Document:

Exhibit 10.3

    

    

    

    
      EXECUTION VERSION

    

    
       

      

      ANTARA CAPITAL MASTER FUND LP

      New York, New York

      

      

      October 9, 2019

      

      

      Confidential

      

      

      USA Technologies, Inc.

      100 Deerfield Lane, Suite 300

      Malvern, PA  19355

      $30,000,000 Delayed Draw Senior Secured Term Facility

      Commitment Letter

      

      

      Ladies and Gentlemen:

      

      

      You have advised Antara Capital Master Fund LP on behalf of itself and certain of its affiliates and accounts managed or sub-advised by it or its affiliates (“Antara”), in its collective capacity as an initial
        lender under the Term Facility (in such capacity, “we”, “us” or the “Commitment Parties”) that USA Technologies, Inc. (the “Borrower” or “you”), intends to consummate an  equity sale pursuant to a Stock Purchase
        Agreement of even date herewith between the Borrower and Antara (the “SPA”) and retire it’s existing credit facility with JPMorgan Chase Bank (the “Transactions”). Capitalized terms used but not defined herein shall have the meanings
        assigned to them in the Summary of Principal Terms and Conditions attached hereto as Exhibit A (the “Term Sheet”; this commitment letter, the Term Sheet attached hereto as Exhibit A and the Summary of Additional Conditions attached hereto as
        Exhibit B, collectively, the “Commitment Letter”).

       

      
        	
                1.

              	
                Commitments.

              

      

       

      In connection with the Transactions, Antara is pleased to advise you of its commitment to provide 100% of the aggregate principal amount of the Term Facility (the “Commitment”) subject to the terms and
        conditions set forth in this Commitment Letter.

       

      Notwithstanding anything to the contrary contained herein the aggregate amount of the Term Facility committed to be provided by Antara hereunder and the aggregate amount of the economics of Antara hereunder may not
        be reduced without the prior written consent of Antara.

       

      
        	
                2.

              	
                Titles and Roles.

              

      

       

      It is agreed that Antara will act as administrative agent and collateral agent (in such capacity, the “Administrative Agent”) for the Term Facility.  Antara may in its discretion delegate the Administrative
        Agent and/or Collateral Agent roles to one or more third parties.

       

      
        

        
          

        
          	
                   2

                

        

      

      
      
         

        	
                3.

              	
                Information.

              

      

       

      You hereby represent, warrant and covenant that (a) all information (other than the Projections) that has been or will be made available directly or indirectly to any Commitment Party by the Borrower or any of its
        representatives in connection with the transactions contemplated hereby (the “Information”), when taken as a whole, is and, when provided, will be complete and correct in all material respects and does not and, when provided, will not
        contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which such statements are made, not misleading, and (b) all projections (“Projections”)

        that have been or will be made available to any Commitment Party by the Borrower or any of its representatives in connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions believed to be
        reasonable by the preparer thereof at the time such Projections are provided to any Commitment Party; it being understood that any such Projections are not to be viewed as facts, are subject to significant uncertainties and contingencies, many of
        which are beyond your control, that no assurance can be given that any particular Projections will be realized, that actual results may differ and that such differences may be material. You agree, if at any time you become aware that any of the
        representations and warranties in the preceding sentence would be incorrect in any material respect, to promptly supplement the Information and such Projections such that such representations and warranties are correct in all material respects. You
        further agree to supplement the Information and any Projections previously provided, or that will be provided, from time to time and agree to promptly notify each Commitment Party of any changes in circumstances that could be expected to call into
        question the continued reasonableness of any assumption underlying any Projections previously provided, or that will be provided, by or on behalf of The Borrower or any of its representatives in connection with the transactions contemplated hereby.
        You acknowledge and agree that, in issuing this Commitment Letter, each Commitment Party is using and relying on the accuracy of the Information and the Projections, and, in structuring, arranging or syndicating the Term Facility, the Commitment
        Parties may use and rely on the Information and the Projections and other offering and marketing materials or information memoranda, without independent verification thereof.  You shall, and shall cause each
        of your respective affiliates and your and your affiliates’ respective officers, directors, employees, agents, advisors or other representatives, to provide to the Commitment Parties all information regarding the Transactions as any Commitment
        Party may reasonably request.

      

      

      
        	
                4.

              	
                Conditions.

              

      

       

      The commitments and agreements of the Commitment Parties and Antara are subject to there not having occurred, since June 30, 2019, and except as disclosed in the Company SEC Documents or the Draft Filings heretofore
        provided to Antara (as such terms are defined in the SPA), any event that has resulted in or could reasonably be expected to result in a material adverse change in or effect on the general affairs, management, financial position, shareholders’
        equity or results of operations of the Borrower and its subsidiaries, taken as a whole, as determined by Antara in its good faith business judgment. The commitments and agreements of the Commitment Parties and Antara are also subject to the
        satisfaction of the conditions set forth in the section entitled “Closing Conditions” in Exhibit A, the conditions set forth in Exhibit B, and the negotiation, execution and delivery of definitive documentation on or before October 31, 2019 with
        respect to the Term Facility reflecting, among other things, the terms and conditions set forth herein and in Exhibits A and B, in a manner acceptable to Antara. In addition, the commitments and agreements of
        the Commitment Parties and Antara are conditioned upon and made subject to Antara not becoming aware after the date hereof of any new or inconsistent information or other matter not previously disclosed to Antara relating to the Borrower or the
        transactions contemplated by this Commitment Letter which Antara, in its reasonable judgment, deems material and adverse relative to the information or other matters disclosed to Antara prior to the date hereof.

       

      You agree that, for purposes hereof, the date on which the Term Facility is funded and the Transactions are concurrently consummated shall be a date mutually agreed upon between you and us, but in any event shall not
        occur until the terms and conditions set forth in this Commitment Letter (including consummation of the transactions under the SPA) are satisfied (the “Closing Date”).

       

      
        

        
          

        
          	
                   3

                

        

      

      
        	
                5.

              	
                Fees and Expenses.

              

      

       

      As consideration for the commitments of each Commitment Party under this Commitment Letter, you agree to pay (or cause to be paid) (i) a Commitment Fee in the amount of $1.2 million concurrently with the execution of
        this agreement (or if this agreement is not executed on a business day, on the first business day thereafter), (ii) in the event that a third-party administrative agent and/or collateral agent is appointed, an agency fee in an aggregate amount up
        to $35,000 per year to such administrative agent and/or collateral agent on the date of the initial appointment of such third-party agent(s) and on each anniversary of the date of such initial appointment, and (iii) the reasonable and documented
        out-of-pocket fees and Expenses (as defined in Section 6 below), all of which shall be payable (other than the agency fee) whether or not the SPA or Term Facility transactions close and regardless of the reason that either such a transaction does
        not close. You agree that, once paid, all of the foregoing fees and Expenses or any part thereof shall be fully earned and not be refundable under any circumstances, regardless of whether the transactions or borrowings contemplated hereby are
        consummated, and shall not be creditable against any other amount payable in connection herewith or otherwise.  Notwithstanding the foregoing, the legal fees payable by the Company in connection with the negotiation and documentation of the SPA and
        the Credit Facilities shall be capped at $400,000.00 (exclusive of reasonable and documented out-of-pocket costs), with respect to which a partial payment of $150,000.00 shall, concurrently with the payment of the Commitment Fee, be paid on account
        by the Company to counsel to Antara and applied to the overall cap of $400,000.00.  In consideration of the foregoing cap, the parties will endeavor in good faith to complete the negotiation and documentation of the SPA and the Credit Facilities in
        an efficient manner.

       

      
        	
                6.

              	
                Indemnity.

              

      

       

      To induce the Commitment Parties and Antara to enter into this Commitment Letter and to proceed with the documentation of the Term Facility, you agree (a) to indemnify and hold harmless each Commitment Party and each
        of its affiliates, and each of its and its affiliates’ respective officers, directors, employees, partners, members, agents, advisors and other representatives and the successors of each of the foregoing (each, an “Indemnified Person”), from
        and against any and all losses, claims, damages and liabilities, including fees and disbursements of counsel (collectively, “Losses”) of any kind or nature and reasonable and documented out-of-pocket fees and expenses, joint or several, to
        which any such Indemnified Person may become subject, in the case of any such Losses and related expenses, to the extent arising out of, resulting from or in connection with this Commitment Letter (including the Term Sheet), the Transactions or any
        related transaction contemplated hereby, the Term Facility, or any use of the proceeds thereof (including any claim, litigation, investigation or proceeding (including any inquiry or investigation)) relating to any of the foregoing, (a “Proceeding”),

        regardless of whether any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or any other third person, and to reimburse each such Indemnified Person upon
        demand for any reasonable and documented out-of-pocket legal fees and expenses of counsel, or other reasonable and documented out-of-pocket fees and expenses incurred in connection with investigating, responding to, or defending any of the
        foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses or related expenses to the extent that they have resulted from (I) the willful misconduct, bad faith or gross negligence of such
        Indemnified Person or any of such Indemnified Person’s affiliates or any of its or its officers, directors, employees, agents, advisors or other representatives of any of the foregoing (as determined by a court of competent jurisdiction in a final
        and non-appealable decision), and (II) a claim brought by you against a  Commitment Party for a breach in bad faith of such party’s obligations under this Commitment Letter or any of the transactions contemplated by the foregoing or (III) any
        dispute solely among Indemnified Persons, other than any claims against an Indemnified Person in its capacity or in fulfilling its role as an administrative agent, collateral agent or arranger or any similar role under the Term Facility and other
        than any claims arising out of any act or omission of the Borrower, and (b) to reimburse whether or not the SPA or the Term Facility closes each Commitment Party and affiliates from time to time, upon demand, for all reasonable and documented
        out-of-pocket expenses (including, but not limited to, expenses of each Commitment Party’s due diligence, investigation, expenses for audits, field examinations and appraisals, consultants’ fees, structuring, syndication, transportation,
        duplication, messenger and travel expenses and reasonable fees, disbursements and other charges of internal and external counsel incurred in connection with the SPA and the transactions contemplated therein  and the Term Facility and the
        preparation, negotiation and enforcement of the SPA and this Commitment Letter, the definitive loan documentation and any security arrangements in connection therewith (collectively, the “Expenses”). The foregoing provisions in this
        paragraph shall be superseded in each case, to the extent covered thereby, by the applicable provisions contained in the definitive loan documentation upon execution thereof and thereafter shall have no further force and effect.

       

      
        

        
          

        
          	
                   4

                

        

      

      Notwithstanding any other provision of this Commitment Letter, (a) no Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through internet,
        electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s
        affiliates or any of its or its officers, directors, employees, agents, advisors or other representatives (as determined by a court of competent jurisdiction in a final and non-appealable decision) and (b) none of the Commitment Parties, Antara,
        any Indemnified Person or you shall be liable for any indirect, special, punitive or consequential damages (including any loss of profits, business or anticipated savings) in connection with this Commitment Letter, the Transactions (including the
        Term Facility and the use of proceeds thereunder), or with respect to any activities related to the Term Facility, including the preparation of this Commitment Letter and any documentation with respect thereto; provided that nothing in this
        paragraph shall limit your indemnity and reimbursement obligations to the extent that such indirect, special, punitive or consequential damages are included in any claim by a third party unaffiliated with the applicable Indemnified Person with
        respect to which the applicable Indemnified Person is entitled to indemnification as set forth in this Section 6.

       

      You shall not, without the prior written consent of any Indemnified Person (which consent shall not be unreasonably withheld or delayed) (it being understood that the withholding of consent due to non-satisfaction of
        any of the conditions described in clauses (i) and (ii) of this sentence shall be deemed reasonable), effect any settlement of any pending or threatened Proceedings in respect of which indemnity could have been sought hereunder by such Indemnified
        Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such Proceeding and
        (ii) does not include any statement as to or any admission of fault, culpability, wrongdoing or a failure to act by or on behalf of any Indemnified Person.

       

      
        	
                7.

              	
                Sharing of Information, Absence of Fiduciary Relationships, Affiliate Activities.

              

      

       

      You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you and 
        your affiliates and subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. None of the Commitment Parties or their affiliates will use confidential information obtained from you by virtue of the
        transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by the Commitment Parties of services for other companies, and will not furnish any such information to other companies.
        You also acknowledge that none of the Commitment Parties or their affiliates has any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from
        other persons.

       

      
        

        
          

        
          	
                   5

                

        

      

      As you know, certain of the Commitment Parties and their affiliates may be full service securities firms engaged, either directly or through their affiliates, in various activities, including securities trading,
        commodities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. Certain of the Commitment Parties or their affiliates may also co-invest with, make
        direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you.

       

      Furthermore, you acknowledge that the Commitment Parties and its affiliates may have fiduciary or other relationships whereby the Commitment Parties and its affiliates may exercise voting power over securities and
        loans of various persons, which securities and loans may from time to time include securities and loans of potential Lenders or others with interests in respect of the Term Facility. You acknowledge that the Commitment Parties and its affiliates
        may exercise such powers and otherwise perform their functions in connection with such fiduciary or other relationships without regard to the Commitment Parties’ relationship to you hereunder.

       

      
        	
                8.

              	
                Confidentiality.

              

      

       

      You agree that you will not disclose, circulate or refer publicly to, directly or indirectly, this Commitment Letter, the other exhibits and attachments hereto or the contents of each thereof, or
        any written communications provided by, or oral discussions with, any Commitment Party or the activities of any Commitment Party pursuant hereto or thereto, without our prior written consent except (to the extent practicable and not prohibited by
        applicable law or regulation, to inform you promptly thereof prior to disclosure), after providing written notice to us, pursuant to a subpoena or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative
        body or committee; provided that, following the return to us of a counterpart of this Commitment Letter duly executed by you, we hereby consent to your disclosure of (i) this Commitment Letter and such communications and discussions, on a
        need-to-know basis, to the Borrower’s respective officers, directors, agents and advisors who are directly involved in the consideration of the Term Facility and who have been informed by you of the confidential nature of such advice and this
        Commitment Letter and who have agreed to treat such information confidentially, (ii) you may disclose that a financing commitment has been obtained from us and the aggregate amount of such committed financing, but not any information regarding
        interest rate or fees, and (iii) this Commitment Letter as required by applicable law or compulsory legal process (in which case you agree to inform us promptly thereof); provided, that (a) you may disclose, on a confidential basis, to your
        auditors the Commitment Fee and the administrative agent’s fee after the Closing Date for customary accounting purposes, including accounting for deferred financing costs, (b) you may disclose the existence of this Commitment Letter to any rating
        agency in connection with the transactions contemplated hereby and (c) you may disclose the existence of this Commitment Letter  in any public filing relating to the Term Facility and in any syndication of the Term Facility; provided,
        further, that the foregoing restrictions shall cease to apply in respect of the existence and contents of this Commitment Letter (but not the Commitment Fee nor the administrative agent’s fee) one year following termination of this Commitment
        Letter in accordance with its terms.

      

      

      
        

        
          

        
          	
                   6

                

        

      

      Each Commitment Party and its affiliates will treat all non-public information provided to it by or on behalf of you in connection with the transactions contemplated hereby confidentially and
        shall not publish, disclose or otherwise divulge, such information; provided that nothing herein shall prevent such Commitment Party and its respective affiliates from disclosing any such information (a) pursuant to the order of any court
        or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation, subpoena or compulsory legal process or upon the request or demand of any regulatory authority
        (including any self-regulatory authority) or other governmental authority purporting to have jurisdiction over the Commitment Party or any of its affiliates (in which case such Commitment Party or such affiliate, as applicable, agrees (except with
        respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable
        law or regulation, to inform you promptly thereof prior to disclosure), (b) to the extent that such information becomes publicly available other than by reason of improper disclosure by such Commitment Party or any of its affiliates in violation of
        any confidentiality obligations owing to you hereunder, (c) to the extent that such information is received by such Commitment Party or such affiliate  from a third party that is not, to such Commitment Party’s or such affiliate’s knowledge,
        subject to contractual or fiduciary confidentiality obligations owing to you with respect to such information, (d) to the extent that such information is independently developed by such Commitment Party or any of its respective affiliates, (e) to
        such Commitment Party’s affiliates and their and their respective employees, directors, officers, independent auditors, rating agencies, professional advisors and other experts or agents who need to know such information in connection with the
        transactions contemplated hereby and who are informed of the confidential nature of such information (with such Commitment Party responsible for its respective affiliates’ and their and their respective employees’, directors’, officers’,
        independent auditors’, rating agencies’, professional advisors’, experts’ or agents’ compliance with this paragraph), (f) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Commitment Letter
        or the Term Facility, (g) to prospective Lenders, hedge providers, participants or assignees (collectively, “Prospective Parties”); provided that for purposes of clause (g) above, the disclosure of any such information to any
        Prospective Party shall be made subject to such Prospective Party written agreement to treat such information confidentially on substantially the terms set forth in this paragraph. If the Term Facility closes, the Commitment Parties’ obligations
        under this paragraph shall terminate and be superseded by the confidentiality provisions in the definitive documentation.

      

      

      
        	
                9.

              	
                Miscellaneous.

              

      

       

      This Commitment Letter may not be assigned by you without the prior written consent of Antara (and any purported assignment without such consent will be null and void). Any Commitment Party may assign its commitments
        and agreements hereunder, in whole or in part, to any of its affiliates and to any Lender prior to the Closing Date. Any assignment by a Commitment Party to any potential Lender made prior to the Closing Date will only relieve such Commitment Party
        of its obligations set forth herein to fund that portion of the commitments so assigned if such assignment was approved by you (such approval not to be unreasonably withheld or delayed).

       

      This Commitment Letter and the commitments hereunder are intended to be solely for the benefit of the parties hereto (and Indemnified Persons to the extent expressly set forth herein) and are not intended to confer
        any benefits upon, or create any rights in favor of, any person other than the parties hereto (and Indemnified Persons to the extent expressly set forth herein).

       

      Except as set forth in Section 2 (Titles and Roles) hereof, this Commitment Letter may not be amended or any provision hereof waived or modified except in writing signed by the party against whom enforcement of the
        same is sought. This Commitment Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page
        of this Commitment Letter by facsimile transmission or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Commitment Letter. Section headings used herein are for convenience of
        reference only, are not part of this Commitment Letter and are not to affect the construction of, or to be taken into consideration in interpreting, this Commitment Letter.

       

      
        

        
          

        
          	
                   7

                

        

      

      This Commitment Letter (including the exhibits hereto) (a) are the only agreements that have been entered into among the parties hereto with respect to the Term Facility and (b) supersede all prior understandings,
        whether written or oral, among us with respect to the Term Facility and sets forth the entire understanding of the parties hereto with respect thereto.

       

      This Commitment Letter shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of laws principles that would cause the laws of a jurisdiction other than
        New York to apply. To the fullest extent permitted by applicable law, you hereby irrevocably submit to the exclusive jurisdiction of any New York State court or federal court sitting in the County of New York and the Borough of Manhattan in respect
        of any claim, suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter or any of the other transactions contemplated hereby and irrevocably agree that all claims in respect of any such claim, suit, action or
        proceeding may be heard and determined in any such court and that service of process therein may be made by certified mail, postage prepaid, to your address set forth above. You and we hereby waive, to the fullest extent permitted by applicable
        law, any objection that you or we may now or hereafter have to the laying of venue of any such claim, suit, action or proceeding brought in any such court, and any claim that any such claim, suit, action or proceeding brought in any such court has
        been brought in an inconvenient forum.

      

      

      EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS COMMITMENT LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      

      

      We hereby notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (as amended, the “PATRIOT Act”)), each Commitment Party and each of
        the Lenders may be required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow each
        Commitment Party and the Lenders to identify them in accordance with the PATRIOT Act. You agree to provide each Commitment Party and each of the Lenders with all documentation and other information required by bank regulatory authorities under the
        Patriot Act and any other “know your customer” and anti-money laundering rules and regulations. This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each Commitment Party and each of the Lenders.

       

      Please indicate your acceptance of the terms hereof by returning to us executed counterparts hereof together with the Commitment Fee (wiring instructions attached) not later than 11:59 p.m., New York City time, on
        October 9, 2019 (provided that if this letter is not executed on a business day, the Commitment Fee will be paid on the first business day thereafter). The offer of each Commitment Party and Antara to provide the commitments hereunder will expire
        at such time in the event that we have not received such executed counterparts in accordance with the immediately preceding sentence. Thereafter all accepted commitments and undertakings of the Commitment Parties and Antara will terminate at 11:59
        p.m., New York City time, on October 31, 2019 unless definitive document shall have been executed by Borrower.  In addition, all commitments and undertakings of the Commitment Parties and Antara may be terminated if you fail perform your respective
        obligations hereunder on a timely basis. The following provisions of this Commitment Letter shall remain in full force and effect and shall survive the expiration or termination of this Commitment Letter or any commitment or undertaking of any of
        the Commitment Parties or Antara hereunder: Section 5 (Fees and Expenses), Section 6 (Indemnity), Section 7 (Sharing of Information, Absence of Fiduciary Relationships, Affiliate Activities), Section 8 (Confidentiality), the provisions of this
        Section 9 (Miscellaneous) regarding jurisdiction, governing law, venue, waiver of jury trial and exclusivity. Notwithstanding the immediately preceding sentence, your obligations hereunder (other than your obligations with respect to
        confidentiality of the Commitment Fee) shall automatically terminate and be superseded by the provisions of the definitive loan documentation relating to the Term Facility upon the Closing Date (to the extent covered thereby),  the initial funding
        thereunder and the payment of all amounts owing at such time hereunder, and you shall automatically be released from related liabilities hereunder, but solely to the extent of any duplicative coverage.

      

      

      [remainder of page intentionally left blank; signature pages follow]

       

      

      
        

        
          

        
          	
                   8

                

        

      

      We are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

       

      	 	
              Very truly yours,

            
	 	 
	 	
              ANTARA CAPITAL LP, in its capacity as Administrative Agent

            
	 	 	 
	 	
              By:

            	/s/ Himanshu Gulati
	 	 	
              Name: Himanshu Gulati

            
	 	 	
              Title: Managing Member

              

            

      

      

      	 	
              ANTARA CAPITAL LP, on behalf of itself and certain of its affiliates and managed funds and accounts, in its collective capacity as a Lender

            
	 	 	 
	 	
              By:

            	/s/ Himanshu Gulati
	 	 	
              Name: Himanshu Gulati

            
	 	 	
              Title: Managing Member

            

      
        

        

        [Signature Page to Commitment Letter]

         

        

      

      
        

        
          

      

      Accepted and agreed to as of

      the date first above written:

      

      

      	
              USA TECHNOLOGIES, INC.

            
	 

      	
              By:

            	/s/ Stephen P. Herbert 	 
	 	
              Name: Stephen P. Herbert

            	

            
	 	
              Title: CEO, Director

              

            	

            

      
        

        

        [Signature Page to Commitment Letter]

         

          

      

      
        

        
          

      

      
      EXHIBIT A

       

      Summary of Principal Terms and Conditions

      

      

      This Term Sheet outlines certain material terms and conditions (and does not purport to summarize all of the terms and conditions) with respect to the Transactions described herein. All capitalized terms used but not
        defined herein shall have the meaning given them in the Commitment Letter to which this Term Sheet is attached, including Exhibit B thereto.

      

      

      	 	
              Term

            	 	
              Description

            
	 	
              Borrower

            	 	
              USA Technologies, Inc.

            
	 	
              Administrative Agent and Collateral Agent

            	 	
              Antara or its designee will act as administrative agent and collateral agent (in such capacity, the “Administrative Agent”). Antara may in its discretion delegate the administrative agent and/or collateral agent roles to one or
                more third parties.  The administrative agent and/or collateral agent may charge a fee of up to $35,000 per year in the aggregate (provided that such agency fee shall only be payable from and after the appointment of a third-party
                administrative agent and/or collateral agent).

            
	 	
              Lender(s)

            	 	
              Funds and accounts advised by Antara with a specified percentage of the Term Facility shall, in the capacity of an initial lender under the Term Facility be a “Lender” (collectively, the “Lenders”).

            
	 	
              Commitment Fee

            	 	
              Concurrently with the execution of the Commitment Letter (provided that if the Commitment Letter is not executed on a business day, the Commitment Fee will be paid on the first business day thereafter) and as a condition to its
                effectiveness, pay to Antara as Lender a commitment fee of $1,200,000.

            
	 	
              Guarantors

            	 	
              Each of the Borrower’s direct and indirect, existing and future, domestic subsidiaries and foreign subsidiaries that are not CFCs (i.e. the giving of a guaranty will result in an adverse tax consequence)(the “Guarantors”, and
                together with the Borrower, the “Loan Parties”).

            
	 	
              Delay Draw Term Facility

            	 	
              $30 million senior secured delayed draw term loan facility (the “Term Facility”).  The facility will be available in two draws.  $15,000,000 shall be drawn concurrently with the execution of definitive loan documentation (“Closing

                  Date”).  A second $15,000,000 (“Second Draw”) shall be drawn during an availability window commencing on the nine- month anniversary of the Closing Date and ending on the eighteen-month anniversary of the Closing Date.

               

              All advances shall be made in the full amount indicated above.  Partial advances shall not be allowed.

               

              The Second Draw shall be subject to customary conditions for subsequent draws and in addition the condition that Borrower not be subject to any settlement or judgment in respect of material litigation which could result in a judgment or
                settlement that exceeds available insurance.

               

            
	 	
              Collateral

            	 	
              All obligations of the Borrower and Guarantors to the Lenders shall be secured by a perfected, first priority perfected lien on all present and after acquired assets of the Borrower and the Guarantors (collectively, the “Collateral”),

                subject to customary exceptions for excluded collateral, including funds collected by the Company for the benefit of others.  Liens on intellectual property shall be the subject of federal filings.

            

      

      

      
        

        A-1

        
          

      

      	 	
              Tenor

            	 	
              Five (5) years.

            
	 	
              Pricing

            	 	
              Nine and three quarters percent (9.75%) per annum, payable monthly in cash on the last Business Day of each month.  After an Event of Default interest shall be increased by an addition two percentage points per annum.

            

      	 	Call Protection	 	
              Prepayment Premium as follows

            	 
	 	 	 	To and through December 31, 2020 –	105%
	 	 	 	From January 1, 2021 through December 31, 2021	103%
	 	 	 	From January 1, 2022 through December 31, 2022 

            	101%
	 	 	 	Thereafter	100%

      	 	
              Excess Cash Flow Sweep

            	 	
              50 - 75 % with step down(s) TBD.

            
	 	
              Amortization

            	 	
              None

            
	 	
              Financial Covenants

            	 	
              Maximum Total Leverage Ratio, Minimum Fixed Charge Coverage Ratio and Maximum Capital Expenditures.

            
	 	
              Other Covenants/Events of Default

            	 	
              Subject to exceptions for materiality, thresholds, qualifications, “baskets” and grace and cure periods to be negotiated, the usual affirmative & negative covenants and events of default customary for transactions of this type,
                including limitations on: indebtedness, liens, asset sales, restricted payments, investments and lines of business.

            
	 	
              Commitment Fee

            	 	
              Payable concurrently with the execution of this Commitment Letter and as a condition to the effectiveness of this Commitment Letter, Borrower shall pay to Antara a Commitment Fee of $1,200,000.   The Commitment Fee shall be fully earned
                and non-refundable when paid.

            
	 	
              Closing Conditions

            	 	
              Closing conditions will include customary conditions for transactions of this type, including the accuracy of representations and warranties and, prior to and after giving effect to the funding of the Term Facility, the absence of any
                default or event of default, plus additional conditions precedent referred to in the Commitment Letter and listed on Exhibit B thereto.

            
	 	
              Conditions to Each Draw

            	 	
              Draw conditions will include customary conditions for transactions of this type, including the SPA  having been executed and delivered and the transactions provided for therein consummated.

            
	 	
              Definitive Documentation

            	 	
              Definitive documentation to be mutually acceptable and satisfactory to the parties and to contain, subject to exceptions for materiality, thresholds, qualifications, “baskets” and grace and cure periods to be negotiated, customary
                representations and warranties, conditions precedent, covenants, events of defaults and indemnities for a transaction of this type.

            
	 	
              Governing Law

            	 	
              New York

            

      

      

      
        

        A-2

        
          

      

      
      EXHIBIT B

       

      Summary of Additional Conditions

      

      

      This Summary of Additional Conditions outlines certain of the conditions precedent to the Term Facility referred to in the Commitment Letter and Term Sheet, of which this Exhibit B is a part. All capitalized terms
        used but not defined herein shall have the meaning given them in the Commitment Letter to which this Exhibit B is attached, including Exhibit A thereto.

      

      

      Loan Documentation. The definitive loan documentation (including all documents and instruments required to create and perfect the
        Administrative Agent’s first priority security interest in the collateral shall have been executed and delivered and, if applicable, be in proper form for filing, in each case reflecting the terms and conditions set forth in the Commitment Letter
        (including the Term Sheet and this Exhibit B) and in all other respects satisfactory to the Administrative Agent and the Lenders.

       

      Stock Purchase Agreement.   The SPA shall have been executed and delivered and the transactions provided for therein consummated.

       

       Due Diligence. Antara’s completion of customary business, tax, financial, legal, securities and collateral due diligence, with results
        satisfactory to Antara and its counsel, including the following: (i) review of Borrowers’, Guarantors’ and each of their subsidiary’s books, systems and records, (ii) review of interim financial statements, (iii) background checks on senior
        management of Borrowers, Guarantors and each of their subsidiaries, (iv) an insurance review of the Borrowers’, Guarantors’ and each of their subsidiary’s insurance policies to be completed by a third party firm acceptable to Antara with results
        satisfactory to Antara, (v) review of ERISA, regulatory, securities law, intellectual property, litigation, accounting, tax, licensing, certification and permit matters and labor matters, in each case, with results satisfactory to Antara in their
        reasonable discretion, and (vi) the corporate, capital, and legal structure of the Borrowers’, Guarantors’ and each of their subsidiaries shall be reasonably acceptable to Antara after giving effect to the Transactions.

       

      Performance of Obligations. All reasonable and documented out-of-pocket costs, fees, expenses (including reasonable and documented
        out-of-pocket legal fees and expenses, and recording taxes and fees) and other compensation contemplated by the Commitment Letter payable to Antara, the Administrative Agent or the Lenders shall have been paid to the extent due and the Borrower
        shall have complied in all material respects and on a timely basis with all of their other obligations under the Commitment Letter and shall have caused the Borrower to become jointly and severally liable in all respects with all of their
        obligations under the Commitment Letter, effective upon the consummation of the transactions on the Closing Date.

       

      Customary Closing Documents. Antara shall be satisfied that the Borrower has complied with all other customary closing conditions,
        including: (i) the delivery of legal opinions, corporate records and documents from public officials, lien searches, resolutions and officer’s certificates; (ii) satisfactory confirmation of repayment of existing indebtedness; (iii) evidence of
        authority; (iv) obtaining third party and governmental consents necessary in connection with the transactions, the related transactions or the financing thereof; (v) absence of litigation affecting or threatening the Borrower or the transactions,
        the related transactions or the financing thereof; (vi) perfection of security interests, liens, and pledges, on the collateral securing the Term Facility; (vii) evidence of insurance and (viii) delivery of a solvency certificate from the chief
        financial officer of the Borrower in form and substance, and with supporting documentation, satisfactory to Antara, certifying that the Borrower and its subsidiaries are, on a consolidated basis, solvent. Antara will have received at least 10 days
        prior to the Closing Date all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act.

       

      

      
        B-1

        
          

      

      Expenses.  All Expenses, including without limitation, all reasonable out-of-pocket and documented expenses (including, but not limited
        to, expenses of each Commitment Party’s due diligence, investigation, expenses for audits, field examinations and appraisals, consultants’ fees, structuring, syndication, transportation, duplication, messenger and travel expenses and reasonable and
        documented out-of-pocket fees, disbursements and other charges of  external counsel incurred in connection with the SPA and the Term Facility and the preparation, documentation, negotiation and enforcement of the SPA and this Commitment Letter, the
        definitive loan documentation and any security arrangements in connection therewith shall he paid concurrently with the execution of the Commitment Letter and on the Closing Date.    Notwithstanding the foregoing, the legal fees (exclusive of
        reasonable and documented out-of-pocket costs) payable by the Company in connection with the negotiation and documentation of the SPA and the Credit Facilities shall be capped at $400,000.00, with respect to which a partial payment of $150,000.00
        shall, concurrently with the payment of the Commitment Fee, be paid on account by the Company to counsel to Antara and applied to the overall cap of $400,000.00.  In consideration of the foregoing cap, the parties will endeavor in good faith to
        complete the negotiation and documentation of the SPA and the Credit Facilities in an efficient manner.

       

       

      

      
        B-2EX-4.4

 Exhibit 4.4 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

AMENDED AND RESTATED EMPLOYEE SHARE PURCHASE PLAN 

Effective April 16, 2014, as amended and restated on October 1, 2019 

 
  
  

 

  
 1 

 AMENDED AND RESTATED EMPLOYEE SHARE PURCHASE PLAN 

 

	Article 1	      Purpose 

 

	1.1	 This document constitutes the Amended and Restated Employee Share Purchase Plan of DIRTT Environmental
Solutions Ltd. (hereinafter referred to as the “Plan”). 

  

	1.2	 The Plan was originally effective April 16, 2014. The Plan was amended and restated effective
October 1, 2019 (the “Amendment Effective Date”) in order to place an aggregate limit on the number of Equity Shares that could be purchased pursuant to this Plan, and to provide for certain other changes of an administrative
nature. 

  

	1.3	 The purpose of this Plan is to provide an opportunity for Employees to invest in Equity Shares through
Employee savings in the form of Personal Contributions and Employer Contributions. 

  

	Article 2	      Definitions 

 

	2.1	 In this Plan, unless the context otherwise requires: 

 

	 	(a)	 “Administrative Agent” means such corporation or other person with whom, as, from time to
time, the Corporation enters into an Administration Agreement in respect of matters contemplated under this Plan, which, as of the Amendment Effective Date is Solium Capital ULC; 

 

	 	(b)	 “Administration Agreement” means the agreement between the Corporation and the
Administrative Agent in respect of the Plan, dated April 16, 2014, as amended or replaced from time to time; 

  

	 	(c)	 “Affiliate” has the meaning ascribed thereto in the Business Corporations Act
(Alberta); 

  

	 	(d)	 “Amendment Effective Date” has the meaning ascribed thereto in
Section 1.2;  

  

	 	(e)	 “Blackout Period” means a blackout period contemplated in the Corporation’s Insider
Trading and Disclosure Policy, which, for the sake of clarity, will include both quarterly blackout periods and other blackout periods as determined by the Corporation from time to time; 

 

	 	(f)	 “Board” means the Board of Directors of the Corporation; 

 

	 	(g)	 “Calendar Year” means a period of twelve consecutive months ending on December 31st of each
year; 

  

	 	(h)	 “Corporation” means DIRTT Environmental Solutions Ltd.; 

 

	 	(i)	 “Contribution Period” means the period beginning on any Purchase Date and ending on the day
preceding the next Purchase Date; 

  
 2 

	 	(j)	 “Earnings” means the basic salary or compensation received by an Employee, including
overtime pay, before payroll deductions for taxes or other applicable withholdings, but does not include any cash bonus, profit sharing, incentive pay, shift premiums, commissions, allowances or other special compensation payments;

  

	 	(k)	 “Employee” means a full-time or part-time employee of the Corporation or any Affiliate
approved by the Corporation who has made or is entitled to make contributions to the Plan in accordance with the provisions of the Plan, but does not include the following: 

 

	 	(i)	 casual employees, seasonal employees, term employees or temporary employees, in each case provided that such
employee’s customary employment is either 20 hours or less per week or not for more than 5 months in any calendar year; 

  

	 	(ii)	 retired employees, employees on layoff or unpaid leave of absence; or 

 

	 	(iii)	 employees receiving benefits under Worker’s Compensation, Employment Insurance, the Long-Term
Disability Plan, the Weekly Indemnity Plan or other long-term disability income benefits, in each case provided that such employee is no longer receiving regular Earnings from the Corporation or any Affiliate; 

provided, however, that any such individual must also be an “employee” of the Corporation or any of its parents or
subsidiaries within the meaning of General Instruction A.1(a) to Form S-8; 
  

	 	(l)	 “Employer Contributions” means contributions made by the Corporation or an approved
Affiliate for the benefit of a Participant under this Plan; 

  

	 	(m)	 “Equity Shares” means common shares in the capital of the Corporation which are dually
traded on the Toronto Stock Exchange and, from and after October 8, 2019, the NASDAQ Global Select Market; 

  

	 	(n)	 “Exchange Act” means shall mean the Securities Exchange Act of 1934, as amended from time
to time; 

  

	 	(o)	 “Group RRSP” means the Group RRSP established by the Corporation, as sponsor, and the RRSP
Trustee, as trustee, on the instructions of individual Participants in accordance with Section 4.4; 

  

	 	(p)	 “Group TFSA” means the Group TFSA, if established by the Corporation, as sponsor, and the
TFSA Trustee, as trustee, on the instructions of individual Participants in accordance with Section 4.4; 

  

	 	(q)	 “Participant” means an Employee who has enrolled in the Plan in accordance with the
provisions thereof; 

  
 3 

	 	(r)	 “Personal Account” means the account maintained for record keeping purposes by the
Administrative Agent in the name of a Participant for Employer Contributions and Personal Contributions in respect of such Participant; 

  

	 	(s)	 “Personal Contributions” means the contributions made by a Participant under this Plan;

  

	 	(t)	 “Plan” has the meaning set out in Section 1.1;

  

	 	(u)	 “Purchase Date” means the applicable date that the Administrative Agent purchases Equity
Shares in accordance with Section 8.3; 

  

	 	(v)	 “Qualified Investment” means any property which is a “qualified
investment”, within the meaning of the Tax Act, for trusts governed by an RRSP or a TFSA; 

  

	 	(w)	 “RRSP” means a trust governed by a registered retirement savings plan established under the
Tax Act; 

  

	 	(x)	 “RRSP Account” means an account of a Participant in the Group RRSP which tracks all
of the Participant’s Personal Contributions and Employer Contributions made by or for the benefit of such Participant to his or her account in the Group RRSP, and Equity Shares purchased within such account; 

 

	 	(y)	 “RRSP Trustee” means such trust company as may from time to time be appointed by the Board
to act as trustee for the Group RRSP, which, as of the Amendment Effective Date, is Canadian Western Trust; 

  

	 	(a)	 “Tax Act” means the Income Tax Act (Canada), including the regulations promulgated
thereunder, as amended from time to time, and any reference in the Plan to a provision of the Tax Act includes any successor provision thereto; 

  

	 	(z)	 “TFSA” means a trust governed by a tax-free savings
account established under the Tax Act; 

  

	 	(aa)	 “TFSA Account” means an account of a Participant in the Group TFSA, if such Group TFSA is
established, which tracks all of the Participant’s Personal Contributions and Employer Contributions made by or for the benefit of such Participant to his or her account in the Group TFSA, and Equity Shares purchased within such account;

  

	 	(b)	 “TFSA Trustee” means such trust company as may from time to time be appointed by the
Board to act as trustee for the Group TFSA, if such Group TFSA is established; 

  

	 	(bb)	 “Securities Trading and Reporting Policy” means the Corporation’s Insider Trading
and Disclosure Policy, as it may be amended or supplemented from time to time; 

  
 4 

	 	(cc)	 “Trustee” means, as the context requires, the RRSP Trustee or the TFSA Trustee, as
applicable; 

  

	 	(dd)	 “Undisclosed Material Information” means any material information, as defined in the
Corporation’s Insider Trading and Disclosure Policy as it may be amended or supplemented from time to time, that has not been publicly disseminated by the Corporation; and 

 

	 	(ee)	 “U.S. Taxpayer” means any Participant who is subject to tax under the provisions of the
United States Internal Revenue Code of 1986, as amended, in respect of their participation in this Plan. 

  

	2.2	 In this Plan, all references to the masculine include the feminine; and reference to the singular shall
include the plural and vice versa, as the context shall require. If any provision of the Plan or part hereof is determined to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other
provision or part hereof. Headings wherever used herein are for reference purposes only and do not limit or extend the meaning of the provisions contained herein. References to “Article” or “Articles” mean an article or articles
contained in the Plan unless expressly stated otherwise. 

  

	Article 3	      Eligibility and Equity Share Limitations 

 

	3.1	 Employees of an Affiliate may participate as Participants in the Plan only if the Corporation has previously
approved the inclusion of such Affiliate’s employees in the Plan, including any applicable cost-sharing arrangements or other arrangements to satisfy transfer pricing principles. 

 

	3.2	 Any Employee may become a Participant in the Plan, unless excluded from participation in the Plan by the
Corporation or by an approved Affiliate. 

  

	3.3	 An Employee may become a Participant of the Plan beginning on the first day of the month coincident with, or
next following, the date that the Employee has completed 90 days of continuous service with the Corporation or an approved Affiliate, or a lesser period of time if so determined by the Corporation or an approved Affiliate. 

 

	3.4	 Subject to adjustment as provided in Article 18 of this Plan, beginning on the Amendment Effective Date, the
number of Equity Shares that may be acquired through this Plan is 5,500,000. 

  

	Article 4	      Enrolment in the Plan and the Canadian Group RRSP and Group TFSA

  

	4.1	 To enroll in the Plan, an Employee must, at least 15 days before the day on which Personal Contributions are
to begin, complete and submit notice in the form prescribed by the Corporation confirming that the Employee is not aware of any Undisclosed Material Information at the time of such notice and authorizing the Corporation or an approved Affiliate to
deduct from the Employee’s Earnings the amount designated by the Employee in accordance with Section 5.1 until such authorization shall be revised, revoked or

  
 5 

	 	 
terminated, and agreeing to the terms and conditions of the Plan. This will constitute written notice of the Employee’s election to participate in and be a member of the Plan. This notice
may not be given by a Participant during a Blackout Period. 

  

	4.2	 A Participant who is a permanent Canadian resident may elect for his or her Personal Contributions and
Employer Contributions to be made to: (i) an RRSP Account within the Group RRSP, or (ii) if the Corporation has established a Group TFSA, and provided that the Participant is not a U.S. Taxpayer, a TFSA Account within the Group TFSA, by
filing with the Administrative Agent a completed application for an RRSP Account or, if applicable, a TFSA Account in the applicable form prescribed by the Corporation and indicating the portion of the Participant’s Personal Contributions or
Employer Contributions to be allocated to his or her RRSP Account or TFSA Account, if applicable, which any such funds being treated, for purposes of the Tax Act, as a contribution to the RRSP or TFSA, as applicable. In the event that a Participant
wishes to transfer any Equity Shares previously acquired with Personal Contributions or Employer Contributions pursuant to the Plan into an RRSP Account or TFSA Account, if any, he or she may do so by giving the applicable notice in the form
prescribed by the Corporation and authorizing the Administrative Agent to transfer the specified number of Equity Shares into the Group RRSP or Group TFSA, as applicable, which such transfer being treated, for the purposes of the Tax Act, as a
contribution to such RRSP or TFSA. 

  

	4.3	 Subject to the provisions of Article 15, all funds and Equity Shares held by the Administrative Agent
pursuant to the Plan are held on behalf of the individual Participants. Subject to the immediately following sentence, a Participant shall be the beneficial owner of all Personal Contributions, Employer Contributions, and Equity Shares purchased on
his or her behalf. All Personal Contributions, Employer Contributions, and Equity Shares held by the RRSP Trustee pursuant to the Group RRSP or by the TFSA Trustee pursuant to the Group TFSA, as applicable, are held in trust for the account of the
respective individual RRSP Accounts or TFSA Accounts, as applicable, in the Group RRSP or Group TFSA, as applicable. Any Equity Shares purchased with a Participant’s Personal Contributions or Employer Contributions made for the benefit of a
Participant to the Participant’s RRSP Account or the Participant’s TFSA Account, as applicable, are immediately vested in and become the property of such Participant’s RRSP or TFSA, as applicable, and shall be subject to the terms of
the Group RRSP or Group TFSA, as applicable, and applicable law including the Tax Act. 

  

	4.4	 For greater certainty, notwithstanding any provision of the Plan, the Corporation shall not be under any
obligation to establish, or continue if already established, a Group RRSP or a Group TFSA. If such Group RRSP or Group TFSA is not in operation at the time a Participant elects to participate pursuant to Section 4.1, all of such
Participant’s Personal Contributions and Employer Contributions shall be made solely to his or her Personal Account which is not an RRSP or a TFSA. 

  

	4.5	 By electing to participate through an RRSP Account or a TFSA Account, if applicable, a Participant
acknowledges that such accounts are subject to the provisions of the Tax Act, including, without limitation, contribution limits and rules relating to prohibited investments for an RRSP or TFSA. Each Participant further acknowledges that

  
 6 

	 	 
participation through an RRSP Account or TFSA Account by a U.S. Taxpayer may have adverse tax implications in the United States. It is the sole responsibility of each Participant to seek tax
advice in their own circumstances, to ensure that he or she does not over-contribute (including, without limitation, by virtue of Personal Contributions and Employer Contributions), and that any investment therein, including in Equity Shares, does
not constitute a “prohibited investment” (within the meaning of the Tax Act) for, or give rise to an “advantage” (within the meaning of the Tax Act) to, the RRSP or TFSA, as applicable. None of the Corporation, any Affiliate, the
Administrative Agent and the Trustee shall be liable for any tax or other liability which may arise as a result of any Participant’s participation in an RRSP or TFSA, over-contribution to an RRSP or TFSA or acquisition of a prohibited
investment in an RRSP Account or TFSA Account. 

  

	4.6	 No Participant is eligible to hold any part of the Equity Shares acquired through Personal Contributions or
Employer Contributions in a 401 (k) plan. 

  

	Article 5	      Participant Contributions 

 

	5.1	 A Participant shall elect to make Personal Contributions to the Plan of at least 1% of the
Participant’s Earnings for the pay period, up to a maximum of 10% of the Participant’s Earnings for the pay period, by giving notice in the form prescribed by the Corporation. Such contributions shall be in increments of 1% of the
Participant’s Earnings for the pay period. The Corporation, or applicable approved Affiliate, shall deduct from each Participant’s pay, the amount of that Participant’s Personal Contributions. This specified rate of contribution filed
by a Participant at the time of election of participation in the Plan shall remain in effect until changed pursuant to Section 5.2. 

 

	5.2	 Once making Personal Contributions to the Plan, a Participant may change the amount of his or her Personal
Contributions no more than once quarterly by giving notice to the Corporation in the form prescribed by the Corporation. All requested changes in Personal Contributions will be effective as of the first Contribution Period occurring after notice is
received provided the notice is received 15 days prior to the next Contribution Period. This notice may not be given if an Employee is aware of any Undisclosed Material Information at the time of such notice and may not be given if the Employee is
subject to the Corporation’s Insider Trading and Disclosure Policy, such notice may not be given during a Blackout Period. 

A Participant who participates in the Plan via an RRSP or TFSA may voluntarily elect to suspend participation in the Plan by
providing instructions directing the Corporation to cease making the Participant’s Personal Contributions for the remainder of a Calendar Year if and when the RRSP contribution maximum or TFSA contribution maximum, as applicable, is reached
during a particular Calendar Year. 
  

	 	(a)	 Notice of such instructions must be received by the Corporation from the Participant, in the form prescribed
by the Corporation, at least 15 days prior to the next Contribution Period in which the instructions are to be applied. 

  
 7 

	 	(b)	 The Participant must confirm that he or she is not aware of any Undisclosed Material Information at the time
of giving such instructions and such instructions may not be given during a Blackout Period. If such confirmation cannot be made, the Participant shall be required to direct the Corporation to make all of the Participant’s Personal
Contributions for the remainder of the Calendar Year to the Participant’s Personal Account. 

Instructions given pursuant to this section will apply until the Participant provides notice to the Corporation that he or she
wishes to revoke such instructions. Under this suspension arrangement, Participants will be responsible for notifying the Administrative Agent they wish to resume contributions in the following Calendar Year by giving notice in the form prescribed
by the Corporation. 
  

	5.3	 A Participant may voluntarily suspend his or her Personal Contributions at any time that they wish to
temporarily cease participating in the Plan, no more than twice annually, by giving notice in the form prescribed by the Corporation, to the Corporation. This notice will be effective as of the next Contribution Period following the date of notice,
provided notice is given 15 days prior to the commencement of the next Contribution Period. The Participant must confirm that he or she is not aware of any Undisclosed Material Information at the time of giving such notice and if the Participant is,
subject to the Corporation’s Insider Trading and Disclosure Policy, such notice may not be given during a Blackout Period. 

  

	5.4	 A Participant who voluntarily suspends his or her Personal Contributions pursuant to
Section 5.3 above, may resume his or her Personal Contributions by giving notice in the form prescribed by the Corporation, to the Corporation. Participants will be eligible to resume making Personal Contributions effective
as of the first Contribution Period provided that a Participant provides at least 15 days prior notice to the Corporation of their intention to resume making Personal Contributions. The Participant must confirm that he or she is not aware of any
Undisclosed Material Information at the time of giving such notice and if the Participant is, subject to the Corporation’s Insider Trading and Disclosure Policy, such notice may not be given during a Blackout Period.

  

	5.5	 During any period of suspension, Personal Contributions shall not be accumulated or carried forward for
later payment. A Participant shall continue to be a member of the Plan, the Group RRSP and the Group TFSA, if applicable, for all purposes other than the making of Personal Contributions until that Participant resumes his or her Personal
Contributions pursuant to Sections 5.2 or 5.4, is terminated from the Plan pursuant to Article 11 or terminates his or her participation in the Plan pursuant to Article 12.

  

	Article 6	       Employer Contributions 

 

	6.1	 The Corporation (or an approved Affiliate, as the case may be) will make Employer Contributions to the Plan
as follows: 

  
 8 

	 	(a)	 where a Participant has made a Personal Contribution, an Employer Contribution for the benefit of that
Participant shall be made in an amount equal to 50% of the Participant’s Personal Contribution during the relevant Contribution Period. 

  

	6.2	 Employer Contributions referred to in Subsection 6.1(a) will be made every Contribution Period as
follows: 

  

	 	(a)	 Employer Contributions made with regard to Personal Contributions to the Participant’s RRSP Account, if
any, will be allocated to the Participant’s RRSP Account; 

  

	 	(b)	 Employer Contributions made with regard to Personal Contributions to the Participant’s TFSA Account, if
any, will be allocated to the Participant’s TFSA Account; and 

  

	 	(c)	 Employer Contributions not made to the Participant’s RRSP Account or TFSA Account will be allocated to
the non-RRSP and non-TFSA component of the Participant’s Personal Account. 

 

	6.3	 It is a term and condition of the Corporation (or an approved Affiliate making the Employer Contributions,
as the case may be) that the Employer Contributions shall not be considered as salary compensation paid to an Employee for any reason (except for purposes of the Tax Act) including for the purposes of calculating salary in lieu of notice upon
termination of employment of an Employee. For greater certainty, the Employer Contributions will be treated as a taxable benefit for Employees pursuant to applicable income tax rules. 

 

	Article 7	       Accounts 

 

	7.1	 The Corporation shall establish for the purposes of the Plan, a Group RRSP and, may, at its sole
discretion, establish a Group TFSA, on a registered basis pursuant to the Tax Act. At all times that the Equity Shares are Qualified Investments, investments of the Group RRSP and the Group TFSA, if established, shall be restricted to Equity
Shares. If, at any time, the Equity Shares are not Qualified Investments, the Trustee may make investments with funds in the Group RRSP or Group TFSA, if established, as applicable, in any manner permitted by applicable law.

  

	7.2	 The Administrative Agent shall establish a Personal Account, an RRSP Account and a TFSA Account, if
applicable, for each Participant and shall record in each Personal Account, RRSP Account and TFSA Account, if applicable, the amount of all Personal Contributions made by the Participant and all Employer Contributions made on behalf of the
Participant, the number of Equity Shares purchased for the Personal Account, RRSP Account and TFSA Account, with Personal Contributions, the number of Equity Shares purchased with Employer Contributions and the amount of any expenses allocated to
such Personal Account, RRSP Account and TFSA Account, if applicable. 

  
 9 

	Article 8	       Investment of Funds 

 

	8.1	 On the last day of each Contribution Period, the Corporation or an approved Affiliate shall deposit with the
Administrative Agent the amount of all Personal Contributions and all Employer Contributions for that period, and shall advise the Administrative Agent of the Personal Contributions received from each Participant and the amount of Employer
Contributions made on behalf of each Participant. 

  

	8.2	 Upon receipt of the funds and the information outlined in Section 8.1, the
Administrative Agent shall record in each Participant’s Personal Account, RRSP Account and TFSA Account, if applicable, the amount of that Participant’s Personal Contributions and the amount of any Employer Contributions made on behalf of
that Participant. 

  

	8.3	 Subject to Section 8.6, the Administrative Agent shall use all funds received by
it from Personal Contributions and Employer Contributions, as well as all cash dividends paid on the Equity Shares held on record by the Administrative Agent, or Trustee, as the case may be, as soon as practicable after the remittance thereof, for
and on behalf of the Participant, to purchase Equity Shares, through normal market facilities at the prevailing market price for Equity Shares on the Purchase Date. 

 

	8.4	 Subject to Section 8.6, the Administrative Agent shall purchase on each Purchase
Date such number of Equity Shares as will satisfy all Personal Contributions and Employer Contributions received for the preceding Contribution Period from or on behalf of all Participants under the Plan. Each Participant shall thereupon acquire
ownership (either directly or through an RRSP Account or TFSA Account, if applicable) in the Equity Shares purchased by the Administrative Agent in proportion to his or her Personal Contributions and Employer Contributions made on his or her behalf
during the preceding Contribution Period. 

  

	8.5	 Subject to Section 8.6, following the end of a Contribution Period, the
Administrative Agent shall allocate the Equity Shares purchased during that Contribution Period on behalf of the Participants, on a full and fractional Equity Share basis, as appropriate, to the Personal Account, RRSP Account and TFSA Account, if
applicable, of each Participant in proportion to the Personal Contributions and Employer Contributions made on behalf of that Participant. 

  

	8.6	 If, for any reason, the Administrative Agent is unable to purchase a sufficient number of Equity Shares on a
Purchase Date to satisfy all Personal Contributions and Employer Contributions for the preceding Contribution Period, the Administrative Agent shall purchase Equity Shares as they become available and shall allocate the Equity Shares so purchased to
Participants’ Personal Accounts, RRSP Account and TFSA Account, if applicable, in the order of the Contribution Periods in respect of which the Personal Contributions and/or Employer Contributions were received by the Administrative Agent. The
Administrative Agent shall ensure that all Personal Contributions and Employer Contributions are converted to full and fractional Equity Shares as soon as practicable. 

  
 10 

 All warrants, options, rights or any other securities (other than Equity
Shares), or any dividends of property (other than cash or additional Equity Shares), received by the Administrative Agent in respect of any Equity Shares held pursuant to the Plan shall be sold by the Administrative Agent on behalf of the
Participants and the Group RRSP and Group TFSA, if applicable. The proceeds from the sale of any such securities or property and any cash dividends received by the Administrative Agent for Equity Shares held pursuant to the Plan shall be used
to purchase additional Equity Shares at the prevailing market price for Equity Shares on the date of purchase. Such additional Equity Shares shall be allocated to each of the respective Participants’ accounts in the manner specified in
Section 8.4. 
  

	8.7	 Brokerage commissions, transfer taxes and other charges or expenses pursuant to the purchase of Equity
Shares by the Administrative Agent as provided in Section 8.6, will be the responsibility of the Corporation. 

  

	8.8	 If the Corporation becomes aware that the Equity Shares do not constitute Qualified Investments, it shall
contact the Trustee immediately and advise the Trustee not to acquire Equity Shares for RRSP Accounts or TFSA Accounts, if any. 

  

	Article 9	       Registration and Voting 

 

	9.1	 Equity Shares purchased by the Administrative Agent under this Plan shall be registered in the name of the
Administrative Agent or Trustee, as the case may be, or such other name as the Administrative Agent or Trustee, as the case may be, determines, and held on behalf of the respective Participants. 

 

	9.2	 Whole Equity Shares allocated to a Participant’s Personal Account will be voted by the Participant.
Whole Equity Shares allocated to a Participant’s RRSP Account will be voted by the RRSP Trustee in accordance with the directions, if any, of the Participant, or the Participant’s estate, if applicable. Whole Equity Shares allocated to a
Participant’s TFSA Account will be voted by the TFSA Trustee in accordance with the directions, if any, of the Participant, or the Participant’s estate, if applicable. 

 

	9.3	 The Administrative Agent will provide the transfer agent with a current shareholder register at the time of
the transfer agent’s request. 

  

	Article 10	       Withdrawals While a Participant 

 

	10.1	 A Participant may make withdrawals of Equity Shares from his or her Personal Account, RRSP Account and TFSA
Account, if applicable, only as set out in this Article 10. 

  

	10.2	 Subject to applicable holding periods required by Article 15, a Participant may, in accordance with
Section 10.3, request that all or a portion of the Equity Shares in that Participant’s Personal Account, RRSP Account and TFSA Account, if applicable, that were purchased from a Participant’s Personal
Contributions and/or Participant’s Employer Contributions be transferred to his or her name, or an external account in his or her name, or be sold or, where the Participant holds Equity Shares in the Group RRSP or the Group TFSA, as applicable,
that all or a portion of the Equity Shares in that Participant’s RRSP 

  
 11 

	 	 
or TFSA, as applicable, be transferred to, be sold and the proceeds transferred to another RRSP or TFSA, as applicable, in the Participant’s name, or be sold and the proceeds, net of
withholding tax, be remitted to the Participant. Any fractional Equity Shares credited to the Participant’s Personal Account, RRSP Account or TFSA Account, as applicable, shall be disregarded on any sale or transfer and the Participant shall be
entitled to receive the cash equivalent thereof. All such withdrawals from an RRSP Account or TFSA Account, if any, shall be reported by the RRSP Trustee or TFSA Trustee, as applicable, as a distribution from an RRSP or TFSA, as applicable.

  

	10.3	 A Participant shall give the Administrative Agent or Trustee, as the case may be, notice in the form
prescribed by the Corporation of any instructions for sale or transfer of Equity Shares pursuant to Section 10.2. The Participant must confirm that he or she is not aware of any Undisclosed Material Information at the time
of giving such notice and such notice may not be given during a Blackout Period. 

  

	10.4	 Upon receiving such notice from the Participant, the Administrative Agent shall sell the specified number of
Equity Shares and or transfer them to the other designated RRSP or TFSA, as applicable, as soon as practicable. The net proceeds of any sale (net of any applicable withholding taxes) will be transferred as soon as practicable to the Participant or
such personal bank or brokerage account as the Participant may designate. 

  

	Article 11	       Termination of Participation 

 

	11.1	 A Participant’s participation in the Plan shall terminate immediately on the first to occur of the
following events, unless otherwise specified below: 

  

	 	(a)	 the Participant becomes totally and permanently disabled, unless he or she makes alternative arrangements
with the Corporation or an approved Affiliate for remittance of Personal Contributions; 

  

	 	(b)	 the Participant retires from employment with the Corporation or an approved Affiliate;

  

	 	(c)	 the Participant dies; 

 

	 	(d)	 the Participant’s employment with the Corporation or an approved Affiliate is terminated. A
Participant’s employment will be considered to have terminated on the last day of his or her actual and active employment, whether such day is selected by agreement with the individual or unilaterally by the Corporation or an approved
Affiliate. For the avoidance of doubt, no period of notice that is or ought to have been given under applicable law in respect of such termination of employment shall be considered for such purpose; 

 

	 	(e)	 the Participant has been placed on layoff and all recall rights or opportunities have been exhausted; or

  

	 	(f)	 the Plan is terminated. 

  
 12 

	11.2	 A Participant whose participation in the Plan has been terminated as provided in
Section 11.1 (or his or her executors or administrators, as the case may be) may complete a notice in the form prescribed by the Corporation and file it with the Administrative Agent within 90 days after termination of the
Participant’s participation in the Plan requesting that one or more of the following occur: 

  

	 	(a)	 all or a portion of the Equity Shares in his or her Personal Account be transferred to his or her name or an
external account in his or her name; 

  

	 	(b)	 all or a portion of the Equity Shares be sold and the net proceeds distributed to the Participant or an
external account in his or her name; 

  

	 	(c)	 if the Participant’s Equity Shares are held in an RRSP Account, to the extent permitted by law, all or
a portion of the Equity Shares be transferred to another RRSP in the Participant’s name, or that all or a portion of the Equity Shares be withdrawn from the RRSP and distributed to such Participant (with any such withdrawal being reported by
the RRSP Trustee as a distribution from the RRSP for purposes of the Tax Act); and/or 

  

	 	(d)	 if the Participant’s Equity Shares are held in a TFSA Account, to the extent permitted by law, all or a
portion of the Equity Shares be transferred to another TFSA in the Participant’s name, or that all or a portion of the Equity Shares be withdrawn from the TFSA and distributed to such Participant (with any such withdrawal being reported by the
TFSA Trustee as a distribution from the TFSA for purposes of the Tax Act); 

 provided that the
Participant (or his or her executors or administrators, as the case may be) confirms that he or she is not aware of any Undisclosed Material Information at the time of giving such notice. 

 

	11.3	 In relation to some or all of the Equity Shares held by the Participant as at the date the
Participant’s participation in the Plan is terminated, as provided in Section 11.1, if no notice is filed within 90 days after such date, the Participant (or his or her executors or administrators, as the case may be)
shall be deemed to have elected to: 

  

	 	(a)	 request that the Equity Shares in his or her Personal Account be sold and the net proceeds distributed to
the Participant or an external account in his or her name; 

  

	 	(b)	 request that the Equity Shares held in an RRSP Account be sold and the net proceeds (net of any applicable
withholding taxes) be distributed to the Participant, or his or her estate, as applicable, as provided in Section 10.4; and 

  

	 	(c)	 request that the Equity Shares held in a TFSA Account be sold and the net proceeds be distributed to the
Participant, or his or her estate, as applicable, as provided in Section 10.4. 

  

	11.4	 After receiving any such notice as contemplated within this Article 11, the Administrative Agent shall make
the necessary arrangements for the sale of the Equity Shares, or the 

  
 13 

	 	 
issuance and delivery of the appropriate certificate representing the Equity Shares to such terminating Participant or other RRSP or TFSA, as applicable, as soon as practicable thereafter. The
Administrative Agent will forward the net proceeds from the sale of the Equity Shares of a terminating Participant as soon as practicable following the receipt of any notice by the terminating Participant or the Corporation, as applicable. Any
fractional Equity Shares credited to the Participant’s Personal Account, RRSP Account or TFSA Account, of applicable, shall be disregarded on any sale or transfer and the Participant shall be entitled to receive the cash equivalent thereof.

  

	11.5	 Any distribution from any RRSP Account or TFSA Account shall be reported by the RRSP Trustee or TFSA
Trustee, as applicable, as a withdrawal for tax purposes. The former Participant will be responsible for paying any fees and expenses, as applicable, related to the establishment and ongoing maintenance (including, without limitation, any
transaction expenses, brokerage fees, administration fees and applicable taxes) by the Corporation on behalf of the former Participant pursuant to Section 11.3. 

 

	Article 12	       Termination by a Participant 

 

	12.1	 Once a Participant has temporarily ceased participating in the Plan as provided in
Section 5.3, the Participant may terminate his or her participation in the Plan by requesting that one or more of the following occur: 

 

	 	(a)	 all of the Equity Shares in his or her Personal Account be transferred to his or her name or an external
account in his or her name; 

  

	 	(b)	 all of the Equity Shares in his or her Personal Account be sold and the net proceeds distributed to the
Participant or an external account in his or her name, provided that the Participant confirms that he or she is not aware of any Undisclosed Material Information at the time of giving such notice and such notice may only be given outside of a
Blackout Period; 

  

	 	(c)	 if the Participant’s Equity Shares are held in an RRSP Account, then to the extent permitted by law,
all of the Equity Shares be transferred to another RRSP in the Participant’s name or that all or a portion of the Equity Shares be withdrawn from the RRSP and distributed to such Participant (with any such withdrawal being reported by the RRSP
Trustee as a distribution from the RRSP for purposes of the Tax Act); and/or 

  

	 	(d)	 if the Participant’s Equity Shares are held in a TFSA Account, then to the extent permitted by law, all
of the Equity Shares be transferred to another TFSA in the Participant’s name, or that all or a portion of the Equity Shares be withdrawn from the TFSA and distributed to such Participant (with any such withdrawal being reported by the TFSA
Trustee as a distribution from the TFSA for purposes of the Tax Act). 

  

	12.2	 If, at the end of any Calendar Year, a Participant has not contributed to his or her Personal Account, RRSP
Account or TFSA Account, if applicable, during such Calendar Year, the Corporation (or an approved Affiliate company, as the case may be) may elect to give 

  
 14 

	 	 
written notice requiring that Participant to terminate his or her participation in the Plan and withdraw, subject to Article 15, all of his or her Personal Account, RRSP
Account and TFSA Account, if applicable, in the manner set forth in Section 12.1 in cash or Equity Shares. If no election under Section 12.1 is made by the Participant within a period of 90 days
after notice from the Corporation or an approved Affiliate company, the Participant shall be deemed to have elected to: 

  

	 	(a)	 request that the Equity Shares in his or her Personal Account be sold and the net proceeds distributed to
the Participant or an external account in his or her name; 

  

	 	(b)	 if the Participant’s Equity Shares are held in an RRSP Account, have all of his or her Equity Shares be
sold and the net proceeds (less applicable withholding taxes) be distributed to the Participant or his or her estate, as applicable; and 

  

	 	(c)	 if the Participant’s Equity Shares are held in a TFSA Account, have all of his or her Equity Shares be
sold and the net proceeds be distributed to the Participant (less applicable withholding taxes) or his or her estate, as applicable. 

  

	12.3	 After receiving any such notice as contemplated within this Article 12, the Administrative Agent
shall make the necessary arrangements for the sale of the Participant’s Equity Shares, or the issuance and delivery of the appropriate certificate representing the Equity Shares to such terminating Participant or other RRSP or TFSA, if
applicable, as soon as practicable thereafter. The Administrative Agent will forward the net proceeds from the sale of the Equity Shares of a terminating Participant as soon as practicable following the receipt of any notice by the terminating
Participant or the Corporation, as applicable. Any fractional Equity Shares credited to the Participant’s Personal Account or RRSP Account or TFSA Account, if applicable, shall be disregarded on any sale or transfer and the Participant shall be
entitled to receive the cash equivalent thereof. 

  

	12.4	 Any Participant who has terminated his or her participation in the Plan under
Section 12.1 or is deemed to have terminated his or her participation in the Plan under Section 12.2, shall not be permitted to enroll and become a Participant in the Plan or entitled to make
Personal Contributions again until a period of six calendar months has elapsed since his or her termination or deemed termination. 

  

	Article 13	       Prohibition of Assignment of Interest 

 

	13.1	 All rights of participation in the Plan are personal and no assignment or transfer of any interest in the
Equity Shares held by the Administrative Agent or Trustee under the Plan will be permitted or recognized, except as expressly set out elsewhere in this Plan. 

 

	Article 14	       Taxes and Fees 

 

	14.1	 The Participant shall be responsible for paying all income taxes and other taxes applicable to Personal
Contributions, Employer Contributions and to transactions involving the Equity Shares held by the Administrative Agent or Trustee on his or her behalf, including, without limitation, any taxes payable in respect of: 

  
 15 

	 	(a)	 Personal Contributions made by the Participant; 

 

	 	(b)	 Employer Contributions made on behalf of the Participant; 

 

	 	(c)	 the transfer of Equity Shares to the Participant or a person designated by the Participant, including
transfers to or from an RRSP Account or TFSA Account, if applicable; 

  

	 	(d)	 the sale or other disposition of Equity Shares of the Participant; and 

 

	 	(e)	 dividends paid on the Equity Shares. 

For greater clarification, the Corporation or an approved Affiliate will be responsible for reporting the taxable benefit
arising from the Employer Contributions on Participants’ T4 slips (or other forms, as required, outside of Canada) and deducting the appropriate withholding taxes in respect of Personal Contributions and Employer Contributions from
Participants’ Earnings. 
  

	14.2	 Each of the Corporation, the Administrative Agent and the Trustee is authorized to deduct from any amounts
payable to, or in respect of, a Participant, any amounts which are required to be withheld on account of taxes, and all such amounts shall be remitted to the appropriate government authority in accordance with the Tax Act and other applicable
federal, provincial, territorial and state legislation. None of the Corporation, an approved Affiliate company, the Trustee and the Administrative Agent: (a) assumes any responsibility for any income tax or other tax consequences for the
Participants in the Plan; or (b) shall provide any tax advice to any Participant. Each Participant is expected to consult his or her own professional advisors in this regard. 

 

	14.3	 The Participant or the Participant’s designate, as applicable, will be responsible for paying any and
all brokerage commissions and share sale processing fees on all Equity Share sales initiated by, or deemed to be initiated by, the Participant. 

  

	Article 15	       Holding Period 

 

	15.1	 All funds and Equity Shares acquired with the Employer Contributions made on behalf of the Participant shall
be subject to a 12-month holding period, during which time such funds and Equity Shares cannot be withdrawn from the Plan. Once participation in the Plan has been terminated provided in Article 11 the 12-month holding period will be immediately waived. 

  

	Article 16	       Vesting 

 

	16.1	 All Personal Contributions, Employer Contributions, Equity Shares acquired with the Personal Contributions
of a Participant and with Employer Contributions made for the benefit of such Participant and all other funds shall at all times be vested in such Participant or his or her RRSP or TFSA, as applicable. 

  
 16 

	Article 17	       Offer for Equity Shares of the Corporation 

 

	17.1	 In the event that, at any time, an offer to purchase is made to all holders of Equity Shares, the
Administrative Agent will provide a current shareholder register to the transfer agent at the time of the transfer agent’s request. The transfer agent will provide notice of such offer to purchase to each applicable Participant.

  

	Article 18	       Subdivision, Consolidation, Conversion or Reclassification

  

	18.1	 In the event that the Equity Shares are subdivided, consolidated, converted or reclassified by the
Corporation, or any action of a similar nature affecting such Equity Shares is taken by the Corporation, then the Equity Shares held by the Administrative Agent or Trustee for the benefit of the Participants, and the number of Equity Shares that may
be acquired pursuant to this Plan, shall be appropriately adjusted. 

  

	Article 19	       Amendment or Termination of the Plan 

 

	19.1	 The Board may, at any time, amend this Plan in whole or in part or terminate this Plan. The Corporation may
amend this Plan without approval of the Board when such amendments are of an administrative and/or housekeeping nature. However, neither the Corporation nor the Board may amend or terminate this Plan in a manner which would deprive a Participant of
any benefits that have accrued to the date of amendment or termination or which would cause or permit any Equity Shares or cash held pursuant to the Plan or any Personal Contributions or Employer Contributions to revert to or become the property of
the Corporation. In the event that the Corporation or the Board desires to amend this Plan in a manner that would require shareholder approval pursuant to any provincial, territorial, federal or state law, or regulation or rules of any stock
exchange or automated quotation system on which the Equity Shares may then be listed or quoted, the amendment shall be subject to the approval of the Corporation’s shareholders no later than the next meeting of shareholders immediately
following such Corporation or Board action. 

  

	19.2	 If the Plan is terminated, all funds and Equity Shares in the Participant’s Personal Account, RRSP
Account and TFSA Account, if applicable, shall be transferred to the Participant or on behalf of the Participant or handled as otherwise directed by the Participant, within 90 days of the termination of the Plan. 

 

	Article 20	       Administration 

 

	20.1	 The Corporation shall have full power and authority to interpret and administer the Plan, including the
power to appoint any person or persons to carry out its provisions in conformity with the objectives of the Plan and under such rules as the Corporation may from time to time establish. Decisions of the Corporation shall be final and binding upon
any approved Affiliate companies, Employees, Participants, and their executors and administrators. 

  

	20.2	 Notwithstanding any other provision of this Plan, the Corporation will administer the Plan in a manner that
ensures that the Equity Share limitation set forth in Section 3.4 of this Plan is not breached. Subject to any applicable securities or legal requirements, the Corporation 

  
 17 

	 	 
may take any action it determines would be necessary or appropriate to stay within the limitations of Section 3.4, and will promptly notify all applicable Participants of any actions taken
pursuant to this Section 20.2 that will impact the Participant’s Personal Account, RRSP Account or TFSA Account. 

  

	20.3	 The Corporation has entered into an Administration Agreement with the Administrative Agent. A copy of the
Administration Agreement is available for inspection in the Corporation’s principal executive office. 

  

	20.4	 The Corporation may from time to time enter into such further agreements with the Trustee, the
Administrative Agent or other parties as it may deem necessary or desirable to carry out this Plan. 

  

	20.5	 The Corporation and any approved Affiliate companies will make a copy of the Plan available to all new
Participants. 

  

	20.6	 Records of the Trustee, the Administrative Agent and the Corporation and any approved Affiliate companies
will be conclusive as to all matters involved in the administration of the Plan. 

  

	20.7	 Except as set out in Sections 8.7, 14.1, and 14.3, all costs and expenses of
administering the Plan, including the Administrative Agent’s compensation, will be paid by the Corporation and/or any approved Affiliate companies. 

  

	Article 21	       Reporting 

 

	21.1	 As soon as practicable after the end of the relevant period, the RRSP Trustee, TFSA Trustee or
Administrative Agent, as applicable, will issue to each Participant with respect to RRSP and TFSA contributions, as applicable, receipts reporting the total amount of contributions to the Participant’s RRSP Account or TFSA Account, if any.

  

	21.2	 The Administrative Agent shall furnish to each Participant a statement of his or her Personal Account, RRSP
Account and TFSA Account, if applicable,. Unless written notice to the contrary is received by the Administrative Agent within 60 days after the mailing or delivery of such statement to the Participant, such statement shall be conclusively deemed to
be correct and the Administrative Agent and Trustee shall be relieved of all liability for any error contained therein or disclosed thereby. 

  

	Article 22	       Limitation of Rights of the Employee 

 

	22.1	 This Plan is a voluntary program on the part of both the Corporation or approved Affiliate company, as the
case may be, and the Employee and shall not constitute an inducement to, or condition of, the employment of any Employee. 

  

	22.2	 Participation by an Employee in the Plan shall not: 

 

	 	(a)	 give any Employee, whether a Participant or not, the right to be or continue to be employed by the
Corporation or approved Affiliate , as the case may be; 

  
 18 

	 	(b)	 interfere with the right of the Corporation (or an approved Affiliate , as the case may be) to discharge any
Employee, whether a Participant or not, at any time; and 

  

	 	(c)	 give any Participant or beneficiary or spouse of a Participant any right or claim to any benefit, except to
the extent provided for in the Plan. 

  

	22.3	 None of the Corporation, any approved Affiliates , the Trustee, nor the Administrative Agent shall be liable
to any Employee for any loss resulting from a decline in the market value of any Equity Shares purchased under the Plan. Neither the Corporation, any approved Affiliate , the Trustee nor the Administrative Agent shall be liable to any Employee for
any change in the market price of the Equity Shares between the time an Employee authorizes the purchase or sale of the Equity Shares and the time such purchase or sale takes place. 

 

	Article 23	       Legal Restrictions 

 

	23.1	 For the avoidance of doubt, all Equity Shares acquired for the benefit of Participants pursuant to the Plan
shall be acquired on the open market and no such Equity Shares shall be sold or issued by the Corporation or any person which does not deal at arm’s length (within the meaning of the Tax Act) with the Corporation. 

 

	23.2	 The Corporation shall not be obligated to purchase Equity Shares hereunder if counsel to the Corporation
determines that such sale would violate any applicable law or regulation or the rules of any securities exchange upon which the Corporation’s Equity Shares are then listed. Further, all Equity Shares acquired pursuant to this Plan shall be
subject to the Corporation’s policies concerning compliance with securities laws and regulations, including the Securities Trading and Reporting Policy, as such policies may be amended from time to time. The terms and conditions of the ability
to purchase Equity Shares that are granted hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act, shall comply with any applicable provisions of Rule 16b-3. As to
such persons, the Plan shall be deemed to contain, and the Equity Shares issued to such person pursuant to this Plan, shall be subject to such additional conditions and restrictions as may be required from time to time by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 

  

	Article 24	       Administrative Agent 

 

	24.1	 In the event of the resignation of the Administrative Agent, its successor shall be appointed by the
Corporation. Any successor Administrative Agent shall be vested with all the powers, rights, duties and immunities of the Administrative Agent hereunder to the same extent as if originally named as the Administrative Agent. 

 

	Article 25	       Applicable Laws 

 

	25.1	 The Plan shall be construed, and the rights and obligations of the parties governed by the Plan shall be
determined, in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein. 

  
 19

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