Document:

EX-10.1

 Exhibit 10.1 

SPHERE 3D CORPORATION 

SECOND AMENDED AND RESTATED STOCK OPTION PLAN 

MAY 27, 2014 

 TABLE OF CONTENTS 

 

							
	 1.      PURPOSE
	  	 	1	  
			
	 1.1
	  	Purpose	  	 	1	  
		
	 2.      INTERPRETATION
	  	 	1	  
			
	 2.1
	  	Definitions	  	 	1	  
	 2.2
	  	Interpretation	  	 	5	  
		
	 3.      ADMINISTRATION
	  	 	6	  
			
	 3.1
	  	Administration	  	 	6	  
	 3.2
	  	Shares Reserved	  	 	7	  
	 3.3
	  	Eligibility	  	 	8	  
		
	 4.      OPTIONS
	  	 	8	  
			
	 4.1
	  	Grants	  	 	8	  
	 4.2
	  	Exercise Price	  	 	8	  
	 4.3
	  	Term of Options	  	 	9	  
	 4.4
	  	Vesting of Options	  	 	9	  
	 4.5
	  	Option Agreements	  	 	9	  
	 4.6
	  	Exercise of Option	  	 	9	  
	 4.7
	  	Misconduct of Optionee	  	 	10	  
	 4.8
	  	Prohibition on Transfer of Options and Shares	  	 	10	  
	 4.9
	  	Death, Disability or Retirement of Optionee	  	 	10	  
	 4.10
	  	Termination of Employment or Services by Reason other than Death, Disability or Retirement	  	 	11	  
	 4.11
	  	Change of Control	  	 	13	  
	 4.12
	  	Discretion to Permit Exercise	  	 	13	  
	 4.13
	  	Limits on Grants	  	 	14	  
	 4.14
	  	Terms or Amendments Requiring Disinterested Shareholder Approval	  	 	14	  
		
	 5.      GENERAL
	  	 	14	  
			
	 5.1
	  	Capital Adjustments	  	 	14	  
	 5.2
	  	Conditions of Exercise	  	 	15	  
	 5.3
	  	Amendment and Termination	  	 	15	  
	 5.4
	  	Status as Shareholder	  	 	16	  
	 5.5
	  	Withholding Taxes	  	 	16	  
	 5.6
	  	Non-Exclusivity and Corporate Action	  	 	16	  
	 5.7
	  	Employment and Board of Directors Position Non-Contractual	  	 	17	  
	 5.8
	  	Indemnification	  	 	17	  
	 5.9
	  	Notices	  	 	17	  
	 5.10
	  	Governing Law	  	 	17	  
	 5.11
	  	Effective Date	  	 	18	  
		
	 EXHIBITS
	  			
		
	 Exhibit “A” – Option Agreement
	  			
	 Exhibit “B” – Notice of Exercise
	  			

 SPHERE 3D CORPORATION 

AMENDED AND RESTATED STOCK OPTION PLAN 
  

	1.	PURPOSE 

  

	 	1.1	Purpose 

 The purpose of the Plan is to advance the interests of the Corporation by
attracting, retaining and motivating persons as directors, officers, key employees and consultants of the Corporation and its Affiliated Corporations and providing them with a greater incentive to develop and promote the growth and success of the
Corporation by granting to them options to purchase shares in the capital of the Corporation. 
  

	2.	INTERPRETATION 

  

	 	2.1	Definitions 

 For the purposes of the Plan, unless they are otherwise defined elsewhere
herein, the following terms have the following meanings, respectively: 
  

	 	(a)	“Affiliate” has the meaning set forth in the Securities Act (Ontario), as amended from time to time; 

  

	 	(b)	“Affiliated Corporation” is a corporation which is an “affiliate” (as such term is defined in the Securities Act (Ontario), as amended from time to time) of the Corporation;

  

	 	(c)	“Applicable Law” means the requirements relating to the administration of stock option plans under the applicable corporate and securities laws of Ontario and Canada, any stock exchange or quotation
system on which the Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction which apply to Options granted under the Plan; 

  

	 	(d)	“Board” means the board of directors of the Corporation; 

  

	 	(e)	“Business Day” means a day that is not a Saturday, a Sunday or a statutory or legal holiday in Toronto, Ontario; 

  

	 	(f)	“Cause” means any act or omission by the Optionee which would in law permit an employer to, without notice or payment in lieu of notice, terminate the Optionee’s employment or services, and shall
include, without limitation, the meaning attributed thereto in the employment agreement or consulting agreement, as may be applicable, of such Optionee; 

  

	 	(g)	“Committee” has the meaning set forth in subsection 3.1(c) hereof; 

  

	 	(h)	 “Consultant Optionee” means an individual, other than an Employee Optionee or an Executive Optionee, that: (i) is engaged to
provide on a bona fide basis 

  
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consulting, technical, management or other services to the Corporation or to an Affiliated Corporation under a written contract between the Corporation or the Affiliated Corporation and the
individual or a consultant company or consultant partnership of the individual; and (ii) in the Corporation’s reasonable opinion, spends or will spend a significant amount of time and attention on the affairs and business of the
Corporation or that of an Affiliated Corporation; and shall include, other than for the purposes of Sections 4.9, 4.11 and 4.12, any registered retirement savings plans or registered retirement income funds established by or for the individual
consultant (or under which the individual consultant is a beneficiary); for purposes of this paragraph, “consultant company” means, for an individual consultant, a company of which the individual consultant is an employee or
shareholder and “consultant partnership” means, for an individual consultant, a partnership of which the individual consultant is an employee or partner; 

 

	 	(i)	“Corporation” means Sphere 3D Corporation and includes any successor corporation thereto; 

  

	 	(j)	“Date of Grant” means, for any Option, the date specified by the Board at the time it grants the Option or, if no such date is specified, the date upon which the Option was granted; 

 

	 	(k)	“Disability” means the mental or physical state of the Optionee such that, as a result of illness, disease, mental or physical disability or similar cause, the Optionee has been unable to fulfil his or
her obligations as an employee or consultant of the Corporation or an Affiliated Corporation either for any consecutive six-month period or for any period of nine months (whether or not consecutive) in any consecutive 12-month period, provided that,
where the Optionee has entered into a written employment or consulting agreement with the Corporation or an Affiliated Corporation, “Disability” will have the meaning attributed to that term, or the term equivalent in concept,
contained in that employment or consulting agreement; 

  

	 	(l)	“Disinterested Shareholder Approval” means approval by a majority of the votes cast by all the Corporation’s shareholders at a duly constituted shareholders’ meeting, excluding votes attached
to Shares beneficially owned by Insiders who are service providers or their associates; 

  

	 	(m)	“Eligible Person” means a Consultant Optionee, Employee Optionee or Executive Optionee; 

  

	 	(n)	“Employee Optionee” means a current full-time or part-time employee or contract employee of the Corporation or of an Affiliated Corporation and shall include, other than for the purposes of Sections
4.9, 4.11 and 4.12, any registered retirement savings plans or registered income funds established by or for the employee (or under which such employee is the beneficiary) and a Holding Company of such individual; 

  
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	 	(o)	“Exchange” means the stock exchange or quotation system and, where the context permits, includes all other stock exchanges and quotation systems designated by the Board, on which the Shares are or may
be listed or quoted from time to time (provided that if, for the purposes of the Plan it is necessary to have reference to a single Exchange, then such Exchange shall be any stock exchange or quotation system on which the Shares are then listed or
quoted as designated by the Board); 

  

	 	(p)	“Executive Optionee” means a current director or an officer of the Corporation or of an Affiliated Corporation and shall include, other than for the purposes of Sections 4.9, 4.11 and 4.12, any
registered retirement savings plans or registered retirement income funds established by or for the individual director or officer (or under which such director or officer is the beneficiary) and a Holding Company of such individual;

  

	 	(q)	“Exercise Price” has the meaning set forth in Section 4.2 hereof; 

  

	 	(r)	“Fair Market Value” means, at any date in respect of Shares, 

  

	 	(i)	in the event such Shares are not listed or quoted for trading on any stock exchange or quotation system, an amount, determined by the Board in its sole discretion, to be reflective of the cash price which would be
obtained as at the relevant date if the Shares which are the subject of a transaction of purchase and sale were sold without compulsion to a willing and knowledgeable purchaser acting at arm’s length (as such term is defined in the Income
Tax Act (Canada)); or 

  

	 	(ii)	the closing price of such Shares on the Exchange on the last Business Day preceding such date (or, if the Board expressly provides in respect of a particular designation, such closing price on such date). In the event
that such Shares did not trade on such Business Day, the Fair Market Value shall be the average of the bid and ask prices in respect of such Shares at the close of trading on such date or such other price determined by the Board, acting reasonably;

  

	 	(s)	“Holding Company” means a corporation wholly-owned and controlled by an Optionee; 

  

	 	(t)	“Insider” has the meaning set forth in the Securities Act (Ontario), as amended from time to time; 

  

	 	(u)	“Option” means a right granted to an Eligible Person to purchase Shares on the terms of the Plan; 

  

	 	(v)	“Optionee” means the Eligible Person to whom an Option has been granted; 

  

	 	(w)	“Option Agreement” has the meaning set forth in Section 4.5 hereof; 

  
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	 	(x)	“Outstanding Shares” means at the relevant time, the number of issued and outstanding Shares of the Corporation from time to time; 

 

	 	(y)	“Person” means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with or without share capital, unincorporated association or
organization, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted; 

 

	 	(z)	“Plan” means this stock option plan of the Corporation (as the same may be amended or varied from time to time); 

  

	 	(aa)	“Public Company” means a corporation, any portion of the shares of which is freely tradeable to and between members of the public without the requirement of filing a prospectus or similar document and
the shares of which are traded on a published market (being any market on which shares are traded or quoted for trading if the prices at which they have been traded or quoted on that market are regularly published in a newspaper or business or
financial publication of general and regular paid circulation); 

  

	 	(bb)	“Retirement” means retirement from active employment with the Corporation or an Affiliated Corporation at or after the age of 65 or, with the consent for the purposes of the Plan of such officer of the
Corporation or an Affiliated Corporation as may be designated by the Board, at or after such earlier age and upon the completion of such years of service as the Board may specify; 

 

	 	(cc)	“Shares” means the common shares in the capital of the Corporation as constituted from time to time or, in the event of an adjustment contemplated by Section 5.1 hereof, such other shares or
securities to which an Optionee may be entitled upon the exercise of an Option as a result of such adjustment; 

  

	 	(dd)	“Termination Date” means: 

  

	 	(i)	in the case of an Employee Optionee or Executive Optionee whose employment or term of office with the Corporation or an Affiliated Corporation, as the case may be, terminates in the circumstances set out in Sections
4.11 or 4.12 hereof, the date that is designated by the Corporation or an Affiliated Corporation, as the case may be, as the last day of the Optionee’s employment or term of office with the Corporation or an Affiliated Corporation, as the case
may be, and “Termination Date” specifically does not mean the date on which any period of contractual or reasonable notice that the Corporation or an Affiliated Corporation, as the case may be, may be required by contract or at law
to provide to the Optionee would expire; 

  

	 	(ii)	 in the case of an Executive Optionee who received Options in his or her capacity as a director of the Corporation or an Affiliated Corporation, the

  
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date which is the earliest of (A) the date that such Executive Optionee resigns as a director of the Corporation or an Affiliated Corporation; (B) the date that such Executive Optionee
is not re-elected as a director; and (C) the date that such Executive Optionee is removed from the board of directors of the Corporation or an Affiliated Corporation; and 

 

	 	(iii)	in the case of a Consultant Optionee whose consulting agreement or arrangement with the Corporation or an Affiliated Corporation, as the case may be, terminates in the circumstances set out in Sections 4.11 or 4.12
hereof, the date that is designated by the Corporation or an Affiliated Corporation, as the case may be, as the date on which the Optionee’s consulting agreement or arrangement is terminated, and “Termination Date” specifically
does not mean the date on which any period of notice of termination that the Corporation or an Affiliated Corporation, as the case may be, may be required to provide to the Optionee under the terms of the consulting agreement or arrangement would
expire; 

 or such later date as may be determined by the Board in the case of Options granted to a specific Optionee; 

 

	 	(ee)	“transfer” includes any sale, exchange, assignment, gift, bequest, disposition, hypothecation, mortgage, charge, pledge, encumbrance, grant of security interest or other arrangement by which possession,
legal title or beneficial ownership passes from one Person to another, or to the same Person in a different capacity, whether or not voluntary and whether or not for value, and any agreement to effect any of the foregoing; and the words
“transferred”, “transferring” and similar words have corresponding meanings; and 

  

	 	(ff)	“Vesting Schedule” has the meaning set forth in Section 4.4 hereof. 

  

	 	2.2	Interpretation 

  

	 	(a)	Whenever the Board or, where applicable, the Committee is to exercise discretion in the administration of the terms and conditions of the Plan, the term “discretion” means the sole and absolute discretion of
the Board or the Committee, as the case may be. 

  

	 	(b)	As used herein, the terms “Article”, “Section”, “subsection” and paragraph” mean and refer to the specified Article, Section, subsection and paragraph hereof, respectively.

  

	 	(c)	Words importing the singular number only include the plural and vice versa, and words indicating gender include all genders. 

  

	 	(d)	In the Plan, a Person is considered to be “controlled” by a Person if: 

  

	 	(i)	in the case of a corporation or similar entity, 

  
 5 

 (A) voting securities of the first-mentioned Person carrying more than 50% of the votes
ordinarily exercisable at meetings of shareholders of the corporation are held, otherwise than by way of security only, by or for the benefit of the other Person; and 

(B) the votes carried by such securities are entitled, if exercised, to elect a majority of the directors of the first-mentioned Person; 

 

	 	(ii)	in the case of a partnership that does not have directors, other than a limited partnership, the second-mentioned Person holds more than 50% of the interests in the partnership; or 

 

	 	(iii)	in the case of a limited partnership, the general partner is the second-mentioned Person. 

  

	3.	ADMINISTRATION 

  

	 	3.1	Administration 

  

	 	(a)	If any of the Shares are listed or quoted for trading on the Exchange, the Plan shall be administered by the Board in accordance with the rules and policies of the Exchange in respect of employee stock option plans. The
Board shall receive recommendations of management and shall determine and designate from time to time those Eligible Persons to whom an Option should be granted, the number of Shares which will be optioned from time to time to any Eligible Person
and the terms and conditions of the Option. 

  

	 	(b)	Subject to Applicable Law, subsection 3.1(c) hereof and the limitations of the Plan, the Plan will be administered by the Board and the Board has the sole and complete authority, in its discretion, to:

  

	 	(i)	determine which Persons are Eligible Persons; 

  

	 	(ii)	grant Options to Eligible Persons; 

  

	 	(iii)	determine the terms, limitations, restrictions and conditions upon such grants; 

  

	 	(iv)	interpret and construe the terms and conditions of the Plan and the Options; 

  

	 	(v)	adopt, amend and rescind such administrative guidelines and other rules relating to the Plan as the Board may from time to time deem advisable; and 

 

	 	(vi)	make all other determinations and to take all other actions in connection with the implementation and administration of the Plan as the Board may deem necessary or advisable. 

  
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 The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan
or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may adopt special guidelines and provisions for Persons who are residing in, or subject to,
the taxes of, any jurisdiction outside of Canada (including, without limitation, countries, states, provinces and localities) to comply with applicable tax, and securities and other laws and may impose any limitations and restrictions that it deems
necessary to comply with the applicable tax, securities and other laws of such jurisdiction outside of Canada. 
 Any decision,
interpretation or other action made or taken in good faith by or at the direction of the Corporation, the Board or the Committee or any of its members arising out of or in connection with the Plan shall be within the absolute discretion of all and
each of them, as the case may be, and shall be final, binding and conclusive on the Corporation, Optionees and their respective heirs, executors, administrators, successors and permitted assigns. 

The Board’s interpretation, construction or determination of its guidelines and rules will be conclusive and binding upon all parties
concerned. The day-to-day administration of the Plan may be delegated to such officers and employees of the Corporation or of an Affiliated Corporation as the Board may in its sole discretion determine. 

 

	 	(c)	To the extent permitted by Applicable Law, the Board may, from time to time, delegate to a committee (the “Committee”) of the Board all or any of the powers conferred on the Board under the Plan. In
such event, the Committee will exercise the powers delegated to it by the Board in the manner and on the terms authorized by the Board. Any decision made or action taken by the Committee arising out of or in connection with the administration or
interpretation of the Plan in this context is final and conclusive. If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold meetings, subject to the by-laws of the
Corporation, at such times and places as it shall deem advisable; including, without limitation, by telephone conference or by written consent to the extent permitted by Applicable Law. A majority of the Committee members shall constitute a quorum.
All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all the Committee members in accordance with the by-laws of the Corporation shall be fully as effective as
if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. 

 

	 	3.2	Shares Reserved 

  

	 	(a)	 Options may be granted in respect of authorized and unissued Shares. Subject to any change by the Board in its sole and absolute discretion,
Applicable Law and any shareholder or other approval which may be required, and subject further to any adjustments pursuant to section 5.1, the maximum aggregate number of 

  
 7 

	 	
Shares which may be reserved by the Corporation for issuance under the Plan shall not exceed 3,375,000 or such greater number of Shares as may be determined by the Board and approved by the
Exchange and, if required, by the shareholders of the Corporation, from time to time. 

  

	 	(b)	Any Shares subject to an Option which has been granted under the Plan and which is cancelled or terminated for any reason without having been exercised will be added back to the number of Shares reserved for issuance
under the Plan and such Shares will again be available for grant under the Plan. No fractional Shares may be issued, and the Board may determine the manner in which any fractional Share value will be treated. 

 

	 	3.3	Eligibility 

 Participation in the Plan shall be limited to Eligible Persons.
Participation shall be voluntary and the extent to which any Eligible Person shall be entitled to participate in the Plan shall be, subject to the terms of the Plan and Applicable Law, determined in the sole and absolute discretion of the Board.
Eligibility to participate does not confer upon any Optionee any right to be granted Options pursuant to the Plan. 
  

	4.	OPTIONS  

  

	 	4.1	Grants 

  

	 	(a)	The Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as the Board may prescribe, grant Options to any Eligible Person. 

 

	 	(b)	Subject to the Plan, the Board may impose limitations, restrictions and conditions, in addition to those set out in the Plan, that are applicable to the exercise of an Option, including, without limitation, the nature
and duration of any restrictions applicable to a sale or other disposition of Shares acquired upon exercise of an Option and the nature of events, if any, that may cause any Optionee’s rights in respect of Shares acquired upon exercise of an
Option to be forfeited and the duration of the period of such forfeiture. 

  

	 	(c)	An Eligible Person may receive Options on more than one occasion under the Plan and may receive separate Options on any one occasion. 

 

	 	4.2	Exercise Price 

 Subject to Applicable Law and to adjustment from time to time in
accordance with Section 5.1 hereof, the exercise price (the “Exercise Price”) of an Option granted pursuant to the Plan will be as determined by the Board at such time as such Option is allocated under the Plan but in any event
shall not be less than the Fair Market Value. 

  
 8 

	 	4.3	Term of Options 

 Subject to any accelerated termination as set forth in the Plan,
Options must expire no later than ten (10) years after the Date of Grant or such lesser period as applicable regulatory authorities or Applicable Law may require. 
  

	 	4.4	Vesting of Options 

  

	 	(a)	The Board may determine, in its sole discretion, in respect of an Option, when an Option will become exercisable and the extent to which an Option will vest or will be exercisable in instalments (the “Vesting
Schedule”) and such Vesting Schedule shall be set forth in the applicable Option Agreement. For example, the Board may, in its sole discretion, provide that the vesting of an Option be dependent on the passage of time and/or on the
achievement of specified milestones or thresholds. Options will generally vest and therefore be exercisable as to one-third of the Shares under such Option on each of the first, second and third year anniversary of the Date of Grant of the Option.
The Board may accelerate the date upon which an Option or any instalment thereof becomes exercisable. 

  

	 	(b)	Once a portion of an Option vests and becomes exercisable, it shall remain exercisable until expiration or termination of such Option in accordance with, among other sections, Section 4.6, unless otherwise
specified by the Board in connection with the grant of such Option. 

  

	 	4.5	Option Agreements 

 Each Option must be confirmed by an agreement (an “Option
Agreement”), in the form of the option agreement attached hereto as Exhibit “A” (as may be amended by the Board from time to time, and with such changes thereto as may be necessary for any particular Option to a particular
Optionee), signed by the Corporation and by the Optionee. 
  

	 	4.6	Exercise of Option 

  

	 	(a)	Each Option grant or any part thereof may be exercised at any time or from time to time, in whole or in part, for up to the total number of Shares with respect to which it is then exercisable. 

 

	 	(b)	In order to exercise an Option, an Optionee shall deliver to the Corporation at its registered office (or other office designated in writing by the Corporation to the Optionee), a completed Notice of Exercise
substantially in the form attached hereto as Exhibit “B”. Such notice shall specify the number of Shares the Optionee desires to purchase and shall be accompanied by payment in full of the Exercise Price for such Shares. Subject to
the provisions of the immediately following sentence, payment may be made by bank draft or certified cheque payable to the order of the Corporation at the time of exercise. Upon receipt of payment in full, the number of Shares in respect of which
the Option is exercised will be duly issued as fully paid and non-assessable. 

  
 9 

	 	4.7	Misconduct of Optionee 

 In the event that the Board determines in good faith that an
Optionee has: 
  

	 	(i)	used for profit or materially harmed the Corporation by disclosing to unauthorized Persons confidential information or trade secrets of the Corporation; 

 

	 	(ii)	materially breached any contract with or materially violated any fiduciary obligation to the Corporation or become involved with a competitor of the Corporation; or 

 

	 	(iii)	engaged in any illegal insider trading or other unlawful activity in relation to the Corporation; 

then, effective as of the date notice of such misconduct is given by the Corporation to such Optionee, any further rights to exercise the
Options granted to such Optionee shall be forfeited, unless the Board shall determine otherwise. 
  

	 	4.8	Prohibition on Transfer of Options and Shares 

  

	 	(a)	An Option is personal to the Optionee and is non-assignable and non-transferable, and subject to Section 4.9, such Option shall be exercisable during the Optionee’s lifetime only by the Optionee to which such
Option has been granted. No Optionee may deal with any Option or any interest in it now or hereafter held by the Optionee except in accordance with the Plan. A purported transfer of any Option will not be valid and the Corporation will not be
required to issue any Shares upon the attempted exercise thereof. 

  

	 	(b)	Shares issued upon exercise of Options are subject to transfer and resale restrictions pursuant to the constating documents of the Corporation, any existing shareholders agreement and Applicable Law. The Optionee is
responsible for obtaining such legal advice as may be appropriate in connection with any transfer or resale of Options and Shares issued upon the exercise thereof. 

 

	 	4.9	Death, Disability or Retirement of Optionee 

 If, 

 

	 	(a)	an Employee Optionee or an Executive Optionee dies or becomes Disabled while an employee, director or officer of the Corporation or an Affiliated Corporation, as the case may be; 

 

	 	(b)	a Consultant Optionee’s consulting agreement or arrangement with the Corporation or an Affiliated Corporation, as the case may be, is terminated by reason of the death or Disability of such Optionee; or

  
 10 

	 	(c)	the employment or term of office of an Employee Optionee or an Executive Optionee with the Corporation or an Affiliated Corporation, as the case may be, terminates due to Retirement, 

then 
  

	 	(d)	the executor, administrator or other legal representative of such Optionee’s estate or such Optionee, as the case may be, may exercise any Options granted to such Optionee to the extent that such Options were
exercisable at the date of such death, Disability or Retirement and the right to exercise such Options shall terminate on the earlier of: 

  

	 	(i)	the date that is 180 days from the date of such Optionee’s death, Disability or Retirement; and 

  

	 	(ii)	the date of expiration specified in the Option Agreement or in the resolution of the Board granting such Option, as the case may be, 

provided that any Options granted to such Optionee that were not exercisable at the date of the death, Disability or Retirement shall
immediately expire and be cancelled on such date; and 
  

	 	(e)	such Optionee’s eligibility to receive further grants of Options under the Plan shall cease as of the date of such Optionee’s death, Disability or Retirement, as the case may be. 

 

	 	4.10	Termination of Employment or Services by Reason other than Death, Disability or Retirement 

  

	 	(a)	Where, in the case of an Employee Optionee or Executive Optionee, an Optionee’s employment or term of office with the Corporation or an Affiliated Company ceases by reason of the Optionee’s death, Disability
or Retirement, then the provisions of Section 4.9 hereof shall apply. 

  

	 	(b)	Where, in the case of an Employee Optionee or Executive Optionee, an Optionee’s employment or term of office with the Corporation or an Affiliated Corporation terminates by reason of: 

 

	 	(i)	termination by the Corporation or an Affiliated Corporation without Cause (whether such termination occurs with or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of
such reasonable notice); 

  

	 	(ii)	voluntary resignation by such Optionee; or 

  

	 	(iii)	in the case of an Executive Optionee who received Options in his or her capacity as a director of the Corporation or an Affiliated Corporation, the failure of such Executive Optionee to be re-elected as a director or
the removal of such Executive Optionee from the board of directors of the Corporation or an Affiliated Corporation, 

  
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 then any Options granted to such Optionee that are exercisable at the Termination Date shall
continue to be exercisable until the earlier of: (A) the date that is 90 days following the Termination Date (which date may be extended by the Board at any time prior to the Termination Date to the date that is 12 months following the
Termination Date); and (B) the date of expiration specified in the Option Agreement or in the resolution of the Board granting such Option, as the case may be. Any Options granted to such Optionee that are not exercisable at the Termination
Date shall immediately expire and be cancelled on the Termination Date. 
  

	 	(c)	Where, in the case of an Employee Optionee or Executive Optionee, such Optionee’s employment or term of office with the Corporation or an Affiliated Corporation is terminated by the Corporation or an Affiliated
Corporation for Cause, then any Options granted to such Optionee, whether or not exercisable at the Termination Date, shall immediately expire and be cancelled on the Termination Date contemporaneously with such termination. 

 

	 	(d)	Where, in the case of a Consultant Optionee, such Optionee’s consulting agreement or arrangement terminates by reason of: 

  

	 	(i)	termination by the Corporation or an Affiliated Corporation for any reason other than for material breach of the consulting agreement or arrangement (whether or not such termination is effected in compliance with any
termination provisions contained in such Optionee’s consulting agreement or arrangement); or 

  

	 	(ii)	voluntary termination by such Optionee, 

 then any Options granted to such Optionee that are
exercisable at the Termination Date shall continue to be exercisable until the earlier of: (A) the date that is 90 days following the Termination Date (which date may be extended by the Board at any time prior to the Termination Date to the
date that is 12 months following the Termination Date); and (B) the date of expiration specified in the Option Agreement or in the resolution of the Board granting such Option, as the case may be. Any Options granted to such Optionee that are
not exercisable at the Termination Date shall immediately expire and be cancelled on such date. 
  

	 	(e)	Where, in the case of a Consultant Optionee, such Optionee’s consulting agreement or arrangement is terminated by the Corporation or an Affiliated Corporation for material breach of the consulting agreement or
arrangement (whether or not such termination is effected in compliance with any termination provisions contained in such Optionee’s consulting agreement or arrangement), then any Options granted to such Optionee, whether or not such Options are
exercisable at the Termination Date, shall immediately expire and be cancelled on the Termination Date contemporaneously with such termination. 

  
 12 

	 	(f)	Unless the Board, in its discretion, otherwise determines at any time and from time to time, Options shall not be affected by any change of employment or consulting arrangement within or among the Corporation or an
Affiliated Corporation for so long as an Employee Optionee continues to be an employee of the Corporation or an Affiliated Corporation, or for so long as the Executive Optionee continues to be a director or officer of the Corporation or an
Affiliated Corporation, or for so long as the Consultant Optionee continues to be engaged as a consultant to the Corporation or an Affiliated Corporation, as the case may be. For greater certainty, if an Optionee ceases to be an Executive Optionee
but remains an Employee Optionee, the Options granted to such Optionee shall not be affected by such change. 

  

	 	4.11	Change of Control 

 Notwithstanding anything contained to the contrary in this Plan, the
Board may, at the time of issuance of the Option or at any time prior to the exercise of the Option, amend the Option to provide that in the event that: 
  

	 	(a)	the Corporation accepts an offer to amalgamate, merge or consolidate with any other corporation (other than a wholly-owned subsidiary) or in the event that holders of greater than 50% of the Corporation’s
outstanding Shares accept an offer made to all or substantially all of the holders of the Shares of the Corporation to purchase in excess of 50.1% of the current issued and outstanding Shares, or 

 

	 	(b)	the sale by the Corporation of all or substantially all of the assets of the Corporation, either as an entirety or substantially as an entirety, so that the Corporation shall cease to operate as an active business,

 then all of the unvested Options shall, without any further action on behalf of the Corporation, be automatically
vested. Each Optionee shall thereafter be entitled to exercise all of such Options at any time up to and including, but not after the earlier of: (i) the close of business on that date which is thirty (30) days following the date of
acceptance by the Corporation of such transaction; and (ii) the close of business on the expiration date of the Option. Upon the expiration of such thirty (30) day period, all rights of the Optionee to such Options or to the exercise of
same (to the extent not theretofore exercised) shall ipso facto terminate and have no further force or effect whatsoever. 
  

	 	4.12	Discretion to Permit Exercise 

 Notwithstanding the provisions of Sections 4.9 and
4.10 hereof, the Board may, in its sole discretion, at any time prior to or following the events contemplated in such Sections, permit the exercise of any or all Options held by an Optionee in the manner and on the terms authorized by the Board,
provided that the Board shall not, in any case, authorize the execution of an Option pursuant to this Section beyond the date of expiration specified in the Option Agreement or in the resolution of the Board granting such Option, as the case may be.

  
 13 

	 	4.13	Limits on Grants 

 No Options shall be issued to any Eligible Person if such issuance
could result, at any time, in: 
  

	 	(a)	the aggregate number of Options granted under this Plan, together with any securities issued or granted pursuant to any of the Corporation’s other share compensation arrangements, to any one Consultant Optionee in
a 12-month period exceeding 2% of Outstanding Shares, calculated at the date an Option is granted to such Consultant; or 

  

	 	(b)	the aggregate number of Options granted under this Plan, together with any securities issued or granted pursuant to any of the Corporation’s other share compensation arrangement, to all Eligible Persons retained to
provide investor relation services in any 12-month period exceeding 2% of Outstanding Shares, calculated at the date an Option is granted to any such Eligible Person. 

 

	 	4.14	Terms or Amendments Requiring Disinterested Shareholder Approval 

 The Corporation will
be required to obtain Disinterested Shareholder Approval prior to any of the following actions becoming effective: 
  

	 	(a)	the Plan, together with all of the Corporation’s other share compensation arrangements, could result at any time in the aggregate number of Options granted to any one Optionee in a 12-month period exceeding 5% of
Outstanding Shares, calculated on the date an Option is granted to such Optionee; or 

  

	 	(b)	any reduction in the Exercise Price of an Option previously granted to an Insider. 

  

	5.	GENERAL 

  

	 	5.1	Capital Adjustments 

  

	 	(a)	The existence of any Options shall not affect in any way the right and power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization, or any other change
in the Corporation’s capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, Shares or other securities of the Corporation or to determine
the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar
character or otherwise, whether or not any such action referred to in this subsection 5.1(a) would have an adverse effect on the Plan or any Option granted hereunder. 

 

	 	(b)	If there is any change in the outstanding Shares by reason of a stock dividend, or split, recapitalization, consolidation, combination or exchange of shares or other similar corporate change, subject to any prior
approval required of applicable regulatory authorities, the Board will make appropriate substitution or adjustment in: 

  
 14 

	 	(i)	the Exercise Price of unexercised Options; 

  

	 	(ii)	the number or kind of shares or other securities reserved for issuance pursuant to the Plan; and 

  

	 	(iii)	the number and kind of shares subject to unexercised Options theretofore granted and in the Exercise Price of those shares, 

provided, however, that no substitution or adjustment will obligate the Corporation to issue or sell fractional shares. The determination of
the Board as to any adjustment, or as to there being no need for adjustment, will be final and binding on all parties concerned. 
  

	 	5.2	Conditions of Exercise 

 The Plan and Options are subject to the requirement that if at
any time the Board determines that: (a) the listing, registration or qualification of the Shares subject to such Option upon any stock exchange or quotation system or under any provincial, state or federal law, or that the consent or approval
of any governmental body, stock exchange or quotation system or of the holders of the Shares generally, is necessary or desirable, as a condition of, or in connection with the granting of such Option or the issuance of Shares upon the exercise
thereof; or (b) the grant of an Option or the issuance of Shares upon the exercise thereof is in conflict with or is inconsistent with Applicable Law, no such Option may be granted or exercised in whole or in part unless such listing,
registration, qualification, consent or approval has been effected or obtained or such conflict or inconsistency is no longer outstanding, each free of any conditions not acceptable to the Board. The Optionees shall, to the extent applicable,
co-operate with the Corporation in relation to such registration, qualification or other approval and shall have no claim or cause of action against the Corporation or any of its officers or directors as a result of any failure by the Corporation to
obtain or to take any steps to obtain any such registration, qualification, or approval. 
  

	 	5.3	Amendment and Termination 

  

	 	(a)	The Board may amend, suspend or terminate the Plan or any portion of it at any time in accordance with Applicable Law and subject to any required regulatory, Exchange or shareholder approval. However, subject to the
terms hereof, unless consent is obtained from the Optionee affected, no amendment, suspension or termination may alter or impair any Options, or any rights related to Options, that were granted to that Optionee prior to the amendment, suspension or
termination. 

  

	 	(b)	If the Plan is terminated, the provisions of the Plan and any administrative guidelines and other rules adopted by the Board and in force at the time of termination of the Plan will continue in effect as long as any
Option remains outstanding. However, notwithstanding the termination of the Plan, the Board may make any amendments to the Plan or to any outstanding Option that the Board would have been entitled to make if the Plan were still in effect.

  
 15 

	 	(c)	Subject to Applicable Law and to any necessary prior approval of applicable regulatory authorities and with the consent of the affected Optionee, the Board may amend or modify any outstanding Option in any manner,
including, without limitation, by changing the date or dates as of which, or the price at which, an Option becomes exercisable, so long as the Board would have had the authority to grant initially the Option as so modified or amended. The Board
shall not, in the event of any such advancement or extension, be under any obligation to advance or extend the date on or by which Options may be exercised by any other Optionee. 

 

	 	5.4	Status as Shareholder 

 Optionees shall not have any rights as a shareholder with respect
to Shares until: 
  

	 	(a)	full payment of the Exercise Price for the Shares has been made to the Corporation; and 

  

	 	(b)	the Optionee becomes a party to any existing shareholders agreement by executing and delivering to the Corporation an assumption agreement, in form and substance satisfactory to the Corporation whereby the Optionee
agrees to be bound by any existing shareholders agreement. 

 Upon becoming a shareholder of the Corporation, an Optionee may
only transfer Shares in accordance with and subject to Applicable Law and the constating documents of the Corporation. 
  

	 	5.5	Withholding Taxes 

 The exercise of each Option granted under the Plan is subject to the
condition that if at any time the Corporation determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such exercise, such exercise is not effective unless such
withholding has been effected to the satisfaction of the Corporation. In such circumstances, the Corporation may require that an Optionee pay to the Corporation, in addition to and in the same manner as the Exercise Price for the Shares, such amount
as the Corporation is obliged to remit to the relevant taxing authority in respect of the exercise of the Option. Any such additional payment is due no later than the date as of which any amount with respect to the Option exercised first becomes
includable in the gross income of the Optionee for tax purposes. 
  

	 	5.6	Non-Exclusivity and Corporate Action 

  

	 	(a)	Subject to any required regulatory or shareholder approval, nothing contained herein will prevent the Board from adopting other additional compensation arrangements for the benefit of any Optionee. 

  
 16 

	 	(b)	Nothing contained in the Plan or in the Options shall be construed so as to prevent the Corporation or any subsidiary of the Corporation from taking corporate action which is deemed by the Corporation or the subsidiary
to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan. 

  

	 	5.7	Employment and Board of Directors Position Non-Contractual 

 The granting of an Option to
an Optionee under the Plan does not confer upon the Optionee any right to continue in the employment of the Corporation or any Affiliated Corporation or as a member of the Board, as the case may be, nor does it interfere in any way with the rights
of the Optionee or of the Corporation’s rights to terminate the Optionee’s employment or consulting arrangements at any time or of the shareholders’ right to elect one or more directors of the Corporation. 

 

	 	5.8	Indemnification 

 Every member of the Board will at all times be indemnified and saved
harmless by the Corporation from and against all costs, charges and expenses whatsoever including any income tax liability arising from any such indemnification, that such Board member may sustain or incur by reason of any action, suit or
proceeding, taken or threatened against the Board member, otherwise by the Corporation, for or in respect of any act done or omitted by the Board member in respect of the Plan, such costs, charges and expenses to include any amount paid to settle
such action, suite or proceeding or in satisfaction of any judgement rendered therein. 
  

	 	5.9	Notices 

 All written notices to be delivered by the Optionee to the Corporation may be
delivered personally, by facsimile or by registered mail, addressed as follows: 
 240 Matheson Boulevard East 

Mississauga, Ontario 
 L4Z 1X1

  

			
	 Attention:
	  	Chief Financial Officer
	 Facsimile:
	  	(905) 282-9966

 Any notice delivered by the Optionee pursuant to the terms of the Option shall not be effective until actually
received by the Corporation at the above address. Any notice to be delivered to the Optionee shall be effective when delivered personally (effective at the time of delivery), by facsimile transmission (effective one day after transmission) or by
registered mail to the last address of the Optionee on the records of the Corporation (which shall be deemed effective the third Business Day after mailing). 
  

	 	5.10	Governing Law 

 This Plan is created under and is to be governed by and interpreted in
accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

  
 17 

	 	5.11	Effective Date 

 This Second Amended and Restated Stock Option Plan will become effective
as of May 27, 2014 upon its adoption by resolution of the Board and approval of shareholders of the Corporation. 

  
 18 

 EXHIBIT “A” 

OPTION AGREEMENT 
  

			
	Optionee:	  	  

		  	(Name)
		
		  	  

		
		  	  

		
		  	  

		  	(Address)
		
	Grant:	  	  

		  	Maximum Number of Shares
		
	Option Exercise Price:	  	$                          per Share
		
	Date of Grant:	  	                                      
                          , 20    
		
	Expiry Date:	  	                                      
                          , 20    
		
	Vesting Schedule:	  	

  

							
	Instalment	  	 Date of Vesting

(Milestone)
	    	Number of Optioned
Shares Vested	    	Cumulative Number of
Optioned Shares Vested
	 	 	 	 
	
1
	  	 	    	 	    	 
	 		 	 
	 2
	  		    	 	    	 
	 	 	 	 
	
3
	  	 	    	 	    	 
	 		 	 
	
4
	  	 	    	 	    	 

 This Option Agreement is made under and is subject in all respects to the Second Amended and Restated Stock Option Plan
enacted on May 27, 2014 (and as may be supplemented and amended from time to time) (the “Plan”) of Sphere 3D Corporation (the “Corporation”), and the Plan is deemed to be incorporated in and to be part of this
Option Agreement. The Optionee is deemed to have notice of and to be bound by all of the terms and provisions of the Plan as if the Plan was set forth in full herein (including the restrictions on transfer of the Options and the Shares issuable upon
exercise thereof). In the event of any inconsistency between the terms of this Option Agreement and the Plan, the terms of this Option Agreement shall prevail. The Plan contains provisions respecting termination and/or voiding of the Plan or the
Option. 
 This Option Agreement evidences that the Optionee named above is entitled, subject to and in accordance with the Plan, to purchase up to but not
more than the maximum number of Shares set out above at the option Exercise Price set out above upon delivery of an exercise form as annexed hereto duly completed and accompanied by certified cheque or bank draft for the aggregate Exercise Price.

 The Optionee hereby agrees that: (a) any rule, regulation or determination, including the interpretation by
the Board of the Plan, the Option granted hereunder and the exercise thereof, is final and conclusive for all purposes and binding on all Persons including the Corporation or Affiliated Corporation, as the case may be, and the Optionee; and
(b) the grant of the Option does not affect in any way the right of the Corporation or any Affiliate Corporation to terminate the employment, retainer or office, as the case may be, of the Optionee. 

This Option Agreement has been made in and is to be construed under and in accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein. 
 This Option Agreement is not effective until countersigned by the Corporation and accepted by the Optionee. 

Dated:                     ,
20     
  

			
	SPHERE 3D CORPORATION
		
	By:    	 	  

		 	 Name:
 Title:

Authorized Signing Officer

 I have read the foregoing Option Agreement and hereby accept the Option to purchase Shares in accordance with and
subject to the terms and conditions of such Option Agreement and the Plan. I understand that I may review the complete Plan by contacting the Secretary of the Corporation. I agree to be bound by the terms and conditions of the Plan governing the
option. 
 Accepted:                     ,
20     
  

	
	  

	Signature of Optionee

  
 A - 2 

 EXHIBIT “B” 

NOTICE OF EXERCISE 

To Exercise the Option, Complete and Return this Form 

The undersigned Optionee (or his or her legal representative(s) permitted under the Second Amended and Restated Stock Option Plan enacted on May 27, 2014
(and as the same may be supplemented and amended from time to time) (the “Plan”) of Sphere 3D Corporation hereby irrevocably elects to exercise the Option for the number of Shares as set forth below: 

 

							
	 (a)
	 	 Number of Options to be Exercised:
	 	 
				
	 (b)
	 	 Option Exercise Price per Share:
	 	$	  	 
				
	 (c)
	 	 Aggregate Purchase Price
	 		  	
				
		 	 [ (a) multiplied by (b) ]:
	 	$	  	 

 and hereby tenders a certified cheque or bank draft for such aggregate Exercise Price, and directs such Shares to be issued
and registered in the name of the undersigned, all subject to and in accordance with the Plan. Unless otherwise defined herein, any capitalized terms used herein shall have the meaning ascribed to such terms in the Plan. 

 

							
	
Dated:                       ,
20    
	 		 		    	
				
		 	)	 		    	
		 	)	 		    	  

		 	)	 		    	Name of Optionee
		 	)	 		    	
		 	)	 		    	
	  
	 	)	 		    	  

	Witness to the Signature of:	 	)	 		    	Signature of Optionee
				
	  
	 		 		    	
	Address of OptioneeEX-10.10

 Exhibit 10.10 
  

 
 FORM 5D 

ESCROW AGREEMENT – SURPLUS SECURITY 

THIS AGREEMENT is made as of the 20 day of December, 2012 

AMONG: 
 SPHERE 3D CORPORATION
(formerly T.B. Mining Ventures Inc.) 
 (the “Issuer”) 

AND: 
 EQUITY FINANCIAL TRUST COMPANY

 (the “Escrow Agent”) 

AND: 
 EACH OF THE UNDERSIGNED
SECURITYHOLDERS OF THE ISSUER  
 (a “Securityholder” or
“you”) 
 (collectively, the “Parties”) 

This Agreement is being entered into by the Parties under Exchange Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions (the
Policy) in connection with a Qualifying Transaction. The Issuer is a Tier 2 Issuer as described in Policy 2.1 – Initial Listing Requirements.  

For good and valuable consideration, the Parties agree as follows: 

PART 1         ESCROW 
  

	1.1	Appointment of Escrow Agent 

 The Issuer and the Securityholders appoint the Escrow Agent to act as
escrow agent under this Agreement. The Escrow Agent accepts the appointment. 
  

	1.2	Deposit of Escrow Securities in Escrow 

  

	(1)	You are depositing the securities (escrow securities) listed opposite your name in Schedule “A” with the Escrow Agent to be held in escrow under this Agreement. You will immediately deliver or cause to
be delivered to the Escrow Agent any share certificates or other evidence of these securities which you have or which you may later receive. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 1
	 (as at June 14, 2010)
	  		  	

	(2)	If you receive any other securities (additional escrow securities): 

  

	 	(a)	as a dividend or other distribution on escrow securities; 

  

	 	(b)	on the exercise of a right of purchase, conversion or exchange attaching to escrow securities, including securities received on conversion of special warrants; 

 

	 	(c)	on a subdivision, or compulsory or automatic conversion or exchange of escrow securities; or 

  

	 	(d)	from a successor issuer in a business combination, if Part 6 of this Agreement applies, 

 you
will deposit them in escrow with the Escrow Agent. You will deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of those additional escrow securities. When this Agreement refers to escrow securities,
it includes additional escrow securities. 
  

	(3)	You will immediately deliver to the Escrow Agent any replacement share certificates or other evidence of additional escrow securities issued to you. 

 

	1.3	Direction to Escrow Agent 

 The Issuer and the Securityholders direct the Escrow Agent to hold the escrow
securities in escrow until they are released from escrow under this Agreement. 
 PART 2        RELEASE OF ESCROW
SECURITIES 
  

	2.1	Release Provisions 

 The provisions of Schedule B(4) – Tier 2 Surplus Security Escrow Agreement is
incorporated into and form part of this Agreement. 
  

	2.2	Additional escrow securities 

 If you acquire additional escrow securities in connection with the
transaction to which this agreement relates, those securities will be added to the securities already in escrow, to increase the number of remaining escrow securities. After that, all of the escrow securities will be released in accordance with the
applicable release schedule. 
  

	2.3	Additional Requirements for Tier 2 Surplus Escrow Securities 

 Where securities are subject to a Tier 2
Surplus Security Escrow Agreement [Schedule B(4)], the following additional conditions apply: 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 2
	 (as at June 14, 2010)
	  		  	

	(1)	The escrow securities will be cancelled if the asset, property, business or interest therein in consideration of which the securities were issued, is lost, or abandoned, or the operations or development of such asset,
property or business is discontinued. 

  

	(2)	The Escrow Agent will not release escrow securities from escrow under schedule B(4) unless the Escrow Agent has received, within the 15 days prior to the release date, a certificate from the Issuer that:

  

	 	(a)	is signed by two directors or officers of the Issuer; 

  

	 	(b)	is dated not more than 30 days prior to the release date; 

  

	 	(c)	states that the assets for which the escrow securities were issued (the “Assets”) were included as assets on the balance sheet of the Issuer in the most recent financial statements filed by the Issuer with the
Exchange; and 

  

	 	(d)	states that the Issuer has no reasonable knowledge that the Assets will not be included as assets on the balance sheet of the Issuer in the next financial statements to be filed by the Issuer with the Exchange.

  

	(3)	If, at any time during the term of this Agreement, the Escrow Agent is prohibited from releasing escrow securities on a release date specified schedule B(4) as a result of section 2.3(2) above, then the Escrow Agent
will not release any further escrow securities from escrow without the written consent of the Exchange. 

  

	(4)	If as a result of this section 2.3, the Escrow Agent does not release escrow securities from escrow for a period of five years, then: 

 

	 	(a)	the Escrow Agent will deliver a notice to the Issuer, and will include with the notice any certificates that the Escrow Agent holds which evidence the escrow securities; and 

 

	 	(b)	the Issuer and the Escrow Agent will take such action as is necessary to cancel the escrow securities. 

  

	(5)	For the purposes of cancellation of escrow securities under this section, each Securityholder irrevocably appoints the Escrow Agent as his or her attorney, with authority to appoint substitute attorneys, as necessary.

  

	2.4	Delivery of Share Certificates for Escrow Securities 

 The Escrow Agent will send to each Securityholder
any share certificates or other evidence of that Securityholder’s escrow securities in the possession of the Escrow Agent released from escrow as soon as reasonably practicable after the release. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 3
	 (as at June 14, 2010)
	  		  	

	2.5	Replacement Certificates 

 If, on the date a Securityholder’s escrow securities are to be released,
the Escrow Agent holds a share certificate or other evidence representing more escrow securities than are to be released, the Escrow Agent will deliver the share certificate or other evidence to the Issuer or its transfer agent and request
replacement share certificates or other evidence. The Issuer will cause replacement share certificates or other evidence to be prepared and delivered to the Escrow Agent. After the Escrow Agent receives the replacement share certificates or other
evidence, the Escrow Agent will send to the Securityholder or at the Securityholder’s direction, the replacement share certificate or other evidence of the escrow securities released. The Escrow Agent and Issuer will act as soon as reasonably
practicable. 
  

	2.6	Release upon Death 

  

	(1)	If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of
the Escrow Agent to the Securityholder’s legal representative provided that: 

  

	 	(a)	the legal representative of the deceased Securityholder provides written notice to the Exchange of the intent to release the escrow securities as at a specified date which is at least 10 business days and not more than
30 business days prior to the proposed release; and 

  

	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to delivery the Escrow Agent must receive: 

  

	 	(a)	a certified copy of the death certificate; and 

  

	 	(b)	any evidence of the legal representative’s status that the Escrow Agent may reasonably require. 

  

	2.7	Exchange Discretion to Terminate 

 If the Escrow Agent receives a request from the Exchange to halt or
terminate the release of escrow securities from escrow, then the Escrow Agent will comply with that request, and will not release any escrow securities from escrow until it receives the written consent of the Exchange. 

 

	2.8	Discretionary Applications 

 The Exchange may consent to the release from escrow of escrow securities in
other circumstances and on terms and on conditions it deems appropriate. Securities may be released from escrow provided that the Escrow Agent receives written notice from the Exchange. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 4
	 (as at June 14, 2010)
	  		  	

 PART 3        EARLY RELEASE ON CHANGE OF ISSUER STATUS 

 

	3.1	Early Release – Graduation to Tier 1 

  

	(1)	When a Tier 2 Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes. 

  

	(2)	If the Issuer reasonably believes that it meets the Initial Listing Requirements of a Tier 1 Issuer as described in Policy 2.1— Initial Listing Requirements, the Issuer may make application to the Exchange
to be listed as a Tier I Issuer. The Issuer must also concurrently provide notice to the Escrow Agent that it is making such an application. 

  

	(3)	If the graduation to Tier I is accepted by the Exchange, the Exchange will issue an Exchange Bulletin confirming final acceptance for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the Issuer must
immediately: 

  

	 	(a)	issue a news release: 

  

	 	(i)	disclosing that it has been accepted for graduation to Tier 1; and 

  

	 	(ii)	disclosing the number of escrow securities to be released and the dates of release under the new schedule; and 

  

	 	(b)	provide the news release, together with a copy of the Exchange Bulletin, to the Escrow Agent. 

  

	(4)	Upon completion of the steps in section 3.1(3) above, the Issuer’s release schedule will be replaced as follows: 

  

			
	 Applicable Schedule Pre-Graduation
	  	 Applicable Schedule Post-Graduation

	 Schedule B(2)
	  	Schedule B(l)
	 Schedule B(4)
	  	Schedule B(3)

  

	(5)	Within 10 days of the Exchange Bulletin confirming the Issuer’s listing on Tier 1, the Escrow Agent must release any escrow securities from escrow securities which under the new release schedule would have been
releasable at a date prior to the Exchange Bulletin. 

 PART 4        DEALING WITH ESCROW
SECURITIES 
  

	4.1	Restriction on Transfer, etc. 

 Unless it is expressly permitted in this Agreement, you will not sell,
transfer, assign, mortgage, enter into a derivative transaction concerning, or otherwise deal in any way with your escrow securities or any related share certificates or other evidence of the escrow securities. If a Securityholder is a private
company controlled by one or more Principals of the Issuer, the Securityholder may not participate in a transaction that results in a change of its control or a change in the economic exposure of the Principals to the risks of holding escrow
securities. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 5
	 (as at June 14, 2010)
	  		  	

	4.2	Pledge, Mortgage or Charge as Collateral for a Loan 

 Subject to Exchange acceptance, you may pledge,
mortgage or charge your escrow securities to a financial institution as collateral for a loan, provided that no escrow securities or any share certificates or other evidence of escrow securities will be transferred or delivered by the Escrow Agent
to the financial institution for this purpose. The loan agreement must provide that the escrow securities will remain in escrow if the lender realizes on the escrow securities to satisfy the loan. 

 

	4.3	Voting of Escrow Securities 

 Although you may exercise voting rights attached to your escrow securities,
you may not, while your securities are held in escrow, exercise voting rights attached to any securities (whether in escrow or not) in support of one or more arrangements that would result in the repayment of capital being made on the escrow
securities prior to a winding up of the Issuer. 
  

	4.4	Dividends on Escrow Securities 

 You may receive a dividend or other distribution on your escrow
securities, and elect the manner of payment from the standard options offered by the Issuer. If the Escrow Agent receives a dividend or other distribution on your escrow securities, other than additional escrow securities, the Escrow Agent will pay
the dividend or other distribution to you on receipt. 
  

	4.5	Exercise of Other Rights Attaching to Escrow Securities 

 You may exercise your rights to exchange or
convert your escrow securities in accordance with this agreement. 
 PART 5        PERMITTED TRANSFERS WITHIN
ESCROW 
  

	5.1	Transfer to Directors and Senior Officers 

  

	(1)	You may transfer escrow securities within escrow to existing or, upon their appointment, incoming directors or senior officers of the Issuer or any of its material operating subsidiaries, if the Issuer’s board of
directors has approved the transfer and provided that: 

  

	 	(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer, and 

 

	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to the transfer the Escrow Agent must receive: 

  

	 	(a)	a certified copy of the resolution of the board of directors of the Issuer approving the transfer; 

  

					
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	 	(b)	a certificate signed by a director or officer of the Issuer authorized to sign, stating that the transfer is to a director or senior officer of the Issuer or a material operating subsidiary and that any required
acceptance from the Exchange the Issuer is listed on has been received; 

  

	 	(c)	an acknowledgment in the form of Form 5E signed by the transferee; and 

  

	 	(d)	a transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer’s transfer agent. 

 

	5.2	Transfer to Other Principals 

  

	(1)	You may transfer escrow securities within escrow: 

  

	 	(a)	to a person or company that before the proposed transfer holds more than 20% of the voting rights attached to the Issuer’s outstanding securities; or 

 

	 	(b)	to a person or company that after the proposed transfer 

  

	 	(i)	will hold more than 10% of the voting rights attached to the Issuer’s outstanding securities, and 

  

	 	(ii)	has the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries, 

provided that: 
  

	 	(c)	you make an application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and 

 

	 	(d)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to the transfer the Escrow Agent must receive: 

  

	 	(a)	a certificate signed by a director or officer of the Issuer authorized to sign, stating that: 

  

	 	(i)	the transfer is to a person or company that the officer believes, after reasonable investigation, holds more than 20% of the voting rights attached to the Issuer’s outstanding securities before the proposed
transfer; or 

  

	 	(ii)	the transfer is to a person or company that: 

  

					
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	  	ESCROW AGREEMENT	  	Page 7
	 (as at June 14, 2010)
	  		  	

	 	(A)	the officer believes, after reasonable investigation, will hold more than 10% of the voting rights attached to the Issuer’s outstanding securities; and 

 

	 	(B)	has the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries 

after the proposed transfer; and 
  

	 	(iii)	any required approval from the Exchange or any other exchange on which the Issuer is listed has been received; 

  

	 	(b)	an acknowledgment in the form of Form 5E signed by the transferee; and 

  

	 	(c)	a transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer’s transfer agent. 

 

	5.3	Transfer upon Bankruptcy 

  

	(1)	You may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow securities on bankruptcy provided that: 

 

	 	(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and 

 

	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to the transfer, the Escrow Agent must receive: 

  

	 	(a)	a certified copy of either 

  

	 	(i)	the assignment in bankruptcy filed with the Superintendent of Bankruptcy, or 

  

	 	(ii)	the receiving order adjudging the Securityholder bankrupt; 

  

	 	(b)	a certified copy of a certificate of appointment of the trustee in bankruptcy; 

  

	 	(c)	a transfer power of attorney, duly completed and executed by the transferor in accordance with the requirements of the Issuer’s transfer agent; and 

 

	 	(d)	an acknowledgment in the form of Form 5E signed by 

  

	 	(i)	the trustee in bankruptcy or 

  

					
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	 	(ii)	on direction from the trustee, with evidence of that direction attached to the acknowledgement form, another person or company legally entitled to the escrow securities. 

 

	5.4	Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities 

  

	(1)	You may transfer escrow securities you have pledged, mortgaged or charged under section 4.2 to a financial institution as collateral for a loan within escrow to the lender on realization provided that:

  

	 	(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and 

 

	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to the transfer the Escrow Agent must receive: 

  

	 	(a)	a statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the escrow securities; 

 

	 	(b)	evidence that the Exchange has accepted the pledge, mortgage or charge of escrow securities to the financial institution; 

  

	 	(c)	a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer’s transfer agent; and 

 

	 	(d)	an acknowledgement in the form of Form 5E signed by the financial institution. 

  

	5.5	Transfer to Certain Plans and Funds 

  

	(1)	You may transfer escrow securities within escrow to or between a registered retirement savings plan (RRSP), registered retirement income fund (RRIF) or other similar registered plan or fund with a trustee, where the
beneficiaries of the plan or fund are limited to you and your spouse, children and parents provided that: 

  

	 	(a)	you make application to transfer under the Policy at least 10 business days and not more than 30 business days prior to the date of the proposed transfer; and 

 

	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date. 

 

	(2)	Prior to the transfer the Escrow Agent must receive: 

  

	 	(a)	evidence from the trustee of the transferee plan or fund, or the trustee’s agent, stating that, to the best of the trustee’s knowledge, the annuitant of the RRSP or RRIF or the beneficiaries of the other
registered plan or fund do not include any person or company other than you and your spouse, children and parents; 

  

					
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	 	(b)	a transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer’s transfer agent; and 

 

	 	(c)	an acknowledgement in the form of Form 5E signed by the trustee of the plan or fund. 

  

	5.6	Effect of Transfer Within Escrow 

 After the transfer of escrow securities within escrow, the escrow
securities will remain in escrow and released from escrow under this Agreement as if no transfer has occurred, on the same terms that applied before the transfer. The Escrow Agent will not deliver any share certificates or other evidence of the
escrow securities to transferees under this Part 5. 
  

	5.7	Discretionary Applications 

 The Exchange may consent to the transfer within escrow of escrow securities
in other circumstances and on such terms and conditions as it deems appropriate. 
 PART 6        BUSINESS
COMBINATIONS 
  

	6.1	Business Combinations 

 This Part applies to the following (business combinations): 

 

	(a)	a formal take-over bid for all outstanding securities of the Issuer or which, if successful, would result in a change of control of the Issuer 

 

	(b)	a formal issuer bid for all outstanding equity securities of the Issuer 

  

	(c)	a statutory arrangement 

  

	(d)	an amalgamation 

  

	(e)	a merger 

  

	(f)	a reorganization that has an effect similar to an amalgamation or merger 

  

	6.2	Delivery to Escrow Agent 

  

	(1)	You may tender your escrow securities to a person or company in a business combination. At least five business days prior to the date the escrow securities must be tendered under the business combination, you must
deliver to the Escrow Agent: 

  

					
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	 	(a)	a written direction signed by you that directs the Escrow Agent to deliver to the depositary under the business combination any share certificates or other evidence of the escrow securities and a completed and executed
cover letter or similar document and, where required, transfer power of attorney completed and executed for transfer in accordance with the requirements of the Issuer’s depository, and any other documentation specified or provided by you and
required to be delivered to the depositary under the business combination; 

  

	 	(b)	written consent of the Exchange; and 

  

	 	(c)	any other information concerning the business combination as the Escrow Agent may reasonably require. 

  

	6.3	Delivery to Depositary 

  

	(1)	As soon as reasonably practicable, and in any event no later than three business days after the Escrow Agent receives the documents and information required under section 6.2, the Escrow Agent will deliver to the
depositary, in accordance with the direction, any share certificates or other evidence of the escrow securities, and a letter addressed to the depositary that 

  

	 	(a)	identifies the escrow securities that are being tendered; 

  

	 	(b)	states that the escrow securities are held in escrow; 

  

	 	(c)	states that the escrow securities are delivered only for the purposes of the business combination and that they will be released from escrow only after the Escrow Agent receives the information described in section 6.4;

  

	 	(d)	if any share certificates or other evidence of the escrow securities have been delivered to the depositary, requires the depositary to return to the Escrow Agent, as soon as practicable, the share certificates or other
evidence of escrow securities that are not released from escrow into the business combination; and 

  

	 	(e)	where applicable, requires the depositary to deliver or cause to be delivered to the Escrow Agent, as soon as practicable, share certificates or other evidence of additional escrow securities that you acquire under the
business combination. 

  

	6.4	Release of Escrow Securities to Depositary 

  

	(1)	The Escrow Agent will release from escrow the tendered escrow securities provided that: 

  

	 	(a)	you or the Issuer make application to release the tendered securities under the Policy on a date at least 10 business days and not more than 30 business days prior to the date of the proposed release date; and

  

					
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	 	(b)	the Exchange does not provide notice of its objection to the Escrow Agent prior to 10:00 a.m. (Vancouver time) or 11:00 a.m. (Calgary time) on such specified date; 

 

	 	(c)	the Escrow Agent receives a declaration signed by the depositary or, if the direction identifies the depositary as acting on behalf of another person or company in respect of the business combination, by that other
person or company, that 

  

	 	(i)	the terms and conditions of the business combination have been met or waived; and 

  

	 	(ii)	the escrow securities have either been taken up and paid for or are subject to an unconditional obligation to be taken up and paid for under the business combination. 

 

	6.5	Escrow of New Securities 

  

	(1)	If you receive securities (new securities) of another issuer (successor issuer) in exchange for your escrow securities, the new securities will be subject to escrow in substitution for the tendered escrow
securities, unless, immediately after completion of the business combination, 

  

	 	(a)	the successor issuer is an exempt issuer as defined in the National Policy; 

  

	 	(b)	the escrow holder was subject to a Value Security Escrow Agreement and is not a Principal of the successor issuer, and 

  

	 	(c)	the escrow holder holds less than 1% of the voting rights attached to the successor issuer’s outstanding securities. (In calculating this percentage, include securities that may be issued to the escrow holder under
outstanding convertible securities in both the escrow holder’s securities and the total securities outstanding.) 

  

	6.6	Release from Escrow of New Securities 

  

	(1)	The Escrow Agent will send to a Securityholder share certificates or other evidence of the Securityholder’s new securities as soon as reasonably practicable after the Escrow Agent receives: 

 

	 	(a)	a certificate from the successor issuer signed by a director or officer of the successor issuer authorized to sign 

  

	 	(i)	stating that it is a successor issuer to the Issuer as a result of a business combination; 

  

	 	(ii)	containing a list of the securityholders whose new securities are subject to escrow under section 6.5; 

  

					
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	  	ESCROW AGREEMENT	  	Page 12
	 (as at June 14, 2010)
	  		  	

	 	(iii)	containing a list of the securityholders whose new securities are not subject to escrow under section 6.5; 

  

	 	(b)	written confirmation from the Exchange that it has accepted the list of Securityholders whose new securities are not subject to escrow under section 6.5. 

 

	(2)	The escrow securities of the Securityholders, whose securities are not subject to escrow under section 6.5, will be released, and the Escrow Agent will send any share certificates or other evidence of the escrow
securities in the possession of the Escrow Agent in accordance with section 2.4. 

  

	(3)	If your new securities are subject to escrow, unless subsection (4) applies, the Escrow Agent will hold your new securities in escrow on the same terms and conditions, including release dates, as applied to the
escrow securities that you exchanged. 

  

	(4)	If the Issuer is a Tier 2 Issuer and the successor issuer is a Tier 1 Issuer, the release provisions in section 3.1(4) relating to graduation will apply. 

PART 7         RESIGNATION OF ESCROW AGENT 

 

	7.1	Resignation of Escrow Agent 

  

	(1)	If the Escrow Agent wishes to resign as escrow agent, the Escrow Agent will give written notice to the Issuer and the Exchange. 

  

	(2)	If the Issuer wishes to terminate the Escrow Agent as escrow agent, the Issuer will give written notice to the Escrow Agent and the Exchange. 

 

	(3)	If the Escrow Agent resigns or is terminated, the Issuer will be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date by another escrow agent that is acceptable
to the Exchange and that has accepted such appointment, which appointment will be binding on the Issuer and the Securityholders. 

  

	(4)	The resignation or termination of the Escrow Agent will be effective, and the Escrow Agent will cease to be bound by this Agreement, on the date that is 60 days after the date of receipt of the notices referred to above
by the Escrow Agent or Issuer, as applicable, or on such other date as the Escrow Agent and the Issuer may agree upon (the “resignation or termination date”), provided that the resignation or termination date will not be less than 10
business days before a release date. 

  

	(5)	If the Issuer has not appointed a successor escrow agent within 60 days of the resignation or termination date, the Escrow Agent will apply, at the Issuer’s expense, to a court of competent jurisdiction for the
appointment of a successor escrow agent, and the duties and responsibilities of the Escrow Agent will cease immediately upon such appointment. 

  

					
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	(6)	On any new appointment under this section, the successor Escrow Agent will be vested with the same powers, rights, duties and obligations as if it had been originally named herein as Escrow Agent, without any further
assurance, conveyance, act or deed. The predecessor Escrow Agent, upon receipt of payment for any outstanding account for its services and expenses then unpaid, will transfer, deliver and pay over to the successor Escrow Agent, who will be entitled
to receive, all securities, records or other property on deposit with the predecessor Escrow Agent in relation to this Agreement and the predecessor Escrow Agent will thereupon be discharged as Escrow Agent. 

 

	(7)	If any changes are made to Part 8 of this Agreement as a result of the appointment of the successor Escrow Agent, those changes must not be inconsistent with the Policy and the terms of this Agreement and the Issuer to
this Agreement will fie a copy of the new Agreement with the Exchange. 

 PART 8         OTHER
CONTRACTUAL ARRANGEMENTS 
  

	8.1	Escrow Agent Not a Trustee 

 The Escrow Agent accepts duties and responsibilities under this Agreement,
and the escrow securities and any share certificates or other evidence of these securities, solely as a custodian, bailee and agent. No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a
trustee. 
  

	8.2	Escrow Agent Not Responsible for Genuineness 

 The Escrow Agent will not be responsible or liable in any
manner whatsoever for the sufficiency, correctness, genuineness or validity of any escrow security deposited with it. 
  

	8.3	Escrow Agent Not Responsible for Furnished Information 

 The Escrow Agent will have no responsibility for
seeking, obtaining, compiling, preparing or determining the accuracy of any information or document, including the representative capacity in which a party purports to act, that the Escrow Agent receives as a condition to a release from escrow or a
transfer of escrow securities within escrow under this Agreement. 
  

	8.4	Escrow Agent Not Responsible after Release 

 The Escrow Agent will have no responsibility for escrow
securities that it has released to a Securityholder or at a Securityholder’s direction according to this Agreement. 
  

	8.5	Indemnification of Escrow Agent 

 The Issuer and each Securityholder hereby jointly and severally agree
to indemnify and hold harmless the Escrow Agent, its affiliates, and their current and former directors, officers, employees and agents from and against any and all claims, demands, losses, penalties, costs, expenses, fees and liabilities,
including, without limitation, legal fees and expenses, directly or indirectly arising out of, in connection with, or in respect of, this Agreement, except where same result directly and principally from gross negligence, willful misconduct or bad
faith on the part of the Escrow Agent. This indemnity survives the release of the escrow securities, the resignation or termination of the Escrow Agent and the termination of this Agreement. 

  

					
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	8.6	Additional Provisions 

  

	(1)	The Escrow Agent will be protected in acting and relying reasonably upon any notice, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt, statutory declaration or other paper or
document (collectively referred to as “Documents”) furnished to it and purportedly signed by any officer or person required to or entitled to execute and deliver to the Escrow Agent any such Document in connection with this Agreement, not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained, which it in good faith believes to be genuine. 

 

	(2)	The Escrow Agent will not be bound by any notice of a claim or demand with respect thereto, or any waiver, modification, amendment, termination or rescission of this Agreement unless received by it in writing, and
signed by the other Parties and approved by the Exchange, and, if the duties or indemnification of the Escrow Agent in this Agreement are affected, unless it has given its prior written consent. 

 

	(3)	The Escrow Agent may consult with or retain such legal counsel and advisors as it may reasonably require for the purpose of discharging its duties or determining its rights under this Agreement and may rely and act upon
the advice of such counsel or advisor. The Escrow Agent will give written notice to the Issuer as soon as practicable that it has retained legal counsel or other advisors. The Issuer will pay or reimburse the Escrow Agent for any reasonable fees,
expenses and disbursements of such counsel or advisors. 

  

	(4)	In the event of any disagreement arising under the terms of this Agreement, the Escrow Agent will be entitled, at its option, to refuse to comply with any and all demands whatsoever until the dispute is settled either
by a written agreement among the Parties or by a court of competent jurisdiction. 

  

	(5)	The Escrow Agent will have no duties or responsibilities except as expressly provided in this Agreement and will have no duty or responsibility under the Policy or arising under any other agreement, including any
agreement referred to in this Agreement, to which the Escrow Agent is not a party. 

  

	(6)	The Escrow Agent will have the right not to act and will not be liable for refusing to act unless it has received clear and reasonable documentation that complies with the terms of this Agreement. Such documentation
must not require the exercise of any discretion or independent judgment. 

  

	(7)	The Escrow Agent is authorized to cancel any share certificate delivered to it and hold such Securityholder’s escrow securities in electronic, or uncertificated form only, pending release of such securities from
escrow. 

  

					
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	(8)	The Escrow Agent will have no responsibility with respect to any escrow securities in respect of which no share certificate or other evidence or electronic or uncertificated form of these securities has been delivered
to it, or otherwise received by it. 

  

	8.7	Limitation of Liability of Escrow Agent 

 The Escrow Agent will not be liable to any of the Parties
hereunder for any action taken or omitted to be taken by it under or in connection with this Agreement, except for losses directly, principally and immediately caused by its bad faith, willful misconduct or gross negligence. Under no circumstances
will the Escrow Agent be liable for any special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages hereunder, including any loss of profits, whether foreseeable or unforeseeable. Notwithstanding the foregoing
or any other provision of this Agreement, in no event will the collective liability of the Escrow Agent under or in connection with this Agreement to any one or more Parties, except for losses directly caused by its bad faith or willful misconduct,
exceed the amount of its annual fees under this Agreement or the amount of three thousand dollars ($3,000.00), whichever amount shall be greater. 
  

	8.8	Remuneration of Escrow Agent 

 The Issuer will pay the Escrow Agent reasonable remuneration for its
services under this Agreement, which fees are subject to revision from time to time on 30 days’ written notice. The Issuer will reimburse the Escrow Agent for its expenses and disbursements. Any amount due under this section and unpaid 30 days
after request for such payment, will bear interest from the expiration of such period at a rate per annum equal to the then current rate charged by the Escrow Agent, payable on demand. 

 

	8.9	Notice to Escrow Agent 

 The Issuer shall forthwith provide a copy of the Exchange Bulletin, confirmation
of listing and posting for trading of the subject escrowed shares or such other relevant document to the Escrow Agent as it shall require in order to make the required releases. No duty shall rest with the Escrow Agent to obtain this information
independently nor shall it be held liable for any loss, claim, suit or action, howsoever caused by any delay in providing this information to it. 
 PART
9        INDEMNIFICATION OF THE EXCHANGE 
  

	9.1	Indemnification 

  

	(1)	The Issuer and each Securityholder jointly and severally: 

  

	 	(a)	release, indemnify and save harmless the Exchange from all costs (including legal cost, expenses and disbursements), charges, claims, demands, damages, liabilities, losses and expenses incurred by the Exchange;

  

	 	(b)	agree not to make or bring a claim or demand, or commence any action, against the Exchange; and 

  

					
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	 (as at June 14, 2010)
	  		  	

	 	(c)	agree to indemnify and save harmless the Exchange from all costs (including legal costs) and damages that the Exchange incurs or is required by law to pay as a result of any person’s claim, demand or action,

 arising from any and every act or omission committed or omitted by the Exchange, in connection with this Agreement, even if
said act or omission was negligent, or constituted a breach of the terms of this Agreement. 
  

	(2)	This indemnity survives the release of the escrow securities and the termination of this Agreement. 

 PART
10        NOTICES 
  

	10.1	Notice to Escrow Agent 

 Documents will be considered to have been delivered to the Escrow Agent on the
next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the
following: 
 Equity Financial Trust Company 
 200 University
Avenue 
 Suite 400 
 Toronto, Ontario M5H 4H1 

Facsimile:        (416) 361-0470 
  

	10.2	Notice to Issuer 

 Documents will be considered to have been delivered to the Issuer on the next business
day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following: 

Sphere 3D Corporation 
 240 Matheson Blvd. East 

Mississauga, ON L4Z 1X1 

Attention:        Chief Financial Officer 

Facsimile:        (905) 282-9966 

  

					
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	  	ESCROW AGREEMENT	  	Page 17
	 (as at June 14, 2010)
	  		  	

	10.3	Deliveries to Securityholders 

 Documents will be considered to have been delivered to a Securityholder
on the date of delivery, if delivered by hand or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the address on the Issuer’s share register. 

Any share certificates or other evidence of a Securityholder’s escrow securities will be sent to the Securityholder’s address on the Issuer’s
share register unless the Securityholder has advised the Escrow Agent in writing otherwise at least ten business days before the escrow securities are released from escrow. The Issuer will provide the Escrow Agent with each Securityholder’s
address as listed on the Issuer’s share register. 
  

	10.4	Change of Address 

  

	(1)	The Escrow Agent may change its address for delivery by delivering notice of the change of address to the Issuer and to each Securityholder. 

 

	(2)	The Issuer may change its address for delivery by delivering notice of the change of address to the Escrow Agent and to each Securityholder. 

 

	(3)	A Securityholder may change that Securityholder’s address for delivery by delivering notice of the change of address to the Issuer and to the Escrow Agent. 

 

	10.5	Postal Interruption 

 A party to this Agreement will not mail a Document if the party is aware of an
actual or impending disruption of postal service. 
 PART 11        GENERAL 

 

	11.1	Interpretation — “holding securities” 

 Unless the context otherwise requires, all
capitalized terms that are not otherwise defined in this Agreement, shall have the meanings as defined in Policy 1.1 - Interpretation or in Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions. 

When this Agreement refers to securities that a Securityholder “holds”, it means that the Securityholder has direct or indirect beneficial ownership
of or control or direction over the securities. 
  

	11.2	Enforcement by Third Parties 

 The Issuer enters this Agreement both on its own behalf and as trustee for
the Exchange and the Securityholders of the Issuer, and this Agreement may be enforced by either the Exchange, or the Securityholders of the Issuer, or both. 

  

					
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	  	ESCROW AGREEMENT	  	Page 18
	 (as at June 14, 2010)
	  		  	

	11.3	Termination, Amendment, and Waiver of Agreement 

  

	(1)	Subject to subsection 11.3(3), this Agreement shall only terminate: 

  

	 	(a)	with respect to all the Parties: 

  

	 	(i)	as specifically provided in this Agreement; 

  

	 	(ii)	subject to subsection 11.3(2), upon the agreement of all Parties; or 

  

	 	(iii)	when the Securities of all Securityholders have been released from escrow pursuant to this Agreement; and 

  

	 	(b)	with respect to a Party: 

  

	 	(i)	as specifically provided in this Agreement; or 

  

	 	(ii)	if the Party is a Securityholder, when all of the Securityholder’s Securities have been released from escrow pursuant to this Agreement. 

 

	(2)	An agreement to terminate this Agreement pursuant to section 11.3(1)(a)(ii) shall not be effective unless and until the agreement to terminate 

 

	 	(a)	is evidenced by a memorandum in writing signed by all Parties; 

  

	 	(b)	if the Issuer is listed on the Exchange, the termination of this Agreement has been consented to in writing by the Exchange; and 

  

	 	(c)	has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders. 

  

	(3)	Notwithstanding any other provision in this Agreement, the obligations set forth in section 9.1 shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

 

	(4)	No amendment or waiver of this Agreement or any part of this Agreement shall be effective unless the amendment or waiver: 

  

	 	(a)	is evidenced by a memorandum in writing signed by all Parties; 

  

	 	(b)	if the Issuer is listed on the Exchange, the amendment or waiver of this Agreement has been approved in writing by the Exchange; and 

 

	 	(c)	has been approved by a majority vote of securityholders of the Issuer excluding in each case, Securityholders. 

  

					
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	  	ESCROW AGREEMENT	  	Page 19
	 (as at June 14, 2010)
	  		  	

	(5)	No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision (whether similar or not), nor shall any waiver constitute a continuing waiver, unless expressly
provided. 

  

	11.4	Severance of Illegal Provision 

 Any provision or part of a provision of this Agreement determined by a
court of competent jurisdiction to be invalid, illegal or unenforceable shall be deemed stricken to the extent necessary to eliminate any invalidity, illegality or unenforceability, and the rest of the Agreement and all other provisions and parts
thereof shall remain in full force and effect and be binding upon the parties hereto as though the said illegal and/or unenforceable provision or part thereof had never been included in this Agreement. 

 

	11.5	Further Assurances 

 The Parties will execute and deliver any further documents and perform any further
acts reasonably requested by any of the Parties to this agreement which are necessary to carry out the intent of this Agreement. 
  

	11.6	Time 

 Time is of the essence of this Agreement. 

 

	11.7	Consent of Exchange to Amendment 

 The Exchange must approve any amendment to this Agreement if the
Issuer is listed on the Exchange at the time of the proposed amendment. 
  

	11.8	Additional Escrow Requirements 

 A Canadian exchange may impose escrow terms or conditions in addition to
those set out in this Agreement. 
  

	11.9	Governing Laws 

 The laws of the Province of Ontario and the applicable federal laws of Canada will
govern this Agreement. 
  

	11.10	Counterparts 

 The Parties may execute this Agreement by fax and in counterparts, each of which will be
considered an original and all of which will be one agreement. 
  

	11.11	Singular and Plural 

 Wherever a singular expression is used in this Agreement, that expression is
considered as including the plural or the body corporate where required by the context. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 20
	 (as at June 14, 2010)
	  		  	

	11.12	Language 

 This Agreement has been drawn up in the English language at the request of all parties. Cet
acte a été rédigé en anglais à la demande de toutes les parties. 
  

	11.13	Benefit and Binding Effect 

 This Agreement will benefit and bind the Parties and their heirs, executors,
administrators, successors and permitted assigns and all persons claiming through them as if they had been a Party to this Agreement. 
  

	11.14	Entire Agreement 

 This is the entire agreement among the Parties concerning the subject matter set out
in this Agreement and supersedes any and all prior understandings and agreements. 
  

	11.15	Successor to Escrow Agent 

 Any corporation with which the Escrow Agent may be amalgamated, merged or
consolidated, or any corporation succeeding to the business of the Escrow Agent will be the successor of the Escrow Agent under this Agreement without any further act on its part or on the part or any of the Parties, provided that the successor is
recognized by the Exchange. 
 [Signature page to follow] 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 21
	 (as at June 14, 2010)
	  		  	

 The Parties have executed and delivered this Agreement as of the date set out above. 

 

					
	EQUITY FINANCIAL TRUST COMPANY	 		 	
			
	 /s/ MICHAEL LEE
	 		 	
	Authorized
signatory                                      MICHAEL
LEE	 		 	
			
	 /s/ Aaron Gaspar
                             Aaron Gaspar
	 		 	
	Authorized signatory	 		 	
			
	SPHERE 3D CORPORATION	 		 	

							
				
	Per:	 	 /s/ Mario Biasini
	 		 	
		 	  Mario Biasini	 		 	
		 	  President & Chief Executive Officer	 		 	

							
				
	Per:	 	 /s/ T. Scott Worthington
	 		 	
		 	  T. Scott Worthington	 		 	
		 	  Chief Financial Officer	 		 	

							
				
	Signed, sealed and delivered by	 	)	    		 	
	MARIO BIASINI in the presence of:	 	)	    		 	
		 	)	    		 	
	         T. Scott
Worthington         /s/ T. Scott Worthington
	 	)	    	     /s/ MARIO BIASINI
	 	
	Name	 	)	    	 	
		 	)	    	 	
	         37 Brightbay Cres
	 	)	    	 	
	Address	 	)	    	MARIO BIASINI	 	
		 	)	    		 	
	         Thornhill, ON L3T 1C2
	 	)	    		 	
		 	)	    		 	
		 	)	    		 	
	         Chartered Accountant
	 	)	    		 	
	Occupation	 	)	    		 	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 22
	 (as at June 14, 2010)
	  		  	

 The Parties have executed and delivered this Agreement as of the date set out above. 

 

					
	EQUITY FINANCIAL TRUST COMPANY	 		 	
			
	  
	 		 	
	Authorized signatory	 		 	
			
	  
	 		 	
	Authorized signatory	 		 	
			
	SPHERE 3D CORPORATION	 		 	

							
				
	Per:	 	 /s/ Mario Biasini
	 		 	
		 	  Mario Biasini	 		 	
		 	  President & Chief Executive Officer	 		 	

							
				
	Per:	 	 /s/ T. Scott Worthington
	 		 	
		 	  T. Scott Worthington	 		 	
		 	  Chief Financial Officer	 		 	

							
				
	Signed, sealed and delivered by	 	)	    	     /s/ MARIO BIASINI
	 	
	MARIO BIASINI in the presence of:	 	)	    	 	
		 	)	    	 	
	         T. Scott
Worthington         /s/ T. Scott Worthington
	 	)	    	 	
	Name	 	)	    	 	
		 	)	    	 	
	         37 Brightbay Cres
	 	)	    	 	
	Address	 	)	    	MARIO BIASINI	 	
		 	)	    		 	
	         Thornhill, ON L3T 1C2
	 	)	    		 	
		 	)	    		 	
		 	)	    		 	
	         Chartered Accountant
	 	)	    		 	
	Occupation	 	)	    		 	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 22
	 (as at June 14, 2010)
	  		  	

							
	Signed, sealed and delivered by	 	)	    		 	
	MARIO BIASINI in trust for	 	)	    		 	
	VENESSA BIASINI in the presence of:	 	)	    		 	
		 	)	    		 	
	
        T. Scott Worthington     /s/ T. 
Scott Worthington
	 	)	    		 	
	Name	 	)	    		 	
		 	)	    		 	
	         37 Brightbay Cres
	 	)	    	            /s/ MARIO BIASINI	 	
	Address	 	)	    	MARIO BIASINI IN TRUST	 	
		 	)	    	FOR VENESSA BIASINI	 	
	         Thornhill, ON L3T 1C2
	 	)	    		 	
		 	)	    		 	
		 	)	    		 	
	         Chartered Accountant
	 	)	    		 	
	Occupation	 	)	    		 	
				
	Signed, sealed and delivered by	 	)	    		 	
	SANDRA BIASINI in the presence of:	 	)	    		 	
		 	)	    		 	
	  
	 	)	    		 	
	Name	 	)	    		 	
		 	)	    		 	
	  
	 	)	    	  
	 	
	Address	 	)	    	SANDRA BIASINI	 	
		 	)	    		 	
	  
	 	)	    		 	
		 	)	    		 	
		 	)	    		 	
	  
	 	)	    		 	
	Occupation	 	)	    		 	
				
	Signed, sealed and delivered by	 	)	    		 	
	GIOVANNI (JOHN) MORELLI	 	)	    	 /s/ GIOVANNI (JOHN) MORELLI
	 	
	in the presence of:	 	)	    	 	
		 	)	    	 	
	         T. Scott Worthington    /s/ T. Scott
Worthington
	 	)	    	 	
	Name	 	)	    	 	
		 	)	    	 	
	         37 Brightbay Cres
	 	)	    	 	
	Address	 	)	    	GIOVANNI (JOHN) MORELLI	 	
		 	)	    		 	
	         Thornhill, ON L3T 1C2
	 	)	    		 	
		 	)	    		 	
		 	)	    		 	
	         Chartered Accountant
	 	)	    		 	
	Occupation	 	)	    		 	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 23
	 (as at June 14, 2010)
	  		  	

							
	Signed, sealed and delivered by	 	)	    		  	
	MARIO BIASINI in trust for	 	)	    	             /s/ MARIO BIASINI
	  	
	VENESSA BIASINI in the presence of:	 	)	    	  	
	  

        T. Scott Worthington     /s/ T. 
Scott Worthington
 Name
	 	)	    	  	
	 	)	    	  	
		 	)	    	  	
		 	)	    	  	
	         37 Brightbay Cres
	 	)	    	  	
	Address	 	)	    	MARIO BIASINI IN TRUST	  	
		 	)	    	FOR VENESSA BIASINI	  	
	         Thornhill, ON L3T 1C2
	 	)	    		  	
		 	)	    		  	
		 	)	    		  	
	         Chartered Accountant
	 	)	    		  	
	Occupation	 	)	    		  	
				
	Signed, sealed and delivered by	 	)	    	 /s/ SANDRA BIASINI
	  	
	SANDRA BIASINI in the presence of:	 	)	    	  	
		 	)	    	  	
	         /S/ MARIO
BIASINI                 MARIO BIASINI
	 	)	    	  	
	Name	 	)	    	  	
		 	)	    	  	
	         240 MATHESON BLVD
EAST
	 	)	    	  	
	Address	 	)	    	SANDRA BIASINI	  	
		 	)	    		  	
	         MISSISSAUGA, ON L4Z 1X1
	 	)	    		  	
		 	)	    		  	
		 	)	    		  	
	         PRESIDENT
	 	)	    		  	
	Occupation	 	)	    		  	
				
	Signed, sealed and delivered by	 	)	    		  	
	GIOVANNI (JOHN) MORELLI	 	)	    		  	
	in the presence of:	 	)	    		  	
		 	)	    		  	
	         T. Scott Worthington    /s/ T. Scott
Worthington
	 	)	    	 /s/ GIOVANNI (JOHN) MORELLI
	  	
	Name	 	)	    	  	
		 	)	    	  	
	         37 Brightbay Cres
	 	)	    	  	
	Address	 	)	    	GIOVANNI (JOHN) MORELLI	  	
		 	)	    		  	
	         Thornhill, ON L3T 1C2
	 	)	    		  	
		 	)	    		  	
		 	)	    		  	
	         Chartered Accountant
	 	)	    		  	
	Occupation	 	)	    		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 23
	 (as at June 14, 2010)
	  		  	

									
	 Signed, sealed and delivered by

PETER ASHKIN

in the presence of:
	 	 
  
  
	)
 )

)
	  
   

  
	 		  	
		 	 	)	  	 	 /s/ PETER ASHKIN
	  	
	 Diane Frawert
	 	 	)	  	 	  	
	 Name
	 	 	)	  	 	  	
		 	 	)	  	 	  	
	 1829 223RD Ave SE
	 	 	)	  	 	  	
	 Address
	 	 	)	  	 	PETER ASHKIN	  	
		 	 	)	  	 		  	
	 Sammamish WA 98075 USA
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	 Financial Controller
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

GLENN BOWMAN in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Name
	 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 	  
	  	
	 Address
	 	 	)	  	 	GLENN BOWMAN	  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

JASON MERETSKY in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 	 /s/ JASON MERETSKY
	  	
	 Lilia Lachica
	 	 	)	  	 	  	
	 Name
	 	 	)	  	 	  	
		 	 	)	  	 	  	
	 93 North Edgely Ave.
	 	 	)	  	 	  	
	 Address
	 	 	)	  	 	JASON MERETSKY	  	
		 	 	)	  	 		  	
	 Toronto, ON M1K 1T8
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	 Legal assistant
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 24
	 (as at June 14, 2010)
	  		  	

									
	 Signed, sealed and delivered by

PETER ASHKIN

in the presence of:
	 	 
  
  
	)
 )

)
	  
   

  
	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Name
	 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 	  
	  	
	 Address
	 	 	)	  	 	PETER ASHKIN	  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

GLENN BOWMAN in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 	 /s/ GLENN BOWMAN
	  	
	 Stephen Duarte
	 	 	)	  	 	  	
	 Name
	 	 	)	  	 	  	
		 	 	)	  	 	  	
	 150 King Street West
	 	 	)	  	 	  	
	 Address
	 	 	)	  	 	GLENN BOWMAN	  	
		 	 	)	  	 		  	
	 Toronto, ON M5H 1J9
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	 Analyst
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

JASON MERETSKY in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 		  	
	 Lilia Lachica
	 	 	)	  	 	 /s/ JASON MERETSKY
	  	
	 Name
	 	 	)	  	 	  	
		 	 	)	  	 	  	
	 93 North Edgely Ave.
	 	 	)	  	 	  	
	 Address
	 	 	)	  	 	JASON MERETSKY	  	
		 	 	)	  	 		  	
	 Toronto, ON M1K 1T8
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	 Legal assistant
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 24
	 (as at June 14, 2010)
	  		  	

									
	 Signed, sealed and delivered by

PETER ASHKIN

in the presence of:
	 	 
  
  
	)
 )

)
	  
   

  
	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Name
	 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 	  
	  	
	 Address
	 	 	)	  	 	PETER ASHKIN	  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

GLENN BOWMAN in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Name
	 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 	  
	  	
	 Address
	 	 	)	  	 	GLENN BOWMAN	  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	  
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	
				
	 Signed, sealed and delivered by

JASON MERETSKY in the presence of:
	 	 
  
	)
 )
	  
   
	 		  	
		 	 	)	  	 		  	
	 Lilia Lachica
	 	 	)	  	 	 /s/ JASON MERETSKY
	  	
	 Name
	 	 	)	  	 	  	
		 	 	)	  	 	  	
	 93 North Edgely Ave.
	 	 	)	  	 	  	
	 Address
	 	 	)	  	 	JASON MERETSKY	  	
		 	 	)	  	 		  	
	 Toronto, ON M1K 1T8
	 	 	)	  	 		  	
		 	 	)	  	 		  	
		 	 	)	  	 		  	
	 Legal assistant
	 	 	)	  	 		  	
	 Occupation
	 	 	)	  	 		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 24
	 (as at June 14, 2010)
	  		  	

									
	Signed, sealed and delivered by	 	)	  		  		  	
	SCOTT WORTHINGTON in the presence of:	 	)	  		  		  	
		 	)	  		  	 /s/ SCOTT WORTHINGTON
	  	
	 Sue Macedonia
	 	)	  		  	  	
	Name	 	)	  		  	  	
		 	)	  		  	  	
	 240 Matheson Blvd. East
	 	)	  		  	  	
	Address	 	)	  		  	SCOTT WORTHINGTON	  	
		 	)	  		  		  	
	 Miss. ON L4Z 1X1
	 	)	  		  		  	
		 	)	  		  		  	
		 	)	  		  		  	
	 Administration
	 	)	  		  		  	
	Occupation	 	)	  		  		  	
					
	Signed, sealed and delivered by	 	)	  		  		  	
	MARIO BIASINI in the presence of:	 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
	Name	 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  	  
	  	
	Address	 	)	  		  	MARY GARGIULO	  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
		 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
	Occupation	 	)	  		  		  	
					
	Signed, sealed and delivered by	 	)	  		  		  	
	MARIO BIASINI in the presence of:	 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
	Name	 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  	  
	  	
	Address	 	)	  		  	IVANO SCARLATO	  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
		 	)	  		  		  	
		 	)	  		  		  	
	  
	 	)	  		  		  	
	Occupation	 	)	  		  		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 25
	 (as at June 14, 2010)
	  		  	

											
	Signed, sealed and delivered by	 	 	)	  	  		 		  	
	SCOTT WORTHINGTON in the presence of:	 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 		  	
	Name	 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 	  
	  	
	Address	 	 	)	  	  		 	SCOTT WORTHINGTON	  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 		  	
	Occupation	 	 	)	  	  		 		  	
					
	Signed, sealed and delivered by	 	 	)	  	  		 		  	
	MARY GARGIULO in the presence of:	 	 	)	  	  		 	 /s/ MARY GARGIULO
	  	
		 	 	)	  	  		 	  	
	 Elizabeth Gargiulo
	 	 	)	  	  		 	  	
	Name	 	 	)	  	  		 	  	
		 	 	)	  	  		 	  	
	 21 Laureleaf Rd
	 	 	)	  	  		 	  	
	Address	 	 	)	  	  		 	MARY GARGIULO	  	
		 	 	)	  	  		 		  	
	 Thornhill, ON L3T 2X4
	 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 		  	
	Occupation	 	 	)	  	  		 		  	
					
	Signed, sealed and delivered by	 	 	)	  	  		 		  	
	IVANO SCARLATO in the presence of:	 	 	)	  	  		 	 /s/ IVANO SCARLATO
	  	
		 	 	)	  	  		 	  	
	 Paul Di Lucia
	 	 	)	  	  		 	  	
	Name	 	 	)	  	  		 	  	
		 	 	)	  	  		 	  	
	 21 Laureleaf rd.
	 	 	)	  	  		 	  	
	Address	 	 	)	  	  		 	IVANO SCARLATO	  	
		 	 	)	  	  		 		  	
	 Thornhill ont L3T 2X4
	 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
		 	 	)	  	  		 		  	
	  
	 	 	)	  	  		 		  	
	Occupation	 	 	)	  	  		 		  	

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 25
	 (as at June 14, 2010)
	  		  	

			
	PROMOTION DEPOT INC.
		
	Per:	 	 /s/ Mario Biasini

		 	      Mario Biasini, President

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 26
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	MARIO BIASINI	 	
			
	 Signature:    
	  	 /s/ MARIO BIASINI
	 	

 Address for Notice: 

305 Sabel Street 
 Oakville, Ontario L6L 3W2 

Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 1,146,429
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 27
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	MARIO BIASINI in trust for VENESSA BIASINI
			
	 Signature:    
	  	 /s/ MARIO BIASINI
	 	

 Address for Notice: 

305 Sabel Street 
 Oakville, Ontario L6L 3W2 

Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 300,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 28
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	SANDRA BIASINI	 	
			
	 Signature:    
	  	 /s/ SANDRA BIASINI
	 	

 Address for Notice: 

305 Sabel Street 
 Oakville, Ontario L6L 3W2 

Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 300,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 29
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	GIOVANNI (JOHN) MORELLI
			
	 Signature:    
	  	 /s/GIOVANNI (JOHN) MORELLI
	 	

 Address for Notice: 

63 Bowring Walk 
 Toronto, Ontario M3H 5Z7 

Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 1,528,571
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 30
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	PROMOTION DEPOT INC.	 	
			
	 Signature:    
	  	 /s/ Mario Biasini
	 	
		  	Mario Biasini, President	 	

 Address for Notice: 

240 Matheson Blvd. East 
 Mississauga, Ontario L4Z 1X1

 Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 1,000,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 31
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	SCOTT WORTHINGTON	 	
			
	 Signature:    
	  	 /s/ SCOTT WORTHINGTON
	 	

 Address for Notice: 

37 Brightbay Crescent 
 Thornhill, Ontario L3T 1C2

 Securities: 
  

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 50,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 32
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	PETER ASHKIN	 	
			
	 Signature:    
	  	 /s/ PETER ASHKIN
	 	

 Address for Notice: 

8128 Vineyard Drive 
 Paso Robles, CA 93446 

United States 
 Securities: 

 

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 30,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 33
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	GLENN BOWMAN	 	
			
	 Signature:    
	  	 /s/ GLENN BOWMAN
	 	

 Address for Notice: 

150 King Street West 
 Suite 2308 

Toronto, Ontario M5H 1J9 
 Securities: 

 

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 25,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 34
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	JASON MERETSKY	 	
			
	 Signature:    
	  	 /s/ JASON MERETSKY
	 	

 Address for Notice: 

121 King Street West 
 Suite 2150 

Toronto, Ontario M5H 3T9 
 Securities: 

 

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 25,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 35
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	MARY GARGIULO	 	
			
	 Signature:    
	  	 /s/ MARY GARGIULO
	 	

 Address for Notice: 

24 Beech Avenue 
 Richmond Hill, Ontario 

L4E 3M3 
 Securities: 

 

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 100,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 36
	 (as at June 14, 2010)
	  		  	

 Schedule “A” to Escrow Agreement 

Securityholder 
  

					
	 Name:
	  	IVANO SCARLATO	 	
			
	 Signature:    
	  	 /s/ IVANO SCARLATO
	 	

 Address for Notice: 

30 Amelynn Crescent 
 Woodbridge, Ontario 

L4H 1P4 
 Securities: 

 

					
	 Class and
Type
 (i.e. Value Securities or

Surplus Securities)
	 	Number	 	Certificate(s) (if applicable)
	 Surplus
Securities
	 	 150,000
	 	 
	 	 	 	 	 
	 	 	 	 	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 37
	 (as at June 14, 2010)
	  		  	

 SCHEDULE B(1) – TIER 1 VALUE SECURITY ESCROW AGREEMENT 

RELEASE OF SECURITIES 
 Timed
Release 
  

							
	 Release Dates
	  	Percentage of Total
Escrowed Securities to be
Released	 	 	Total Number of Escrowed
Securities to be Released
	 [Insert date of Exchange Bulletin]
	  	 	25	% 	 	
	 [Insert date 6 months following Exchange Bulletin]
	  	 	25	% 	 	
	 [Insert date 12 months following Exchange Bulletin]
	  	 	25	% 	 	
	 [Insert date 18 months following Exchange Bulletin]
	  	 	25	% 	 	
		  	  
	  
	 	 	  

	 TOTAL
	  	 	100	% 	 	
		  	  
	  
	 	 	  

  

	*	In the simplest case where there are no changes to the escrow securities initially deposited and no additional escrow securities, then the release schedule outlined above results in the escrow securities being released
in equal tranches of 25%. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 38
	 (as at June 14, 2010)
	  		  	

 SCHEDULE B(2) – TIER 2 VALUE SECURITY ESCROW AGREEMENT 

RELEASE OF SECURITIES 
 Timed
Release 
  

							
	 Release Dates
	  	Percentage of Total Escrowed
Securities to be Released	 	 	Total Number of Escrowed
Securities to be Released
	 [Insert date of Exchange Bulletin]
	  	 	10	% 	 	
	 [Insert date 6 months following Exchange Bulletin]
	  	 	15	% 	 	
	 [Insert date 12 months following Exchange Bulletin]
	  	 	15	% 	 	
	 [Insert date 18 months following Exchange Bulletin]
	  	 	15	% 	 	
	 [Insert date 24 months following Exchange Bulletin]
	  	 	15	% 	 	
	 [Insert date 30 months following Exchange Bulletin]
	  	 	15	% 	 	
	 [Insert date 36 months following Exchange Bulletin]
	  	 	15	% 	 	
		  	  
	  
	 	 	  

	 TOTAL
	  	 	100	% 	 	
		  	  
	  
	 	 	  

  

	*	In the simplest case where there are no changes to the escrow securities initially deposited and no additional escrow securities, the release schedule outlined above results in the escrow securities being released in
equal tranches of 15% after completion of the release on the date of the Exchange Bulletin. 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 39
	 (as at June 14, 2010)
	  		  	

 SCHEDULE B(3) – TIER 1 SURPLUS SECURITY ESCROW AGREEMENT 

RELEASE OF SECURITIES 
 Timed
Release 
  

							
	 Release Dates
	  	Percentage of Total Escrowed
Securities to be Released	 	 	Total Number of Escrowed
Securities to be Released
	 [Insert date of Exchange Bulletin]
	  	 	10	% 	 	
	 [Insert date 6 months following Exchange Bulletin]
	  	 	20	% 	 	
	 [Insert date 12 months following Exchange Bulletin]
	  	 	30	% 	 	
	 [Insert date 18 months following Exchange Bulletin]
	  	 	40	% 	 	
		  	  
	  
	 	 	  

	 TOTAL
	  	 	100	% 	 	
		  	  
	  
	 	 	  

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 40
	 (as at June 14, 2010)
	  		  	

 SCHEDULE B(4) – TIER 2 SURPLUS SECURITY ESCROW AGREEMENT 

RELEASE OF SECURITIES 
 Timed
Release 
  

									
	 Release Dates
	  	Percentage of Total
Escrowed Securities to be
Released	 	 	Total Number of
Escrowed Securities to be
Released	 
		  	 	5	% 	 	 	232,750	  
		  	 	5	% 	 	 	232,750	  
		  	 	10	% 	 	 	465,500	  
		  	 	10	% 	 	 	465,500	  
		  	 	15	% 	 	 	698,250	  
		  	 	15	% 	 	 	698,250	  
		  	 	40	% 	 	 	1,862,000	  
		  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	 	100	% 	 	 	4,655,000	  
		  	  
	  
	 	 	  
	  
	 

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 41
	 (as at June 14, 2010)
	  		  	

 SCHEDULE B(5) 

UNDERTAKING OF HOLDING COMPANY 
 TO:
THE TSX VENTURE EXCHANGE 
 Promotion Depot Inc. (the “Securityholder”) has subscribed for and agreed to purchase, as principal,
1,000,000 Common Shares of Sphere 3D Corporation (the “Escrowed Securities”). The Escrowed Securities will be held in escrow as detailed in the escrow agreement entered into between Sphere 3D Corporation (the “Issuer”), Equity
Financial Trust Company and the Securityholder. 
 The undersigned Securityholder undertakes that, to the extent reasonably possible, it will not permit or
authorize its securities to be issued or transferred, nor will it otherwise authorize any transaction involving any of its securities that could reasonably result in a change of its control without the prior consent of the TSX Venture Exchange, as
long as any Escrowed Securities remain held or are required to be held in escrow. 
 DATED this 18 day of December, 2012. 

 

	
	 Promotion Depot Inc.

	(Name of Securityholder – please print)
	
	 /s/ Mario Biasini

	 (Authorized Signature)

	
	 President

	(Official Capacity – please print)
	
	 Mario Biasini

	(Please print here name of individual whose signature appears above)

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 42
	 (as at June 14, 2010)
	  		  	

 The Securityholder is directly controlled by the undersigned who undertakes that, to the extent reasonably
possible, he will not permit or authorize securities of the Securityholder to be issued or transferred, nor otherwise carry out any transaction that could reasonably result in a change of control of the Securityholder without the prior consent of
the TSX Venture Exchange, as long as any Escrowed Securities remain held or are required to be held in escrow. 
 DATED this 18 day of December,
2012. 
  

	
	 /s/ Mario Biasini

	(Signature)
	
	 Mario Biasini

	(Name of Controlling Securityholder – please print)
	
	  

	(Signature)
	
	  

	(Name of Controlling Securityholder – please print)

  

					
	 FORM 5D
	  	ESCROW AGREEMENT	  	Page 43
	 (as at June 14, 2010)

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