Document:

EX-10.13

 Exhibit 10.13 

SECOND AMENDED AND RESTATED STOCK OPTION PLAN FOR 

DIRECTORS, EXECUTIVE OFFICERS, EMPLOYEES AND CONSULTANTS 

OF THE LION ELECTRIC COMPANY 
 Effective as of
May 6, 2021 
  

	1.	 Definitions 

For the purposes hereof and unless the context otherwise requires: 

“Black-Out Period” means a period of time when pursuant to any policies of the Corporation
(including the Corporation’s insider trading policy), any securities of the Corporation may not be traded by certain persons designated by the Corporation; 

“Board” means the board of directors of the Corporation; 

“Business Day” means a day other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in
Montréal, Québec and New York, New York for the transaction of banking business; 
 “Change of Control” means
(i) the sale of all or substantially all of the assets of the Corporation on a consolidated basis, in one transaction or a series of related transactions, to a person that is not a Subsidiary, (ii) a merger, reorganization or consolidation
pursuant to which the holders of the Corporation’s outstanding voting rights immediately prior to such transaction do not own a majority of the outstanding voting rights of the resulting or successor entity (or its ultimate parent, if
applicable) immediately upon completion of such transaction, (iii) any person or a group of persons acting jointly or in concert becoming the beneficial owner, directly or indirectly, of shares carrying at least a majority of the outstanding
voting rights of the Corporation (other than Power Energy Corporation or any direct or indirect subsidiary thereof) or (iv) any other transaction in which the owners of the Corporation’s outstanding voting rights prior to such transaction
do not own at least a majority of the outstanding voting rights of the Corporation or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Corporation or an
internal corporate reorganization; 
 “Committee” has the meaning given thereto in Paragraph 3.1; 

“Consultant” means any individual (other than a Director, an Executive Officer or an Employee) or corporation or other entity that
(i) is engaged by the Corporation or a Subsidiary to provide services for an initial, renewable or extended period of 12 months or more, other than in relation to a distribution of securities, (ii) provides the services under a written
contract with the Corporation or a Subsidiary, and (iii) spends or will spend a significant amount of time and attention on the affairs and business of the Corporation or a Subsidiary; 

“Corporation” means The Lion Electric Company (formerly known as Lion Buses Inc.) or its successor; 

“Director” means any individual who is a director of the Corporation or a Subsidiary; 

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 “Effective Date” means May 6, 2021; 

“Employee” any individual who is an employee of the Corporation or a Subsidiary; 

“Executive Officer” means any individual who is (i) a chair, vice-chair or president of the Corporation or a Subsidiary,
(ii) a vice-president in charge of a principal business unit, division or function (including sales, finance or production) of the Corporation or a Subsidiary, or (iii) performing a policy-making function in respect of the Corporation or a
Subsidiary; 
 “Exercise Price” has the meaning given thereto in Paragraph 6; 

“Insider” means a “reporting insider” as defined in National Instrument 55-104
–Insider Reporting Requirements and Exemptions and includes associates (as such term is defined in National Instrument 45-106 – Prospectus Exemptions and affiliates (as such term is
defined in Part 1 of the TSX Company Manual) of such “reporting insider”; 
 “Last Working Day” means the Employee’s
last day of work for the Corporation or a Subsidiary, excluding any period representing pay in lieu of notice, severance pay, gratuitous payment or any other indemnity, amount or notice whatsoever on account of termination of employment; 

“Option” means an option granted under the Plan; 

“Option Period” has the meaning given thereto in Paragraph 8.1; 

“Optionee” means a Director, Executive Officer, Employee or Consultant to whom an Option has been granted under the Plan; 

“Permanent Disability” means that the Optionee has ceased to be an Employee as a result of a permanent physical or mental disability or
disease or illness preventing the Optionee from performing his or her usual duties and tasks for the Corporation or a Subsidiary; 
 “Original
Plan” has the meaning given thereto in Paragraph 2.1; 
 “Plan” means this Second Amended and Restated Stock Option Plan for
Directors, Executive Officers, Employees and Consultants of the Corporation and its Subsidiaries, as same may be further amended or amended and restated from time to time in accordance with its terms; 

“Retirement” means that the Optionee has ceased to be an Employee, provided that: (i) the Board reasonably determines that the
Optionee’s cessation of employment qualifies as retirement, and (ii) following the cessation of employment, the Optionee is either no longer gainfully employed or pursues activities in a business that is not a direct competitor of the
Corporation, as determined by the Board; 
 “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 Employees, Directors, Executive Officers, Insiders or Consultants, including a

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Share purchase from treasury by an Employee, Director, Executive Officer, Insider or Consultant which is financially assisted by the Corporation or a Subsidiary, by way of a loan, guarantee or
otherwise; 
 “Shares” means common shares in the share capital of the Corporation, and includes any shares of the Corporation into
which such shares may be changed, classified, reclassified, subdivided, consolidated or converted from time to time; 
 “Subsidiary”
means any corporation or other entity in which the Corporation owns, directly or indirectly, securities carrying at least a majority of the outstanding voting rights of such corporation or other entity at the time of granting of the Option; 

“Termination Event” means each of the events described in Paragraphs 8.2.1 to 8.2.6; 

“Transaction” has the meaning given thereto in Paragraph 2.2; 

“TSX” means the Toronto Stock Exchange; 

“Withholding Amount” has the meaning given thereto in Paragraph 10.1. 

 

	2.	 Amendment, Restatement and Purpose of the Plan 

 

	 	2.1	 On November 1, 2017, the Corporation created a stock option plan for Directors, Executive Officers, Employees and
Consultants in order to secure for the Corporation and its shareholders the benefits of incentive interest in share ownership by Directors, Executive Officers, Employees and Consultants of the Corporation and its Subsidiaries, which stock option
plan was amended and restated in accordance with its terms on December 11, 2019 (the “Original Plan”). 

  

	 	2.2	 In connection with closing of the transactions contemplated by the business combination agreement and plan of
reorganization dated November 30, 2020 among the Corporation, Lion Electric Merger Sub Inc. and Northern Genesis Acquisition Corp. (the “Transaction”), the Board wishes to amend and restate the Original Plan in accordance with
the terms and conditions hereof, all of such amended and restated terms and conditions shall apply to all grants of Options under the Original Plan, this second amended and restated stock option plan being the “Plan” for the
purposes hereof. 

  

	3.	 Administration 

  

	 	3.1	 The Plan is under the direction of the Board or any committee constituted from time to time with such powers and duties
as may be delegated by the Board subject to applicable law (the “Committee”). The Board, in its sole discretion, shall have full and complete authority to administer and interpret the Plan and to prescribe such rules and regulations
and make such other determinations as it deems necessary or useful for the administration of the Plan, including the power and authority: 

  

	 	3.1.1	 to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the
terms of the Plan, of any 

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Option, which terms and conditions may differ among individual Option grants and Optionees; 

  

	 	3.1.2	 to accelerate the vesting or exercisability of all or any portion of any Option; and 

 

	 	3.1.3	 to make all determinations it deems advisable for the administration of the Plan, to decide all disputes arising in
connection with the Plan and to otherwise supervise the administration of the Plan. 

 All decisions and interpretations of the
Board or the Committee, as applicable, shall be binding on all persons, including the Corporation and the Optionees. 
  

	 	3.2	 Neither any member of the Board or the Committee nor any delegate thereof shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee and any delegate thereof shall be entitled in all cases to indemnification and reimbursement by the
Corporation in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the Corporation’s articles or
bylaws or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and the Corporation. 

 

	 	3.3	 Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other jurisdictions in
which the Corporation and its Subsidiaries operate or have Directors, Executive Officers, Employees or Consultants, the Board, in its sole discretion, shall have the power and authority to: 

 

	 	3.3.1	 modify the terms and conditions of any Option granted to Optionees outside of Canada to comply with applicable foreign
laws; and 

  

	 	3.3.2	 modify exercise procedures and other terms and procedures, to the extent the Board determines such actions to be
necessary or advisable (and such modifications shall be attached to this Plan as addendums); provided, however, that no such modifications shall be deemed to increase the share limitations contained in Paragraph 4 hereof. 

Notwithstanding the foregoing, the Board may not take any actions hereunder, and no Options shall be granted, that would violate any applicable
Canadian securities law or any other applicable Canadian governing statute or law. 
  

	 	3.4	 No additional Options shall be granted under this Plan as of the Effective Date or following the Effective Date, but
Options granted prior to the Effective Date and that are outstanding on the Effective Date shall continue in accordance with their terms. 

  

	4.	 Shares Subject to the Plan and Limits with Respect to Insiders 

 

	 	4.1	 The maximum number of Shares covered by granted Options under the terms of the Plan is 2,512,823 Shares (or, following
closing of the Transaction (including a 

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split of the Shares whereby each Share immediately prior to such share split will be converted into 4.1289 Shares), 10,375,186 Shares), which represents the Shares issuable upon exercise of
Options outstanding as of the Effective Date. At all times, the Corporation will reserve and keep available a sufficient number of Shares to satisfy the requirements of all outstanding Options granted prior to the Effective Date under the Plan.

  

	 	4.2	 The maximum number of Shares issuable from treasury to Optionees 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).

  

	 	4.3	 The maximum number of Shares issued from treasury to Optionees 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). 

  

	 	4.4	 Any Option granted pursuant to the Plan, or securities issued under any other Share Compensation Arrangement, prior to an
Optionee becoming an Insider, shall be excluded from the purposes of the limits set out in Paragraph 4.2 and Paragraph 4.3. 

  

	5.	 Grant of Options 

No additional Options shall be granted under this Plan as of the Effective Date and following the Effective Date. 

 

	6.	 Exercise Price 

The exercise price for each Option (the “Exercise Price”) shall be established by the Board at the time of grant, but
shall not be less than the fair market value of the Shares on the date of grant as determined by the Board in its sole discretion. 
  

	7.	 Vesting of Options 

Unless otherwise determined by the Board or the Committee, at its sole discretion, all Options granted to an Optionee under this Plan
will vest in four equal annual instalments beginning on the first anniversary of the date of granting of the applicable Options to such Optionee. 
  

	8.	 Option Period 

  

	 	8.1	 Subject to Paragraph 8.2, notwithstanding any terms relating to the exercise of options contained in any notice of grant,
option agreement or any similar agreement, once an Option has vested, it shall be exercisable during a period commencing on the applicable vesting date and terminating on the date that is ten (10) years after the date of the granting of the
Option (the “Option Period”), provided that, notwithstanding any other provision of the Plan, should the expiration date for an Option fall within a Black-Out Period, such expiration date

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shall be automatically extended without any further act or formality to that date which is the tenth (10th) Business Day after the end of the Black-Out Period, such tenth (10th) Business Day to be considered the expiration date for such Option for all purposes under the Plan. Notwithstanding
Article 14 hereof, the ten (10) Business Day period referred to in this Paragraph 8.1 may not be extended by the Board. 

  

	 	8.2	 Notwithstanding Paragraph 8.1: 

 

	 	8.2.1	 except as provided in Paragraph 8.2.4, if an Optionee resigns or voluntarily leaves his employment or engagement with the
Corporation or a Subsidiary, all unvested Options shall be forfeited on the date that is his or her Last Working Day or the date of termination of the consulting contract, as applicable, and the Option Period of all vested Options shall terminate on
the next following May 31 (i.e. if the Optionee resigns on February 1, 2020, the Option Period ends on May 31, 2020); 

  

	 	8.2.2	 if an Optionee’s employment or consulting contract with the Corporation or a Subsidiary is terminated for cause, all
vested and unvested Options shall be forfeited with immediate effect; 

  

	 	8.2.3	 except as provided in Paragraph 8.2.4, if an Optionee’s employment or consulting contract with the Corporation or a
Subsidiary is terminated other than for cause or death, all unvested Options shall be forfeited on the date that is his or her Last Working Day or the date of termination of the consulting contract, as applicable (except as otherwise expressly
provided in the Optionee’s employment or consulting contract), and the Option Period of all vested Options shall terminate on the next following May 31 (or such later date as shall be expressly provided for in the Optionee’s
employment or consulting contract); 

  

	 	8.2.4	 if an Optionee ceases to be an Employee as a result of Retirement or Permanent Disability, all Options shall continue to
vest in accordance with the vesting schedule specified for such Options and the Option Period shall remain unchanged, unless the cessation of employment ceases to qualify as a Retirement or Permanent Disability (in which case Paragraph 8.2.1, 8.2.3
or 8.2.6, as applicable, shall apply); 

  

	 	8.2.5	 if an Optionee who is a Director and is not employed by the Corporation or a Subsidiary ceases to be a member of the
Board for any reason other than death, all unvested Options shall be forfeited on the date of termination of Board service and the Option Period of all vested Options shall terminate on the next following May 31; and 

 

	 	8.2.6	 if an Optionee ceases to be a Director, Executive Officer, Employee or Consultant by reason of death, all unvested
Options shall vest immediately and the Option Period of all vested Options shall terminate on the next following May 31. 

Notwithstanding the provisions above, the Board may, in its sole and absolute discretion, at any time prior to or following the events
contemplated in those 

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provisions and in any document evidencing the grant of an Option, permit the exercise of any or all Options held by the Optionee thereof in the manner and on the terms authorized by the Board,
provided that (subject to an extension resulting from a Black-Out Period as contemplated in Paragraph 8.1) the Board will not, in any case, authorize the exercise of an Option pursuant to this Paragraph
8.2 in such a manner as to extend the Option Period beyond 10 years after the date of the granting of the Option. 
 Unless the
Board, in its sole and absolute discretion, otherwise determines, at any time and from time to time, an Optionee’s entitlement to Options will not be affected by a change of employment within or among the Corporation or a Subsidiary for so long
as the Optionee continues to be a Director, Executive Officer, Employee or Consultant, as applicable, of the Corporation or a Subsidiary. 
  

	 	8.3	 In the context of a Termination Event, notwithstanding the provisions of Paragraph 9, Options that have vested are
exercisable for Shares by notice in writing from the Optionee to the Corporation at any time until termination thereof in accordance with Paragraph 9, and the Optionee will be entitled to one exercise corresponding to up to 100% of the total number
of vested Options held by such Optionee as at the time of the Termination Event. The Optionee shall pay the aggregate exercise price therefor and shall be issued the underlying Shares. 

 

	 	8.4	 All rights conferred by an Option not exercised pursuant to Paragraph 8.3 prior to the termination of the Exercise Period
in accordance with the Plan shall be forfeited. 

  

	9.	 Exercise of Options 

  

	 	9.1	 Each Optionee shall be required, when requested by the Corporation, to sign and deliver all such documents relating to
the granting or exercise of Options which the Corporation deems necessary or desirable. 

  

	 	9.2	 Each Option that has vested in accordance with the provisions of Paragraph 7 may be exercised from time to time
during the Option Period, in accordance with the provisions of this Paragraph 9 and such rules and regulations as the Board may prescribe from time to time. 

  

	 	9.3	 To exercise Options that have vested, an Optionee shall give the Corporation or its agent written notice indicating the
number of vested Options the Optionee desires to exercise and payment of the aggregate Exercise Price therefor. 

  

	 	9.4	 Upon notice in writing by an Optionee to the Corporation specifying that the Optionee desires to exercise his/her
Options, including the particular details in respect of the number of Options exercised, an Optionee will be entitled to receive such number of Shares from the Corporation as soon as practicable after payment by the Optionee to the Corporation of
the aggregate exercise price therefor in accordance with the Plan. 

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	10.	 Withholdings 

  

	 	10.1	 The Corporation or any Subsidiary may withhold, or cause to be withheld, and deduct, or cause to be deducted, from any
amount to be paid to the Optionee, any amount the Corporation or any Subsidiary is entitled or required to withhold or deduct on account of income taxes, social security charges or other deductions that may be required by any applicable law
or by any Canadian, foreign, federal, provincial, territorial, state or local governmental authority in respect of (i) the grant, surrender or exercise of an Option, (ii) the issuance of Shares, or (iii) any other payment or benefit
under the Plan (the “Withholding Amount”). Any Withholding Amount retained or received from the Optionee will be remitted to the appropriate governmental authority by the Corporation or a Subsidiary. 

 

	 	10.2	 The Optionee accepts that the Corporation or any Subsidiary shall have the right to require payment by the Optionee of
the Withholding Amount, and may take any means necessary to obtain payment from the Optionee thereof, including: 

  

	 	10.2.1	 permitting the Optionee to pay to the Corporation, in addition to and concurrently with the Exercise Price, the
Withholding Amount upon exercise of the Option; and/or 

  

	 	10.2.2	 withholding the necessary amount from the Optionee’s cash remuneration payment or any other amounts owing by the
Corporation to the Optionee following the exercise of the Option; 

  

	 	10.3	 If the Corporation or any Subsidiary does not withhold an amount or require payment of an amount by an Optionee
sufficient to satisfy all obligations referred to in 10.1, the Optionee shall forthwith make reimbursement, on demand, in cash, of any amount paid by the Corporation or any Subsidiary to a governmental authority to satisfy any such obligation.

  

	11.	 Non-Assignable 

No Option or any interest therein shall be assignable or transferable by the Optionee other than by will or under the law of succession.

  

	12.	 Change of Control 

  

	 	12.1	 In the event of a Change of Control, the Board shall have the right to terminate all outstanding vested Options upon
giving the Optionees at least fifteen (15) days’ notice prior to the Change of Control and to terminate all outstanding unvested Options upon the Change of Control. Any vested Options that are subject to such notice shall be exercisable
immediately prior to the Change of Control and any vested Options that are not so exercised shall terminate upon the Change of Control. 

  

	 	12.2	 Except as otherwise set forth in any document evidencing a grant of any Option, in the event of any Change of Control
transaction in which there is an acquiring or surviving entity, the Board may provide for substitute or replacement options of similar value from, or the assumption of outstanding Options by, the acquiring or

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surviving entity or one or more Affiliates of any such entity, any such substitution, replacement or assumption to be on such terms as the Board in good faith determines; provided, however, that
in the event of a Change of Control transaction the Board may take, as to any outstanding Option, any one or more of the actions contemplated in Paragraphs 12.1 or 3.1.2, including the acceleration of the vesting of any such Options in the context
of such transaction. 

  

	 	12.3	 In addition to the foregoing, in the event of a Change of Control where the Board does not exercise its right of
termination pursuant to Paragraph 12.1, the Optionees shall have the right to exercise any vested Options effective upon the Change of Control. Such right must be exercised by notice in writing from the Optionee to the Corporation no later than ten
(10) days following notice of the Change of Control being sent to the Optionee. 

  

	13.	 Effects of Alteration of Share Capital 

In the event of any reorganization, change in the number of issued and outstanding Shares of the Corporation by reason of any stock dividend, stock
split, reverse stock split, recapitalization, merger, consolidation, combination or exchange of shares or other similar corporate change, an equitable adjustment shall be made by the Board in the number and/or kind of Shares subject to outstanding
Options and in the Exercise Price of such outstanding Options. Such adjustment will be final, binding and conclusive on all parties. 
  

	14.	 Amendment and Termination 

 

	 	14.1	 The Board bears full responsibility with regard to the Plan, which includes, but is not limited to, the power and
authority to amend, suspend or terminate the Plan, in whole or in part, or amend the terms and conditions of outstanding Options, provided that such amendment, suspension or termination shall not adversely alter or impair any Option previously
granted (provided that the Board may at its discretion accelerate the vesting of any Option regardless of any adverse or potentially adverse tax consequences resulting from such acceleration). 

 

	 	14.2	 The Plan will terminate on the date on which all Options issued under the Plan have either been exercised, cancelled or
forfeited, or in such other circumstances as contemplated by the Plan or determined by the Board. In the event that the Board terminates the Plan, all Options granted to Optionees will become fully exercisable by the Optionees, unless the Board, in
its sole discretion, determines otherwise. 

  

	 	14.3	 Subject to Paragraph 14.1 and any applicable rules of a stock exchange, including the TSX, the Board may, from time to
time, in its absolute discretion and without the approval of the shareholders of the Corporation make the following amendments to this Plan: 

  

	 	14.3.1	 any amendment to the vesting provision, if applicable, or assignability provisions of the Options; 

 

	 	14.3.2	 any amendment to the expiration date of an Option that does not extend the term of the Option past the original date of
expiration of such Option; 

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	 	14.3.3	 any amendment regarding the effect of termination of an Optionee’s employment or engagement; 

 

	 	14.3.4	 any amendment which accelerates the date on which any Option may be exercised or payable, as applicable, under the Plan;

  

	 	14.3.5	 any amendment to the definition of Employee, Executive Officer, Director of Consultant under the Plan (it being
understood that, as applicable, any amendment aimed at expanding the scope of persons that may be eligible under the Plan will not be made without obtaining the approval of the shareholders of the Corporation as may be required under the rules of
any stock exchange on which the Shares are listed at the applicable time); 

  

	 	14.3.6	 any amendment necessary to comply with applicable law or the requirements of the TSX or any other regulatory body;

  

	 	14.3.7	 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; 

 

	 	14.3.8	 any amendment regarding the administration of the Plan; 

 

	 	14.3.9	 any amendment to add a cashless exercise feature or net exercise procedure; 

 

	 	14.3.10	 any amendment to add a form of financial assistance or clawback; 

 

	 	14.3.11	 any reduction in the Exercise Price of an Option or any cancellation and replacement of such Option with an Option with a
lower Exercise Price, to the extent such reduction or replacement does not benefit an Insider; and 

  

	 	14.3.12	 any other amendment that does not require the approval of the holders of Shares under Paragraph 14.4.

  

	 	14.4	 Notwithstanding Paragraph 14.3, the Board shall be required to obtain shareholder approval to make the following
amendments: 

  

	 	14.4.1	 any increase to the maximum number of Shares issuable pursuant to the Plan; 

 

	 	14.4.2	 except in the case of an adjustment pursuant to Article 13, any reduction in the Exercise Price of an Option or any
cancellation and replacement of such Option with an Option with a lower Exercise Price, to the extent such reduction or replacement benefits an Insider; 

  

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

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	 	14.4.4	 any amendment which increases the maximum number of Shares that may be issuable to Insiders at any time pursuant to the
Insider participation limit; and 

  

	 	14.4.5	 any amendment to the amendment provisions of the Plan; 

provided that Shares held directly or indirectly by Insiders benefiting from the amendments shall be excluded when obtaining such shareholder approval.

  

	15.	 Final Provisions 

  

	 	15.1	 The Corporation’s obligation to issue Shares upon the exercise of Options is subject to any applicable legal or
contractual restrictions, including financial ratios and covenants in applicable instruments and agreements with the Corporation’s lenders, the laws and regulations in respect of the issuance or distribution of securities and with the rules of
any applicable stock exchange. Each Optionee acknowledges the potential application of any such legal or contractual restrictions and agrees to comply with such laws, regulations and rules and to provide to the Corporation any information or
undertaking required to comply with such laws, regulations and rules. 

  

	 	15.2	 The participation in the Plan of a Director, Executive Officer, Employee or Consultant shall be entirely optional and
shall not be interpreted as conferring upon a Director, Executive Officer, Employee or Consultant any right or privilege whatsoever, except for the rights and privileges set out expressly in the Plan. Neither the Plan nor any act that is done under
the terms of the Plan shall be interpreted as restricting the right of the Corporation to terminate the employment of an Executive Officer or Employee or to terminate the consulting contract with a Consultant at any time. 

 

	 	15.3	 The existence of any Options does not affect in any way the right or power of the Corporation or its shareholders to
make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation, to
create or issue any bonds, debentures, shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part
of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this Paragraph 16.3 would have an adverse effect on this Plan or any Option
granted hereunder. 

  

	 	15.4	 No Director, Executive Officer, Employee or Consultant to whom Options have been granted acquires an automatic right to
be granted one or more Options under the terms of the Plan by reason of any previous grants of Options under the Plan. 

  

	 	15.5	 The Plan does not provide for any guarantee in respect of any loss or profit which may result from fluctuations in the
market value of the Shares. 

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	 	15.6	 The Corporation shall assume no responsibility as regards the tax consequences that participation in the Plan will have
for a Director, Executive Officer, Employee or Consultant, and such persons are urged to consult their own tax advisors in such regard. 

  

	 	15.7	 The Plan and any Option granted under the terms of the Plan shall be governed and interpreted according to the laws of
the province of Québec and the federal laws of Canada applicable thereto. 

  

	 	15.8	 Each Optionee agrees with the Corporation that this Plan and all agreements, notices, declarations and documents
accessory to the Plan be drafted in English only. Chaque bénéficiaire consent avec la société à ce que ce Plan ainsi que toutes conventions, avis, déclarations et documents afférents au Plan soient
rédigés en anglais seulement.EX-10.14

 Exhibit 10.14 
  

 

	
	    
	  
 NOMINATION RIGHTS AGREEMENT

 
 BY AND AMONG

 
 THE LION ELECTRIC COMPANY

 
 AND

 

CERTAIN SHAREHOLDERS OF THE LION ELECTRIC COMPANY

 
 DATED AS OF MAY 6, 2021

 

	    

 TABLE OF CONTENTS 

 

							
	 ARTICLE I EFFECTIVENESS
	  	 	1	 
			
	 Section 1.1.
	 	 Effectiveness
	  	 	1	 
		
	 ARTICLE II DEFINITIONS
	  	 	1	 
			
	 Section 2.1.
	 	 Definitions
	  	 	1	 
			
	 Section 2.2.
	 	 Other Interpretive Provisions
	  	 	3	 
		
	 ARTICLE III GOVERNANCE
	  	 	3	 
			
	 Section 3.1
	 	 Board Nomination Rights
	  	 	3	 
			
	 Section 3.2.
	 	 Expenses
	  	 	7	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	7	 
			
	 Section 4.1.
	 	 Authority; Effect
	  	 	7	 
			
	 Section 4.2.
	 	 Further Assurances
	  	 	7	 
			
	 Section 4.3.
	 	 Notices
	  	 	7	 
			
	 Section 4.4.
	 	 Termination and Effect of Termination
	  	 	8	 
			
	 Section 4.5.
	 	 Remedies
	  	 	8	 
			
	 Section 4.6.
	 	 Amendments
	  	 	9	 
			
	 Section 4.7.
	 	 Governing Law
	  	 	9	 
			
	 Section 4.8.
	 	 Dispute Resolution
	  	 	9	 
			
	 Section 4.9.
	 	 Merger; Binding Effect, Etc.
	  	 	9	 
			
	 Section 4.10.
	 	 Counterparts
	  	 	9	 
			
	 Section 4.11
	 	 Severability
	  	 	9	 
			
	 Section 4.12.
	 	 Exercise of Rights and Remedies
	  	 	9	 
			
	 Section 4.13.
	 	 No Recourse
	  	 	9	 
			
	 Section 4.14.    
	 	 Language
	  	 	10	 

  
 - i - 

 This NOMINATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance
with the terms hereof, the “Agreement”), dated as of May 6, 2021 is made by and among: 
  

	 	i.	 The Lion Electric Company, a company organized under the laws of the Province of Québec (the
“Company”); 

  

	 	ii.	 9368-2672 Québec Inc., a company organized under the laws of the Province of Québec (the
“9368-2672”); and 

  

	 	iii.	 Power Energy Corporation, a company organized under the laws of the Province of Québec (“PEC”,
and together with the 9368-2672, the “Principal Shareholders”). 

 RECITALS 

WHEREAS pursuant to a business combination agreement and plan of reorganization dated November 30, 2020, among the Company,
Lion Electric Merger Sub Inc. (“Merger Sub”) and Northern Genesis Acquisition Corp. (“NGA”), on the date hereof, the Company completed a business combination transaction pursuant to which (i) Merger Sub merged
(the “Merger”) with and into NGA, with NGA surviving the Merger as a wholly-owned direct subsidiary of the Company and (ii) the Company amended and restated its Articles (as defined below) (collectively, the “Business
Combination”).  
 WHEREAS, in connection with the Business Combination, the Company became a registrant under
applicable U.S. securities laws and will become, shortly after closing of the Business Combination, a reporting issuer in the Province of Québec, and its Common Shares (as defined below) will be listed on the New York Stock Exchange and the
Toronto Stock Exchange. 
 WHEREAS, in connection with the closing of the Business Combination, the parties believe that it is in the
best interests of the Company and the other parties hereto to set forth their agreements regarding certain nomination rights as investors in the Company. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 EFFECTIVENESS 

Section 1.1.      Effectiveness. This Agreement shall become effective as of May 6, 2021,
being the date of closing of the Business Combination and shall continue until terminated in accordance with Section 4.4. 
 ARTICLE II

 DEFINITIONS 

Section 2.1.      Definitions. As used in this Agreement, the following terms have the
following meanings: 
 “9368-2672 Director” means a Director that has been designated by 9368-2672 for election as
Nominee or appointment pursuant to Section 3.1. 
 “9368-2672 Permitted Holders” means (i) Marc Bedard,
Camile Chartrand, Fiducie Bedard, Fiducie Chartrand, Gestion Placebo Inc., Les Placements L.-S. Piché Inc. and any Members of the Immediate 

 
Family of Marc Bédard or Camile Chartrand, and (ii) any Person controlled, directly or indirectly by one or more of the Persons referred to in clause (i) above (which includes,
for greater certainty, 9368-2672 as of the date hereof). 
 “Affiliate” means, with respect to any specified Person,
(a) any Person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member
of the Immediate Family of such Person; provided that (i) the Company and each of its subsidiaries shall be deemed not to be Affiliates of any Principal Shareholder, and further provider that (ii) Great-West Lifeco Inc. and its
subsidiaries, IGM Financial Inc. and its subsidiaries, and any investment fund managed by entities within the Power Corporation of Canada group of companies shall be deemed to not be Affiliates of PEC for purposes of this Agreement. As used in this
definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or
otherwise. 
 “Agreement” has the meaning set forth in the preamble. 

“Articles” means the articles of the Company, as they are in effect upon completion of the Business Combination, as
amended from time to time. 
 “Board” means the board of directors of the Company. 

“Board Size” means the number of directors on the Board as determined pursuant to Section 3.1.5. 

“Business Day” means any day on which the principal offices of the SEC in Washington, D.C. and the
Autorité des marches financiers in Québec (Canada) are open to accept filings or any day on which banks are not authorized or obligated to be closed in New York, New York or in Montreal, Québec. 

“Common Shares” means the common shares of the Company, as contemplated under the Articles. 

“Director” means a director on the Board. 

“Director Election Meeting” means any meeting of shareholders of the Company at which Directors are to be elected to
the Board. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and
any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Independent
Director” means a Director who is determined by the Nominating and Corporate Governance Committee to be “independent” in accordance with applicable laws and regulations (including National Instrument
52-110 – Audit Committee), including any applicable rules of a stock exchange on which the Common Shares are listed (other than any provision pursuant to which a Director would be deemed not to be
independent solely as a result of being a nominee of a shareholder of the Company). 
 “Member of the Immediate
Family” means with respect to any individual, each parent (whether by birth or adoption), spouse or child (including any step-child) or other descendants (whether by birth or adoption) of such individual, each spouse of any of the
aforementioned Persons, each trust created solely for the benefit of such individual and/or one or more of the aforementioned Persons, and each legal representative of such individual or of any aforementioned Persons (including a tutor, curator,
mandatary due to incapacity, custodian, guardian or testamentary executor), acting in such capacity under the authority of the law, an order from a competent tribunal, a will or a mandate in case of incapacity or similar instrument. For the purposes
of this definition, a Person shall be considered the spouse of an individual if such Person is legally married to such individual, lives in a civil union with such individual or is the common law partner (as defined in the Income Tax Act
(Canada) as amended from time to time) of such individual. A Person 

  
 - 2 - 

 
who was the spouse of an individual within the meaning of this paragraph immediately before the death of such individual shall continue to be considered a spouse of such individual after the
death of such individual. 
 “Nominating and Corporate Governance Committee” means the Nominating and
Corporate Governance Committee of the Board. 
 “Nominee” means a nominee proposed for election as Director by
the Company and included as a nominee in the management information circular of the Company relating to a Director Election Meeting. 

“PEC Director” means a Director that has been designated by PEC for election as Nominee or appointment pursuant to
Section 3.1. 
 “PEC Permitted Holders” means Power Energy Corporation and any of its Affiliates. 

“Person” means any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Principal Shareholder” has the meaning set forth in the preamble. 

“QBCA” means the Quebec Business Corporations Act. 

“Shareholder Group” means each of (a) the PEC Permitted Holders (collectively as one Shareholder Group) and
(b) the 9368-2672 Permitted Holders (collectively as one Shareholder Group) and “Shareholder Groups” means all of them. 

Section 2.2.      Other Interpretive Provisions. 

(a)      The meanings of defined terms are equally applicable to the singular and plural forms of the
defined terms. 
 (b)      The words “hereof”, “herein”, “hereunder” and
similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c)      The term “including” is not limiting and means “including without
limitation.” 
 (d)      The captions and headings of this Agreement are for convenience of
reference only and shall not affect the interpretation of this Agreement. 
 (e)      Whenever the
context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms. 
 ARTICLE III 

GOVERNANCE 

Section 3.1.      Board Nomination Rights. 

Section 3.1.1.      Size and Composition of the Board. At the time this
Agreement becomes effective, the Board shall consist of eight (8) Directors and thereafter shall be composed of a number of directors determined as set forth in Section 3.1.5. The initial Directors shall be Pierre Larochelle (Chairman),
Marc Bédard, Michel Ringuet, Pierre Wilkie, Sheila Colleen Bair, Ian Robertson, Chris Jarrat and Pierre-Olivier Perras.. 

  
 - 3 - 

 Section 3.1.2.      Designation
of Nominees. In respect of any Director Election Meeting: 
  

	 	(a)	 As long as any Shareholder Group holds, directly or indirectly, at least 20% of the Common Shares outstanding (on a non-diluted basis), its Principal Shareholder shall be entitled to designate a number of Nominees equal to the product of (rounding to the nearest whole number) (i) the percentage of the Common Shares held by
such Shareholder Group (on a non-diluted basis) multiplied by (ii) the Board Size. For illustration purposes only, the following table illustrates the minimum percentage of the Common Shares which are
required to be held by a Shareholder Group to designate the number of Nominees shown: 

  

																	
		 		  		  	Board Size
		 		  		  	        7        	  	        8        	  	        9        	  	        10        	  	        11        	  	        12        
		 	 

	  	  

2    
  
	  	22%	  	20%	  	20%	  	20%	  	20%	  	20%
	  	  

3    
  
	  	36%	  	31%	  	28%	  	25%	  	23%	  	21%
	  	  

4    
  
	  	N.A.	  	44%	  	39%	  	35%	  	32%	  	29%

  

	 	(b)	 In addition to any rights 9368-2672 may have under Section 3.1.2(a), as long as the 9368-2672 Permitted Holders
hold, directly or indirectly, at least 5% of the Common Shares outstanding (on a non-diluted basis), 9368-2672 shall be entitled to designate: 

 

	 	(i)	 for so long as Marc Bedard is performing the role of chief executive officer, one (1) Nominee (in addition to
Marc Bedard, who will be appointed to the Board for so long as he is performing the role of chief executive officer of the Company); or 

  

	 	(ii)	 at any other time, Marc Bedard as a Nominee. 

Section 3.1.3.      Nomination and Election Procedures. 

 

	 	(a)	 Each Principal Shareholder having a right to designate one or more Nominees under Section 3.1.2 may notify the
Company of its designated Nominee(s) at any time but no less than 45 calendar days prior to the date of any Director Election Meeting. If, prior to the Director Election Meeting, the Nominee of a Principal Shareholder is unable or
unwilling to serve as a Director, then such Principal Shareholder will be entitled to designate a replacement Nominee. 

  

	 	(b)	 Other than Marc Bedard pursuant to any designation made pursuant to Section 3.1.2(b)(ii), at least one
(1) Nominee designated by each Principal Shareholder must be an Independent Director as determined by the Nominating and Corporate Governance Committee and, if no Nominee of a Principal Shareholder is determined to be an Independent Director,
such Principal Shareholder will be entitled to designate a replacement Nominee. 

  

	 	(c)	 Each designated Nominee of a Principal Shareholder shall be considered by the Nominating and Corporate Governance
Committee to ensure that the Nominees, when considered collectively with the additional individuals selected by the Nominating and Corporate Governance Committee for nomination to the Board, represent the characteristics, experience, skill set,
independence and diversity 

  
 - 4 - 

	 	 
desired by the Board. The Nominating and Corporate Governance Committee may, at its discretion, advise a Principal Shareholder that inclusion of any designated Nominee does not satisfy the
objectives of the Board and, in such circumstance, such Principal Shareholder shall be entitled to propose a replacement for such Nominee. 

  

	 	(d)	 For so long as a Principal Shareholder has the right to designate one or more Nominees under Section 3.1.2, and
provided that each Nominee (or any replacement thereof which a Principal Shareholder has the right to designate hereunder) has received a favourable recommendation of the Nomination and Corporate Governance Committee, the Company shall nominate for
election and include in any management information circular relating to any Director Election Meeting (or submit to shareholders by written consent if applicable) each person designated as Nominee of such Principal Shareholder and take all steps
which may be necessary or appropriate to recognize, enforce and comply with the rights of any Principal Shareholder under this Section 3.1. 

  

	 	(e)	 Subject to Section 3.1.7, each Shareholder Group shall vote or cause to be voted all Common Shares that it holds,
directly or indirectly, or over which it exercises control or direction, in favor of any Nominee designated by a Principal Shareholder and at any Director Election Meeting, pursuant to the terms and subject to the conditions of this
Section 3.1. 

 Section 3.1.4.      Other Nominees.
The selection of Nominees other than the Nominees designated by the Principal Shareholders pursuant to Section 3.1.2 (including when any designation right of a Principal Shareholder has not been exercised pursuant thereto), shall rest with the
Board, or the Nominating and Corporate Governance Committee, if so determined by the Board. 

Section 3.1.5.      Number of Board Members. The Board shall initially consist
of eight (8) members and thereafter shall consist of such other number as may be determined by the Board, provided that, in each case, the number of Directors shall be sufficient to give effect to the rights of each Principal Shareholder
hereunder and under any other then existing obligation of the Company in respect thereof, in each case subject to any minimum or maximum number of Directors as provided under the Company’s Articles. Each Shareholder Group will cast all votes
attached to all Common Shares held by such Shareholder Group, whether at any annual or special meeting by written consent or otherwise, to give effect to the foregoing. 

Section 3.1.6.      Replacement Appointment. If any Nominee of a Principal
Shareholder resigns, is removed, or is unable to serve for any reason prior to the expiration of his or her term as a Director, then such Principal Shareholder shall be entitled to designate a replacement to be appointed by the Board as Director as
soon as reasonably practicable, except where such Principal Shareholder would have otherwise ceased to be entitled to designate such Nominee pursuant to Section 3.1.2. The appointment of any such replacement shall be subject to the approval
thereof by the Nominating and Corporate Governance Committee in accordance with Section 3.1.3(c). 

Section 3.1.7.      Cessation; Resignation. Any Principal Shareholder shall
cease to have any rights or obligations under this Section 3.1 immediately upon ceasing to have the right to designate any Nominee pursuant to the terms of Section 3.1.2. In the event that a Principal Shareholder ceases to have the right
to designate a Nominee pursuant to the terms of Section 3.1.2, such Principal Shareholder shall concurrently therewith, if requested by the Board, use its reasonable efforts to promptly obtain and deliver to the Company the written resignation
of any Director previously designated by it pursuant to the terms of Section 3.1.2 such that the number of Directors nominated by such Principal Shareholder and then serving on the Board does not exceed the number of Nominees that such
Principal Shareholder would then have the right to designate pursuant to the terms of Section 3.1.2. 

  
 - 5 - 

Section 3.1.8.      Qualifications. Notwithstanding anything to the contrary in
this Agreement, all Directors (including Directors designated by the Principal Shareholders) shall, at all times while serving on the Board, meet the qualification requirements to serve as a director under the QBCA, applicable securities laws and
the rules of any stock exchange on which the Common Shares are listed. 

Section 3.1.9.      Chairman. So long as PEC has the right to designate a
Nominee pursuant to Section 3.1.2, PEC shall have the right to designate one (1) of the PEC Directors to serve as Chairman of the Board. The Initial Chairman of the Board will be Pierre Larochelle. In the event that PEC does not have the
right to designate the Chairman of the Board, the Chairman of the Board shall be selected by the Board from among the Directors comprising the Board. In the event that the Chairman of the Board is not an Independent Director, the remaining Directors
shall designate a lead independent director. The Chairman of the Board shall not be a past or present CEO of the Company. 

Section 3.1.10.      Board Committees. 

 

	 	(a)	 The Board shall establish and maintain committees of the Board (each a “Committee” and collectively,
the “Committees”) as required by regulations, the rules of any stock exchange or as determined appropriate by the Board. 

  

	 	(b)	 The size of each Committee shall be established by the Board provided that the number of Committee members for each
such Committee shall be at least equal to the number of Principal Shareholders having the right to appoint Nominees pursuant to the terms of Section 3.1.2, plus one (1) (which, as of the date hereof, corresponds to three (3) Committee
members). 

  

	 	(c)	 The Committees and their composition shall initially consist of the following: 

 

	 	(i)	 Audit Committee: Michel Ringuet (Chair), Sheila Colleen Bair, and Ian Robertson; 

 

	 	(ii)	 Human Resources and Compensation Committee: Chris Jarratt (Chair), Pierre Wilkie and Pierre-Olivier Perras; and

  

	 	(iii)	 Nominating and Corporate Governance Committee: Ian Robertson (Chair), Sheila Colleen Bair and Pierre-Olivier
Perras. 

  

	 	(d)	 For so long as a Principal Shareholder has a right to designate a Nominee pursuant to the terms of Section 3.1.2,
each such Principal Shareholder shall have the right to appoint one member of each Committee. Notwithstanding the foregoing, neither the CEO nor 9368-2672 shall have the right to appoint any Director to the Human Resources and Compensation
Committee. 

  

	 	(e)	 Each Committee shall be composed of at least a majority of Independent Directors. Except as restricted by applicable
laws and regulations, Committees will be allowed to be composed of independent and non-independent directors. 

  

	 	(f)	 Each Committee shall be chaired by a Director who is not a Nominee of a Principal Shareholder. 

Section 3.1.11.      Non-Assignability or
Transfer of Rights. None of the rights or obligations of any Shareholder Group under this Agreement shall be assignable or transferable to any Person, provided however that each Principal Shareholder may assign its rights and obligations
hereunder to another member of its Shareholder Group together with a transfer of Common Shares to such 

  
 - 6 - 

 
member, provided that such assignee (if not already a party hereto) executes a joinder to this Agreement. For the avoidance of doubt, the transfer by a Principal Shareholder to another member of
its Shareholder Group shall not relieve any member of such Shareholder Group from its obligations hereunder. 

Section 3.1.12.      Shareholder Approval. At the first annual meeting of the
shareholders of the Company to be held following the fifth (5th) anniversary of the date of this Agreement, and at every fifth (5th) annual
meeting of the shareholders of the Company thereafter, the rights of any Principal Shareholders under Section 3.1.2(a) shall be submitted to the shareholders of the Company for approval by a simple majority (>50%) of the votes cast by the
shareholders of the Company represented in person or by proxy at such meeting (provided that, for greater certainty, all shareholders of the Company shall be entitled to vote with respect to such approval). If such rights are approved by
shareholders of the Company in accordance with the foregoing, the rights of any Principal Shareholders under Section 3.1.2(a) shall continue in full force and effect until the next shareholder meeting at which such rights must be submitted for
approval. If at any such meeting the requisite shareholder approval is not obtained, the rights of any Principal Shareholders under Section 3.1.2(a) shall become void and shall have no further force and effect. 

Section 3.2.    Expenses. 

Section 3.2.1.      The Company shall reimburse the members of the Board for all
reasonable out-of-pocket expenses incurred in connection with the attendance at meetings of the Board and any committees thereof, including travel, lodging and meal
expenses. 
 Section 3.2.2.      The Company shall obtain customary director and
officer liability insurance on commercially reasonable terms. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1.      Authority; Effect. Each party hereto represents and warrants to and agrees
with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to
such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other
association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 

Section 4.2.      Further Assurances. Each holder of Common Shares in a Shareholder Group will
cast all votes attached to all Common Shares held by such Shareholder Group, whether at any annual or special meeting by written resolutions or otherwise, and take such other actions as may reasonably be requested by any Principal Shareholder to
give effect to the agreements set forth in this Agreement. 
 Section 4.3.      Notices. Any
notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by e-mail, or (iii) sent by
overnight courier, in each case, addressed as follows: 
 If to the Company to: 

The Lion Electric Company 
 921 ch. de la Rivière-du-Nord 

Saint-Jérôme (Québec) J7Y 5G2 

  
 - 7 - 

			
	 Attention:      
	  	Marc Bédard, CEO - Founder
		  	Nicolas Brunet, Executive Vice-President and Chief Financial Officer
		
	 E-mail:
	  	[***]
		  	[***]
	
	with a copy to:
	
	 Stikeman Elliott LLP

1155 René-Lévesque Blvd. West, 41st
Floor

	 Montreal (Québec) H3B 3V2

		
	 Attention:
	  	Aniko Pelland; David Tardif
		
	 E-mail:
	  	[***]
		  	[***]
	
	If to PEC, to:
	
	 Power Energy Corporation

751 rue du Square Victoria

	 Montreal (Quebec) H2Y 2J3

		
	 Attention:
	  	Pierre Larochelle
		
	 Email:
	  	[***]
	
	If to 9368-2672, to:
	
	 Marc Bedard
 921
ch. de la Rivière-du-Nord

	 Saint-Jérôme (Québec) J7Y 5G2

		
	 Attention:
	  	Marc Bedard
		
	 E-mail:
	  	[***]

 Unless otherwise specified herein, such notices or other communications shall be deemed effective
(i) on the date received, if personally delivered, (ii) on the date received if delivered by e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and
(iii) two (2) Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

Section 4.4.      Termination and Effect of Termination. This Agreement shall terminate upon
the date on which both Principal Shareholders cease to have any right to designate any Nominee under this Agreement pursuant to the terms of Section 3.1.2. 

Section 4.5.      Remedies. The parties to this Agreement shall have all remedies available at
law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be
available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in
the circumstances. No delay of or omission in the 

  
 - 8 - 

 
exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall
it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach
or default occurring before or after that waiver. 
 Section 4.6.      Amendments. This
Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an
agreement in writing signed by each of the Company (acting through the Independent Directors), PEC and 9368-2672. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may
waive any right hereunder by an instrument in writing signed by such party. 

Section 4.7.      Governing Law. This Agreement and all claims arising out of or based upon
this Agreement or relating to the subject matter hereof shall be governed and interpreted by and construed in accordance with the substantive laws of the Province of Québec and the federal laws of Canada applicable therein (without giving
effect to conflict of law principles). 
 Section 4.8.      Dispute Resolution. Any claim,
dispute or controversy arising out of or relating to the interpretation, application or enforcement of this Agreement or any breach of this Agreement shall be settled by arbitration to be held the Province of Québec, district of
Montréal. A party wishing to submit a dispute to arbitration shall give written notice to such effect to the other parties hereto. The parties shall have fifteen (15) days from a party’s notice of such a request for arbitration to
designate the arbitrators for the dispute in accordance with this Section 4.8. 

Section 4.9.      Merger; Binding Effect, Etc. This Agreement constitutes the entire agreement
of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and
thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Principal Shareholder or other party hereto may assign any of its respective rights or delegate any of its
respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 4.10.      Counterparts. This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original, but all of which taken together shall constitute one instrument. 

Section 4.11.      Severability. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions
hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

Section 4.12.      Exercise of Rights and Remedies. No delay or omission in the exercise of
any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach
or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

Section 4.13.      No Recourse. Notwithstanding anything that may be expressed or implied in
this Agreement, the Company and each Principal Shareholder covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be made against any current or future
director, officer, employee, shareholder, general or limited partner or member of any Principal Shareholder or of any Affiliate or assignee thereof, as such, 

  
 - 9 - 

 
whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Principal Shareholder or any current or future member of any Principal Shareholder or any
current or future director, officer, employee, shareholder, partner or member of any Principal Shareholder or of any Affiliate or assignee thereof, as such, for any obligation of any Principal Shareholder under this Agreement or any documents or
instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

Section 4.14.      Language. The parties confirm that it is their wish that this Agreement as
well as any other documents relating hereto including notices, have been and shall be drawn up in English only. Les parties aux présentes confirment leur volonté de rédiger exclusivement en langue anglaise la présente
convention ainsi que tous les documents s’y rapportant, notamment les avis. 
 [Signature pages follow] 

  
 - 10 - 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as
of the date first above written. 
  

									
	Company:	 		 	THE LION ELECTRIC COMPANY
				
		 		 	By:	 	     /s/ Nicolas Brunet

		 		 		 	Name: Nicolas Brunet
		 		 		 	 Title:    Executive Vice President and Chief

            Financial Officer

			
	Principal Shareholders:	 		 	9368-2672 QUÉBEC INC.
				
		 		 	By:	 	     /s/ Marc Bédard

		 		 		 	Name: Marc Bédard
		 		 		 	Title: Authorized Signatory
			
		 		 	POWER ENERGY CORPORATION
				
		 		 	By:	 	     /s/ Pierre Larochelle

		 		 		 	Name: Pierre Larochelle
		 		 		 	Title: Chief Executive Officer

 [Signature Page to Nomination Rights Agreement]

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