the Participant may designate a different address by written notice to the other. Such notices are deemed to be received: (i) if delivered personally, on the date of delivery; (ii) if
sent by prepaid, registered mail, on the fifth Business Day following the date of mailing; or (iii) if sent by email, when the sender receives an email from the recipient acknowledging receipt, provided that an automatic “read
receipt” does not constitute acknowledgment of an email for purposes hereof. Any notice given by either the Participant or the Corporation is not binding on the recipient thereof until received. 

 

	Section 2.11	Right to Issue Other Shares 

 The Corporation shall not by virtue of this Plan be in any
way restricted from declaring and paying stock dividends, issuing further Shares or Multiple Voting Shares, repurchasing Shares or Multiple Voting Shares or varying or amending its share capital or corporate structure. 

 

	Section 2.12	Quotation of Shares 

 So long as the Shares are listed on a Stock Exchange, the
Corporation must apply to the Stock Exchange for the listing or quotation, as applicable, of the Shares issued upon the settlement of all Units granted under the Plan, however, the Corporation cannot guarantee that such Shares will be listed or
quoted on the Stock Exchange or any other stock exchange. 

  
 - 13 - 

	Section 2.13	Conformity to Plan 

 In the event that a Unit is granted or a Grant Agreement is executed
which does not conform in all particulars with the provisions of this Plan, or purports to grant Units on terms different from those permitted under this Plan, the Unit, or the grant of such Unit shall not be in any way void or invalidated, but the
Unit so granted will be adjusted to become, in all respects, in conformity with this Plan. 
  

	Section 2.14	Dividend Equivalents. 

 In the event a dividend becomes payable on the Shares, then on
the payment date for such dividend, each Participant’s notional account shall, unless otherwise determined by the Board in respect of any grant of Units, be credited with additional Units (including fractional Units) of the same kind as
credited in such Participant’s applicable notional account, the number of which shall be determined by dividing: (i) the amount determined by multiplying (a) the number of Units in such Participant’s notional account (whether
vested or unvested) on the record date for the payment of such dividend by (b) the dividend paid per Share, by (ii) the Market Value of a Share on the dividend payment date for such dividend, in each case, with fractions computed to two
decimal places. Such additional Units (including fractional Units), if credited, shall vest on the same basis as the underlying Units. 
  

	Section 2.15	Adjustments. 

 Subject to any required approval by the Stock Exchange or regulatory
authority, in the case of any merger, amalgamation, arrangement, rights offering, subdivision, consolidation, or reclassification of the Shares or other relevant change in the capitalization of the Corporation, or stock dividend or distribution
(excluding dividends or distributions which may be paid in cash or in Shares at the option of the Shareholder), or exchange of the Shares for other securities or property, the Corporation shall make appropriate adjustments in the Shares issuable or
amounts payable, as the case may be, as determined as appropriate by the Board, to preclude a dilution or enlargement of the benefits hereunder, and any such adjustment (or non-adjustment) by the Corporation shall be conclusive, final and binding
upon the Participants. However, no amount will be paid to, or in respect of, the Participants under the Plan or pursuant to any other arrangement, and no additional Units will be granted to such Participant to compensation 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. 
  

	Section 2.16	Cancellation of Units. 

 Upon payment in full of the value of the Units, the Units shall
be cancelled and no further payments shall be made from the Plan in relation to such Units. 
  

	Section 2.17	Governing Law 

 The Plan shall be governed by the laws of the Province of Ontario and the
federal laws of Canada applicable therein. 

  
 - 14 - 

 ARTICLE 3 

RESTRICTED SHARE UNITS 
  

	Section 3.1	Grant of Restricted Share Units. 

  

	(1)	Subject to the provisions of this Plan, the Board may grant Restricted Share Units to any Eligible Person upon the terms, conditions and limitations set forth herein and such other terms, conditions and limitations
permitted by and not inconsistent with this Plan as the Board may determine. 

  

	(2)	The grant of a Restricted Share Unit shall be evidenced by a Grant Agreement, signed on behalf of the Corporation. 

  

	(3)	The Corporation shall maintain a notional account for each RSU Participant, in which shall be recorded the number of vested and unvested Restricted Share Units granted or credited to such Participant. 

 

	(4)	The grant of a Restricted Share Unit to an RSU Participant, or the settlement of a Restricted Share Unit, under the Plan shall neither entitle such RSU Participant to receive nor preclude such RSU Participant from
receiving subsequently granted Restricted Share Units. 

  

	Section 3.2	Equivalence. 

 One (1) Restricted Share Unit is equivalent to one (1) Share.
Fractional Restricted Share Units are permitted under the Plan. 
  

	Section 3.3	Calculation. 

 The number of Restricted Share Units (including fractional Restricted
Share Units) granted at any particular time pursuant to this Plan will be calculated by dividing (i) the dollar amount of such grant by (ii) the Market Value of a Share on the Date of Grant. 

 

	Section 3.4	Vesting. 

 Except as otherwise provided in an RSU Participant’s Grant Agreement or
any other provision of this Plan: 
  

	(1)	1/3 of the Restricted Share Units granted pursuant to Section 3.1 shall vest on the first (1st) anniversary of the Date of Grant; 

 

	(2)	1/3 of the Restricted Share Units granted pursuant to Section 3.1 shall vest on the second (2nd) anniversary of the Date of Grant; 

 

	(3)	1/3 of the Restricted Share Units granted pursuant to Section 3.1 shall vest on the third (3rd) anniversary of the Date of Grant; and 

 

	(4)	 all Restricted Share Units credited pursuant to Section 2.14 shall vest simultaneously with the Restricted Share Units to which they relate,
provided the Participant is continuously employed by or in service with the Corporation, or any of its Affiliates, from the Date of Grant until such Vesting Date, 

  
 - 15 - 

 provided, however, that in the event of any Change of Control, any unvested Restricted Share Units shall vest on
the date which the Board determines in accordance with Article 8. 
  

	Section 3.5	Authorized Leave. 

 Notwithstanding any other provision of the Plan, unless otherwise
approved by the Board, the vesting of any Restricted Share Units granted hereunder shall be suspended and postponed during any period of Authorized Leave and, upon an RSU Participant’s return from such Authorized Leave, the vesting of such
Restricted Share Units shall be extended by a period equivalent to such period of Authorized Leave. Notwithstanding the foregoing, upon an RSU Participant’s return from an Authorized Leave that was a parental leave, the rate of vesting of such
RSU Participant’s Restricted Share Units shall be accelerated to twice the rate provided for in the Participant’s Grant Agreement until such time as the RSU Participant holds vested Restricted Share Units in accordance with the original
schedule of Vesting Dates provided for in the RSU Participant’s Grant Agreement. For certainty, nothing contained herein shall limit the effect of Section 4.3 of the Plan upon the termination of any RSU Participant’s employment or
service as a Consultant, and the calculation of the number of Restricted Share Units vested as of a Participant’s Termination Date for purposes thereof shall take into account any suspension, postponement or adjustment of the vesting schedule
applicable to such Restricted Share Units contemplated by this Section 3.5. 
 ARTICLE 4 

SETTLEMENT & EXPIRY 
  

	Section 4.1	Settlement of Restricted Share Units. 

  

	(1)	Except as otherwise provided in an RSU Participant’s Grant Agreement or any other provision of this Plan: 

  

	 	(a)	all of the vested Restricted Share Units covered by a particular grant and the related Restricted Share Units credited pursuant to Section 3.3 may be settled on the first Business Day following their RSU Vesting
Date (the “RSU Settlement Date”); 

  

	 	(b)	an RSU Participant is entitled to deliver to the Corporation, on or before the RSU Settlement Date, an RSU Settlement Notice in respect of any or all vested Restricted Share Units held by the RSU Participant;

  

	 	(c)	in the RSU Settlement Notice, the RSU Participant will elect, in the RSU Participant’s sole discretion, including with respect to any fractional RSUs, to settle vested Restricted Share Units for their Cash
Equivalent (determined in accordance with Section 4.2(1)), Shares (determined in accordance with Section 4.2(2)) or a combination thereof. 

  

	(2)	Subject to Section 4.1(3), settlement of Restricted Share Units shall take place promptly following the RSU Settlement Date and take the form set out in the RSU Settlement Notice through: 

  
 - 16 - 

	 	(a)	in the case of settlement of Restricted Share Units for their Cash Equivalent, delivery of a cheque to the RSU Participant representing the Cash Equivalent; 

 

	 	(b)	in the case of settlement of Restricted Share Units for Shares, delivery of a share certificate to the RSU Participant or the entry of the Participant’s name on the share register for the Shares; or

  

	 	(c)	in the case of settlement of Restricted Share Units for a combination of Shares and the Cash Equivalent, a combination of (a) and (b) above. 

 

	(3)	If an RSU Settlement Notice is not received by the Corporation on or before the RSU Settlement Date, settlement shall take the form of Shares issued from treasury as set out in Section 4.2(2). 

 

	(4)	Notwithstanding any other provision of this Plan, in the event that an RSU Settlement Date falls during a black-out period or other trading restriction imposed by the Corporation and an RSU Participant has not delivered
an RSU Settlement Notice, then such RSU Settlement Date shall be automatically extended to the tenth (10th) Business Day following the date that such black-out period or other trading restriction is lifted, terminated or removed.

  

	Section 4.2	Determination of Amounts. 

  

	(1)	Cash Equivalent of Restricted Share Units. For purposes of determining the Cash Equivalent of Restricted Share Units to be made pursuant to Section 4.1(2)(a) or Section 4.1(2)(c), 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 Restricted Share Units in the Participant’s Restricted Share Unit notional account which the Participant
desires to settle in cash pursuant to the RSU Settlement Notice. 

  

	(2)	Payment in Shares; Issuance of Shares from Treasury. For the purposes of determining the number of Shares from treasury to be issued and delivered to an RSU Participant upon settlement of
Restricted Share Units pursuant to Section 4.1(2)(b) or Section 4.1(2)(c), such calculation will be made on the RSU Settlement Date based on the whole number of Shares equal to the whole number of vested Restricted Share Units then
recorded in the Participant’s Restricted Share Unit notional account which the Participant desires to settle pursuant to the RSU Settlement Notice. Shares issued from treasury will be issued in consideration for the past services of the RSU
Participant to the Corporation and the entitlement of the RSU Participant under this Plan shall be satisfied in full by such issuance of Shares. If applicable, the Corporation shall also make a cash payment to the RSU Participant with respect to the
value of fractional Restricted Share Units standing to the RSU Participant’s credit after the maximum number of whole Shares have been issued by the Corporation, calculated by multiplying (i) the number of such fractional Restricted Share
Units by (ii) the Market Value on the RSU Settlement Date. 

  

	Section 4.3	Termination. 

  

	(1)	Except as the Board may otherwise determine or unless otherwise provided in the RSU Participant’s Grant Agreement and regardless of any adverse or potentially adverse tax or other consequences resulting from the
following: 

  
 - 17 - 

	 	(a)	if an RSU Participant ceases to be an Eligible Person as a result of such RSU Participant’s termination for cause or resignation without good reason, any unvested Restricted Share Units held by such RSU Participant
shall Expire on the RSU Termination Date and be of no further force or effect whatsoever and such Participant shall no longer be eligible for a grant of RSUs; and 

 

	 	(b)	if an RSU Participant ceases to be Eligible Person as a result of such RSU Participant’s retirement with the concurrence of the Board, as a result of the Participant’s dismissal without cause or resignation
for good reason, or as a result of such RSU Participant’s death or physical or psychological Incapacity, any unvested Restricted Share Units held by such RSU Participant shall vest on the RSU Termination Date. 

ARTICLE 5 
 DEFERRED
SHARE UNITS 
  

	Section 5.1	Grant of Deferred Share Units. 

  

	(1)	Subject to this Article 5, the Board may recommend the grant of, from time to time, Deferred Share Units to a DSU Participant. 

  

	(2)	The grant of a Deferred Share Unit shall be evidenced by a Grant Agreement, signed on behalf of the Corporation. 

  

	(3)	The Corporation shall maintain a notional account for each DSU Participant, in which shall be recorded the number of Deferred Share Units granted or credited to such Participant. 

 

	(4)	The grant of a Deferred Share Unit to a DSU Participant, or the settlement of a Deferred Share Unit, under the Plan shall neither entitle such DSU Participant to receive nor preclude such DSU Participant from receiving
subsequently granted Deferred Share Units. 

  

	Section 5.2	Equivalence. 

 One (1) Deferred Share Unit is equivalent to one (1) Share.
Fractional Deferred Share Units are permitted under the Plan. 
  

	Section 5.3	Election Notice; Elected Amount. 

  

	(1)	 Subject to Board approval, a DSU Participant may elect by filing an election notice in the form of Schedule “C” attached hereto (the
“Election Notice”), once each Fiscal Year, to be paid up to one hundred percent (100%) of his or her Annual Board Retainer in the form of Deferred Share Units (the “Elected Amount”), with the balance being paid
in cash in accordance with the Corporation’s regular practices of paying such cash compensation. In the case of an existing DSU Participant, the election must be completed, signed and delivered to the Corporation by the end of the Fiscal Year
preceding the Fiscal Year to which such election is to apply. In the case of a new DSU Participant, the election must be completed, signed and delivered to the Corporation as soon as possible, and, in any event, no later than 30 days, after the
director’s appointment, with such election to be effective on the first day of the fiscal quarter of the Corporation next following the date of the 

  
 - 18 - 

	 	
Corporation’s receipt of the election until the final day of such Fiscal Year. For the first year of the Plan, DSU Participants must make such election as soon as possible, and, in any
event, no later than 30 days, after adoption of the Plan and the election shall be effective on the first day of the fiscal quarter of the Corporation next following the date of the Corporation’s receipt of the election until the final day of
such Fiscal Year. If no election is made in respect of a particular Fiscal Year, the new or existing DSU Participant will be paid in cash in accordance with the Corporation’s regular practices of paying such cash compensation.

  

	(2)	The Election Notice shall, subject to any minimum amount that may be required by the Board, from time to time, designate the percentage of the Annual Board Retainer for the applicable Fiscal Year that is to be deferred
into Deferred Share Units, with the remaining percentage to be paid in cash in accordance with the Corporation’s regular practices of paying such cash compensation. 

 

	(3)	In the absence of a designation to the contrary (including delivery of an Election Notice by a DSU Participant requesting that a greater or lesser percentage of his or her Annual Board Retainer be payable in the form of
Deferred Share Units relative to the percentage previously elected by such DSU Participant), the DSU Participant’s Election Notice shall remain in effect unless otherwise terminated. 

 

	Section 5.4	Termination Right. 

  

	(1)	Each DSU Participant is entitled to terminate his or her participation in the Plan by filing with the Chief Financial Officer of the Corporation, or such other officer of the Corporation designated by the Board, a
notice electing to terminate the receipt of additional Deferred Share Units in the form of Schedule “E” attached hereto (“Termination Notice”). 

 

	(2)	Such Termination Notice shall be effective as of the date received by the Corporation. 

  

	(3)	Thereafter, any portion of such DSU Participant’s Annual Board Retainer payable, and subject to comply with Section 5.3, all subsequent Annual Board Retainers shall be paid in cash in accordance with the
Corporation’s regular practices of paying such cash compensation. 

  

	(4)	For greater certainty, to the extent a DSU Participant terminates his or her participation in the Plan, he or she shall not be entitled to become a DSU Participant again until the Fiscal Year following the Fiscal Year
in which the Termination Notice becomes effective. 

  

	Section 5.5	Calculation. 

  

	(1)	The number of Deferred Share Units (including fractional Deferred Share Units) granted at any particular time pursuant to this Plan will be calculated by: 

 

	 	(a)	in the case of an Elected Amount, by dividing (i) the dollar amount of the Elected Amount allocated to the DSU Participant by (ii) the Market Value of a Share on the applicable Award Date; or

  
 - 19 - 

	 	(b)	in the case of a grant of Deferred Share Units pursuant to Section 5.1, by dividing (i) the dollar amount of such grant by (ii) the Market Value of a Share on the Date of Grant. 

 

	Section 5.6	Vesting. 

  

	(1)	All Deferred Share Units recorded in a DSU Participant’s Deferred Share Unit notional account shall vest on the DSU Termination Date, unless otherwise determined by the Board at its sole discretion and in
compliance with Section 2.3(6), subject to a determination of the Board made in accordance with Article 6. 

  

	(2)	DSU Participants will not have any right to receive any benefit under the Plan in respect of a Deferred Share Unit until the DSU Termination Date. 

 

	Section 5.7	Settlement in respect of Deferred Share Units. 

 In respect of an award of Deferred Share
Units granted to a DSU Participant, settlement shall be as soon as practicable following the DSU Termination Date and no later than the DSU Payment Date: 
  

	(1)	Subject to Section 5.7(2), the DSU Participant (or where the DSU Participant has died, a dependant or relation of the DSU Participant or the legal representative of the DSU Participant) will deliver to the
Corporation a DSU Settlement Notice, in the DSU Participant’s sole discretion, to elect to settle all Deferred Share Units in such DSU Participant’s notional account for their Cash Equivalent (determined in accordance with
Section 5.8(1)), Shares (determined in accordance with Section 5.8(2)) or a combination thereof. 

  

	(2)	If such DSU Settlement Notice is not received by the Corporation within 30 days prior to the DSU Payment Date, settlement shall take the form of the Cash Equivalent determined in accordance with Section 5.8(1),
among other provisions of this Plan. 

  

	(3)	Settlement of Deferred Share Units shall take place on the DSU Payment Date and in the form set out in the DSU Settlement Notice through: 

 

	 	(a)	in the case of settlement of Deferred Share Units for their Cash Equivalent, delivery of a cheque to the Participant, a dependant or relation of the Participant or the Participant’s duly authorized legal
representative, as the case may be, representing the Cash Equivalent; 

  

	 	(b)	in the case of settlement of Deferred Share Units for Shares, delivery of a share certificate to the Participant, a dependant or relation of the Participant or the Participant’s duly authorized legal
representative, as the case may, or the entry of the Participant’s name on the share register for the Shares; or 

  

	 	(c)	in the case of settlement of Deferred Share Units for a combination of Shares and the Cash Equivalent, a combination of (a) and (b) above. 

  
 - 20 - 

	Section 5.8	Determination of Amounts. 

  

	(1)	Cash Equivalent of Deferred Share Units. For purposes of determining the Cash Equivalent of Deferred Share Units, such calculation will be made based on the Market Value on the DSU Termination Date
multiplied by the number of Deferred Share Units in the Participant’s Deferred Share Unit notional account as of the DSU Termination Date. 

  

	(2)	Payment in Shares; Issuance of Shares from Treasury. For the purposes of determining the number of Shares to be issued from treasury and delivered to a DSU Participant upon settlement of
Deferred Share Units, such calculation will be made on the DSU Termination Date, or if the DSU Termination Date is not a Business Day, on the next such Business Day, based on the whole number of Shares equal to the whole number of Deferred Share
Units then recorded in the Participant’s Deferred Share Unit notional account. Shares issued from treasury will be issued in consideration for the past services of the DSU Participant to the Corporation and the entitlement of the DSU
Participant under this Plan shall be satisfied in full by such issuance of Shares. If applicable, the Corporation shall also make a cash payment to the DSU Participant with respect to the value of fractional Deferred Share Units standing to the DSU
Participant’s credit after the maximum number of whole Shares have been issued by the Corporation, calculated by multiplying (i) the number of such fractional Deferred Share Units by (ii) the Market Value on the DSU Termination Date.

 ARTICLE 6 

PERFORMANCE SHARE UNITS 
  

	Section 6.1	Grant of Performance Share Units 

  

	(1)	Subject to the provisions of this Plan, the Board may grant Performance Share Units to any Eligible Person upon the terms, conditions and limitations set forth herein and such other terms, conditions and limitations
permitted by and not inconsistent with this Plan as the Board may determine. 

  

	(2)	The grant of a Performance Share Unit shall be evidenced by a Grant Agreement, signed on behalf of the Corporation. 

  

	(3)	The Corporation shall maintain a notional account for each PSU Participant, in which shall be recorded the number of vested and unvested Performance Share Units granted or credited to such Participant.

  

	(4)	The grant of a Performance Share Unit to a PSU Participant, or the settlement of a Performance Share Unit, under the Plan shall neither entitle such PSU Participant to receive nor preclude such PSU Participant from
receiving subsequently granted Performance Share Units. 

  

	Section 6.2	Equivalence 

 One (1) Performance Share Unit is equivalent to one (1) Share.
Fractional Performance Share Units are permitted under the Plan. 

  
 - 21 - 

	Section 6.3	Calculation. 

 The number of Performance Share Units (including fractional Performance
Share Units) granted at any particular time pursuant to this Plan will be calculated by dividing (i) the dollar amount of such grant by (ii) the Market Value of a Share on the Date of Grant. 

 

	Section 6.4	Vesting. 

 Each PSU Participant’s Grant Agreement shall describe the Performance
Criteria established by the Board that must be achieved for Performance Share Units to vest to the PSU Participant, provided the PSU Participant is continuously employed by or in service with the Corporation, or any of its Affiliates, from the Date
of Grant until such PSU Vesting Date, and provided further that in the event of any Change of Control, any unvested Performance Share Units shall vest on the date which the Board determines in accordance with Article 8. 

ARTICLE 7 

SETTLEMENT & EXPIRY 
  

	Section 7.1	Settlement of Performance Share Units. 

  

	(1)	Except as otherwise provided in a PSU Participant’s Grant Agreement or any other provision of this Plan: 

  

	 	(a)	all of the vested Performance Share Units covered by a particular grant and the related Performance Share Units credited pursuant to Section 6.2 may be settled on the first Business Day following their PSU Vesting
Date (the “PSU Settlement Date”); 

  

	 	(b)	a PSU Participant shall become entitled to deliver to the Corporation, on or before the PSU Settlement Date, a PSU Settlement Notice in respect of any or all vested Performance Share Units held by the PSU Participant;
and 

  

	 	(c)	in the PSU Settlement Notice, the PSU Participant will elect, in the PSU Participant’s sole discretion, including with respect to any fractional PSUs, to settle vested Performance Share Units for their Cash
Equivalent (determined in accordance with Section 7.2(1)), Shares (determined in accordance with Section 7.2(2)) or a combination thereof. 

  

	(2)	Subject to Section 7.1(3), settlement of Performance Share Units shall take the form set out in the PSU Settlement Notice through delivery of: 

 

	 	(a)	in the case of settlement of Performance Share Units for their Cash Equivalent, a cheque to the PSU Participant representing the Cash Equivalent; 

 

	 	(b)	in the case of settlement of Performance Share Units for Shares, delivery of a share certificate to the PSU Participant or the entry of the Participant’s name on the share register for the Shares; or

  
 - 22 - 

	 	(c)	in the case of settlement of Performance Share Units for a combination of Shares and the Cash Equivalent, a combination of (a) and (b) above. 

 

	(3)	If a PSU Settlement Notice is not received by the Corporation on or before the PSU Settlement Date, settlement shall take the form of Shares issued from treasury as set out in Section 7.2(2). 

 

	(4)	Notwithstanding any other provision of this Plan, in the event that a PSU Settlement Date falls during a black-out period or other trading restriction imposed by the Corporation and a PSU Participant has not delivered a
PSU Settlement Notice, then such PSU Settlement Date shall be automatically extended to the tenth (10th) Business Day following the date that such black-out period or other trading restriction is lifted, terminated or removed.

  

	Section 7.2	Determination of Amounts. 

  

	(1)	Cash Equivalent of Performance Share Units. For purposes of determining the Cash Equivalent of Performance Share Units to be made pursuant to Section 7.1(2)(a) or Section 7.1(2)(c), 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 Performance Share Units in the Participant’s Performance Share Unit notional account which the
Participant desires to settle in cash pursuant to the PSU Settlement Notice. 

  

	(2)	Payment in Shares; Issuance of Shares from Treasury. For the purposes of determining the number of Shares from treasury to be issued and delivered to a PSU Participant upon settlement of
Performance Share Units pursuant to Section 7.1(2)(b) or Section 7.1(2)(c), such calculation will be made on the PSU Settlement Date based on the whole number of Shares equal to the whole number of vested Performance Share Units then
recorded in the Participant’s Performance Share Unit notional account which the Participant desires to settle pursuant to the PSU Settlement Notice. Shares issued from treasury will be issued in consideration for the past services of the PSU
Participant to the Corporation and the entitlement of the PSU Participant under this Plan shall be satisfied in full by such issuance of Shares. If applicable, the Corporation shall also make a cash payment to the PSU Participant with respect to the
value of fractional Performance Share Units standing to the PSU Participant’s credit after the maximum number of whole Shares have been issued by the Corporation, calculated by multiplying (i) the number of such fractional Performance
Share Units by (ii) the Market Value on the PSU Settlement Date. 

  

	Section 7.3	Termination. 

 Except as the Board may otherwise determine or unless otherwise provided
in the PSU Participant’s Grant Agreement and regardless of any adverse or potentially adverse tax or other consequences resulting from the following, if a PSU Participant ceases to be an Eligible Person for any reason, any unvested Performance
Share Units held by such PSU Participant shall Expire on the PSU Termination Date and be of no further force or effect whatsoever and such Participant shall no longer be eligible for a grant of PSUs. 

  
 - 23 - 

 ARTICLE 8 

CHANGE OF CONTROL 
  

	Section 8.1	Conversion or Exchange of Units. 

 Notwithstanding anything else in this Plan or any
Grant Agreement, the Board has the right to provide for the conversion or exchange of any outstanding Units into or for units, rights or other securities in any entity participating in or resulting from a Change of Control, provided that the value
of previously granted Units and the rights of Participants are not materially adversely affected by any such changes. 
  

	Section 8.2	Notice to Participants. 

 Upon the Corporation entering into an agreement relating to a
transaction which, if completed, would result in a Change of Control, or otherwise becoming aware of a pending Change of Control, the Corporation shall give written notice of the proposed Change of Control to Participants, together with a
description of the effect of such Change of Control on outstanding Units, not less than seven (7) days prior to the closing of the transaction resulting in the Change of Control. 

 

	Section 8.3	Acceleration of Vesting. 

 The Board may, in its sole discretion, accelerate the vesting
and/or the expiry date of any or all outstanding Units, including conditionally, to provide that, notwithstanding the vesting provisions of such Units or any Grant Agreement, such designated outstanding Units shall be vested upon (or prior to) the
completion of the Change of Control. If, for any reason, the Change of Control does not occur within the contemplated time period, the acceleration of the vesting of the Units shall be retracted and vesting shall instead revert to the manner
provided in the Grant Agreement. 

  
 - 24 - 

 SCHEDULE “A” 

SHOPIFY INC. 
 RESTRICTED
SHARE UNIT GRANT AGREEMENT 
 Restricted Share Unit agreement dated
            , 20     between SHOPIFY INC., a company existing under the laws of Canada (the “Corporation”) and
                    , an individual residing in
                     (the “Participant”). 

WHEREAS the Corporation has adopted a Long Term Incentive Plan (the “Plan”, as it may be amended from time to time),
which Plan provides for the granting of Restricted Share Units to RSU Participants (as defined in the Plan), entitling RSU Participants, at their option, to receive on settlement of vested Restricted Share Units, a Cash Equivalent (as defined in the
Plan), Shares in the capital of the Corporation or a combination thereof; 
 AND WHEREAS the Corporation desires to continue to
receive the benefit of the services of the Participant and to more fully align his or her interest with the Corporation’s and its Affiliates’ future success; 

AND WHEREAS the board of directors of the Corporation (the “Board”) approved the granting of Restricted Share Units to
the Participant, upon the terms and conditions hereinafter provided; 
 AND WHEREAS the Corporation desires to grant to the
Participant Restricted Share Units upon the terms and conditions hereinafter provided; 
 AND WHEREAS capitalized terms used and not
otherwise defined in this Grant Agreement shall have the meanings set forth in the Plan. 
 NOW THEREFORE in consideration of the
foregoing and the mutual agreements contained herein and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

 

	 	1.	Restricted Share Units. The Corporation hereby grants to the Participant, as of             , 20    , subject to the terms
and conditions hereinafter set forth,                  Restricted Share Units (the “Restricted Share Units”), vesting in accordance with the terms of
this Grant Agreement and in accordance with the Plan. 

  

	 	2.	Vesting of the Restricted Share Units. Subject to the vesting restrictions in Section 3 (if any), the Restricted Share Units shall vest according to the following table: 

 

			
	 Date
	  	% of Restricted Share Units Vested
		  	
		  	
		  	

  
 “A” - 1 

	 	3.	Subject to Plan. This Restricted Share Units shall be subject in all respects to the provisions of the Plan, the terms and conditions of which are hereby expressly incorporated by reference, as same may be
amended from time to time in accordance therewith. A copy of the Plan shall be provided to the Participant upon his or her reasonable request from time to time. 

  

	 	4.	Shareholder Rights. A Participant shall have no rights whatsoever as a shareholder in respect of any of the Restricted Share Units. 

 

	 	5.	Transfer of Restricted Share Unit. The Restricted Share Units granted pursuant to this Agreement shall not be assignable or transferable by the Participant, except in accordance with the Plan.

  

	 	6.	Notice. Any notice required or permitted to be given hereunder shall be given in accordance with, and subject to, the provisions of the Plan. 

 

	 	7.	Governing Law. This Agreement and the Restricted Share Units shall be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein. 

  

	 	8.	French Language. The parties agree that this Agreement as well as all documents relating thereto be drawn up in the English language only. Les parties seront censes avoir requis que cette contrat de meme
que tous les documents s’y rattachant soient rediges en anglais seulement. 

 IN WITNESS WHEREOF the parties have caused this
Restricted Share Unit agreement to be executed as of the date hereof. 
  

			
	SHOPIFY INC.
		
	Per:		  

		
			Authorized Signing Officer

  

			
	NAME OF PARTICIPANT:		  

 

			
	SIGNATURE OF PARTICIPANT:		  

 

			
	Address:		  

  
 “A” - 2 

 SCHEDULE “B” 

SHOPIFY INC. 
 RSU
SETTLEMENT NOTICE 
 I,
                                        , in
respect of the 
         (print name) 

Restricted Share Units that were granted to me on
                                         by
Shopify Inc. (the “Corporation”) pursuant to the Corporation’s Long Term Incentive Plan (the “Plan”), hereby elect upon settlement of the Restricted Share Units (including for any fractional Restricted Share
Units) to receive (check one): 
 (    ) (i) the Cash Equivalent, calculated in accordance with Section 4.2(1) of the Plan; 

(    ) (ii) Shares, calculated in accordance with Section 4.2(2) of the Plan; or 

(    ) (iii) the Cash Equivalent for                 
Restricted Share Units and Shares for                  Restricted Share Units. 

If I elect to receive the Cash Equivalent, I acknowledge that the Corporation will deduct applicable withholding taxes in accordance with the Plan. 

If I elect to receive only Shares, I (check one): 

(    ) (i) enclose cash, a certified cheque, bank draft or money order payable to the Corporation in the amount of
$         as full payment for the applicable withholding taxes; 
 (    ) (ii) undertake to
direct that such number of Shares are to be sold, and the proceeds of such Shares delivered to the Corporation, as is necessary to put the Corporation in funds equal to the amount that would have otherwise been required in (i) above; or 

(    ) (iii) elect to settle for cash such number of Restricted Share Units as is necessary to raise funds sufficient to cover such
withholding taxes with such amount being withheld by the Corporation. 
  

					
	Date				Participant’s Signature
			
					(Print name)

  
 “B” - 1 

 SCHEDULE “C” 

SHOPIFY INC. 
 DSU
ELECTION NOTICE 
 All capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Plan. 

Pursuant to the Long Term Incentive Plan of Shopify Inc. (the “Plan”), I hereby elect to receive
    % of my Annual Board Retainer in the form of Deferred Share Units in lieu of cash. 
 I confirm that: 

 

	 	(a)	I have received and reviewed a copy of the terms of the Plan and have reviewed, considered and agreed to be bound by the terms of this Election Notice and the Plan. 

 

	 	(b)	I have requested and am satisfied that the Plan and the foregoing be drawn up in the English language. Le soussigné reconnaît qu’il a exigé que le Régime et ce qui
précède soient rédigés et exécutés en anglais et s’en déclare satisfait. 

  

	 	(c)	I recognize that when Deferred Share Units are settled in accordance with the terms of the Plan, income tax and other withholdings as required will arise at that time. Upon settlement of the Deferred Share Units, the
Corporation will make or arrange with me to make all appropriate withholdings as required by law at that time. 

  

	 	(d)	The value of Deferred Share Units is based on the value of the Shares of the Corporation and therefore is not guaranteed. 

The foregoing is only a brief outline of certain key provisions of the Plan. For more complete information, reference should be made to the
Plan. 
  

									
	Date:		  
				  

							(Name of Participant)
				
							  

							(Signature of Participant)

  
 “C” - 1 

 SCHEDULE “D” 

SHOPIFY INC. 
 DEFERRED
SHARE UNIT GRANT AGREEMENT 
  

					
	Name:		  
		
			
	Award Date		  
		

 Shopify Inc. (the “Corporation”) has adopted a Long Term Incentive Plan (the
“Plan”). Your award is governed in all respects by the terms of the Plan, and the provisions of the Plan are hereby incorporated by reference. Capitalized terms used and not otherwise defined in this Grant Agreement shall have the
meanings set forth in the Plan. If there is a conflict between the terms of this Grant Agreement and the Plan, the terms of the Plan shall govern. 
  

			
	Your Award		The Corporation hereby grants to you                  Deferred Share Units.

 PLEASE SIGN AND RETURN A COPY OF THIS GRANT AGREEMENT TO THE CORPORATION. 

By your signature below, you acknowledge that you have received a copy of the Plan and have reviewed, considered and agreed to the terms of
this Grant Agreement and the Plan. 
  

											
			Signature:		  
				Date:		  

					
			On behalf of the Corporation:						
					
			  
						
	Name:										
	Title:										

  
 “D” - 1 

 SCHEDULE “E” 

SHOPIFY INC. 
 ELECTION TO
TERMINATE RECEIPT OF ADDITIONAL DEFERRED SHARE UNITS 
 All capitalized terms used herein but not otherwise defined shall have the meanings ascribed
to them in the Plan. 
 Notwithstanding my previous election on the DSU Election Notice dated
                    , I hereby elect to terminate my participation in the Plan effective as of the date this Termination Notice is received by
Shopify Inc. 
 I understand that the Deferred Share Units already granted under the Plan cannot be settled until the DSU Termination Date.

 I confirm that I have received and reviewed a copy of the terms of the Plan and agree to continue to be bound by the Plan. 

 

							
	Date:		  
				  

							(Name of Participant)
				
							  

							(Signature of Participant)

  
 “E” - 1 

 SCHEDULE “F”  

SHOPIFY INC. 
 DSU
SETTLEMENT NOTICE 
 I,
                                        , in
respect of the 
         (print name) 

Deferred Share Units that were granted to me on
                                         by
Shopify Inc. (the “Corporation”) pursuant to the Corporation’s Long Term Incentive Plan (the “Plan”), hereby elect upon settlement of the Deferred Share Units (including for any fractional Deferred Share Units
to receive (check one): 
 (    ) (i) the Cash Equivalent, calculated in accordance with Section 5.8(1) of the Plan; 

(    ) (ii) Shares, calculated in accordance with Section 5.8(2) of the Plan; or 

(    ) (iii) the Cash Equivalent for                 
Deferred Share Units and Shares for                  Deferred Share Units. 

If I elect to receive the Cash Equivalent or a portion of my Deferred Share Units as a Cash Equivalent, I acknowledge that the Corporation will deduct
applicable withholding taxes in accordance with the Plan. 
 If I elect to receive only Shares, I (check one): 

(    ) (i) enclose cash, a certified cheque, bank draft or money order payable to the Corporation in the amount of
$         as full payment for the applicable withholding taxes; 
 (    ) (ii) undertake to
direct that such number of Shares are to be sold, and the proceeds of such Shares delivered to the Corporation, as is necessary to put the Corporation in funds equal to the amount that would have otherwise been required in (i) above; or 

(    ) (iii) elect to settle for cash such number of Deferred Share Units as is necessary raise funds sufficient to cover such withholding
taxes with such amount being withheld by the Corporation. 
  

					
	Date				Participant’s Signature
			
					(Print name)

  
 “F” - 1 

 SCHEDULE “G” 

SHOPIFY INC. 
 PERFORMANCE
SHARE UNIT GRANT AGREEMENT 
 Performance Share Unit agreement dated
            , 20     between SHOPIFY INC., a Company existing under the laws of Canada (the “Corporation”) and
                                        ,
an individual residing in
                                         (the
“Participant”). 
 WHEREAS the Corporation has adopted a Long Term Incentive Plan (the “Plan”, as
it may be amended from time to time), which Plan provides for the granting of Performance Share Units to PSU Participants (as defined in the Plan), entitling PSU Participants to receive on settlement of vested Performance Share Units, a Cash
Equivalent (as defined in the Plan), Shares in the capital of the Corporation or a combination thereof; 
 AND WHEREAS the
Corporation desires to continue to receive the benefit of the services of the Participant and to more fully align his or her interest with the Corporation’s and its Affiliates’ future success; 

AND WHEREAS the board of directors of the Corporation (the “Board”) approved the granting of Performance Share Units
to the Participant, upon the terms and conditions hereinafter provided; 
 AND WHEREAS the Corporation desires to grant to the
Participant Performance Share Units upon the terms and conditions hereinafter provided; 
 AND WHEREAS capitalized terms used and not
otherwise defined in this Grant Agreement shall have the meanings set forth in the Plan. 
 NOW THEREFORE in consideration of the
foregoing and the mutual agreements contained herein and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

 

	 	1.	Performance Share Units. The Corporation hereby grants to the Participant, as of             , 20    , subject to the terms
and conditions hereinafter set forth,                  Performance Share Units (the “Performance Share Units”), exercisable in accordance with the terms
of this Grant Agreement and in accordance with the Plan. 

  

	 	2.	Vesting of the Performance Share Units. Vesting of Performance Share Units is subject to the following Performance Criteria: 

 

	
	  

	
	  

	
	  

  
 “G” - 1 

	 	3.	Subject to Plan. This Performance Share Units shall be subject in all respects to the provisions of the Plan, the terms and conditions of which are hereby expressly incorporated by reference, as same may
be amended from time to time in accordance therewith. A copy of the Plan shall be provided to the Participant upon his or her reasonable request from time to time. 

 

	 	4.	Shareholder Rights. A Participant shall have no rights whatsoever as a shareholder in respect of any of the Performance Share Units. 

 

	 	5.	Transfer of Performance Share Unit. The Performance Share Units granted pursuant to this Agreement shall not be assignable or transferable by the Participant, except in accordance with the Plan.

  

	 	6.	Notice. Any notice required or permitted to be given hereunder shall be given in accordance with, and subject to, the provisions of the Plan. 

 

	 	7.	Governing Law. This Agreement and the Performance Share Units shall be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein. 

  

	 	8.	French Language. The parties agree that this Agreement as well as all documents relating thereto be drawn up in the English language only. Les parties seront censes avoir requis que cette contrat de
meme que tous les documents s’y rattachant soient rediges en anglais seulement. 

 IN WITNESS WHEREOF the parties have caused
this Grant Agreement to be executed as of the date hereof. 
  

			
	SHOPIFY INC.
		
	Per:		  

		
			Authorized Signing Officer

  

			
	NAME OF PARTICIPANT:		  

  

			
	SIGNATURE OF PARTICIPANT:		  

  

			
	Address:		  

  
 “G” - 2 

 SCHEDULE “H”  

SHOPIFY INC. 
 PSU
SETTLEMENT NOTICE 
 I,
                                        , in
respect of the 
         (print name) 

Performance Share Units that were granted to me on
                                         by
Shopify Inc. (the “Corporation”) pursuant to the Corporation’s Long Term Incentive Plan (the “Plan”), hereby elect upon settlement of the Performance Share Units (including for any fractional Performance Share
Units) to receive (check one): 
 (    ) (i) the Cash Equivalent, calculated in accordance with Section 7.2(1) of the Plan; 

(    ) (ii) Shares, calculated in accordance with Section 7.2(2) of the Plan; or 

(    ) (iii) the Cash Equivalent for                 
Performance Share Units and Shares for                  Performance Share Units. 

If I elect to receive the Cash Equivalent, I acknowledge that the Corporation will deduct applicable withholding taxes in accordance with the Plan. 

If I elect to receive only Shares, I (check one): 

(    ) (i) enclose cash, a certified cheque, bank draft or money order payable to the Corporation in the amount of
$         as full payment for the applicable withholding taxes; 
 (    ) (ii) undertake to
direct that such number of Shares are to be sold, and the proceeds of such Shares delivered to the Corporation, as is necessary to put the Corporation in funds equal to the amount that would have otherwise been required in (i) above; or 

(    ) (iii) elect to settle for cash such number of Performance Share Units as is necessary to raise funds sufficient to cover such
withholding taxes with such amount being withheld by the Corporation. 
  

					
	Date				Participant’s Signature
			
					(Print name)

  
 “H” - 1Exhibit
10.1 

 FORM
OF 

 

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of [ ], 2015 by and between Landwin Realty
Trust, Inc., a Maryland corporation (the “Company”), and the undersigned individual (“Indemnitee”).

 

WITNESSETH
THAT:

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless
they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation
of the Company (the “Certificate”) and the By-laws of the Company (the “By-laws”) require
indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the
General Corporation Law of the State of Maryland (“MGCL”). The Certificate, the By-laws and the MGCL expressly
provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be
entered into between the Company and members of the Board with respect to indemnification;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Certificate and the By-laws and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Certificate, the By-laws or insurance as adequate in the present
circumstances, and may not be willing to serve as an officer or director, or in any similar capacity, without adequate protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified.

 

    	 

    	 

    

 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as a director of the Company after the date hereof, the parties
hereto agree as follows:

 

1. Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent not
prohibited by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without
limiting the generality thereof:

 

(a)
Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate
Status (as hereinafter defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as
hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee
shall be indemnified against all Expenses (as hereinafter defined), liability and loss (including judgments, fines, ERISA
excise taxes or penalties, amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed
on any such amounts, and any federal, state, local, or foreign taxes imposed on Indemnitee as a result of the actual or
deemed receipt of any payments under this Agreement) (collectively, “Liabilities”) actually and reasonably
incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the interests of the Company
and with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful, it
being acknowledged that any action taken by the Indemnitee upon the advice of counsel shall provide a rebuttable presumption
that such action was not opposed to the interests of the Company or that Indemnitee had no reasonable cause to believe his
conduct was unlawful.

 

(b)
Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate
Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of
the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually incurred by
Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith; provided,
however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue
or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the
extent that an appropriate court located in the State of Maryland, or any other court of competent jurisdiction, shall
determine that such indemnification may be made.

 

(c)Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is
successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent not prohibited by law,
as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one
or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Section 1 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)
If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of Expenses and Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the
Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

    	2

    	 

    

 

2. Additional
Indemnity.

 

(a)
In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company shall
and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is
threatened to be made, a party to or participant in any Proceeding (including, without limitation, a Proceeding by or in the
right of the Company), including, without limitation, all liability arising out of the negligence or active or passive
wrongdoing of Indemnitee.

 

(b)
In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, in the event that
the Company provides rights to any person by reason of their Corporate Status or otherwise incurs a similar indemnification
obligation to any individual or entity that provides any greater rights to such indemnified individual or entity than the
rights provided to Indemnitee, then without any further action by any party to this Agreement, the Indemnitee shall be
provided such greater rights.

 

(c)
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the
Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and
subject to the presumptions, set forth in Sections 6 and 7) to be unlawful.

 

3. Contribution.

 

(a)
Whether or not the indemnification provided in Sections 1 or 2 is available, in respect of any threatened, pending or
completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of
such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and
relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding) unless (i) such settlement provides for a full and final release of all claims asserted against Indemnitee, or
(ii) the Indemnitee engaged in willful misconduct that violates applicable law or gross negligence, or (iii) the Indemnity
consents to such settlement.

 

(b)
Without diminishing or impairing the obligations of the Company set forth in Section 3(b), if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), the Company shall contribute to the amount of expenses (including, without limitation, attorneys’ fees
and disbursements), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by
Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the
Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or
proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent
necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers,
directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in
such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that
resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the
Law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on
the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which
their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary
or secondary and the degree to which their conduct is active or passive.

 

    	3

    	 

    

 

(c)
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be
brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with
Indemnitee.

 

(d)
To the fullest extent not prohibited under law, if the indemnification provided for in this Agreement is unavailable
to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the
amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such
proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i)
the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause
to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and
Indemnitee in connection with such event(s) and/or transaction(s).

 

4. Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by
reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified
against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

5. Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by
or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status, including
without limitation, any retainers or similar payments or deposits, within thirty (30) days after the receipt by the Company
of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any
Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such
Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6. Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for
Indemnitee rights of indemnity that are as favorable as may be permitted under the MGCL and public policy of the State of
Maryland. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any
question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly
upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested
indemnification.

 

    	4

    	 

    

 

(b)
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if
required by law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the
following four methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors,
even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the
Disinterested Directors, even though less than a quorum, (3), if there are no Disinterested Directors, or if the
Disinterested Directors so direct, by Independent Legal Counsel (as defined below) in written advice to the Board, a copy of
which shall be delivered to Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company.

 

(c)
If the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to Section 6(b),
the Independent Legal Counsel shall be selected as provided in this Section 6(c). The Independent Legal Counsel shall be
selected by the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given,
deliver to the Company, as the case may be, a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Legal Counsel so selected does not meet the requirements of
“Independent Legal Counsel” as defined in Section 13, and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Legal
Counsel. If a written objection is made and substantiated, the Independent Legal Counsel selected may not serve as
Independent Legal Counsel unless and until such objection is withdrawn or a court has determined that such objection is
without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant
to Section 6(a), no Independent Legal Counsel shall have been selected and not objected to, either the Company or Indemnitee
may petition the Maryland Court or other court of competent jurisdiction for resolution of any objection which shall have
been made by Indemnitee to the Company’s selection of Independent Legal Counsel and/or for the appointment as
Independent Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the
person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Legal
Counsel under Section 6(b). The Company shall pay any and all reasonable fees and expenses of Independent Legal Counsel
incurred by such Independent Legal Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all
reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such
Independent Legal Counsel was selected or appointed.

 

(d)
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to
overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.
Neither the failure of the Company (including, without limitation, by its directors or Independent Legal Counsel) to have
made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including, without limitation, by its directors or Independent Legal Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

(e)
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise, including, without limitation, financial statements, or on information supplied to Indemnitee by
the officers of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for
the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge
and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to
Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing
provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in
good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

    	5

    	 

    

 

(f)
If the person, persons or entity empowered or selected under this Section 6 to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a
material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under law; provided, however, that such 60-day period may be
extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such
determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or
evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 6(b) and if (A) within fifteen (15) days after receipt by the Company of the request for such
determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to
the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such
receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days
after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days
after having been so called and such determination is made thereat.

 

(g)
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including, without limitation, providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Legal Counsel, member of
the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding
Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including, without limitation,
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a
party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to
which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall
be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

(i)
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or
upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of
itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

    	6

    	 

    

 

7. Remedies
of Indemnitee.

 

(a)
In the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement
to indemnification is made pursuant to Section 6(b) within ninety (90) days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by
the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a
determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made
pursuant to Section 6, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or
in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall
commence such proceeding seeking an adjudication within one hundred and eighty (180) days following the date on which
Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose
Indemnitee’s right to seek any such adjudication.

 

(b)
In the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo
trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section
6(b).

 

(c)
If a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such
indemnification under law.

 

(d)
In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance
policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types
described in the definition of Expenses in Section 13) actually and reasonably incurred by him in such judicial adjudication,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or
insurance recovery.

 

(e)
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any court having
jurisdiction over such proceeding that the Company is bound by all the provisions of this Agreement. The Company shall
indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt
by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee,
which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of
Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of Expenses or insurance recovery, as the case may be.

 

(f)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this
Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

    	7

    	 

    

 

8. Non-Exclusivity;
Survival of Rights; Insurance; Subrogation; No Presumption.

 

(a)
The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under law, the Certificate, the By-laws, any agreement, a vote of stockholders, a
resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the MGCL or other law,
whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the
Certificate, the By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of
any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy.

 

(b)
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors,
officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered
by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any
director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of
a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall
give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on
behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. In
connection with any sale of the Company, including any merger, the Company shall use its reasonable commercial efforts to
maintain an insurance policy for a reasonable period or “tail” after the closing date of such sale or
merger.

 

(c)
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and
to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or
otherwise.

 

(e)
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification
or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise.

 

(f)
For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or
claim, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of
conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable
law.

 

    	8

    	 

    

 

9. Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under
this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity
provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;
or

 

(b)
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of
state statutory law or common law; or

 

(c)
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any
part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other
indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii)
the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under
law.

 

10. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
is a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise), plus three (3) years thereafter, and shall
continue in all events thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under
Section 7) by reason of his Corporate Status, not matter when instituted, whether or not he is acting or serving in any such
capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal
representatives. Notwithstanding the foregoing, no legal action shall be brought and no cause of action shall be asserted by
or on behalf of the Company or any affiliate of the Company against the Indemnitee, the Indemnitee’s spouse, heirs,
executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of
action, and any claim or cause of action of the Company or its affiliate shall be extinguished and deemed released unless
asserted by the timely filing of a legal action within such period; provided, however, that if any shorter statute of
limitations is otherwise applicable to any such cause of action, such shorter statute of limitations shall govern.

 

11. Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust
or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
consent of Indemnitee.

 

    	9

    	 

    

 

12. Enforcement.

 

(a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it
hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

 

(b)
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the
subject matter hereof.

 

13. Definitions.
For purposes of this Agreement

 

(a)
“Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or
fiduciary of the Company, a subsidiary of the Company or of any other corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written
request of the Company. For the avoidance of doubt, “Corporate Status” does not include the status of a person
described in the foregoing sentence in his or her role as a representative of any stockholder of the Company.

 

(b)
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification is sought by Indemnitee.

 

(c)
“Enterprise” shall mean the Company and any other corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of
the Company as a director, officer, employee, agent or fiduciary.

 

(d)
“Expenses” shall include all attorneys’ fees, disbursements, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness
in a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding,
including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or
other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

 

(e)
“Independent Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or
Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Legal
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Legal
Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto.

 

    	10

    	 

    

 

(f)
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative,
in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an
officer or director of the Company, by reason of any action taken by him or of any inaction on his part while acting as an
officer or director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a
director, officer, employee, agent or fiduciary of another corporation, partnership, limited liability company, joint
venture, trust or other Enterprise; in each case whether or not he is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or
before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant Section 7 to enforce his rights
under this Agreement.

 

14. Severability.
The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of any
other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by law. In the event any provision hereof conflicts with any law, such
provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such
conflict.

 

15. Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

16. Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company
of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such
failure or delay materially prejudices the Company.

 

17. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or
facsimile if such address is so provided under this Section 17 and sent during normal business hours of the recipient, and if
not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

(a)
To Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)
To the Company at:

 

Landwin
Realty Trust, Inc.

17200
Ventura Boulevard, Suite 206

Encino,
California 91316

Tel:
(818) 783-4343

Attention:
Chairman of the Board

 

    	11

    	 

    

 

or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may
be; provided, that any notice providing such other address shall be effective only if such notice expressly references this Agreement
and this Section 17.

 

18. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile
signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

19. Headings.
The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction thereof.

 

20. Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement,
interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate,
shall be determined by arbitration in Honolulu, Hawaii if the Indemnitee commences the action or proceeding or the State of
domicile of the Indemnitee if the Company commences the action or proceeding, in each case, before three arbitrators. The
arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance
with the Expedited Procedures in those Rules. Judgment on the Award may be entered in any court having jurisdiction. This
clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate
jurisdiction and shall not remove the exclusive jurisdiction of the Maryland Court to the extent such court has exclusive
jurisdiction with respect to any action or proceeding relating to this Agreement or the subject matter of this
Agreement.

 

21. Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflict of laws rules.
The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that, subject to the provisions of Section 20,
any action or proceeding arising out of or in connection with this Agreement shall be brought and maintained only in the
Maryland Court, and not in any other state or federal court in the United States of America or any court in any other
country, unless the Maryland Court is unable to adjudicate such action or proceeding, whereupon such action or proceeding may
be brought and maintained in any court of competent jurisdiction, (ii) consent to submit to the exclusive jurisdiction of the
Maryland Court for purposes of any action or proceeding arising out of or in connection with this Agreement, unless such
action or proceeding is brought or maintained in another court as provided in clause (i) above, (iii) appoint, to the extent
such party is not otherwise subject to service of process in the State of Maryland, irrevocably the Maryland Court as its
agent in the State of Maryland as such party’s agent for acceptance of legal process in connection with any such action
or proceeding against such party with the same legal force and validity as if served upon such party personally within the
State of Maryland, (iv) waive any objection to the laying of venue of any such action or proceeding in the Maryland Court,
unless such action or proceeding is brought or maintained in another court as provided in clause (i) above, and (v) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Maryland Court has been
brought in an improper or inconvenient forum, unless such action or proceeding is brought or maintained in another court as
provided in clause (i) above.

 

[remainder
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    	12

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
    
	 	 
	 	Landwin
    Realty trust, inc. 
	 	 
	 	By:	 
	 	Name:	 
	 	

        

        Title:
	 

 

	 	INDEMNITEE
	 	 
	 	By:	 
	 	 	 
	 	Name:	[NAME]
	 	 	 
	 	

        Address:
	[ADDRESS]

	 	 	 
	 	Current
    Position:
	 	 	 
	 	Phone:	[PHONE]
	 	 	 
	 	Fax:	[FAX]
	 	 	 
	 	Email:	[EMAIL]

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