Document:

Equity Plan Assignment and Assumption Agreement

 EXHIBIT 10.11 
 EQUITY AND BENEFIT PLAN 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Agreement”) is hereby made to be effective as of the 25th day of September, 2009, by and between Tim Hortons Inc., a Delaware corporation (the
“Assignor”) and Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act (the “Assignee”). 
 WHEREAS, pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 6, 2009, by and among the Assignor, the Assignee, and THI Mergeco Inc., a Delaware corporation and a wholly-owned
subsidiary of the Assignee (“THI Mergeco”), the Assignee will become the ultimate parent of the Tim Hortons group of companies through the merger of THI Mergeco with and into the Assignor (the “Merger”); 
 WHEREAS, pursuant to the Merger, the Assignor will be the surviving company and will become a wholly-owned, direct subsidiary of the Assignee, upon the
terms and subject to the conditions set forth in the Merger Agreement, pursuant to which each issued share of common stock of the Assignor (“THI USA Common Stock”) shall be automatically converted into the right to receive one common share
of the Assignee (“New THI Common Shares”); 
 WHEREAS, the Assignor currently maintains and sponsors or is a party to (i) the
equity stock plans listed on Exhibit A, copies of which are attached hereto (the “Assumed Equity Plans”), and (ii) the benefit plans listed on Exhibit B, copies of which are attached hereto (the “Assumed Benefit
Plans” and together with the Assumed Equity Plans, the “Assumed Plans”); 
 WHEREAS, the Assumed Plans were amended in
connection with the Merger and the reorganization to make conforming changes, including among other things, changing the references to THI USA to New THI, amending the governing law provisions such that the laws of the Province of Ontario and the
federal laws of Canada applicable therein would govern and substituting any references to THI USA common stock to New THI common shares, as well as to address certain administrative and other matters; 
 WHEREAS, the Merger Agreement provides that, at the effective time of the Merger, the Assignee shall assume the rights and obligations of the Assignor
under the Assumed Equity Plans and to the extent that any of the Assumed Equity Plans or any applicable agreement relating thereto provide for the issuance, delivery or purchase of, or otherwise relate to, THI USA Common Stock, from and after the
effective time, such Assumed Equity Plan and applicable agreement shall be deemed to have been amended to provide for the issuance, delivery or purchase of, or otherwise relate to, an equivalent number of New THI Common Shares in accordance with
such Assumed Equity Plan and any applicable agreement relating thereto; 

 WHEREAS, in connection with the Merger, the Assignee will adopt and assume the obligations of the
Assignor relating to deferred stock units under the Non-Employee Directors’ Deferred Compensation Plan as of the date hereof, and, in consideration therefore, the Assignor shall pay Cdn.$1,826,379.70 to the Assignee on the date hereof; and

 WHEREAS, the Merger Agreement further provides that, following the effective time of the Merger, the Assignee shall continue to sponsor
and maintain each of the Assumed Benefit Plans. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 1. The Assignor hereby conveys, transfers and assigns unto the Assignee all of the Assignor’s rights, title, interests as well as duties,
obligations, and responsibilities under the Assumed Plans and any and all applicable award or other agreements relating thereto. 
 2. The
Assignee hereby accepts and assumes all of the Assignor’s rights, title, interests, duties, obligations and liabilities under the Assumed Plans and any applicable agreement relating thereto to the same extent as though it had originally been
named a party thereto and from the respective dates that such Assumed Plans were originally entered into and agrees to observe, perform and fulfill all of the terms and conditions of the Assumed Plans and any applicable agreement related thereto to
the same extent as if it had been originally named as a party thereto. 
 3. The Assignor shall pay Cdn$1,826,379.70 to the Assignee in
consideration for the assumption of the Assignor’s duties, obligations and liabilities relating to the deferred stock units under the Non-Employee Directors’ Deferred Compensation Plan as of the date hereof, which amount the Assignor and
Assignee both agree shall be sufficient to satisfy such duties, obligations and liabilities. 
 4. Each Assumed Plan is specifically
ratified and reaffirmed by the Assignor, in its capacity as the sole shareholder of the Assignee, and the Assignee. 
 5. This Agreement
shall be binding upon, and inure to the benefit of, the respective successors and assigns of the parties hereto. 
 6. This Agreement shall
be governed and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their respective
officers duly authorized on the date first set forth above, to be effective immediately prior to the effective time of the Merger. 
  

			
	 TIM HORTONS INC.,
 a Delaware corporation

		
	By: 	 	/s/ DONALD B. SCHROEDER
		 	 Name: Donald B. Schroeder
 Title: President and Chief
Executive Officer

	
	 TIM HORTONS INC.,
 a corporation incorporated
under the Canada Business Corporations Act

		
	By:	 	/s/ JILL E. AEBKER
		 	 Name: Jill E. Aebker
 Title: Associate General Counsel
and Secretary

  

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 Exhibit A 
 Assumed Equity Plans 
 2006 Stock Incentive Plan, as amended and restated 
 Non-Employee Director Deferred Stock Unit Plan 
  

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 Exhibit B 
 Assumed Benefit Plans 
 Personal Supplemental Executive Retirement Savings Plan 
 The Executive Annual Performance Plan 
 Tim Hortons Incentive Plan

  

 5Assignment, Assumption and Amendment of U.S. Non-Employee Directors' DCP

 EXHIBIT 10.12 
 ASSIGNMENT, ASSUMPTION AND AMENDMENT OF 
 TIM HORTONS INC. U.S. NON-EMPLOYEE DIRECTORS’ 

 DEFERRED COMPENSATION PLAN 
 THIS ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (the “Agreement”) is hereby made this 25th day of September, 2009, by and between Tim Hortons Inc., a Delaware corporation (the “Assignor”) and Tim Hortons USA
Inc., a Delaware corporation (the “Assignee”). 
 WHEREAS, pursuant to that certain Agreement and Plan of Merger (the “Merger
Agreement”), dated as of August 5, 2009, by and among the Assignor, Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act (“New THI”), and THI Mergeco Inc., a Delaware corporation and a
wholly-owned subsidiary of the New THI (“THI Mergeco”), New THI will become the ultimate parent of the Tim Hortons group of companies through the merger of THI Mergeco with and into the Assignor (the “Merger”); 
 WHEREAS, the Board of Directors and stockholders of each of the Assignor, the Assignee and THI Mergeco have approved the Merger, pursuant to which, more
specifically, the Assignor will be the surviving company in the Merger and will become a wholly-owned, direct subsidiary of the Assignee, upon the terms and subject to the conditions set forth in the Merger Agreement, and whereby each issued share
of common stock of the Assignor (“THI USA Common Stock”) shall be automatically converted into the right to receive one common share of the Assignee (“New THI Common Shares”); 
 WHEREAS, in connection with the Merger, the Assignee will adopt and assume the obligations of the Assignor under the Tim Hortons Inc. U.S. Non-Employee
Directors’ Deferred Compensation Plan (the “Plan”) as of the date hereof, and, in consideration therefor, the Assignor has agreed to pay U.S.$430,473.01 to the Assignee; 
 WHEREAS, the Assignor desires to assign the Plan to the Assignee and the Assignee desires to adopt, and assume the obligations under, the Plan, as set
forth in this Agreement; and 
 WHEREAS, pursuant to Section 9.9 of the Plan, the Assignee desires to freeze the Plan, as set forth in
this Agreement. 
 NOW, THEREFORE, the parties hereto agree hereby as follows: 
 1. The Assignor hereby conveys, transfers and assigns unto the Assignee all of the Assignor’s rights, title, interests, duties, obligations and
liabilities under the Plan and any applicable agreements relating thereto. 
 2. The Assignee hereby accepts and assumes all of the
Assignor’s rights, title, interests, duties, obligations and liabilities under the Plan and any applicable agreement relating thereto, including all duties, obligations and liabilities that would arise after the date hereof under deferred
elections for 2009, to the same extent as though it had originally been named a party thereto and from the respective dates that such Plan was originally entered into and agrees to observe, perform and fulfill all of the terms and conditions of the
Plan and any applicable agreement related thereto to the same extent as if it had been originally named as a party thereto. 

 3. The Assignor shall pay U.S.$430,473.01 to the Assignee in consideration for the assumption of the
Assignor’s duties, obligations and liabilities under the Plan by the Assignee in accordance with Section 2, which amount the Assignor and Assignee both agree shall be sufficient to satisfy such duties, obligations and liabilities.

 4. The name of the Plan is hereby amended to be the “Tim Hortons USA Inc. U.S. Non-Employee Directors’ Deferred Compensation
Plan As Amended and Restated as of September 25, 2009.” 
 5. The first paragraph of the Plan is hereby amended by adding the
following to the end thereof: 
 Effective September 25, 2009, Tim Hortons USA Inc. has assumed the obligations of the Plan and each
reference to the “Company” within the Plan shall be a reference to Tim Hortons USA Inc. Furthermore, the Plan shall be frozen, no further Directors shall become Participants in the Plan and no new Deferral Elections shall be permitted,
effective September 25, 2009, that would result in any future contributions being made to the Plan subsequent to March 1, 2010 (i.e., those for 2009 year only). Effective March 1, 2010, no further amounts may be deferred under
the Plan. 
 6. Section 2.1 of the Plan is hereby deleted in its entirety and the following is substituted therefor: 
 No director shall become a Participant in the Plan after September 25, 2009. 
 7. Section 3.1 of the Plan is hereby amended by adding the following to the end thereof: 
 Notwithstanding anything in the Plan to the contrary, effective September 25, 2009, no new Deferral Elections shall be permitted, and effective
March 1, 2010, no further amounts may be deferred under the Plan. 
 8. This Agreement shall be binding upon, and inure to the benefit
of, the respective successors and assigns of the parties hereto. 
 9. This Agreement shall be governed and construed in accordance with the
laws of the State of Delaware. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their respective
officers duly authorized on the date first set forth above. 
  

			
	 TIM HORTONS INC.,
 a Delaware corporation

		
	By: 	 	/s/ JILL E. AEBKER
		 	 Name: Jill E. Aebker
 Title: Associate General Counsel
and Secretary

	
	 TIM HORTONS USA INC.,
 a Delaware corporation

		
	By:	 	/s/ MICHAEL N. SIMON
		 	 Name: Michael N. Simon
 Title: Vice
President

  

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