Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This
Amended and Restated Employment Agreement (“Agreement”) is made between Cogent Biosciences, Inc., a Delaware corporation (the “Company”), and Jessica Sachs, MD (the “Executive”) as of December 24, 2021 (the
“Effective Date”). 
 WHEREAS, the Company and the Executive are currently parties to that certain Employment Agreement, effective
as of February 1, 2021 (the “Prior Agreement”); 
 WHEREAS, pursuant to the Prior Agreement, the Executive is currently
employed as the Chief Medical Officer of the Company; and 
 WHEREAS, the Company and the Executive now wish to amend and restate the Prior
Agreement to set forth the ongoing terms of the Executive’s employment, commencing as of the Effective Date. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Employment. 
 (a)
Term. The term of this Agreement shall commence on the Effective Date and continue until the Date of Termination (as defined herein) (such period shall hereinafter be referred to as the “Term”). No provision of this Agreement shall
be construed as altering the “at will” nature of Executive’s employment, and the Executive’s employment may be terminated at any time for any reason. 

(b) Position and Duties. During the Term, the Executive shall continue to serve as the Chief Medical Officer of the Company and shall
have such powers and duties as may from time to time be prescribed by the Chairman of the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company (the “CEO”) provided that such duties are
consistent with the Executive’s position or other positions that he/she may hold from time to time. The Executive shall devote his/her full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the
Executive may serve on other boards of directors, with the approval of the CEO, or engage in religious, charitable or other community activities as long as such services and activities are disclosed to the CEO and do not materially interfere with
the Executive’s performance of his/her duties to the Company as provided in this Agreement. 
 2. Compensation and Related
Matters. 
 (a) Base Salary. During the Term, the Executive’s initial annual base salary shall be $460,000. The
Executive’s base salary may be re-determined annually by the Board or the Compensation Committee. The base salary in effect at any given time is referred to herein as “Base Salary.” The
Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. 

 (b) Incentive Compensation. During the Term, the Executive shall be eligible to
receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s target annual incentive compensation shall be 40% of his/her Base Salary. To earn incentive compensation, the
Executive must be employed by the Company on the day such incentive compensation is paid. 
 (c) Expenses. The Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by him/her during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior
executive officers. 
 (d) Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits
under the Company’s employee benefit plans in effect from time to time, subject to the terms of such plans. 
 (e) Vacations.
During the Term, the Executive shall be subject to the Company’s vacation policy as in effect from time to time at the Company. The Executive shall also be entitled to all paid holidays given by the Company to its executives. 

(f) Equity. During the Term, the Executive shall be eligible to receive equity awards under the Company’s equity compensation plans
in effect from time to time, subject to the terms of such plans and as determined by the Compensation Committee of the Board. 
 3.
Termination. During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances: 

(a) Death. The Executive’s employment hereunder shall terminate upon his/her death. 

(b) Disability. The Company may terminate the Executive’s employment if he/she is disabled and unable to perform the essential
functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month
period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation,
the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to
whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the
physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this
Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq. 

  
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 (c) Termination by Company for Cause. The Company may terminate the Executive’s
employment hereunder at any time for Cause. For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting an intentional and material act of misconduct in connection with the performance of his/her
duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) the
commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or reputational harm to the Company or
any of its subsidiaries and affiliates if he/she were retained in his/her position; (iii) continued non-performance by the Executive of his/her duties hereunder (other than by reason of the
Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the CEO; (iv) a breach by the
Executive of any of the Continuing Obligations (as defined in Section 7 below) which has continued for more than 30 days following written notice of such breach from the CEO; (v) a material violation by the Executive of the Company’s
written employment policies which has continued for more than 30 days following written notice of such material violation from the CEO; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or
law enforcement authorities in Executive’s capacity as an employee of the Company, after being instructed by the Company to cooperate, or the willful destruction of or failure to preserve documents or other materials known to be relevant to
such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 

(d) Termination Without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any
termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or
(b) shall be deemed a termination without Cause. 
 (e) Termination by the Executive. The Executive may terminate his/her
employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter
defined) following the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties, including a change in reporting relationship; (ii) a material diminution in the
Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all
senior management employees of the Company; (iii) a change in the geographic location at which the Executive provides services to the Company more than twenty (20) miles away from the current location unless Executive can reasonably
perform substantially all of his/her duties remotely with reasonable accommodation; or (iv) the material breach of this Agreement or material violation of the Company’s written employment policies by the Company. “Good Reason
Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason
condition within 60 days of Executive’s discovery of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to
remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his/her employment within 60 days after the end of the Cure Period. If the Company cures the Good
Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred; provided, however, that if the same Good Reason condition occurs again within 12 months thereafter, the Executive shall be entitled to terminate his/her
employment hereunder for Good Reason without having to comply with the Good Reason Process again. 

  
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 (f) Notice of Termination. Except for termination as specified in Section 3(a),
any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 
 (g) Date
of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by his/her death, the date of his/her death; (ii) if the Executive’s employment is terminated on account of
disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on
which a Notice of Termination is given; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 14 days after the date on which a Notice of Termination is given unless an
earlier effective date is provided in such Notice of Termination, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the
end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a
termination by the Company for purposes of this Agreement. 
 4. Compensation Upon Termination. 

(a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or
provide to the Executive (or to his/her authorized representative or estate) (i) (A) any Base Salary earned through the Date of Termination and any unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this
Agreement); (B) and unused vacation that accrued through the Date of Termination; and, (C) if the Date of Termination occurs on or between January 1 and March 14 and provided that the Executive’s employment is terminated for any
reason other than a termination by the Company for Cause under Section 3(c) or by the Executive without Good Reason under Section 3(e), an amount equal to the Executive’s target bonus for the preceding year if annual incentive
compensation for the preceding year has not been paid by the Company as of the Date of Termination, all on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested
benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the
“Accrued Benefit”). 

  
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 (b) Termination by the Company Without Cause or by the Executive for Good Reason.
During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his/her employment for Good Reason as provided in Section 3(e), then the Company shall
pay the Executive his/her Accrued Benefit. In addition, subject to (i) the Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which shall include, without limitation, a general release of
claims against the Company and all related persons and entities, a reaffirmation of all of the Executive’s Continuing Obligations, and, in the Company’s sole discretion, a twelve (12) month post-employment noncompetition agreement,
and shall provide that if the Executive breaches any of the Continuing Obligations, all payments by the Company to the Executive pursuant to this Section 4(b) shall immediately cease (the “Separation Agreement and Release”), and
(ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and Release), which shall include a seven (7) business day
revocation period: 
 (i) the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of
(A) twelve (12) months of the Executive’s current Base Salary plus (B) an amount equal to the Executive’s target bonus for the year in which such termination occurs pro-rated based
on the portion of such year that the Executive was employed by the Company; and 
 (ii) notwithstanding anything to the
contrary in any applicable option agreement or other stock-based award agreement, all time-based stock options and other stock-based awards subject to time-based vesting held by the Executive (including performance grants with a time-based vesting
component but only if the applicable performance metric(s) have been achieved prior the Date of Termination) and which would have vested if he/she had remained employed for an additional nine (9) months following the Date of Termination (the
“Time-Based Equity Awards”) shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the Effective Date of the Separation Agreement and Release (the
“Accelerated Vesting Date”); provided that any termination or forfeiture of any shares that may accelerate pursuant this subsection will be delayed until the Effective Date of the Separation Agreement and Release and will only occur
if the vesting pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth therein. Notwithstanding the foregoing, no additional vesting of the
Time-Based Equity Awards shall occur during the period between the Executive’s Date of Termination and the Accelerated Vesting Date; and 

(iii) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for nine (9) months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to 100% of the
Executive’s monthly COBRA premiums for himself/herself and his/her eligible dependents; and 

  
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 (iv) The amounts payable under this Section 4(b) shall be paid or
commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments shall be paid or
commence to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to
cover amounts retroactive to the day immediately following the Date of Termination. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Section 7 of this Agreement and fails to cure such breach (if
curable) within 30 days following written notice of such breach from the CEO, all payments under this Section 4(b) may be terminated by written notice to Executive. 

5. Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the
Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and
dedication to his/her assigned duties and his/her objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance
pay and benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or
effect beginning 12 months after the occurrence of a Change in Control. 
 (a) Change in Control. During the Term, if within 12 months
after a Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his/her employment for Good Reason as provided in Section 3(e), then, in addition
to the Accrued Benefits, and subject to (i) the signing of the Separation Agreement and Release by the Executive, which shall be defined in the same manner as set forth in Section 4(b), except that it shall provide that if the Executive
breaches any of the Continuing Obligations and fails to cure such breach (if curable) within 30 days following written notice of such breach from the CEO, all payments by the Company to the Executive pursuant to this Section 5(a) may be
terminated by written notice to Executive, and (ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and Release): 

(i) the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) twelve (12) months
of the Executive’s current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) 100% percent of the Executive’s target bonus for the then-current year (the “Change
in Control Payment”); and 

  
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 (ii) notwithstanding anything to the contrary in any applicable option
agreement or other stock-based award agreement, all stock options and other stock-based awards held by the Executive (including performance grants with a time-based vesting component but only if the applicable performance metric(s) have been
achieved prior the Date of Termination) shall immediately accelerate and become fully exercisable or nonforfeitable as of the Accelerated Vesting Date; provided that any termination or forfeiture of any shares that may accelerate pursuant to
this subsection will be delayed until the Effective Date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully
effective within the time period set forth therein; and 
 (iii) if the Executive was participating in the Company’s
group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for twelve (12) months or the Executive’s COBRA health continuation
period, whichever ends earlier, in an amount equal to 100% of the Executive’s monthly COBRA premiums for himself/herself and his/her eligible dependents; and 

(iv) The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of
Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments shall be paid or commence to be paid in the second calendar year by the
last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately
following the Date of Termination. 
 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code
and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced to the extent necessary so that no portion of
the Aggregate Payments would be subject to the excise tax. In such event, the Aggregate Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to
Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then
the payments shall be reduced in reverse chronological order. 
 (ii) The determination of the reduction provided in
Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business
days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

  
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 (c) Definitions. For purposes of this Section 5, the following terms shall have
the following meanings: 
 “Change in Control” shall mean any of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote
in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or 

(ii) the date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 

(iii) the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in
one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of
Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of
the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i). 

  
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 6. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six (6) months and
one (1) day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b) All in-kind benefits
provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or
reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other
aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 

(e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

  
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 7. Continuing Obligations. 

(a) Restrictive Covenants Agreement. As a condition of the Executive’s continued employment, the Executive is required to remain a
party to the Employee Confidentiality, Non-Solicitation and Inventions Agreement that the Executive and the Company previously entered into in connection with the Prior Agreement (the “Restrictive
Covenants Agreement”). For purposes of this Agreement, the obligations in this Section 7 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other
restrictive covenants shall collectively be referred to as the “Continuing Obligations.” 
 (b) Third-Party Agreements and
Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of Company information or the
Executive’s engagement in the Company’s business. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s
proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in
violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public
information belonging to or obtained from any such previous employment or other party. 
 (c) Litigation and Regulatory Cooperation.
During and after the Executive’s employment, the Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with
counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with
any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the
Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 7(c). 

(d) Injunction. The Executive agrees that it may be difficult to measure any damages caused to the Company which might result from any
breach by the Executive of any of his/her Continuing Obligations, and that in any event money damages may be an inadequate remedy for any such breach. Accordingly, subject to Section 8 of this Agreement, the Executive agrees that if the
Executive breaches, or proposes to breach, any portion of his/her Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to seek an injunction or other appropriate equitable relief to restrain any
such breach without showing or proving any actual damage to the Company. 

  
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 8. Arbitration of Disputes. Any controversy or claim arising out of or relating to
this Agreement or the breach thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or
otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court
action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to
this Section 8. 
 9. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce
Section 8 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such
court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to
personal jurisdiction or service of process. 
 10. Integration. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement. Notwithstanding the foregoing, nothing herein shall affect the Executive’s accrued
rights under the Prior Agreement arising prior to the Effective Date (e.g., payment of earned and unpaid salary or bonus) or the parties’ respective rights and obligations under the Restrictive Covenants Agreement. 

11. Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts
required to be withheld by the Company under applicable law. 
 12. Successor to the Executive. This Agreement shall inure to the
benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his/her termination of employment but prior to
the completion by the Company of all payments due his/her under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his/her death (or to his/her estate, if the
Executive fails to make such designation). 

  
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 13. Enforceability. If any portion or provision of this Agreement (including, without
limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or
provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law. 
 14. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 15. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 16.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

17. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 18. Governing Law. This is a Massachusetts contract and shall be construed under and be governed in
all respects by the laws of the Commonwealth of Massachusetts, without giving effect to conflict-of-laws principles. With respect to any disputes concerning federal law,
such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

19. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 
 20. Successor to Company. The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the
same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this
Agreement. 
 21. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the
feminine gender unless the context clearly indicates otherwise. 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year
first above written. 
  

	
	COGENT BIOSCIENCES, INC.
	
	 /s/ Erin Schellhammer

	Erin Schellhammer
	Chief People Officer
	
	 /s/ Jessica Sachs, MD

	Jessica Sachs, MD

  
 13EX-4.5

 Exhibit 4.5 
  

 
  

THE BANK OF NOVA SCOTIA 

Issuer 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., 

U.S. Trustee 
 and

 COMPUTERSHARE TRUST COMPANY OF CANADA, 

Canadian Trustee 

Second Supplemental Indenture 

Dated as of December 27, 2021 

to 
 Indenture 

Dated as of January 22, 2010 

Senior Debt Securities 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE ONE	  			
		
	RELATION TO BASE INDENTURE	  			
		
	 SECTION 101. Relation to Base Indenture
	  	 	1	 
	 SECTION 102. Defined Terms
	  	 	2	 
		
	ARTICLE TWO	  			
	AMENDMENTS	  			
		
	 SECTION 201. Applicability
	  	 	2	 
	 SECTION 202. Amendment of Definitions
	  	 	2	 
	 SECTION 203. Addition to Article Two of the Indenture
	  	 	4	 
	 SECTION 204. Consent to Jurisdiction and Service of Process
	  	 	26	 
	 SECTION 205. Addition to Article Three of the Indenture
	  	 	26	 
	 SECTION 206. Addition to Article Eleven of the Indenture
	  	 	29	 
		
	ARTICLE THREE	  			
	MISCELLANEOUS	  			
		
	 SECTION 301. Ratification of Indenture
	  	 	32	 
	 SECTION 302. Trustee Not Responsible for Recitals
	  	 	32	 
	 SECTION 303. Governing Law
	  	 	32	 
	 SECTION 304. Separability Clause
	  	 	32	 
	 SECTION 305. Benefits of Second Supplemental Indenture
	  	 	32	 
	 SECTION 306. Conflict with Indenture
	  	 	32	 
	 SECTION 307. Execution in Counterparts
	  	 	32	 
	 SECTION 308. Indenture and Securities Solely Corporate Obligations
	  	 	33	 
	 SECTION 309. Waiver of Jury Trial
	  	 	33	 
	 SECTION 310. Effective Date
	  	 	33	 

  

 SECOND SUPPLEMENTAL INDENTURE, dated as of December 27, 2021 (this “Second
Supplemental Indenture”) among The Bank of Nova Scotia, a Canadian chartered bank (herein called the “Bank”), having its principal executive offices located at 44 King Street West, Scotia Plaza, Toronto, Ontario, Canada M5H
1H1, Computershare Trust Company, N.A., a trust company organized under the laws of the United States, as U.S. trustee (the “U.S. Trustee”) and Computershare Trust Company of Canada, a trust company duly organized and existing under
the federal laws of Canada, as Canadian trustee (the “Canadian Trustee” and, together with the U.S. Trustee, the “Trustees”). 

RECITALS OF THE BANK 
 WHEREAS,
the Bank and the Trustees have heretofore executed and delivered an Indenture, dated as of January 22, 2010 (the “Base Indenture”) as amended by the first supplemental indenture dated as of November 30, 2018 between the
Bank and the Trustees (the “First Supplemental Indenture” and, together with the Base Indenture and, as hereby supplemented and amended, the “Indenture”) providing for the issuance from time to time of series of the
Bank’s unsecured indebtedness (other than subordinated indebtedness within the meaning of the Bank Act) (hereinafter called the “Securities”); 

WHEREAS, Section 901(5) of the Base Indenture provides that the Bank and the Trustees may enter into an indenture supplemental to the
Base Indenture to add to, change or eliminate any of the provisions of the Base Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall neither (i) apply to any Security of
any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become
effective only when there is no Security described in clause (i) Outstanding; 
 WHEREAS, pursuant to Section 901(5) of the Base
Indenture, the Bank wishes to add to and change certain provisions of the Base Indenture as set forth in this Second Supplemental Indenture; the amendments set forth in this Second Supplemental Indenture shall apply to all series of Securities
issued pursuant to the Indenture on or after the date hereof, but shall not apply to any Security created pursuant to the Base Indenture prior to the date of this Second Supplemental Indenture, nor shall such amendments modify the rights of the
Holders of any such previously created Securities; and 
 WHEREAS, the Bank has requested that the Trustees execute and deliver this Second
Supplemental Indenture; and all requirements necessary to make this Second Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms have been satisfied; and the execution and delivery of this Second
Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE 

RELATION TO BASE INDENTURE 

SECTION 101. Relation to Base Indenture. This Second Supplemental Indenture constitutes an integral part of the Indenture. 

  
 1 

 SECTION 102. Defined Terms. 

(a) Capitalized terms used herein without definition shall have the meanings set forth in the Indenture; 

(b) a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout; and 

(c) unless otherwise specified or unless the context requires otherwise, (i) all references in this Second Supplemental
Indenture to Sections refer to the corresponding Sections of this Second Supplemental Indenture and (ii) the terms “herein”, “hereof”, “hereunder” and any other word of similar import refer to this Second
Supplemental Indenture. 
 ARTICLE TWO 

AMENDMENTS 
 SECTION 201.
Applicability. Except as provided in the immediately succeeding paragraph or as otherwise may be provided pursuant to Section 301 of the Base Indenture with respect to any particular Security issued on or after the date hereof, Sections
202 through 206, inclusive, of this Second Supplemental Indenture shall apply to Securities of any series created after the execution of this Second Supplemental Indenture and shall not apply to, or modify the rights of Holders or Beneficial Owners
of, any Securities of any series created before such execution. 
 SECTION 202. Amendment of Definitions. The following definitions
shall be added to the applicable definitions set forth in Section 101 of the Indenture: 
 “Additional Amounts” has
the meaning specified in Section 313. 
 “Canadian Taxes” has the meaning specified in Section 313. 

“Fixed Rate Notes Redemption” has the meaning specified in Section 1108. 

“Fixed Rate Notes Redemption Date” has the meaning specified in Section 1108. 

“Floating Rate Notes Redemption” has the meaning specified in Section 1109. 

“Floating Rate Notes Redemption Date” has the meaning specified in Section 1109. 

“Comparable Treasury Issue” has the meaning specified in Section 1108. 

“Comparable Treasury Price” has the meaning specified in Section 1108. 

“Investment Bank” has the meaning specified in Section 1108. 

“OSFI Capital Adequacy Requirements (CAR) Guideline” means OSFI’s Guideline for Capital Adequacy Requirements (CAR)
Guideline, Chapter 2 – Definition of Capital, effective November 2018. 
 “Pricing Supplement” means a pricing
supplement relating to a Supplemental Obligation, together with the accompanying prospectus, prospectus supplement and any product prospectus supplement, in each case if and to the extent applicable. 

  
 2 

 “Reference Treasury Dealer” has the meaning
specified in Section 1108. 
 “Reference Treasury Dealer Quotations” has the meaning
specified in Section 1108. 
 “Remaining Scheduled Payments” has the meaning specified in
Section 1108. 
 “Supplemental Obligation” means the obligations of the Bank, as described in a Pricing Supplement and
represented by a Global Security, constituting a single “series” (or any part thereof), as such term is used in the Indenture. “Supplemental Obligations” refers to one or more series of such obligations. All references in
the Indenture to the “Securities of any series,” the “Securities of the relevant series,” the “Securities of such series” or any substantially similar phrase shall also refer to a Supplemental Obligation or Supplemental
Obligations, as the case may be. 
 “Tax Redemption” has the meaning specified in Section 1111. 

“Tax Redemption Date” has the meaning specified in Section 1111. 

“Treasury Rate” has the meaning specified in Section 1108. 

“Tax Event” means the Bank the Bank has received an opinion of independent counsel of nationally recognized standing
experienced in such matters (who may be counsel to the Bank) to the effect that: 
  

	 	•	 	 as a result of, (i) any amendment to, clarification of, or change (including any announced prospective
change) in, the laws, or any regulations thereunder, or any application or interpretation thereof, of Canada, or any political subdivision or taxing authority thereof or therein, affecting taxation; (ii) any judicial decision, administrative
pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice,
announcement, assessment or reassessment) (collectively, an “administrative action”); or (iii) any amendment to, clarification of, or change (including any announced prospective change) in, the official position with respect to or the
interpretation of any administrative action or any interpretation or pronouncement that provides for a position with respect to such administrative action that differs from the theretofore generally accepted position, in each case (i), (ii) or
(iii), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority, irrespective of the manner in which such amendment, clarification, change, administrative action, interpretation or pronouncement is made
known, which amendment, clarification, change or administrative action is effective or which interpretation, pronouncement or administrative action is announced on or after the date of issuance of the Notes, there is more than an insubstantial risk
(assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or administrative action is effective and applicable) that the Bank is, or may be, subject to more than a de minimis amount of additional taxes,
duties or other governmental charges or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid up capital with respect to the Notes (including the treatment by the Bank of
interest on the Notes) or the treatment of the Notes, as or as would be reflected in any tax return or form filed, to be filed, or otherwise could have been filed, will not be respected by a taxing authority; 

  
 3 

	 	•	 	 as a result of any change (including any announced prospective change) in or amendment to the laws (or any
regulations or rulings promulgated thereunder) of Canada (or the jurisdiction of organization of the successor to the Bank) or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position
regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after the date of the relevant Pricing
Supplement for the Notes (or, in the case of a successor to the Bank, after the date of succession), and which has resulted or will result (assuming, in the case of any announced prospective change, that such announced change will become effective
as of the date specified in such announcement and in the form announced) in the Bank (or its successor) becoming obligated to pay, on the next succeeding date on which interest is due, additional amounts with respect to the Notes as described in
Section 209; or 

  

	 	•	 	 on or after the date of the relevant Pricing Supplement for the Notes (or, in the case of a successor to the
Bank, after the date of succession), any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada (or the jurisdiction of organization of the successor to the Bank) or any
political subdivision or taxing authority thereof or therein, including any of those actions specified in the paragraph immediately above, whether or not such action was taken or decision was rendered with respect to the Bank (or its successor), or
any change, amendment, application or interpretation shall be officially proposed, which, in any such case, will result (assuming that such change, amendment, application, interpretation or action is applied to the applicable Notes by the taxing
authority and that, in the case of any announced prospective change, such announced change will become effective as of the date specified in such announcement and in the form announced) in the Bank (or its successor) becoming obligated to pay, on
the next succeeding date on which interest is due, additional amounts with respect to the applicable Notes as described in Section 313; 

and, in any such case, the Bank (or its successor), in its business judgment, determines that such obligation cannot be avoided by the use of reasonable
measures available to it (or its successor). 
 The following definitions shall be amended in their entirety in Section 101 of the Indenture: 

“Security” means the unsecured debentures, notes or other evidence of indebtedness of the Bank to be issued in one or more series as provided
in the Indenture; provided that where the Indenture provides for a Security to be executed, authenticated or delivered, such execution, authentication or delivery will be deemed to occur in respect of a Supplemental Obligation upon the making
by the Trustee of the notation required by the related Bank Order on Annex A to the Master Note; and provided further that where the Indenture provides for a Security to be delivered or surrendered for the purpose of cancellation, transfer or
exchange, such delivery or surrender will be deemed to occur in respect of a Supplemental Obligation upon the deletion or other appropriate modification or amendment with respect to such Supplemental Obligation on such Annex A. 

SECTION 203. Addition to Article Two of the Indenture. 

The following shall be added as a new Sections 206 and 207, after current Section 205: 

  
 4 

 (a) Section 206. Form of Master Security. 

(Face of Security) 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE BANK (AS DEFINED BELOW), OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 [Insert any legend required by the Internal Revenue Code and the Income Tax Act (Canada) and the
regulations thereunder] 
 THIS SECURITY IS A MASTER NOTE WITHIN THE MEANING SPECIFIED HEREIN AND REPRESENTS AN INVESTMENT SECURITY WITHIN THE MEANING
OF ARTICLE EIGHT OF THE UNIFORM COMMERCIAL CODE (“NY UCC”). THIS SECURITY IS SUBJECT TO AND GOVERNED BY SECTION 8-202 OF THE NY UCC. THE TERMS OF ANY SUPPLEMENTAL OBLIGATION REPRESENTED HEREBY
ARE INCORPORATED BY REFERENCE TO THE RELEVANT PRICING SUPPLEMENT AND (WHERE RELEVANT) PRODUCT PROSPECTUS SUPPLEMENT. BY ACCEPTANCE OF THIS SECURITY, THE HOLDER IS DEEMED TO HAVE KNOWLEDGE OF SUCH TERMS AND TO HOLD SUCH SUPPLEMENTAL
OBLIGATION(S) SUBJECT TO AND IN ACCORDANCE WITH SUCH TERMS. 
  

 
 THE BANK OF NOVA
SCOTIA 
 SENIOR MEDIUM-TERM NOTE, SERIES I 

(Master Note) 
  

 
 This Security will not
constitute a deposit that is insured under the Canada Deposit Insurance Corporation Act or by the United States Federal Deposit Insurance Corporation. 
  

 
 This Security is a Global
Security within the meaning of the Indenture (as defined in Section 1 on the reverse hereof) and represents one or more Supplemental Obligations, as such term is defined in the Indenture of The Bank of Nova Scotia, a Schedule I bank under the
Bank Act (Canada) (hereinafter the “Bank”, which term includes any successor Person under the Indenture). The terms of each Supplemental Obligation are and will be reflected in this Security, the Bank’s prospectus dated
December 29, 2021 (or any successor prospectus that has been delivered to the Trustees hereinafter referred to) (as it may be supplemented by the prospectus supplement specified from time to time in the Distribution Agreement, dated
December 29, 2021, as it may be supplemented or amended from time to time, the “Prospectus”), 

  
 5 

 
relating to such Supplemental Obligation, and in pricing supplement(s) identified on Annex A attached hereto (each such pricing supplement, together with the Prospectus and any product prospectus
supplement designated therein (if applicable), a “Pricing Supplement”), which Pricing Supplement(s) are on file with the Trustees hereinafter referred to. With respect to each Supplemental Obligation, the description and terms of
such Supplemental Obligation contained in the relevant Pricing Supplement are hereby incorporated by reference herein and are deemed to be a part of this Security as of the Original Issue Date specified on Annex A. Each reference to “this
Security” or a “Security of this series” includes and shall be deemed to refer to each Supplemental Obligation. 
 With respect to each
Supplemental Obligation, every term of this Security is subject to modification, amendment, supplementation or elimination through the incorporated terms of the relevant Pricing Supplement, whether or not the phrase “unless otherwise provided
in the Pricing Supplement” or language of similar import precedes the term of this Security so modified, amended or eliminated. Without limiting the foregoing, in the case of each Supplemental Obligation, the Holder of this Security is directed
to the relevant Pricing Supplement for a description of certain terms of such Supplemental Obligation, including the manner of determining the amount of cash payable or (if applicable) Securities deliverable at maturity or redemption and the method
of determining, and the dates (if any) for the payment and resetting of, interest, if any, on such Supplemental Obligation (including, without limitation, information relating to any applicable interest rate or currency that may be relevant to such
determination), the dates, if any, on which the principal amount of and interest, if any, on such Supplemental Obligation is determined and payable, the amount payable upon any acceleration of such Supplemental Obligation and the principal amount of
such Supplemental Obligation deemed to be Outstanding for purposes of determining whether Holders of the requisite principal amount of Securities have made or given any request, demand, authorization, direction, notice, consent, waiver or other
action under the Indenture, including any limitation on the ability of the Holder to seek to collect amounts due hereunder. 
 Terms that are used and not
defined in this Security but that are defined in the Indenture are used herein as defined therein. 
 This Security is a “Master Note”,
which term means a Global Security that provides for incorporation therein of the terms of Supplemental Obligations by reference to the relevant Pricing Supplements, substantially as contemplated herein. 

 
 The Bank, for value received,
hereby promises to pay to CEDE & Co., as nominee for The Depository Trust Company, or registered assigns, (i) on each principal payment date, including each redemption date, repayment date or maturity date, as applicable, of each
Supplemental Obligation, the principal amount then due and payable for each such Supplemental Obligation, as specified, and solely if and to the extent so specified, in the relevant Pricing Supplement and (ii) on each interest payment date, at
maturity and on any redemption date, the interest then due and payable, if any, with respect to each Supplemental Obligation as specified, and solely if and to the extent so specified, in the relevant Pricing Supplement. 

1. Payment of Principal 
 With respect to each
Supplemental Obligation, the Bank shall pay the principal amount as specified, and solely if and to the extent so specified, in the relevant Pricing Supplement on the Maturity shown therein. 

  
 6 

 2. Payment of Interest 

With respect to each Supplemental Obligation, the Bank shall pay interest on the principal amount as specified, and solely if and to the extent so specified,
in the relevant Pricing Supplement. Each date so determined or provided for in the relevant Pricing Supplement for the payment of interest is hereinafter referred to as an “Interest Payment Date.” 

3. Bail-inable Security 
 With respect to each
Supplemental Obligation, the Bank shall specify whether the Supplemental Obligation is a bail-inable security in the relevant Pricing Supplement. By its acquisition of an interest in a Supplemental Obligation that is a bail-inable security, each
Holder and Beneficial Owner of such Supplemental Obligation shall be deemed to acknowledge and agree that the provisions set forth in Section 1601 of the Indenture are binding on such Holder or Beneficial Owner despite any provisions in the
Indenture or such Supplemental Obligation, any other law that governs such Supplemental Obligation and any other agreement, arrangement or understanding between such Holder or Beneficial Owner and the Bank with respect to such Supplemental
Obligation. Each Holder or Beneficial Owner of such Supplemental Obligation that acquires an interest in such Supplemental Obligation in the secondary market and any successors, assigns, heirs, executors, administrators, trustees in bankruptcy and
legal representatives of any Holder or Beneficial Owner shall be deemed to acknowledge, accept, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or Beneficial Owners that acquire the
Supplemental Obligations upon their initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Supplemental Obligations related to the Bail-in Regime. 
 4. Currency of Payment 

Payment of principal of (and premium, if any) and interest on any Supplemental Obligation will be made in the currency designated as the “required
currency” for such payment (or in a comparable manner) in the relevant Pricing Supplement (the “Required Currency” for any payment on such Supplemental Obligation), except as provided in this and the next three paragraphs. For
each Supplemental Obligation, the Required Currency for any payment shall be made in the Required Currency for such payment unless, at the time of such payment, such currency is not legal tender for the payment of public and private debts in the
country issuing such currency on the Original Issue Date, in which case the Required Currency for such payment shall be such coin or currency as at the time of such payment is legal tender for payment of public and private debts in such country,
except as provided in the next sentence. If the euro is the Required Currency for any payment, the Required Currency for such payment shall be such coin or currency as at the time of payment is legal tender for the payment of public
and private debts in all EMU Countries (as defined in Section 3 on the reverse hereof), provided that, if on any day there are not at least two EMU Countries, or if on any day there are at least two EMU Countries but no coin or currency
is legal tender for the payment of public and private debts in all EMU Countries, then the Required Currency for such payment shall be deemed not to be available to the Bank on such day. 

If provided in the relevant Pricing Supplement and except as provided in the next paragraph, any payment to be made on a Supplemental Obligation in a Required
Currency other than U.S. dollars will be made in U.S. dollars if the Person entitled to receive such payment transmits a written request for such payment to be made in U.S. dollars to the U.S. Trustee at its Corporate Trust Office, on or before the
fifth Business Day before the payment is to be made. Such written request may be mailed, hand delivered, telecopied or delivered in any other manner approved by the U.S. Trustee. Any such request made with respect to any payment on a Supplemental
Obligation payable to a particular Holder will remain in effect for all later payments on such Supplemental Obligation payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in
which case such revocation shall be effective for such and all later payments. In the case of any payment of interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this Security
on the relevant Regular Record Date. 

  
 7 

 The U.S. dollar amount of any payment made pursuant to the preceding paragraph will be determined by the
Exchange Rate Agent, as near as practicable to 11:00 A.M., New York City time, on the second Business Day preceding each payment date, based upon the indicative bid quotation that it quotes for the aggregate amount of Required Currency which is to
be exchanged for payment in U.S. dollars on such payment date, which shall be a competitive rate in the market at that time for such a transaction. If such bid quotation is not available, the Exchange Rate Agent will obtain bid quotations from
three, or if three are not available, then two, leading foreign exchange banks in The City of New York selected by the Exchange Rate Agent for such purchase and will enter into an agreement to trade the relevant currencies with such foreign exchange
bank as shall have submitted the highest bid. If the Exchange Rate Agent determines that two such bid quotations are not available on such second Business Day, such payment will be made in the Required Currency for such payment. All currency
exchange costs associated with any payment in U.S. dollars on this Security will be borne by the Holder entitled to receive such payment, by deduction from such payment. 

Notwithstanding the foregoing, if any amount payable on a Supplemental Obligation is payable on any day (including on the Maturity shown therein or on any
redemption date) in a Required Currency other than U.S. dollars, and if such Required Currency is not available to the Bank on the two Business Days before such day, due to the imposition of exchange controls, disruption in a currency market or any
other circumstances beyond the control of the Bank, the Bank will be entitled to satisfy its obligation to pay such amount in such Required Currency by making such payment in U.S. dollars. The amount of such payment in U.S. dollars shall be
determined by the Exchange Rate Agent on the basis of the noon buying rate for cable transfers in The City of New York for such Required Currency (the “Exchange Rate”) as of the latest day before the day on which such payment is to
be made. Any payment made under such circumstances in U.S. dollars where the required payment is in other than U.S. dollars will not constitute an Event of Default under the Indenture or such Supplemental Obligation. 

5. Manner of Payment – U.S. Dollars 
 Payment of the
principal of (and premium, if any) and interest payable on any Supplemental Obligation in U.S. dollars will be made at the corporate trust office of Computershare Trust Company, N.A., 6200 S. Quebec Street, Greenwood Village, Colorado 80111 USA, or
such other office or agency of the Bank maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Bank, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer. 

6. Manner of Payment – Other Specified Currencies 

Payment of any amount payable on any Supplemental Obligation in a Required Currency other than U.S. dollars will be made by wire transfer of immediately
available funds to such account as is maintained in such Required Currency at a bank or other financial institution acceptable to the Bank and the Trustees and as shall have been designated at least five Business Days prior to the applicable payment
date by the Person entitled to receive such payment; provided that, in the case of any such payment due on the Maturity shown therein of the principal or on any redemption date of such Supplemental Obligation (other than any payment of
interest that first becomes due on an Interest Payment Date), subject to Section 6 below, this Security must be surrendered at the office or agency of the Bank maintained for that purpose in The City of New

  
 8 

 
York (or at any other office or agency maintained by the Bank for that purpose) in time for the Paying Agent to make such payment in such funds in accordance with its normal procedures. Such
account designation shall be made by transmitting the appropriate information to the U.S. Trustee at its Corporate Trust Office, 6200 S. Quebec Street, Greenwood Village, Colorado 80111 USA, by mail, hand delivery, telecopier or in any other manner
approved by the U.S. Trustee. Unless revoked, any such account designation made with respect to any Supplemental Obligation by the Holder hereof will remain in effect with respect to any further payments with respect to such Supplemental Obligation
payable to such Holder. If a payment in a Required Currency other than U.S. dollars with respect to any Supplemental Obligation cannot be made by wire transfer because the required account designation has not been received by the U.S. Trustee on or
before the requisite date or for any other reason, the Bank will cause a notice to be given to the Holder of this Security at its registered address requesting an account designation pursuant to which such wire transfer can be made and such payment
will be made within five Business Days after the Trustee’s receipt of such a designation meeting the requirements specified above, with the same force and effect as if made on the due date. The Bank will pay any administrative costs imposed by
banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from the payment
by the Bank or the Paying Agent. 
 7. Manner of Payment – Global Securities 

Notwithstanding any provision of an relevant Pricing Supplement or the Indenture, the payment of the principal of (and premium, if any) and interest on the
Securities represented by one or more Global Securities registered in the name of or held by The Depository Trust Company or its nominee will be payable in immediately available funds to The Depository Trust Company or its nominee, as the case may
be, as the registered holder of such Global Security (the “Applicable Procedures”). Notwithstanding the foregoing, whenever the provisions hereof require that this Security be surrendered against payment of the principal of a
Supplemental Obligation, such surrender may be effected by means of an appropriate adjustment to Annex B hereto to reflect the discharge of such Supplemental Obligation, with such adjustment to be made by the U.S. Trustee in a manner not
inconsistent with the Applicable Procedures of the Depositary for this Security, and in such circumstances this Security need not actually be surrendered. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the U.S. Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. The signature of the executing officer of the Bank on this Security may be manual, by facsimile or
electronic format (i.e., “.pdf” or “.tif”). 

  
 9 

 IN WITNESS WHEREOF, the Bank has caused this instrument to be duly executed. 

Dated: 
  

			
	THE BANK OF NOVA SCOTIA
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A.,
	as U.S. Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 10 

 [REVERSE OF SECURITY] 

1. Securities and the Indenture 
 This
Security is one of a duly authorized issue of securities of the Bank (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 22, 2010, as amended and supplemented
by a first supplemental indenture, dated as of November 30, 2018 and a second supplemental indenture, dated as of December 27, 2021 (herein, as so supplemented and amended, called the “Indenture,” which term shall have the
meaning assigned to it in such instrument), among the Bank, Computershare Trust Company, N.A., as U.S. trustee (the “U.S. Trustee”) and Computershare Trust Company of Canada, as Canadian trustee (the “Canadian
Trustee” and, together with the U.S. Trustee, the “Trustees,” which terms include any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Bank, the Trustees and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. In the event of any conflict between the
Indenture and any Pricing Supplement, the Pricing Supplement shall prevail with respect to the applicable Supplemental Obligation, to the extent lawful. 

2. Calculation Agent and Exchange Rate Agent 

The Bank has initially appointed the institution named in the relevant Pricing Supplement as calculation agent and exchange rate agent (such
institution, the “Calculation Agent” or “Exchange Rate Agent”, as applicable), as the case may be, to act as such agents with respect to the Supplemental Obligation described in such Pricing Supplement, but the Bank
may, in its sole discretion, appoint any other institution (including an Affiliate of the Bank, if the Bank is unable to appoint a successor Calculation Agent or Exchange Rate Agent, as the case may be, that is not an Affiliate of the Bank within 60
days of resignation or removal of such agent) to serve as any such agent from time to time. The Bank will give the Trustees prompt written notice of any change in any such appointment. Insofar as this Security or the relevant Pricing Supplement
provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for use in making any determination hereunder, such agent may do so from any institution or institutions of the kind contemplated hereby
notwithstanding that any one or more of such institutions are any such agent, Affiliates of any such agent or Affiliates of the Bank. 
 All
determinations made by the Calculation Agent or the Exchange Rate Agent with regard to a Supplemental Obligation may be made by such agent in its sole discretion and, absent manifest error, shall be conclusive for all purposes and binding on the
Holder of this Security and the Bank. Neither the Calculation Agent nor the Exchange Rate Agent shall have any liability therefor. 

References in this Security to U.S. dollars shall mean, as of any time, the coin or currency that is then legal tender for the payment of
public and private debts in the United States of America. 
 References in this Security to the euro shall mean, as of any time, the coin or
currency (if any) that is then legal tender for the payment of public and private debts in all EMU Countries. 
 With respect to any
Supplemental Obligation, references in this Security to a particular currency other than U.S. dollars and euros shall mean, as of any time, the coin or currency that is then legal tender for the payment of public and private debts in the country
issuing such currency on the Original Issue Date for such Supplemental Obligation. 

  
 11 

 3. Redemption at the Option of the Bank; No Sinking Fund 

Fixed Rate Securities 
 Unless otherwise
specified in the relevant Pricing Supplement, the Bank (or its successor) may redeem fixed rate Securities at any time prior to the applicable date of Maturity, in whole or in part, at its option, at any time and from time to time on at least 10
days’, but not more than 60 days’, prior notice provided (or otherwise transmitted in accordance with procedures of DTC) to each Holder of such Securities to be redeemed. The redemption price will be calculated by the Bank and will be
equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) discounted to the Redemption Date, on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate (as defined below) plus the number of basis points
specified in the relevant pricing supplement (the “Make-Whole Amount”). In the case of each of clauses (1) and (2), accrued but unpaid interest will be payable to, but excluding, the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the
Investment Bank (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed. 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Securities,
(1) the average of the Reference Treasury Dealer Quotations (as defined below) for such Redemption Date after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Investment Bank obtains fewer than
three such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Investment
Bank” means, unless otherwise specified in the relevant Pricing Supplement, Scotia Capital (USA) Inc. or its affiliates or successors, or, if such firm is not willing and able to select the applicable Comparable Treasury
Issue, an investment banking institution of national standing appointed by the Bank. 
 “Reference Treasury
Dealer” means the Investment Bank, which is a primary U.S. government securities dealer and its affiliates or successors, as selected by the Bank, and any other primary U.S. government securities dealer as the Bank may
specify from time to time, provided, however, that if any of them shall cease to be a primary U.S. government securities dealer, the Bank will substitute therefor another primary U.S. government securities dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any Redemption Date for the Securities, the average, as determined by the Investment Bank, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Investment Bank by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date. 

“Remaining Scheduled Payments” means, with respect to the Securities to be redeemed, the remaining
scheduled payments of principal of and interest on such Securities that would be due after the related redemption date through maturity of such Securities (not including any portion of payments of interest accrued as of the Redemption Date). If that
Redemption Date is not an interest payment date with respect to such Securities, the amount of the next succeeding scheduled interest payment on such Securities will be reduced by the amount of interest accrued on such Securities to the applicable
Redemption Date. 

  
 12 

 “Treasury Rate” means, with respect to any
Redemption Date for the Securities, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, as determined by the Bank or the Investment Bank. 

On and after the Redemption Date, interest will cease to accrue on such Securities or any portion of such Securities called for redemption,
unless we default in the payment of the redemption price and accrued interest. 
 On or before the Redemption Date, we will deposit with the
Bank’s paying agent or the trustee money sufficient to pay the Bank’s redemption price of and accrued interest on such Securities to be redeemed on that date. 

Any redemption or notice may, at the Bank’s discretion, be subject to one or more conditions precedent and, at the Bank’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions precedent included at the Bank’s discretion shall be satisfied (or waived by the Bank) or the Redemption Date may not occur and such notice may be
rescinded if all such conditions precedent included at the Bank’s discretion shall not have been satisfied (or waived by the Bank). 

In the case of any partial redemption, selection of such Securities to be redeemed will be made in accordance with applicable procedures of
DTC. In the event of redemption of this Global Security in part only, annotation of such partial cancellation or redemption shall be made on Annex B. 

Floating Rate Securities 
 If specified in
the relevant Pricing Supplement, the Bank may redeem floating rate Securities on the date specified in the relevant Pricing Supplement, at its option, in whole or in part, on at least 10 days’, but not more than 60 days’, prior notice
provided (or otherwise transmitted in accordance with procedures of DTC) to each Holder of the Securities to be redeemed, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest
to, but excluding, the applicable Redemption Date. 
 On and after the Redemption Date, interest will cease to accrue on the floating rate
Securities or any portion of the floating rate Securities called for redemption, unless the Bank defaults in the payment of the redemption price and accrued interest. 

On or before the Redemption Date, the Bank will deposit with the Bank’s paying agent or the trustee money sufficient to pay the
Bank’s redemption price of and accrued interest on the floating rate Securities to be redeemed on that date. 
 Any redemption or
notice may, at the Bank’s discretion, be subject to one or more conditions precedent and, at the Bank’s discretion, the Redemption Date may be delayed until such time as any or all such conditions precedent included at the Bank’s
discretion shall be satisfied (or waived by the Bank) or the Redemption Date may not occur and such notice may be rescinded if all such conditions precedent included at the Bank’s discretion shall not have been satisfied (or waived by the
Bank). 
 In the case of any partial redemption, selection of the floating rate Securities to be redeemed will be made in accordance with
applicable procedures of DTC. In the event of redemption of this Global Security in part only, annotation of such partial cancellation or redemption shall be made on Annex B. 

  
 13 

 Tax Redemption 

Unless otherwise specified in the relevant Pricing Supplement, the Bank (or its successor) may redeem the Securities, in whole but not in part,
at a redemption price equal to the principal amount of such Securities together with accrued and unpaid interest on such Securities to the date fixed for redemption, upon the giving of a notice as described below, if: 

 

	 	•	 	 as a result of, (i) any amendment to, clarification of, or change (including any announced prospective
change) in, the laws, or any regulations thereunder, or any application or interpretation thereof, of Canada, or any political subdivision or taxing authority thereof or therein, affecting taxation; (ii) any judicial decision, administrative
pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement, assessment or reassessment (including any notice or announcement of intent to adopt or issue such decision, pronouncement, ruling, procedure, rule, notice,
announcement, assessment or reassessment) (collectively, an “administrative action”); or (iii) any amendment to, clarification of, or change (including any announced prospective change) in, the official position with respect to or the
interpretation of any administrative action or any interpretation or pronouncement that provides for a position with respect to such administrative action that differs from the theretofore generally accepted position, in each case (i), (ii) or
(iii), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority, irrespective of the manner in which such amendment, clarification, change, administrative action, interpretation or pronouncement is made
known, which amendment, clarification, change or administrative action is effective or which interpretation, pronouncement or administrative action is announced on or after the date of issuance of the Securities, there is more than an insubstantial
risk (assuming any proposed or announced amendment, clarification, change, interpretation, pronouncement or administrative action is effective and applicable) that the Bank is, or may be, subject to more than a de minimis amount of additional taxes,
duties or other governmental charges or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable capital or taxable paid up capital with respect to the Securities (including the treatment by the Bank of
interest on the Securities) or the treatment of the Securities, as or as would be reflected in any tax return or form filed, to be filed, or otherwise could have been filed, will not be respected by a taxing authority; 

 

	 	•	 	 as a result of any change (including any announced prospective change) in or amendment to the laws (or any
regulations or rulings promulgated thereunder) of Canada (or the jurisdiction of organization of the successor to the Bank) or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position
regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after the date of the relevant Pricing
Supplement for the Securities (or, in the case of a successor to the Bank, after the date of succession), and which in the written opinion to the Bank (or its successor) of legal counsel of recognized standing has resulted or will result (assuming,
in the case of any announced prospective change, that such announced change will become effective as of the date specified in such announcement and in the form announced) in the Bank (or its successor) becoming obligated to pay, on the next
succeeding date on which interest is due, additional amounts with respect to the Securities as described under “ — Taxes;” or 

  

	 	•	 	 on or after the date of the relevant Pricing Supplement for the Securities (or, in the case of a successor to the
Bank, after the date of succession), any action has been taken by any taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, Canada (or the jurisdiction of organization of the successor to the Bank) or any
political subdivision or taxing authority thereof or therein, including any of those actions specified in the paragraph immediately above, whether or not such action was taken or decision was rendered with respect to the Bank (or its successor), or
any change, amendment, application or interpretation shall be officially proposed, which, in any such case, in the written opinion to the Bank (or its successor) of legal 

  
 14 

	 	 
counsel of recognized standing, will result (assuming that such change, amendment, application, interpretation or action is applied to the applicable notes by the taxing authority and that, in
the case of any announced prospective change, such announced change will become effective as of the date specified in such announcement and in the form announced) in the Bank (or its successor) becoming obligated to pay, on the next succeeding date
on which interest is due, additional amounts with respect to the applicable Securities as described under Section 313 of the Indenture; 

and, in any such case, the Bank (or its successor), in its business judgment, determines that such obligation cannot be avoided by the use of reasonable
measures available to it (or its successor). 
 In the event the Bank elects to redeem any Securities pursuant to the provisions set forth
in the preceding paragraph, it shall deliver to the trustees a certificate, signed by an authorized officer, stating (i) that the Bank is entitled to redeem such notes pursuant to their terms and (ii) the principal amount of the Securities
to be redeemed. 
 Notice of intention to redeem such Securities will be given to holders of the Securities not more than 45 nor less than
30 days prior to the date fixed for redemption and such notice will specify, among other things, the date fixed for redemption and the redemption price. 

No Sinking Fund 
 Unless otherwise
specified in the relevant Pricing Supplement, no Supplemental Obligation will be subject to a sinking fund pursuant to Article Thirteen of the Indenture or otherwise. 

4. Repayment at the Option of the Holder 

Unless otherwise specified in the relevant Pricing Supplement, no Supplemental Obligation will be subject to repayment at the option of the
Holder. 
 5. Defeasance 
 The Indenture
contains provisions for defeasance at any time of the entire indebtedness of a Supplemental Obligation or certain restrictive covenants and Events of Default with respect to a Supplemental Obligation, in each case upon compliance with certain
conditions set forth in the Indenture. Notwithstanding any other provision of a Supplemental Obligation, a defeasance or covenant defeasance with respect to such Supplemental Obligation shall be subject to the prior approval of the Superintendent,
where such defeasance or covenant defeasance would result in the Bank not meeting the TLAC requirements applicable to the Bank pursuant to the TLAC Guideline. Such provisions are applicable to a particular Supplemental Obligation only to the extent
specified in the relevant Pricing Supplement. 
 6. Default 

If an Event of Default with respect to a Supplemental Obligation shall occur and be continuing, the principal of such Supplemental Obligation
may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in
each case to the extent that payment of such interest shall be legally enforceable), all of the Bank’s obligations in respect of the payment of the principal of and any interest on the Supplemental Obligations (including this Security and the
interests represented hereby) shall terminate. 

  
 15 

 7. Taxes 

Unless otherwise specified in the Pricing Supplement, all payments made by or on behalf of the Bank under or with respect to the Securities
shall be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto)
imposed or levied by or on behalf of the Government of Canada or any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereafter “Canadian taxes”), unless the Bank is required to
withhold or deduct Canadian taxes by law or by the interpretation or administration thereof. If the Bank is so required to withhold or deduct any amount for or on account of Canadian taxes from any payment made under or with respect to the
Securities, the Bank shall pay to each Holder of Securities as additional interest such additional amounts (“additional amounts”) as may be necessary so that the net amount received by each such Holder after such withholding or
deduction (and after deducting any Canadian taxes on such additional amounts) shall not be less than the amount such Holder would have received if such Canadian taxes had not been withheld or deducted, except as described below. However, no
additional amounts shall be payable with respect to a payment made to a Holder (such Holder, an “Excluded Holder”) in respect of the beneficial owner thereof: 
  

	 	•	 	 with which the Bank does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)) at the
time of the making of such payment or which is entitled to the payment in respect of a debt or other obligation to pay an amount to a person with which the Bank does not deal at arm’s length (within the meaning of the Income Tax Act (Canada))
at the time of making such payment; 

  

	 	•	 	 which is a “specified shareholder” of the Bank, or which does not deal at arm’s length (within the
meaning of the Income Tax Act (Canada)) with a “specified shareholder” of the Bank as defined in subsection 18(5) of the Income Tax Act (Canada); 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the Holder or beneficial owner being a resident, domiciliary
or national of, engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having some connection with Canada or any province or territory thereof otherwise than by the mere holding of such Securities or
the receipt of payments thereunder; 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the Holder’s or beneficial owner’s failure to
comply with any certification, identification, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the
rate of deduction or withholding of, such Canadian taxes (provided that the Bank advises the trustees and the Holders of such Securities then outstanding of any change in such requirements); 

 

	 	•	 	 with respect to any estate, inheritance, gift, sale, transfer, personal property or similar tax or other
governmental charge; 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the legal nature of the Holder or beneficial owner
disentitling such Holder or beneficial owner to the benefit of an applicable treaty if and to the extent that the application of such treaty would have resulted in the reduction or elimination of any Canadian taxes as to which additional amounts
would have otherwise been payable to the Holder; 

  
 16 

	 	•	 	 which failed to duly and timely comply with a timely request by the Bank to provide information, documents,
certification or other evidence concerning the Holder’s or beneficial owner’s nationality, residence, entitlement to treaty benefits, identity or connection with Canada or any political subdivision or authority thereof, if and to the
extent that due and timely compliance with such request would have resulted in the reduction or elimination of any Canadian taxes as to which additional amounts would have otherwise been payable to a recipient or beneficial owner but for this
clause; or 

  

	 	•	 	 which is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent
that the Canadian taxes would not have been imposed on such payment had such Holder been the sole beneficial owner of such Securities. 

In addition, no additional amounts will be payable on account of: 
  

	 	•	 	 any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Bank or the
Paying Agent from the payment; 

  

	 	•	 	 any tax, assessment or other governmental charge that would not have been imposed but for a change in law,
regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

 

	 	•	 	 any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the
Holder, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	 	•	 	 any tax, assessment or other governmental charge imposed under any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”); or 

 

	 	•	 	 any combination of any of the foregoing exceptions. 

For the avoidance of doubt, the Bank will not have any obligation to pay any Holders additional amounts on any Canadian tax which is payable
otherwise than by deduction or withholding from payments made under or in respect of the Securities. 
 The Bank will also: 

 

	 	•	 	 make such withholding or deduction; and 

 

	 	•	 	 remit the full amount deducted or withheld to the relevant authority in accordance with applicable law.

 The Bank will furnish to the Holders of the Securities, within 60 days after the date the payment of any Canadian taxes
is due pursuant to applicable law, certified copies of tax receipts or other documents evidencing such payment by such person. 
 The Bank
shall indemnify and hold harmless each Holder of the Securities (other than an Excluded Holder) from and against, and upon written request reimburse each such Holder for the amount (excluding any additional amounts that have previously been paid by
the Bank with respect thereto) of: 
  

	 	•	 	 any Canadian taxes so levied or imposed and paid by such Holder as a result of payments made by or on behalf of
the Bank under or with respect to the applicable Securities; 

  

	 	•	 	 any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; and

  
 17 

	 	•	 	 any Canadian taxes imposed with respect to any reimbursement under the preceding two bullet points, but excluding
any such Canadian taxes on such holder’s net income. 

 In any event, no additional amounts or indemnity amounts
shall be payable under the provisions described above in respect of any Securities in excess of the additional amounts and the indemnity amounts which would be required if, at all relevant times, the Holder of such Security were a resident of the
United States for purposes of and was entitled to the benefits of the Canada-U.S. Income Tax Convention (1980), as amended, including any protocols thereto. As a result of the limitation on the
payment of additional amounts and indemnity amounts discussed in the preceding sentence, the additional amounts or indemnity amounts received by certain Holders of Securities may be less than the amount of Canadian taxes withheld or deducted or the
amount of Canadian taxes (and related amounts) levied or imposed giving rise to the obligation to pay the indemnity amounts, as the case may be, and, accordingly, the net amount received by such Holders of the Securities may be less than the amount
such Holders would have received had there been no such withholding or deduction in respect of Canadian taxes or had such Canadian taxes (and related amounts) not been levied or imposed. 

Wherever in the Indenture there is mentioned, in any context, the payment of principal, interest, if any, or any other amount payable under or
with respect to such Security, such mention shall be deemed to include mention of the payment of additional amounts to the extent that, in such context, additional amounts are, were or would be payable in respect thereof. 

In the event of the occurrence of any transaction or event resulting in a successor to the Bank, all references to Canada in the preceding
paragraphs of this subsection shall be deemed to be references to the jurisdiction of organization of the successor entity. 
 Payments of
principal and interest in respect of the Securities are subject in all cases to any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474
of the Code, any regulations or agreements thereunder, official interpretations thereof, or any law implementing an intergovernmental approach thereto. 

8. Modification and Waiver 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Bank and the rights of the Holders of the Supplemental Obligations to be affected under the Indenture at any time
by the Bank and the Trustees with the consent of the Holders of a majority in principal amount of Supplemental Obligations at the time Outstanding of each Supplemental Obligation to be affected, or in certain cases the unanimous consent of each of
such Holders. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of a Supplemental Obligation at the time Outstanding, on behalf of the all Holders of such Supplemental Obligation, to waive
compliance by the Bank with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and the Persons who are beneficial owners of interests represented hereby, and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security. 
 The Bank may from time to time, without notice to or the consent of the registered
Holders of the Securities, create and issue additional Securities ranking pari passu with the Securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Securities or
except for the first payment of interest following the issue date of such additional Securities) and so that such additional Securities may be consolidated and form a single series with the Securities and have the same terms as to status or
otherwise as the Securities. 

  
 18 

 9. Remedies 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustees written notice of a continuing Event of Default with respect to a
Supplemental Obligation and the Holders of not less than 25% in principal amount of such Supplemental Obligation at the time Outstanding shall have made written request to the Trustees to institute proceedings in respect of such Event of Default as
Trustees and offered the Trustees reasonable indemnity, and the Trustees shall not have received from the Holders of a majority in principal amount of a Supplemental Obligation at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 90 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed. 
 10. Disclosure under Interest Act (Canada) 

For disclosure purposes under the Interest Act (Canada), whenever in a Supplemental Obligation or the Indenture interest at a specified rate is
to be calculated on the basis of a period less than a calendar year, the yearly rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the relevant calendar year and divided by the number of days in
such period. 
 11. Transfer or Exchange 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Bank in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of like tenor, of Authorized Denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 Securities are issuable only in
registered form without coupons in “Authorized Denominations”, which term shall have the following meaning. For each Security having a principal amount payable in U.S. dollars, the Authorized Denominations shall be $2,000 and
integral multiples of US$1,000 in excess thereof. For each Security having a principal amount payable in a Required Currency other than U.S. dollars, the Authorized Denominations shall be the amount of such Required Currency equivalent, at the
Exchange Rate on the first Business Day next preceding the date on which the Bank accepts the offer to purchase such Security, to $2,000 and integral multiples of US$1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of the such Securities exchanged and of like tenor of a different Authorized Denomination, as requested by the Holder surrendering the same. 

  
 19 

 No service charge shall be made for any such registration of transfer or exchange of
Securities as provided above, but the Bank or the Trustees may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Bank, the Trustees and any agent of the Bank or the Trustees may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Bank, the Trustees nor any such agent shall be affected by notice to the contrary. 

This Security shall be subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 305
thereof on transfers and exchanges of Global Securities. 
 This Security is a Master Note and may be exchanged at any time, solely upon the
request of the Bank to the Trustees, for one or more Global Securities in the same aggregate principal amount, each of which may or may not be a Master Note, as requested by the Bank. Each such replacement Global Security that is a Master Note shall
reflect such of the Supplemental Obligations as the Bank shall request. Each such replacement Global Security that is not a Master Note shall represent one (and only one) Supplemental Obligation as requested by the Bank, and such Global Security
shall be appropriately modified so as to reflect the terms of such Supplemental Obligation. 
 12. Defined Terms 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

13. Governing Law 
 This Indenture and
this Security will be governed by, and construed in accordance with, the laws of the State of New York, except that certain provisions in the Indenture relating to bail-in conversion and certain limited
provisions that will be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

  
 20 

 ANNEX A 
  

															
	 Pricing

Supplement
 (Name
and/or
 Accession

Number)
	 	 CUSIP Number
and Title
of
Supplemental
Obligation
	 	 Principal Amount
of Supplemental
Obligation
	 	 Original Issue
Date
	 	 Decrease in
Principal Amount
	 	 Increase in
Principal Amount
	 	 Effective Date of
Increase or
Decrease
	 	 Trustees Notation

  
 21 

 ANNEX B 

SCHEDULE OF EXCHANGES OF SUPPLEMENTAL OBLIGATIONS 

The following exchanges of a part of this Global Security for physical certificates or a part of another Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of
this
Global Security
	 	 Amount of increase in
principal amount of
this
Global Security
	 	 Principal amount of this
Global
Security following
such decrease (or increase)
	 	 Signature of
authorized officer of
Trustees

  
 22 

 ANNEX C 

CUSIP NO. ___________ 
 Supplemental
Obligation No. ___________ 
 Pricing Supplement No. ___________ and Date ___________ 

ORIGINAL ISSUE DATE: ___________ 

THE BANK OF NOVA SCOTIA 
 SENIOR
MEDIUM-TERM NOTE, SERIES I 
 (MASTER NOTE) 

OPTION TO ELECT REPAYMENT 

TO BE COMPLETED ONLY IF THE SUPPLEMENTAL OBLIGATION REFERENCED IN THIS 

NOTICE IS REPAYABLE AT THE OPTION OF THE HOLDER AND THE HOLDER 

ELECTS TO EXERCISE SUCH RIGHT 

The undersigned hereby irrevocably requests and instructs the Bank to repay the Supplemental Obligation referred to in this notice (or the
portion thereof specified below) at the applicable Repayment Price, together with interest to the Repayment Date, all as provided for in such Supplemental Obligation, to the undersigned, whose name, address and telephone number are as follows: 

 

	
	  

	(please print name of the undersigned)
	
	  

	(please print address of the undersigned)
	
	  

	(please print telephone number of the undersigned)

 If such Supplemental Obligation provides for more than one Repayment Date, the undersigned requests repayment
on the earliest Repayment Date after the requirements for exercising this option have been satisfied, and references in this notice to the Repayment Date mean such earliest Repayment Date. Terms used in this notice that are defined in such
Supplemental Obligation are used herein as defined therein. 
 For such Supplemental Obligation to be repaid the Bank must receive at the
applicable address of the U.S. Trustee set forth below or at such other place or places of which the Bank shall from time to time notify the Holder of such Supplemental Obligation, on any Business Day not later than the 30th or earlier than the 60th
calendar day prior to the Repayment Date (or, if either such calendar day is not a Business Day, the next succeeding Business Day), (i) such Supplemental Obligation, with this “Option to Elect Repayment” form duly completed and signed, or
(ii) an email, facsimile transmission or letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc., a commercial bank or a trust company in the United States of America setting forth
(a) the name, address and telephone number of the Holder of such Supplemental Obligation, (b) the principal amount of such Supplemental Obligation and the amount of such Supplemental Obligation to be repaid, (c) a statement that

  
 23 

 
the option to elect repayment is being exercised thereby and (d) a guarantee stating that an appropriate adjustment to Annex B to the Security, with such adjustment to be made by the U.S.
Trustee in a manner not inconsistent with the Applicable Procedures of the Depositary for the Security, will be made to reflect the discharge of such Supplemental Obligation to be repaid herewith, not later than five Business Days after the date of
such email, facsimile transmission or letter (provided that this form, duly completed and signed, is also received by the Bank by such fifth Business Day). The address to which such deliveries are to be made is: 

Computershare Trust Company, N.A. 

6200 S. Quebec Street, Greenwood 

Village, Colorado 80111 USA 
 or at such other
place as the Bank or the U.S. Trustee shall notify the holder of such Security. 
 If less than the entire principal amount of such
Supplemental Obligation is to be repaid, specify the portion thereof (which shall equal any Authorized Denomination) that the Holder elects to have repaid: 
  

 
 and specify the denomination or
denominations (which shall equal any Authorized Denomination) of the Security or Securities to be issued (if any) to the Holder in respect of the portion of such Supplemental Obligation not being repaid (in the absence of any specification, one
Security will be issued in respect of the portion not being repaid): 
  

 
  

									
	Date:	 	                            	 		 	By:	  	
                     
            

		 		 		 	Notice: The signature to this Option to Elect Repayment must correspond with the name of the Holder as written on the face of such Security in every particular without alteration or enlargement or any other change
whatsoever.

  
 24 

 ANNEX D 

ABBREVIATIONS 
 The following
abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

					
	TEN COM –	 	as tenants in common	  	UNIF GIFT MIN ACT                  Custodian
                
	TEN ENT –	 	as tenants by the entireties	  	                                      
 (Cust)                          (Minor)
	JT TEN –	 	as joint tenants with right of survivorship and not as tenants in common	  	                   Under Uniform Gifts to Minors
Act              

                          
                  (State)

 Additional abbreviations may also be used though not in the above list. 

 
  

ASSIGNMENT 
  

 
 FOR VALUE
RECEIVED, the undersigned hereby 
 sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER OF

 ASSIGNEE 
  

	
	  

	
	  

	 PLEASE PRINT OR TYPE NAME AND ADDRESS

INCLUDING ZIP CODE OF ASSIGNEE

	
	  

	
	the within Security and all rights thereunder, hereby irrevocably constituting and appointing
	
	                                      
                                         
                                         
                                         
                                       
attorney

 to transfer said Security on the books of the Bank, with full power of substitution in the premises. 

 

					
	Date:                     	  	By:	  	
                     
            

		  	Notice: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any other change whatever.

  
 25 

 (b) Section 207. Responsibility of Trustees with respect to Master Securities. 

In addition to all other duties of the Trustees in connection with the issuance of Securities hereunder, the Trustees shall be required to
maintain each of the pricing supplements and other documents from which the terms of the Securities are incorporated by reference into any master security and to notate the issuance of any Supplemental Obligation thereunder as directed by Bank
Order. Such notation shall, with respect to any Supplemental Obligation, be deemed to constitute the authentication of such Supplemental Obligation for purposes of this Indenture. 

SECTION 204. Consent to Jurisdiction and Service of Process. Article fifteen of the Base Indenture is hereby amended by amending and
restating the second paragraph of Section 1501 of the Base Indenture in its entirety, which paragraph shall read as follows: 
 As long
as any of the Securities remain outstanding, the Bank will at all times have an authorized agent in the Borough of Manhattan, The City of New York upon whom process may be served in any legal action or proceeding arising out of or relating to the
Indenture or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Bank shall to the extent permitted by law be deemed in every respect effective service of process upon the Bank in any such
legal action or proceeding. The Bank hereby appoints Head of Global Banking & Markets, U.S., The Bank of Nova Scotia, or anyone with a similar title or set of responsibilities as its agent for such purpose, and covenants and agrees that
service of process in any such legal action or proceeding may be made upon it at the office of such agent at The Bank of Nova Scotia, 250 Vesey Street, 24th Floor, New York, New York 10281 (Attention: Head of Global Banking & Markets, U.S.,
The Bank of Nova Scotia,) (or at such other address in the Borough of Manhattan, The City of New York, as the Bank may designate by written notice to the Trustees). 

SECTION 205. Addition to Article Three of the Indenture. The following shall be added as a new Section 313, after current
Section 312: 
 Section 313. Additional Amounts. 

(a) Unless otherwise specified in the relevant Pricing Supplement, all payments made by or on behalf of the Bank under or with respect to the
Notes will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related
thereto) imposed or levied by or on behalf of the Government of Canada or any province or territory thereof or by any authority or agency therein or thereof having power to tax (hereafter “Canadian Taxes”), unless the Bank is
required to withhold or deduct Canadian taxes by law or by the interpretation or administration thereof. If the Bank is so required to withhold or deduct any amount for or on account of Canadian taxes from any payment made under or with respect to
the Notes, the Bank will pay to each Holder of such Notes as additional interest such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each such Holder after such withholding or
deduction (and after deducting any Canadian taxes on such Additional Amounts) will not be less than the amount such Holder would have received if such Canadian taxes had not been withheld or deducted, except as described below. However, no
Additional Amounts will be payable with respect to a payment made to a Holder (such Holder, an “Excluded Holder”) in respect of the beneficial owner thereof: 
  

	 	•	 	 with which the Bank does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)) at the
time of the making of such payment or which is entitled to the payment in respect of a debt or other obligation to pay an amount to a person with which the Bank does not deal at arm’s length (within the meaning of the Income Tax Act (Canada))
at the time of making such payment; 

  
 26 

	 	•	 	 which is a “specified shareholder” of the Bank, or which does not deal at arm’s length (within the
meaning of the Income Tax Act (Canada)) with a “specified shareholder” of the Bank as defined in subsection 18(5) of the Income Tax Act (Canada); 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the Holder or beneficial owner being a resident, domiciliary
or national of, engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having some connection with Canada or any province or territory thereof otherwise than by the mere holding of such Notes or the
receipt of payments thereunder; 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the Holder’s or beneficial owner’s failure to
comply with any certification, identification, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the
rate of deduction or withholding of, such Canadian taxes (provided that the Bank advises the trustees and the Holders of such Notes then outstanding of any change in such requirements); 

 

	 	•	 	 with respect to any estate, inheritance, gift, sale, transfer, personal property or similar tax or other
governmental charge; 

  

	 	•	 	 which is subject to such Canadian taxes by reason of the legal nature of the Holder or beneficial owner
disentitling such holder or beneficial owner to the benefit of an applicable treaty if and to the extent that the application of such treaty would have resulted in the reduction or elimination of any Canadian taxes as to which Additional Amounts
would have otherwise been payable to the Holder; 

  

	 	•	 	 which failed to duly and timely comply with a timely request by the Bank to provide information, documents,
certification or other evidence concerning the Holder’s or beneficial owner’s nationality, residence, entitlement to treaty benefits, identity or connection with Canada or any political subdivision or authority thereof, if and to the
extent that due and timely compliance with such request would have resulted in the reduction or elimination of any Canadian taxes as to which Additional Amounts would have otherwise been payable to a recipient or beneficial owner but for this
clause; or 

  

	 	•	 	 which is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent
that the Canadian taxes would not have been imposed on such payment had such Holder been the sole beneficial owner of such Notes. 

In addition, no Additional Amounts will be payable on account of: 

 

	 	•	 	 any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Bank or the
Paying Agent from the payment; 

  

	 	•	 	 any tax, assessment or other governmental charge that would not have been imposed but for a change in law,
regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

 

	 	•	 	 any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the
Holder, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  
 27 

	 	•	 	 any tax, assessment or other governmental charge imposed under any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code”); or 

 

	 	•	 	 any combination of any of the foregoing exceptions. 

For the avoidance of doubt, the Bank will not have any obligation to pay any Holders additional amounts on any Canadian tax which is payable
otherwise than by deduction or withholding from payments made under or in respect of the Securities. 
 The Bank will also: 

 

	 	•	 	 make such withholding or deduction; and 

 

	 	•	 	 remit the full amount deducted or withheld to the relevant authority in accordance with applicable law.

 (b) The Bank will furnish to the Holders of the Notes, within 60 days after the date the payment of any Canadian taxes
is due pursuant to applicable law, certified copies of tax receipts or other documents evidencing such payment by such person. 
 (c) The
Bank will indemnify and hold harmless each Holder of the Notes (other than an excluded Holder) from and against, and upon written request reimburse each such Holder for the amount (excluding any Additional Amounts that have previously been paid by
the Bank with respect thereto) of: 
  

	 	•	 	 any Canadian taxes so levied or imposed and paid by such Holder as a result of payments made by or on behalf of
the Bank under or with respect to the applicable Notes; 

  

	 	•	 	 any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; and

  

	 	•	 	 any Canadian taxes imposed with respect to any reimbursement under the preceding two bullet points, but excluding
any such Canadian taxes on such Holder’s net income. 

 (d) In any event, no Additional Amounts or indemnity amounts
will be payable under the provisions of this Section in respect of any Note in excess of the Additional Amounts and the indemnity amounts which would be required if, at all relevant times, the Holder of such Note were a resident of the United States
for purposes of and was entitled to the benefits of the Canada-U.S. Income Tax Convention (1980), as amended, including any protocols thereto. As a result of the limitation on the payment of
Additional Amounts and indemnity amounts discussed in the preceding sentence, the Additional Amounts or indemnity amounts received by certain Holders of Notes may be less than the amount of Canadian taxes withheld or deducted or the amount of
Canadian taxes (and related amounts) levied or imposed giving rise to the obligation to pay the indemnity amounts, as the case may be, and, accordingly, the net amount received by such Holders of the Notes will be less than the amount such Holders
would have received had there been no such withholding or deduction in respect of Canadian taxes or had such Canadian taxes (and related amounts) not been levied or imposed. 

(e) Wherever in the Indenture there is mentioned, in any context, the payment of principal, interest, if any, or any other amount payable under
or with respect to such Note, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

  
 28 

 (f) In the event of the occurrence of any transaction or event resulting in a successor to
the Bank, all references to Canada in the preceding paragraphs of this subsection shall be deemed to be references to the jurisdiction of organization of the successor entity. 

(g) Payments of principal and interest in respect of the Notes are subject in all cases to any withholding or deduction required pursuant to an
agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, official interpretations thereof, or any law implementing an intergovernmental
approach thereto. 
 SECTION 206. Addition to Article Eleven of the Indenture. Unless otherwise specified in the relevant Pricing
Supplement, the provisions of Article Eleven of the Base Indenture shall be applicable with respect to the Notes. For certainty, the Bank will not redeem the Notes under any circumstances if such redemption would, directly or indirectly, result in
the Bank’s breach of any provision of the Bank Act (Canada) and the regulations and guidelines thereunder, including the OSFI Capital Adequacy Requirements (CAR) Guideline, as may be amended from time to time: 

Section 1108. Fixed Rate Notes Optional Redemption. Unless otherwise specified in the relevant Pricing Supplement, the Bank (or
its successor) may redeem fixed rate Notes at any time prior to the applicable date of Maturity, in whole or in part, at its option, at any time and from time to time on at least 10 days’, but not more than 60 days’, prior notice provided
(or otherwise transmitted in accordance with procedures of DTC) to each Holder of such Notes to be redeemed (such redemption, a “Fixed Rate Notes Redemption”). The redemption price will be calculated by the Bank and will be equal to
the greater of (1) 100% of the principal amount of such Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments discounted to the Fixed Rate Notes Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate plus the number of basis points specified in the relevant Pricing Supplement.
In the case of each of clauses (1) and (2), accrued but unpaid interest will be payable to, but excluding, the Fixed Rate Notes Redemption Date. A Fixed Rate Notes Redemption shall be deemed to occur on the date fixed by the Bank for such
redemption in the notice of redemption delivered pursuant to Section 1104 of the Base Indenture (such date, the “Fixed Rate Notes Redemption Date”). From and after the Fixed Rate Notes Redemption Date, any Outstanding notes so
redeemed shall cease to be outstanding, the Holders thereof shall cease to be entitled to interest thereon, and any certificates representing the notes shall represent only the right to receive, upon surrender thereof, the redemption price. 

For purposes of the foregoing: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the
Investment Bank as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any Fixed Rate Notes Redemption Date,
(1) the average of the Reference Treasury Dealer Quotations for such Fixed Rate Notes Redemption Date after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Investment Bank obtains fewer than
three such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Investment
Bank” means, unless otherwise specified in the relevant Pricing Supplement, Scotia Capital (USA) Inc. or its affiliates or successors, or, if such firm is not willing and able to select the applicable Comparable Treasury
Issue, an investment banking institution of national standing appointed by the Bank. 

  
 29 

 “Reference Treasury Dealer” means the Investment
Bank, which is a primary U.S. government securities dealer and its affiliates or successors, as selected by the Bank, and any other primary U.S. government securities dealer as we may specify from time to time, provided, however, that if any of them
shall cease to be a primary U.S. government securities dealer, we will substitute therefor another primary U.S. government securities dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any Fixed Rate Notes Redemption Date, the average, as determined by the Investment Bank, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Investment Bank by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such Fixed Rate Notes Redemption Date. 

“Remaining Scheduled Payments” means, with respect to the Notes to be redeemed, the remaining
scheduled payments of principal of and interest on such Notes that would be due after the related Fixed Rate Notes Redemption Date through Maturity of such Notes (not including any portion of payments of interest accrued as of the Fixed Rate Notes
Redemption Date). If that Fixed Rate Notes Redemption Date is not an interest payment date with respect to such Notes, the amount of the next succeeding scheduled interest payment on such Notes will be reduced by the amount of interest accrued on
such Notes to the applicable Fixed Rate Notes Redemption Date. 
 “Treasury Rate” means, with
respect to any Fixed Rate Notes Redemption Date for the Notes, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Fixed Rate Notes Redemption Date, as determined by the Bank or the Investment Bank. 

Section 1109. Floating Rate Notes Optional Redemption. Unless otherwise specified in the relevant Pricing Supplement, the Bank (or
its successor) may redeem floating rate Notes at any time prior to the applicable date of Maturity, in whole or in part, at its option, at any time and from time to time on at least 10 days’, but not more than 60 days’, prior notice
provided (or otherwise transmitted in accordance with procedures of DTC) to each Holder of such Notes to be redeemed (such redemption, a “Floating Rate Notes Redemption”), at a redemption price equal to 100% of the principal amount
of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Floating Rate Notes Redemption Date. A Floating Rate Notes Redemption Date shall be deemed to occur on the date fixed by the Bank for such redemption in the notice
of redemption delivered pursuant to Section 1104 of the Base Indenture (such date, the “Floating Rate Notes Redemption Date”). From and after the Floating Rate Notes Redemption Date, any Outstanding notes so redeemed shall
cease to be outstanding, the Holders thereof shall cease to be entitled to interest thereon, and any certificates representing the notes shall represent only the right to receive, upon surrender thereof, the redemption price. 

Section 1111. Taxation Redemption. The Bank may, at its option, with the prior written approval of the Superintendent, on not less
than 30 days’ and not more than 45 days’ notice to each Holder, redeem the Notes, in whole but not in part, at any time following the occurrence of a Tax Event, at a redemption price equal to 100% of the principal amount of the Notes to be
redeemed plus accrued and unpaid interest to, but excluding, the Tax Redemption Date (such redemption, a “Tax Redemption”). A Tax Redemption shall be deemed to occur on the date fixed by the Bank for such redemption in the notice of
redemption delivered pursuant to Section 1104 of the Base Indenture (such date, the “Tax Redemption Date”). From and after the Tax Redemption Date, any Outstanding notes so redeemed shall cease to be outstanding, the Holders
thereof shall cease to be entitled to interest thereon, and any certificates representing the notes shall represent only the right to receive, upon surrender thereof, the redemption price. 

  
 30 

 Section 1112. Agreement of Holders and Beneficial Owners of the Notes. By
acquiring any Note which is specified in the relevant Pricing Supplement to be redeemable pursuant to a Fixed Rate Notes Redemption, a Floating Rate Notes Redemption or a Tax Redemption, each Holder and beneficial owner of such Note or any interest
therein, including any person acquiring any such Note or interest therein after the date hereof, irrevocably acknowledges, consents and agrees with and for the benefit of the Bank as follows: (1) that upon the occurrence of a Fixed Rate Notes
Redemption, a Floating Rate Notes Redemption or a Tax Redemption, as the case may be, such redemption shall, in each case, occur without any further action on the part of such Holder or beneficial owner; and (2) that the occurrence of a Fixed
Rate Notes Redemption, a Floating Rate Notes Redemption or a Tax Redemption shall not constitute an Event of Default under the terms of the Notes or the Indenture, and following such redemption, Holders and beneficial owners of the Notes will not
have any rights against the Bank with respect to the repayment of the principal amount of, or interest on, the Notes other than if the applicable redemption price is not paid in cash as required. 

  
 31 

 ARTICLE THREE 

MISCELLANEOUS 
 SECTION
301. Ratification of Indenture. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to
the extent herein and therein provided. 
 SECTION 302. Trustee Not Responsible for Recitals. The recitals contained herein and in
the Securities, except for a Trustee’s certificate of authentication, shall be taken as the statements of the Bank, and the Trustees assume no responsibility for their correctness. The Trustees make no representations as to the validity or
sufficiency of this Second Supplement Indenture. 
 SECTION 303. Governing Law. This Second Supplemental Indenture shall be governed
by and construed in accordance with the laws of the State of New York, except that Section 1601(a) of the Base Indenture, shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein.  
 SECTION 304. Separability Clause. In case any provision in this Second Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 305. Benefits of Second Supplemental Indenture. Nothing in this Second Supplemental Indenture, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture. 

SECTION 306. Conflict with Indenture. If any provision of this Second Supplemental Indenture is inconsistent with any provision of the
Indenture, such provision of this Second Supplemental Indenture shall control. 
 SECTION 307. Execution in Counterparts. This Second
Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this
Second Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the
parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “.pdf” or “.tif”) shall be deemed to be
their original signatures for all purposes. 

  
 32 

 SECTION 308. Indenture and Securities Solely Corporate Obligations. No recourse under
or upon any obligation, covenant or agreement of the Indenture or of the Securities, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or
future, of the Bank or of any successor corporation, either directly or through the Bank, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that the Indenture and the Securities are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the Bank or of
any successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in the Indenture or the Securities or implied therefrom; and that
any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, officer or director, as such, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in the Indenture or in the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Second Supplemental Indenture and the issue of the Securities. 
 SECTION 309. Waiver of
Jury Trial. EACH OF THE BANK AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL
INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 310. Effective Date. The modifications to the Indenture
set forth in this Second Supplemental Indenture shall become effective on the date first above written. 
 [Signature pages follow]

  
 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed, all as of the day and year first above written. 
  

			
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/ Darren Potter

		 	Name: Darren Potter
		 	Title: Managing Director, Term Funding &
		 	          Capital Management

  
 [Signature Page to the
Second Supplemental Indenture] 

 
			
	COMPUTERSHARE TRUST COMPANY, N.A.,
	as U.S. Trustee
		
	By:	 	 /s/ Jerry Urbanek

		 	Name: Jerry Urbanek
		 	Title: Trust Officer

  

  
 [Signature Page to the
Second Supplemental Indenture] 

 
			
	COMPUTERSHARE TRUST COMPANY OF CANADA,
	as Canadian Trustee
		
	By:	 	 /s/ Ashley Hayward

		 	Name: Ashley Hayward
		 	Title: Corporate Trust Officer
		
	By:	 	 /s/ Ann Samuel

		 	Name: Ann Samuel
		 	Title: Associate Trust Officer

  
 [Signature Page to the
Second Supplemental Indenture]

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