Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

FIRST AMENDMENT TO SERVICES AGREEMENT 

This First Amendment to Services Agreement (this “Amendment”) is made and entered into, and shall have effect, as of
June 22, 2021 (the “Effective Date”), by and between Knowlton Development Corporation Inc., a corporation amalgamated under the laws of the Province of British Columbia (the “Company”) and Cornell Capital LLC,
a Delaware limited liability company (“Cornell”). The Company and Cornell are the “Parties” and each is a “Party” to this Amendment. Capitalized terms used but not defined elsewhere in this
Amendment shall have the meanings set forth in the Agreement (as defined below). 
 RECITALS 

WHEREAS, the Parties entered into a Services Agreement, dated as of December 21, 2018 (the “Agreement”); and 

WHEREAS, the Parties now wish to amend the Agreement in accordance with Section 12 of the Agreement, as set forth in this Amendment,
effective as of the Effective Date. 
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and
agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows: 
 Section 1.1 Amendments.

 (a) Section 1 of the Agreement is hereby amended, so that as amended, it shall read as follows: 

“This Agreement shall be in effect for the term commencing on the Effective Date and ending at such time as neither Cornell nor any of its
Affiliates owns, directly or indirectly, any equity interest in the Company or the Company sells all or substantially all of its assets or properties (the “Term”); provided, that this Agreement shall terminate automatically
upon the consummation by the Company, one or more of its Subsidiaries or any of its direct or indirect successors of an initial public offering of equity securities or equity interests in the Company, its Subsidiaries or its successors (an
“IPO”). Notwithstanding anything to the contrary in this Agreement, (a) this Agreement may be terminated prior to expiry of the Term (i) with the written consent of both the Company and Cornell, (ii) by Cornell, upon
its written election to end the Term, which termination shall be effective upon the delivery by Cornell to the Company of such written election, or (iii) by the Company, upon its written election to end the Term following a willful material
breach of this Agreement by Cornell which is not cured within thirty (30) days of receipt of a written notice from the Company requiring cure, which termination shall be effective upon the delivery by the Company to Cornell of such written
election, and (b) the prorated annual cash fee set forth in the proviso of Section 3(a)(i) and the fee set forth in Section 3(a)(ii) shall survive the Term or any earlier termination of this Agreement until fully
paid.” 
 (b) Section 3(a) of the Agreement is hereby amended, so that as amended, it shall read as follows: 

(a) “(a) In consideration of the services rendered and to be rendered by the Cornell Group, the Company shall pay to
Cornell (or such member of the Cornell Group as Cornell may designate) the following fees: 

 (i) an annual cash fee equal to 2.5% of the Consolidated Adjusted EBITDA for
each twelve-month period beginning with the twelve-month period ending December 31, 2020, payable within 5 Business Days following the calculation of Consolidated Adjusted EBITDA for such period (provided, that the annual cash fee
payable under this Section 3(a)(i) shall be prorated and paid in respect of any partial annual period up to the date of termination of this Agreement, with the Consolidated Adjusted EBITDA determined using the most recent management
accounts of the Company for the most recent trailing twelve-month period); 
 (ii) upon consummation of an IPO, a cash fee of
$18,000,000; and 
 (iii) upon consummation of an acquisition by the Company or its Subsidiaries of any company, business or
entity, a cash fee equal to 1% of the total enterprise value of such company, business or entity, as reasonably determined by the Company’s board of directors.” 

Section 1.2 No Other Amendments. Except as expressly hereby amended, all of the terms, representations, warranties, covenants and
conditions of the Agreement shall remain unmodified and unwaived by the terms of this Amendment, and shall remain in full force and effect in accordance with their respective terms, and are hereby ratified, approved and confirmed in all respects.
This Amendment shall not constitute any Party’s consent or indicate its willingness to consent to any other amendment, modification or waiver of the Agreement or any instruments or agreements referred to herein or therein. 

Section 1.3 Miscellaneous. This Amendment may be executed and transmitted in counterparts, each of which when so executed and
delivered shall constitute an original, but such counterparts together shall constitute one and the same agreement, and by facsimile or as a PDF attached to an email or may be electronically signed and each such execution shall be of the same legal
effect, validity and enforceability as a manually executed original, wet-inked signature. 

[Remainder of this page intentionally left blank.] 

  
 2 

 IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed and delivered
as of the date first above written. 
  

			
	KNOWLTON DEVELOPMENT CORPORATION INC.

 
			
		
	By:	 	/s/ Nicholas Whitley
		 	Name: Nicholas Whitley
		 	Title: President and Chief Executive Officer

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO SERVICES AGREEMENT] 

 
			
	CORNELL CAPITAL LLC
	By:	 	Cornell Capital LP,
		 	its Sole Member
	By:	 	Cornell Capital Holdings LLC,
		 	its General Partner
		
	By:	 	/s/ Henry Cornell
		 	 Name: Henry Cornell
 Title: Authorized
Signatory

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO SERVICES AGREEMENT]EX-10.5

 Exhibit 10.5 

KNOWLTON DEVELOPMENT CORPORATION, INC. 

AMENDED AND RESTATED STOCK OPTION PLAN 
  

	1.	 PURPOSE 

This Amended and Restated Stock Option Plan (as it may be further amended from time to time, this ”Plan”) provides a
means whereby Knowlton Development Corporation, Inc. (previously named Knowlton Development Parent, Inc.), a corporation incorporated under the BCBCA (as defined herein) (the “Company”) may provide financial reward, through the
grant of options to purchase common shares in the share capital of the Company (“Shares”), to eligible persons who have contributed or are expected to contribute to the development of the Company, and to allow them to directly
benefit from the Company’s growth, development and financial success. 
  

	2.	 INTERPRETATION 

The following terms as used in this Plan will have the respective meanings set forth below unless the context otherwise requires: 

“Affiliate” means, with respect to any Person, any other Person who, directly or indirectly (including through one or more
intermediaries), controls, is controlled by, or is under common control with, such Person, including any partner, member, shareholder or other equity holder of such Person or manager, director, officer or employee of such Person; provided, that the
term “Affiliate” shall exclude any portfolio company of any Sponsors or their Affiliates. For purposes of this definition, “control,” when used with respect to any specified Person, shall mean (i) the power, direct or
indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract or otherwise, or (ii) the ownership or voting
control, directly or indirectly, of securities which carry the right to cast more than 50% of the votes or similar rights of decision that may be cast to elect the board of directors or any similar managing body of such Person where such votes or
rights are sufficient, if exercised, to elect a majority of the board of directors or similar managing body of such Person; and the terms “controlling” and “controlled” shall have correlative meanings; 

“Associate”, where used to indicate a relationship with a Participant, means (i) any domestic partner of that
Participant, and (ii) the spouse of that Participant and that Participant’s children (whether by birth or adoption), as well as that Participant’s relatives and that Participant’s spouse’s relatives, in each case if they
share that Participant’s residence; 
 “BCBCA” means the Business Corporations Act (British Columbia); 

“Board” means the board of directors of the Company or any committee thereof designated by the Board, including the
compensation committee, to administer this Plan in accordance with Section 5 of this Plan; 
 “Cause” has the meaning
set forth below, except with respect to any Optionee who is engaged by the Company or one of its Affiliates pursuant to an effective written Service agreement in which there is a definition of “Cause” or an equivalent term, in which event
the definition of “Cause” as set forth in such Service agreement shall be deemed to be the definition of “Cause” herein solely for such Optionee and only for so long as such Service agreement remains effective. In all other
events, the term “Cause” means, to the extent permissible under applicable laws, that the Optionee: (a) is convicted of or indicted for, or pleads guilty or no contest to, a felony or crime involving moral turpitude; (b) commits
any act of fraud, misappropriation of funds, embezzlement or dishonesty; (c) engages in illicit use of controlled substances, which use interferes with the Optionee’s performance of the Optionee’s duties to the Company or any of its

 
Subsidiaries; (d) fails to substantially perform the Optionee’s duties to the Company or any of its Subsidiaries (after notice to the Optionee of the same, with a single 15-day opportunity to cure with respect to matters that, by their nature, are capable of being cured); (e) breaches any material provision of such Optionee’s Service agreement, Option Agreement, or any
other agreement with the Company or any of its Subsidiaries; (f) commits willful and dishonest misconduct in the performance of the duties to the Company or any of its Subsidiaries that has or could reasonably be expected to result in financial
or reputational harm to the Company or any of its Subsidiaries; or (g) materially breaches any provision of any restrictive covenant protective of the Company or any of its Subsidiaries; provided that the Company provides notice to the Optionee
of the occurrence of any such breach with a single 15-day opportunity to cure with respect to matters that, by their nature, are capable of being cured; 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time; 

“Company Notice” has the meaning set forth in subsection 7(a)(ii); 

“Cornell” means CC KDC Co-Invest LP (Cayman); 

“Disability” has the meaning set forth below, except with respect to any Optionee who is engaged by the Company or one of its
Affiliates pursuant to an effective written Service agreement in which there is a definition of “Disability” or an equivalent term, in which event the definition of “Disability” as set forth in such Service agreement shall be
deemed to be the definition of “Disability” herein solely for such Optionee and only for so long as such Service agreement remains effective. In all other events, the term “Disability” means: any medical condition whatsoever that
leads to (i) an Employee’s absence from his or her usual job functions for a continuous period of six months, without such Employee being able to resume functions on a full time basis at the expiration of such period and which, in light of
the position held by the Employee, the parties agree would cause undue hardship to the Company or the relevant Subsidiary which cannot be accommodated (and unsuccessful attempts to return to work for periods of fewer than 28 days will not interrupt
the calculation of such six-month period), (ii) an Employee’s absence from his or her usual job functions for 270 days in the aggregate during any period of 365 consecutive days, or (iii) a
determination by a court of competent jurisdiction that such Employee is unable to manage his or her own affairs; 
 “Effective
Date” has the meaning set forth in Section 12; 
 “Election Deadline” has the meaning set forth in
subsection 7(a)(ii); 
 “Employee” means an Optionee who is an employee of the Company or the relevant Subsidiary; 

“Exercise Price” has the meaning set forth in subsection 6(b); 

“Fair Market Value” of a Share means: 
  

	 	(i)	 (A) the closing price of a Share on the TSX where value is determined in Canadian dollars for the grant or
payment of an Option or (B) the closing price of a Share on the NYSE where value is determined in U.S. dollars for the grant or payment of an Option, in each case on the trading day immediately preceding the date of determination (or, if there
is no reported sale on such date, on the last preceding date on which any reported sale occurred); 

  

	 	(ii)	 if the Shares are not listed on both the TSX and the NYSE, then as calculated in paragraph (i) by
reference to the price on the stock exchange on which the Shares are listed (if more than one, then using the exchange on which a majority of Shares are traded); or 

 

	 	(iii)	 if the Shares are not listed on any stock exchange, the fair market value as determined by the Board in its
sole discretion; 

  
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 “Governmental Entity” means any (i) governmental or public department,
central bank, court, commission, board, bureau, agency, commissioner, minister, governor-in-council, cabinet, tribunal or instrumentality whether international,
multinational, national, federal, provincial, state, municipal, local or other, (ii) subdivision or authority of any of the above, or (iii) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority
under or for the account of any of the above; 
 “Insider” means a “reporting insider” as defined in National
Instrument 55-104 – Insider Reporting Requirements and Exemptions and includes Associates and affiliates (as such term is defined in Part 1 of the TSX Company Manual) of such “reporting
insider”; 
 “Legal Representative” means, in respect of the death of an Optionee, the administrator, executor or
liquidator of the Optionee’s estate and, in respect of Disability of the Optionee, any Person appointed pursuant to a “living will” or mandate in case of Disability or by Court order to administer the Optionee’s estate or assets;

 “NYSE” means the New York Stock Exchange; 

“Option” means an option to purchase Shares granted pursuant to the terms of this Plan; 

“Option Agreement” has the meaning set forth in Section 6; 

“Optioned Shares” means, in respect of an Option, the total number of Shares which an Optionee may purchase pursuant to that
Option; 
 “Optionee” means a Person to whom an Option has been granted pursuant to this Plan; 

“Participant” has the meaning set forth in subsection 4(a); 

“Person” is to be interpreted broadly and includes an individual, partnership, company, corporation, trust, unincorporated
association, joint venture or other entity or Governmental Entity, and pronouns are to have a similarly extended meaning; 

“Proposed Closing Date” has the meaning set forth in subsection 7(a)(ii); 

“Sale of the Company” means (i) a sale of all or substantially all of the assets of the Company to an un-Affiliated third party; (ii) a sale resulting in more than 50% of the Shares being held by an un-Affiliated third party of any Sponsors; or (iii) a merger,
consolidation, recapitalization or reorganization of the Company with or into an un-Affiliated third party after which more than 50% of the Shares are held by an
un-Affiliated third party; 
 “Share Compensation Arrangement” means a stock option,
stock option plan, employee stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to one or more full-time Employees, directors, Insiders, or consultants
of the Company or a Subsidiary of the Company, including a Share purchase from treasury by a full-time Employee, director, Insider, or consultant which is financially assisted by the Company or a Subsidiary of the Company by way of a loan, guarantee
or otherwise; 
 “Shares” has the meaning set forth in Section 1; 

  
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 “Section 409A” means Section 409A of the Code
together with all regulations, guidance, compliance programs and other interpretative authority thereunder; 
 “Service”
means the Optionee’s service as an employee, director or independent contractor with the Company or any of its Subsidiaries; 

“Sponsors” means Cornell and Caisse de dépôt et placement du Québec; 

“Subsidiaries” means, with respect to any Person, any other Person of which a majority of the outstanding shares or other
equity interests having the power to vote for all of the directors or comparable managers are owned, directly or indirectly, by the first Person; 

“Tax Act” means the Income Tax Act (Canada) and the regulations thereunder, as amended; 

“Termination Date” means, without regard to any period corresponding to a notice of termination of employment or engagement,
payment in lieu of any notice of termination of employment or engagement, termination pay, severance pay, termination fees, payment in lieu of resignation notice or any indemnity or damages for termination of employment or engagement that is given
or that ought to have been given, whether pursuant to applicable law, common law, civil law, contract or further to a judgment rendered by a tribunal of competent jurisdiction, as well as any period of salary continuance or deemed employment or
engagement in respect of such termination of employment (further to reinstatement or otherwise) or engagement: (i) the date on which the Optionee’s Service is terminated by the Company or the relevant Subsidiary for any reason;
(ii) the date on which the Optionee voluntarily terminates his or her Service for any reason; (iii) the date of death of the Optionee; or (iv) the date on which the Optionee is deemed to be incapacitated in accordance with the
definition of Disability; 
 “TSX” means the Toronto Stock Exchange; and 

“Withholding Obligations” has the meaning set forth in subsection 9(a). 

As used in this Plan, words importing the singular number only will include the plural and vice versa and words importing gender will include
both genders, unless the context clearly requires otherwise. 
  

	3.	 SHARES AVAILABLE UNDER PLAN 

The maximum number of Shares issuable under this Plan is [●] Shares, which represents the Shares issuable upon exercise of Options
outstanding as of [●], 2021, being the date that this Plan is amended and restated, which, when delivered in accordance with the terms and conditions of any Option Agreement and this Plan, shall be validly issued, fully paid and non-assessable. The Board will not grant any additional Options under this Plan. 
  

	4.	 ELIGIBILITY 

  

	 	(a)	 Options may be granted to Employees or contractors or consultants of the Company or the relevant Subsidiary
(each a “Participant”). A Person may be granted more than one Option under this Plan. 

  

	 	(b)	 Subject to subsection 6(f) and subsection 11(i), (i) the maximum number of Shares issuable from treasury to
Participants who are Insiders, at any time, under this Plan and any other proposed or established Share Compensation Arrangement, shall not exceed ten percent (10%) of the Shares issued and outstanding from time to time (calculated on a non-diluted basis); and (ii) the maximum number of Shares issued from treasury to Participants who are Insiders, within any one-year period, under this Plan and any other
proposed or established Share Compensation Arrangement, shall not exceed ten percent 

	 	
(10%) of the Shares issued and outstanding from time to time (calculated on a non-diluted basis). Any Option granted pursuant to the Plan, or securities
issued under the any other Share Compensation Arrangement, prior to a Participant becoming an Insider, shall be excluded for the purposes of the limits set out in this subsection 4(b). 

 

	5.	 ADMINISTRATION 

 

	 	(a)	 This Plan will be administered by, and under the supervision of, the Board. 

 

	 	(b)	 The Board will have the power to: 

 

	 	(i)	 [Reserved] 

  

	 	(ii)	 determine the time or times when, and the manner in which, each Option will be vested and exercisable and the
duration of the exercise term; and 

  

	 	(iii)	 determine the other terms and conditions of Options, subject to and in accordance with the terms of this Plan.

  

	 	(c)	 [Reserved] 

  

	 	(d)	 [Reserved] 

  

	 	(e)	 The Board may interpret this Plan and, in its sole discretion, prescribe, amend or rescind any rules and
regulations necessary or appropriate for the administration of this Plan and make such other determinations and take such actions in connection with the administration of this Plan as it deems necessary or advisable. 

 

	 	(f)	 Any such interpretation or determination so made will be final, binding and conclusive. 

 

	 	(g)	 Each member of the Board and any delegate appointed by the Board for the purposes of this Plan will be
indemnified and held harmless by the Company against any cost or expense (including counsel fees) reasonably incurred by him or her, or any liability (including any sum paid in settlement of a claim with the approval of the Company) arising out of
any act or omission to act in connection with this Plan unless arising out of such member’s or Person’s own fraud, criminal or willful misconduct or bad faith, to the extent permitted by applicable law. Such indemnification will be in
addition to any rights of indemnification such member may otherwise have as a director of the Company or may otherwise have as an officer of the Company or any of its Affiliates, as applicable. 

 

	 	(h)	 The Board may delegate all or any of its powers and duties hereunder to a committee of the Board, subject to
such limitations as it may impose. 

  

	6.	 TERMS AND CONDITIONS 

Each Option granted under this Plan will be evidenced by an option agreement (each, an “Option Agreement”), in such
form as may be approved by the Board in its sole discretion, which will be subject to the following express terms and conditions and to such other terms and conditions as set out in the Option Agreement as the Board may deem appropriate: 

 

	 	(a)	 Conditions to Exercise. Options will become exercisable when (and to the extent) vested and upon the
satisfaction of such other conditions to exercise (if any) as the Board may determine and as are set out in the Option Agreements. Notwithstanding anything to the contrary in this Plan or any Option Agreement, (i) the term of each Option will not
exceed 10 years from the date of grant of such Option, and (ii) to the extent an Option is not previously exercised as to all of the Shares subject thereto, and, if the Fair Market Value of one

  
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Share is greater than the exercise price then in effect, then the Option shall be deemed automatically exercised immediately before its expiration, and the Company will effect a “net
exercise” of the Option under which the Company will reduce the number of Shares otherwise issuable to the Participant upon such exercise by the number of Shares with an aggregate Fair Market Value that equals the sum of the aggregate Exercise
Price and any Withholding Obligation, the whole in accordance with applicable securities laws and policies adopted by the Company. 

  

	 	(b)	 Exercise Price. Subject to adjustment in accordance with this Plan, the purchase price of each Share
subject to an Option (with respect to such Option, its “Exercise Price”) will be not less than the Fair Market Value of a Share as at the date of grant of the Option. 

 

	 	(c)	 Payment of Exercise Price. The Exercise Price of any Share in respect of which an Option is exercised
will be paid in cash or an equivalent thereof (e.g., by certified cheque payable to the Company), unless otherwise permitted by the Board in its sole discretion. Subject to approval of the Board in its sole discretion, Optionees may elect, in lieu
of exercising Options, to surrender such Options to the Company in consideration of a payment to be satisfied by the Company issuing a number of Shares to the Optionee equal to the number of Optioned Shares in respect of such surrendered Options,
less the number of Shares having an aggregate Fair Market Value at that time equal to the aggregate Exercise Price in respect of such surrendered Options, subject to Section 9. In the event of such a surrender, the Company will duly and timely
file an election in respect thereof under subsection 110(1.1) of the Tax Act, where applicable. 

  

	 	(d)	 Vesting Periods. Each Option will vest over such period and/ or upon the occurrence of certain events as
the Board may determine, in its sole discretion, and as set out in the corresponding Option Agreement. If an Optionee purchases fewer Shares than such Optionee is entitled to purchase under an Option, then any remaining portion of Shares will remain
available for purchase, subject to the terms of the Option Agreement. 

  

	 	(e)	 Obligation to Issue Shares. The Company’s obligation to issue Optioned Shares to an Optionee
pursuant to the exercise of an Option may be subject to: 

  

	 	(i)	 completion of such registration or other qualifications of such Optioned Shares or obtaining approval of such
governmental authority or stock exchange as the Company shall determine to be necessary or advisable in connection with the authorization, issuance or sale of the Optioned Shares; and 

 

	 	(ii)	 [Reserved] 

  

	 	(iii)	 [Reserved] 

  

	 	(iv)	 the receipt from the Optionee of such representations, agreements and undertakings as to future dealings in
such Optioned Shares as may be necessary to comply with applicable laws. 

  

	 	(f)	 Adjustments in Event of Change in Shares. If there is any change in the issued and outstanding capital
of the Company by reason of any recapitalization, reorganization, arrangement, merger, amalgamation, dissolution, dividend (other than an ordinary dividend), stock dividend, or a consolidation, subdivision, reclassification, split, combination or
exchange of shares, or any similar change affecting the Shares or the share capital of the Company, the number and kind of shares which after such change may be optioned and sold under this Plan, the number and kind of shares or other securities
subject to outstanding Options, the Exercise Price of Options and/ or any other term of the Options, including, without limitation, vesting terms or performance targets, shall be appropriately adjusted consistent with such change in such manner as
the Board, in its sole discretion, deems equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, participants in this Plan. 

  
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	 	(g)	 No Fractional Shares. Except as otherwise determined by the Board, the Company shall not be obligated to
issue fractional Shares upon the exercise of Options; provided that, notwithstanding the foregoing, no cash shall be paid in respect of a fractional Share in connection with an Option granted to a Participant who is subject to Canadian taxation, and
the Committee shall be entitled to round the number of Shares subject to such Option down to the nearest whole number without further compensation payable to the Participant. 

 

	 	(h)	 Certificates. All certificates for Shares or other securities delivered under this Plan (whether in
physical or electronic form, as appropriate) will be subject to stock transfer orders, legends and other restrictions that the Board deems necessary or advisable, including restrictions under any applicable securities law, or any rules, regulations
and other requirements of the regulatory authorities or any stock exchanges or automated quotation system on which the Shares may be listed. 

  

	 	(i)	 Non-transferability. Other than by will or by the laws of
succession or as specifically provided under this Plan, no Option may be sold, transferred, assigned, alienated, pledged, encumbered, given as security, or be subject to attachment, change, anticipation, execution, garnishment, sequestration, or
other seizure under any legal or other process. Any transaction purporting to effect such a prohibited result is void. During the lifetime of the Optionee, an Option will be exercisable only by such Optionee and for such Optionee’s sole
beneficial interest. 

  

	7.	 SALE OF THE COMPANY 

 

	 	(a)	 Upon the Company entering into or otherwise becoming aware of a transaction which, if completed, would result
in a Sale of the Company: 

  

	 	(i)	 Early Vesting. The Board may, in its sole discretion, accelerate the vesting and/ or waive any
conditions to the exercise of all or any portion of outstanding Options so that such outstanding Options will be fully vested and exercisable upon (or prior to) the completion of the Sale of the Company and on such conditions as the Board may
determine. 

  

	 	(ii)	 Company Notice. The Board may provide notice to Optionees of the proposed Sale of the Company (the
“Company Notice”) setting out the proposed closing date for such transaction (the “Proposed Closing Date”) and the details of any acceleration of vesting and/ or waiver of any conditions to the exercise of such
Optionee’s Options. Prior to the election deadline specified in the Company Notice (the “Election Deadline”), an Optionee may give irrevocable notice in writing to the Company of his or her election to exercise or not to
exercise any vested and exercisable Options. Subject to the sole discretion of the Board, the Company Notice may also provide that the Optionee may elect to surrender any vested and exercisable Options to the Company in consideration for a cash
payment equal to the difference between the Fair Market Value of the Optioned Shares in respect of such Options and the aggregate Exercise Price of such Options, subject to Section 9, whereupon such Options will be deemed to have been
cancelled. In the event of such a surrender, the Company will duly and timely file an election in respect thereof under subsection 110(1.1) of the Tax Act, where applicable. If the Optionee elects to not exercise or surrender any Options, or if no
such notice is received by the Company by the Election Deadline, all Options held by such Optionee will terminate and expire immediately prior to the closing of the Sale of the Company. 

 

	 	(iii)	 Deemed Exercise; Assumption or Replacement of Options by Successor. Notwithstanding the foregoing, the
Board may, in its sole discretion, deal with 

  
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Options in any manner it deems fair in good faith in light of the circumstances of any proposed Sale of the Company. Without limiting the generality of the foregoing, the Board may, without any
action or consent required on the part of any Optionee, (i) deem the vested and exercisable portion of any Options to have been exercised and the resulting Shares tendered for sale in a Sale of the Company, in which case the Company may apply a
portion of the Optionee’s proceeds from the closing of the Sale of the Company to the Exercise Price payable by that Optionee for the exercise of his or her Options, (ii) exchange Options for options to purchase shares in the capital of
the acquiror or any Company which results from an amalgamation, merger arrangement or similar transaction involving the Company made in connection with a Sale of the Company, and (iii) terminate Options that are unvested or not yet exercisable
or with an Exercise Price greater than the Fair Market Value of the Optioned Shares. 

  

	8.	 TERMINATION OF EMPLOYMENT 

 

	 	(a)	 Disability or Death. Unless otherwise provided in an Option Agreement, in the event of an
Optionee’s termination of Service, as the case may be, as a result of Disability or death, the Optionee (or his or her Legal Representative) may exercise any Options that were vested and exercisable at the Termination Date and the right to
exercise such Options terminates on the earlier of: (i) the first anniversary of the Termination Date; and (ii) the date on which the particular Option expires pursuant to this Plan; provided that any Options not exercised on or prior to
such date shall immediately expire and be cancelled without consideration. Any Options held by the Optionee that were not vested and exercisable at the Termination Date shall immediately expire and be cancelled on such date without consideration, or
at a time as may be determined by the Board, in its sole discretion. 

  

	 	(b)	 Termination without Cause. Unless otherwise provided in an Option Agreement, in the event of an
Optionee’s termination of Service by the Company or the relevant Subsidiary without Cause, any Options held by the Optionee that were vested and exercisable at the Termination Date shall continue to be exercisable by the Optionee until the
earlier of: (i) the date that is 90 days after the Termination Date; and (ii) the date on which the particular Option expires pursuant to this Plan; provided that any Options not exercised on or prior to such date shall immediately expire
and be cancelled without consideration. Any Options held by the Optionee that were not vested and exercisable at the Termination Date shall immediately expire and be cancelled on such date without consideration, or at a time as may be determined by
the Board, in its sole discretion. 

  

	 	(c)	 Termination with Cause. Unless otherwise provided in an Option Agreement, in the event of an
Optionee’s termination of Service by the Company or the relevant Subsidiary with Cause or the Optionee resigns at a time when grounds for Cause exist, any Options held by the Optionee, whether or not vested and exercisable at the Termination
Date, shall immediately expire and be cancelled on such date without consideration. 

  

	 	(d)	 Resignation. Unless otherwise provided in an Option Agreement, in the event of an Optionee’s
resignation from Service, or termination of Service for any reason other than the termination events described in Sections 8(a), (b) and (c) hereof, any Options held by the Optionee that remain outstanding after such termination and were vested
and exercisable at the Termination Date shall continue to be exercisable by the Optionee until the earlier of (i) the date that is 30 days after the Termination Date; and (ii) the date on which the particular Option expires pursuant to
this Plan; provided that any Options not exercised on or prior to such date shall immediately expire and be cancelled without consideration. Any Options held by the Optionee that were not vested and exercisable at the Termination Date shall
immediately expire and be cancelled on such date without consideration, or at a time as may be determined by the Board, in its sole discretion. 

  
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	9.	 WITHHOLDING TAXES 

 

	 	(a)	 The Company or its Affiliates may withhold from any amount payable to an Optionee, either under this Plan or
otherwise, such amounts as are required by law to be withheld or deducted as a consequence of such Optionee’s exercise or surrender of Options or other participation in this Plan (“Withholding Obligations”). The Company or its
Affiliate will have the right, in its discretion, to satisfy any Withholding Obligations by: 

  

	 	(i)	 retaining the amount necessary to satisfy the Withholding Obligations from any amount which would otherwise be
delivered, provided or paid to the Optionee, whether under this Plan or otherwise; 

  

	 	(ii)	 requiring the Optionee, as a condition of exercise of any Options to: 

 

	 	(A)	 remit the amount of any such Withholding Obligations to the Company or its Affiliates in advance; or

  

	 	(B)	 reimburse the Company or its Affiliates for any such Withholding Obligations; and/or 

 

	 	(iii)	 making such other arrangements as the Company or its Affiliates may reasonably require. 

 

	10.	 COMPLIANCE WITH SECTION 409A OF THE CODE 

 

	 	(a)	 General. The Company intends that the Plan and all Options be construed to avoid the imposition of
additional taxes, interest and penalties pursuant to Section 409A. Notwithstanding the Company’s intention, in the event any Option is subject to such additional taxes, interest or penalties pursuant to Section 409A, the Board may, in
its sole discretion and without an Optionee’s prior consent, amend the Plan and/ or Options, adopt policies and procedures or take any other actions (including amendments, policies, procedures and actions with retroactive effect) as are
necessary or appropriate to (a) exempt the Plan and/ or any Option from the application of Section 409A, (b) preserve the intended tax treatment of any such Option or (c) comply with the requirements of Section 409A,
including, without limitation, any such regulations, guidance, compliance programs and other interpretative authority that may be issued after the date of the grant. In no event shall the Company or any of its Subsidiaries or Affiliates be liable
for any additional tax, interest or penalties that may be imposed on an Optionee under Section 409A or for any damages for failing to comply with Section 409A. 

 

	 	(b)	 Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Option
Agreement, any payments of nonqualified deferred compensation (within the meaning of Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A) as a result of his
or her separation from service (other than a payment that is not subject to Section 409A) shall be delayed for the first six months following such separation from service (or, if earlier, until the date of death of the specified employee) and
shall instead be paid on the day that immediately follows the end of such six-month period or as soon as administratively practicable thereafter. Any remaining payments of nonqualified deferred compensation
shall be paid without delay and at the time or times such payments are otherwise scheduled to be made. 

  
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	 	(c)	 Separation from Service. A termination of service shall not be deemed to have occurred for purposes of
any provision of the Plan or any Option Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of service unless such termination
is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A. For purposes of any such provision of the Plan or any
Option Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment,” “termination of service” or like term shall mean “separation from service.”

  

	 	(d)	 Separate Payments. For purposes of Section 409A, an Optionee’s right to receive any
installment payments pursuant to this Plan or any Option granted hereunder shall be treated as a right to receive a series of separate and distinct payments. For the avoidance of doubt, each applicable tranche of Shares subject to vesting under any
Option shall be considered a right to receive a series of separate and distinct payments. 

  

	11.	 MISCELLANEOUS 

 

	 	(a)	 No Rights as Shareholder. No Optionee will have any rights as a shareholder with respect to any Optioned
Shares prior to the date of issuance of such Shares by the Company to the Optionee pursuant to the terms of this Plan. 

  

	 	(b)	 No Employment Rights. Neither this Plan nor any Option will confer upon any Optionee any right with
respect to continuance of Service with the Company or any of its Affiliates, or interfere in any way with the right of the Company or its applicable Affiliate to terminate any Optionee’s Service at any time and for any reason in accordance with
applicable law. The Optionee waives any and all right to compensation or damages in consequence of termination of Service (whether lawfully or unlawfully) or otherwise for any reason whatsoever insofar as those rights arise or may arise from the
Optionee ceasing to have Options, rights, or be entitled to any payment, under this Plan, including in respect of any Options which may have been issued or have vested after the Termination Date. 

 

	 	(c)	 No Guarantees Regarding Tax Treatment. Optionees (or their beneficiaries) shall be responsible for all
taxes with respect to any Options under the Plan. The Board and the Company make no guarantees to any Person regarding the tax treatment of Options or payments made under the Plan. Neither the Board nor the Company has any obligation to take any
action to prevent the assessment of any tax on any Person with respect to any Option under the Tax Act, Section 409A of the Code, Section 457A of the Code or otherwise, and none of the Company, any of its Subsidiaries or Affiliates, or any
of their employees, representatives, shareholders or investors shall have any liability to an Optionee with respect thereto. 

  

	 	(d)	 Conditions and Restrictions on Shares. The Board may impose such conditions or restrictions on any
Shares received in connection with an Option as it may deem advisable or desirable. These restrictions may include, but shall not be limited to, requirements that the Optionee: (i) hold the Shares received for a specified period of time or
(ii) represent and warrant in writing that the Optionee is acquiring the Shares for investment and without any present intention to sell or distribute such Shares. The certificates for Shares (if any) may include any legend that the Board deems
appropriate to reflect any conditions and restrictions applicable to such Shares. 

  

	 	(e)	 No Constraint on Corporate Action. Nothing in the Plan shall be construed to: (i) limit, impair or
otherwise affect the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of or to its capital or business structure or to merge or consolidate, or dissolve, liquidate, sell or transfer all or any part of
its business or assets; or (ii) limit the right or power of the Company to take any action that it deems to be necessary or appropriate. 

  
 - 10 - 

	 	(f)	 Accounts and Statements. The Company will maintain records of the details of each Option granted to each
Optionee under this Plan, including the date of the grant, the Exercise Price, vesting conditions, number of Shares in respect of which the Option has been exercised, and number of Shares which Optionee may still purchase under an Option.

  

	 	(g)	 Confidentiality. Optionees are required to keep confidential the contents of this Plan and the terms of
any Option Agreement, corporate information and materials and any information packages relating thereto. 

  

	 	(h)	 Severability. If any provision of this Plan is ever held illegal or invalid for any reason, such
illegality or invalidity will not affect the remaining parts or provisions of this Plan and this Plan will be construed, administered and enforced as if such illegal or invalid provision had never been included in this Plan. 

 

	 	(i)	 Amendment or Termination. 

 

	 	(i)	 Amendment or Termination of the Plan; Terms of Options. Except to the extent prohibited by applicable
law and unless otherwise expressly provided in an Option Agreement or in this Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof, at any time, and the Board may waive any conditions or rights under,
amend any terms of, or amend, alter, suspend, discontinue or terminate any Option theretofore granted, prospectively or retroactively, without the consent of any relevant holder of such Options, at any time; provided, however, that:

  

	 	(A)	 such action shall require the prior approval, if required, of the shareholders of the Company or of any stock
market or exchange on which the Shares are quoted or traded; and 

  

	 	(B)	 subject to Section 6(f), Section 7 and Section 8, no such action shall materially adversely
affect the rights of any affected Participant or holder or beneficiary under any Option theretofore granted under the Plan without the consent of such person, except to the extent any such action is made to cause the Plan or Option to comply with
applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. 

 The Board
shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Options in recognition of events (including the events described in Section 6(f)) affecting the Company, or the financial statements of the
Company, or of changes in applicable laws, regulations or accounting principles, whenever the Board determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan. 
  

	 	(ii)	 Automatic Termination of the Plan. This Plan will automatically terminate on the date on which all
Options issued under the Plan have either been exercised, cancelled or forfeited. 

  
 - 11 - 

	 	(iii)	 Shareholder Approval. Notwithstanding Section 11(i)(i), shareholder approval in accordance with
applicable stock exchange rules shall be required for any of the following: 

  

	 	(A)	 any increase to the maximum number of Shares issuable under the Plan, except in the event of an adjustment
pursuant to Section 6(f); 

  

	 	(B)	 except in the event of an adjustment pursuant to Section 6(f), amending or modifying the terms of an
Option to lower the exercise price or hurdle price; 

  

	 	(C)	 except in the event of an adjustment pursuant to Section 6(f), cancelling any Option and granting a
replacement Option or other awards having a lower exercise price or hurdle price; 

  

	 	(D)	 any extension of the term of an Option beyond the original expiry date, to the extent such amendment benefits
an Insider; 

  

	 	(E)	 any amendment which increases limits on Shares that may be issuable to Insiders as set forth in
Section 4(b); and 

  

	 	(F)	 any amendment to the amendment provisions of this Plan that reduces the range of amendments which require
shareholder approval under this Section. 

  

	 	(iv)	 Permitted Amendments. Without limiting the generality of Section 11(i)(i) but subject to
Section 11(i)(iii), the Board may in its absolute discretion and without shareholder approval make the following amendments to the Plan or any portion thereof or the terms of any outstanding Option: 

 

	 	(A)	 any amendment to the vesting provision or performance criteria, if applicable, or assignability provisions of
the Options; 

  

	 	(B)	 any amendment to the expiration date of an Option that does not extend the terms of the Option past the
original date of expiration of such Option; 

  

	 	(C)	 any amendment regarding the effect of termination of a Participant’s employment or engagement;

  

	 	(D)	 any amendment which accelerates the date on which any Option may be exercised under the Plan;

  

	 	(E)	 any amendment to the eligibility criteria under the Plan; 

 

	 	(F)	 any amendment necessary to comply with applicable law, stock market or exchange rules and regulations or
accounting or tax rules and regulations; 

  

	 	(G)	 any amendment of a “housekeeping” nature, including to clarify the meaning of an existing provision
of the Plan, correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan, correct any grammatical or typographical errors or amend the definitions in the Plan; 

  
 - 12 - 

	 	(H)	 any amendment regarding the administration of the Plan; 

 

	 	(I)	 any amendment to add or amend provisions a form of financial assistance, or “clawback” or recoupment;
and 

  

	 	(J)	 any other amendment that does not require the approval of the shareholders of the Company under
Section 11(i)(iii). 

  

	 	(j)	 Duration of Plan. Unless sooner terminated as provided in Section 11(i), this Plan shall terminate
on the tenth (10th) anniversary of the Effective Date. 

  

	 	(k)	 Governing Law. This Plan will be governed by and construed in accordance with the laws of the state of
Delaware and the laws of the United States applicable therein. 

  

	 	(l)	 Headings. The division of this Plan into subsections and clauses and the insertion of headings are for
convenience of reference only and will not affect the construction or interpretation of this Plan. 

  

	 	(m)	 Notice. Any notice required or permitted to be given pursuant to the terms of this Plan will be given by
delivery, email or registered mail to the address or email address of the recipient shown in the records of the Company, or by delivery or registered mail to the Company at its registered office, and will be deemed to have been received when
delivered or on the third day of uninterrupted postal service after mailing, as the case may be. Any inadvertent failure by the Company to give notice to any Optionee or Optionees pursuant to this Plan will not invalidate any action proposed to be
taken by the Company in connection with such notice. 

  

	12.	 EFFECTIVE DATE 

This Plan is effective as of April 6, 2019 (the “Effective Date”). 

  
 - 13 -

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