Document:

ex_257219.htm

Exhibit 10.1

 

BSQUARE CORPORATION

2021 EQUITY INCENTIVE PLAN

 

 

 

	1.	DEFINITIONS  	1
	 	 	 
	2.	PURPOSES 	2
	 	 	 
	3.	ADMINISTRATION	 2
	 	 	 	 	 
	 	 	(a)	Committee	2
	 	 	(b)	Appointment of Committee	2
	 	 	(c)	Powers; Regulations	3
	 	 	(d)	Delegation to Executive Officer	3
	 	 	(e)	Option or SAR Repricing	3
	 	 	(f)	Non-Employee Director Award Limit	3
	 	 	(g)	Minimum Vesting	3
	 	 	 	 	 
	4.	ELIGIBILITY	3
	 	 	 
	5.	STOCK	4
	 	 	 
	6.	TERMS AND CONDITIONS OF OPTIONS 	4
	 	 	 	 	 
	 	 	(a)	Number of Shares and Type of Option	4
	 	 	(b)	Date of Grant	4
	 	 	(c)	Option Price	4
	 	 	(d)	Duration of Options	4
	 	 	(e)	Vesting Schedule and Exercisability of Options 	4
	 	 	(f)	Acceleration of Vesting	5
	 	 	(g)	Term of Option	5
	 	 	(h)	Exercise of Options	5
	 	 	(i)	Payment upon Exercise of Option	6
	 	 	(j)	Rights as a Shareholder	6
	 	 	(k)	Transfer of Option	6
	 	 	(l)	Securities Regulation and Tax Withholding	6
	 	 	(m)	Stock Split, Reorganization or Liquidation	7
	 	 	(n)	Approved Transactions; Control Purchase	8
	 	 	 	 	 
	7.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 	8
	 	 	 	 	 
	 	 	(a)	Award of Stock Appreciation Rights	8
	 	 	(b)	Restrictions of Tandem SARs	8
	 	 	(c)	Amount of Payment Upon Exercise of SARs	8
	 	 	(d)	Form of Payment Upon Exercise of SARs	8
	 	 	 	 	 
	8.	RESTRICTED STOCK AWARDS	8
	 	 	 	 	 
	 	 	(a)	Nature of Restricted Stock Awards	8
	 	 	(b)	Rights as a Shareholder	9
	 	 	(c)	Restrictions	9
	 	 	(d)	Vesting of Restricted Stock	9
	 	 	 	 	 
	9.	UNRESTRICTED STOCK AWARDS	9
	 	 	 	 	 
	 	 	(a)	Grant or Sale of Unrestricted Stock	9
	 	 	(b)	Elections to Receive Unrestricted Stock In Lieu of Compensation	9
	 	 	(c)	Restrictions on Transfers	9

	 	 	 
	10.	TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS 	9
	 	 	 	 	 
	 	 	(a)	Restricted Stock Unit Agreement	9
	 	 	(b)	Number of Shares	9
	 	 	(c)	Payment for Awards	9
	 	 	(d)	Vesting of Restricted Stock Units	9
	 	 	(e)	Voting and Dividend Rights	10
	 	 	(f) 	Form and Time of Settlement of Restricted Stock Units	10
	 	 	(g)	Creditors’ Rights	10
	 	 	 	 	 
	11.	SECURITIES REGULATION AND TAX WITHHOLDING	10
	 	 	 
	
			12.

				STOCK SPLIT, REORGANIZATION OR LIQUIDATION	
			11

			

 

 

 

 

	13.	APPROVED TRANSACTIONS; CONTROL PURCHASE	 11
	 	 	 	 	 
	14.	EFFECTIVE DATE; TERM	11
	 	 	 
	15.	NO OBLIGATIONS TO EXERCISE AWARD	11
	 	 	 
	16.	NO RIGHT TO AWARDS OR TO EMPLOYMENT	12
	 	 	 
	17.	APPLICATION OF FUNDS 	12
	 	 	 
	18.	INDEMNIFICATION OF COMMITTEE	12
	 	 	 
	19.	SHAREHOLDERS AGREEMENT 	12
	 	 	 
	20.	SEPARABILITY	12
	 	 	 
	21.	NON-EXCLUSIVITY OF THE PLAN	12
	 	 	 
	22.	EXCLUSION FROM PENSION AND PROFIT-SHARING COMPUTATION 	12
	 	 	 
	23.	AMENDMENT OF PLAN	12

 

 

 

 

 

BSQUARE CORPORATION

2021 EQUITY INCENTIVE PLAN

 

	
			1. 

				
			DEFINITIONS

			

 

Capitalized terms not defined elsewhere in the Plan shall have the following meanings (whether used in the singular or plural).

 

	 	
			(a) 

				
			“Agreement” means a written agreement approved by the Committee evidencing Awards granted under the Plan.

			

 

	 	
			(b) 

				
			“Approved Transaction” means:

			

 

	 	
			(i)

				
			the acquisition of the Company by another entity by means of merger, consolidation or other transaction or series of related transactions resulting in the exchange of the outstanding shares of the Company for securities of, or consideration issued, or caused to be issued by, the acquiring entity or any of its affiliates, provided, that after such event the shareholders of the Company immediately prior to the event own less than a majority of the outstanding voting equity securities of the surviving entity immediately following the event;

			

 

	 	
			(ii)

				
			any liquidation or dissolution of the Company; and

			

 

	 	
			(iii)

				
			any sale, lease, exchange or other transfer not in the ordinary course of business (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company.

			

 

	 	
			(c) 

				
			“Award” means any award granted under the Plan, including Options, Stock Awards, Restricted Stock Units and SARs.

			

 

	 	
			(d) 

				
			“Awardee” means any person to whom an Award is granted under the Plan (as well as any permitted transferee of an Award).

			

 

	 	
			(e) 

				
			“Board” means the Board of Directors of the Company.

			

 

	 	
			(f) 

				
			“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute or statutes thereto. Reference to any specific section of the Code shall include any successor section.

			

 

	 	
			(g) 

				
			“Committee” shall mean the Board, or the committee appointed by the Board pursuant to Section 3(b) of the Plan, if it is administering the Plan.

			

 

	 	
			(h) 

				
			“Common Stock” means the Common Stock, no par value, of the Company.

			

 

	 	
			(i) 

				
			“Company” means BSQUARE Corporation, a Washington corporation.

			

 

	 	
			(j) 

				
			“Control Purchase” means any transaction (or series of related transactions) in which any person, corporation or other entity (including any “person” as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act, but excluding the Company and any employee benefit plan sponsored by the Company):

			

 

	 	
			(i)

				
			purchases any Common Stock (or securities convertible into Common Stock) for cash, securities or any other consideration pursuant to a tender offer or exchange offer unless by the terms of such offer the offeror, upon consummation thereof, would be the “beneficial owner” (as that term is defined in Rule 13d-3 under the Exchange Act) of less than 30% of the shares of Common Stock then outstanding; or

			

 

	 	
			(ii)

				
			becomes the “beneficial owner,” directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in Rule 13d-3(d) under the Exchange Act in the case of rights to acquire the Company’s securities); provided, however, that the foregoing shall not constitute a Control Purchase if the transactions or related transactions received the prior approval of a majority of all of the directors of the Company, excluding for such purpose the votes of directors who are directors or officers of, or have a material financial interest in any Person (other than the Company) who is a party to the event specified in either clauses (i) or (ii).

			

 

	 	
			(k) 

				
			“Date of Grant” means that date the Committee has deemed to be the effective date of the Award for purposes of the Plan.

			

 

	 	
			(l) 

				
			“Disability” means any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months that renders the Awardee unable to engage in any substantial gainful activity.

			

 

	 	
			(m) 

				
			“Effective Date” means at the time specified in the resolutions of the Board adopting the Plan.

			

 

	 	
			(n) 

				
			“Employees” means individuals employed by the Company or a Related Corporation.

			

 

	 	
			(o) 

				
			“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute or statutes thereto. Reference to any specific section of the Exchange Act shall include any successor section.

			

 

	 	
			(p) 

				
			“Executive Officer” shall be defined in Section 3(d).

			

 

 

1

 

 

	 	
			(q) 

				
			“Fair Market Value” means, if the Common Stock is publicly traded, the last sales price (or, if no last sales price is reported, the average of the high bid and low asked prices) for a share of Common Stock on that day (or, if that day is not a trading day, on the next preceding trading day), as reported by the principal exchange on which the Common Stock is listed, or, if the Common Stock is publicly traded but not listed on an exchange, as reported by The Nasdaq Stock Market, or if such prices or quotations are not reported by The Nasdaq Stock Market, as reported by any other available source of prices or quotations selected by the Committee. If the Common Stock is not publicly traded or if the Fair Market Value is not determinable by any of the foregoing means, the Fair Market Value on any day shall be determined in good faith by the Committee on the basis of such considerations as the Committee deems important.

			

 

	 	
			(r) 

				
			“Immediate Family Member” means a spouse, children or grandchildren of the Optionee.

			

 

	 	
			(s) 

				
			“Incentive Stock Option” means an Option that is an incentive stock option within the meaning of Section 422 of the Code.

			

 

	 	
			(t) 

				
			“Non-Employee Director” has the meaning given to it by Rule 16b-3 promulgated under the Exchange Act.

			

 

	 	
			(u) 

				
			“Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option.

			

 

	 	
			(v) 

				
			“Option” means an option with respect to shares of Common Stock awarded pursuant to Section 6.

			

 

	 	
			(w) 

				
			“Optionee” means any person to whom an Option is granted under the Plan (as well as any permitted transferee of an Option).

			

 

	 	
			(x) 

				
			“Plan” means the BSQUARE Corporation 2021 Equity Incentive Plan.

			

 

	 	
			(y) 

				
			“Related Corporation” means any corporation (other than the Company) that is a “parent corporation” of the Company or “subsidiary corporation” of the Company, as defined in Sections 424(e) and 424(f), respectively, of the Code.

			
	 	 	 
	 	
			(z) 

				
			“Restricted Stock Awards” means Awards granted pursuant to Section 8.

			
	 	 	 
	 	
			(aa) 

				
			“Restricted Stock Unit” means a bookkeeping entry representing the equivalent of one share of Common Stock, as awarded under the Plan.

			
	 	 	 
	 	
			(bb) 

				
			“SARs” means Awards granted pursuant to Section 7.

			
	 	 	 
	 	
			(cc) 

				
			“Section 16 Insiders” means individuals who are subject to Section 16(b) of the Exchange Act with respect to the Common Stock.

			
	 	 	 
	 	
			(dd) 

				
			“Securities Act” means the Securities Act of 1933, as amended from time to time, or any successor statute or statutes thereto. References to any specific section of the Securities Act shall include any successor section.

			
	 	 	 
	 	
			(ee) 

				
			“Stock Awards” means Restricted and Unrestricted Stock Awards granted pursuant to Sections 8 and 9, respectively.

			
	 	 	 
	 	
			(ff) 

				
			“Ten Percent Shareholder” means a person who owns more than ten percent of the total combined voting power of the Company or any related corporation as determined with reference to Section 424(d) of the Code.

			
	 	 	 
	 	
			(gg) 

				
			“Unrestricted Stock Awards” means Awards granted pursuant to Section 9.

			

 

 

	
			2. 

				
			PURPOSES.

			

 

The purposes of the Plan are to retain the services of directors, valued key employees and consultants of the Company and such other persons as the Committee shall select in accordance with Section 4, to encourage such persons to acquire a greater proprietary interest in the Company, thereby strengthening their incentive to achieve the objectives of the shareholders of the Company, and to serve as an aid and inducement in hiring new employees and to provide an equity incentive to directors, consultants and other persons selected by the Committee.

 

	
			3. 

				
			ADMINISTRATION.

			

 

	 	
			(a)

				
			Committee.

			

 

The Plan shall be administered by the Board unless the Board appoints a separate committee of the board to administer the Plan pursuant to Section 3(b) below. A majority of the members of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present. Any action may be taken by a written instrument signed by all of the members of the Committee and any action so taken shall be fully effective as if it had been taken at a meeting.

 

	 	
			(b)

				
			Appointment of Committee.

			

 

The Board may appoint a committee consisting of two or more of its members to administer the Plan. The Board shall consider whether a director is a Non-Employee Director when appointing any such Committee and shall appoint solely two or more individuals who qualify as Non-Employee Directors to administer the Plan with respect to Section 16 Insiders. The Committee shall have the powers and authority vested in the Board hereunder (including the power and authority to interpret any provision of the Plan or of any Option). The members of any such Committee shall serve at the pleasure of the Board.

 

2

 

 

	 	
			(c)

				
			Powers; Regulations.

			

 

Subject to the provisions of the Plan, and with a view to effecting its purpose, the Committee shall have sole authority, in its absolute discretion, to:

 

	 	
			(1)

				
			construe and interpret the Plan;

			

 

	 	
			(2)

				
			define the terms used in the Plan;

			

 

	 	
			(3)

				
			prescribe, amend and rescind rules and regulations relating to the Plan;

			

 

	 	
			(4)

				
			correct any defect, supply any omission or reconcile any inconsistency in the Plan;

			

 

	 	
			(5)

				
			grant Awards under the Plan;

			

 

	 	
			(6)

				
			determine the individuals to whom Awards shall be granted under the Plan and the type of Award;

			

 

	 	
			(7)

				
			determine the time or times at which Awards shall be granted under the Plan;

			

 

	 	
			(8)

				
			determine the number of shares of Common Stock subject to each Award, the exercise price of each Award, the duration of each Award and the times at which each Award shall become exercisable;

			

 

	 	
			(9)

				
			determine all other terms and conditions of Awards; and

			

 

	 	
			(10)

				
			make all other determinations necessary or advisable for the administration of the Plan.

			

 

All decisions, determinations and interpretations made by the Committee shall be binding and conclusive on all participants in the Plan and on their legal representatives, heirs and beneficiaries.

 

	 	
			(d)

				
			Delegation to Executive Officer.

			

 

The Committee may by resolution delegate to one or more executive officers (the “Executive Officer”) of the Company the authority to grant Awards under the Plan to consultants and employees of the Company who, at the time of grant, are not Section 16 Insiders; provided, however, that the authority delegated to the Executive Officer under this Section 3 shall not exceed that of the Committee under the provisions of the Plan and shall be subject to such limitations, in addition to those specified in this Section 3, as may be specified by the Committee at the time of delegation.

 

	 	
			(e)

				
			Option or SAR Repricing.

			

 

Without the affirmative vote of holders of a majority of the shares entitled to vote that are cast in person or by proxy at a meeting of the shareholders of the Company at which a quorum representing a majority of all outstanding shares is present or represented by proxy, the Board or Committee shall not approve a program providing for either (a) the cancellation of outstanding Options or SARs having exercise prices per share greater than the then Fair Market Value of a share of Common Stock (“Underwater Awards”) and the grant in substitution therefor of new Options or SARs having a lower exercise price, awards other than Options or SARs or payments in cash, or (b) the amendment of outstanding Underwater Awards to reduce the exercise price thereof. This Section shall not be construed to apply to (i) “issuing or assuming a stock option in a transaction to which Section 424(a) applies,” within the meaning of Section 424 of the Code, (ii) adjustments pursuant to the assumption of or substitution for an Option or SAR in a manner that would comply with Section 409A, or (iii) an adjustment pursuant to Section 12.

 

	 	
			(f)

				
			Non-Employee Director Award Limit.

			

 

Notwithstanding any other provision of the Plan to the contrary, the aggregate grant date fair value (computed as of the date of grant in accordance with generally accepted accounting principles in the United States) of all Awards granted to any Non-Employee Director during any fiscal year of the Company, taken together with any cash compensation paid to such Non-Employee Director for service as a Non-Employee Director during such fiscal year, shall not exceed $200,000.

 

 

	 	
			(g)

				
			Minimum Vesting.

			

 

Except with respect to five percent (5%) of the maximum aggregate number of shares of Common Stock that may be issued under the Plan, as provided in Section 5, no Award which vests on the basis of the Awardee’s continued service shall vest earlier than one year following the date of grant of such Award and no Award which vests on the basis of attainment of performance goals shall provide for a performance period of less than one year; provided, however, that such limitations shall not preclude the acceleration of vesting of such Award upon the death or disability of the Awardee or in connection with an Approved Transaction or Control Purchase.

 

	
			4. 

				
			ELIGIBILITY.

			

 

Incentive Stock Options may be granted to any individual who, at the time such Options are granted, is an Employee, including Employees who are also directors of the Company. Other Awards may be granted to Employees and to such other persons as the Committee shall select. Awards may be granted in substitution for outstanding options or equity-based awards of another corporation in connection with the merger, consolidation, acquisition of property or stock or other reorganization between such other corporation and the Company or any subsidiary of the Company.

 

3

 

 

	
			5. 

				
			STOCK.

			

 

The Company is authorized to grant up to a total of 1,200,000 shares of the Company’s authorized but unissued, or reacquired, Common Stock pursuant to Awards under the Plan. The number of shares with respect to which Awards may be granted hereunder is subject to adjustment as set forth herein. In the event that any outstanding Award expires or is terminated for any reason, the shares of Common Stock allocable to the unexercised or forfeited portion of such Award may again be subject to an Award granted to the same Awardee or to a different person eligible under Section 4. Shares of Common Stock shall not be deemed to have been issued pursuant to the Plan with respect to any portion of an Award that is settled in cash. Upon payment in shares of Common Stock pursuant to the exercise of an SAR, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for which the SAR is exercised. If the exercise price of an Option is paid by tender to the Company, or attestation to the ownership, of shares of Common Stock owned by the Participant, or by means of share withholding, the number of shares available for issuance under the Plan shall be reduced by the gross number of shares for which the Option is exercised. Shares withheld or reacquired by the Company in satisfaction of tax withholding obligations pursuant to the exercise or settlement of Awards shall not again be available for issuance under the Plan. Shares purchased in the open market with proceeds from the exercise of Options shall not be added to the limit set forth in this Section.

 

	
			6. 

				
			TERMS AND CONDITIONS OF OPTIONS.

			

 

Each Option granted under the Plan shall be evidenced by an Agreement. Agreements may contain such provisions, not inconsistent with the Plan, as the Committee or Executive Officer, in its discretion, may deem advisable. All Options also shall comply with the following requirements:

 

	 	
			(a)

				
			Number of Shares and Type of Option.

			

 

Each Agreement shall state the number of shares of Common Stock to which it pertains and whether the Option is intended to be an Incentive Stock Option or a Non‐Qualified Stock Option. In the absence of action to the contrary by the Committee or Executive Officer in connection with the grant of an Option, all Options shall be Non‐Qualified Stock Options. The aggregate Fair Market Value (determined at the Date of Grant) of the Common Stock with respect to which the Incentive Stock Options granted to the Optionee and any incentive stock options granted to the Optionee under any other stock option plan of the Company, any Related Corporation or any predecessor corporation are exercisable for the first time by the Optionee during any calendar year shall not exceed $100,000, or such other limit as may be prescribed by the Code. If:

 

	 	
			(1)

				
			an Optionee holds one or more Incentive Stock Options under the Plan (and/or any incentive stock options under any other stock option plan of the Company, any Related Corporation or any predecessor corporation), and

			

 

 

	 	
			(2)

				
			the aggregate Fair Market Value of the shares of Common Stock with respect to which, during any calendar year, such Options become exercisable for the first time exceeds $100,000 (said value to be determined as provided above),

			

 

then such Option or Options are intended to qualify under Section 422 of the Code with respect to the maximum number of such shares as can, in light of the foregoing limitation, be so qualified, with the shares so qualified to be the shares subject to the Option or Options earliest granted to the Optionee. If an Option that would otherwise qualify as an Incentive Stock Option becomes exercisable for the first time in any calendar year for shares of Common Stock that would cause such aggregate Fair Market Value to exceed $100,000, then the portion of the Option in respect of such shares shall be deemed to be a Non-Qualified Stock Option.

 

	 	
			(b)

				
			Date of Grant.

			

 

Each Agreement shall state the Date of Grant.

 

	 	
			(c)

				
			Option Price.

			

 

Each Agreement shall state the price per share of Common Stock at which it is exercisable. The exercise price shall be fixed by the Committee or Executive Officer at whatever price the Committee or Executive Officer may determine in the exercise of its sole discretion; provided, however, that the per share exercise price for an Option shall not be less than the Fair Market Value at the Date of Grant; provided further, that with respect to Incentive Stock Options granted to Ten Percent Shareholders of the Company, the per share exercise price shall not be less than 110 percent (110%) of the Fair Market Value at the Date of Grant; and, provided further, that Options granted in substitution for outstanding options of another corporation in connection with the merger, consolidation, acquisition of property or stock or other reorganization involving such other corporation and the Company or any subsidiary of the Company may be granted with an exercise price equal to the exercise price for the substituted option of the other corporation, subject to any adjustment consistent with the terms of the transaction pursuant to which the substitution is to occur.

 

	 	
			(d)

				
			Duration of Options.

			

 

On the Date of Grant, the Committee or Executive Officer shall designate, subject to Section 6(g), the expiration date of the Option, which date shall not be later than ten (10) years from the Date of Grant in the case of Incentive Stock Options; provided, however, that the expiration date of any Incentive Stock Option granted to a Ten Percent Shareholder shall not be later than five (5) years from the Date of Grant. In the absence of action to the contrary by the Committee in connection with the grant of an Option, and except in the case of Incentive Stock Options granted to Ten Percent Shareholders, all Options granted under this Section 6 shall expire ten (10) years from the Date of Grant.

 

	 	
			(e)

				
			Vesting Schedule and Exercisability of Options

			

 

No Option shall be exercisable until it has vested. The vesting schedule for each Option shall be specified by the Committee or Executive Officer at the time of grant of the Option.

 

4

 

 

The Committee or Executive Officer may specify a vesting schedule for all or any portion of an Option based on the achievement of performance objectives established in advance of the commencement by the Optionee of services related to the achievement of the performance objectives. Performance objectives shall be expressed in terms of one or more of the following: return on equity, return on assets, share price, market share, sales, earnings per share, costs, net earnings, net worth, inventories, cash and cash equivalents, gross margin or the Company’s performance relative to its internal business plan. Performance objectives may be in respect of the performance of the Company as a whole (whether on a consolidated or unconsolidated basis), a Related Corporation, or a subdivision, operating unit, product or product line of the foregoing. Performance objectives may be absolute or relative and may be expressed in terms of a progression or a range. An Option which is exercisable (in whole or in part) upon the achievement of one or more performance objectives may be exercised only upon completion of the following process: (a) the Optionee must deliver written notice to the Company that the performance objective has been achieved and demonstrating, if necessary, how the objective has been satisfied, (b) within 45 days after receipt of such notice, the Committee will make a good faith determination whether such performance objective has been achieved and deliver written notice to the Optionee detailing the results of such determination; if the Company fails to respond with such 45-day period, then the performance objective shall be presumed to have been achieved and (c) upon receipt of written notice from the Company that the performance objective has been achieved (or upon expiration of such 45-day period without a determination by the Company), the Optionee may exercise the Option; upon receipt of written notice from the Company that the performance objective has not been achieved, the Optionee shall have 15 days to appeal the Company’s determination and the Company shall have 15 days after the receipt of such appeal to consider the issues presented by the Optionee and make a determination on the appeal, which determination shall be conclusive and binding on the Optionee.

 

 

	 	
			(f)

				
			Acceleration of Vesting.

			

 

Except to the extent that such acceleration would render unavailable “pooling of interests” accounting treatment for any reorganization, merger or consolidation of the Company, the vesting of one or more outstanding Options may be accelerated by the Board at such times and in such amounts as it shall determine in its sole discretion.

 

	 	
			(g)

				
			Term of Option.

			

 

Any vested Option granted to an Optionee shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

 

	 	
			(1)

				
			as designated by (x) the Board in accordance with Section 6(n) hereof or (y) the Committee or the Executive Officer in accordance with Section 6(d) hereof;

			

 

	 	
			(2)

				
			the date of the Optionee’s termination of employment or contractual relationship with the Company or any Related Corporation for cause (as determined in the sole discretion of the Committee);

			

 

	 	
			(3)

				
			the expiration of ninety (90) days from the date of the Optionee’s termination of employment or contractual relationship with the Company or any Related Corporation for any reason whatsoever other than cause, death or Disability unless the exercise period is extended by the Committee a date not later than the expiration date of the Option;

			

 

	 	
			(4)

				
			the expiration of one year from (A) the date of death of the Optionee or (B) cessation of the Optionee’s employment or contractual relationship by reason of Disability unless the exercise period is extended by the Committee until a date not later than the expiration date of the Option; or

			

 

	 	
			(5)

				
			any other event specified by the Committee at the time of grant of the Option.

			

 

If an Optionee’s employment or contractual relationship is terminated by death, any Option granted to the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or county of the Optionee’s domicile at the time of death. The Committee shall determine whether an Optionee has incurred a Disability on the basis of medical evidence reasonably acceptable to the Committee. Upon making a determination of Disability, the Committee shall, for purposes of the Plan, determine the date of an Optionee’s termination of employment or contractual relationship.

 

Unless accelerated in accordance with Section 6(f), any unvested Option granted to an Optionee shall terminate immediately upon termination of employment of the Optionee by the Company for any reason whatsoever, including death or Disability. For purposes of the Plan, transfer of employment between or among the Company and/o any Related Corporation shall not be deemed to constitute a termination of employment with the Company or any Related Corporation. For purposes of this subsection with respect to Incentive Stock Options, employment shall be deemed to continue while the Optionee is on military leave, sick leave or other bona fide leave of absence (as determined by the Committee). The foregoing notwithstanding, employment shall not be deemed to continue beyond the first ninety (90) days of such leave, unless the Optionee’s re‐employment rights are guaranteed by statute or by contract.

 

	 	
			(h)

				
			Exercise of Options.

			

 

If less than all of the shares included in an Option are purchased, the remainder may be purchased at any subsequent time prior to the expiration date with respect to, or the termination of, the Option. No portion of any Option may be exercised for less than one hundred (100) shares (as adjusted pursuant to Section 6(m)); provided, however, that if the Option is less than one hundred (100) shares, it may be exercised with respect to all shares for which it is vested. Only whole shares may be issued upon exercise of an Option, and to the extent that an Option covers less than one (1) share, it is unexercisable.

 

 

An Option or any portion thereof may be exercised by giving written notice to the Company upon such terms and conditions as the Agreement evidencing the Option may provide and in accordance with such other procedures for the exercise of an Option as the Committee may establish from time to time. Such notice shall be accompanied by payment in the amount of the aggregate exercise price for such shares, which payment shall be in the form specified in Section 6(i). The Company shall not be obligated to issue, transfer or deliver a certificate of Common Stock to the holder of any Option until provision has been made by the holder, to the satisfaction of the Company, for the payment of the aggregate exercise price for all shares for which the Option shall have been exercised and for satisfaction of any tax withholding obligations associated with such exercise. Options granted to an Optionee are, during the Optionee’s lifetime, exercisable only by the Optionee or a transferee who takes title to the Option in the manner permitted by Section 6(k).

 

5

 

 

	 	
			(i)

				
			Payment upon Exercise of Option.

			

 

Upon the exercise of an Option, the Optionee shall pay to the Company the aggregate exercise price therefor in cash, by certified or cashier’s check. In addition, such Optionee may pay for all or any portion of the aggregate exercise price by complying with one or more of the following alternatives:

 

	 	
			(1)

				
			by delivering to the Company whole shares of Common Stock then owned by such Optionee, or, subject to the prior approval of the Committee, by the Company withholding whole shares of Common Stock otherwise issuable to the Optionee upon exercise of the Option, which shares of Common Stock received or withheld shall be valued for such purpose at their Fair Market Value on the date of exercise.

			

 

	 	
			(2)

				
			by delivering a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company the amount of sale or loan proceeds required to pay the exercise price;

			

 

	 	
			(3)

				
			by any combination of the foregoing methods of payment; or

			

 

	 	
			(4)

				
			by complying with any other payment mechanism, including through the execution of a promissory note, as may be permitted for the issuance of equity securities under applicable securities and other laws and approved by the Committee at the time of exercise.

			

 

	 	
			(j)

				
			Rights as a Shareholder.

			

 

An Optionee shall have no rights as a shareholder with respect to any shares of Common Stock issuable upon exercise of the Option until such holder becomes a record holder of such shares. Subject to the provisions of Sections 6(m), no rights shall accrue to an Optionee and no adjustments shall be made on account of dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights declared on, or created in, the Common Stock for which the record date is prior to the date such Optionee becomes a record holder of the shares of Common Stock issuable upon exercise of such Option.

 

	 	
			(k)

				
			Transfer of Option.

			

 

Options granted under the Plan and the rights and privileges conferred by the Plan may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will, by applicable laws of descent and distribution or pursuant to a domestic relations order (as defined in the Code or Title I of the Employment Retirement Income Security Act of 1974 or the rules or regulations thereunder), and shall not be subject to execution, attachment or similar process; provided, however, that solely with respect to Non-Qualified Stock Options, the Committee may, in its discretion, authorize all or a portion of the Options to be granted to an Optionee to be on terms which permit transfer by such Optionee to:

 

	 	
			(1)

				
			Immediate Family Members,

			

 

	 	
			(2)

				
			a trust or trusts for the exclusive benefit of such Immediate Family Members, or

			

 

 

	 	
			(3)

				
			a partnership in which such Immediate Family Members are the only partners, provided that:

			

 

	 	
			(i)

				
			there may be no consideration for any such transfer,

			

 

	 	
			(ii)

				
			the Agreement evidencing such Options must be approved by Committee, and must expressly provide for transferability in a manner consistent with this Section, and

			

 

	 	
			(iii)

				
			subsequent transfers of transferred Options shall be prohibited other than by will, by applicable laws of descent and distribution or pursuant to a domestic relations order (as defined in the Code or Title I of the Employment Retirement Income Security Act of 1974 or the rules or regulations thereunder).

			

 

Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of Section 6(l)(2), the term “Optionee” shall be deemed to refer to the initial transferor. The events of termination of employment of Section 6(g) shall continue to be applied with respect to the original Optionee, following which the options shall be exercisable by the transferee only to the extent, and for the periods, specified in Section 6(g). Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Option or of any right or privilege conferred by the Plan contrary to the provisions hereof, or upon the sale, levy or any attachment or similar process upon the rights and privileges conferred by the Plan, such Option shall thereupon terminate and become null and void.

 

 

	 	
			(l)

				
			Securities Regulation and Tax Withholding.

			

 

	 	
			(1)

				
			No shares of Common Stock shall be issued upon exercise of an Option unless the exercise of such Option and the issuance and delivery of such shares shall comply with all relevant provisions of law, including, without limitation, any applicable state securities laws, the Securities Act, the Exchange Act, the rules and regulations thereunder and the requirements of any stock exchange upon which such shares may then be listed, and such issuance shall be further subject to the approval of counsel for the Company with respect to such compliance, including the availability of an exemption from registration for the issuance and sale of such shares. The inability of the Company to obtain from any regulatory body the authority deemed by the Company to be necessary for the lawful issuance and sale of any shares under the Plan, or the unavailability of an exemption from registration for the issuance and sale of any shares under the Plan, shall relieve the Company of any liability with respect to the non‐issuance or sale of such shares.

			

 

6

 

 

As a condition to the exercise of an Option, the Committee may require the Optionee to represent and warrant in writing at the time of such exercise that the shares of Common Stock issuable upon exercise of the Option are being purchased only for investment and without any then‐present intention to sell or distribute such shares. At the option of the Committee, a stop‐transfer order against such shares may be placed on the stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such shares in order to assure an exemption from registration. The Committee also may require such other documentation as it shall, in its discretion, deem necessary from time to time to comply with federal and state securities laws. THE COMPANY HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF ANY OPTION OR ANY SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF ANY OPTION.

 

 

	 	
			(2)

				
			The Optionee shall pay to the Company by certified or cashier’s check, promptly upon exercise of the Option or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state, local and foreign withholding taxes that the Committee, in accordance with the applicable rules and regulations, determines to result from the exercise of the Option or from a transfer or other disposition of shares of Common Stock acquired upon exercise of the Option or otherwise related to the Option or shares of Common Stock acquired upon exercise of the Option, which determination by the Committee of the amount due shall be binding upon the Optionee. Upon approval of the Committee, such Optionee may satisfy such obligation by complying with one or more of the following alternatives selected by the Committee:

			

 

	 	
			(A)

				
			by delivering to the Company whole shares of Common Stock then owned by such Optionee, or by the Company withholding whole shares of Common Stock otherwise issuable to the Optionee upon exercise of the Option, which shares of Common Stock received or withheld shall have a Fair Market Value on the date of exercise (as determined by the Committee in good faith) equal to the tax obligation to be paid by such Optionee upon such exercise determined by the applicable minimum statutory withholding rates;

			

 

	 	
			(B)

				
			by executing appropriate loan documents approved by the Committee by which such Optionee borrows funds from the Company to pay the withholding taxes due under this Section 6(l)(2), with such repayment terms as the Committee shall select;

			

 

	 	
			(C)

				
			by any combination of the foregoing methods of payment; or

			

 

	 	
			(D)

				
			by complying with any other payment mechanism as may be permitted for the issuance of equity securities under applicable securities and other laws and approved by the Committee from time to time.

			

 

	 	
			(3)

				
			The issuance, transfer or delivery of certificates of Common Stock pursuant to the exercise of an Option may be delayed, at the discretion of the Committee, until the Committee is satisfied that the applicable requirements of the federal and state securities laws and the withholding provisions of the Code have been met.

			

 

	 	
			(m)

				
			Stock Split, Reorganization or Liquidation.

			

 

	 	
			(1)

				
			Upon the occurrence of any of the following events, the Committee shall, with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock issuable upon exercise of such Option, the per share exercise price or both so as to preserve the rights of the Optionee substantially proportionate to the rights of such Optionee prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock issuable upon exercise of outstanding Options, the number of shares available under Section 5 shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Committee, the Company, the Company’s shareholders, or any Optionee:

			

 

	 	
			(i)

				
			the Company shall at any time be involved in a transaction described in Section 424(a) of the Code (or any successor provision) or any “corporate transaction” described in the regulations promulgated thereunder;

			

 

	 	
			(ii)

				
			the Company subdivides its outstanding shares of Common Stock into a greater number of shares of Common Stock (by stock dividend, stock split, reclassification or otherwise) or combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock (by reverse stock split, reclassification or otherwise); or

			

 

	 	
			(iii)

				
			any other event with substantially the same effect shall occur.

			

 

 

	 	
			(2)

				
			If the Company shall at any time declare an extraordinary dividend with respect to the Common Stock, whether payable in cash or other property, or is involved in any recapitalization, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock, or other similar event (including a merger or consolidation other than one that constitutes an Approved Transaction), the Committee may, in the exercise of its sole discretion and with respect to each outstanding Option, proportionately adjust the number of shares of Common Stock issuable upon exercise of such Option, the per share exercise price or both so as to preserve the rights of the Optionee substantially proportionate to the rights of such Optionee prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock issuable upon exercise of outstanding Options, the number of shares available under Section 5 of the Plan shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Committee, the Company, the Company’s shareholders, or any Optionee.

			

 

 

	 	
			(3)

				
			The foregoing adjustments shall be made by the Committee or by the applicable terms of any assumption or substitution document.

			

 

	 	
			(4)

				
			With respect to the foregoing adjustments, the number of shares subject to an Option shall always be a whole number. The Committee may, if deemed appropriate, provide for a cash payment to any Optionee in connection with any adjustment made pursuant to this Section 6(m).

			

 

	 	
			(5)

				
			The grant of an Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

			

 

7

 

 

	 	
			(n)

				
			Approved Transactions; Control Purchase.

			

 

In the event of any Approved Transaction or Control Purchase, if so provided for in the Agreement representing such Option, an Option may become exercisable in full in respect of the aggregate number of shares thereunder effective upon the Control Purchase or immediately prior to consummation of the Approved Transaction. In the case of an Approved Transaction, the Company shall provide notice of the pendency of the Approved Transaction at least fifteen (15) days prior to the expected date of consummation thereof to each Optionee entitled to acceleration. Each such Optionee shall thereupon be entitled to exercise the vested portion of the Option at any time prior to consummation of the Approved Transaction or immediately following the Control Purchase. Any such exercise shall be contingent on such consummation.

 

Following consummation of the Approved Transaction or Control Purchase, and until such Option is terminated pursuant to Section 6(g) hereof, any vested portion of Options that are not exercised shall remain exercisable, and any unvested portions of any Options shall remain in effect and continue to vest in accordance with the vesting schedule specified at the time of grant, and upon such vesting shall become exercisable. Notwithstanding the foregoing, in its reasonable discretion, the Board may determine that any or all outstanding Options that are unvested at the time of, or are not exercised upon consummation of, the Approved Transaction or Control Purchase shall thereafter terminate, provided that, in making such determination, the Board shall consider the best interests of the Optionees, the Company and its shareholders, and will make such determination only if the action to be taken, in the opinion of the Board, is appropriate in light of the circumstances under which such determination is made.

 

Moreover, except to the extent that such determination would render unavailable “pooling of interests” accounting treatment for any reorganization, merger or consolidation of the Company, the Board may take, or make effective provision for the taking of, such action as in the opinion of the Board is equitable and appropriate in order to substitute new stock options for any or all outstanding Options that do not become exercisable on an accelerated basis, or to assume such Options (which assumption may be effected by any means determined by the Board, in its discretion, including, but not limited to, by a cash payment to each Optionee, in cancellation of the Options held by him or her, of such amount as the Board determines, in its sole discretion, represents the then value of the Options) and in order to make such new stock options or assumed Options, as nearly as practicable, equivalent to the old Options, taking into account, to the extent applicable, the kind and amount of securities, cash or other assets into or for which the Common Stock may be changed, converted or exchanged in connection with the Approved Transaction.

 

 

	
			7. 

				
			TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS.

			

 

	 	
			(a)

				
			Award of Stock Appreciation Rights.

			

 

Stock appreciation rights (“SARs”) may be granted to eligible participants, either on a free-standing basis (without regard to or in addition to the grant of an Option) or on a tandem basis (related to the grant of an underlying Option). SARs granted in tandem with or in addition to an Option may be granted either at the same time as the Option or at a later time; provided, however, that a tandem SAR shall not be granted with respect to any outstanding Incentive Stock Option without the consent of the Awardee. SARs shall be evidenced by Agreements stating the number of shares of Common Stock subject to the SAR evidenced thereby and the terms and conditions of such SAR. In no event shall a SAR be exercisable more than ten years from the date it is granted. The Awardee shall have none of the rights of a shareholder of the Company with respect to any shares of Common Stock represented by a SAR.

 

	 	
			(b)

				
			Restrictions of Tandem SARs.

			

 

No Incentive Stock Option may be surrendered in connection with the exercise of a tandem SAR unless the Fair Market Value of the Common Stock subject to the Incentive Stock Option is greater than the exercise price for such Incentive Stock Option. SARs granted in tandem with Options shall be exercisable only to the same extent and subject to the same conditions as the Options related thereto are exercisable. Additional conditions to the exercise of any such tandem SAR may be prescribed.

 

	 	
			(c)

				
			Amount of Payment Upon Exercise of SARs.

			

 

A SAR shall entitle the Awardee to receive, subject to the provisions of the Plan and the applicable Agreement, a payment having an aggregate value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common Stock over (B) the base price per share specified in the applicable Agreement, times (ii) the number of shares specified by the SAR, or portion thereof, which is exercised. In the case of exercise of a tandem SAR, such payment shall be made in exchange for the surrender of the unexercised related Option (or any portion or portions thereof which the Awardee from time to time determines to surrender for this purpose).

 

	 	
			(d)

				
			Form of Payment Upon Exercise of SARs.

			

 

Payment by the Company of the amount receivable upon any exercise of a SAR may be made by the delivery of Common Stock or cash, or any combination of Common Stock and cash, as determined in the sole discretion of the Committee from time to time. If upon settlement of the exercise of a SAR an Awardee is to receive a portion of such payment in shares of Common Stock, the number of shares shall be determined by dividing such portion by the Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall be used for such payment and the Committee shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares shall be eliminated.

 

 

	
			8. 

				
			RESTRICTED STOCK AWARDS.

			

 

	 	
			(a)

				
			Nature of Restricted Stock Awards.

			

 

A Restricted Stock Award is an Award pursuant to which the Company may, in its sole discretion, grant or sell, at such purchase price as determined by the Committee, in its sole discretion, shares of Common Stock subject to such restrictions and conditions as the Committee may determine at the time of grant (“Restricted Stock”), which purchase price shall be payable in cash or other form of consideration acceptable to the Committee. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives. The terms and conditions of each such Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and Awardees.

 

8

 

 

	 	
			(b)

				
			Rights as a Shareholder.

			

 

Upon execution of an Agreement setting forth the Restricted Stock Award and payment of any applicable purchase price, an Awardee shall have the rights of a shareholder with respect to the voting of the Restricted Stock, subject to such conditions contained in the applicable Agreement. Unless the Committee shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in Section 8(d) below, and the Awardee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank. Dividends and distributions payable with respect to shares of Restricted Stock shall be subject to the same vesting conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were declared and shall be paid to the Awardee at the time such shares vest but in any event no later than the 15th day of the third month following the calendar year in which such shares vest. In the event of a dividend or distribution paid in shares of Common Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 12, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends) to which the Awardee is entitled by reason of the Awardee’s Restricted Stock Award shall be immediately subject to the same vesting conditions as the shares subject to the Restricted Stock Award with respect to which such dividends or distributions were paid or adjustments were made.

 

	 	
			(c)

				
			Restrictions.

			

 

Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the applicable Agreement. If an Awardee’s employment (or other service relationship) with the Company terminates under the conditions specified in the applicable Agreement, or upon such other event or events as may be stated in the applicable Agreement, the Company or its assigns shall have the right or shall agree, as may be specified in the applicable Agreement, to repurchase some or all of the shares of Common Stock subject to the Award at such purchase price as is set forth in such instrument.

 

	 	
			(d)

				
			Vesting of Restricted Stock.

			

 

The Committee at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the applicable Agreement.

 

	
			9. 

				
			UNRESTRICTED STOCK AWARDS.

			

 

	 	
			(a)

				
			Grant or Sale of Unrestricted Stock.

			

 

The Committee may, in its sole discretion, grant (or sell at a purchase price determined by the Committee) an Unrestricted Stock Award to any Awardee, pursuant to which such Awardee may receive shares of Common Stock free of any vesting restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration, or in lieu of any cash compensation due to such individual.

 

	 	
			(b)

				
			Elections to Receive Unrestricted Stock In Lieu of Compensation.

			

 

Upon the request of an Awardee and with the consent of the Committee, each such Awardee may, pursuant to an advance written election delivered to the Company no later than the date specified by the Committee, receive a portion of the cash compensation otherwise due to such Awardee in the form of shares of Unrestricted Stock either currently or on a deferred basis, subject to compliance with Section 409A of the Code.

 

	 	
			(c)

				
			Restrictions on Transfers.

			

 

The right to receive shares of Unrestricted Stock on a deferred basis may not be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution.

 

	
			10. 

				
			TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS.

			

 

	 	
			(a)

				
			Restricted Stock Unit Agreement.

			

 

Each grant of Restricted Stock Units under the Plan shall be evidenced by an Agreement between the recipient and the Company. Such Restricted Stock Units shall be subject to the terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Agreements evidencing Restricted Stock Units under the Plan need not be identical.

 

 

	 	
			(b)

				
			Number of Shares.

			

 

Each Agreement evidencing a Restricted Stock Unit shall specify the number of shares of Common Stock to which the Restricted Stock Unit pertains and shall provide for the adjustment of such number in accordance with Section 12.

 

	 	
			(c)

				
			Payment for Awards.

			

 

To the extent that an Award is granted in the form of Restricted Stock Units, no cash consideration shall be required of the Awardee.

 

	 	
			(d)

				
			Vesting of Restricted Stock Units.

			

 

The Committee at the time of grant shall specify the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the Restricted Stock Unit shall become vested, subject to such further rights of the Company or its assigns as may be specified in the applicable Agreement.

 

9

 

 

	 	
			(e)

				
			Voting and Dividend Rights.

			

 

The holders of Restricted Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Restricted Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one share of Common Stock while the Restricted Stock Unit is outstanding. Dividend equivalents may be converted into additional Restricted Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of shares of Common Stock, or in a combination of both. Any dividend equivalents credited shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach and shall be settled in the same manner and at the same time as the Restricted Stock Units originally subject to the Restricted Stock Units Award.

 

	 	
			(f)

				
			Form and Time of Settlement of Restricted Stock Units.

			

 

Settlement of vested Restricted Stock Units may be made in the form of (a) cash, (b) shares of Common Stock or (c) any combination of both, as determined by the Committee. The actual number of Restricted Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors. Methods of converting Restricted Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of shares of Common Stock over a series of trading days. Vested Restricted Stock Units may be settled in a lump sum or in installments, subject to Section 409A of the Code. The distribution may occur or commence when all vesting conditions applicable to the Restricted Stock Units have been satisfied or have lapsed, or it may be deferred to any later date, subject to Section 409A of the Code. The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Restricted Stock Units is settled, the number of such Restricted Stock Units shall be subject to adjustment pursuant to Section 12.

 

	 	
			(g)

				
			Creditors’ Rights.

			

 

A holder of Restricted Stock Units shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Restricted Stock Agreement.

 

	
			11. 

				
			SECURITIES REGULATION AND TAX WITHHOLDING.

			

 

	 	
			(a)

				
			No shares of Common Stock shall be issued upon exercise or settlement of an Award unless the exercise or settlement of such Award and the issuance and delivery of such shares shall comply with all relevant provisions of law, including, without limitation, any applicable state securities laws, the Securities Act, the Exchange Act, the rules and regulations thereunder and the requirements of any stock exchange upon which such shares may then be listed, and such issuance shall be further subject to the approval of counsel for the Company with respect to such compliance, including the availability of an exemption from registration for the issuance and sale of such shares. The inability of the Company to obtain from any regulatory body the authority deemed by the Company to be necessary for the lawful issuance and sale of any shares under the Plan, or the unavailability of an exemption from registration for the issuance and sale of any shares under the Plan, shall relieve the Company of any liability with respect to the non‐issuance or sale of such shares.

			

 

 

As a condition to the exercise or settlement of an Award, the Committee may require the Awardee to represent and warrant in writing at the time of such exercise or settlement that the shares of Common Stock issuable upon exercise or settlement of the Award are being purchased only for investment and without any then-present intention to sell or distribute such shares. At the option of the Committee, a stop-transfer order against such shares may be placed on the stock books and records of the Company, and a legend indicating that such shares may not be pledged, sold or otherwise transferred unless an opinion of counsel is provided stating that such transfer is not in violation of any applicable law or regulation, may be stamped on the certificates representing such shares in order to assure an exemption from registration. The Committee also may require such other documentation as it shall, in its discretion, deem necessary from time to time to comply with federal and state securities laws. THE COMPANY HAS NO OBLIGATION TO UNDERTAKE REGISTRATION OF ANY AWARD OR ANY SHARES OF COMMON STOCK ISSUABLE UPON THE EXERCISE OF ANY AWARD.

 

	 	
			(b)

				
			The Awardee shall pay to the Company by certified or cashier’s check, promptly upon exercise or settlement of the Award or, if later, the date that the amount of such obligations becomes determinable, all applicable federal, state, local and foreign withholding taxes that the Committee, in accordance with the applicable rules and regulations, determines to result from the exercise of the Award or from a transfer or other disposition of shares of Common Stock acquired upon exercise or settlement of the Award or otherwise related to the Award or shares of Common Stock acquired upon exercise or settlement of the Award, which determination by the Committee of the amount due shall be binding upon the Awardee. Upon approval of the Committee, such Awardee may satisfy such obligation by complying with one or more of the following alternatives selected by the Committee:

			

 

	 	
			(1)

				
			by delivering to the Company whole shares of Common Stock then owned by such Awardee, or by the Company withholding whole shares of Common Stock otherwise issuable to the Awardee upon exercise or settlement of the Award, which shares of Common Stock received or withheld shall have a Fair Market Value on the date of exercise or settlement (as determined by the Committee in good faith) equal to the tax obligation to be paid by such Awardee upon such exercise or settlement determined by the applicable minimum statutory withholding rates;

			

 

	 	
			(2)

				
			by executing appropriate loan documents approved by the Committee by which such Awardee borrows funds from the Company to pay the withholding taxes due under this Section 11, with such repayment terms as the Committee shall select;

			

 

	 	
			(3)

				
			by any combination of the foregoing methods of payment; or

			

 

	 	
			(4)

				
			by complying with any other payment mechanism as may be permitted for the issuance of equity securities under applicable securities and other laws and approved by the Committee from time to time.

			

 

 

(c)    The issuance, transfer or delivery of certificates of Common Stock pursuant to the exercise of an Award may be delayed, at the discretion of the Committee, until the Committee is satisfied that the applicable requirements of the federal and state securities laws and the withholding provisions of the Code have been met.

 

10

 

 

	
			12. 

				
			STOCK SPLIT, REORGANIZATION OR LIQUIDATION.

			

 

	 	
			(a)

				
			Upon the occurrence of any of the following events, the Committee shall, with respect to each outstanding Award, proportionately adjust the number of shares of Common Stock issuable upon exercise or settlement of such Award, the per share exercise price or both so as to preserve the rights of the Awardee substantially proportionate to the rights of such Awardee prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock issuable upon exercise of outstanding Awards, the number of shares available under Section 5 shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Committee, the Company, the Company’s shareholders, or any Awardee:

			

 

	 	
			(1)

				
			the Company shall at any time be involved in a transaction described in Section 424(a) of the Code (or any successor provision) or any “corporate transaction” described in the regulations promulgated thereunder;

			

 

	 	
			(2)

				
			the Company subdivides its outstanding shares of Common Stock into a greater number of shares of Common Stock (by stock dividend, stock split, reclassification or otherwise) or combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock (by reverse stock split, reclassification or otherwise); or

			

 

	 	
			(3)

				
			any other event with substantially the same effect shall occur.

			

 

	 	
			(b)

				
			If the Company shall at any time declare an extraordinary dividend with respect to the Common Stock, whether payable in cash or other property, or is involved in any recapitalization, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock, or other similar event (including a merger or consolidation other than one that constitutes an Approved Transaction), the Committee may, in the exercise of its sole discretion and with respect to each outstanding Award, proportionately adjust the number of shares of Common Stock issuable upon exercise or settlement of such Award, the per share exercise price or both so as to preserve the rights of the Awardee substantially proportionate to the rights of such Awardee prior to such event, and to the extent that such action shall include an increase or decrease in the number of shares of Common Stock issuable upon exercise of outstanding Awards, the number of shares available under Section 5 of the Plan shall automatically be increased or decreased, as the case may be, proportionately, without further action on the part of the Committee, the Company, the Company’s shareholders, or any Awardee.

			

 

	 	
			(c)

				
			The foregoing adjustments shall be made by the Committee or by the applicable terms of any assumption or substitution document.

			

 

	 	
			(d)

				
			With respect to the foregoing adjustments, the number of shares subject to an Award shall always be a whole number. The Committee may, if deemed appropriate, provide for a cash payment to any Awardee in connection with any adjustment made pursuant to this Section 12.

			

 

	 	
			(e)

				
			The grant of an Award shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge, consolidate or dissolve, to liquidate or to sell or transfer all or any part of its business or assets.

			

 

	
			13. 

				
			APPROVED TRANSACTIONS; CONTROL PURCHASE.

			

 

In the event of any Approved Transaction or Control Purchase, if so provided for in the Agreement representing such Award, an Award may become exercisable in full in respect of the aggregate number of shares thereunder effective upon the Control Purchase or immediately prior to consummation of the Approved Transaction. In the case of an Approved Transaction, the Company shall provide notice of the pendency of the Approved Transaction at least fifteen (15) days prior to the expected date of consummation thereof to each Awardee entitled to acceleration. Each such Awardee shall thereupon be entitled to exercise the vested portion of the Award at any time prior to consummation of the Approved Transaction or immediately following the Control Purchase. Any such exercise shall be contingent on such consummation.

 

Following consummation of the Approved Transaction or Control Purchase, and until such Award is terminated, any vested portion of Awards that are not exercised shall remain exercisable, and any unvested portions of any Awards shall remain in effect and continue to vest in accordance with the vesting schedule specified at the time of grant, and upon such vesting shall become exercisable. Notwithstanding the foregoing, in its reasonable discretion, the Board may determine that any or all outstanding Awards that are unvested at the time of, or are not exercised upon consummation of, the Approved Transaction or Control Purchase shall thereafter terminate, provided that, in making such determination, the Board shall consider the best interests of the Awardees, the Company and its shareholders, and will make such determination only if the action to be taken, in the opinion of the Board, is appropriate in light of the circumstances under which such determination is made.

 

 

Moreover, except to the extent that such determination would render unavailable “pooling of interests” accounting treatment for any reorganization, merger or consolidation of the Company, the Board may take, or make effective provision for the taking of, such action as in the opinion of the Board is equitable and appropriate in order to substitute new awards for any or all outstanding Awards that do not become exercisable on an accelerated basis, or to assume such Awards (which assumption may be effected by any means determined by the Board, in its discretion, including, but not limited to, by a cash payment to each Awardee, in cancellation of the Awards held by him or her, of such amount as the Board determines, in its sole discretion, represents the then value of the Awards) and in order to make such new stock options or assumed Awards, as nearly as practicable, equivalent to the old Awards, taking into account, to the extent applicable, the kind and amount of securities, cash or other assets into or for which the Common Stock may be changed, converted or exchanged in connection with the Approved Transaction.

 

	
			14. 

				
			EFFECTIVE DATE; TERM.

			

 

The Plan shall be effective upon its approval by the shareholders of the Company (the “Effective Date”). Awards may be granted by the Committee or Executive Officer from time to time thereafter until the tenth anniversary of the Effective Date. Termination of the Plan shall not terminate any Award granted prior to such termination.

 

 

	
			15. 

				
			NO OBLIGATIONS TO EXERCISE AWARD.

			

 

The grant of an Award shall impose no obligation upon the Awardee to exercise such Award.

 

11

 

 

	
			16. 

				
			NO RIGHT TO AWARDS OR TO EMPLOYMENT.

			

 

Whether or not any Awards are to be granted under the Plan shall be exclusively within the discretion of the Committee, and nothing contained in the Plan shall be construed as giving any person any right to participate under the Plan. The grant of an Award to any Awardee shall in no way constitute any form of agreement or understanding binding on the Company or any Related Corporation, express or implied, that the Company or such Related Corporation will employ or contract with such Awardee for any length of time, nor shall it interfere in any way with the Company’s or, where applicable, a Related Corporation’s right to terminate such Awardee’s employment at any time, which right is hereby reserved.

 

	
			17. 

				
			APPLICATION OF FUNDS.

			

 

The proceeds received by the Company from the sale of Common Stock issued upon the exercise of Awards shall be used for general corporate purposes, unless otherwise directed by the Board.

 

	
			18. 

				
			INDEMNIFICATION OF COMMITTEE.

			

 

In addition to all other rights of indemnification they may have by virtue of being a member of the Board or an executive officer of the Company, members of the Committee and the Executive Officer shall be indemnified by the Company for all reasonable expenses and liabilities of any type or nature, including attorneys’ fees, incurred in connection with any action, suit or proceeding to which they or any of them are a party by reason of, or in connection with, the Plan or any Award granted under the Plan, and against all amounts paid by them in settlement thereof (provided that such settlement is approved by independent legal counsel selected by the Company), except to the extent that such expenses relate to matters for which it is adjudged that such Committee member or Executive Officer is liable for willful misconduct; provided, however, that within fifteen (15) days after the institution of any such action, suit or proceeding, the Committee member or Executive Officer involved therein shall, in writing, notify the Company of such action, suit or proceeding, so that the Company may have the opportunity to make appropriate arrangements to prosecute or defend the same.

 

 

	
			19. 

				
			SHAREHOLDERS AGREEMENT.

			

 

Unless the Agreement evidencing an Award expressly provides otherwise, each Awardee may be required, as a condition to the issuance of any shares of Common Stock that such Awardee acquires upon the exercise of the Award, to execute and deliver to the Company a shareholders agreement in such form as may be required by the Company at the time of such exercise, or a counterpart thereof, together with, unless the Awardee is unmarried, a spousal consent in the form required thereby, unless the Awardee has previously executed and delivered such documents and they are in effect at the time of exercise and apply by their terms to the shares to be issued.

 

	
			20. 

				
			SEPARABILITY.

			

 

With respect to Incentive Stock Options, if the Plan does not contain any provision required to be included herein under Section 422 of the Code, such provision shall be deemed to be incorporated herein with the same force and effect as if such provision had been set out in full herein; provided, however, that to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, the Option, to that extent, shall be deemed to be a Non-Qualified Stock Option for all purposes of the Plan.

 

	
			21. 

				
			NON-EXCLUSIVITY OF THE PLAN.

			

 

Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options and the awarding of stock and cash otherwise than pursuant to the Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 

	
			22. 

				
			EXCLUSION FROM PENSION AND PROFIT-SHARING COMPUTATION.

			

 

By acceptance of an Award, unless otherwise provided in the Agreement evidencing the Award, the Awardee with respect to such Award shall be deemed to have agreed that the Award is special incentive compensation that will not be taken into account, in any manner, as salary, compensation or bonus in determining the amount of any payment or other benefit under any pension, retirement or other employee benefit plan, program or policy of the Company or any of its affiliates.

 

	
			23. 

				
			AMENDMENT OF PLAN.

			

 

The Board may, at any time, modify, amend or terminate the Plan or modify or amend any Award granted pursuant to the Plan, including, without limitation, such modifications or amendments as are necessary to maintain compliance with applicable statutes, rules or regulations; provided, however, that no amendment with respect to an outstanding Award which has the effect of reducing the benefits afforded to the Awardee shall be made over the objection of such Awardee; further provided, that the events triggering acceleration of vesting of an outstanding Award may be modified, expanded or eliminated without the consent of the Awardee. The Board may condition the effectiveness of any such amendment on the receipt of shareholder approval at such time and in such manner as the Committee may consider necessary for the Company to comply with or to avail the Company, the Awardees or both of the benefits of any securities, tax, market listing or other administrative or regulatory requirement which the Board determines to be desirable. Without limiting the generality of the foregoing, the Board may modify grants to persons who are eligible to receive Awards under the Plan who are foreign nationals or employed outside the United States to recognize differences in local law, tax policy or custom.

 

PLAN HISTORY

 

Approved by Board of Directors of the Company: April 14, 2021

 

Approved by Shareholders of the Company: June 10, 2021

 

Plan Expires: June 10, 2031

 

12EX-4.1

 Exhibit 4.1 
  

CANACCORD GENUITY GROWTH CORP. 

as the Corporation 
 and 

ODYSSEY TRUST COMPANY 
 as
the Warrant Agent 
  
  

WARRANT AGENCY AGREEMENT 

September 20, 2018 
  

 
  
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 INTERPRETATION
	  	 	2	 
	 Section 1.1
	 	 Definitions
	  	 	2	 
	 Section 1.2
	 	 Meaning of “Outstanding” for Certain Purposes
	  	 	10	 
	 Section 1.3
	 	 Certain Rules of Interpretation
	  	 	10	 
	 Section 1.4
	 	 Interpretation not Affected by Headings, etc.
	  	 	11	 
	 Section 1.5
	 	 Applicable Law
	  	 	11	 
	 Section 1.6
	 	 Language Clause
	  	 	11	 
	 Section 1.7
	 	 Day Not A Business Day
	  	 	11	 
	 Section 1.8
	 	 Conflict
	  	 	11	 
	 Section 1.9
	 	 Time Of The Essence
	  	 	11	 
	 Section 1.10
	 	 Currency
	  	 	12	 
	 Section 1.11
	 	 Severability
	  	 	12	 
	 Section 1.12
	 	 Schedules
	  	 	12	 
		
	 ARTICLE 2 ISSUE OF WARRANTS
	  	 	12	 
	 Section 2.1
	 	 Creation and Issue of Warrants
	  	 	12	 
	 Section 2.2
	 	 Terms of Warrants
	  	 	12	 
	 Section 2.3
	 	 Holder Not A Shareholder
	  	 	13	 
	 Section 2.4
	 	 Detachment Date and Detachability of Warrants
	  	 	13	 
	 Section 2.5
	 	 Form of Warrants, Certificated Warrants
	  	 	15	 
	 Section 2.6
	 	 Book Entry (Non-Certificated Inventory)
Warrants
	  	 	17	 
	 Section 2.7
	 	 Register for Warrants
	  	 	19	 
	 Section 2.8
	 	 Issue in Substitution for Lost Warrant Certificate
	  	 	20	 
	 Section 2.9
	 	 Transfer and Ownership of Warrants
	  	 	20	 
	 Section 2.10
	 	 Transferee Entitled to Registration
	  	 	21	 
	 Section 2.11
	 	 Ownership of Warrants
	  	 	22	 
	 Section 2.12
	 	 Exchange of Warrant Certificates
	  	 	22	 
	 Section 2.13
	 	 Restrictions and Transfers under United States Securities Laws
	  	 	23	 
		
	 ARTICLE 3 REDEMPTION OF WARRANTS
	  	 	25	 
	 Section 3.1
	 	 Redemption of Warrants
	  	 	25	 
	 Section 3.2
	 	 Partial Redemption of Warrants
	  	 	26	 
	 Section 3.3
	 	 Cancellation of Redeemed Warrants
	  	 	26	 
		
	 ARTICLE 4 EXERCISE OF WARRANTS
	  	 	26	 
	 Section 4.1
	 	 Rights of Exercise of Warrants
	  	 	26	 
	 Section 4.2
	 	 Method of Exercise of Warrants
	  	 	26	 
	 Section 4.3
	 	 Notification of Early Expiry
	  	 	28	 
	 Section 4.4
	 	 Effect of Exercise of Warrants
	  	 	28	 
	 Section 4.5
	 	 Partial Exercise of Warrants
	  	 	29	 
	 Section 4.6
	 	 Cancellation of Warrants
	  	 	29	 
	 Section 4.7
	 	 Warrants Void after the Expiry Time
	  	 	29	 
	 Section 4.8
	 	 Accounting and Recording
	  	 	29	 
	 Section 4.9
	 	 Securities Restrictions
	  	 	30	 
	 Section 4.10
	 	 Restrictions on Exercise under United States Securities Laws
	  	 	30	 

							
	 ARTICLE 5 ADJUSTMENTS
	  	 	30	 
	 Section 5.1
	 	 Adjustment upon Share Reorganization or Capital Reorganization
	  	 	30	 
	 Section 5.2
	 	 Adjustment upon Rights Offering
	  	 	33	 
	 Section 5.3
	 	 Adjustment to Exercise Price and Extraordinary Dividend Threshold
	  	 	35	 
	 Section 5.4
	 	 Entitlement to Shares and Other Securities on Exercise of Warrants
	  	 	35	 
	 Section 5.5
	 	 No Adjustment for Stock Options, Issuances Below Exercise Prices, etc.
	  	 	36	 
	 Section 5.6
	 	 Determination by Corporation’s Auditors
	  	 	36	 
	 Section 5.7
	 	 Proceedings Prior to Any Action Requiring Adjustment
	  	 	36	 
	 Section 5.8
	 	 Action Requiring Adjustment
	  	 	36	 
	 Section 5.9
	 	 Certificate of Adjustment
	  	 	37	 
	 Section 5.10
	 	 Notice of Special Matters
	  	 	37	 
	 Section 5.11
	 	 No Action after Notice
	  	 	37	 
	 Section 5.12
	 	 Protection of Warrant Agent
	  	 	37	 
	 Section 5.13
	 	 Adjustments Cumulative
	  	 	38	 
	 Section 5.14
	 	 Participation by Holder
	  	 	38	 
		
	 ARTICLE 6 PURCHASES BY THE CORPORATION
	  	 	38	 
	 Section 6.1
	 	 Optional Purchase by the Corporation
	  	 	38	 
		
	 ARTICLE 7 COVENANTS OF THE CORPORATION
	  	 	38	 
	 Section 7.1
	 	 Issuance of Shares
	  	 	38	 
	 Section 7.2
	 	 To Pay Warrant Agent Remuneration and Expenses
	  	 	39	 
	 Section 7.3
	 	 To Perform Covenants
	  	 	40	 
	 Section 7.4
	 	 Warrant Agent May Perform Covenants
	  	 	40	 
	 Section 7.5
	 	 Corporation Not Reporting in United States
	  	 	40	 
		
	 ARTICLE 8 ENFORCEMENT
	  	 	41	 
	 Section 8.1
	 	 Suits by Holders of Warrants
	  	 	41	 
	 Section 8.2
	 	 Suits by the Corporation
	  	 	41	 
	 Section 8.3
	 	 Immunity of Shareholders, etc.
	  	 	41	 
	 Section 8.4
	 	 Limitation of Liability
	  	 	41	 
	 Section 8.5
	 	 Waiver of Default
	  	 	41	 
		
	 ARTICLE 9 SUCCESSOR CORPORATIONS
	  	 	42	 
	 Section 9.1
	 	 Certain Requirements
	  	 	42	 
	 Section 9.2
	 	 Vesting Of Powers in Successor
	  	 	42	 
		
	 ARTICLE 10 MEETINGS OF HOLDERS OF WARRANTS
	  	 	42	 
	 Section 10.1
	 	 Right to Convene Meetings
	  	 	42	 
	 Section 10.2
	 	 Notice of Meetings
	  	 	43	 
	 Section 10.3
	 	 Chairman
	  	 	43	 
	 Section 10.4
	 	 Quorum
	  	 	43	 
	 Section 10.5
	 	 Power to Adjourn
	  	 	43	 
	 Section 10.6
	 	 Show Of Hands
	  	 	44	 
	 Section 10.7
	 	 Poll
	  	 	44	 
	 Section 10.8
	 	 Voting
	  	 	44	 
	 Section 10.9
	 	 Regulations
	  	 	44	 

							
	 Section 10.10
	 	 Corporation and Warrant Agent May Be Represented
	  	 	45	 
	 Section 10.11
	 	 Powers Exercisable By Extraordinary Resolution
	  	 	45	 
	 Section 10.12
	 	 Meaning of “Extraordinary Resolution”
	  	 	46	 
	 Section 10.13
	 	 Powers Cumulative
	  	 	47	 
	 Section 10.14
	 	 Minutes
	  	 	47	 
	 Section 10.15
	 	 Instruments in Writing
	  	 	47	 
	 Section 10.16
	 	 Binding Effect of Resolutions
	  	 	47	 
	 Section 10.17
	 	 Holdings by Corporation and its Subsidiaries Disregarded
	  	 	48	 
		
	 ARTICLE 11 NOTICES
	  	 	48	 
	 Section 11.1
	 	 Notice to the Corporation and the Warrant Agent
	  	 	48	 
	 Section 11.2
	 	 Notice to Holders of Warrants
	  	 	49	 
	 Section 11.3
	 	 Mail Service Information
	  	 	49	 
		
	 ARTICLE 12 CONCERNING THE WARRANT AGENT
	  	 	49	 
	 Section 12.1
	 	 No Conflict of Interest
	  	 	49	 
	 Section 12.2
	 	 Replacement of Warrant Agent
	  	 	50	 
	 Section 12.3
	 	 Evidence, Experts and Advisers
	  	 	50	 
	 Section 12.4
	 	 Warrant Agent May Deal in Securities
	  	 	51	 
	 Section 12.5
	 	 Warrant Agent Not Ordinarily Bound
	  	 	51	 
	 Section 12.6
	 	 Warrant Agent Not Required To Give Security
	  	 	52	 
	 Section 12.7
	 	 Warrant Agent Not Required To Give Notice of Default
	  	 	52	 
	 Section 12.8
	 	 Acceptance of Appointment
	  	 	52	 
	 Section 12.9
	 	 Duties of Warrant Agent
	  	 	52	 
	 Section 12.10
	 	 Actions by Warrant Agent
	  	 	52	 
	 Section 12.11
	 	 Protection of Warrant Agent
	  	 	53	 
	 Section 12.12
	 	 Indemnification of the Warrant Agent
	  	 	54	 
	 Section 12.13
	 	 Third Party Interests
	  	 	55	 
	 Section 12.14
	 	 Not Bound To Act
	  	 	55	 
	 Section 12.15
	 	 Privacy Laws
	  	 	55	 
		
	 ARTICLE 13 SUPPLEMENTAL AGREEMENTS
	  	 	55	 
	 Section 13.1
	 	 Supplemental Agreements
	  	 	55	 
		
	 ARTICLE 14 GENERAL PROVISIONS
	  	 	56	 
	 Section 14.1
	 	 Execution
	  	 	56	 
	 Section 14.2
	 	 Rights of Rescission
	  	 	57	 
	 Section 14.3
	 	 Force Majeure
	  	 	57	 
	 Section 14.4
	 	 Satisfaction and Discharge of Agreement
	  	 	57	 
	 Section 14.5
	 	 Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided
	  	 	58	 
	 Section 14.6
	 	 Provisions of Agreement and Warrants for the Sole Benefit of Parties and Holders
	  	 	58	 

 ADDENDA 

SCHEDULE “A” CANACCORD GENUITY GROWTH CORP. FORM OF WARRANT CERTIFICATE 

SCHEDULE “B” FORM OF DECLARATION FOR REMOVAL OF LEGEND 

 WARRANT AGENCY AGREEMENT 

THIS AGREEMENT made as of September 20, 2018 

BETWEEN: 
 CANACCORD GENUITY GROWTH
CORP., a corporation incorporated under the laws of the Province of Ontario (the “Corporation”) 
 AND 

ODYSSEY TRUST COMPANY, a trust company incorporated under the Loan and Trust Corporations Act (Alberta) with an office in the
City of Calgary in the Province of Alberta (the “Warrant Agent”) 
 WHEREAS: 

 

	A.	 All capitalized terms used in these recitals and not otherwise defined have the meanings ascribed to them in
Section 1.1 below. 

  

	B.	 In connection with the Offering, the Corporation has filed a (final) prospectus dated, September 13, 2018
(the “Prospectus”) qualifying for distribution 13,350,000 Class A Restricted Voting Units (or up to a maximum of 15,352,500 Class A Restricted Voting Units, to the extent the Over-Allotment Option is exercised),
each Class A Restricted Voting Unit consisting of one Class A Restricted Voting Share and one Warrant. 

  

	C.	 In conjunction with the Offering, the Corporation intends to sell an aggregate of 833,333 Class B Units to
the Sponsor, each Class B Unit consisting of one Class B Share and one Warrant. 

  

	D.	 Following the closing of the Qualifying Transaction, each Class A Restricted Voting Share (unless
previously redeemed) under its current terms (as of the date hereof) will, and each Class B Share will, be automatically converted into one Common Share. 

 

	E.	 Each Warrant entitles the Holder thereof to receive, upon payment by the Holder of the Exercise Price, and
subject to adjustment and penalties in certain circumstances, one Class A Restricted Voting Share. The Warrants become exercisable commencing on the date that is 65 days following the date of the closing of the Qualifying Transaction (the
“Commencement Time”) (at which time, as the remaining Class A Restricted Voting Shares would under their current terms (as of the date hereof) have been automatically converted into Common Shares, each Warrant would be
exercisable for one Common Share) and terminating at the Expiry Time upon the terms and conditions herein set forth. 

  

	F.	 The Corporation is duly authorized to create and issue the Warrants to be issued as provided herein.

	G.	 All things necessary have been done and performed to make the Warrants, when Authenticated by the Warrant Agent
and issued as provided in this Agreement, legal, valid and binding obligations of the Corporation with the benefits of and subject to the terms of this Agreement. 

 

	H.	 The foregoing recitals are made as representations and statements of fact by the Corporation and not by the
Warrant Agent. 

  

	I.	 The Warrant Agent has agreed to enter into this Agreement and to hold all rights, interests and benefits
contained herein for and on behalf of those Persons who from time to time become holders of Warrants issued pursuant to this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES that for good and valuable consideration mutually given and received, the receipt and sufficiency of which are
hereby acknowledged by each of the Corporation and the Warrant Agent, the Corporation appoints the Warrant Agent as warrant agent to hold all rights, interests and benefits contained in this Agreement for and on behalf of those Persons who from time
to time become holders of Warrants issued pursuant to this Agreement, and the parties hereby covenant, agree and declare as follows: 

ARTICLE 1 

INTERPRETATION 
  

	Section 1.1	 Definitions 

In this Agreement, including the recitals and schedules hereto, the following words and phrases shall have the following meanings: 

“Acceleration Event” shall have the meaning ascribed thereto in Section 4.3; 

“Acquiring Person” shall have the meaning ascribed thereto in Section 5.1(1)(e)(i); 

“Agreement” or “this Agreement” means this warrant agency agreement dated as of the date hereof between the
Corporation and the Warrant Agent; 
 “Articles” means the articles of incorporation of the Corporation dated
August 13, 2018 as amended by the articles of amendment dated September 13, 2018, as may be further amended from time to time; 

“Authenticated” means (a) with respect to the issuance of a Warrant Certificate, one which has been duly signed by the
Corporation and authenticated by manual signature of an authorized officer of the Warrant Agent, and (b) with respect to the issuance of an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures
such that the particulars of such Uncertificated Warrant as required by Section 2.5 are entered in the register of holders of Warrants; and “Authenticate”, “Authenticating” and “Authentication” have
the appropriate correlative meanings; 

  
 - 2 - 

 “Book Entry Participant” means an institution that participates directly or
indirectly in the Depository’s book entry registration system for the Warrants; 
 “Book Entry Warrant” means a Warrant
that is to be held only by or on behalf of the Depository; 
 “Business Day” means any day of the year (prior to 5:00 p.m.
Toronto time), other than a Saturday, Sunday or any day on which the main branches of Canadian chartered banks are closed for regular business in Toronto, Ontario or Calgary, Alberta; 

“Capital Reorganization” shall have the meaning ascribed thereto in Section 5.1(1)(c); 

“CDS” means CDS Clearing and Depository Services Inc., or such other Person as is designated in writing by the Corporation to
act as depository in respect of the Warrants; 
 “CDS Global Warrants” means Warrants representing all or a portion of the
aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate; 

“Certificated Warrant” means a Warrant evidenced by a writing or writings substantially in the form of the Warrant Certificate
attached hereto at Schedule “A”; 
 “Class A Restricted Voting Shares” means the fully paid and
non-assessable Class A restricted voting shares in the capital of the Corporation, forming part of the Class A Restricted Voting Units, as such Class A Restricted Voting Shares are presently
constituted, provided that in the event of any adjustment in accordance with the provisions of Article 5 hereof, “one Class A Restricted Voting Share” shall thereafter mean the shares or other securities or property resulting from
such adjustment; 
 “Class A Restricted Voting Unit” means a Class A restricted voting unit of the
Corporation, each such Class A Restricted Voting Unit consisting of one Class A Restricted Voting Share and one Warrant; 

“Class B Shares” means the fully paid and non-assessable
Class B shares in the capital of the Corporation, forming part of the Class B Units, as such Class A Restricted Voting Shares are presently constituted, provided that in the event any adjustment in accordance with the provisions of
Article 5 hereof, “one Class B Share” shall thereafter mean the shares or other securities or property resulting from such adjustment; 

“Class B Unit” means a Class B unit of the Corporation, each such Class B Unit consisting of one
Class B Share and one Warrant; 
 “Closing of the Offering” means the closing of the offering and sale of an aggregate
of 13,350,000 Class A Restricted Voting Units (together with any Class A Restricted Voting Units that may be sold in connection with a concurrent exercise of the Over-Allotment Option) at a price of $3.00 per Class A Restricted Voting
Unit pursuant to the Prospectus; 

  
 - 3 - 

 “Closing Price” means the closing price of the Shares at the end of each
Trading Day on the Exchange; 
 “Commencement Time” has the meaning ascribed thereto in recital E; 

“Common Shares” means the common shares in the capital of the Corporation expected to be issued and outstanding immediately
after the closing of the Qualifying Transaction, and “Common Share” means any one of them, provided that in the event any adjustment in accordance with the provisions of Article 5 hereof, “Common Shares” shall thereafter
mean the shares or other securities or property resulting from such adjustment, and “Common Share” means any of them; 

“Confirmation” has the meaning ascribed thereto in Section 4.2(5); 

“Convertible Securities” means securities of the Corporation (other than the Warrants) or of any other issuer convertible into
or exchangeable for or otherwise carrying the right to acquire Shares; 
 “Corporation” means Canaccord Genuity Growth
Corp., and includes any Successor Corporation to or of Canaccord Genuity Growth Corp. which has complied with the provisions of Article 9; 

“Corporation’s Auditors” means an independent firm of chartered accountants duly appointed as auditors of the
Corporation, and as of the date hereof, means Deloitte LLP; 
 “Counsel” means Blake, Cassels & Graydon LLP or a
barrister or solicitor or a firm of barristers or solicitors, who may be counsel for the Corporation, acceptable to the Warrant Agent, acting reasonably; 

“Current Market Price” in respect of a Share at any date means the VWAP for the 20 consecutive Trading Days ending on the
fifth Trading Day before such date on the Exchange or, if the Shares are not then listed on the Exchange, then on such other stock exchange on which the Shares are then listed as may be selected by the Directors or, if the Shares are not then listed
on a stock exchange, on the over-the-counter market; provided that, if there is no market for the Shares during all or part of such period during which the Current
Market Price thereof would otherwise be determined, the Current Market Price in respect of a Share shall in respect of all or such part of the period be determined by a nationally recognized accounting firm chosen by the Corporation; 

“Depository” means CDS or its successor, or any other depository offering a book based securities registration and transfer
system similar to that administered by CDS which the Corporation, acting reasonably, may designate; 
 “Designated
Jurisdictions” means all of the provinces and territories of Canada, other than the Province of Quebec, being the jurisdictions agreed to between the Corporation and the Underwriters where the Units are to be sold pursuant to the Offering;

 “Detachment Date” has the meaning ascribed thereto in Section 2.4(1); 

  
 - 4 - 

 “Director” means a director of the Corporation and “Directors”
or “Board of Directors” means the board of directors of the Corporation or, whenever duly empowered, a committee of the board of directors of the Corporation; 

“Dividends” means dividends or distributions (payable in cash or in securities, property or assets of equivalent value, as
determined by the Board of Directors) declared payable on the Shares; 
 “Equity Shares” means the Shares (which for greater
certainty, under their current terms (as of the date hereof), following the closing of the Qualifying Transaction, means the Common Shares) and any shares of any other class or series of the Corporation which may, from time to time, be authorized
for issue if by their terms such shares confer on the holders thereof the right to participate in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation beyond a fixed sum or a fixed
sum plus accrued Dividends; 
 “Escrow Funds” means funds equal to the dollar amount of the gross proceeds from the sale of
the Class A Restricted Voting Units sold in connection with the Offering (and any interest or other amounts subsequently earned on such proceeds, and any other amounts subsequently raised and placed in escrow pursuant to permitted future
issuance(s) by the Corporation of additional securities, together with any interest or other amounts subsequently earned thereon) held by the Warrant Agent, in its capacity as escrow agent, in a segregated trust account; 

“Excess Amount” means, with respect to any Extraordinary Dividend, the aggregate absolute dollar value of such Extraordinary
Dividend per Share (as determined by the Board of Directors in the case of non-cash dividends), less the Extraordinary Dividend Threshold; 

“Exchange” means the Aequitas NEO Exchange Inc., or any successor, assign or replacement exchange on which any of the
Corporation’s securities are listed from time to time; 
 “Exercise Date” means, with respect to any Warrant, the date
on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 4; 
 “Exercise Form”
has the meaning ascribed thereto in Section 4.2(1); 
 “Exercise Price” has the meaning ascribed thereto in
Section 4.2(1); 
 “Expiry Date” means, with respect to any Warrant, five years after the date of completion of a
Qualifying Transaction of the Corporation, provided that if such date is not a Business Day, the Expiry Date will be the next succeeding Business Day, further provided that if a Qualifying Transaction of the Corporation is not consummated during the
Permitted Timeline, the Expiry Date shall be the last date of the Permitted Timeline, and further provided that if an Acceleration Event occurs and the Corporation accelerates the Expiry Date in accordance with Section 4.3, the Expiry Date
shall be determined in accordance with Section 4.3; 

  
 - 5 - 

 “Expiry Time” means 5:00 p.m. (Toronto time) on the Expiry Date; 

“Extraordinary Dividend” means any dividend, together with all other Dividends payable in the same calendar year, that has an
aggregate absolute dollar value (as determined by the Board of Directors in the case of non-cash dividends) which is greater than the Extraordinary Dividend Threshold; 

“Extraordinary Dividend Threshold” means $0.075 per Share, unless such threshold shall have been adjusted in accordance with
the provisions of Article 5, in which case it shall mean the adjusted threshold in effect at such time; 
 “Extraordinary
Resolution” has the meaning ascribed thereto in Section 10.12 and Section 10.15; 
 “holders” without
reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository and includes owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book Entry
Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of the Warrants outstanding at such time; 

“Holders” means the Persons, from time to time, who are registered owners of the Warrants, as such names appear on the
register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent; 

“Holders’ Request” means an instrument signed in one or more counterparts by Holders of not less than 25% of the
aggregate number of the Warrants then outstanding, requesting the Warrant Agent to take some action or proceeding specified therein; 

“Internal Procedures” means in respect of the making of any one or more entries to, changes in or deletions of any one or more
entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s internal procedures customary at such time for the entry, change or
deletion made to be complete under the operating procedures followed at the time by the Warrant Agent; 
 “Offered Shares”
has the meaning ascribed thereto in Section 5.2(1); 
 “Offering” means the offering and sale of an aggregate of
13,350,000 Class A Restricted Voting Units at a price of $3.00 per Class A Restricted Voting Unit, plus up to an additional 2,002,500 Class A Restricted Voting Units at a price of $3.00 per Class A Restricted Voting Unit pursuant
to the Over-Allotment Option; 
 “Officer’s Certificate” means a certificate signed by any one or more of the officers
of the Corporation or Directors; 
 “Over-Allotment Option” means the
non-transferable option granted by the Corporation to the Underwriters to purchase up to an additional 2,002,500 Class A Restricted Voting 

  
 - 6 - 

 
Units (being 15% of the aggregate number of Class A Restricted Voting Units issued upon the Closing of the Offering), at a price of $3.00 per Class A Restricted Voting Unit, exercisable
for a period of 30 days from the Closing of the Offering, to cover overallotments, if any, and for market stabilization purposes; 

“Participant” means a Person recognized by the Depository as a participant in the book entry only securities registration and
transfer system administered by the Depository; 
 “Permitted Timeline” means the allowable time period within which the
Corporation must consummate its Qualifying Transaction, being 21 months from the Closing of the Offering (or 24 months from the Closing of the Offering if the Corporation has executed a letter of intent, agreement in principle or definitive
agreement for a Qualifying Transaction within 21 months from the Closing of the Offering but has not completed the Qualifying Transaction within such 21-month period), as it may be extended as described in the
Prospectus; 
 “Person” includes any individual, corporation, company, partnership, association, joint venture, trust,
unincorporated association, government or governmental authority; 
 “Prices” has the meaning ascribed thereto in
Section 5.3(1); 
 “Privacy Laws” has the meaning ascribed thereto in Section 12.15; 

“Prospectus” has the meaning ascribed thereto in recital B; 

“Qualified Institutional Buyer” means a “qualified institutional buyer” within the meaning of Rule 144A under the
U.S. Securities Act; 
 “Qualifying Transaction” means a “Qualifying Transaction” within the meaning of the
Exchange Listing Manual (as amended from time to time, and subject to any exemptive relief granted by the Exchange); 

“register” means the one set of records and accounts maintained by the Warrant Agent pursuant to Section 2.7; 

“Regulation S” means Regulation S promulgated under the U.S. Securities Act; 

“Rights Offering” has the meaning ascribed thereto in Section 5.2(1); 

“SEC” means the United States Securities and Exchange Commission; 

“Securities Commissions” means the securities commission or other similar regulatory authority in each of the Designated
Jurisdictions; 
 “Securities Laws” means, as applicable, the securities laws, regulations, rules, rulings and orders in
each of the Designated Jurisdictions, the published policy statements issued by the Securities Commissions and the rules of the Exchange, as each may be amended from time to time; 

  
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 “Share Reorganization” shall have the meaning ascribed thereto in
Section 5.1(1)(a); 
 “Shares” means the Class A Restricted Voting Shares for which the Warrants are conferred the
right to acquire, provided that under their current terms (as of the date hereof), following the closing of the Qualifying Transaction of the Corporation, any issued and outstanding Class A Restricted Voting Shares remaining and any
Class B Shares will automatically convert into Common Shares, and all references to “Shares” herein would accordingly thereafter mean the Common Shares (as the context requires), and provided that in the event of any adjustment
in accordance with the provisions of Article 5 hereof, “Shares” shall thereafter mean the shares or other securities or property resulting from such adjustment, and “Share” means any one of them; 

“Special Distribution” has the meaning ascribed thereto in Section 5.2(2); 

“Sponsor” means CG Investments Inc.; 

“Subsidiary” shall have the meaning ascribed thereto in the Securities Act (Ontario); 

“Successor Corporation” has the meaning ascribed thereto in Section 9.1; 

“Tax Act” means the Income Tax Act (Canada), as amended from time to time; 

“Trading Day” means any day on which the Exchange (or such other exchange on which the Shares are listed and which forms the
primary trading market for the Shares) is open for trading; 
 “Uncertificated Warrant” means any Warrant which is not a
Certificated Warrant; 
 “Underwriters” means, collectively, Canaccord Genuity Corp. and Cormark Securities Inc.; 

“Unit Certificate” means a unit certificate evidencing the Class A Restricted Voting Units or Class B Units, as
applicable; 
 “United States” means the United States of America, its territories and possessions, any state of the United
States and the District of Colombia; 
 “Units” means, collectively, the Class A Restricted Voting Units and
Class B Units; 
 “U.S. Person” means a “U.S. person” as such term is defined in Regulation S under
the U.S. Securities Act; 
 “U.S. Private Placement Memorandum” means the final U.S. private placement memorandum which
contains the Prospectus pursuant to which a Qualified Institutional Buyer purchased Class A Restricted Voting Units in the Offering; 

“U.S. Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder; 

  
 - 8 - 

 “U.S. Securities Exchange Act” means the United States Securities
Exchange Act of 1934, as amended; 
 “VWAP” means the volume weighted average trading price of the Shares on the
Exchange or such other principal stock exchange on which the Shares are trading, calculated by dividing the total value by the total volume of Shares traded for the relevant period; 

“Warrant Acceleration Threshold Price” means $7.20 per Share, unless such price shall have been adjusted in accordance with
the provisions of Article 5, in which case it shall mean the adjusted price in effect at such time; 
 “Warrant Agency”
means the principal transfer office of the Warrant Agent in the City of Calgary, Alberta and such other locations as the Corporation may designate with the approval of the Warrant Agent; 

“Warrant Agent” means Odyssey Trust Company or its successor or successors for the time being as warrant agent appointed
hereunder, at its principal office in the City of Calgary, Alberta; 
 “Warrant Certificate” means a certificate,
substantially in the form set forth in Schedule “A” hereto, to evidence those Warrants that will be evidenced by a certificate; 

“Warrant Redemption Price” means $0.03 per Warrant; 

“Warrants” means the 14,183,333 share purchase warrants (or 16,185,833 share purchase warrants if the Over-Allotment Option is
exercised in full) of the Corporation created and issued hereunder (together with additional Warrants pursuant to further issuances by the Corporation after the closing date of the Qualifying Transaction of the Corporation, if applicable), and for
the time being outstanding entitling registered holders thereof to acquire, upon the valid exercise thereof and subject to adjustment in certain circumstances, one Share in accordance with the terms hereof, and “Warrant” means any
one of them; 
 “written order of the Corporation”, “written request of the Corporation”, “written consent of the
Corporation” and “certificate of the Corporation” means, respectively, a written order, request, consent and certificate signed in the name of the Corporation by any one or more of the officers of the Corporation or
Directors and may consist of one or more instruments so executed and any other documents referred to herein which is required or contemplated to be provided or given by the Corporation; 

and a derivative of any defined word or phrase has the meaning appropriate to the derivation of the word or phrase. 

  
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	Section 1.2	 Meaning of “Outstanding” for Certain Purposes 

Except as provided in Section 4.7, every Warrant Certificate countersigned and delivered by the Warrant Agent under this Agreement shall be deemed to be
outstanding until it has been surrendered to the Warrant Agent pursuant to this Agreement, provided however that: 
  

	(1)	 a Warrant Certificate that has been partially redeemed, exercised or exchanged shall be deemed to be
outstanding only to the extent of the unredeemed, unexercised or unexchanged, as the case may be, part of the Warrants evidenced thereby; 

  

	(2)	 where a Warrant Certificate has been issued in substitution for a Warrant Certificate that has been lost,
stolen or destroyed, only one of them shall be counted for the purpose of determining the Warrants outstanding; and 

  

	(3)	 for the purpose of any provision of this Agreement entitling Holders of outstanding Warrants to vote, sign
consents, requests or other instruments or take any other action under this Agreement, Warrants owned legally or beneficially by the Corporation or any Subsidiary shall be disregarded, except that: 

 

	 	(a)	 for the purpose of determining whether the Warrant Agent will be protected in relying on any vote, consent,
request or other instrument or other action, only the Warrants of which the Warrant Agent has notice that they are so owned shall be so disregarded; and 

  

	 	(b)	 Warrants so owned that have been pledged in good faith other than to the Corporation or any Subsidiary of the
Corporation shall not be so disregarded if the pledgee establishes to the satisfaction of the Warrant Agent the pledgee’s right to vote the Warrants in the pledgee’s discretion free from the control of the Corporation or any Subsidiary of
the Corporation pursuant to the terms of the pledge. 

  

	Section 1.3	 Certain Rules of Interpretation 

Unless otherwise specified in this Agreement: 
  

	(1)	 words importing the singular number include the plural and vice versa; 

 

	(2)	 words importing gender include both genders and vice versa and words importing individuals include firms and
corporations and vice versa; 

  

	(3)	 the words “hereto”, “herein”, “hereby”, “hereunder”, “hereof’
and similar expressions used herein refer to this instrument and not to any particular article, section, clause, subdivision or other portion hereof, and include each instrument supplemental or ancillary hereto or required to implement this
instrument; 

  

	(4)	 “in writing” or “written” includes printing, typewriting or any electronic means of
communication capable of being visibly reproduced at the point of reception, including telecopy and scan (in PDF format); 

  
 - 10 - 

	(5)	 “including” is used for illustration only and not to limit the generality of any preceding words,
whether or not non-limiting language (such as, “without limitation”, “but not limited to” and similar expressions) is used with reference thereto; and 

 

	(6)	 reference to any statute, regulation or by-law includes amendments,
consolidations, re-enactments and replacements thereof and instruments and legislation thereunder. 

  

	Section 1.4	 Interpretation not Affected by Headings, etc. 

The division of this Agreement into articles, sections and other subdivisions, the inclusion of a table of contents and the insertion of headings are for
convenience of reference only and do not affect the construction or interpretation of this Agreement. 
  

	Section 1.5	 Applicable Law 

This Agreement, the Warrants and the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in
English) shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Any and all disputes arising under this Agreement, the Warrants and the Warrant Certificates,
whether as to interpretation, performance or otherwise, shall be subject to the exclusive jurisdiction of the courts of the Province of Ontario and each of the parties hereto irrevocably attorns to the jurisdiction of the courts of such Province.

  

	Section 1.6	 Language Clause 

The parties hereto have required that this Agreement and all documents and notices related thereto or resulting therefrom be drawn up in the English language.
Les parties ont expressément demandé que la présente convention ainsi que tout autre document à être ou pouvant être donné ou conclu en vertu des dispositions des présentes, soient
rédigés en langue anglaise seulement. 
  

	Section 1.7	 Day Not A Business Day 

If any day on or before which any action or notice is required to be taken or given hereunder is not a Business Day, then such action or notice shall be
required to be taken or given on or before the requisite time on the next succeeding day that is a Business Day. 
  

	Section 1.8	 Conflict 

In the event of a conflict or inconsistency between a provision of this Agreement and in the Warrant Certificates issued hereunder, the relevant provision in
this Agreement shall prevail to the extent of the inconsistency. 
  

	Section 1.9	 Time Of The Essence 

Time shall be of the essence of this Agreement, the Warrants and the Warrant Certificates. 

  
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 11
 - 

	Section 1.10	 Currency 

Except as otherwise stated, all dollar amounts herein are expressed in Canadian dollars. 

 

	Section 1.11	 Severability 

In the event that any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination shall not affect such
provision in any other respect or any other provision of this Agreement, all of which shall remain in full force and effect. 
  

	Section 1.12	 Schedules 

Each of Schedule “A”, Schedule “B” and Schedule “C” to this Agreement is incorporated into this Agreement by reference. 

ARTICLE 2 
 ISSUE OF
WARRANTS 
  

	Section 2.1	 Creation and Issue of Warrants 

 

	(1)	 The Warrant Agent is hereby appointed as warrant agent in respect of the Warrants. 

 

	(2)	 Subject to the terms and conditions of this Agreement, a total of 14,183,333 Warrants (or 16,185,833 Warrants
if the Over-Allotment Option is exercised in full) entitling the holders thereof to acquire up to 14,183,333 Shares (or 16,185,833 Shares if the Over-Allotment Option is exercised in full) are hereby created (together with additional Warrants
pursuant to further issuances by the Corporation after the closing date of the Qualifying Transaction of the Corporation, if applicable) and authorized to be issued hereunder upon the terms and conditions herein set forth and shall be executed. For
greater certainty, the number of Warrants authorized to be issued hereunder shall be unlimited. 

  

	Section 2.2	 Terms of Warrants 

 

	(1)	 The Warrants shall be issued hereunder in accordance with the direction provided to the Warrant Agent pursuant
to Section 2.5 and Section 2.6 hereof. 

  

	(2)	 Upon the valid exercise of the Warrants after the Commencement Time and prior to the Expiry Time in accordance
with Section 4.2 hereof, including payment of the Exercise Price in connection therewith, each Warrant shall entitle the Holder to acquire, subject to adjustment in accordance with Article 5 hereof, one Share. 

 

	(3)	 All Warrants shall, save as to denominations, be of like tenor and effect. No certificate or other forms of
ownership statement evidencing fractional Warrants shall be issued or otherwise provided for. 

  

	(4)	 The number of Shares which may be acquired pursuant to the exercise of the Warrants shall be adjusted in the
events and in the manner specified in Article 5. 

  
  -
 12
 - 

	(5)	 All Warrants shall rank pari passu, or equally, and without preference over each other, whatever may be
the actual date of issue thereof. 

  

	(6)	 The Warrants and any rights thereunder shall expire in accordance with the provisions of Section 4.7.

  

	(7)	 All Warrants need not be issued at the same time and may be issued from time to time, consistent with the terms
of this Agreement, if so provided herein, by or pursuant to such resolution of the Board of Directors or in an agreement supplemental hereto. 

  

	Section 2.3	 Holder Not A Shareholder 

Except as may be specifically provided herein or in the Warrant Certificates, nothing in this Agreement or in holding of a Warrant Certificate, entitlement to
a Warrant or otherwise, shall be construed as conferring upon a holder or a Holder any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend,
meetings of shareholders or any other proceedings of the Corporation, or the right to receive Dividends and other distributions. 
  

	Section 2.4	 Detachment Date and Detachability of Warrants 

 

	(1)	 The Shares and Warrants forming part of the Class A Restricted Voting Units shall begin separate trading
on the Exchange on a date determined by the Exchange, that is either the second or third Business Day following completion of the Qualifying Transaction (the “Detachment Date”). 

 

	(2)	 Prior to the close of business on the Detachment Date, the Warrants forming part of the Class A Restricted
Voting Units shall be issued through the book entry registration system and no certificates will be issued in respect of such Warrants, except where physical certificates evidencing ownership in such securities are required, or as set out in
Section 2.5 or Section 2.13, or as may be requested by the Depository, as determined by the Corporation, from time to time. Prior to the Detachment Date, the Warrants forming part of the Class B Units will be issued in the form of a
Unit Certificate. 

  

	(3)	 After the Detachment Date, the Warrant Certificates in definitive form authorized in Section 2.5 shall be
created and shall be executed by the Corporation and shall be duly Authenticated by the Warrant Agent, in accordance with Section 2.5. After the Detachment Date, the Uncertificated Warrants authorized in Section 2.6 shall be evidenced by a
book position on the register of holders to be maintained by the Warrant Agent in accordance with Section 2.7. 

  

	(4)	 Following the Detachment Date, by written order of the Corporation, the Warrant Agent shall deliver Warrant
Certificates to Holders and record the name of the Holders on the Warrant register. Registration of interests in Warrants held by the Depository may be evidenced by a book position appearing on the register of the Warrant Agent for an amount
representing the aggregate number of such Warrants outstanding from time to time. 

  
  -
 13
 - 

	(5)	 Prior to the close of business on the Detachment Date, the Class A Restricted Voting Units sold in
connection with the Offering and consisting of one Class A Restricted Voting Share and one Warrant, subject to certain exceptions as set out in Section 2.5, shall be evidenced only by electronic registration through the non-certificated inventory (NCI) system of CDS (or another Depository), which may include Class A Restricted Voting Units offered and sold to Qualified Institutional Buyers in the Offering, and which shall be
combined, exchanged or transferred upon the records of the Corporation’s transfer agent and/or Depository, as applicable, only with a Class A Restricted Voting Share, subject to applicable law. Prior to the close of business on the
Detachment Date, the Class B Units sold (consisting of one Class B Share and one Warrant); shall be evidenced only by Unit Certificates, and which may be combined, exchanged or transferred upon the records of the Corporation’s
transfer agent, Depository and/or the Corporation, only with a Class B Share, subject to applicable law. The right to receive the Class A Restricted Voting Shares and Warrants underlying the Class A Restricted Voting Units, and the
Class B Shares and Warrants underlying the Class B Units, may not be split up, combined, exchanged or transferred separately upon the records of the Corporation’s transfer agent or the Corporation prior to the close of business on the
Detachment Date. 

  

	(6)	 Each Unit Certificate shall bear a legend on its face in substantially the following form, depending on whether
issued for a Class A Restricted Voting Unit or a Class B Unit, as applicable: 

 “Prior to the completion of
the Qualifying Transaction, this certificate evidences [Class A Restricted Voting Units consisting of one Class A restricted voting share and one share purchase warrant] [Class B Units consisting of one
Class B share and one share purchase warrant], which may not be transferred separately. Following the completion of the Qualifying Transaction and the conversion of the [Class A Restricted Voting Shares] [Class B Shares]
into Common Shares this certificate shall no longer represent [Class A Restricted Voting Units] [Class B Units] but shall solely evidence the number of Common Shares set forth herein. See reverse for further details.” 

 

	(7)	 Each Unit Certificate shall bear a legend on its reverse side in substantially the following form, as
applicable: 

 “Prior to the completion of the Qualifying Transaction (“Detachment Date”), this
certificate evidences [Class A Restricted Voting Units consisting of one Class A restricted voting share (“Class A Restricted Voting Share”) and one share purchase warrant (“Warrant”)]
[Class B Units consisting of one Class B share (“Class B Share”) and one share purchase warrant (“Warrant”)], which may be combined, redeemed, exchanged or transferred only with [Class
A Restricted Voting Shares] [Class B Shares] upon the records of the transfer agent, or of Canaccord Genuity Growth Corp., and the [Class A Restricted Voting Shares] [Class B Shares] evidenced by this certificate may not be split 

  
  -
 14
 - 

 up, combined, redeemed, exchanged or transferred separately. Following the Detachment Date,
the holder of record of this certificate will be mailed a definitive Warrant Certificate evidencing his, her or its ownership of the Warrants represented hereby; after the Detachment Date, and the conversion of the Class A Restricted Voting
Shares and Class B Shares into Common Shares, this certificate shall no longer represent the [Class A Restricted Voting Units] [Class B Units], but shall solely evidence the number of Common Shares set forth herein. The number of
Warrants evidenced hereby equals the number of [Class A Restricted Voting Shares] [Class B Shares] evidenced hereby. No fractional Warrant Certificates will be issued and the holder hereof shall not be entitled to any cash or other
consideration in lieu of interest in, or claim to, any fraction of a Warrant. By acceptance hereof, the holder expressly waives any right to receive a fractional Share upon exercise of the right represented by a Warrant Certificate. The holder may,
but need not, submit this certificate after the Detachment Date to the transfer agent or to Canaccord Genuity Growth Corp. for issuance of a new certificate (without legends) solely evidencing Common Shares in substitution for this certificate. By
acceptance hereof, the holder expressly assents to the provisions of the Warrant Agency Agreement dated as of September 20, 2018 between Canaccord Genuity Growth Corp. and Odyssey Trust Company, and agrees to be bound by its terms.” 

 

	(8)	 The Corporation shall maintain a list of all registered holders of Unit Certificates and will, subject to
Section 2.2(3), cause the Warrant Agent to mail or deliver Warrant Certificates evidencing Warrants to the Holders of the Unit Certificates as of the close of business on the Detachment Date within seven Business Days after the Detachment Date.

  

	(9)	 After the Detachment Date, the Unit Certificates shall cease to represent the Units, but shall instead
represent only that amount of Shares indicated thereon. After distribution of definitive Warrant Certificates, Warrants represented thereby may be transferred by delivery alone without regard to the Shares, as applicable, with which they were
originally sold. 

  

	(10)	 The Corporation will not be obligated to issue any fraction of a Warrant after the Detachment Date, and any
Warrants which a Holder is entitled to receive after the Detachment Date shall be rounded down to the nearest whole number. 

  

	Section 2.5	 Form of Warrants, Certificated Warrants 

 

	(1)	 The Warrants may be issued in both certificated and uncertificated form. All Warrants issued to the Depository
may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a book position on the register of Holders to be maintained by the Warrant Agent in accordance with Section 2.7. Notwithstanding anything to the
contrary in this Agreement, subject to Securities Laws, the CDS Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation. 

  
  -
 15
 - 

	(2)	 For those Warrants that will be evidenced by a certificate, the form of certificate representing Warrants shall
be substantially as set out in Schedule “A” hereto or such other form as is authorized from time to time by the Corporation and the Warrant Agent, shall be dated as of the Detachment Date (including all replacements issued in accordance
with this Agreement), shall bear such distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. Irrespective of any adjustments
pursuant to Article 5 hereof, all replacement Warrant Certificates shall continue to express the number of Shares purchasable upon the exercise of the Warrant(s) evidenced thereby and the Exercise Price thereof as if such Warrant Certificates were
initially issued as of the Detachment Date pursuant hereto. Upon the written order of the Corporation, each Warrant Certificate shall be Authenticated manually on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by either of the
Chief Executive Officer, Chairman, or Chief Financial Officer of the Corporation whose signature shall appear on the Warrant Certificate and may be printed, lithographed or otherwise mechanically reproduced thereon and, in such event, certificates
so signed are as valid and binding upon the Corporation as if it had been signed manually. Any Warrant Certificate which has the applicable signatures as hereinbefore provided shall be valid notwithstanding that one or more of the persons whose
signature is printed, lithographed or mechanically reproduced no longer holds office at the date of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly in another, as the
Warrant Agent may determine. 

  

	(3)	 Upon the written order of the Corporation, the Warrant Agent shall Authenticate Uncertificated Warrants
(whether upon original issuance, exchange, registration of transfer, partial payment or otherwise) by completing its Internal Procedures and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly
issued such Uncertificated Warrants under this Agreement. Such Authentication shall be conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and that the Holder or Holders are entitled to the benefits of this Agreement.
The register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this Agreement requires the Warrant Agent to maintain records or accounts. In case of differences between the register at
any time and any other time, the register at the later time shall be controlling, absent manifest error and such Uncertificated Warrants are binding on the Corporation. 

 

	(4)	 Any Warrant Certificate validly issued in accordance with the terms of this Agreement in effect at the time of
issue of such Warrant Certificate shall, subject to the terms of this Agreement and applicable Securities Laws, validly entitle the holder to acquire Shares, notwithstanding that the form of such Warrant Certificate may not be in the form currently
required by this Agreement. 

  

	(5)	 No Warrant shall be considered issued and shall be valid or obligatory or shall entitle the Holder thereof to
the benefits of this Agreement, until it has been Authenticated by the Warrant Agent. Authentication by the Warrant Agent shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Agreement or of such
Warrant Certificates or Uncertificated Warrants (except the due Authentication 

  
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thereof) or as to the performance by the Corporation of its obligations under this Agreement, and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or
any of them or of the consideration thereof. Authentication by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued hereunder and that the Holder thereof is entitled to
the benefits of this Agreement. 

  

	(6)	 No Certificated Warrant shall be considered issued and Authenticated or, if Authenticated, shall be obligatory
or shall entitle the Holder thereof to the benefits of this Agreement, until it has been Authenticated by manual signature by or on behalf of the Warrant Agent substantially in the form of the Warrant Certificate set out in Schedule “A”
hereto. Such Authentication on any such Certificated Warrant shall be conclusive evidence that such Certificated Warrant is duly Authenticated and is valid and a binding obligation of the Corporation and that the Holder is entitled to the benefits
of this Agreement. The Authentication by the Warrant Agent on any such Certificated Warrant hereunder shall not be construed as a representation or warranty by the Warrant Agent as to the validity of this Agreement or of such Warrant or its issuance
(except the due Authentication thereof and any other warranties by law) or as to the performance by the Corporation of its obligations under this Agreement and the Warrant Agent shall in no respect be liable or answerable for the use made of the
Warrants or any of them or the proceeds thereof. 

  

	(7)	 No Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle the Holder
thereof to the benefits of this Agreement, until it has been Authenticated by entry on the register of the particulars of the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant shall be conclusive
evidence that such Uncertificated Warrant is a valid and binding obligation of the Corporation and that the holder is entitled to the benefits of this Agreement. Authenticating by way of entry on the register shall not be construed as a
representation or warranty by the Warrant Agent as to the validity of this Agreement or of such Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations under this Agreement and the Warrant
Agent shall in no respect be liable or answerable for the use made of the Uncertificated Warrants or any of them or the proceeds thereof. 

  

	(8)	 All Warrants issued to Qualified Institutional Buyers may be issued in either certificated or uncertificated
form. All Warrants issued to holders of Class B Units will be issued in certificated form. 

  

	Section 2.6	 Book Entry (Non-Certificated Inventory) Warrants

  

	(1)	 Re-registration of beneficial interests in, and transfers of, Warrants
held by the Depository shall be made only after the Detachment Date through the book entry registration system and no Warrant Certificates shall be issued in respect of such Warrants except where physical certificates evidencing ownership in such
securities are required or as set out herein or as may be requested by the Depository, as determined by the Corporation, from time to time. 

  
 - 17 - 

	(2)	 Notwithstanding any other provision in this Agreement, no CDS Global Warrants may be exchanged in whole or in
part for Warrants registered, and no transfer of any CDS Global Warrants in whole or in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless: 

 

	 	(a)	 the Depository notifies the Corporation that it is unwilling or unable to continue to act as depository in
connection with the Warrants and the Corporation is unable to locate a qualified successor; 

  

	 	(b)	 the Corporation determines that the Depository is no longer willing, able or qualified to discharge properly
its responsibilities as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified successor; 

  

	 	(c)	 the Depository ceases to be a clearing agency or otherwise ceases to be eligible to be a depository and the
Corporation is unable to locate a qualified successor; 

  

	 	(d)	 the Corporation determines that the Warrants shall no longer be held as Uncertificated Warrants through the
Depository; 

  

	 	(e)	 such right is required by applicable law, as determined by the Corporation and the Corporation’s counsel;
or 

  

	 	(f)	 the Warrant is to be Authenticated to or for the account or benefit of a person in the United States or a U.S.
Person and such registration is determined to be necessary by the Corporation and the Corporation’s counsel, 

following which, Warrants for those holders requesting the same shall be registered to the beneficial owners of such Warrants or their nominees
as directed by the holder. The Corporation shall provide an Officer’s Certificate giving notice to the Warrant Agent of the occurrence of any event outlined in this Section 2.6(2). 

 

	(3)	 Subject to the provisions of this Section 2.6, any exchange of CDS Global Warrants for Warrants which are
not CDS Global Warrants may be made in whole or in part in accordance with the provisions of Section 2.12, mutatis mutandis. All such Warrants issued in exchange for a CDS Global Warrant or any portion thereof shall be registered in such
names as the Depository for such CDS Global Warrants shall direct and shall be entitled to the same benefits and subject to the same terms and conditions (except insofar as they relate specifically to CDS Global Warrants) as the CDS Global Warrants
or portion thereof surrendered upon such exchange. 

  

	(4)	 Every Warrant that is Authenticated upon registration or transfer of a CDS Global Warrant, or in exchange for
or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section 2.6, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the name of a person
other than the Depository for such CDS Global Warrant or a nominee thereof. 

  
 - 18 - 

	(5)	 Notwithstanding anything to the contrary in this Agreement, subject to applicable law, the CDS Global Warrant
will be issued as an Uncertificated Warrant, unless otherwise requested in writing by the Depository or the Corporation. 

  

	(6)	 The rights of beneficial owners of Warrants who hold securities entitlements in respect of the Warrants through
the book entry registration system shall be limited to those established by applicable law and agreements between the Depository and the Book Entry Participants and between such Book Entry Participants and the beneficial owners of Warrants who hold
securities entitlements in respect of the Warrants through the book entry registration system, and such rights must be exercised through a Book Entry Participant in accordance with the rules and procedures of the Depository. 

 

	(7)	 Notwithstanding anything herein to the contrary, neither the Corporation nor the Warrant Agent nor any agent
thereof shall have any responsibility or liability for: 

  

	 	(a)	 the electronic records maintained by the Depository relating to any ownership interests or any other interests
in the Warrants or the depository system maintained by the Depository, or payments made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in the book entry registration
system (other than the Depository or its nominee); 

  

	 	(b)	 maintaining, supervising or reviewing any records of the Depository or any Book Entry Participant relating to
any such interest; or 

  

	 	(c)	 any advice or representation made or given by the Depository or those contained herein that relate to the rules
and regulations of the Depository or any action to be taken by the Depository on its own direction or at the direction of any Book Entry Participant. 

  

	(8)	 The Corporation may terminate the application of this Section 2.6 in its sole discretion in which case all
Warrants shall be evidenced by Warrant Certificates registered in the name of a person other than the Depository. 

  

	Section 2.7	 Register for Warrants 

 

	(1)	 The Warrant Agent shall maintain records and accounts concerning the Warrants, whether certificated and
uncertificated, which shall contain the information called for below with respect to each Warrant, together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall be kept in one
set of accounts and records which the Warrant Agent shall designate (in such manner as shall permit it to be so identified as such by an unaffiliated party) as the register of the holders of Warrants. The information to be entered for each account
in the register of Warrants at any time shall include (without limitation): 

  

	 	(a)	 the name and address of the Holder of the Warrants, the date of Authentication thereof and the number Warrants;

  
 - 19 - 

	 	(b)	 whether such Warrant is a Certificated Warrant or an Uncertificated Warrant and, if a Certificated Warrant, the
unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique number or code assigned thereto, if any; 

  

	 	(c)	 whether such Warrant has been cancelled; and 

 

	 	(d)	 a register of transfers in which all transfers of Warrants and the date and other particulars of each transfer
shall be entered. 

  

	(2)	 The register or registers, as applicable, shall be available for inspection by the Corporation and or any
holder during the Warrant Agent’s regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any holder exercising such right of inspection shall first provide an affidavit in form satisfactory to the
Corporation and the Warrant Agent stating the name and address of the holder and agreeing not to use the information therein except in connection with an effort to call a meeting of holders or to influence the voting of holders at any meeting of
holders. 

  

	Section 2.8	 Issue in Substitution for Lost Warrant Certificate 

 

	(1)	 If any of the Warrant Certificates shall become mutilated or lost, destroyed or stolen, the Corporation,
subject to applicable law and to Section 2.8(2), shall issue and thereupon, at the written direction of the Corporation, the Warrant Agent shall countersign and deliver a new Warrant Certificate of like date and tenor as the one mutilated,
lost, destroyed or stolen upon surrender and in place of and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed or stolen Warrant Certificate, and the substituted Warrant Certificate
shall be in a form approved by the Warrant Agent and shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrant Certificates issued or to be issued hereunder. 

 

	(2)	 The applicant for the issue of a new Warrant Certificate pursuant to this Section 2.8 shall bear the
reasonable cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Corporation and to the Warrant Agent evidence of ownership and of the loss, destruction or theft of
the Warrant Certificate so lost, destroyed or stolen satisfactory to the Warrant Agent and the Corporation in their sole discretion, acting reasonably, and such applicant may also be required to furnish an indemnity and/or surety bond in amount and
form satisfactory to the Warrant Agent in its sole discretion, acting reasonably, and shall pay the reasonable charges of the Corporation and the Warrant Agent in connection therewith. 

 

	Section 2.9	 Transfer and Ownership of Warrants 

 

	(1)	 The Warrants may be transferred on the register kept at the Warrant Agency by the holder or its legal
representatives or its attorney duly appointed by an instrument in writing in form and manner of execution satisfactory to the Warrant Agent, acting reasonably, only upon (a) in the case of a Warrant Certificate, surrendering to the Warrant
Agent at the Warrant Agency (or at any other place that is designated by the 

  
 - 20 - 

	 	
Corporation with the approval of the Warrant Agent) the Warrant Certificates representing the Warrants to be transferred together with a duly executed transfer form as set forth in Schedule
“A” hereto, (b) in the case of Book Entry Warrants, in accordance with procedures prescribed by the Depository under the book entry registration system, and (c) upon compliance with: 

 

	 	(a)	 the conditions herein; 

 

	 	(b)	 such requirements as the Warrant Agent may reasonably prescribe; and 

 

	 	(c)	 all applicable securities legislation and requirements of regulatory authorities, 

and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall
issue to the transferee a Warrant Certificate, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated, and Warrants that are held as Book Entry Warrants shall be
transferred and recorded through the relevant Book Entry Participant in accordance with the book entry registration system as the entitlement holder in respect of such Warrants. 

 

	(2)	 Subject to the provisions of this Agreement, and applicable law, the holder shall be entitled to the rights and
privileges attaching to the Warrants, and the issue of Shares (or other security issued in accordance with Article 5) by the Corporation upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all
responsibilities of the Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder. 

 

	Section 2.10	 Transferee Entitled to Registration 

 

	(1)	 The transferee of a Warrant shall, after the transfer form attached to the Warrant Certificate is duly
completed and the Warrant Certificate and transfer form are lodged with the Warrant Agent, and upon compliance with all other conditions in that regard required by this Agreement and by all applicable securities legislation and requirements of
regulatory authorities, be entitled to have his, her or its name entered on the register as the owner of such Warrant, free from all equities or rights of set-off or counterclaim between the Corporation and
his, her or its transferor or any previous holder of such Warrant, save in respect of equities of which the Corporation or the transferee is required to take notice by statute or by order of a court of competent jurisdiction. 

 

	(2)	 Upon compliance with all such applicable requirements, the Warrant Agent shall issue to the transferee of a
Certificated Warrant, a Warrant Certificate, and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant (or it shall Authenticate and deliver a Certificated Warrant instead, upon request), representing the Warrants transferred and
the transferee of a Book Entry Warrant shall be recorded through the relevant Book Entry Participant in accordance with the book entry registration system as the entitlement holder in respect of such Warrants. 

  
 - 21 - 

	Section 2.11	 Ownership of Warrants 

 

	(1)	 The Corporation and the Warrant Agent may deem and treat the registered Holder of any Warrant Certificate as
the absolute owner of the Warrants represented thereby for all purposes and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary, except where the Corporation or the Warrant Agent is required to take
notice by statute or by order of a court of competent jurisdiction. For greater certainty, subject to applicable law, neither the Corporation nor the Warrant Agent shall be bound to take notice of, or see to the execution of, any trust, whether
express, implied or constructive, in respect of any Warrant, and may transfer any Warrant on the direction of the Person registered as Holder thereof, whether named as trustee or otherwise, as though that Person were the beneficial owner thereof.

  

	(2)	 Subject to the provisions of this Agreement and applicable law, each Holder shall be entitled to the rights and
privileges attaching to the Warrants held thereby. The exercise of the Warrants in accordance with the terms hereof and the receipt by any such Holder of Shares pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent with
respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such Holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of
competent jurisdiction. 

  

	Section 2.12	 Exchange of Warrant Certificates 

 

	(1)	 Warrant Certificates, representing Warrants entitling the Holders to receive any specified number of Shares,
may, prior to the Expiry Time and upon compliance with the reasonable requirements of the Warrant Agent, be exchanged for another Warrant Certificate or Warrant Certificates entitling the Holder thereof to receive in the aggregate the same number of
Shares as are issuable under the Warrant Certificate or Warrant Certificates so exchanged. 

  

	(2)	 Warrant Certificates may be exchanged only at the Warrant Agency or at any other place that is designated by
the Corporation with the approval of the Warrant Agent. Any Warrant Certificates tendered for exchange shall be surrendered to the Warrant Agent and shall, upon the valid completion of the exchange in accordance with the terms of this Agreement, be
cancelled. 

  

	(3)	 Except as otherwise herein provided, the Warrant Agent shall charge to the Holder requesting an exchange a
reasonable sum for each new Warrant Certificate issued in exchange for Warrant Certificate(s), and payment of such charges and reimbursement to the Warrant Agent or the Corporation for any and all taxes or governmental or other charges required to
be paid shall be made by such Holder as a condition precedent to such exchange. 

  

	(4)	 Warrant Certificates exchanged in accordance with this Section 2.12 that bear a legend set forth in
Section 2.13 herein shall bear the same legend. 

  
 - 22 - 

	Section 2.13	 Restrictions and Transfers under United States Securities Laws 

 

	(1)	 The Warrants and the Shares have not been and will not be registered under the U.S. Securities Act and
applicable state securities laws and the Corporation has no current intention to effect such registration. All Warrants and Shares issued to a U.S. Person that is not a Qualified Institutional Buyer will be issued in certificated form only and each
such Warrant Certificate shall bear the following additional legend until the closing of a Qualifying Transaction: 

“THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO CANACCORD GENUITY
GROWTH CORP. (THE “CORPORATION”) OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, AFTER THE HOLDER HAS FURNISHED
TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. THE SECURITIES REPRESENTED HEREBY CANNOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON
STOCK EXCHANGES IN CANADA.” 
 provided, that if at the time of issuance of the Warrants or Shares, as applicable, the Corporation
is a “foreign issuer” as defined in Regulation S, and the Warrants and Shares, as applicable, are being sold outside the United States in accordance with Rule 904 of Regulation S and in compliance with Canadian laws and regulations, the
legend may be removed by providing a declaration to the registrar and transfer agent in the form attached as Schedule “B” hereto or as the Corporation may prescribe from time to time; notwithstanding the foregoing, the Corporation’s
transfer agent may impose additional requirements for the removal of legends from securities sold in accordance with Rule 904 of Regulation S in the future. 
  

	(2)	 After the closing of a Qualifying Transaction of the Corporation, all Warrants issued to any U.S. Person will
be issued in certificated form only and each such Warrant Certificate shall bear the following additional legend until such time as the legend is no 

  
 - 23 - 

	 	
longer required under applicable requirements of the U.S. Securities Act or applicable state securities laws: 

“THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO CANACCORD GENUITY
GROWTH CORP. (THE “CORPORATION”); (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS OR (D) IN
ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER,
FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON
STOCK EXCHANGES IN CANADA.” 
 provided, that if at the time of issuance of the Warrants or Shares, as applicable, the Corporation
is a “foreign issuer” as defined in Regulation S, and the Warrants and Shares, as applicable, are being sold outside the United States in accordance with Rule 904 of Regulation S and in compliance with Canadian laws and regulations, the
legend may be removed by providing a declaration to the registrar and transfer agent in the form attached as Schedule “B” hereto or as the Corporation may prescribe from time to time; notwithstanding the foregoing, the Corporation’s
transfer agent may impose additional requirements for the removal of legends from securities sold in accordance with Rule 904 of Regulation S in the future; provided, further, if any of the Warrants or Shares, as applicable, are being sold
pursuant to Rule 144 of the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the transfer agent for the Corporation an opinion of counsel of recognized standing, or other evidence of exemption, in
form and substance reasonably satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the U.S. Securities Act. 

  
 - 24 - 

	(3)	 If a certificate representing the Warrants or the Shares is tendered for transfer and bears the legend set
forth in Section 2.13(1) or Section 2.13(2), as applicable, and the holder thereof has not obtained the prior written consent of the Corporation, the Warrant Agent shall not register such transfer unless the transferor has provided the
Warrant Agent with the certificate representing such securities and the transfer is being made (i) to the Corporation, (ii) outside the United States in accordance with Rule 904 of Regulation S under the U.S. Securities Act, if available,
and in compliance with any applicable local securities laws, (iii) in compliance with the exemption from registration under the U.S. Securities Act provided by (A) Rule 144 thereunder, if available, or (B) Rule 144A thereunder, if
available, and in both cases, in compliance with any applicable state securities laws, or (iv) in another transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws, and in the case of
(iii)(A) and (iv) above, after the seller has furnished to the Corporation and the Warrant Agent requirements stated in Section 2.13(1) or Section 2.13(2), as applicable, to such effect. 

 

	(4)	 Notwithstanding any terms set out herein, Warrants having the legend set forth in Section 2.13(1) or
Section 2.13(2), as applicable, may not be held in the name of the Depository or in the form of Uncertificated Warrants. Notwithstanding any other provisions of this Agreement, in processing and registering transfers of Warrants, no duty or
responsibility whatsoever shall rest upon the Warrant Agent to determine the compliance by any transferor or transferee with the terms of the legend contained in Section 2.13(1) or Section 2.13(2), as applicable, or with the relevant
securities laws or regulations, including, without limitation, Regulation S of the U.S. Securities Act and the Warrant Agent shall be entitled to assume that all transfers are legal and proper. 

ARTICLE 3 
 REDEMPTION OF
WARRANTS 
  

	Section 3.1	 Redemption of Warrants 

 

	(1)	 In the event that the Corporation redeems all or a portion of a Holder’s Class A Restricted Voting
Shares underlying the Class A Restricted Voting Units in accordance with the provisions of the Articles, then each Warrant forming part of the Class A Restricted Unit so redeemed shall be automatically redeemed by the Corporation,
effective at the same time as the redemption of the Class A Restricted Voting Shares and without any further action by the Corporation or the Holder, for the Warrant Redemption Price, which Warrant Redemption Price shall be paid by the
Corporation in the same manner and at the same time as payment is made in respect of the redemption of the applicable Class A Restricted Voting Share. Upon payment in cash of the Warrant Redemption Price in respect of the Warrants underlying
the Class A Restricted Voting Units to be redeemed by the Corporation, the rights of the Holders in respect of such Warrants being redeemed, as Holders, shall be extinguished in their entirety. 

 

	(2)	 On or before the automatic redemption date specified by the Corporation, the Corporation shall have the right
to deposit the Warrant Redemption Price of any Warrants underlying the Class A Restricted Voting Units called for redemption in a special account with any chartered bank or trust company in Canada, such amount to be paid to, or to the order of,

  
 - 25 - 

	 	
the respective holders of such Warrants called for redemption, upon deposit of the certificates or electronic or other book-entry positions, as applicable, representing the same (in each case
and/or other documents reasonably requested by the Corporation or the Corporation’s transfer agent or CDS for the Warrants, properly completed), and, upon such deposit being made, the Warrants in respect of which such deposit shall have been
made shall be redeemed and the rights of the holders thereof, after such deposit, shall be limited to receiving, out of the moneys so deposited, without interest on such deposited moneys, the Warrant Redemption Price applicable to their respective
Warrants against deposit of the certificates or electronic or other book-entry positions, as applicable, representing such Warrants and other documents reasonably requested by the Corporation or the Corporation’s transfer agent or CDS for the
Warrants, properly completed. 

  

	Section 3.2	 Partial Redemption of Warrants 

If only a portion of a Holder’s Warrants are redeemed in accordance with Section 3.1 hereof, such Holder shall be entitled to receive without charge
therefor, a new Unit Certificate or Warrant Certificate, as applicable, representing the balance of the Class A Restricted Voting Units or Warrants, as applicable, which were not so redeemed. 

 

	Section 3.3	 Cancellation of Redeemed Warrants 

Notwithstanding any other provision in this Agreement, any Warrants that are redeemed by the Corporation pursuant to Section 3.1 hereof shall be cancelled
by the Warrant Agent at the same time as the cancellation of the Class A Restricted Voting Shares underlying the applicable Class A Restricted Voting Unit. 

ARTICLE 4 
 EXERCISE OF
WARRANTS 
  

	Section 4.1	 Rights of Exercise of Warrants 

Subject to the further provisions hereof, the Warrants may be exercised at any time during the period commencing on the Commencement Time and terminating at
the Expiry Time in accordance with the conditions herein and subject to adjustment in accordance with Article 5. 
  

	Section 4.2	 Method of Exercise of Warrants 

 

	(1)	 Subject always to the provisions of this Article 4 and compliance by both the Corporation and the Holder with
applicable law, the Holder of any Warrant may exercise the right thereby conferred on him, her or it to acquire one Share (subject to adjustment pursuant to Article 5) in respect of each Warrant held by surrendering to the Warrant Agent at the
Warrant Agency the Warrant Certificate(s) held by him, her or it, together with (i) the exercise form forming part of the Warrant Certificate (the “Exercise Form”) duly completed and executed by the Holder or his, her or its
executors, administrators or other legal representatives or his, her or its attorney duly appointed by an instrument in writing in form and manner satisfactory to the Warrant Agent, acting reasonably; and (ii) a certified cheque, bank draft or
money order in lawful money of Canada, payable to or to the order of the Corporation in an amount equal to $3.45 per Share, subject to adjustment 

  
 - 26 - 

	 	
pursuant to Article 5 (the “Exercise Price”) multiplied by the number of Shares subscribed for pursuant to such Exercise Form. A Warrant Certificate with the duly completed and
executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by, the Warrant Agent at the
Warrant Agency. 

  

	(2)	 The Exercise Form shall be executed as set out in Section 4.2(1) and shall specify the number of Shares
which the Holder wishes to acquire (being not more than that number which he, she or it is entitled to acquire pursuant to the Warrant Certificate(s) so surrendered). Such Shares shall be issued in the name of the Holder. 

 

	(3)	 In the event that a Holder has not exercised his or her Warrants in accordance with the provisions hereof prior
to the Expiry Time, all Warrants then held by such Holder shall expire and be of no further force and effect as at the Expiry Time. 

  

	(4)	 If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situated is for
any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Agreement, the Corporation and the Warrant Agent shall arrange for another office in such city to act in
connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. 

  

	(5)	 A beneficial owner of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants in the
book entry registration system who desires to exercise his or her Warrants must do so by causing a Book Entry Participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants in
a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment of the Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants
(“Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the book entry registration system. Such Confirmation from the Depository to the Warrant Agent shall electronically confirm that the
beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants: (a) is not in the United States; and (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person
or a person in the United States. If the Depository (i) is not able to make or deliver the foregoing Confirmation to the Warrant Agent or (ii) the beneficial owner of the Uncertificated Warrants is in the United States or exercising for
the account or benefit of a U.S. Person, including without limitation Qualified Institutional Buyers that acquired Warrants in the Offering, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually
registered Warrant Certificate shall be issued to such beneficial holder, and the exercise procedures set forth in Section 4.2(1) shall be followed. 

  

	(6)	 Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry
Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to 

  
 - 27 - 

	 	
the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and
payment to the Warrant Agent prior to the Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward the Exercise Price electronically to the Warrant Agent, and the Warrant Agent will execute the exercise by
causing the issuance to the Depository through the book entry registration system of the Shares to which the exercising Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the
entitlement holder exercising the Warrants and/or the Book Entry Participant exercising the Warrants on its behalf. A failure by a Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the beneficial
owner’s instructions will not give rise to any obligations or liability on the part of the Corporation or Warrant Agent to the Book Entry Participant or the beneficial owner. 

 

	(7)	 By causing a Book Entry Participant to deliver notice to the Depository, a holder shall be deemed to have
irrevocably surrendered his, her or its Warrants so exercised and appointed such Book Entry Participant to act as his, her or its exclusive settlement agent with respect to the exercise and the receipt of Shares in connection with the obligations
arising from such exercise. 

  

	Section 4.3	 Notification of Early Expiry 

In the event that at any time on a date following the Commencement Time, the Closing Price of the Shares equals or exceeds the Warrant Acceleration Threshold
Price (as it may be adjusted pursuant to Article 5) for any 20 Trading Days within a 30-Trading Day period (an “Acceleration Event”), the Expiry Date may be accelerated by the Corporation
providing a notice to Holders and the Warrant Agent announcing and confirming the occurrence of such Acceleration Event, and in such case the Expiry Date shall be the date which is 30 days following the date on which such notice is provided in
accordance with the terms of this Agreement. 
  

	Section 4.4	 Effect of Exercise of Warrants 

 

	(1)	 If the Warrants are duly exercised in accordance with Section 4.1 and Section 4.2, the Shares
subscribed for shall be deemed to have been issued and the Person or Persons to whom such Shares are to be issued shall be deemed to have become the holder or holders of record of such Shares on the Exercise Date unless the transfer registers for
the Shares shall be closed on such date, in which case the Shares subscribed for shall be deemed to have been issued and such Person or Persons shall be deemed to have become the holder or holders of record of the same on the date on which such
transfer registers are re-opened. 

  

	(2)	 In the case of Warrants which are exercised in accordance with the provisions of Section 4.1 and
Section 4.2, within three Business Days after the Exercise Date of such Warrants, the Warrant Agent shall cause to be delivered or mailed to the Person in whose name the Shares so subscribed for are to be delivered, as specified in the Exercise
Form, at the address specified in such Exercise Form, or, if so specified in such Exercise Form, cause to be held for such Person for pick-up at the Warrant Agency, certificates representing the Shares to be
issued pursuant to such Exercise Form, registered in such name. 

  
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	Section 4.5	 Partial Exercise of Warrants 

 

	(1)	 The holder of any Warrants may exercise his, her or its right to acquire Shares in part and may thereby acquire
a number of Shares less than the aggregate number which he, she or it is entitled to acquire pursuant to the Warrant Certificate(s) surrendered in connection therewith. In the event of any acquisition of a number of Shares less than the number which
the holder is entitled to acquire, he, she or it shall, upon exercise thereof, be entitled to receive, without charge therefor, a new Warrant Certificate(s) representing the balance of the Warrants not exercised. 

 

	(2)	 Notwithstanding anything herein contained including any adjustment provided for in Article 5, the Corporation
shall not be required, upon valid exercise of any Warrants after the Commencement Time and prior to the Expiry Time, to issue fractions of Shares or to distribute certificates which evidence the same. A holder or a Holder shall not be entitled to
any cash or other consideration in lieu of any fractional interest in a Warrant or claim thereto. Any fractional Shares to which a Holder is entitled shall be rounded down to the nearest whole Share, and no cash or other consideration will be paid
in lieu of fractional Shares. 

  

	Section 4.6	 Cancellation of Warrants 

All Warrant Certificates surrendered to the Warrant Agent pursuant hereto (including those exercised and surrendered under Section 4.2 or Section 4.5
or surrendered for transfer pursuant to Section 2.9) shall be cancelled and, after the expiry of any period of retention prescribed by law, cancelled by the Warrant Agent, and the Warrant Agent shall furnish the Corporation on request with a
cancellation certificate identifying the Warrant Certificates so cancelled and the number of Warrants evidenced thereby. 
  

	Section 4.7	 Warrants Void after the Expiry Time 

No Holder shall have any further rights under this Agreement or the Warrant Certificates (other than the right to receive Shares in respect of Warrants duly
exercised prior to or at the Expiry Time, as the case may be), after the Expiry Time and the Warrants shall be null and void and of no effect. 
  

	Section 4.8	 Accounting and Recording 

 

	(1)	 The Warrant Agent shall promptly, and in any event within five Business Days following any exercise of
Warrants, notify the Corporation with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or accounts of the Corporation as designated by the Corporation) all monies received by the Warrant Agent on the
subscription of Shares through the exercise of Warrants. All such monies, and any securities or other instruments, from time to time received by the Warrant Agent, shall be received as agent for, and shall be segregated and kept apart by, the
Warrant Agent for the Corporation. 

  
 - 29 - 

	(2)	 The Warrant Agent shall record the particulars of Warrants exercised which shall include the names and
addresses of the Persons who become holders of Shares on the Exercise Date. Within three Business Days of each Exercise Date, the Warrant Agent shall provide such particulars in writing to the Corporation. 

 

	Section 4.9	 Securities Restrictions 

Notwithstanding anything herein contained, Shares shall only be issued by the Corporation (upon exercise of the Warrants) in compliance with the Securities
Laws of any applicable jurisdiction. 
  

	Section 4.10	 Restrictions on Exercise under United States Securities Laws 

 

	(1)	 The Warrants may not be exercised by or on behalf of a Person in the United States or a U.S. Person unless the
securities issuable on the exercise thereof have been registered under the U.S. Securities Act or unless an exemption is available from the registration requirements of the U.S. Securities Act and applicable state securities laws and the holder of
the Warrants has furnished an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation to such effect; provided that a Qualified Institutional Buyer that purchased Class A Restricted Voting
Units in the Corporation’s private placement of Class A Restricted Voting Units to, or for the account or benefit of, Persons in the United States or U.S. Persons in the Offering will not be required to deliver an opinion of counsel in
connection with the exercise of Warrants that are a part of those Class A Restricted Voting Units by the holder of the Warrants. 

  

	(2)	 Any Shares issued to, or for the account or benefit of, a Qualified Institutional Buyer that cannot make the
representations set forth in Box A on the Exercise Form of the Warrant Certificate shall continue to be subject to the restrictions on re-sale and transfer of the Shares made by such Qualified Institutional
Buyer in the U.S. Private Placement Memorandum at the time of acquisition of the Class A Restricted Voting Units in the Offering. 

ARTICLE 5 
 ADJUSTMENTS

  

	Section 5.1	 Adjustment upon Share Reorganization or Capital Reorganization 

 

	(1)	 The number of Shares purchasable upon the exercise of the Warrants shall be subject to adjustment from time to
time as follows: 

  

	 	(a)	 If, at any time prior to the Expiry Time, the Corporation shall: 

 

	 	(i)	 subdivide, redivide or change its then outstanding Shares into a greater number of shares; or

  

	 	(ii)	 consolidate, reduce or combine its then outstanding Shares into a lesser number of shares; or

  
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	 	(iii)	 fix a record date for the issue of, or issue Shares or Convertible Securities to all or substantially all of
the holders of the Shares as a stock dividend or other distribution (other than at the holder’s option in lieu of a cash dividend), 

(any such event being herein called a “Share Reorganization”), then the number of Shares that a Holder is entitled to upon
exercise shall be adjusted, effective immediately after the effective date or record date at which holders of Shares are determined for the purposes of the Share Reorganization, by multiplying the number of Shares that a Holder was entitled to upon
exercise of Warrants immediately prior to such effective date or record date, by a fraction of which: 
  

	 	(i)	 the numerator shall be the number of Shares outstanding immediately after giving effect to such Share
Reorganization, including, without limitation, in the case of a distribution of securities exchangeable for or convertible into Shares, the number of Shares that would have been outstanding if such securities had been exchanged for or converted into
Shares on such date; and 

  

	 	(ii)	 the denominator shall be the number of Shares outstanding on such effective date or record date before giving
effect to such Share Reorganization. 

  

	 	(b)	 To the extent that any adjustment in the number of Shares issuable upon exercise of the Warrants occurs
pursuant to Section 5.1(1)(a) as a result of the fixing by the Corporation of a record date for the distribution of securities exchangeable for or convertible into Shares, the number of Shares to which a Holder is entitled on the exercise of
his, her or its Warrants shall be readjusted immediately after the expiration of any relevant exchange or conversion right to the number of Shares to which such Holder is entitled on the exercise of his, her or its Warrants which would then be in
effect based upon the number of Shares actually issued and remaining issuable after such expiration. 

  

	 	(c)	 If, at any time prior to the Expiry Time, there occurs: 

 

	 	(i)	 a reclassification or redesignation of the Shares or a change, exchange or conversion of the Shares into or for
other shares or securities or property or any other capital reorganization (other than a Share Reorganization); or 

  

	 	(ii)	 a consolidation, merger, plan of arrangement, compulsory acquisition under section 187 of the Business
Corporations Act (Ontario) or amalgamation of the Corporation with or into any other Person which results in the cancellation, reclassification or redesignation of the Shares or a change, exchange or conversion of the Shares into or for other
shares or securities or property or the transfer of all or substantially all of the assets of the Corporation to another body corporate, trust, partnership or other entity or the Corporation being controlled (within the meaning of the Tax Act) by
another corporation or entity, 

  
 - 31 - 

 (any such event being herein called a “Capital Reorganization”),
then, immediately upon the effective time of such Capital Reorganization and at all times thereafter, a Holder who exercises his, her or its right to acquire Shares shall be entitled to be issued and receive, and shall accept for the same
aggregate consideration, upon such exercise, in lieu of the number of Shares to which he or she was theretofore entitled upon exercise of his, her or its Warrants, the kind and aggregate number of shares or other securities or property of the
Corporation or of the body corporate, trust, partnership or other entity resulting from such Capital Reorganization or any other corporation that a Holder would have been entitled to be issued and receive upon such Capital Reorganization if,
immediately prior to the effective time thereof, such Holder had been the registered holder of the number of Shares to which he or she was theretofore entitled upon exercise of his, her or its Warrants. 

 

	 	(d)	 If determined appropriate to give effect to or to evidence the provisions of Section 5.1(l)(c) on the
advice of counsel, the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the case may be, shall, prior to or contemporaneously with any such Capital Reorganization, enter into an agreement which
shall provide, to the extent possible, for the application of the provisions set forth in this Agreement with respect to the rights and interests thereafter of the Holders to the end that the provisions set forth in this Agreement shall thereafter
correspondingly be made applicable, as nearly as may reasonably be possible, with respect to any shares, other securities or property to which a Holder is entitled on the exercise of its acquisition rights thereafter. Any agreement entered into
between the Corporation and the Warrant Agent pursuant to the provisions of this Section 5.1(l)(d) shall be a supplemental agreement entered into pursuant to the provisions of Article 13 hereof. Any agreement entered into between the
Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided in Section 5.1(l)(c) and which shall apply to successive reclassifications, reorganizations, amalgamations, consolidations, mergers, sales or conveyances. 

 

	 	(e)	 Except for the completion by the Corporation of a Qualifying Transaction, the Corporation shall not complete or
facilitate a Capital Reorganization if the effect of such transaction is that: 

  

	 	(i)	 all or substantially all of the assets of the Corporation become the property of, or are under the control of,
or the Corporation is controlled (within the meaning of the Tax Act) by another Person (an “Acquiring Person”); and 

  

	 	(ii)	 holders of Shares receive any other security in replacement of, or in addition to, or in consideration for
their Shares, 

  
 - 32 - 

 unless, at or prior to the effective time of such Capital Reorganization, the holders of
Shares vote in favour of such Capital Reorganization, or the Acquiring Person agrees to be bound by the terms of this Agreement by executing and delivering such supplemental agreement, warrant or other document as may be satisfactory to the
Corporation, acting reasonably. 
  

	Section 5.2	 Adjustment upon Rights Offering 

 

	(1)	 Subject to applicable law and the rules and regulations of any stock exchange having jurisdiction, if and
whenever at any time from the date hereof and prior to the Expiry Time, the Corporation fixes a record date for the issuance of rights, options or warrants to all or substantially all the holders of Shares pursuant to which those holders are
entitled to subscribe for, purchase or otherwise acquire Shares or Convertible Securities within a period of not more than 45 days from such record date at a price per share, or at a conversion price per share, of less than 95% of the Current Market
Price on such record date (any such issuance being herein called a “Rights Offering” and the Shares that may be acquired in exercise of the Rights Offering, or upon conversion of the Convertible Securities offered by the Rights
Offering, being herein called the “Offered Shares”), the number of Shares issuable upon exercise of a Warrant shall be adjusted effective immediately after the applicable record date to a number that is the product of:

  

	 	(a)	 the number of Shares issuable upon the exercise of a Warrant in effect on the record date; and

  

	 	(b)	 a fraction: 

  

	 	(i)	 the numerator of which shall be the sum of (A) the number of Shares outstanding on the record date, plus
(B) the number of Offered Shares offered pursuant to the Rights Offering or the maximum number of Offered Shares into which the Convertible Securities so offered pursuant to the Rights Offering may be converted, as the case may be; and

  

	 	(ii)	 the denominator of which shall be the sum of: 

 

	 	(A)	 the number of Shares outstanding on the record date; and 

 

	 	(B)	 the number arrived at when (I) either the product of (x) the number of Offered Shares so offered and
the price at which those shares are offered, or the product of (y) the conversion price thereof and the maximum number of Offered Shares for or into which the Convertible Securities so offered pursuant to the Rights Offering may be converted,
as the case may be, is divided by (II) the Current Market Price of the Shares on the record date. 

 Any
Offered Shares owned by or held for the account of the Corporation or a Subsidiary of the Corporation shall be deemed not to be outstanding for the purpose of any such computation; if all the rights, options or warrants are not so issued or if all
rights, options or warrants are not exercised prior to the expiration thereof, the number of Shares 

  
 - 33 - 

 
issuable upon exercise of a Warrant shall be readjusted to that number in effect immediately prior to the record date, and such number shall be further adjusted based upon the number of Offered
Shares (or Convertible Securities that are convertible into Offered Shares) actually delivered upon the exercise of the rights, options or warrants, as the case may be, but subject to any other adjustment required hereunder by reason of any event
arising after that record date. 
  

	(2)	 If and whenever at any time from the date hereof and prior to the Expiry Time, the Corporation issues or
distributes to all or substantially all the holders of Shares, (a) shares of any class other than Shares, or (b) rights, options or warrants exercisable for or into Equity Shares, other than rights, options or warrants exercisable within
45 days from the date of issue thereof at a price, or at a conversion price, of at least 95% of the Current Market Price at the record date for such distribution, or evidences of indebtedness, or (c) any other cash, securities or other property
or assets and that issuance or distribution does not constitute a dividend paid in the ordinary course or an Extraordinary Dividend or is not adjusted pursuant to this Section 5.2(2) or a Rights Offering (any of those non-excluded events being
herein called a “Special Distribution”), the number of Shares issuable upon exercise of a Warrant shall be adjusted effective immediately after the record date at which the Holders of Shares are determined for purposes
of the Special Distribution to a number that is the product of 

  

	 	(a)	 the number of Shares issuable upon exercise of a Warrant in effect on the record date; and

  

	 	(b)	 a fraction: 

  

	 	(i)	 the numerator of which shall be the product of (I) the sum of the number of Shares outstanding on the
record date plus the number of Shares which the Holders would be entitled to receive upon exercise of all their outstanding Warrants if they were exercised on the record date and (II) the Current Market Price thereof on that date; and

  

	 	(ii)	 the denominator of which shall be: 

 

	 	(A)	 the product of (I) the sum of the number of Shares outstanding on the record date plus the number of
Shares which the Holders would be entitled to receive upon exercise of all their outstanding Warrants if they were exercised on the record date and (II) the Current Market Price thereof on the earlier of such record date and the date on which
the Corporation announces its intention to make such Special Distribution; less 

  

	 	(B)	 the aggregate fair market value, as determined by the Board of Directors, whose determination shall be
conclusive, absent manifest error, of the shares, rights, options, warrants, evidences of indebtedness or other assets issued or distributed in the Special Distribution. 

  
 - 34 - 

 Any Shares owned by or held for the account of the Corporation shall be deemed not to be
outstanding for the purpose of any such computation; to the extent that the distribution of shares, rights, options, warrants, evidences of indebtedness or assets is not so made or to the extent that any rights, options or warrants so distributed
are not exercised, the number of Shares issuable upon exercise of a Warrant shall be readjusted to the number that would then be in effect based upon shares, rights, options, warrants, evidences of indebtedness or assets actually distributed or
based upon the number of Shares or Convertible Securities actually delivered upon the exercise of the rights, options or warrants, as the case may be, but subject to any other adjustment required hereunder by reason of any event arising after the
record date. 
  

	Section 5.3	 Adjustment to Exercise Price and Extraordinary Dividend Threshold 

 

	(1)	 If at any time after the date hereof and prior to the Expiry Time any adjustment in the number of Shares
purchasable upon the exercise of any Warrant shall occur as a result of the operation of: 

  

	 	(a)	 Section 5.1(1); 

  

	 	(b)	 Section 5.2(1); or 

  

	 	(c)	 Section 5.2(2), if the event referred to therein constitutes the issue or distribution to all or
substantially all the holders of Shares of (i) Equity Shares, or (ii) rights, options or warrants, exercisable, exchangeable for or convertible into Equity Shares at an exchange or conversion price per Equity Share less than the Current
Market Price on the record date for such Special Distribution, 

 then (A) each of the Exercise Price payable upon the
subsequent exercise of any Warrants and the Warrant Acceleration Threshold Price (together, the “Prices”) shall be simultaneously adjusted by multiplying the applicable Price in effect immediately prior to such adjustment by
a fraction which shall be the reciprocal of the fraction employed in the adjustment of the number of Shares issuable upon exercise of the Warrant; and (B) the Extraordinary Dividend Threshold shall be simultaneously adjusted by multiplying the
Extraordinary Dividend Threshold in effect immediately prior to such adjustment by a fraction which shall be the reciprocal fraction employed in the adjustment of the number of Shares issuable upon exercise of the Warrant, in each case subject to
readjustment upon the operation of, and in accordance with, the provisions of Section 5.1(1), Section 5.2(1) and/or Section 5.2(2), as applicable. 
  

	(2)	 If at any time after the date hereof and prior to the Expiry Time, any Extraordinary Dividend is paid, the then
Exercise Price shall on the payment date be reduced by the Excess Amount. 

  

	Section 5.4	 Entitlement to Shares and Other Securities on Exercise of Warrants 

All Shares or shares of any class or other securities which a Holder is at the time in question entitled to receive on the exercise of his or her Warrants,
whether or not as a result of adjustments made pursuant to this Article 5, shall, for the purposes of the interpretation of this Agreement, be deemed to be shares or other securities which such Holder is entitled to acquire pursuant to such
Warrants. 

  
 - 35 - 

	Section 5.5	 No Adjustment for Stock Options, Issuances Below Exercise Prices, etc. 

 

	(1)	 Notwithstanding anything in this Article 5, no adjustment shall be made in the acquisition rights attached to
the Warrants if the issue of Shares, rights, options, warrants or securities exercisable, exchangeable or convertible into Shares, is being made pursuant to this Agreement or pursuant to any stock option or stock purchase plan in force from time to
time for directors, officers or employees of the Corporation, or being made to satisfy existing instruments issued and outstanding as of the date of this Agreement. 

 

	(2)	 Notwithstanding anything in this Article 5, no adjustment shall be made in the acquisition rights attached to
the Warrants if the issue of Shares, rights, options, warrants or securities exercisable, exchangeable or convertible into Shares, is made at a price below their respective exercise prices, including the Exercise Price. 

 

	Section 5.6	 Determination by Corporation’s Auditors 

In the event of any question arising with respect to the adjustments provided for in this Article 5, including the failure to adjust, such question shall be
conclusively determined by the Corporation’s Auditors, or if they are unwilling or unable to act, by such other firm of independent accountants accredited by the Canadian Public Accountability Board as may be selected by the Directors, and they
shall have access to all necessary records of the Corporation, and such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other Persons interested therein. 

 

	Section 5.7	 Proceedings Prior to Any Action Requiring Adjustment 

As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants,
including the number of Shares which are to be received upon the exercise thereof, the Corporation shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation has sufficient authorized capital
and that the Corporation may validly and legally issue as fully-paid and non-assessable all the Shares (or other securities) which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions
hereof. 
  

	Section 5.8	 Action Requiring Adjustment 

In case the Corporation, after the date hereof, shall take any action affecting the Shares, other than the actions described in this Article 5 which, in the
opinion of the Directors would materially affect the rights of the holders and/or the acquisition rights of the holders, then that number of Shares which are to be received upon the exercise of the Warrants shall be adjusted in such manner, if any,
and at such time, by action of the Directors, in their discretion as they may reasonably determine to be equitable to the holders in such circumstances, subject to the prior consent of the Exchange or any other exchange on which the
Corporation’s securities are then listed. 

  
 - 36 - 

	Section 5.9	 Certificate of Adjustment 

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Article 5,
deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s Auditors verifying such calculation, if required by the Warrant Agent. The Warrant Agent shall rely, and shall be protected in so
doing, upon the certificate of the Corporation or of the Corporation’s Auditors and any other document filed by the Corporation pursuant to this Article 5 for all purposes. 

 

	Section 5.10	 Notice of Special Matters 

The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will announce to the Warrant Agent and to the Holders, by
way of notice, its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Article 5. Such notice shall specify the particulars of such event and the record date for such
event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is provided. The notice shall be provided in each case not
less than 14 days prior to such applicable record date. If the notice has been provided and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of
the adjustment and provide a notice confirming such adjustment computation. 
  

	Section 5.11	 No Action after Notice 

The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Holder of
a Warrant of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 5.9 and Section 5.10, respectively. 

 

	Section 5.12	 Protection of Warrant Agent 

 

	(1)	 The Warrant Agent shall not: 

 

	 	(a)	 at any time be under any duty or responsibility to any Holder to determine whether any facts exist which may
require any adjustment contemplated by Article 5, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; 

 

	 	(b)	 be accountable with respect to the validity or value (or the kind or amount) of any Shares or any shares or
other securities or property which may at any time be issued or delivered upon the exercise of the rights attaching to any Warrant; 

  

	 	(c)	 be responsible for any failure of the Corporation to issue, transfer or deliver Shares or certificates for the
same upon the surrender of any Warrants for the purpose of the exercise of such rights or to comply with any of the covenants contained in this Article 5; or 

  
 - 37 - 

	 	(d)	 incur any liability or responsibility whatsoever or be in any way responsible for the consequences of any
breach on the part of the Corporation of any of the representations, warranties or covenants herein contained or of any acts of the directors, officers, employees, agents or servants of the Corporation. 

 

	(2)	 The Warrant Agent shall be entitled to act and rely upon the certificates or adjustment calculations of the
Corporation and the Corporation’s Auditors and any other documents filed by the Corporation pursuant to Section 5.9, without verification or liability. 

 

	Section 5.13	 Adjustments Cumulative 

The adjustments provided in this Article 5 shall be cumulative and such adjustments shall be made successively whenever an event referred to herein shall
occur. 
  

	Section 5.14	 Participation by Holder 

No adjustments shall be made pursuant to this Article 5 if the Holders are entitled to participate in any event described in this Article 5 on the same terms,
mutatis mutandis, as if the Holders had exercised their Warrants prior to, or on the effective date or record date of, such event. 

ARTICLE 6 
 PURCHASES BY
THE CORPORATION 
  

	Section 6.1	 Optional Purchase by the Corporation 

Subject to compliance with Securities Laws and approval of applicable regulatory authorities, the Corporation may from time to time purchase on any stock
exchange, in the open market, by private contract or otherwise, any of the Warrants. Any such purchase shall be made at the lowest price or prices at which such Warrants are then obtainable (and agreed to by the sellers of such Warrants), plus
reasonable costs of purchase, and may be made in such manner, from such Persons, and on such other terms as the Corporation and the sellers of such Warrants may determine. In the case of Certificated Warrants, the Warrant Certificates representing
the Warrants purchased pursuant to this Section 6.1 shall forthwith be delivered to and cancelled by the Warrant Agent upon the written direction of the Corporation. In the case of Uncertificated Warrants, the Warrants purchased pursuant to
this Section 6.1 shall be reflected accordingly on the register of Warrants and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof. 

ARTICLE 7 
 COVENANTS OF
THE CORPORATION 
  

	Section 7.1	 Issuance of Shares 

 

	(1)	 The Warrants, when issued as herein provided, and in the case of a Warrant Certificate, when countersigned as
herein provided, shall be valid and enforceable against the 

  
 - 38 - 

	 	
Corporation and, subject to the provisions of this Agreement, the Corporation shall cause the Shares to be acquired pursuant to the valid exercise of Warrants under this Agreement and the
certificates representing such Shares to be duly issued and delivered in accordance with the Warrant Certificates and the terms hereof. At all times prior to the Expiry Date, while any of the Warrants are outstanding, the Corporation shall reserve,
and there shall be conditionally allotted but unissued out of its authorized capital, that number of Shares sufficient to enable the Corporation to meet its obligations hereunder. All Shares issued pursuant to the exercise of the Warrants shall be
issued as fully paid and non-assessable. The Corporation shall make all requisite filings, and pay all applicable fees, under applicable Securities Laws to report the exercise of the Warrants.

  

	(2)	 As long as any Warrants remain outstanding, the Corporation covenants to the Warrant Agent for the benefit of
the Holders as follows: 

  

	 	(a)	 it will maintain its corporate existence and carry on and conduct its business in a prudent manner in
accordance with industry standards and good business practice; 

  

	 	(b)	 it will use commercially reasonable efforts to maintain its status as a reporting issuer or equivalent under
the applicable securities laws of at least one of the provinces or territories of Canada (but this shall in no way prevent any tender offer, merger or similar transaction); 

 

	 	(c)	 it will use commercially reasonable efforts to maintain the listing of its outstanding Shares on the Exchange
and to seek to ensure the Shares issuable upon the exercise of the Warrants will be listed and posted for trading on such exchange simultaneously with or as soon as practicable following their issue (but this shall in no way prevent any tender
offer, merger or similar transaction); 

  

	 	(d)	 it will do, execute, acknowledge and deliver or cause to be done, executed acknowledged and delivered, all
other acts, deeds and assurances as the Warrant Agent may reasonably require for better accomplishing and affecting the provisions of this Agreement; 

  

	 	(e)	 it will reserve and there shall be conditionally allotted but unissued out of its authorized capital, that
number of Shares sufficient to enable the Corporation to meet its obligations hereunder; 

  

	 	(f)	 all Shares which are issued upon the exercise of the right to subscribe for and purchase provided for herein,
upon payment of the Exercise Price, shall be fully paid and non-assessable; and 

  

	 	(g)	 it will duly and punctually perform and carry out all of the acts and things to be done by it as provided in
this Agreement. 

  

	Section 7.2	 To Pay Warrant Agent Remuneration and Expenses 

The Corporation covenants that it shall pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and shall pay or
reimburse the Warrant Agent upon its 

  
 - 39 - 

 
request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties hereunder (including the reasonable
compensation and the disbursements of its counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully
performed, except any such expenses, disbursements or advances as may arise out of or result from the Warrant Agent’s gross negligence, wilful misconduct or bad faith. The Warrant Agent shall not have any recourse against the securities or any
other property held by it pursuant to this Agreement for payment of its fees, remuneration, expenses, disbursements, advances or any reimbursement hereunder and the Warrant Agent acknowledges and agrees that it shall not be entitled to and waives
any rights to or interest in any of the Escrow Funds in the escrow account under any circumstances. It is expressly understood that the Escrow Funds shall not be used to pay any of the Warrant Agent’s fees, remuneration, expenses,
disbursements, advances or any reimbursement. Any amount owing under this Section 7.2 and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and
shall be payable upon demand. This Section 7.2 shall survive the resignation of the Warrant Agent or the termination of this Agreement. 
  

	Section 7.3	 To Perform Covenants 

The Corporation shall duly and punctually perform and carry out all of the acts or things to be done by it as provided in this Agreement and that it shall do,
execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, all other acts, deeds and assurances in law as the Warrant Agent may reasonably require for the better accomplishing and effecting the intentions and
provisions of this Agreement. 
  

	Section 7.4	 Warrant Agent May Perform Covenants 

If the Corporation shall fail to perform any of its covenants contained in this Agreement, the Warrant Agent may notify the Holders of such failure on the part
of the Corporation or may itself perform any of the covenants capable of being performed by it but shall be under no obligation to perform said covenants or to notify the Holders of such performance by it. All sums expended or advanced by the
Warrant Agent in so doing shall be repayable as provided in Section 7.2. No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the
covenants herein contained. 
  

	Section 7.5	 Corporation Not Reporting in United States 

The Corporation confirms that as at the date of execution of this Agreement it does not have a class of securities registered pursuant to Section 12 of
the U.S. Securities Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act. The Corporation covenants that in the event that (a) any class of its securities shall become registered
pursuant to Section 12 of the U.S. Securities Exchange Act or the Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Securities Exchange Act, or (b) any such registration or reporting obligation shall
be terminated by the Corporation in accordance with the U.S. Securities Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an Officer’s Certificate in a form provided by the Warrant Agent notifying the Warrant

  
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Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that the Warrant Agent is relying upon the
foregoing representation and covenants in order to meet certain obligations with respect to those clients who are filing with the SEC. 

ARTICLE 8 
 ENFORCEMENT

  

	Section 8.1	 Suits by Holders of Warrants 

Subject to Section 10.11, all or any of the rights conferred upon any Holder by any of the terms of the Warrant Certificates, Uncertificated Warrants or
this Agreement may be enforced by the Holder by appropriate legal proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained
for the benefit of the Holders. 
  

	Section 8.2	 Suits by the Corporation 

The Corporation shall have the right to enforce full payment of the Exercise Price of all Shares issued to a Holder hereunder upon exercise of any Warrant, and
shall be entitled to demand such payment from the Holder or alternatively to instruct the Warrant Agent to cancel the certificates and amend the securities register accordingly. 

 

	Section 8.3	 Immunity of Shareholders, etc. 

The Warrant Agent and the holders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any
incorporator or any past, present or future shareholder, director, officer, employee or agent of any of the Corporation, any Successor Corporation or the Sponsor (or of the Sponsor itself) on any covenant, agreement, representation or warranty by
the Corporation herein. 
  

	Section 8.4	 Limitation of Liability 

The obligations hereunder are not personally binding upon, nor shall resort hereunder be had to, the private property of any of the past, present or future
directors, officers, shareholders, employees or agents of any of the Corporation, Successor Corporation or of the Sponsor or the Sponsor itself, but only the property of the Corporation or any Successor Corporation shall be bound in respect hereof.

  

	Section 8.5	 Waiver of Default 

 

	(1)	 Upon the happening of any default hereunder: 

 

	 	(a)	 the Holders of not less than 66 2/3% of the aggregate number of the Warrants then outstanding shall have the
power (in addition to the powers exercisable by Extraordinary Resolution) by requisition in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon waive the default upon such terms and conditions
as shall be prescribed in such requisition; or 

  
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	 	(b)	 the Warrant Agent shall have the power to waive any default hereunder upon such terms and conditions as the
Warrant Agent may deem advisable, if, in the Warrant Agent’s opinion based on the advice of Counsel, the same shall have been cured or adequate provision made therefor, 

provided that no delay or omission of the Warrant Agent or of the Holders, as applicable, to exercise any right or power accruing upon any
default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein, and provided further that no act or omission either of the Warrant Agent or the Holders in the premises shall extend to or
be taken in any manner whatsoever to affect any subsequent default hereunder or the rights resulting therefrom. 
 ARTICLE 9 

SUCCESSOR CORPORATIONS 
  

	Section 9.1	 Certain Requirements 

A successor corporation (as the result of an amalgamation or merger with the Corporation) (a “Successor Corporation”), shall, to the extent
necessary and desirable, execute, before or contemporaneously with the consummation of any such transaction, an agreement supplemental hereto together with such other instruments as are satisfactory to the Warrant Agent and are necessary or
advisable to evidence the assumption by the Successor Corporation of the due and punctual observance and performance of all the covenants and obligations of the Corporation under this Agreement. 

 

	Section 9.2	 Vesting Of Powers in Successor 

Whenever the conditions of Section 9.1 have been duly observed and performed, the Successor Corporation shall possess and from time to time may exercise
each and every right and power of the Corporation under this Agreement in the name of the Corporation or otherwise and any act or proceeding by any provision of this Agreement required to be done or performed by any Directors or officers of the
Corporation may be done and performed with like force and effect by the directors or officers of such Successor Corporation. 
 ARTICLE 10

 MEETINGS OF HOLDERS OF WARRANTS 
  

	Section 10.1	 Right to Convene Meetings 

The Warrant Agent shall on receipt of a written request of the Corporation or a Holders’ Request and upon being indemnified and funded to its reasonable
satisfaction by the Corporation or by the Holders signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Holders. In the event of the Warrant Agent failing,
within seven days after receipt of any such request and such indemnity and funding, to give notice convening a meeting, the Corporation or such Holders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of
Toronto, Ontario, or at such other place as may be approved or determined by the Warrant Agent. 

  
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	Section 10.2	 Notice of Meetings 

At least 21 calendar days’ prior written notice of any meeting of the Holders shall be given to the Holders in the manner provided in Article 11, and a
copy thereof must be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent), and to the Corporation (unless the meeting has been called by the Corporation). Such notice must state the time when and the place
where the meeting is to be held and state briefly the general nature of the business to be transacted thereat with such information as to enable the Holders to make a reasoned decision on the matter, but it shall not be necessary for any such notice
to set out the terms of any resolution to be proposed or any of the provisions of this Article 10. 
  

	Section 10.3	 Chairman 

An individual (who need not be a Holder) designated in writing by the Corporation shall be the chairman of the meeting and if no individual is so designated,
or if the individual so designated is not present within 15 minutes from the time fixed for the holding of the meeting, the Holders present in Person or by proxy shall choose an individual present to be chairman. The chairman of the meeting need not
be a holder. 
  

	Section 10.4	 Quorum 

Subject to Section 10.12, at any meeting of the Holders a quorum shall be two persons (including beneficial holders of the Warrants) present in person,
each being a Holder entitled to vote thereat or a duly appointed proxyholder or representative for an absent Holder so entitled, and together holding or representing by proxy more than 20% of the aggregate number of the Warrants then outstanding. If
a quorum is present at the opening of any meeting of Holders, the Holders present or represented by proxy may proceed with the business of the meeting notwithstanding that a quorum is not present throughout the meeting. If a quorum is not present
within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Holders or pursuant to a Holders’ Request, shall be dissolved; but in any other case, the meeting shall be adjourned to the same day in the next week
(unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting,
the Holders present in Person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not hold or represent by proxy more than 20% of the aggregate number of the
Warrants then outstanding. 
  

	Section 10.5	 Power to Adjourn 

The chairman of any meeting at which a quorum is present may, with the consent of the meeting, adjourn any such meeting and no notice of such adjournment need
be given, except such notice, if any, as the meeting may prescribe. 

  
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	Section 10.6	 Show Of Hands 

Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on
Extraordinary Resolutions shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a
particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. 
  

	Section 10.7	 Poll 

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded by the chairman or by one or more Holders and/or proxies for
Holders, a poll must be taken in such manner and either at once or after an adjournment, as the chairman directs. Questions other than Extraordinary Resolutions shall, if a poll is taken, be decided by a majority of the votes cast on the poll. 

 

	Section 10.8	 Voting 

On a show of hands, every Person who is present and entitled to vote, whether as a Holder or as proxy for one or more Holders or both, shall have one vote. On
a poll, each Holder present in Person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each Warrant held or represented by that Person. A proxy need not be a Holder. In the case of
joint Holders of a Warrant, any one of them present in Person or by proxy at the meeting may vote in the absence of the other or others; but in case that more than one of them is present in Person or by proxy, they must vote together in respect of
the Warrants of which they are joint Holders. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of any Warrants held or represented by him or her, but shall not have a second or deciding vote.

  

	Section 10.9	 Regulations 

  

	(1)	 The Corporation may from time to time, make or vary or restate such regulations as it shall from time to time
think fit regarding the following: 

  

	 	(a)	 providing for and governing the voting by proxy by Holders and the form of instrument appointing proxies and
the manner in which the same shall be executed, and for the production of the authority of any Person signing on behalf of the giver of such proxy; 

  

	 	(b)	 for the deposit of instruments appointing proxies at such place as the Corporation or the Holders convening the
meeting, as the case may be, may, in the notice convening the meeting, direct and the time, if any, before the holding of the meeting or any adjournment thereof by which the same must be deposited; 

 

	 	(c)	 for the deposit of instruments appointing proxies at some approved place or places other than the place at
which the meeting is to be held and enabling particulars of such instruments appointing proxies to be mailed, telecopied or sent by facsimile 

  
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before the meeting to the Corporation or to the Warrant Agent at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were
produced at the meeting; and 

  

	 	(d)	 generally, the calling of meetings of Holders and the conduct of business thereat. 

 

	(2)	 Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be
valid and shall be counted. Except as such regulations may provide, the only Persons who shall be recognized at any meeting as Holders, or as entitled to vote or be present at the meeting in respect thereof (subject to Section 10.10), shall be
the Holders and Persons whom the Holders have by instrument in writing duly appointed as their proxies. 

  

	Section 10.10	 Corporation and Warrant Agent May Be Represented 

The Corporation and the Warrant Agent, by their respective officers, directors, advisors, agents or employees, and the legal advisers of the Corporation and
the Warrant Agent, may attend any meeting of the Holders, and shall be recognized and given reasonable opportunity to speak to any resolutions proposed for consideration by the meeting, but shall not be entitled to vote thereat, whether in respect
of any Warrants held by them or otherwise. 
  

	Section 10.11	 Powers Exercisable By Extraordinary Resolution 

 

	(1)	 Subject to applicable law and the rules and regulations of any stock exchange having jurisdiction, in addition
to the powers conferred upon them by any other provisions of this Agreement or by law, the Holders at a meeting shall have the power, exercisable from time to time by Extraordinary Resolution: 

 

	 	(a)	 with the consent of the Corporation, such consent not to be unreasonably withheld, to sanction any
modification, abrogation, alteration, compromise or arrangement of the rights of the Holders and/or the Warrant Agent in its capacity as warrant agent hereunder (with the prior written approval of the Warrant Agent) against the Corporation, or
against its property, whether such rights arise under this Agreement or the Warrant Certificates or otherwise; 

  

	 	(b)	 to assent to any modification of or change in or addition to or omission from the provisions contained in this
Agreement or in the Warrant Certificates which must be agreed to by the Corporation and the Warrant Agent and to authorize the Warrant Agent to concur in and execute any Agreement supplemental hereto embodying any such modification, change, addition
or omission; 

  

	 	(c)	 to direct or authorize the Warrant Agent to exercise any power, right, remedy or authority given to it by this
Agreement in any manner specified in any such Extraordinary Resolution or to refrain from exercising any such power, right, remedy or authority; 

  
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	 	(d)	 to waive and direct the Warrant Agent to waive any default of the Corporation hereunder either unconditionally
or upon any condition specified in such Extraordinary Resolution; 

  

	 	(e)	 to restrain any Holder from taking or instituting any suit, action or proceeding for the purpose of enforcing
any of the covenants of the Corporation contained in this Agreement or the Warrant Certificates, or for the execution of any power hereunder; 

  

	 	(f)	 to direct any Holder who, as such, has brought any action, suit or proceeding to stay or discontinue or
otherwise deal with the same upon payment of the costs, charges and expenses reasonably and properly incurred by such Holder in connection therewith; 

  

	 	(g)	 to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Holders; and

  

	 	(h)	 with the consent of the Corporation, such consent not to be unreasonably withheld, to remove the Warrant Agent
or its successor in office and to appoint a new warrant agent or warrant agents to take the place of the Warrant Agent so removed. 

  

	Section 10.12	 Meaning of “Extraordinary Resolution” 

 

	(1)	 The expression “Extraordinary Resolution” when used in this Agreement means, subject as provided in
this Article 10, a resolution proposed to be passed at a meeting of Holders duly convened and held in accordance with the provisions of this Article 10 at which there are Holders present in Person or by proxy of not less than 20% of the aggregate
number of the Warrants then outstanding and passed by the affirmative votes of the Holders of not less than 66 2/3% of the aggregate number of the Warrants then outstanding represented at the meeting and voted on a poll upon such resolution.

  

	(2)	 If, at any such meeting, the Holders of not less than 20% of the Warrants then outstanding, are not present in
Person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by or on the requisition of the Holders, shall be dissolved; but in any other case it shall stand adjourned to such date, being not less
than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than seven days’ prior notice shall be given of the time and place of such adjourned meeting in the manner provided in Article 11.
Such notice must state that at the adjourned meeting, the Holders present in Person or by proxy shall form a quorum, but that it shall not be necessary to set forth the purposes for which the meeting was originally called or any other particulars.
At the adjourned meeting, the Holders present in Person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and a resolution proposed at such adjourned meeting and passed by the requisite vote
as provided in Section 10.12(1) shall be an Extraordinary Resolution within the meaning of this Agreement, notwithstanding that Holders of not less than 20% of the Warrants then outstanding are not present in Person or by proxy at such
adjourned meeting. 

  
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	(3)	 Votes on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an
Extraordinary Resolution shall be necessary. 

  

	Section 10.13	 Powers Cumulative 

It is hereby declared and agreed that any one or more of the powers and/or any combination of the powers in this Agreement stated to be exercisable by the
Holders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the rights of the Holders to
exercise the same or any other such power or combination of powers thereafter from time to time. 
  

	Section 10.14	 Minutes 

Minutes of all resolutions and proceedings at every meeting of Holders shall be made and duly entered in books to be from time to time provided for that
purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman or secretary of the meeting at which such resolutions were passed or proceedings had, or by the chairman or secretary of the
next succeeding meeting (if any) of the Holders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to
have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat, to have been duly passed and taken. 
  

	Section 10.15	 Instruments in Writing 

All actions which may be taken and all powers which may be exercised by the Holders at a meeting held as hereinbefore provided in this Article 10 provided may
also be taken and exercised by Holders of not less than 66 2/3% of the Warrants then outstanding by an instrument in writing signed in one or more counterparts and the expression “Extraordinary Resolution” when used in this Agreement shall
include an instrument so signed. 
  

	Section 10.16	 Binding Effect of Resolutions 

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 10 at a meeting of Holders shall be binding upon
all holders, whether present at or absent from such meeting, and every instrument in writing signed by the Holders in accordance with Section 10.15 shall be binding upon all the holders of Warrants, whether signatories thereto or not, and each
and every holder shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing. In the case of an instrument in writing, the Warrant Agent shall give notice of the effect of the instrument in
writing to all Holders and the Corporation as soon as reasonably practicable. 

  
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	Section 10.17	 Holdings by Corporation and its Subsidiaries Disregarded 

In determining whether a Holder holding Warrant Certificates evidencing the entitlement to acquire the required number of Shares are present at a meeting of
Holders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Holders’ Request or other action under this Agreement, Warrants owned legally or beneficially by the Corporation or any
Subsidiary of the Corporation and not cancelled shall be disregarded. 
 ARTICLE 11 

NOTICES 
  

	Section 11.1	 Notice to the Corporation and the Warrant Agent 

 

	(1)	 Unless herein otherwise expressly provided, any notice to be given hereunder to the Corporation or the Warrant
Agent shall be deemed to be validly given if delivered or if sent by letter, postage prepaid, or by e-mail or facsimile transmission: 

If to the Corporation, to: 

Canaccord Genuity Growth Corp. 

161 Bay Street 
 Suite 3000 

Toronto, Ontario 
 M5J 2S1

 Attention:    Jackie Allen, Corporate Secretary 

Email: Jackie.Allen@canaccord.com 

If to the Warrant Agent, to: 

Odyssey Trust Company 
 350, 300
5th Avenue SW 
 Calgary, AB T2P 3C4 

Attention: Dan Sander 
 Email:
dsander@odysseytrust.com 
 and any such notice delivered in accordance with the foregoing, including delivery by email, shall be deemed to
have been received on the date of delivery or if sent by facsimile transmission, on the first Business Day following such transmission or, if mailed, on the fifth Business Day following the date of the postmark on such notice. 

 

	(2)	 The Corporation or the Warrant Agent, as the case may be, may from time to time, notify the others in the
manner provided in Section 11.1(1) of a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the Corporation or the Warrant Agent, as the case may be, for all purposes of this
Agreement. 

  
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	Section 11.2	 Notice to Holders of Warrants 

Except as herein otherwise expressly provided and subject to Section 11.3, any notice required or permitted to be given to Holders under the provisions of
this Agreement shall be deemed to be validly given if personally delivered, if sent by ordinary post to the Holders at their addresses appearing in one of the registers hereinbefore mentioned, or if issued by a press release, at the
Corporation’s discretion; provided that a notice given pursuant to Section 4.3 or Section 5.10 may not be provided by issuing a press release. Any notice so sent shall be deemed to have been received on the next Business Day after the
date of delivery to such address or, if mailed, on the fifth Business Day following the date on which it was mailed, or if disseminated by way of press release, on the day it is so issued. In the event that Warrants are held in the name of the
Depository, a copy of such notice shall also be sent by electronic communication to the Depository and shall be deemed received and given on the day it is so sent. Accidental error or omission in giving notice or accidental failure to give notice to
Holders shall not invalidate any action or proceeding founded thereon. In determining under any provision hereof the date when notice of any meeting or other event must be given, the date of giving notice shall be included and the date of the
meeting or other event shall be excluded. 
  

	Section 11.3	 Mail Service Information 

 

	(1)	 If, by reason of any interruption of mail service, actual or threatened, any notice to be given to the Holders,
the Warrant Agent or the Corporation would be unlikely to reach its destination in the ordinary course of mail, such notice shall be valid and effective only if the notice is: 

 

	 	(a)	 in the case of the Warrant Agent or the Corporation, delivered to an officer of the party to which it is
addressed or if sent to such party, at the appropriate address in accordance with Section 11.1 by e-mail, facsimile or other means of prepaid transmitted or recorded communication; and

  

	 	(b)	 in the case of Holders, published once (i) in the national edition of The Globe & Mail, and
(ii) in such other place or places and manner, if any, as the Warrant Agent may require. 

  

	(2)	 Any notice given to the Holders by publication shall be deemed to have been given on the last day on which
publication shall have been effected as required pursuant to Section 11.3(1). 

  

	(3)	 Accidental error or omission in giving notice or accidental failure to mail notice to any Holder will not
invalidate any action or proceeding founded thereon. 

 ARTICLE 12 

CONCERNING THE WARRANT AGENT 
  

	Section 12.1	 No Conflict of Interest 

The Warrant Agent represents to the Corporation, to the best of its knowledge that, at the date of the execution and delivery of this Agreement, there exists
no material conflict of interest in its 

  
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duties and obligations as a warrant agent hereunder. In the event of a material conflict of interest arising in the Warrant Agent’s role as warrant agent hereunder, the Warrant Agent shall,
as soon as practicable but in any case within 90 days after ascertaining that it has such material conflict of interest, either eliminate the same or assign its duties and obligations hereunder to a successor Warrant Agent approved by the
Corporation. Notwithstanding the foregoing provisions of this Section 12.1, if any such material conflict of interest exists or hereafter shall exist, the validity and enforceability of this Agreement and the Warrant Certificate(s) shall not be
affected in any manner whatsoever by reason hereof. 
  

	Section 12.2	 Replacement of Warrant Agent 

 

	(1)	 The Warrant Agent may resign and be discharged from all duties and liabilities hereunder by giving to the
Corporation at least 45 days’ notice in writing or such shorter notice as the Corporation may accept as sufficient. Subject to Section 10.1l(l)(h), the Holders by Extraordinary Resolution shall have the power, at any time, to remove the
existing Warrant Agent and to appoint a new Warrant Agent. If the Warrant Agent resigns or is removed by Extraordinary Resolution or is dissolved, becomes bankrupt, goes into liquidation or otherwise becomes incapable of acting hereunder, the
Corporation shall forthwith appoint a new Warrant Agent unless a new Warrant Agent has already been appointed by the Holders; failing such appointment by the Corporation, the retiring Warrant Agent or any Holder may apply to a judge of a court
having jurisdiction, on such notice as such judge may direct, for the appointment of a new Warrant Agent; but any new Warrant Agent so appointed by the Corporation or by a court of competent jurisdiction in the Province of Ontario shall be subject
to removal as aforesaid by the Holders. Any new Warrant Agent appointed under any provision of this Section 12.2(1) must be a corporation authorized to carry on the business of a transfer agent in one or more provinces in Canada. On any new
appointment, the new Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Warrant Agent without any further assurances, conveyances, acts or deeds. If, for any reason,
it becomes necessary or expedient to execute any further deed or assurance, the former Warrant Agent shall, at the expense of the Corporation, execute the same in favour of the new warrant agent. 

 

	(2)	 Any corporation into which the Warrant Agent is amalgamated or with which it is consolidated or to which all or
substantially all of its corporate trust business is sold or is otherwise transferred or any corporation resulting from any consolidation or amalgamation to which the Warrant Agent is a party shall become the successor Warrant Agent under this
Agreement, without the execution of any document or any further act. 

  

	(3)	 Upon the appointment of a new Warrant Agent, the Corporation shall promptly notify the Holders thereof in the
manner prescribed by Section 11.1 (2) hereof. 

  

	Section 12.3	 Evidence, Experts and Advisers 

 

	(1)	 In addition to the reports, certificates, opinions and other evidence required by this Agreement, the
Corporation shall furnish to the Warrant Agent such additional evidence of compliance with any provision hereof, and in such form, as the Warrant Agent may reasonably require by written notice to the Corporation. 

  
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	(2)	 In the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in good faith, rely
as to the truth of the statements and the accuracy of the opinions expressed in statutory declarations, opinions, reports, written requests, consents, or orders of the Corporation, certificates of the Corporation or other evidence furnished to the
Warrant Agent pursuant to any provision hereof or pursuant to a request of the Warrant Agent, not only as to its due execution and the validity and effectiveness of its provisions, but also to the truth and acceptability of any information therein
contained which the Warrant Agent in good faith believes to be genuine. 

  

	(3)	 Proof of the execution of an instrument in writing, including a Holders’ Request, by any Holder may be
made by the certificate of a notary public, or other officer with similar powers, that the Person signing such instrument acknowledged to it the execution thereof, or by an affidavit of a witness to such execution or in any other manner which the
Warrant Agent may consider adequate. In respect of a corporate Holder, such instrument shall include a certificate of incumbency of such holder together with a certified resolution authorizing the person who signs such instrument to sign such
instrument. 

  

	(4)	 The Warrant Agent may, at the expense of the Corporation, employ or retain such counsel, accountants,
appraisers or other experts or advisers as it may reasonably require for the purpose of discharging its duties hereunder and may pay reasonable remuneration for all services so performed by any of them, without taxation of costs of any counsel, and
shall not be responsible for any misconduct or negligence on the part of any such experts or advisers who have been appointed with reasonable care by the Warrant Agent. The Warrant Agent may act and rely and shall be protected in acting and relying
in good faith on the opinion or advice of or information obtained from any counsel, accountant, appraiser, engineer or other expert or adviser, whether retained or employed by the Corporation or by the Warrant Agent, in relation to any matter
arising in the administration of the agency hereof. 

  

	Section 12.4	 Warrant Agent May Deal in Securities 

Subject to Section 12.1, the Warrant Agent may buy, sell, lend upon and deal in securities of the Corporation and generally contract and enter into
financial transactions with the Corporation or otherwise, without being liable to account for any profits made thereby. 
  

	Section 12.5	 Warrant Agent Not Ordinarily Bound 

Except as otherwise specifically provided herein, the Warrant Agent shall not be bound to give notice to any Person of the execution hereof, nor to do, observe
or perform or see to the observance or performance by the Corporation of any of the obligations herein imposed upon the Corporation or of the covenants on the part of the Corporation herein contained. 

  
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	Section 12.6	 Warrant Agent Not Required To Give Security 

The Warrant Agent shall not be required to give any bond or security in respect of the execution or administration of its duties under this Agreement or
otherwise in respect of the premises. 
  

	Section 12.7	 Warrant Agent Not Required To Give Notice of Default 

The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and
until it shall have been required to do so under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the
default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice, the Warrant Agent may, for all purposes of this Agreement, conclusively assume that no default has been made in the observance or performance
of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action
with respect to any default. 
  

	Section 12.8	 Acceptance of Appointment 

The Warrant Agent hereby accepts its appointment as warrant agent under this Agreement and agrees to perform its duties hereunder upon the terms and conditions
herein set forth or referred to unless and until discharged therefrom by resignation or in some other lawful way. 
  

	Section 12.9	 Duties of Warrant Agent 

 

	(1)	 The Warrant Agent, in exercising its powers and discharging its duties hereunder, shall: 

 

	 	(a)	 act honestly and in good faith; and 

 

	 	(b)	 exercise the care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable
circumstances. 

  

	Section 12.10	 Actions by Warrant Agent 

 

	(1)	 The Warrant Agent shall have the power to institute and to maintain such actions and proceedings as it may
consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Holders. 

  

	(2)	 Subject only to Section 12.7, the obligation of the Warrant Agent to commence or continue any act, action
or proceeding for the purpose of enforcing any rights of the Warrant Agent or the Holders hereunder shall be conditional upon the Holders delivering to the Warrant Agent: 

 

	 	(a)	 a Holder’s Request or Extraordinary Resolution directing the Warrant Agent to take such act, action, or
proceeding; 

  

	 	(b)	 sufficient funds to commence or continue such act, action or proceeding; and 

  
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	 	(c)	 an indemnity reasonably satisfactory to the Warrant Agent to protect and hold harmless the Warrant Agent and
its officers, directors, employees and agents, against the costs, charges and expenses and liabilities to be incurred thereby and any loss and damages it may suffer by reason thereof. 

 

	(3)	 None of the provisions contained in this Agreement shall require the Warrant Agent to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers unless indemnified and funded as aforesaid. 

 

	(4)	 The Warrant Agent may, before commencing or at any time during the continuance of any such act, action or
proceeding, require the Holders, at whose instance it is acting, to deposit with the Warrant Agent the Warrants held by them, for which Warrants the Warrant Agent shall issue receipts. 

 

	(5)	 No duty shall rest with the Warrant Agent to determine compliance of the transferor or transferee with
applicable securities laws. The Warrant Agent shall be entitled to assume that all transfers are legal and proper. 

  

	Section 12.11	 Protection of Warrant Agent 

 

	(1)	 By way of supplement to the provisions of any law for the time being relating to warrant agents, it is
expressly declared and agreed as follows: 

  

	 	(a)	 the Warrant Agent shall not be liable for or by reason of any statements of fact or recitals in this Agreement
or in the Warrant Certificates (except the representation contained in Section 12.1) or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Corporation; 

 

	 	(b)	 nothing herein contained shall impose any obligation on the Warrant Agent to see to or to require evidence of
the registration or filing (or renewal thereof) of this Agreement or any instrument ancillary or supplemental hereto; 

  

	 	(c)	 the Warrant Agent shall not be bound to give notice to any Person or Persons of the execution hereof;

  

	 	(d)	 notwithstanding the foregoing or any other provision of this Agreement, any liability of the Warrant Agent
shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Corporation to the Warrant Agent under this Agreement in the twelve (12) months immediately prior to the Warrant Agent receiving the first notice of the
claim. Notwithstanding any other provision of this Agreement, and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent shall not be liable under any circumstances whatsoever for any (i) breach by any other party of
securities law or other rule of any securities regulatory authority; (ii) lost profits; or (iii) special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages; 

  
 - 53 - 

	 	(e)	 the Warrant Agent shall not be liable for any error in judgment or for any act done or step taken or omitted by
it in good faith or for any mistake, in fact or law, or for anything which it may do or refrain from doing in connection herewith except arising out of its own gross negligence, fraud, bad faith or willful misconduct; 

 

	 	(f)	 in the event that any of the funds provided to the Warrant Agent hereunder are received by it in the form of an
uncertified cheque or bank draft, the Warrant Agent shall be entitled to delay the time for release of such funds until such uncertified cheque has cleared the financial institution upon which the same is drawn; and 

 

	 	(g)	 the forwarding of a cheque or the sending of funds by wire transfer by the Warrant Agent will satisfy and
discharge the liability of any amounts due to the extent of the sum represented thereby unless such cheque is not honoured on presentation, provided that in the event of the non-receipt of such cheque by the
payee, or the loss or destruction thereof, the Warrant Agent, upon being furnished with reasonable evidence of such non-receipt, loss or destruction and indemnity reasonably satisfactory to it, will issue to
such payee a replacement cheque for the amount of such cheque. 

  

	Section 12.12	 Indemnification of the Warrant Agent 

The Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors, employees, agents, successors and
assigns (the “Indemnified Parties”) from and against any and all liabilities whatsoever, losses, damages, penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments, expenses and disbursements,
including reasonable legal fees and disbursements of whatever kind and nature which may at any time be imposed on or incurred by or asserted against the Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or
arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified Parties’ duties, or any other services that Warrant
Agent may provide in connection with this Warrant Agency Agreement. The Corporation agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third parties and regardless of
any liability of third parties to the Indemnified Parties, and shall accrue and become enforceable without prior demand or any other precedent action or proceeding; provided that the Corporation shall not be required to indemnify the Indemnified
Parties in the event of the gross negligence, fraud, wilful misconduct or bad faith of any Indemnified Party, and this provision shall survive the resignation or removal of the Warrant Agent or the termination or discharge of this Warrant Agency
Agreement. For greater certainty, it is expressly agreed and understood that the Escrow Funds shall not be used to pay any of the Indemnified Parties’ fees, expenses or disbursements, certificates or claims, and the Warrant Agent acknowledges
and agrees that it shall not be entitled to and waives any rights to or interest in any of the Escrow Funds in the escrow account under any circumstances. 

  
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	Section 12.13	 Third Party Interests 

The Corporation hereby represents to the Warrant Agent that any account to be opened by, or interest to held by the Warrant Agent in connection with this
Agreement, for or to the credit of such party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such party hereto agrees to complete
and execute forthwith a declaration in the Warrant Agent’s prescribed form as to the particulars of such third party. 
  

	Section 12.14	 Not Bound To Act 

The Warrant Agent shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason
whatsoever, the Warrant Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist or economic sanctions
legislation, regulation or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time that its acting under this Agreement has resulted in its being in non-compliance with any
applicable anti-money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days’ prior written notice to the Corporation, provided that (a) the Warrant
Agent’s written notice shall describe the circumstances of such non-compliance; and (b) if such circumstances are rectified to the Warrant Agent’s satisfaction within such 10-day period, then such resignation shall not be effective. 
  

	Section 12.15	 Privacy Laws 

The parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively,
“Privacy Laws”) applies to obligations and activities under this Agreement. Despite any other provision of this Agreement, neither party shall take or direct any action that would contravene, or cause the other to contravene,
applicable Privacy Laws. The Corporation shall, prior to transferring or causing to be transferred personal information to the Warrant Agent, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of
their personal information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The Warrant Agent shall use commercially reasonable efforts to
ensure that its services hereunder comply with Privacy Laws. 
 ARTICLE 13 

SUPPLEMENTAL AGREEMENTS 
  

	Section 13.1	 Supplemental Agreements 

 

	(1)	 From time to time, the Warrant Agent and, when authorized by a resolution of its Directors, the Corporation,
may, subject to the provisions hereof, and they shall, when required by this Agreement, execute, acknowledge and deliver, by their proper officers, deeds or agreements supplemental hereto, which thereafter shall form part hereof, for any one or more
of the following purposes: 

  
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	 	(a)	 adding to the covenants of the Corporation herein contained for the protection of the Holders in addition to
those herein specified; 

  

	 	(b)	 making such provision not inconsistent with this Agreement as may be necessary or desirable with respect to
matters or questions arising hereunder provided that the Warrant Agent shall be of the opinion, relying on the advice of Counsel, that such provisions shall not be prejudicial to the interests of the Holders; 

 

	 	(c)	 adding to or altering the provisions hereof in respect of the transfer of Warrants, making provision for the
exchange of Warrant Certificates and making any modification in the form of the Warrant Certificate which does not affect the substance thereof; 

  

	 	(d)	 evidencing the succession, or successive successions, of other corporations to the Corporation and the
covenants of and obligations assumed by any such successor in accordance with the provisions of this Agreement; 

  

	 	(e)	 giving effect to any Extraordinary Resolution passed as provided in Article 10; 

 

	 	(f)	 setting forth adjustments in the application of the provisions of Article 5; and 

 

	 	(g)	 for any other purpose not inconsistent with the terms of this Agreement, provided that in the opinion of the
Warrant Agent relying on the advice of Counsel, the rights of the Warrant Agent and of the Holders are in no way prejudiced thereby. 

  

	(2)	 The Warrant Agent may also, without the consent or concurrence of the Holders, by supplemental agreement or
otherwise, concur with the Corporation in making any changes or corrections in this Agreement which it has been advised by its counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provision or
clerical omission or mistake or manifest error contained herein or in any deed or agreement supplemental or ancillary hereto, provided that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights of the Warrant Agent and of
the Holders are in no way prejudiced thereby. 

 ARTICLE 14 

GENERAL PROVISIONS 
  

	Section 14.1	 Execution 

This Agreement may be simultaneously executed in several counterparts, and may be executed by facsimile or other means of electronic communication producing a
printed copy, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument, and notwithstanding their date of execution, they shall be deemed to be dated as of the date
hereof. 

  
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	Section 14.2	 Rights of Rescission 

Should a Holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the
Holder’s funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the Holder. In such
cases, the Holder shall seek a refund directly from the Corporation and subsequently, the Corporation shall instruct the Warrant Agent in writing, to cancel the exercise transaction and cause the cancellation of any Shares on the register, which may
have already been issued upon the Warrant exercise. In the event that any payment is received from the Corporation by virtue of the Holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the
Corporation by such Holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce that the funds are returned pursuant to this Section 14.2, nor shall the Warrant Agent be in any other way
responsible in the event that any payment is not delivered or received pursuant to this Section 14.2. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the Holder, the
Warrant Agent shall return such funds to the Holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such
funds. 
  

	Section 14.3	 Force Majeure 

Neither party shall be liable to the other, or held in breach of this Agreement, if prevented, hindered, or delayed in the performance or observance of any
provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication
interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section 14.3. 

 

	Section 14.4	 Satisfaction and Discharge of Agreement 

Upon the earlier of: 
  

	(1)	 the date by which there shall have been delivered to the Warrant Agent for exercise or cancellation all
Warrants theretofore issued hereunder; and 

  

	(2)	 the Expiry Time, 

and if all certificates representing Shares, if any, required to be issued in compliance with the provisions hereof have been issued and delivered hereunder
or to the Warrant Agent in accordance with such provisions, this Agreement shall cease to be of any force and effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a
certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Agreement have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Agreement.
Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Agreement. 

  
 - 57 - 

	Section 14.5	 Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided

 For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation or any Subsidiary of the Corporation
in Section 10.17 hereof, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate: 

 

	(1)	 the names (other than the name of the Corporation) of the Holders of Warrants which, to the knowledge of the
Corporation, are owned by or held for the account of the Corporation or any Subsidiary of the Corporation; and 

  

	(2)	 the number of Warrants owned legally or beneficially by the Corporation or any Subsidiary of the Corporation
have not been cancelled; 

 and the Warrant Agent, in making the computations in Section 10.17 hereof, shall be entitled to rely on
such certificate without any additional evidence. 
  

	Section 14.6	 Provisions of Agreement and Warrants for the Sole Benefit of Parties and Holders 

Nothing in this Agreement or in the Warrant Certificates, expressed or implied, shall give or be construed to give to any Person other than the parties thereto
and the Holders, as the case may be, any legal or equitable right, remedy or claim under this Agreement, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties
hereto and the Holders. 

  
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 IN WITNESS WHEREOF the parties hereto have executed these presents under the hands of their proper officers
in that behalf. 
  

					
	CANACCORD GENUITY GROWTH CORP.
		
	By:	 	 (Signed) Michael Shuh

		 	Name:	 	Michael D. Shuh
		 	Title:	 	Chief Executive Officer
	
	ODYSSEY TRUST COMPANY
		
	By:	 	 (Signed) Jay Campbell

		 	Name:	 	Jay Campbell
		 	Title:	 	Authorized Signatory
		
	By:	 	 (Signed) Dan Sander

		 	Name:	 	Dan Sander
		 	Title:	 	Authorized Signatory

 SCHEDULE “A” 

CANACCORD GENUITY GROWTH CORP. 

FORM OF WARRANT CERTIFICATE 
  

					
	Certificate No. ●	  		  	
	CUSIP CA 13480D111	  		  	  

		  		  	Share Purchase Warrants

 [If issued pursuant to Section 2.13(1) of the Warrant Agency Agreement, insert: 

“THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO CANACCORD GENUITY GROWTH CORP.
(THE “CORPORATION”) OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, AFTER THE HOLDER HAS FURNISHED TO THE
CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. THE SECURITIES REPRESENTED HEREBY CANNOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON WITHIN THE MEANING OF REGULATION S UNDER THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK
EXCHANGES IN CANADA.”] 
 [If issued pursuant to Section 2.13(2) of the Warrant Agency Agreement, insert: 

“THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO CANACCORD GENUITY GROWTH CORP.
(THE “CORPORATION”); (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATIONS UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 OR (II) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN ACCORDANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS OR (D) IN ANOTHER TRANSACTION THAT
DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES 

  
 A-1 

 
LAWS, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(I) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF
EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”] 

[For all Warrants issued to Qualified Institutional Buyers, insert: 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE
APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.] 

THE WARRANTS REPRESENTED HEREBY WILL BE VOID AFTER THE EXPIRY TIME AS DESCRIBED HEREIN. 

THIS CERTIFICATE IS TO CERTIFY that for value received ● (herein referred to as the “Holder”) is the registered holder of the
number of Warrants of Canaccord Genuity Growth Corp. (the “Corporation”) stated above, and subject to adjustment provisions as set forth in the Warrant Agency Agreement (as defined below), is entitled to acquire, on a date that is
at least 65 days following the date of the closing of the Qualifying Transaction of the Corporation (the “Commencement Time”) (at which time, as the remaining Class A Restricted Voting Shares of the Corporation would, under
their current terms (as of the date of the Warrant Agency Agreement), have been automatically converted into Common Shares, each Warrant would be exercisable for one Common Share) and up until 5:00 p.m. (Toronto time) on the date that is five years
after the date of completion of a Qualifying Transaction of the Corporation, or the next succeeding Business Day if such date is not a Business Day (the “Expiry Date”), upon payment of Cdn.$3.45 (the “Exercise
Price”) for each Warrant represented hereby, one Share (as defined herein), all in the manner and subject to the restrictions and adjustments set forth in the Warrant Agency Agreement, provided that if a Qualifying Transaction of the
Corporation is not consummated during the Permitted Timeline, the Expiry Date shall be the last date of the Permitted Timeline, and further provided that if an Acceleration Event occurs and the Corporation accelerates the Expiry Date in accordance
with Section 4.3 of the Warrant Agency Agreement, the Expiry Date shall be determined in accordance with Section 4.3 of the Warrant Agency Agreement. 

For purposes of this Certificate, any reference to “Shares” shall mean the Class A Restricted Voting Shares for which the Warrants are
conferred the right to acquire, provided that under their current terms (as of the date of the Warrant Agency Agreement), at the time of the closing of the 

  
 A-2 

 
Qualifying Transaction of the Corporation, any issued and outstanding Class A Restricted Voting Shares remaining would automatically convert into Common Shares, and all references to
“Shares” herein would thereafter mean the Common Shares (as the context requires), and provided that in the event of any adjustment in accordance with the provisions of the Warrant Agency Agreement, “Shares” shall
thereafter mean the shares or other securities or property resulting from such adjustment, and “Share” means any one of them. 
 Any
capitalized term in this Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Agency Agreement. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms
and conditions of the Warrant Agency Agreement, the terms and conditions of the Warrant Agency Agreement shall govern. 
 The Warrants represented by this
Certificate are issued or issuable in fully registrable form only under the provisions of an agreement (which agreement, together with all other instruments ancillary thereto, is referred to herein as the “Warrant Agency Agreement”)
dated as of September 20, 2018 between the Corporation and Odyssey Trust Company (the “Warrant Agent”). Reference is hereby made to the Warrant Agency Agreement for a full description of the rights of the holders of the
Warrants, the Corporation and the Warrant Agent in respect thereof, and the terms and conditions upon which the Warrants evidenced hereby are issued and held, all to the same effect as if the provisions of the Warrant Agency Agreement were herein
set forth. By acceptance of this Certificate, the Holder assents to all provisions of the Warrant Agency Agreement. To the extent that the terms and conditions set forth in this Certificate conflict with the terms and conditions of the Warrant
Agency Agreement, the Warrant Agency Agreement shall prevail. The Corporation will furnish to the holder of this Certificate, upon request and without charge, a copy of the Warrant Agency Agreement. 

In the event that prior to the Expiry Time, the Holder has not exercised the Warrants represented hereby in accordance with the terms of the Warrant Agency
Agreement, then any Warrants represented by this Certificate which have not been so exercised shall be deemed to have expired and shall be of no further force and effect as of 5:00 p.m. (Toronto time) on the Expiry Date. 

Upon exercise, the Warrants so exercised shall be void and of no value or effect. 

For certificates representing the Shares issued upon exercise of the Warrants (reflecting any adjustments as provided herein and in the Warrant Agency
Agreement), the Warrant Agent shall cause, within three Business Days after the Exercise Date of such Warrants, such certificates to be mailed or delivered, as specified in the Exercise Form, at the address specified in such Exercise Form, or, if so
specified in such Exercise Form, cause to be held for such Person for pick-up at the Warrant Agency. 
 The right to
acquire Shares may only be exercised by the Holder within the time set forth above by: 
  

	 	(a)	 duly completing and executing the Exercise Form attached hereto; 

  
 A-3 

	 	(b)	 by providing a certified cheque, bank draft or money order in lawful money of Canada payable to the order of
the Corporation for the aggregate purchase price of the Shares so subscribed; and 

  

	 	(c)	 surrendering this Warrant Certificate to the Warrant Agent at the Warrant Agency, 

all in accordance with Section 4.2 of the Warrant Agency Agreement. 

The Warrants represented by this Certificate shall be deemed to be surrendered only upon personal delivery hereof or, if sent by mail or other means of
transmission, upon actual receipt thereof by the Warrant Agent at its principal office in the City of Calgary, Alberta. 
 In the event that the Corporation
redeems all or a portion of a Holder’s Class A Restricted Voting Shares underlying the Class A Restricted Voting Units in accordance with the provisions of the Articles, then each Warrant forming part of the Class A Restricted
Unit so redeemed shall be automatically redeemed by the Corporation, effective at the same time as the redemption of the Class A Restricted Voting Shares and without any further action by the Corporation, for the Warrant Redemption Price, which
Warrant Redemption Price shall be paid by the Corporation in the same manner and at the same time as payment is made in respect of the redemption of the applicable Class A Restricted Voting Share. Upon payment in cash of the Warrant Redemption
Price in respect of the Warrants underlying the Class A Restricted Voting Units to be redeemed by the Corporation, the rights of the Holders in respect of such Warrants being redeemed, as Holders, shall be extinguished in their entirety. 

Upon surrender of these Warrants, the Person or Persons in whose name or names the Shares issuable upon exercise of the Warrants are to be issued shall be
deemed for all purposes (except as provided in the Warrant Agency Agreement) to be the holder or holders of record of such Shares, and the Corporation has covenanted that it will (subject to the provisions of the Warrant Agency Agreement) cause a
certificate or certificates representing the Shares to be delivered or mailed to the Person or Persons at the address or addresses specified in the Exercise Form within three Business Days after the Exercise Date of such Warrants. 

The Warrant Agency Agreement provides for adjustments to certain rights of Holders including the number of Shares issuable upon exercise of the Warrants upon
subdivision, consolidation or reclassification of the Shares or any reclassification or capital reorganization of the Corporation and certain dividends and distributions of securities, including rights, options or warrants to purchase Shares or
securities exercisable, convertible or exchangeable into Shares or assets of the Corporation. The Holder should refer to the Warrant Agency Agreement which provides for adjustments in certain other events. 

The Corporation shall not be required, upon valid exercise of any Warrants after the Commencement Time and prior to the Expiry Time, to issue fractions of
Shares or to distribute certificates which evidence the same. A Holder shall not be entitled to any cash or other consideration in lieu of any fractional interest in a Warrant or claim thereto. Any fractional Shares to which a Holder is entitled
shall be rounded down to the nearest whole Share, and no cash or other consideration will be paid in lieu of fractional Shares. 

  
 A-4 

 The terms and conditions relating to the Warrants and this Certificate may be modified, changed or added to
in accordance with the provisions of the Warrant Agency Agreement. The Warrant Agency Agreement contains provisions making binding upon all Holders of Warrants outstanding thereunder resolutions passed at meetings of such Holders held in accordance
with such provisions and instruments in writing signed by the Holders holding a specified percentage of the then outstanding Warrants. 
 The holding of the
Warrants, as evidenced by this Certificate, shall not constitute, or be construed as conferring upon, a Holder any right or interest whatsoever as a shareholder of the Corporation except such rights as may be provided in the Warrant Agency Agreement
or in this Certificate. 
 The Holder of this Certificate may, upon compliance with the reasonable requirements of the Warrant Agent and upon surrender of
this Certificate, exchange this Certificate for another Certificate or Certificates entitling the Holder thereof to receive, in the aggregate, the same number of Shares as are issuable under this Certificate. 

The Warrants evidenced by this Certificate may only be transferred in accordance with applicable securities laws and upon due execution and delivery to the
Warrant Agent of a Transfer Form in the form attached hereto and in compliance with all the conditions prescribed in the Warrant Agency Agreement and compliance with such other reasonable requirements as the Warrant Agent may prescribe. 

The Warrants represented hereby have not been registered under the U.S. Securities Act or any applicable state securities laws. Accordingly, prior to the
closing of a Qualifying Transaction of the Corporation Warrants may not be distributed or transferred in the United States or to, or for the benefit of, a “U.S. Person” (as defined in Regulation S under the U.S. Securities Act).
After the closing of a Qualifying Transaction of the Corporation, Warrants may not be distributed or transferred in the United States or to, or for the benefit of, a U.S. Person unless the distribution or transfer is being made in a transaction that
does not require registration under the U.S. Securities Act or any applicable state securities laws, and the Holder has furnished to the Corporation and the Warrant Agent an opinion of counsel, or other evidence of exemption, in form and substance
satisfactory to the Corporation to such effect. Compliance with the securities laws of any jurisdiction is the responsibility of the holder of Warrants or his, her or its transferee. 

This Warrant Certificate shall not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent under the Warrant Agency
Agreement. 
 The registered holder of this Warrant Certificate expressly acknowledges having requested, and consents to, the drawing in the English
language only of this Warrant Certificate evidencing the Warrants registered in his, her or its name and all documents relating to such Warrants. Le détenteur inscrit du présent certificat de bons de souscription reconnaît
expressément avoir demandé et consenti que le présent certificat attestant qu’il est le détenteur inscrit de bons de souscription, ainsi que tous les documents s’y rapportant, soient rédigés en
anglais seulement. 
 Time shall be of the essence hereof. 

[Remainder of page left intentionally blank. Signature page follows.] 

  
 A-5 

 IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed as of the
     day of             , 20    . 
  

			
	 CANACCORD GENUITY GROWTH CORP.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 This Warrant Certificate is one of the Warrant Certificates referred to in the Warrant Agency Agreement. Signed by the
Warrant Agent as of the      day of             , 20    . 

 

			
	 ODYSSEY TRUST COMPANY

		
	 By:
	 	  

		 	   Authorized Signing Officer

  
 A-6 

 EXERCISE FORM 

TO:              CANACCORD GENUITY GROWTH CORP. 

AND TO:    ODYSSEY TRUST COMPANY 
  

					
	(1)	  		  	The undersigned hereby irrevocably subscribes for, and exercises his, her or its right to be issued, the number of Shares set forth below, such Shares being issuable upon exercise of such Warrants pursuant to the terms specified in
the said Warrants and the Warrant Agency Agreement.
			
	(2)	  		  	The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):
			
	A	  	☐	  	The undersigned holder (i) at the time of exercise of the Warrants is not in the United States and is not exercising the Warrants on behalf of a Person in the United States; (ii) is not a “U.S. Person” (a
“U.S. Person”), as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and is not exercising the Warrants on behalf of a “U.S. Person”; and
(iii) did not execute or deliver this exercise form in the United States.
			
	B	  	☐	  	The undersigned holder (a) is the original United States “qualified institutional buyer”, within the meaning of Rule 144A under the U.S. Securities Act (a “Qualified Institutional Buyer”), that
purchased the Warrants pursuant to the Corporation’s Offering and delivered the certificate of Qualified Institutional Buyer attached to the U.S. Private Placement Memorandum in connection with its purchase of Class A Restricted Voting
Units, (b) is exercising the Warrants for its own account or for the account of the Qualified Institutional Buyer with respect to which it exercises sole investment discretion and for which it purchased the Warrants, and (c) is, and such
principal, if any, is, a Qualified Institutional Buyer at the time of exercise of these Warrants and the representations and warranties of the holder made in the original U.S. Private Placement Memorandum including the certificate of Qualified
Institutional Buyer remain true and correct as of the date of exercise of these Warrants.
			
	C	  	☐	  	The undersigned holder has delivered to Odyssey Trust Company an opinion of counsel of recognized standing in form and substance satisfactory to the Corporation to the effect that an exemption from the registration requirements of
the U.S. Securities Act and applicable state securities laws is available.

 Note: The undersigned holder understands that unless Box A above is checked, the certificate representing the Shares will bear
a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available. Certificates representing Shares will not be registered or delivered to an
address in the United States unless Box B or Box C above is checked. If Box C above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion tendered in connection with the exercise will be
satisfactory in form and substance to the Corporation. 

  
 A-7 

 The undersigned hereby irrevocably directs that the Shares be issued and delivered as follows: 

 

					
	Name in full	  	Address (include Postal Code)	  	                        Number of Shares

  
  

 
  

(Please print full name in which certificate(s) are to be issued.) 

Dated this      day of             ,
        . 
  

					
	  
	  		  	  

	Signature Guaranteed	  		  	Signature of Registered Holder
			
		  		  	  

		  		  	Name of Registered Holder

  

	☐	 Please check box if certificates representing these Shares are to be delivered at the office of the Warrant
Agent where this Warrant Certificate is surrendered, failing which the certificates shall be mailed to the address set forth above. 

Instructions: 
 The registered holder may exercise his or
her right to receive Shares by completing this form and surrendering this form and the Warrant Certificate representing the Warrants being exercised, together with the applicable payment therefor, to Odyssey Trust Company, 350, 300 5th Avenue SW, Calgary, AB, T2P 3C4. Certificates for Shares shall be delivered or mailed within three Business Days after the exercise of the Warrants. 

If the Exercise Form indicates that Shares are to be issued to a Person or Persons other than the registered holder of the Certificate, the signature on this
Exercise Form must be guaranteed by an eligible guarantor institution with membership in an approved signature guarantee medallion program. 
 If the
Exercise Form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any Person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign
satisfactory to the Warrant Agent and the Corporation. 
 If Box C is checked, any opinion tendered must be in form and substance satisfactory to the
Corporation and the Warrant Agent. Holders planning to deliver an opinion of counsel in connection with the exercise of Warrants should contact the Corporation in advance to determine whether any opinions to be tendered will be acceptable to the
Corporation. 

  
 A-8 

 TRANSFER FORM 

ANY TRANSFER OF WARRANTS WILL REQUIRE COMPLIANCE 

WITH APPLICABLE SECURITIES LEGISLATION. TRANSFERORS AND 

TRANSFEREES ARE URGED TO CONTACT LEGAL COUNSEL BEFORE 

EFFECTING ANY SUCH TRANSFER. 

TO:              CANACCORD GENUITY GROWTH CORP. 

AND TO:    ODYSSEY TRUST COMPANY 
 FOR
VALUE RECEIVED the undersigned hereby sells, assigns and transfers
to                                        
                                         
                                   

 
  
  

 
 (print name and address) the Warrants represented by
this Warrants Certificate and hereby irrevocable constitutes and appoints                      as its attorney with full power of substitution
to transfer the said securities on the appropriate register of the Warrant Agent. 
 In the case of a warrant certificate that contains a United States
restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 
  

	 	☐  (A)	 the transfer is being made only to the Corporation; 

 

	 	☐  (B)	 the transfer is being made outside the United States in accordance with Rule 904 of Regulation S under the U.S.
Securities Act, and in compliance with any applicable local securities laws and regulations and the holder has provided herewith the Declaration for Removal of Legend attached as Schedule “B” to the Warrant Agency Agreement, or 
	 

  

	 	☐  (C)	 the transfer is being made within the United States or to, or for the account or benefit of, U.S. Persons, in
accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws and the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized
standing, or other evidence of exemption, in form and substance reasonably satisfactory to the Corporation to such effect. 

 In the case
of a warrant certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of a U.S. Person or to a person in the United States, the undersigned hereby represents, warrants and certifies
that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws, in which case the undersigned has furnished to the Corporation and
the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect. 

  
 A-9 

	☐	 If transfer is to a U.S. Person, check this box. 

DATED this      day of             ,
20    . 
  

							
	SPACE FOR GUARANTEES OF	 	}	  		  	
	SIGNATURES (BELOW)	 	}	  		  	
		 	}	  		  	
		 	}	  		  	  

		 	}	  		  	Signature of Transferor
		 	}	  		  	
		 	}	  		  	
		 	}	  		  	
	  
	 	}	  		  	  

	Guarantor’s Signature/Stamp	 	}	  		  	Name of Transferor

 CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY 

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration
or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed in accordance with the transfer agent’s then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not
acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards): 

 

	 	•	 	 Canada and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable Medallion
Signature Guarantee Program (STAMP, SEMP, NYSE MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words
“Medallion Guaranteed”, with the correct prefix covering the face value of the certificate. 

  

	 	•	 	 Canada: A Signature Guarantee obtained from the Guarantor must affix a stamp bearing the actual words
“Signature Guaranteed”. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing
resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a “Signature & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature
Guarantee” Stamp) obtained from an authorized officer of a major Canadian Schedule 1 chartered bank. 

  

	 	•	 	 Outside North America: For holders located outside North America, present the certificates(s) and/or
document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the
signature to be over-guaranteed. 

  
 A-10 

 SCHEDULE “B” 

FORM OF DECLARATION FOR REMOVAL OF LEGEND 
  

	TO:	             Odyssey Trust Company, as registrar and
transfer agent 

 AND TO:     Canaccord Genuity Growth Corp. (the “Corporation”) 

The undersigned (A) acknowledges that the sale of
                     of the Corporation represented by certificate number
                     to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the undersigned is not (a) an “affiliate” of the Corporation (as that term is defined in Rule 405 under the U.S.
Securities Act), (b) a “distributor” as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order
was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of a
designated offshore securities market (such as the Aequitas NEO Exchange) and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States or a U.S. person; (3) neither the
seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities; (4) the sale is bona fide and
not for the purpose of “washing off” the resale restrictions imposed because the securities are “restricted securities” (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to
replace securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted securities; and(6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S,
is part of a plan or scheme to evade the registration provisions of the U. S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act. 

 

							
	Dated:                                     
            	 		 	X	 	  

		 		 		 	Authorized signatory
				
		 		 		 	Name of Seller (please print)
				
		 		 		 	Name of authorized signatory (please print)
				
		 		 		 	Title of authorized signatory (please print)

  
 B-1 

 Affirmation By Seller’s Broker-Dealer (required for sales in accordance with Section (B)(2)(b)
above) 
 We have read the foregoing representations of our customer,
                     (the “Seller”) dated
                    , with regard to our sale, for such Seller’s account, of the securities of the Corporation described therein, and on
behalf of ourselves we certify and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction was executed on or through the facilities of designated offshore
securities market, (C) neither we, nor any person acting on our behalf, engaged in any directed selling efforts in connection with the offer and sale of such securities, and (D) no selling concession, fee or other remuneration is being
paid to us in connection with this offer and sale other than the usual and customary broker’s commission that would be received by a person executing such transaction as agent. Terms used herein have the meanings given to them by Regulation S
under the U.S. Securities Act. 
  

			
	  

	Name of Firm
		
	By:	 	
                    

		 	Authorized officer
		
	Date:	 	  

  
 B-2

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