Document:

Exhibit

 

February 6, 2018

PRIVATE AND CONFIDENTIAL

Jonathan Sinclair

Dear Jonathan:

We are pleased to offer you the position of Executive Vice President, Chief Financial Officer of Canada Goose Inc. and Canada Goose Holdings Inc. (“CG” or the “Company”) effective on a date to be mutually agreed upon (“Start Date”), in accordance with the terms and conditions set out in this letter of agreement (the “Agreement”).  It is understood that you will start as soon as reasonably possible after you are released from your existing employer.  In this role, you will report to the President & Chief Executive Officer.  In addition, you will be appointed as a corporate officer of CG.  

Terms of Your Employment Include:

Salary:  Your base salary will be $760,000 CAD per annum and will be deposited on a bi-weekly basis via electronic funds transfer to your bank account.  Annual salaries are reviewed each year during our Fiscal Year End Performance Management and Development Process.    

Annual Bonus Plan:  You will be eligible to participate in our Annual Bonus Plan at a participation rate of 45% of your annual base salary. Eligibility and pay out for this plan is based on individual and company performance and is governed by the guidelines of the plan document. The award of any bonus is solely in CG’s discretion. You must be an active employee as defined in the Canada Goose Annual Bonus Plan in order to receive payment from the bonus plan. The bonus pay out for the Company’s fiscal year you commence your employment will be prorated. In the event that there is any conflict between this clause and clause 4 on Termination, clause 4 shall take precedence.

Signing Bonuses:   After commencement of your employment and subject to Board approval and applicable blackout periods, you will receive:(a) a grant of stock options with a term of 10 years (“Options”) valued at $1,175,000 CAD and vesting over four years with one fourth of the Options vesting every 12-month anniversary of the date of the grant; and (b) a grant of restricted share units (“RSUs”) valued at $825,000 CAD and vesting over three years with one third of the RSUs vesting every 12-month anniversary of the date of grant.

The Options and the RSUs will be evidenced in separate award agreements and be governed by and entirely subject to the terms of the Company’s Omnibus Incentive Plan including, without limitation, all provisions thereof relating to cessation of employment.  The value attributable to the grants of Options and RSUs will be determined according to the Company’s internal policies and procedures.  

In addition, in the event that your employment with CG commences on or prior to June 18, 2018, you will receive a cash signing bonus of up to $450,000 CAD less statutory taxes and deductions payable on the Start Date (“Cash Signing Bonus”); equivalent to the value of the bonus earned at 

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your current employer due to be paid in March and June respectively, it being understood that the Cash Signing Bonus will be offset by any bonus payments you receive from your current employer and will be converted to CAD at the applicable rate at time of payment, and adjusted, if applicable, for disparity in tax rates between jurisdictions. You further agree and understand that in the event that your employment with CG commences after June 18, 2018, the Cash Signing Bonus will be reduced by 50% and any offset bonus payments received from your current employer shall equally be reduced by 50%, subject to the same conversion mechanics as are described above. Finally, in the event your employment is terminated by CG for cause, or you resign or provide notice of your resignation from your employment (other than for good reason), in all cases within 12 months following the Start Date, the entirety of the Cash Signing Bonus shall be repayable by you, and you hereby agree that CG may offset any such amount from any amounts CG owes to you, as the case may be, at the time of termination.

Relocation Benefits:  You will receive relocation benefits as outlined in Schedule A – Relocation Benefits, attached.

Long Term Incentive Plan:  You are eligible to participate in the Long Term Incentive Plan (LTIP) of the Company, which currently provides for the grant of stock options under the Omnibus Incentive Plan at a rate consistent with your level in the organization.  Your level of participation will initially correspond to a LTIP grant equal to 80% of your annual base salary calculated in accordance with the Company’s policies and procedures.  Awards are granted in the first half of the fiscal year, with approval of the Board of Directors, and are governed by the LTIP, the Omnibus Incentive Plan and the associated Company’s policies and procedures, which may be amended or terminated from time to time by the Company in its sole discretion.  Further plan documentation will be provided under separate cover. 

Your first annual LTIP to be granted after the fiscal year ending March 31, 2019 will be prorated as applicable based on the date of commencement of your employment in such fiscal year. 

Vacation:  You are entitled to 4 weeks of vacation per calendar year.  Should you not complete any full calendar year of employment any vacation monies paid out to you which have not been earned will be deducted from your final pay.  The Company acknowledges that you have scheduled vacation from 2-9 September inclusive.

Benefits:  You will be eligible to participate in CG’s executive benefit plan effective from your Start Date.  All benefit premiums are paid 100% by CG except for the Long Term Disability, which is paid 100% by you.  The premium for LTD is calculated on your base salary and will be deducted from your bi-weekly pay. You are also eligible for an annual Comprehensive Health Assessment at the Medcan Clinic. CG reserves the right, in its sole discretion, to alter or eliminate any benefits or to change benefits providers.  In addition to the foregoing and subject to required health exams, Canada Goose will pay for a life insurance policy with a payout equal to one year of your base salary.

Retirement Savings Program:  You will be eligible to participate in CG’s salaried employee RRSP/DPSP program effective from your Start Date.  The Company will match individual biweekly contributions made to your RRSP up to a maximum of 3% base salary.

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Employee Purchase Plan:  You are entitled to 3 complimentary jackets each calendar year as well as 4 jackets each calendar year at 50% off MSRP.  You are also eligible to participate in CG’s Employee Purchase Plan.  This benefit is designed to assist you with purchasing CG products at a reduced rate for you and your immediate family.  You will not be entitled to any cash compensation in lieu of this benefit. 

Employee Policy Manual:  You were provided with a copy of CG’s current employee policy manual.  You agree that you will adhere to all CG policies, guidelines, systems and procedures.  CG reserves the right to change the provisions of any of these at any time.  

Expenses:  All of your reasonable out-of-pocket business expenses will be reimbursed by CG upon receipt of appropriate documentation of such actually incurred expenditure.  Any major expenses must be authorized in advance. 
Immigration Status: Notwithstanding anything to the contrary contained herein, you hereby agree and understand that, as a condition to your employment and continued employment with CG, you must at all times retain the appropriate status to work in Canada or hold a valid work permit, as the case may be, as required under the Immigration and Refugee Protection Regulations, 2002 of Canada or any other applicable law or regulation. In that context, if at any time during your employment your status changes and you are unable to qualify for another status permitting you to work in Canada, you hereby accept and understand that your employment will terminate immediately without any notice, payment in lieu of notice or any other indemnity whatsoever, except as otherwise required under applicable employment standards legislation.

Confidential Information:  The term "Confidential Information" means information and data not known generally outside CG. Concerning CG’s business and technical information, including, without limitation, information relating to Inventions, as defined below, customer lists, pricing policies, lists of suppliers, patents, trademarks, payment terms, terms of sale including special customer discounts or concessions, customer sales volumes, marketing knowledge and/or information, production knowledge and/or information, knowledge and/or information regarding CG competitors.

It is understood that Confidential Information does not include:

		
	(a)
	information which is or becomes generally available to the public or within the industry through no act or omission on your part; or

		
	(b)
	information which is required to be disclosed pursuant to any statute, regulation, order, subpoena or document discovery request, provided that you shall, as soon as practicable, give CG prior written notice of such required disclosure in order to afford CG an opportunity to seek a protective order (it being agreed that if a protective order is not sought or obtained in such circumstances, you may disclose such information without liability).

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You agree that all Confidential Information is the property of CG and shall remain so and that the disclosure of any Confidential Information would be highly detrimental to the best interests of CG and could severely damage the economic interests of  CG  Except as otherwise herein provided, you agree that during the Term and thereafter, you will hold in strictest confidence, and will take all necessary precautions against unauthorized disclosure of, and will not use or disclose to any person, firm or corporation, without the written authorization of CG, any of the Confidential Information, except as such use or disclosure may be required in connection with your work for CG hereunder.  You understand that this Agreement applies to computerized and electronic, as well as written information.

Upon and following the termination of this Agreement, you agree that you will not take with you any Confidential Information that is in written, computerized, machine-readable, model, sample, or other form capable of physical delivery, without the prior written consent of CG.  You also agree that, upon the termination of this Agreement, you shall deliver promptly and return to CG all such materials, along with all other property of CG in your possession, custody or control and you shall make no further use of same.  Should you discover any such items after the termination of this Agreement; you agree to return them promptly to CG without retaining copies of any kind.

Inventions:  The term "Inventions" means any intellectual property including without limitation, all technological innovations, discoveries, inventions, designs, formulae, know-how, tests, performance data, processes, production methods, software, improvements to all such property and the like, regardless of whether or not patentable, copyrightable, or subject to trade-mark and further includes any recorded material, notes or records defining, describing or illustrating any such intellectual property.

With respect to any and all Inventions which you, either by yourself alone or together with others, make, conceive, originate, devise, discover, develop or produce, in whole or in part, during the period of your employment with CG hereunder or during, in whole or in part, the 12 month period after your employment hereunder and which such Inventions arise or relate, directly or indirectly, to your performance of your obligations under this Agreement delivered hereunder, you agree:

		
	(a)
	to keep notes and written records of any such work, which records shall be provided to CG and made available at all times for the purposes of evaluation and use in obtaining patents, trademarks or copyrights or as a protective procedure;

		
	(b)
	to disclose fully and promptly to CG any and all such Inventions, regardless of whether or not made, conceived, originated, devised, discovered, developed or produced by you or others on your behalf either during your working hours or in connection with the work assigned to you by CG;

		
	(c)
	that all models, instructions, drawings, blueprints, manuals, letters, notes, notebooks, books, memoranda, reports, software code listings, or other writings made by you or which may come into your possession during the Term of this Agreement and which relate in any way to or embody any Confidential Information or relate to your employment hereunder or any activity or business of CG, shall be the exclusive property of CG and shall be kept on CG premises, except when required 

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elsewhere in connection with any activity of  CG and shall be available to representatives of CG at all times for the purpose of evaluation and use in obtaining patents, trademarks or copyrights or other protective procedures; 

		
	(d)
	that CG is and shall be the sole owner of all intellectual and industrial property rights in any and all such Inventions and that you hereby irrevocably assign and agree to assign all right, title and interest in such Inventions to CG or its nominee without any additional compensation to it and that you will sign all applications for, and assignments of, patents, trademarks, copyright or other interests therein required by  CG and that you will sign all other writings and perform all other acts necessary or convenient to carry out the terms of this Agreement; 

		
	(e)
	that these obligations under this Article shall continue beyond the termination of your employment with respect to Inventions conceived or made by you during the period of and in connection with this engagement and for the 12 month period after your employment ceases and shall be binding upon your assigns, executors, administrators and other legal representatives; and

		
	(f)
	to irrevocably waive any and all of your moral rights in any such Inventions.

Non-Solicitation:  You hereby agree that during your employment and for twelve (12) months following the termination of your employment:

		
	(a)
	you will not, on your own behalf or on behalf of any Person (as defined below), whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, for any purpose which is in competition, in whole or in part, with the Business (as defined below), solicit any Customer (as defined below) or procure to assist in the soliciting of any Customer;

		
	(b)
	you will not, on your own behalf or on behalf of any Person, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, interfere or attempt to interfere with the Business or persuade or attempt to persuade any Customer to discontinue or adversely alter such Person's relationship with CG;

		
	(c)
	you will not, on your own behalf or on behalf of any Person, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any Person, employ, offer employment to or solicit the employment or service of or otherwise entice away from the employment or service of CG, any individual who is employed by CG or any Person whose consulting services are retained by CG at the time of the termination of your employment or who was employed by CG or whose services were retained by CG in the six month period preceding the termination of your employment, whether or not such Person would commit any breach of his or her contract of employment or services agreement by reason of leaving the service of CG.

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Non-Competition: You hereby agree that during your employment and for twelve (12) months following the termination of your employment you will not, on your own behalf or on behalf of any Person, whether directly or indirectly, in the Same or Similar Capacity (as defined below), alone, through or in connection with any Person, carry on or be employed by, be engaged in, consult with or advise, permit your name to be used or employed by, own shares in the capital, lend money to or guarantee the debts of any business which is in competition, in whole or in part, with the Business, in all or part of the Territory.  In addition you hereby agree that during your employment and for twelve (12) months following the termination of your employment you will not agree to be employed or consult for the following competitive brands anywhere in the world: Moncler, Moose Knuckles, Mackage, Patagonia, Nobis, The North Face, Colmar, CMFR, HBC, Roots, Arcteryx, Woods, Sierra Designs, Carhartt, G-Lab, Woolrich, Duvettica, Parajumpers, Herno, Stone Island, Museum and Alpha Industries and such other brands as Canada Goose may from time to time designate in writing as being competitive.

For the purposes of this Agreement, the following terms shall have the following meaning:

"Business" means manufacturing, distribution, marketing and sale of outerwear and related accessories.

"Customer" means any Person (excluding retail customers) who, during your employment, and in the case of termination, has in the twelve (12) months preceding the date of termination of your employment hereunder for any reason, purchased from CG, with your assistance, any product or services produced, sold, licensed, or distributed by CG in respect of the Business.  

"Person" means an individual, corporation, company, cooperative, partnership, trust, unincorporated association, entity with juridical personality or governmental authority or body; and pronouns which refer to a Person shall have a similarly extended meaning.

"Same or Similar Capacity" shall mean:
		
	1.
	the same or similar capacity or function in which you worked for CG at any time during the last two (2) years of your employment;

		
	2.
	any executive or managerial capacity; and/or

		
	3.
	any other capacity, where your knowledge of confidential information could provide a competitive advantage to a competing business;

"Territory" shall mean the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan and the states of Colorado, Massachusetts, and New York. 

You understand and agree that the Confidential Information, Inventions, Non-Solicitation and Non-Competition provisions above are reasonable, enforceable and independent of one another should any provision be found unenforceable by a court of law.  Further, you understand that a breach of any of these provisions during the term of your employment constitutes cause (as defined below) for termination of employment and that whether during or after your employment, such breach causes irreparable harm. You hereby acknowledge that the non-solicitation and non-competition restrictions contained in this Agreement, in view of the nature of the Business, are reasonable and necessary in order to protect the legitimate interests of CG and that any violation thereof would 

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result in irreparable injuries to CG and that damages alone would be an inadequate remedy for any violation of the aforementioned restrictions. You further acknowledge that in the event of a violation of any of these restrictions, CG shall be entitled to obtain from any Court of competent jurisdiction temporary, interlocutory and permanent injunctive relief which rights shall be cumulative and in addition to any other rights or remedies to which CG may be entitled.

Termination of Employment and Severance Benefits Your employment hereunder shall terminate under the following circumstances: 

		
	1.
	Death. In the event of your death during your employment, the date of death shall be the date of termination, and the Company shall pay or provide your designated beneficiary or, if no beneficiary has been designated by you in a notice received by the Company, to your estate: a) any annual base salary earned but not paid through the date of termination, b) pay for any vacation time earned but not used through the date of termination, c) subject to the timing rules of the Annual Bonus Plan, any bonus awarded for the year preceding that in which termination occurs, but unpaid on the date of termination, and d) any business expenses incurred by you but unreimbursed on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days following termination, and that such expenses are reimbursable under the terms of this Agreement (all of the foregoing, payable subject to the timing limitations described herein, "Final Compensation"). The Company shall have no further obligation or liability to you other than as expressly provided herein. Other than business expenses described, Final Compensation shall be paid to your designated beneficiary or estate within thirty (30) days following the date of death in a lump sum.

		
	2.
	Disability. The Company may terminate your employment hereunder, upon notice to you, in the event that you becomes disabled during your employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding the provision of any reasonable accommodation) for one hundred eighty (180) consecutive days or an aggregate of two hundred forty (240) days during any period of three hundred sixty-five (365) consecutive days. In the event of such termination, the Company shall have no further obligation or liability to you, other than as expressly provided herein, and other than to provide you with you minimum entitlement to notice, severance pay (if any) and benefits continuation under applicable employment standards legislation and for payment of any Final Compensation due you. Other than business expenses described, Final Compensation shall be paid to you within thirty (30) days following the date of termination of employment in a lump sum.

The President & Chief Executive Officer may designate another employee to act in your place during any period of your disability. If any question shall arise as to whether you are disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of your duties and responsibilities hereunder, you may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company, from a company such as Medcan or Medysis, to determine whether you are disabled, and such determination shall for the purposes of this Agreement be conclusive. If such question shall arise and you shall fail to 

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submit to such medical examination, the Company's determination of the issue shall be binding on you.

		
	3.
	By the Company for Cause. The Company may terminate your employment hereunder for just cause, at any time upon notice to you setting forth in reasonable detail the nature of such cause. Upon the giving of notice of termination of your employment hereunder for cause, the Company shall have no further obligation or liability to you, other than as expressly provided herein and, for any Final Compensation due to you. Other than business expenses described, Final Compensation shall be paid to you within thirty (30) days following the date of termination of employment in a lump sum. Any one or more of the following events shall constitute cause:

		
	i.
	theft, dishonesty, or other similar behaviour;

		
	ii.
	any neglect of duty or misconduct in discharging any of your duties and responsibilities hereunder;

		
	iii.
	any conduct which is materially detrimental or embarrassing to CG. including, without limitation, you being convicted of an offence under the Canada Criminal Code;

		
	iv.
	your acceptance of a gift of any kind, other than gifts of nominal or inconsequential value, from any source directly or indirectly related to your employment with CG, unless prior approval by the President & Chief Executive Officer (or anyone else who has been designated) has been obtained; 

		
	v.
	violation of the CG company policies included with this letter or any other company policies which may reasonably subsequently be introduced, including but not limited to, a material breach of the policies related to health and safety, sexual harassment, anti-discrimination, and violence in the workplace ;

		
	vi.
	any material misrepresentation, falsehood or omission on your part either during the application and hiring process, or otherwise during the course of (and related to) your employment; or

		
	vii.
	any other act or omission or series of acts or omissions by you that would in law permit CG to, without notice or payment in lieu of notice, terminate your employment.

		
	4.
	By the Company Other Than for Cause. The Company may terminate your employment hereunder other than for cause at any time upon notice to you. In the event of such termination, in addition to any Final Compensation due to you, the Company will a) pay you a severance amount representing one (1) times your annual base salary and b) continue your participation in the benefits plans described in herein for a period of one (1) year following the date of the termination of employment, subject to the terms of the applicable plan  (collectively, the "Severance Benefits"). The Company shall also pay you any Final Compensation due to you (other than business expenses described) in a lump sum within thirty (30) days following the date of the termination of employment. Any obligation of the Company to provide the Severance Benefits in excess of statutory minimums is conditioned, 

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however, on you signing (in such a manner that will give legal effect) and returning to the Company a release of claims in the form provided by the Company within ten (10) days following the date of termination (any such release submitted by such deadline, the "Release of Claims") and on your continued compliance with your obligations to the Company under this Agreement that survive termination of your employment, including without limitation the Confidential Information, Inventions, Non-Solicitation and Non-Competition provisions. All amounts to which you are entitled hereunder which exceeds statutory minimums shall be payable, at the discretion of the Company, in a lump sum within thirty (30) days that follows the date on which the Company receives your signed Release of Claims, or in the form of salary continuation, payable in accordance with the normal payroll practices of the Company for its executives, with the first payment, which shall be retroactive to the day immediately following the date your employment terminated, being due and payable, on the Company's next regular payday for executives that follows the date on which the Company receives your signed Release of Claims. Any pro rata annual bonus to which you are entitled hereunder shall be paid to you at the same time that annual bonuses for the applicable fiscal year are paid to senior executives of the Company generally in accordance with the Annual Bonus Plan.  

		
	5.
	By You without Good Reason. You may terminate your employment hereunder at any time upon ninety (90) days' prior written notice to the Company; in such a case, the Company may elect to waive the period of notice, or any portion thereof. The Company shall also pay you any Final Compensation due to you in a lump sum within thirty (30) days (other than business expenses described) following the date of the termination of employment.  

Exclusive Right to Severance. You here agree that the Severance Benefits to be provided to you in accordance with the terms and conditions set forth in this Agreement are intended to be inclusive of all termination and/or severance payments that may be required at common law or under the applicable employment standards legislation. You hereby knowingly and voluntarily waive any right you might otherwise have to participate in or receive benefits under any other plan, program or policy of the Company providing for severance or termination pay or benefits. The parties agree that you shall not be required to mitigate the amount of any payments or benefits which form part of the Severance Benefits by seeking other employment, nor will the Severance Benefits be reduced by any compensation, remuneration and/or benefits earned by you as a result of employment by another employer or the rendering of services after the date of termination.

Effect of Termination. The provisions of this Termination and Severance Section shall apply to any termination of your employment under this Agreement. Provision by the Company of Final Compensation and Severance Benefits, if any, (and notice, severance pay (if any) and benefits continuation, if applicable), that are due to you in each case under the applicable termination provision of herein shall constitute the entire obligation of the Company to you. Following the Company's request, you shall promptly give the Company notice of all facts necessary for the Company to determine the amount and duration of its obligations in connection with any termination pursuant to this section.

Except as otherwise provided herein, your participation in all employee benefit plans of the Company shall terminate pursuant to the terms of the applicable plan documents based on the date of termination of your employment without regard to any base salary for notice waived pursuant to 

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the resignation section hereof or to any Severance Benefits or other payment made to or on behalf of you following such date of termination.

Provisions of this Agreement shall survive any termination of your employment if so provided herein or if necessary or desirable fully to accomplish the purposes of other surviving provisions, including without limitation your obligations under Confidential Information, Inventions, Non-Solicitation and Non-Competition provisions hereof. The obligation of the Company to provide Severance Benefits hereunder, which exceed statutory minimums, and your right to retain such payments, is expressly conditioned on your continued full performance in accordance with the Confidential Information, Inventions, Non-Solicitation and Non-Competition provisions hereof. You hereby recognize that, except as expressly provided herein, no compensation is earned after termination of employment.

Severability:  In the event that any provision in this Agreement or part thereof shall be deemed void or invalid by a court of competent jurisdiction, the remaining provisions, or parts thereof, shall be and remain in full force and effect.

Entire Agreement:  This Agreement constitutes the entire agreement between the parties hereto with respect to your employment. Any and all previous agreements, written or oral, express or implied between the parties hereto or on their behalf relating to your employment by CG are hereby terminated and cancelled and each of the parties hereto hereby releases and forever discharges the other of and from all manner of actions, causes of action, claims and demands whatsoever under or in respect of any such agreement.

Amendment:  This Agreement may be altered, modified or amended only by a written instrument, duly executed by both parties and stating that the alteration, modification or amendment is an addition to and subject to this Agreement.

Non-Merger:  Notwithstanding any other provision in this Agreement to the contrary, the provisions of the paragraphs dealing with Confidential Information, Inventions, Non-Solicitation, and Non-Competition hereof shall survive termination of this Agreement and shall not merge therewith.

Notices:  Any notice required or permitted to be given to you shall be sufficiently given if delivered to you personally or if mailed by registered mail to your address last known to CG.

Any notice required or permitted to be given to CG shall be sufficiently given if delivered to or mailed by registered mail to CG at its registered office.

Any notice given pursuant to and in accordance with this paragraph shall be deemed to be received by you on the third business day after mailing, if sent by registered mail, and on the day of delivery, if delivered.

Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.

Canada Goose Inc. has an accommodation process in place that provides accommodations for employees with disabilities. If you require a specific accommodation because of a disability, please contact Human Resources at hr@canadagoose.com.

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Please review and confirm your acceptance by signing this offer letter.  If you are in agreement with the terms and conditions as outlined in this offer letter, please acknowledge your acceptance by emailing one signed copy to Kara MacKillop, Human Resources, at kmackillop@canadagoose.com. 

Yours truly,
CANADA GOOSE INC.

/s/ Dani Reiss                        /s/ Kara MacKillop
    
Dani Reiss                        Kara MacKillop
President & Chief Executive Officer        SVP, Human Resources

ACKNOWLEDGMENT & ACCEPTANCE

I understand and accept this offer.  I have been afforded reasonable opportunity to consult with an advisor of my choice. I do not rely on any promises other than those expressly set out in this Agreement. I agree to all of the above terms voluntarily.

DATED at                                , on                                                          , 2018.

WITNESS:        )
)
)    /s/ Jonathan Sinclair
_____________________________    )                    

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Schedule A
Relocation Benefits
 
Canada Goose Inc. (“CG”) will provide you with the following relocation benefits: 

Immigration Costs
CG will cover the costs for the Canadian work permit for you and your spouse, including legal advice, as necessary.  CG will not be liable in any way if no work permit will be granted. 

Relocation
CG will cover reasonable costs of a house hunting trip, the move of your household goods from London to Toronto, business class travel for you and your spouse and relocation of your pet to a maximum of $50,000 CAD, grossed up for applicable taxes. In addition, you will receive a relocation allowance of $10,000 CAD, grossed up for applicable taxes, for miscellaneous costs you may incur.  

Housing Allowance
Subject to the following, you will be provided with a monthly housing allowance in the amount of $13,000 CAD, grossed up for applicable taxes.  Subject to your continued employment with CG, this housing allowance will be provided to you for a period of 36 months as of the Start Date.  

Home Leave
CG will reimburse the fare of one pair of round-trip business class tickets between the UK and Toronto for you and your spouse within one year of your Start Date.  You will not be entitled to any cash compensation in lieu of this benefit. 

Tax Preparation Support
CG will support tax preparation services for two taxation years following your move to Canada.  This will include tax support for filing taxes in both the United Kingdom and Canada.

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Repatriation

If your employment is terminated by CG for any reason other than cause within the first two (2) years of employment following the Start Date or if you die or become permanently disabled, CG will reimburse you for the following costs associated with your relocation back to London, UK, up to $20,000 CAD, upon receipt of appropriate documentation of such actually incurred expenditures: cancelation fees as a result of a lease termination, move of physical goods and air travel for you, your spouse and pet. If you terminate your employment for any reason, at any time, no repatriation by CG will be reimbursed unless otherwise agreed between the parties.

13EX-10.1

 Exhibit 10.1 

Execution Version 

NINTH AMENDMENT TO CREDIT AGREEMENT 

THIS NINTH AMENDMENT TO CREDIT AGREEMENT, dated as of May 29, 2019 (this “Ninth Amendment”), by and among Vistra
Operations Company LLC (formerly known as TEX Operations Company LLC), a Delaware limited liability company (the “Borrower”), Vistra Intermediate Company LLC (formerly known as TEX Intermediate Company LLC), a Delaware limited
liability company (“Holdings”), the other Credit Parties (as defined in the Credit Agreement referred to below) party hereto, SunTrust Bank (the “2019 Incremental Revolving Loan Lender”), and Credit Suisse AG,
Cayman Islands Branch, as Administrative Agent and as Collateral Agent. Capitalized terms used but not defined herein shall have the meaning provided in the Credit Agreement (as defined below). 

RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of October 3, 2016 (as amended, restated, amended and
restated, supplemented and/or otherwise modified from time to time prior to the Ninth Amendment Effective Date referred to below, the “Credit Agreement”), among Holdings, the Borrower, the Lenders party thereto, the Letter of Credit
Issuers party thereto, the Administrative Agent, the Collateral Agent and the other parties named therein; 
 WHEREAS, the 2019
Incremental Revolving Loan Lender is an existing Revolving Credit Lender and a Lender, and desires to increase its existing Revolving Credit Commitment as more specifically provided herein; and 

WHEREAS, the Borrower intends to establish a New Revolving Credit Commitment by, among other things, entering into an Incremental
Amendment with the 2019 Incremental Revolving Loan Lender as set forth herein, in each case subject to the terms and conditions hereof and the Credit Agreement (as modified hereby); 

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as
follows: 
  

	 	A.	 Amendments to Credit Documents. 

1.    Amendments and Consents to Credit Agreement. On the Ninth Amendment Effective Date, the Credit
Agreement is hereby amended as follows: 
  

	 	(a)	 Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions in appropriate
alphabetical order: 

 “Ninth Amendment” means that certain Ninth Amendment, dated as of
May 29, 2019, among Holdings, the Borrower, the other Credit Parties, the Administrative Agent, the Collateral Agent and the Lenders party thereto. 

“Ninth Amendment Effective Date” shall have the meaning provided in the Ninth Amendment. 

 

	 	(b)	 The last sentence of the definition of “Revolving Credit Commitment” appearing in
Section 1.1 of the Credit Agreement is hereby amended by deleting said sentence in its entirety and inserting the following new sentence in lieu thereof: 

Prior to the 2016 Incremental Amendment Effective Date, the aggregate amount of the Revolving Credit Commitments of all Lenders
was $750,000,000, from and after the 2016 Incremental Amendment Effective Date and prior to the Seventh Amendment Effective Date, the aggregate amount of the Revolving Credit Commitments of all Lenders was $860,000,000, from and after the Seventh
Amendment Effective Date and prior to the 

 
Eighth Amendment Effective Date, the aggregate amount of the Revolving Credit Commitments of all Lenders was $2,500,000,000, from and after the Eighth Amendment Effective Date and prior to the
Ninth Amendment Effective Date, the aggregate amount of the Revolving Credit Commitments of all Lenders was $2,675,000,000, and on the Ninth Amendment Effective Date, the aggregate amount of the Revolving Credit Commitments of all Lenders is
$2,725,000,000. 
  

	 	(c)	 The last sentence of Section 2.14(f) of the Credit Agreement is hereby amended by deleting said sentence
in its entirety and inserting the following new sentence in lieu thereof: 

 For the avoidance of doubt,
each of the 2016 Incremental Term Loans and New Revolving Credit Commitments made or effected pursuant to the 2016 Incremental Amendment, the 2018 Incremental Term Loans and New Revolving Credit Commitments made or effected pursuant to the Seventh
Amendment, the New Revolving Credit Commitments effected pursuant to the Eighth Amendment and the New Revolving Credit Commitment effected pursuant to the Ninth Amendment all constitute Incremental Term Loan Commitments and Incremental Revolving
Credit Commitments, as applicable, established pursuant to and in accordance with this Section 2.14. 
  

	 	B.	 Special Provisions Applicable to 2019 Incremental Revolving Credit Commitment.

 The 2019 Incremental Revolving Loan Lender hereby agrees to provide a New Revolving Credit Commitment in the aggregate
principal amount set forth opposite its name on Schedule I annexed hereto (such New Revolving Credit Commitment, the “2019 Incremental Revolving Credit Commitment”), on the terms and subject to the conditions set forth below
and in the Credit Agreement (as modified hereby) (the “2019 Revolving Commitment Increase”). 
 The 2019 Incremental
Revolving Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the schedules and exhibits thereto, together with copies of the financial statements referred to therein and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Ninth Amendment; (ii) agrees that it will, independently and without reliance upon any Agent or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement (as modified hereby); (iii) confirms and reaffirms its appointment and
authorization of each Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents (in each case, as modified hereby) as are delegated to such Agent by the terms thereof,
together with such powers as are reasonably incidental thereto; and (iv) agrees that it will continue to perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement (as modified hereby) are required
to be performed by it as a New Revolving Loan Lender, a Revolving Credit Lender and a Lender. 
 The 2019 Incremental Revolving Loan Lender
hereby agrees to provide the 2019 Incremental Revolving Credit Commitment on the Ninth Amendment Effective Date (and make Revolving Credit Loans and participate in Revolving Letters of Credit with respect thereto) on the terms and conditions set
forth herein and in the Credit Agreement (as modified hereby) and in the other Credit Documents. This Ninth Amendment constitutes the notice required to be given by the Borrower pursuant to Section 2.14 of the Credit
Agreement. 
 1.    2019 Incremental Revolving Credit Commitment. (a) The parties hereby agree that
on the Ninth Amendment Effective Date, (i) the Total Revolving Credit Commitment and the aggregate amount of the Revolving Credit Commitments under the Credit Agreement shall increase by the aggregate amount of the 2019 Incremental Revolving
Credit Commitment and (ii) the Borrower and the Administrative Agent, as the case may be, shall take all actions, if any, contemplated by clause (b)(x) of Section 2.14 of the Credit Agreement (including any
prepayments and reborrowings (or deemed prepayments and reborrowings) of Revolving Credit Loans requested by the Administrative Agent after giving effect to the 2019 Revolving Commitment Increase). 

  
 2 

 (b)    Simultaneously with the effectiveness of the 2019 Incremental
Revolving Credit Commitment, the section of Schedule 1.1(a) to the Credit Agreement entitled “Revolving Credit Commitments” shall be amended and restated in its entirety as follows (and there shall be an automatic corresponding
adjustment to the Revolving Credit Commitment Percentage of each Revolving Credit Lender in the aggregate Revolving Letter of Credit Exposure (and Revolving L/C Participations) to reflect the new Revolving Credit Percentage of each Revolving Credit
Lender in the aggregate Revolving Letter of Credit Exposure (and Revolving L/C Participations) resulting from the 2019 Revolving Commitment Increase effected hereby and the amendment and restatement of such section of Schedule 1.1(a) to the
Credit Agreement effected pursuant to this clause (b)): 
  

					
	 Revolving Credit Lender
	  	 Revolving Credit Commitment
	 
	 Citibank, N.A.
	  	$	200,000,000	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	200,000,000	 
	 Barclays Bank PLC
	  	$	175,000,000	 
	 BNP Paribas
	  	$	175,000,000	 
	 Credit Agricole Corporate and Investment Bank
	  	$	175,000,000	 
	 Deutsche Bank AG New York Branch
	  	$	175,000,000	 
	 Goldman Sachs Bank USA
	  	$	175,000,000	 
	 JPMorgan Chase Bank, N.A.
	  	$	175,000,000	 
	 Mizuho Bank, Ltd.
	  	$	175,000,000	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	40,000,000	 
	 Morgan Stanley Bank, N.A.
	  	$	135,000,000	 
	 MUFG Bank, Ltd.
	  	$	175,000,000	 
	 Natixis, New York Branch
	  	$	175,000,000	 
	 Royal Bank of Canada
	  	$	175,000,000	 
	 SunTrust Bank
	  	$	175,000,000	 
	 UBS AG, Stamford Branch
	  	$	50,000,000	 
	 Bank of Montreal, Chicago Branch
	  	$	175,000,000	 
	 TOTAL:
	  	$	2,725,000,000	 

 (c)    The 2019 Incremental Revolving Credit Commitment shall (i) become a part of
the existing Class of Revolving Credit Commitments for all purposes of the Credit Agreement and the other Credit Documents and (ii) together with all related Revolving Credit Exposure, be subject to the same prepayment provisions, Maturity
Date and other terms and conditions applicable to the existing Revolving Credit Commitments and Revolving Credit Loans (and related Revolving Credit Exposure) under the Credit Agreement and the other Credit Documents. 

2.    2019 Incremental Revolving Loan Lender. The 2019 Incremental Revolving Loan Lender acknowledges and
agrees that it is an existing “Revolving Credit Lender” and a “Lender” and that upon its execution of this Ninth Amendment and the provision of its 2019 Incremental Revolving Credit Commitment that it shall become a “New
Revolving Loan Lender” with respect to the 2019 

  
 3 

 
Incremental Revolving Credit Commitment under, and for all purposes of, the Credit Agreement and the other Credit Documents (in each case, as modified hereby), and shall be (or continue to be, as
applicable) subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a New Revolving Loan Lender, a Revolving Credit Lender and a Lender thereunder. 

C.    Conditions Precedent. This Ninth Amendment shall become effective as of the first
date (the “Ninth Amendment Effective Date”) when each of the conditions set forth in this Section C shall have been satisfied: 

1.    The Administrative Agent shall have received duly executed counterparts hereof that, when taken together, bear
the signatures of (a) the Borrower, (b) each of the other Credit Parties, (c) the 2019 Incremental Revolving Loan Lender and (d) the Administrative Agent and the Collateral Agent. 

2.     The Borrower shall have, to the extent invoiced at least three Business Days prior to the Ninth Amendment
Effective Date, reimbursed or paid all reasonable and documented out-of-pocket expenses in connection with this Ninth Amendment and any other reasonable and documented out-of-pocket expenses of the Administrative Agent and the 2019 Incremental Revolving Loan Lender with respect to this Ninth Amendment, including the reasonable and documented
out-of-pocket fees, charges and disbursements of counsel for the Administrative Agent and the 2019 Incremental Revolving Loan Lender (and any Affiliate thereof) as
required to be paid or reimbursed pursuant to the Credit Agreement. 
 3.    The Administrative Agent shall have
received a customary legal opinion of (i) Stephanie Zapata Moore, Executive Vice President and General Counsel of Vistra Energy Corp., and (ii) Latham & Watkins LLP, New York counsel to the Credit Parties, in each case, addressed
to each Revolving Credit Lender party to the Credit Agreement (as modified hereby) (including the 2019 Incremental Revolving Loan Lender), each Revolving Letter of Credit Issuer, the Administrative Agent and the Collateral Agent, dated as of the
Ninth Amendment Effective Date and in form and substance reasonably satisfactory to the Administrative Agent. 

4.    The Administrative Agent shall have received (w) a certificate from the Chief Financial Officer or Senior
Vice President and Treasurer of the Borrower, dated the Ninth Amendment Effective Date, substantially in the form of the certificate provided pursuant to Section 6.9 of the Credit Agreement (with appropriate adjustments to
reflect the incurrence of the 2019 Incremental Revolving Credit Commitment (and any related Revolving Credit Loans)) and certifying that, immediately after giving effect to this Ninth Amendment and the 2019 Revolving Commitment Increase and the
other transactions contemplated hereby, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent, (x) a certificate of good standing (or subsistence) with respect to each Credit Party from the Secretary of State (or similar
official) of the State of such Credit Party’s organization, (y) a closing certificate executed by an Authorized Officer of the Borrower, dated the Ninth Amendment Effective Date, certifying as to the accuracy (with respect to clauses (i),
(ii) and (iii) of Section D.2. of this Ninth Amendment, in all material respects) of the matters set forth in Section D.2. of this Ninth Amendment and (z) a certificate executed by an Authorized Officer of the Borrower, dated
the Ninth Amendment Effective Date, certifying as to the incumbency and specimen signature of each officer of a Credit Party executing this Ninth Amendment or any other document delivered in connection herewith on behalf of any Credit Party and
attaching (A) a true and complete copy of the certificate of incorporation (or other applicable charter document) of each Credit Party, including all amendments thereto, as in effect on the Ninth Amendment Effective Date, certified as of a
recent date by the Secretary of State (or analogous official) of the jurisdiction of its organization, that has not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause
(x) above, (B) a true and complete copy of, or certification that there have been no changes to, the by-laws (or other applicable operating agreements) of each Credit Party as in effect on the Ninth
Amendment Effective Date and (C) a true and complete copy of resolutions duly adopted or written consents duly executed by the board of directors (or equivalent governing body or any committee thereof) of each Credit Party authorizing the
execution, delivery and performance of this Ninth Amendment, the 

  
 4 

 
performance of the Credit Agreement and the other Credit Documents (in each case, as modified hereby), the incurrence of the 2019 Revolving Commitment Increase and the other transactions
contemplated by this Ninth Amendment and certifying that such resolutions or written consents have not been modified, rescinded or amended and are in full force and effect. 

5.    No Default or Event of Default shall have occurred and be continuing (both immediately before and immediately
after giving effect to this Ninth Amendment and the 2019 Revolving Commitment Increase and the other transactions contemplated by this Ninth Amendment). 

6.    The Administrative Agent shall have received a certificate, dated as of the Ninth Amendment Effective Date and
executed by an Authorized Officer of the Borrower, certifying that (a) all of the conditions in clauses C.1 through C.5 (inclusive) above have been satisfied on such date, (b) the Borrower is in compliance with the requirements of
Section 2.14 of the Credit Agreement and (c) the 2019 Incremental Revolving Credit Commitment were made available, in reliance on clause (3)(x) of the definition of “Maximum Incremental Facilities Amount” set forth in the Credit
Agreement. 
  

	 	D.	 Other Terms. 

1.    Credit Agreement Governs. Except as expressly set forth in this Ninth Amendment, the 2019 Incremental
Revolving Credit Commitment (and the related Revolving Credit Exposure) shall otherwise be subject to the provisions of the Credit Agreement and the other Credit Documents (in each case, as modified hereby). 

2.    Credit Party Certifications. By execution of this Ninth Amendment, each Credit Party hereby certifies,
solely with respect to itself and on behalf of the applicable Credit Party and not in his/her individual capacity, that as of the Ninth Amendment Effective Date: 
  

	 	(i)	 such Credit Party has the corporate or other organizational power and authority to execute and deliver this
Ninth Amendment and carry out the terms and provisions of this Ninth Amendment and the Credit Agreement and the other Credit Documents (in each case, as modified hereby) and has taken all necessary corporate or other organizational action to
authorize the execution and delivery of this Ninth Amendment and performance of this Ninth Amendment and the Credit Agreement and the other Credit Documents (in each case, as modified hereby); 

 

	 	(ii)	 such Credit Party has duly executed and delivered this Ninth Amendment and each of this Ninth Amendment and the
Credit Agreement and the other Credit Documents (in each case, as modified hereby) constitutes the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law) (provided that, with respect
to the creation and perfection of security interests with respect to Indebtedness, Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent the creation and perfection of such obligation is governed by the Uniform Commercial Code);

  

	 	(iii)	 none of the execution and delivery by such Credit Party of this Ninth Amendment, the performance by such Credit
Party of this Ninth Amendment and the Credit Agreement and the other Credit Documents (in each case, as modified hereby) or the compliance with the terms and provisions hereof or thereof or the consummation of the transactions contemplated hereby
will (a) contravene any applicable provision of any material Applicable Law (including material Environmental Laws) other than any contravention which would not reasonably be expected to result in a Material Adverse Effect, (b) result in
any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of any Lien upon any of the property 

  
 5 

	 	
or assets of Holdings, the Borrower or any Restricted Subsidiary (other than Liens created under the Credit Documents, Permitted Liens or Liens subject to an intercreditor agreement permitted
hereby or the Collateral Trust Agreement) pursuant to the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust or other material debt agreement or instrument to which Holdings, the Borrower or any Restricted
Subsidiary is a party or by which it or any of its property or assets is bound other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect, or (c) violate any provision of the
Organizational Documents of such Credit Party; 

  

	 	(iv)	 the representations and warranties of such Credit Party contained in the Credit Agreement and the other Credit
Documents (in each case, as modified hereby) are true and correct in all material respects on and as of the Ninth Amendment Effective Date (both before and after giving effect thereto) to the same extent as though made on and as of the Ninth
Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date; 

  

	 	(v)	 no Default or Event of Default has occurred and is continuing or would result from the consummation of the
transactions contemplated hereby (including the 2019 Revolving Commitment Increase); and 

  

	 	(vi)	 the Borrower falls under an express exclusion from the “legal entity customer” definition under 31
C.F.R. §1010.230(e)(2). The applicable exclusion is 31 C.F.R. §1020.315(b)(5). 

  

	 	3.	 Borrower Covenants. By its execution of this Ninth Amendment, the Borrower hereby covenants that the
Borrower shall make any payments required pursuant to Section 2.11 of the Credit Agreement in connection with the Revolving Credit Loans related to the 2019 Incremental Revolving Credit Commitment. 

 

	 	4.	 Recordation of the New Commitments and Loans. On the Ninth Amendment Effective Date (promptly after
giving effect thereto), the Administrative Agent will record the 2019 Incremental Revolving Credit Commitment provided by the 2019 Incremental Revolving Loan Lender (and related Revolving Credit Loans) (and the Administrative Agent will take into
account and make an appropriate record of the amended and restated schedule of Revolving Credit Commitments set forth in Section B.1.b. of this Ninth Amendment), in each case, in the Register. 

 

	 	5.	 Amendment, Modification and Waiver. This Ninth Amendment may not be amended, modified or waived except
by an instrument or instruments in writing signed and delivered in accordance with the provisions of Section 13.1 of the Credit Agreement. 

  

	 	6.	 Entire Agreement. This Ninth Amendment, the Credit Agreement (as modified hereby) and the other Credit
Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to
the subject matter hereof. 

  

	 	7.	 GOVERNING LAW. THIS NINTH AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  

	 	8.	 Severability. Any term or provision of this Ninth Amendment which is invalid or unenforceable in any
jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the 

  
 6 

	 	
remaining terms and provisions of this Ninth Amendment or affecting the validity or enforceability of any of the terms or provisions of this Ninth Amendment in any other jurisdiction. If any
provision of this Ninth Amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

  

	 	9.	 Counterparts. This Ninth Amendment may be executed in counterparts, each of which shall be deemed to be
an original, but all of which shall constitute one and the same agreement. Delivery of a counterpart to this Ninth Amendment by electronic means shall be as effective as delivery of an original counterpart hereof. 

 

	 	10.	 Submission to Jurisdiction. Each party hereto irrevocably and unconditionally: 

 

	 	a.	 submits for itself and its property in any legal action or proceeding relating to this Ninth Amendment and the
other Credit Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 

  

	 	b.	 consents that any such action or proceeding may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

 

	 	c.	 agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at such address of which the Administrative Agent shall have been notified pursuant to Section 13.2 of the Credit
Agreement; 

  

	 	d.	 agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by
law or shall limit the right to sue in any other jurisdiction; 

  

	 	e.	 subject to the last paragraph of Section 13.5 of the Credit Agreement, waives, to the
maximum extent not prohibited by Applicable Law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section D.10 any special, exemplary, punitive or consequential damages; and

  

	 	f.	 agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. 

11.    Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES (TO THE EXTENT
PERMITTED BY APPLICABLE LAW) TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS NINTH AMENDMENT AND FOR ANY COUNTERCLAIM THEREIN. 

12.    Reaffirmation. By executing and delivering a counterpart hereof, (i) each Credit Party hereby
agrees that, as of the Ninth Amendment Effective Date and after giving effect to this Ninth Amendment and the transactions contemplated hereby, all Obligations of the Borrower (including, without limitation, the Revolving Credit Exposure with
respect to the 2019 Incremental Revolving Credit Commitment) shall be guaranteed pursuant to the Guarantee in accordance with the terms and provisions thereof and shall be secured pursuant to the Security Documents in accordance with the terms and
provisions thereof; (ii) each Credit Party hereby (A) agrees that, notwithstanding the effectiveness of this Ninth Amendment, as of the Ninth Amendment Effective Date and after giving effect thereto, the Security Documents continue to be
in full force and effect, (B) agrees that, as of the Ninth Amendment Effective Date and after giving effect to this Ninth Amendment and the transactions 

  
 7 

 
contemplated hereby, all of the Liens and security interests created and arising under each Security Document to which it is a party remain in full force and effect on a continuous basis, and the
perfected status and priority of each such Lien and security interest continues in full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, as collateral security for its Obligations under the Credit Documents (as
modified hereby) to which it is a party, in each case, to the extent provided in, and subject to the limitations and qualifications set forth in, such Credit Documents (as modified hereby) and (C) affirms and confirms all of its obligations and
liabilities under the Credit Agreement and each other Credit Document (as modified hereby) to which it is a party, in each case after giving effect to this Ninth Amendment and the transactions contemplated hereby, including its guarantee of the
Obligations and the pledge of and/or grant of a security interest in its assets as Collateral pursuant to the Security Documents (as modified hereby) to which it is a party to secure such Obligations, all as provided in the Security Documents (as
modified hereby), and acknowledges and agrees that, as of the Ninth Amendment Effective Date, such obligations, liabilities, guarantee, pledge and grant continue in full force and effect in respect of, and to secure, such Obligations under the
Credit Agreement and the other Credit Documents, in each case after giving effect to this Ninth Amendment and the 2019 Revolving Commitment Increase effected hereby and the other transactions contemplated hereby; and (iii) each Guarantor agrees
that nothing in the Credit Agreement, this Ninth Amendment or any other Credit Document shall be deemed to require the consent of such Guarantor to any future amendment to the Credit Agreement. 

13.    Miscellaneous. This Ninth Amendment shall constitute a Credit Document for all purposes
of the Credit Agreement and the other Credit Documents (in each case, as modified hereby) and shall also constitute an Incremental Amendment. The provisions of this Ninth Amendment are deemed incorporated as of the Ninth Amendment Effective Date
into the Credit Agreement as if fully set forth therein. Except as specifically modified by this Ninth Amendment, (i) the Credit Agreement and the other Credit Documents shall remain in full force and effect and (ii) the execution,
delivery and performance of this Ninth Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Credit Documents. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGES] 

  
 8 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Ninth Amendment as of the date first set forth above. 
  

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent
		
	By:	 	 /s/ Mikhail Faybusovich

	Name:	 	Mikhail Faybusovich
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Andrew Griffin

	Name:	 	Andrew Griffin
	Title:	 	Authorized Signatory

 [Signature Page to Vistra Operations Company Ninth Amendment] 

 
			
	SUNTRUST BANK, as 2019 Incremental Revolving Loan Lender
		
	By:	 	 /s/ Peter Almond

	Name:	 	Peter Almond
	Title:	 	Managing Director

 [Signature Page to Vistra Operations Company Ninth Amendment] 

 
			
	VISTRA OPERATIONS COMPANY LLC, as Borrower
		
	By:	 	 /s/ Kristopher E. Moldovan

	Name:	 	Kristopher E. Moldovan
	Title:	 	Senior Vice President and Treasurer
	
	VISTRA INTERMEDIATE COMPANY LLC, as Holdings
		
	By:	 	 /s/ Kristopher E. Moldovan

	Name:	 	Kristopher E. Moldovan
	Title:	 	Senior Vice President and Treasurer

 [Signature Page to Vistra Operations Company Ninth Amendment] 

 
	
	ANP BELLINGHAM ENERGY COMPANY, LLC
	ANP BLACKSTONE ENERGY COMPANY, LLC
	BIG BROWN POWER COMPANY LLC
	CALUMET ENERGY TEAM, LLC
	CASCO BAY ENERGY COMPANY, LLC
	COFFEEN AND WESTERN RAILROAD COMPANY
	COLETO CREEK POWER, LLC
	COMANCHE PEAK POWER COMPANY LLC
	DALLAS POWER & LIGHT COMPANY, INC.
	DYNEGY ADMINISTRATIVE SERVICES COMPANY
	DYNEGY ASSOCIATES NORTHEAST LP, INC.
	DYNEGY COAL GENERATION, LLC
	DYNEGY COAL HOLDCO, LLC
	DYNEGY COAL TRADING & TRANSPORTATION, L.L.C.
	DYNEGY COMMERCIAL ASSET MANAGEMENT, LLC
	DYNEGY CONESVILLE, LLC
	DYNEGY DICKS CREEK, LLC
	DYNEGY ENERGY SERVICES (EAST), LLC
	DYNEGY ENERGY SERVICES, LLC
	DYNEGY FAYETTE II, LLC
	DYNEGY GAS IMPORTS, LLC
	DYNEGY HANGING ROCK II, LLC
	DYNEGY KENDALL ENERGY, LLC
	DYNEGY KILLEN, LLC
	DYNEGY MARKETING AND TRADE, LLC
	DYNEGY MIAMI FORT, LLC
	DYNEGY MIDWEST GENERATION, LLC
	DYNEGY MORRO BAY, LLC
	DYNEGY MOSS LANDING, LLC
	DYNEGY NORTHEAST GENERATION GP, INC.
	DYNEGY OAKLAND, LLC
	DYNEGY OPERATING COMPANY
	DYNEGY POWER GENERATION INC.
	DYNEGY POWER MARKETING, LLC
	DYNEGY POWER, LLC
	DYNEGY RESOURCE II, LLC
	DYNEGY RESOURCES GENERATING HOLDCO, LLC
	DYNEGY SOUTH BAY, LLC
	DYNEGY STUART, LLC
	DYNEGY WASHINGTON II, LLC
	DYNEGY ZIMMER, LLC
	ENNIS POWER COMPANY, LLC

  
 [Signature Page
to Vistra Operations Company Ninth Amendment] 

 
	
	EQUIPOWER RESOURCES CORP.
	FORNEY PIPELINE, LLC
	GENERATION SVC COMPANY
	HAVANA DOCK ENTERPRISES, LLC
	HAYS ENERGY, LLC
	HOPEWELL POWER GENERATION, LLC
	ILLINOIS POWER GENERATING COMPANY
	ILLINOIS POWER MARKETING COMPANY
	ILLINOIS POWER RESOURCES GENERATING, LLC
	ILLINOIS POWER RESOURCES, LLC
	ILLINOVA CORPORATION
	IPH, LLC
	KINCAID GENERATION, L.L.C.
	LA FRONTERA HOLDINGS, LLC
	LAKE ROAD GENERATING COMPANY, LLC
	LIBERTY ELECTRIC POWER, LLC
	LONE STAR ENERGY COMPANY, INC.
	LONE STAR PIPELINE COMPANY, INC.
	LUMINANT ENERGY COMPANY LLC
	LUMINANT ENERGY TRADING CALIFORNIA COMPANY
	LUMINANT ET SERVICES COMPANY LLC
	LUMINANT GENERATION COMPANY LLC
	LUMINANT MINING COMPANY LLC
	MASSPOWER, LLC
	MIDLOTHIAN ENERGY, LLC
	MILFORD POWER COMPANY, LLC
	NCA RESOURCES DEVELOPMENT COMPANY LLC
	NEPCO SERVICES COMPANY
	NORTHEASTERN POWER COMPANY
	OAK GROVE MANAGEMENT COMPANY LLC
	ONTELAUNEE POWER OPERATING COMPANY, LLC
	PLEASANTS ENERGY, LLC
	RICHLAND-STRYKER GENERATION LLC
	SANDOW POWER COMPANY LLC
	SITHE ENERGIES, INC.
	SITHE/INDEPENDENCE LLC
	SITHE/INDEPENDENCE POWER PARTNERS, L.P.
	SOUTHWESTERN ELECTRIC SERVICE COMPANY, INC.
	TEXAS ELECTRIC SERVICE COMPANY, INC.
	TEXAS ENERGY INDUSTRIES COMPANY, INC.
	TEXAS POWER & LIGHT COMPANY, INC.

  
 [Signature Page
to Vistra Operations Company Ninth Amendment] 

 
			
	TEXAS UTILITIES COMPANY, INC.
	TEXAS UTILITIES ELECTRIC COMPANY, INC.
	T-FUELS, LLC
	TXU ELECTRIC COMPANY, INC.
	TXU ENERGY RETAIL COMPANY LLC
	TXU RETAIL SERVICES COMPANY
	UPTON COUNTY SOLAR 2, LLC
	VALUE BASED BRANDS LLC
	VISTRA ASSET COMPANY LLC
	VISTRA CORPORATE SERVICES COMPANY
	VISTRA EP PROPERTIES COMPANY
	VISTRA FINANCE CORP.
	VISTRA PREFERRED INC.
	WHARTON COUNTY GENERATION, LLC
	WISE COUNTY POWER COMPANY, LLC
	WISE-FUELS PIPELINE, INC., as Subsidiary Guarantors
		
	By:	 	 /s/ Kristopher E. Moldovan

	Name:	 	Kristopher E. Moldovan
	Title:	 	Senior Vice President and Treasurer

 [Signature Page to Vistra Operations Company Ninth Amendment] 

 SCHEDULE I 

 

							
	 2019 Incremental Revolving Loan
Lender
	  	 Type of Commitment
	  	Amount	 
	 SunTrust Bank
	  	2019 Incremental Revolving Credit Commitment	  	$	50,000,000	 
	 Total:
	  	N/A	  	$	50,000,000

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