Document:

Exhibit 10.4

 

Execution Copy

 

CONSENT, LIMITED WAIVER AND AMENDMENT TO 
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS CONSENT, LIMITED WAIVER AND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of August 11, 2016 (the “Effective Date”), is among PLAINS AAP, L.P., a Delaware limited partnership (“Plains AAP”); the LENDERS party hereto (the “Lenders”); and CITIBANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and as a Lender.

 

PRELIMINARY STATEMENT

 

Reference is made to (a) that certain Second Amended and Restated Credit Agreement, dated as of September 26, 2013 (the “Original Credit Agreement”, and as amended by the First Amendment to Second Amended and Restated Credit Agreement dated as of August 14, 2015, the “Credit Agreement”), among Plains AAP, the Administrative Agent and the Lenders party thereto, pursuant to which, among other things, (i) the Lenders committed to make Revolving Loans to Plains AAP in an aggregate principal amount of up to $125,000,000 outstanding at any time and (ii) the Lenders made a Term Loan to Plains AAP in an aggregate principal amount of $550,000,000 and (b) that certain Second Amended and Restated Pledge and Security Agreement dated as of September 26, 2013 (the “Security Agreement”), between Plains AAP and the Administrative Agent, pursuant to which Plains AAP granted a security interest to the Administrative Agent, as secured party, in the Collateral (as defined in the Security Agreement, the “Collateral”), which includes (i) all incentive distribution rights (the “IDRs”) held by Plains AAP in Plains All American Pipeline, L.P., a Delaware limited partnership (“PAA”), (ii) all limited liability company interests held by Plains AAP in PAA GP LLC, a Delaware limited liability company (“PAA GP”), and (iii) certain other related property as set forth in the Security Agreement;

 

Plains AAP, PAA, PAA GP and certain other Affiliates of Plains AAP entered into a Simplification Agreement dated July 11, 2016 (as amended and in effect, the “Simplification Agreement”), pursuant to which, among other things, PAA will (a) acquire the economic rights associated with PAA GP’s general partner interest in PAA and all of the IDRs held by Plains AAP free and clear of all liens and (b) assume all outstanding obligations and liabilities of Plains AAP under the Credit Agreement (together with the other transactions contemplated by the Simplification Agreement, collectively, the “Simplification Transaction”);

 

In connection with the Simplification Transaction, (a) Plains AAP desires to assign all of its rights (other than the right to request Revolving Loans) and obligations as the Borrower under the Credit Agreement to PAA, and to be released of such rights and obligations under the Credit Agreement, (b) PAA desires to assume all of such rights and obligations (such assignment and assumption, collectively, the “Assignment and Assumption”) and (c) with effect immediately prior to the effectiveness of the Assignment and Assumption, Plains AAP desires (i) to have all Liens on the Collateral under any of the Loan Documents released and terminated and the Security Agreement terminated (collectively, the “Lien Termination”) and (ii) without regard to, or compliance with, Section 2.09(c)(ii) of the Credit Agreement, to have all Revolving Commitments of all Lenders terminated (the “Revolver Commitment Termination”);

 

Plains AAP requests that the Administrative Agent and the Lenders (a) consent to the Assignment and Assumption, the Lien Termination, and the Revolver Commitment Termination and (b) waive certain matters related to such consent and the Simplification Transaction as herein set forth, in each case, subject to the terms and conditions herein set forth; and

 

1

 

Plains AAP, PAA, the Administrative Agent and the Lenders hereby execute this Agreement to evidence such agreement;

 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, the receipt and sufficiency of which are hereby acknowledged, Plains AAP, PAA, the Administrative Agent and the Lenders agree, as of the Effective Date, as follows:

 

1.             Defined Terms; Construction. Each capitalized term used herein and not otherwise defined herein shall have the meanings as defined in the Credit Agreement.  Section  1.03 of the Credit Agreement shall be incorporated herein by reference.

 

2.             Consent.  The Administrative Agent and the Lenders hereby consent to the Assignment and Assumption, Lien Termination, and the Revolver Commitment Termination and acknowledge and agree that, as of the Consent Effective Date (as hereinafter defined), (a) PAA shall be a party to and be bound by the provisions of the Credit Agreement and shall assume the obligations and shall have the assigned rights of the Borrower thereunder, as if PAA was the original Borrower under the Credit Agreement, (b) Plains AAP shall be released of its rights and obligations under the Credit Agreement, the Security Agreement and the other Loan Documents, (c) all Liens on the Collateral, wherever or however subsisting or arising, in favor of the Administrative Agent, any Lender or any other secured party under any of the Loan Documents shall be automatically and unconditionally released and terminated, (d) the Security Agreement shall automatically and unconditionally terminate, and (e) all Revolving Commitments of all Lenders shall terminate (the foregoing consent, and acknowledgment and agreement, are collectively referred to as the “Consent”).  For the avoidance of doubt, (x) the Liens on the Collateral shall in no event be released prior to the Consent Effective Date, (y) prior to the Consent Effective Date, Plains AAP shall have, and shall continue to have, all obligations and rights under the Credit Agreement, including the right to request Revolving Loans subject to the terms and conditions of the Credit Agreement, and (z) in light of the Revolving Commitments being terminated immediately prior to the effectiveness of the Assignment and Assumption, PAA will have no right to request Loans under the Credit Agreement.

 

3.             Conditions Precedent.  This Agreement shall become effective as of the Effective Date on the date when the Administrative Agent (or its counsel) shall have received from each party hereto either (a) a counterpart of this Agreement signed on behalf of such party or (b) written evidence satisfactory to the Administrative Agent (which may include telecopy or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.  In addition, the Consent shall become effective on the Business Day specified, in writing, by PAA to the Administrative Agent as the Business Day (the “Commencement Day”) on which the transactions contemplated by the Simplification Agreement will commence (each such transaction, a “Transaction”, and collectively, the “Transactions”), and as of the time on the Commencement Day which immediately precedes the commencement of the first to occur of any Transaction (such day and such time are together referred to as the “Consent Effective Date”); provided, that (y) such Business Day shall be on or before January 19, 2017 and (z) if PAA notifies the Administrative Agent of the Commencement Day and no Transaction occurs on such Commencement Day, then the Consent Effective Date shall be deemed not to be effective on such Commencement Day.  PAA will specify the Commencement Day to the Administrative Agent, in writing, at least one (1) Business Day prior to the Commencement Day.

 

4.             Limited Waiver.  The Administrative Agent and the Lenders agree to waive (a) any Default or Event of Default arising under any Loan Document as a result of or in connection with the Simplification Transaction from the period (i) beginning on the Consent Effective Date and (ii) ending on the date on which the principal of and interest on each Loan and all fees payable under the Credit Agreement (collectively, the “Outstanding Obligations”) have been paid in full; which in any event shall

 

2

 

not be more than two (2) Business Days following the Consent Effective Date; and (b) compliance with all terms and conditions in the Loan Documents with respect to notices, notice periods, required prepayments or designated Person or Persons entitled or required to give or provide any such notices, that, in each case would have been required in connection with the Assignment and Assumption, the Lien Termination, or the Revolver Commitment Termination; provided, however, notwithstanding the foregoing, if any Outstanding Obligations remain unpaid after the Maturity Date (as defined in Section 5 of this Agreement), an Event of Default shall immediately exist and occur under the Credit Agreement, and, for the avoidance of doubt, no such Event of Default for any such non-payment is waived or is intended to be waived by this Agreement.  The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Loan Documents.

 

5.             Overarching Amendments.  Effective as of the Consent Effective Date, and without further action or agreement by any party hereto, Plains AAP, PAA, the Administrative Agent and the Lenders agree:

 

(a)           that the “Maturity Date”, as that term is used and defined in the Credit Agreement, shall be the Business Day that is the second Business Day following the Consent Effective Date; provided that PAA shall have the right, without giving notice and without premium or penalty (but in all applicable regards, subject to Section 2.16 and Section 2.17 of the Credit Agreement), to prepay the Outstanding Obligations at any time on or after the Consent Effective Date but on or prior to the Maturity Date (as herein amended); and

 

(b)           interest shall continue to accrue on the principal portion of the Outstanding Obligations at the interest rate then in effect immediately prior to the Consent Effective Date, and if any Outstanding Obligations remain outstanding after the Maturity Date, then such amounts from time to time outstanding thereafter shall accrue interest at the applicable rate provided for in Section 2.13(c) of the Credit Agreement.

 

In all respects the foregoing shall apply to each Loan Document, mutatis mutandis.

 

6.             Further Assurances.  The parties hereto agree that (a) on the Consent Effective Date, (i) the Administrative Agent shall deliver to Plains AAP (or its designee) all possessory Collateral held by the Administrative Agent and (ii) Plains AAP (or its designee) shall be authorized, without further action of any kind on the part of the Administrative Agent, any Lender or any other secured party to prepare, file, deliver and have recorded termination statements with respect to all Uniform Commercial Code financing statements filed by or for the benefit of the Administrative Agent, any Lender or any other secured party naming Plains AAP as a debtor thereunder in connection with the financing transactions contemplated by the Credit Agreement and (b) on or after the Consent Effective Date, the Administrative Agent is authorized to, and shall, deliver, at the request of Plains AAP, PAA or their designee and at sole cost and expense of Plains AAP or PAA, as the case may be, such assignments, assumptions, releases, instruments, documents, agreements or other writings, in each case in form and substance reasonably satisfactory to Plains AAP, PAA or their designee, as the case may be, as the requesting Person may reasonably request to effectuate, evidence or reflect of public record the transactions contemplated hereby and to evidence the payment in full of the Outstanding Obligations and the termination of the Loan Documents, and the Liens created thereunder.

 

3

 

7.             Miscellaneous.

 

(a)           Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York; provided that the Administrative Agent and each Lender shall retain, as applicable, all rights arising under the federal laws of the United States of America.

 

(b)           Counterparts. This Agreement may be signed in any number of counterparts and by different parties in separate counterparts and may be in original, facsimile or other electronic form, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

(c)           Headings. The headings herein shall be accorded no significance in interpreting this Agreement.

 

(d)           Binding Effect. This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders (as defined in the Credit Agreement) and the Administrative Agent and their respective successors and assigns permitted by the Credit Agreement.

 

(e)           Loan Document.  This Agreement shall constitute a Loan Document.

 

[SIGNATURES BEGIN NEXT PAGE]

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
 
    	
PLAINS AAP, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PLAINS ALL AMERICAN GP,   LLC,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Sharon S. Spurlin
    
	
 
    	
Name:
    	
Sharon S. Spurlin
    
	
 
    	
Title:
    	
Vice President and   Treasurer
    
	
 
    	
 
    	
 
    
	
Acknowledged and   agreed:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PLAINS ALL AMERICAN PIPELINE,   L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
PAA GP LLC, its general   partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PLAINS AAP, L.P., its   sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
PLAINS ALL AMERICAN GP   LLC,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Sharon S. Spurlin
    
	
 
    	
Name:
    	
Sharon S. Spurlin
    
	
 
    	
Title:
    	
Vice President and   Treasurer
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
CITIBANK, N.A.,
    
	
 
    	
as Administrative   Agent, Issuing Bank and
    
	
 
    	
as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Maureen P. Maroney
    
	
 
    	
Name: 
    	
Maureen P. Maroney
    
	
 
    	
Title: 
    	
Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as Co-Syndication Agent   and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/Adam H. Fey
    
	
 
    	
Name: 
    	
Adam H. Fey
    
	
 
    	
Title: 
    	
Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
DNB CAPITAL LLC,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Byron Cooley
    
	
 
    	
Name: 
    	
Byron Cooley
    
	
 
    	
Title: 
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Joe Hylde
    
	
 
    	
Name: 
    	
Joe Hylde
    
	
 
    	
Title: 
    	
Senior Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A.,
    
	
 
    	
as Co-Syndication Agent   and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kenneth J. Fatun
    
	
 
    	
Name: 
    	
Kenneth J. Fatun
    
	
 
    	
Title: 
    	
Managing Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
MIZUHO BANK, LTD.,
    
	
 
    	
as Co-Syndication Agent   and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Leon Mo
    
	
 
    	
Name: 
    	
Leon Mo
    
	
 
    	
Title: 
    	
Authorized Signatory
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
U.S. BANK, NATIONAL ASSOCIATION
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Patrick Jeffrey
    
	
 
    	
Name: 
    	
Patrick Jeffrey
    
	
 
    	
Title: 
    	
Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
SCOTIABANC, INC.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ J.F. Todd
    
	
 
    	
Name: 
    	
J.F. Todd
    
	
 
    	
Title: 
    	
Managing Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
WELLS FARGO BANK, N.A.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jeffery Cobb
    
	
 
    	
Name: 
    	
Jeffery Cobb
    
	
 
    	
Title: 
    	
Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
BNP PARIBAS,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joe Onischuk
    
	
 
    	
Name: 
    	
Joe Onischuk
    
	
 
    	
Title: 
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Mark Renaud
    
	
 
    	
Name: 
    	
Mark Renaud
    
	
 
    	
Title: 
    	
Managing Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
COMPASS BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Blake Kirshman
    
	
 
    	
Name: 
    	
Blake Kirshman
    
	
 
    	
Title: 
    	
Senior Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
ROYAL BANK OF CANADA,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James Allred
    
	
 
    	
Name:
    	
James Allred
    
	
 
    	
Title: 
    	
Authorized Signatory
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
SUMITOMO MITSUI BANKING
    
	
 
    	
CORPORATION,   as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James D. Weinstein
    
	
 
    	
Name: 
    	
James D. Weinstein
    
	
 
    	
Title: 
    	
Managing Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
SUNTRUST BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chulley Bogle
    
	
 
    	
Name:
    	
Chulley Bogle
    
	
 
    	
Title: 
    	
Vice President 
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
THE BANK OF TOKYO-MITSUBISHI   UFJ,
    
	
 
    	
LTD., as   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark Oberreuter
    
	
 
    	
Name:
    	
Mark Oberreuter
    
	
 
    	
Title: 
    	
Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Stephen Monto
    
	
 
    	
Name: Stephen Monto
    
	
 
    	
Title: Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
BARCLAYS BANK PLC,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marguerite Sutton
    
	
 
    	
Name: Marguerite Sutton
    
	
 
    	
Title: Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
CANADIAN IMPERIAL BANK OF
    
	
 
    	
COMMERCE, NEW YORK AGENCY,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Richard Antl
    
	
 
    	
Name: Richard Antl
    
	
 
    	
Title: Authorized Signatory
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Trudy Nelson
    
	
 
    	
Name: Trudy Nelson
    
	
 
    	
Title: Authorized   Signatory
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
DEUTSCHE BANK AG NEW YORK
    
	
 
    	
BRANCH, as   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ming K. Chu
    
	
 
    	
Name: Ming K. Chu
    
	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Virginia Cosenza
    
	
 
    	
Name: Virginia Cosenza
    
	
 
    	
Title: Vice President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
FIFTH THIRD BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ben Brodsky
    
	
 
    	
Name: Ben Brodsky
    
	
 
    	
Title: Officer
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
UBS AG, STAMFORD BRANCH,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Denise Bushee
    
	
 
    	
Name: Denise Bushee
    
	
 
    	
Title: Associate   Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Darlene Arias
    
	
 
    	
Name: Darlene Arias
    
	
 
    	
Title: Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
REGIONS BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David Valentine
    
	
 
    	
Name: David Valentine
    
	
 
    	
Title: Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
ZB, N.A. DBA AMEGY BANK,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Sam Trail
    
	
 
    	
Name: Sam Trail
    
	
 
    	
Title: Senior Vice   President
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
ING CAPITAL LLC,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Cheryl LaBelle
    
	
 
    	
Name: Cheryl LaBelle
    
	
 
    	
Title: Managing   Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Subha Pasumarti
    
	
 
    	
Name: Subha Pasumarti
    
	
 
    	
Title: Managing   Director
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

	
 
    	
MORGAN STANLEY BANK, N.A.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Patrick Layton
    
	
 
    	
Name: Patrick Layton
    
	
 
    	
Title: Authorized   Signatory
    

 

[SIGNATURE PAGE TO CONSENT, LIMITED WAIVER AND AMENDMENT TO PLAINS AAP, L.P.

SECOND AMENDED AND RESTATED CREDIT AGREEMENT]EX-4.3

 Exhibit 4.3 

NORBORD INC. 
 STOCK
OPTION PLAN 
 April 27, 2012, as amended June 14, 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 - PURPOSE OF THE PLAN
	  	 	1	  
			
	    1.01	  	 Purpose
	  	 	1	  
		
	 ARTICLE 2 - INTERPRETATION
	  	 	1	  
			
	    2.01	  	 Definitions
	  	 	1	  
	    2.02	  	 Extended Meanings
	  	 	4	  
	    2.03	  	 Legislative References
	  	 	4	  
		
	 ARTICLE 3 - GRANT OF OPTIONS
	  	 	4	  
			
	    3.01	  	 Authority of Board
	  	 	4	  
	    3.02	  	 Eligibility
	  	 	4	  
	    3.03	  	 Maximum Shares
	  	 	4	  
	    3.04	  	 Limits with Respect to Insiders
	  	 	5	  
		
	 ARTICLE 4 - TERMS OF OPTIONS
	  	 	5	  
			
	    4.01	  	 Option Agreement
	  	 	5	  
	    4.02	  	 Exercise Price
	  	 	5	  
	    4.03	  	 Vesting
	  	 	5	  
	    4.04	  	 Black Out Periods
	  	 	5	  
	    4.05	  	 Early Expiry
	  	 	6	  
	    4.06	  	 Assignment
	  	 	6	  
	    4.07	  	 Participation
	  	 	7	  
	    4.08	  	 Adjustments to Shares
	  	 	7	  
		
	 ARTICLE 5 - EXERCISE OF OPTIONS
	  	 	9	  
			
	    5.01	  	 Manner of Exercise
	  	 	9	  
	    5.02	  	 Delivery of Share Certificate
	  	 	9	  
	    5.03	  	 Withholding
	  	 	9	  
		
	 ARTICLE 6 - ADMINISTRATION
	  	 	9	  
			
	    6.01	  	 Administration
	  	 	9	  
	    6.02	  	 Amendment and Termination
	  	 	10	  
	    6.03	  	 Compliance with Laws and Exchange Rules
	  	 	11	  

 ARTICLE 1 - PURPOSE OF THE PLAN 

1.01 Purpose 
 The purpose of the
Norbord Inc. Stock Option Plan is to provide an incentive to the employees and officers of the Corporation and its subsidiaries to achieve the longer term objectives of the Corporation, to give suitable recognition of the ability and industry of
such persons who contribute materially to the success of the Corporation and to attract and retain persons of experience and ability, by providing them with the opportunity to acquire an increased proprietary interest in the Corporation. 

ARTICLE 2 - INTERPRETATION 
 2.01
Definitions  
 In this Plan: 

“5-Day VWAP Period” has the meaning ascribed to that term in Section 4.02(1). 

“Black Out Period” means any period during which a policy of the Corporation prevents an Insider from trading in the Shares.

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

“Change of Control” includes: 
  

	 	(i)	the acquisition by any persons acting jointly or in concert (as determined by the Securities Act), other than Brookfield Asset Management Inc. and its affiliates, whether directly or indirectly, of voting securities of
the Corporation that, together with all other voting securities of the Corporation held by such persons, constitute in the aggregate more than 50.1% of all outstanding voting securities of the Corporation; 

 

	 	(ii)	an amalgamation, arrangement or other form of business combination of the Corporation with another corporation that results in the holders of voting securities of that other corporation holding, in the aggregate, more
than 50.1% of all outstanding voting securities of the corporation resulting from the business combination; 

  

	 	(iii)	the sale, lease or exchange of all or substantially all of the property of the Corporation to another person, other than in the ordinary course of business of the Corporation or to a Related Entity; or

  

	 	(iv)	any other transaction that is deemed to be a “Change of Control” for the purposes of this Plan by the Board in its sole discretion. 

 “Committee” means the Human Resources Committee of the Board or such other persons designated by
the Board from time to time. 
 “Control” by a person over a second person means the power to direct, directly or indirectly, the
management and policies of the second person by virtue of: 
  

	 	(i)	ownership of or direction over voting securities in the second person; 

  

	 	(ii)	a written agreement or indenture; 

  

	 	(iii)	being or Controlling the general partner of the second person; or 

  

	 	(iv)	being a trustee of the second person. 

 “Corporation” means Norbord Inc. and any successor
corporation thereto. 
 “Eligible Person” means any employee or officer of the Corporation or any Related Entity. 

“Exercise Price” means the price per share at which Shares may be subscribed for by an Optionholder pursuant to a particular Option
Agreement. 
 “Expiry Date” means the date on which an Option expires pursuant to the Option Agreement relating to that Option or, if such
date occurs during a Black Out Period, the date determined pursuant to Section 4.04. 
 “Grant Date” means the date on which an Option is
to be granted, which date will not be earlier than the sixth trading day immediately following the date that the Board resolves to grant the Option, provided that if the Board resolves to grant the Option during a Black Out Period, the Grant Date of
the Option will be the sixth trading day immediately following the expiration of the Black Out Period. 
 “Insider” has the meaning given
to that term in the Securities Act and also includes associates and affiliates of the insider, but does not include directors or senior officers of a subsidiary or affiliate of the Corporation unless such director or senior officer: 

 

	 	(i)	in the ordinary course receives or has access to information as material facts or material changes concerning the Corporation before the material facts or material changes are generally disclosed; 

 

	 	(ii)	is a director or senior officer of a “major subsidiary” of the Corporation (where “major subsidiary” has the meaning given to that term in National Instrument
55-101 – Insider Reporting Exemptions); or 

  

	 	(iii)	is an insider of the Corporation in a capacity other than as a director or senior officer of the subsidiary or affiliate. 

  
 - 2 - 

 For the purpose of this definition, the terms “affiliate”, “associate” and
“subsidiary” have the meanings given to them, respectively, in the Securities Act. 
 “Market Price” of a Share has the meaning
set out in Section 4.02. 
 “NI 45-106” means National Instrument 45-106 – Prospectus and Registration Exemptions. 

“Notice of Exercise” means a notice, substantially in the form of the notice set out in Schedule B or in such other form as approved by the
Board, from an Optionholder to the Corporation giving notice of the exercise or partial exercise of an Option previously granted to the Optionholder. 

“Option” means an option to purchase Shares granted to an Eligible Person pursuant to the terms of the Plan. 

“Option Agreement” means an agreement, substantially in the form of the agreement set out in Schedule A to this Plan or in such other form as
approved by the Board, between the Corporation and an Eligible Person setting out the terms of an Option granted to the Eligible Person. 

“Optioned Shares” means the Shares that may be subscribed for by an Optionholder pursuant to an Option Agreement. 

“Optionholder” means an Eligible Person to whom an Option has been granted. 

“Permitted Assigns” has the meaning ascribed to that term in section 2.22 of NI 45-106. 

“Plan” means the Norbord Inc. Stock Option Plan, as amended from time to time. 

“Related Entity” means, for the Corporation, a person that Controls or is Controlled by the Corporation or that is Controlled by the same
person that controls the Corporation. 
 “Securities Act” means the Securities Act (Ontario). 

“Security Based Compensation Arrangement” means any stock option, stock option plan, employee stock purchase plan or any other compensation
or incentive mechanism involving the issuance or potential issuance of securities of the Corporation, including a share purchase from treasury that is financially assisted by the Corporation by way of a loan, guarantee or otherwise. 

“Shares” means, subject to the provisions of Section 4.08, the Common Shares of the Corporation. 

“Termination Date” means the actual date of termination of (i) the office of the Optionholder or (ii) the employment of the
Optionholder, as applicable, and does not include any period during which the Optionholder is in receipt of or is eligible to receive any statutory, contractual or common law notice or compensation in lieu thereof or severance payments following the
actual date of termination or resignation. 

  
 - 3 - 

 2.02 Extended Meanings 

In this Plan, words importing the singular number only include the plural and vice versa, words importing any gender include all
genders and words importing persons include individuals, corporations, limited and unlimited liability companies, general and unlimited partnerships, associations, trusts, incorporated organizations, joint ventures and governmental authorities. 

2.03 Legislative References 
 In
this Plan, a reference to any statute, regulation, national instrument or other legislation is to that legislation as now enacted or as the same may from time to time be amended, re-enacted or replaced. 

ARTICLE 3 - GRANT OF OPTIONS 
 3.01
Authority of Board  
 (1) Subject to the limitations of the Plan, the Board has the authority: 

 

	 	(a)	to determine which Eligible Persons are to be granted Options and to grant Options to those Eligible Persons; 

  

	 	(b)	to determine the terms of such Options; and 

  

	 	(c)	to prescribe the form of Option Agreement and Notice of Exercise with respect to a particular Option, if other than substantially as set forth in Schedules A and B to this Plan. 

(2) Notwithstanding the provisions of Section 3.01(1), no Option will be granted under the Plan unless recommended by a majority of the
Committee. 
 3.02 Eligibility 

Options may be granted by the Board to any Eligible Person, subject to the limitations set forth in Section 3.04, prior to his or her
Termination Date. 
 3.03 Maximum Shares 

(1) The maximum number of Shares that may be issued pursuant to Options granted under the Plan is 4.9 million Shares, subject to adjustment as
provided in Section 4.08. 
 (2) Any Shares subject to an Option that expires or terminates without having been fully exercised may be
made the subject of a further Option. 

  
 - 4 - 

 3.04 Limits with Respect to Insiders 

(1) The number of Shares issuable to Insiders, at any time, pursuant to the Plan and any other Securities Based Compensation Arrangement
cannot exceed 10% of the issued and outstanding Shares. 
 (2) The number of Shares issued to Insiders, within any one year period, under
the Plan and any other Securities Based Compensation Arrangement cannot exceed 10% of the issued and outstanding Shares. 
 ARTICLE 4 -
TERMS OF OPTIONS 
 4.01 Option Agreement 

As soon as practicable following the grant of an Option, the Corporation will deliver to the Optionholder an Option Agreement dated the Grant
Date, containing the terms of the Option and executed by the Corporation, and upon delivery to the Corporation of the Option Agreement executed by the Optionholder such Optionholder will be a participant in the Plan and have the right to purchase
the Optioned Shares on the terms set out in the Option Agreement and the Plan. 
 4.02 Exercise Price and Number of Options
Granted 
 (1) The Exercise Price of Shares subject to an Option will be determined by the Board at the time it resolves to grant
the Option and will be not less than the market price (the “Market Price”) of the Shares at the Grant Date, calculated as the volume-weighted average price of a Share on the principal stock exchange on which the Shares are trading
for the five trading days preceding the Grant Date (the “5-Day VWAP Period”) or, if the Shares are not listed on a stock exchange, the fair market value of a Share on the Grant Date as determined by the Board.

(2) The number of Options to be granted to an Eligible Person will be determined by the Board at the time it resolves to grant the Options
and, if the Shares are listed on a stock exchange, prior to the commencement of the 5-Day VWAP Period. 
 4.03 Vesting 

An Option may be granted subject to vesting requirements. Any vesting requirements will be determined at the time the Option is granted
and will be set out in the Option Agreement. 
 4.04 Black Out Periods 

If the date on which an Option expires pursuant to an Option Agreement occurs during or within 10 days after the last day of a Black Out
Period, the Expiry Date for the Option will be the last day of such 10-day period. 

  
 - 5 - 

 4.05 Early Expiry 

(1) Unless otherwise determined by the Committee, an Option will expire before its Expiry Date in the following events and manner: 

 

	 	(a)	if an Optionholder dies, only the portion of the Option that is exercisable at the date of death of the Optionholder may be exercised by the personal representatives of the Optionholder during the period ending six
months after the death of the Optionholder, after which period all Options terminate; 

  

	 	(b)	if the employment of an Optionholder is terminated without cause, including a constructive dismissal, only the portion of the Option that is exercisable at the Termination Date may be exercised by the Optionholder
during the period ending 90 days after the Termination Date, after which period all Options expire; and 

  

	 	(c)	an Option will expire immediately upon the Optionholder ceasing to be an Eligible Person as a result of his or her resignation or being dismissed from his or her office or employment for cause including where an
Eligible Person resigns his or her office or employment after being requested to do so by the Corporation as an alternative to being dismissed or terminated by the Corporation for cause, 

subject in all cases to the earlier expiration of an Option on its applicable Expiry Date. For greater certainty, the retirement of an Optionholder
pursuant to the provisions of a retirement plan of the Corporation or a Related Entity or an Optionholder’s cessation of employment due to permanent disability will not affect the terms of outstanding Options. 

(2) Notwithstanding the provisions of Section 4.05(1), the Committee may, in its discretion, at any time prior to or following any event
contemplated in Section 4.05(1), permit the exercise of any or all Options held by an Optionholder in the manner and on the terms authorized by the Committee, provided that the Committee will not, in any case, authorize the exercise of an Option
after its applicable Expiry Date. 
 (3) On the expiry of an Option all rights of a participant thereunder, whether unexercised or not yet
exercisable, will automatically expire and be cancelled without any compensation being paid therefor. 
 4.06 Assignment 

(1) An Optionholder may assign Options to a Permitted Assign of the Optionholder. For greater certainty, the terms of the Plan continue
to apply to assigned Options except that the assigned Options are exercisable by the Permitted Assign. 
 (2) Except as provided in Section
4.05(1)(a), an Option may be exercised only by the Optionholder or a Permitted Assign of the Optionholder and is not assignable in law or in equity, and any purported assignment is void and of no force and effect whatsoever. 

  
 - 6 - 

 4.07 Participation 

(1) Participation in this Plan will be entirely voluntary and any decision not to participate will not affect an Eligible Person’s
employment or other relationship with the Corporation or any Related Entity. 
 (2) Nothing in this Plan or in any Option Agreement will
confer on any Optionholder any right to remain as an employee or officer of the Corporation or any Related Entity. 
 (3) An Optionholder
will only have rights as a shareholder of the Corporation with respect to Shares that the Optionholder acquires through the exercise of an Option in accordance with its terms. 

4.08 Adjustments to Shares 
 (1)
Subject to the right of the Board to make such additional or other adjustments as it considers appropriate in the circumstances: 
  

	 	(a)	upon a subdivision of the Shares into a greater number of Shares, a consolidation of the Shares into a lesser number of Shares or the issue of a stock dividend to holders of the Shares (other than dividends in the
ordinary course), the number of Shares authorized to be issued under the Plan, the number of Shares receivable on the exercise of an Option and the Exercise Price thereof will be increased or reduced proportionately and the Corporation will deliver
upon the exercise of an Option, in addition to or in lieu of the number of Optioned Shares in respect of which the right to purchase is being exercised and without the Optionholder making any additional payment, such greater or lesser number of
Shares as results from the subdivision, consolidation or stock dividend; 

  

	 	(b)	upon the distribution by the Corporation to holders of the Shares of shares of any class (whether of the Corporation or another corporation, but other than Shares), rights, options or warrants, evidences of indebtedness
or cash (other than dividends in the ordinary course), other securities or other assets, either the Exercise Price of the Optioned Shares will be reduced proportionately or the Corporation will deliver upon exercise of an Option, in addition to the
number of Optioned Shares in respect of which the right to purchase is being exercised and without the Optionholder making any additional payment, such other securities, evidence of indebtedness or assets as result from such distribution; and

  

	 	(c)	 upon a capital reorganization, reclassification or change of the Shares, a consolidation, merger, amalgamation,
arrangement or other form of corporate reorganization or combination of the Corporation with another corporation or a sale, lease or exchange of all or substantially all of the assets of the Corporation, the Corporation will deliver upon exercise of
an Option, in lieu of the Optioned 

  
 - 7 - 

	 	
Shares in respect of which the right to purchase is being exercised, the kind and amount of shares or other securities or assets as result from such event. 

The purpose of such adjustments is to ensure that any Optionholder exercising an Option after any such event will be in substantially the same position as
such Optionholder would have been in if he or she had exercised the Option prior to such event. 
 (2) Notwithstanding any other provision
herein, in the event of a proposed Change of Control, the Board may, as deemed necessary or equitable by the Board in its sole discretion, determine the manner in which all unexercised Options granted under the Plan will be treated including, for
example, requiring the acceleration of the time for the exercise of such Options by the Optionholder and of the time for the fulfillment of any conditions or restrictions on such exercise. All determinations of the Board under this Section will
be binding for all purposes of the Plan. If the Board elects to accelerate the vesting of any or all outstanding Options immediately prior to the completion of any such transaction, it may also determine that all such outstanding Options will
be purchased by the Corporation or a Related Entity for an amount per Option equal to the “Transaction Price” (as defined below), less the applicable Exercise Price (except that where the Exercise Price exceeds the Transaction Price, the
amount per Option for such Options will be $0.01), as of the date such transaction is determined to have occurred or as of such other date prior to the transaction closing date as the Board may determine. For purposes of this paragraph,
“Transaction Price” means the fair market value of a Share based on the consideration payable in the applicable transaction as determined by the Board. 

(3) If, at any time when an Option granted under the Plan remains unexercised, an offer to purchase all of the Shares of the Corporation is
made by a third party, the Corporation will use its best efforts to bring such offer to the attention of the Optionholder as soon as practicable. 

(4) An adjustment will take effect at the time of the event giving rise to the adjustment, and the adjustments provided for in this Section
are cumulative. 
 (5) The Corporation will not be required to issue fractional Shares or other securities under the Plan and any fractional
interest in a Share or other security that would otherwise be delivered upon the exercise of an Option will be cancelled. 
 (6) Except as
expressly provided in this Section 4.08 or as determined by the Board, neither the issue by the Corporation of shares of any class or securities convertible into or exchangeable for shares of any class, nor the conversion or exchange of such shares
or securities, affects, and no adjustment by reason thereof is to be made with respect to, the number of Shares that may be acquired on the exercise of any outstanding Option or the Exercise Price of any outstanding Option. 

  
 - 8 - 

 ARTICLE 5 - EXERCISE OF OPTIONS 

5.01 Manner of Exercise 
 An
Optionholder (or the personal representatives of a deceased Optionholder) who wishes to exercise an Option may do so by delivering the following to the Corporation before the expiry of the Option 

 

	 	(a)	a completed Notice of Exercise and 

  

	 	(b)	subject to the provisions of Section 5.03, a cheque (which need not be a certified cheque) or bank draft payable to the Corporation for the aggregate Exercise Price for the Optioned Shares being acquired.

 If the Optionholder is deceased, the personal representatives of the Optionholder must also deliver to the Corporation evidence of their
status. An Option may not be exercised for less than 100 Optioned Shares at any one time, except where a smaller number of Optioned Shares remains exercisable pursuant to an Option, in which case the Option may be exercised for such smaller
number at one time. 
 5.02 Delivery of Share Certificate 

Not later than five business days after receipt of the Notice of Exercise and payment in full for the Optioned Shares being acquired as
provided in Section 5.01, the Corporation will direct its transfer agent to issue a certificate in the name of the Optionholder (or, if deceased, the Optionholder’s estate) for the number of Optioned Shares purchased by the Optionholder
(or the Optionholder’s estate), which will be issued as fully paid and non-assessable Shares. 
 5.03 Withholding 

The Corporation will withhold taxes to the extent required by applicable law in respect of any amounts under this Plan. 

ARTICLE 6 - ADMINISTRATION 
 6.01
Administration 
 (1) The Plan will be administered by the Board with the assistance of the Committee.

(2) The Committee has the authority to interpret the Plan, to adapt, amend, rescind and waive rules and regulations to govern the
administration of the Plan and to determine all questions arising out of the Plan and any Option granted pursuant to the Plan, which interpretations and determinations will be conclusive and binding on the Corporation and all other affected persons.

  
 - 9 - 

 6.02 Amendment and Termination 

(1) The Board may, at any time and from time to time, amend, suspend or terminate the Plan at any time, provided that no such amendment,
suspension or termination may be made without obtaining any required approval of any regulatory authority or stock exchange or materially prejudice the rights of any Optionholder under any Option previously granted to the Optionholder without the
consent or deemed consent of the Optionholder. 
 (2) Notwithstanding the provisions of Section 6.02(1), the Board may not, without the
approval of the security holders of the Corporation, make amendments to the Plan for any of the following purposes: 
  

	 	(a)	to increase the maximum number of Shares that may be issued pursuant to Options granted under the Plan as set out in Section 3.03, subject to adjustment pursuant to Section 4.08; 

 

	 	(b)	to reduce the Exercise Price of Options to less than the Market Price; 

  

	 	(c)	to reduce the Exercise Price of Options; 

  

	 	(d)	to extend the Expiry Date of Options for the benefit of an Insider; 

  

	 	(e)	to increase the maximum number of Shares issuable to Insiders pursuant to Section 3.04(1) or (2); and 

  

	 	(f)	to amend the provisions of this Section 6.02(2). 

 (3) In addition to the changes that may be
made pursuant to Section 6.02(1), the Board may, at any time and from time to time, without the approval of the security holders of the Corporation, amend any term of any outstanding Option (including, without limitation, the Exercise Price, vesting
and expiry of the Option), provided that: 
  

	 	(a)	any required approval of any regulatory authority or stock exchange is obtained; 

  

	 	(b)	if the amendments would reduce the Exercise Price or extend the Expiry Date of Options granted to Insiders other than as authorized pursuant to Section 4.08, approval of the holders of the outstanding Shares must be
obtained; 

  

	 	(c)	the Board would have had the authority to initially grant the Option under the terms as so amended; and 

  

	 	(d)	the consent or deemed consent of the Optionholder is obtained if the amendment would materially prejudice the rights of the Optionholder under the Option. 

  
 - 10 - 

 6.03 Compliance with Laws and Exchange Rules 

The Plan, the grant and exercise of Options under the Plan and the Corporation’s obligation to issue Shares on exercise of Options will
be subject to all applicable federal, provincial and foreign laws, rules and regulations and the rules of any regulatory authority or stock exchange on which the securities of the Corporation are listed. No Option will be granted and no Shares
will be issued under the Plan where such grant or issue would require registration of the Plan or of such Shares under the securities laws of any foreign jurisdiction and any purported grant of any Option or issue of Shares in violation of this
provision will be void. Shares issued to Optionholders pursuant to the exercise of Options may be subject to limitations on sale or resale under applicable securities laws. 

  
 - 11 - 

 FORM OF OPTION AGREEMENT 

NORBORD INC. 
 STOCK
OPTION PLAN 
 OPTION AGREEMENT 

This Option Agreement is entered into between Norbord Inc. (the “Corporation”) and the Optionholder named below pursuant to the
Norbord Inc. Stock Option Plan (the “Plan”) and confirms that: 
  

	 	(a)	on
                                         
                        (the “Grant Date”); 

 

	 	(b)	                                    
                                     (the
“Optionholder”); 

  

	 	(c)	was granted an option to purchase
                                         
                                        Shares (the
“Optioned Shares”) of the Corporation, [exercisable as to 25% on each of the first, second, third and fourth anniversary dates of the Grant Date on a cumulative basis]; 

 

	 	(d)	at a price (the “Exercise Price”) of $
                             per Share; and 

 

	 	(e)	for a term expiring at 5:00 p.m., Toronto time, on
                                         
        (the “Expiry Date”); 

 all on the terms set out in the Plan. By signing this
agreement, the Optionholder acknowledges that he or she has read and understands the Plan and accepts the Options in accordance with the terms of the Plan. 

IN WITNESS WHEREOF the Corporation and the Optionholder have executed this Option Agreement as of ●, 200●. 

 

							
		 		 	NORBORD INC.
				
		 		 	By:	 	  

				
	  
	 		 		 	
	Name of Optionholder	 		 		 	
				
	  
	 		 		 	
	Signature of Optionholder	 		 		 	

 FORM OF NOTICE OF EXERCISE 

NORBORD INC. 
 STOCK
OPTION PLAN 
 NOTICE OF EXERCISE 
  

					
	TO:	 	Norbord Inc.
		 	1 Toronto Street, Suite 600
		 	Toronto, Ontario
		 	M5C 2W4
			
		 	Attention:	 	Assistant Secretary

 Reference is made to the Option Agreement made as of
                                        
200●, between Norbord Inc. (the “Corporation”) and the Optionholder named below. The Optionholder hereby exercises the Option to purchase Shares of the Corporation as follows: 

 

			
	 Number of Optioned Shares for which Option being exercised:
	 	●
		
	 Exercise Price per Share:
	 	$●
		
	 Total Exercise Price (in the form of a cheque which need not be a certified cheque or bank draft tendered with this
Notice of Exercise):
	 	$●
		
	 Name of Optionholder as it is to appear on share certificate:
	 	●
		
	 Address of Optionholder as it is to appear on the register of Shares of the Corporation [and to which a certificate
representing the Shares being purchased is to be delivered]:
	 	
		
	 Dated
                                         
               
	 	  

		 	Name of Optionholder
		
		 	  

		 	Signature of Optionholder

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]