Document:

EX-10.5

 Exhibit 10.5 

[*] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) is the type that
the Registrant treats as private or confidential. 
 REGISTRATION RIGHTS AGREEMENT 

Made as of June 24, 2022 
 Among

 iANTHUS CAPITAL HOLDINGS, INC. 

iANTHUS CAPITAL MANAGEMENT, LLC 

CERTAIN HOLDERS 

 TABLE OF CONTENTS 

 

									
		
	 REGISTRATION RIGHTS AGREEMENT 
	  	 	1	 
		
	 Article 1 DEFINITIONS 
	  	 	3	 
				
		 	 1.1
	  	 Defined Terms
	  	 	3	 
		
	 Article 2 VOTING AGREEMENT 
	  	 	8	 
				
		 	 2.1
	  	 Voting Agreement
	  	 	8	 
		
	 Article 3 REGISTRATION RIGHTS 
	  	 	8	 
				
		 	 3.1
	  	 Registration Statement
	  	 	8	 
				
	         
	 	 3.2
	  	 Demand Registration Rights
	  	 	9	 
				
		 	 3.3
	  	 Piggyback Registration Rights
	  	 	14	 
				
		 	 3.4
	  	 Withdrawal of Registration
	  	 	15	 
				
		 	 3.5
	  	 Underwriters’ Cutback
	  	 	15	 
				
		 	 3.6
	  	 Expenses
	  	 	16	 
				
		 	 3.7
	  	 Other Sales
	  	 	16	 
				
		 	 3.8
	  	 Preparation; Reasonable Investigation
	  	 	17	 
				
		 	 3.9
	  	 Underwriting or Agency Agreements
	  	 	17	 
				
		 	 3.10
	  	 Limitations on Subsequent Registration Rights
	  	 	18	 
		
	 Article 4 REGISTRATION PROCEDURES 
	  	 	18	 
				
		 	 4.1
	  	 Corporation to Effect Qualification for Offer and Sale or other Disposition or
Distribution
	  	 	18	 
				
		 	 4.2
	  	 Benefits of Rule 144
	  	 	22	 
				
		 	 4.3
	  	 Information Requests
	  	 	23	 
		
	 Article 5 INDEMNITY AND CONTRIBUTION 
	  	 	23	 
				
		 	 5.1
	  	 Indemnification by the Corporation
	  	 	23	 
				
		 	 5.2
	  	 Indemnification by the Holders
	  	 	24	 
				
		 	 5.3
	  	 Limitation of Liability
	  	 	25	 
				
		 	 5.4
	  	 Defence of the Action by the Indemnifying Parties
	  	 	25	 
				
		 	 5.5
	  	 Contribution
	  	 	26	 
				
		 	 5.6
	  	 Holders are Trustee
	  	 	26	 
				
		 	 5.7
	  	 Corporation is Trustee
	  	 	26	 
		
	 Article 6 MISCELLANEOUS 
	  	 	27	 
				
		 	 6.1
	  	 Headings
	  	 	27	 
				
		 	 6.2
	  	 Gender and Number
	  	 	27	 
				
		 	 6.3
	  	 Currency
	  	 	27	 
				
		 	 6.4
	  	 Governing Law
	  	 	27	 
				
		 	 6.5
	  	 Specific Performance
	  	 	27	 

  
 i 

									
				
		 	 6.6
	  	 Successors and Assigns
	  	 	27	 
				
		 	 6.7
	  	 Entire Agreement
	  	 	27	 
				
		 	 6.8
	  	 Further Assurances
	  	 	28	 
				
		 	 6.9
	  	 Severability
	  	 	28	 
				
	         
	 	 6.10
	  	 Amendment and Waiver
	  	 	28	 
				
		 	 6.11
	  	 Time of the Essence
	  	 	28	 
				
		 	 6.12
	  	 Delays or Omissions
	  	 	28	 
				
		 	 6.13
	  	 Notices
	  	 	29	 
				
		 	 6.14
	  	 Counterparts
	  	 	32	 

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

THIS AGREEMENT is made as of the 24th day of June, 2022 (the
“Effective Date”). 
 AMONG: 

iANTHUS CAPITAL HOLDINGS, INC., a 

corporation existing under the laws of the Province 

of British Columbia 

(the “Corporation”) 

– and – 

iANTHUS CAPITAL MANAGEMENT, LLC, a 

Delaware limited liability company 

(“ICM”) 

– and – 

EACH OF THE OTHER SIGNATORIES 

THAT IS AFFILIATED WITH GOTHAM 

GREEN PARTNERS, LLC 

(collectively, “Gotham”) 

– and – 

EACH OF THE OTHER SIGNATORIES 

THAT IS AFFILIATED WITH [*] 

(collectively, “[*]”) 

– and – 

EACH OF THE OTHER SIGNATORIES 

THAT IS AFFILIATED WITH [*] 

(collectively, “[*]”) 

– and – 

  
 1 

 [*] 

(collectively, “[*]”) 

– and – 

[*] 

AND EACH OF THEIR 

AFFILIATES THAT ARE SIGNATORIES 

(collectively, “[*]”) 

– and – 

[*] 

AND EACH OF ITS AFFILIATES THAT ARE 

SIGNATORIES 

(collectively, “[*]”) 

WHEREAS each of Gotham, [*], [*], [*], [*] and [*], together with each of its respective Affiliates that holds Registrable
Securities, is a “Holder” and collectively they are the “Holders”; 
 AND WHEREAS pursuant
to a restructuring support agreement dated July 10, 2020 entered into by, among others, the Corporation, ICM, and each of the Holders, the Corporation proposed an amended and restated plan of arrangement dated August 6, 2020 which has been
adopted and approved by the Supreme Court of British Columbia pursuant to the British Columbia Business Corporations Act to implement a recapitalization transaction and which took effect on the Effective Date (the “Plan”);

 AND WHEREAS the Holders are entering into this Agreement to provide for certain rights of the Holders in connection with
the Plan; 
 AND WHEREAS the Plan contemplates that a Voting Agreement (as defined in the Plan) shall be entered into among
the Corporation, ICM and the Holders in form and substance acceptable to the Holders, effective on the Effective Date, and the Parties wish to confirm that this Agreement, together with the Investor Rights Agreement, is the “Voting
Agreement” as defined in the Plan; 
 NOW THEREFORE, in consideration of the respective covenants and agreements of the
Parties herein contained and for other good and valuable consideration provided for under the Plan, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

  
 2 

 ARTICLE 1 

DEFINITIONS 
  

	1.1	 Defined Terms 

For the purposes of this Agreement, the following terms shall have the following meanings: 

 

	 	(a)	 “Affiliate” means, with respect to any specified Person, any other Person which, directly
or indirectly, through one or more Persons, Controls, or is Controlled by, or is under common Control with, such specified Person; 

  

	 	(b)	 “Blackout Period” means, with respect to a registration, a period during which the
Corporation, in the good faith judgment of its board of directors, determines that a registration of securities would require (i) disclosure of material non-public information, the premature disclosure of
which would reasonably be expected to materially and adversely affect any bona fide material financing of the Corporation or any other material transaction involving the Corporation, or (ii) disclosure of financial statements required to be
included in a Shelf Prospectus or S-3 Registration Statement which are unavailable for reasons beyond the Corporation’s control; 

 

	 	(c)	 “Business Day” means any day except Saturday, Sunday or any day on which banks are
generally not open for business in Vancouver, British Columbia, Toronto, Ontario or New York, New York; 

  

	 	(d)	 “Canadian Securities Laws” means all applicable Canadian securities laws, the respective
regulations, rules and orders made thereunder, and all applicable policies and notices issued by the Canadian Securities Regulators; 

  

	 	(e)	 “Canadian Securities Regulators” means, collectively, the securities commissions or other
securities regulatory authorities in each of the applicable provinces and territories of Canada; 

  

	 	(f)	 “Common Share Percentage” of a Holder or Holders means the number of issued Common Shares
held by such Holder or Holders at the time such determination is made, divided by the total number of Common Shares issued and outstanding at the time such determination is made; 

 

	 	(g)	 “Common Shares” means the common shares of the Corporation and any other class of shares of
the Corporation or any successor corporation that gives the holder the right to vote at a meeting of shareholders; 

  

	 	(h)	 “Control”, “Controlled by” and “under common Control with”, as used
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person or to appoint or remove the majority of the board of directors of such Person,
whether through the ownership of voting securities, by agreement or otherwise, and in the case of a Person that is a limited partnership includes the general partner(s) of the limited partnership; 

  
 3 

	 	(i)	 “Demand Exercise Notice” has the meaning set forth in Section 3.2(c) of this
Agreement; 

  

	 	(j)	 “Demand Registration” has the meaning set forth in Section 3.2(a) of this Agreement;

  

	 	(k)	 “Demand Registration Request” has the meaning set forth in Section 3.2(b) of
this Agreement; 

  

	 	(l)	 “Demand Request Notice” has the meaning set forth in Section 3.2(c) of this Agreement;

  

	 	(m)	 “Demanding Holder” has the meaning set forth in Section 3.2(c) of this Agreement;

  

	 	(n)	 “Demand Participating Holders” has the meaning set forth in Section 3.2(d) of this
Agreement; 

  

	 	(o)	 “Designated Registrable Securities” has the meaning set forth in Section 3.2(b)(i) of
this Agreement; 

  

	 	(p)	 “Distribution” means 

 

	 	(i)	 the qualification of a distribution of Common Shares pursuant to a Prospectus in accordance with Canadian
Securities Laws in one or more of the provinces or territories of Canada; or 

  

	 	(ii)	 the registration of Common Shares pursuant to a Registration Statement in accordance with U.S. Securities
Laws in the United States, 

 in each case, excluding any distribution or registration of Common Shares
relating to: (A) an Equity Incentive Plan or dividend reinvestment plans; or (B) an acquisition, arrangement, amalgamation, merger, business combination or similar transaction after the date hereof by the Corporation or any of its
Subsidiaries of or with any other businesses; 
  

	 	(q)	 “Equity Incentive Plan” means any equity incentive plan for employees of the Corporation or
its Subsidiaries; 

  

	 	(r)	 “Equity Securities” means: 

 

	 	(i)	 any Common Shares, preferred shares or other equity security of the Corporation, 

  
 4 

	 	(ii)	 any security convertible or exchangeable, with or without consideration, into any Common Shares, preferred
shares or other equity security (including any option to purchase such a convertible security), or 

  

	 	(iii)	 any security carrying any warrant or right to subscribe to or purchase any Common Shares, preferred shares
or other equity security, or any such warrant or right; 

  

	 	(s)	 “Indemnified Party” has the meaning set forth in Section 5.4 of this Agreement;

  

	 	(t)	 “Indemnifying Party” has the meaning set forth in Section 5.4 of this Agreement;

  

	 	(u)	 “Investor Rights Agreement” means the investor rights agreement entered into among certain
of the Holders, the Corporation and ICM effective as of the Effective Date, as amended from time to time; 

  

	 	(v)	 “NI 44-102” has the meaning set forth in
Section 3.1(a)(i); 

  

	 	(w)	 “Participating Holders” means the Demand Participating Holders or the Piggyback Holders, as
applicable; 

  

	 	(x)	 “Parties” means, collectively, the Corporation, ICM, and the Holders, and “Party”
refers to any of them; 

  

	 	(y)	 “Person” means any individual, corporation or company with or without share capital,
partnership, joint venture, association, trust, unincorporated organization, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however
designated or constituted; 

  

	 	(z)	 “Piggyback Exercise Notice” has the meaning set forth in Section 3.3(c);

  

	 	(aa)	 “Piggyback Holder” has the meaning set forth in Section 3.3(c); 

 

	 	(bb)	 “Piggyback Notice” has the meaning set forth in Section 3.3(a); 

 

	 	(cc)	 “Piggyback Registrable Securities” has the meaning set forth in Section 3.3(c) of this
Agreement; 

  

	 	(dd)	 “Piggyback Registration” has the meaning set forth in Section 3.3(a) of this
Agreement; 

  

	 	(ee)	 “Plan” has the meaning set forth in the recitals hereto; 

  
 5 

	 	(ff)	 “Prospectus” means a prospectus, as such term is used in Section 1.2 of National
Instrument 41-101 – General Prospectus Requirements under Canadian Securities Laws, and includes a preliminary prospectus (including a preliminary short form prospectus) and a final prospectus (including
a final short-form prospectus), and, as applicable, a base shelf prospectus and shelf prospectus supplement, together with all amendments and supplements thereto and all material incorporated by reference or deemed to be incorporated by reference
therein; 

  

	 	(gg)	 “Register”, “Registered” and “Registration” unless the
context requires otherwise, refers to the filing of a Prospectus for the purposes of qualifying Registrable Securities for distribution under Canadian Securities Laws or the filing of a Registration Statement for the purpose of registering
Registrable Securities under U.S. Securities Laws, in each case in accordance with the terms of this Agreement; 

  

	 	(hh)	 “Registrable Securities” means: 

 

	 	(i)	 any Common Shares held by a Holder; 

 

	 	(ii)	 any Common Shares issuable upon the exercise, conversion or exchange of any of the securities of the
Corporation held by a Holder; and 

  

	 	(iii)	 all Common Shares directly or indirectly issued or issuable with respect to the securities referred to in
paragraphs (i) and (ii) by way of subdivision or consolidation, stock dividend or other distribution, reclassification or capital reorganization or an amalgamation, arrangement or merger of the Corporation with or into another Person;

  

	 	(ii)	 “Registration Expenses” means all expenses incurred in connection with a Registration,
including (without limitation): 

  

	 	(i)	 all fees, disbursements, expenses and commissions payable to any underwriter for an underwritten offering,
agent for an agency offering or their respective counsel; 

  

	 	(ii)	 all fees, disbursements and expenses of counsel and the auditor to the Corporation; 

 

	 	(iii)	 all expenses in connection with the preparation, translation, printing and filing of any Prospectus or
Registration Statement or marketing materials, and the mailing and delivering of copies thereof; 

  

	 	(iv)	 all qualification or filing fees of any Securities Authority; 

 

	 	(v)	 all transfer agents’, depositaries’ and registrars’ fees and the fees of any other agent
appointed by the Corporation in connection with a Registration; 

  

	 	(vi)	 all fees and expenses payable in connection with the listing of any Registrable Securities on each stock
exchange on which the Common Shares are then listed; 

  
 6 

	 	(vii)	 all expenses reasonably incurred by the Holders in connection with the Registration, including all
reasonable fees, disbursements and expenses of the Holders’ counsel, independent public accountants and other advisors; and 

  

	 	(viii)	 all costs and expenses associated with the conduct of any “road show” related to such
Registration; 

  

	 	(jj)	 “Registration Statement” means a registration statement filed with the SEC pursuant to the
U.S. Securities Act (including any prospectus supplement, and amendments to any such registration statement or prospectus, filed with respect thereto including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement or prospectus); 

  

	 	(kk)	 “Requesting Holder” has the meaning set forth in Section 3.2(a) of this Agreement;

  

	 	(ll)	 “Requisite Holders” means the Holders who hold at least 66 2/3% of the issued Common Shares
held by all Holders at the time such determination is made; 

  

	 	(mm)	 “Rule 415” has the meaning set forth in Section 3.1(a)(ii); 

 

	 	(nn)	 “S-3 Registration Statement” has the meaning
set forth in Section 3.1(c)(ii); 

  

	 	(oo)	 “SEC” means the U.S. Securities and Exchange Commission; 

 

	 	(pp)	 “SEC Guidance” means (i) any publicly-available written or oral guidance of the SEC
staff, or any comments, requirements or requests of the SEC staff and (ii) the U.S. Securities Act; 

  

	 	(qq)	 “Securities Authorities” means Canadian Securities Regulators, the SEC, state securities
authorities, and any other applicable securities regulatory authorities; 

  

	 	(rr)	 “Shelf Prospectus” has the meaning set forth in Section 3.1(c)(i);

  

	 	(ss)	 “Shelf Request” has the meaning set forth in Section 3.1(c); 

 

	 	(tt)	 “Subsidiary” means, with respect to a corporation or limited liability company (the
“Parent Corporation”), a corporation or limited liability company that is (i) Controlled by the Parent Corporation or (ii) Controlled by one or more corporations or limited liability companies each of which is Controlled
by the Parent Corporation, and for certainty, with respect to the Corporation, includes ICM; 

  

	 	(uu)	 “Substantial Holders” has the meaning set forth in Section 3.2(a) of this Agreement;

  
 7 

	 	(vv)	 “U.S. Exchange Act” means the United States Securities Exchange Act of 1934, as
amended; 

  

	 	(ww)	 “U.S. Prospectus” means the prospectus forming a part of the Registration Statement;

  

	 	(xx)	 “U.S. Securities Act” means the Securities Act of 1933, as amended;

  

	 	(yy)	 “U.S. Securities Laws” means applicable United States federal securities laws, including,
without limitation, the U.S. Securities Act and the U.S. Exchange Act, and applicable state securities laws and the respective regulations, instruments and rules made under those securities laws, together with all applicable published policy
statements, notices, blanket orders and rulings of the securities commissions or securities regulatory authorities. 

ARTICLE 2 

VOTING AGREEMENT 
  

	2.1	 Voting Agreement 

This Agreement, together with the Investor Rights Agreement, is the “Voting Agreement” as defined in the Plan and
each has taken effect on the Effective Date pursuant to the Plan. 
 ARTICLE 3 

REGISTRATION RIGHTS 
  

	3.1	 Registration Statement 

(a) Upon receipt of written notice from the Substantial Holders, the Corporation will use its best efforts, consistent with
the terms of this Agreement, to qualify for and remain eligible to: 
  

	 	(i)	 file a short-form Prospectus in accordance with National Instrument
44-102 – Shelf Distributions (“NI 44-102”); or 

  

	 	(ii)	 use a registration statement on Form S-3 or a similar short-form
registration statement in accordance with Rule 415 under the U.S. Securities Act (“Rule 415”) and other U.S. Securities Laws. 

(b) Upon becoming qualified pursuant to Section 3.1(a), the Corporation shall notify the Holders in writing. 

  
 8 

 (c) At any time after the provision of notice by the Corporation pursuant to
Section 3.1(b), the Corporation shall, upon receipt of written notice from the Substantial Holders (a “Shelf Request”), prepare and file: 
  

	 	(i)	 with the applicable Canadian Securities Regulators a preliminary and final base “shelf” Prospectus
to facilitate a secondary offering of all of the Registrable Securities pursuant to NI 44-102 (a “Shelf Prospectus”); or 

 

	 	(ii)	 with the SEC a Registration Statement pursuant to Rule 415 on Form
S-3 (or such other form available to register for resale the Registrable Securities as a secondary offering) covering the resale of all of the Registrable Securities for an offering to be made on a continuous
basis pursuant to Rule 415 (a “S-3 Registration Statement”). 

(d) The Corporation shall: 
  

	 	(i)	 use commercially reasonable efforts to file a Shelf Prospectus or
S-3 Registration Statement, as applicable, as soon as practicable but in no event later than 20 days following the receipt by the Corporation of the Shelf Request, provided that the Corporation shall be
permitted to defer the filing of such Shelf Prospectus or S-3 Registration Statement in the event that a Shelf Request is received during a Blackout Period, until such time as the financial statements required
to be included or the material non-public information resulting in the Blackout Period is required to be filed with the SEC or otherwise disclosed to the public; and 

 

	 	(ii)	 use commercially reasonable efforts to obtain a receipt from the Canadian Securities Regulators for the
Shelf Prospectus, or to cause the S-3 Registration Statement to be declared effective by the SEC, as applicable, as soon as possible after filing. 

(e) The Corporation shall use its best efforts to maintain in effect, supplement and amend if necessary the Shelf Prospectus
and S-3 Registration Statement, as applicable, as required under Canadian Securities Laws or U.S. Securities Laws, as applicable, or as reasonably requested by the Substantial Holders and will furnish to the
Holders copies of any Shelf Prospectus, S-3 Registration Statement, and supplement or amendment thereto, as applicable. If at any time the Shelf Prospectus or S-3
Registration Statement, as applicable, ceases to be effective, then the Corporation shall use its best efforts to file and cause to become effective a new Shelf Prospectus or S-3 Registration Statement, as
applicable, as promptly as practicable. 
 (f) The Corporation shall be liable for and pay all Registration Expenses in
connection with each Shelf Prospectus and S-3 Registration Statement, as applicable. 
  

	3.2	 Demand Registration Rights  

(a) Subject to Section 3.2(f), at any time after the Effective Date, any Holder or combination of Holders whose aggregate
Common Share Percentage is at least 15% (together the “Substantial Holders”) may require the Corporation to file a Prospectus (other than a Shelf Prospectus) or Registration Statement on any such Form pursuant to U.S. Securities
Laws that the Corporation is eligible to use (such Substantial Holders collectively, the “Requesting Holder”) and take such other steps as may be necessary to facilitate a Distribution in Canada or the United States of all or any
portion of the Registrable Securities held by the Requesting Holder (the “Demand Registration”). 

  
 9 

 (b) Any such request shall be made by a notice in writing (a “Demand
Registration Request”) to the Corporation and shall: 
  

	 	(i)	 specify the number and the class or classes of Registrable Securities that the Requesting Holder intends to
offer and sell (subject to Section 3.2(c), the “Designated Registrable Securities”); 

  

	 	(ii)	 express the intention of the Requesting Holder to offer or cause the offering of such Designated Registrable
Securities; 

  

	 	(iii)	 describe the nature or methods of the proposed offer and sale thereof, the provinces and territories (as
applicable) in which such offer will be made, and whether such offer will be made in the United States; 

  

	 	(iv)	 specify the minimum offering price per Designated Registrable Security that the Requesting Holder, acting
reasonably, would be willing to accept in such Demand Registration, provided that, such information is not required for a Registration Statement filed pursuant to U.S. Securities Laws; and 

 

	 	(v)	 specify whether such offer and sale will be made on an underwritten or fully-marketed basis.

 (c) Upon receipt of a Demand Registration Request, the Corporation will promptly notify all Holders
that are holders of Registrable Securities of the Demand Registration Request (the “Demand Request Notice”). Each such Holder that is not a Requesting Holder and that wishes to include all or a portion of such
Holder’s Registrable Securities in the Demand Registration (a “Demanding Holder”) shall so notify the Corporation (a “Demand Exercise Notice”) within 3 Business Days (except in the case of a
bought deal, in which case the Demanding Holder shall have until 6:30 am Toronto time on the next Business Day) after the receipt by the Demanding Holder of the Demand Request Notice. A Demand Exercise Notice shall be in writing and shall specify
the number of Registrable Securities that the Demanding Holder wishes to include in the Demand Registration. 
 (d) Upon
giving a Demand Exercise Notice, subject to the remainder of this Article 3, the applicable Demanding Holder shall be entitled to have its Registrable Securities included in the Demand Registration and the term “Designated Registrable
Securities” shall be deemed to include such Registrable Securities for the purposes of this Agreement. Together, the Requesting Holder and each Demanding Holder (if any) are the “Demand Participating Holders”. 

  
 10 

 (e) Subject to this Agreement, the Corporation shall, subject to Canadian
Securities Laws or U.S. Securities Laws, as applicable, use its commercially reasonable efforts to file within 20 days following delivery of a Demand Registration Request one or more Prospectuses or Registration Statements (provided that the
Corporation shall be permitted to defer the filing of such Prospectuses or Registration Statements in the event that a Demand Registration Request is received during a Blackout Period, until such time as the financial statements required to be
included or the material non-public information resulting in the Blackout Period is required to be filed with the SEC or otherwise disclosed to the public) in compliance with applicable Canadian Securities
Laws or applicable U.S. Securities Laws, in order to permit the Distribution in Canada or the United States of all of the Designated Registrable Securities. The Parties shall cooperate in a timely manner in connection with such Distribution and the
procedures in Article 4 of this Agreement shall apply. 
 (f) The Corporation shall not be obliged to effect: 

 

	 	(i)	 more than two Demand Registrations in any fiscal year of the Corporation provided that for purposes of this
Section 3.2(f)(i), a Demand Registration shall not be considered as having been effected until a receipt has been issued by applicable Canadian Securities Regulators for the Prospectus or the SEC has declared effective the Registration
Statement pursuant to which the Designated Registrable Securities are to be sold; provided that this Section 3.2(f)(i) may not be relied upon by the Corporation in respect of any Demand Registration in which the Demand Participating Holders
shall not have sold at least 75% of the Designated Registrable Securities sought to be included in such Demand Registration; 

  

	 	(ii)	 a Demand Registration in the event that the Corporation has received a prior Demand Registration Request
from another Substantial Holder that has not been rejected by the Corporation and which offering has not yet closed, provided that this Section 3.2(f)(ii) may only be relied on by the Corporation for a period of 90 days after receipt of the
prior Demand Registration Request; 

  

	 	(iii)	 a Demand Registration within a period of 90 days after the date of completion of a Distribution in respect
of which either a Demand Registration Request or a Piggyback Notice was delivered; 

  

	 	(iv)	 a Demand Registration in the event the Corporation determines in its good faith judgment, after consultation
with the Demand Participating Holders and its financial and legal advisors, that 

  

	 	(A)	 either (1) the effect of the filing of a Prospectus or Registration Statement would have a material
adverse effect on the Corporation because such action would materially interfere with a pending or proposed material acquisition, reorganization or similar material transaction involving the Corporation; or (2) there exists at the time material
non-public information relating to the Corporation the disclosure of which would be materially adverse to the Corporation; and 

  
 11 

	 	(B)	 that it is in the best interests of the Corporation to defer the filing of a Prospectus or Registration
Statement at such time, 

 in which case the Corporation’s obligations under this Section 3.2
may be deferred for a period of not more than 90 days from the date of the Corporation’s receipt of the applicable Demand Registration Request, and the Corporation shall not qualify or register any securities offered by the Corporation during
such period; provided that this Section 3.2(f)(iv) may not be relied upon by the Corporation more than once in any 12-month period; 

 

	 	(v)	 a Demand Registration during any regularly scheduled black-out
period in which insiders of the Corporation are restricted from trading in securities of the Corporation under the Corporation’s insider trading policy or any other applicable policy of the Corporation, or under Canadian Securities Laws or U.S.
Securities Laws, as applicable; or 

  

	 	(vi)	 an underwritten Demand Registration in respect of a number of Registrable Securities that is expected to
result in gross sale proceeds to the Demand Participating Holders of less than US$10 million. 

 (g)
In the case of a Distribution initiated pursuant to this Section 3.2, the Requesting Holder shall have the right to select the managing underwriter(s) or managing agent(s) and the counsel retained thereby which will perform such Distribution,
provided, however, the Requesting Holder’s selection will be subject to the approval of the Corporation, such approval not to be unreasonably withheld or delayed. The Corporation shall have the right to retain counsel of its choice to assist it
in fulfilling its obligations under this Article 3. 
 (h) Subject to the remainder of this Article 3, the
Corporation shall be entitled to include Common Shares that are not Registrable Securities in any Demand Registration upon written notice to the Demand Participating Holders not more than 2 Business Days (except in the case of a bought deal, in
which case the Corporation shall have until 6:30 am Toronto time on the next Business Day) after the Demand Registration Request was delivered, specifying the number of Common Shares to be included by the Corporation in such Demand Registration.

 (i) If Form S-3 is not available for the registration of the resale of
Registrable Securities hereunder, the Corporation shall: 
  

	 	(i)	 register the resale of the Registrable Securities on another appropriate form; and 

 

	 	(ii)	 undertake to register the Registrable Securities on Form S-3 as soon
as such form is available, provided that the Corporation shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the
Registrable Securities has been declared effective by the SEC. 

  
 12 

 (j) Notwithstanding anything to the contrary contained herein, in no event
shall the Corporation be permitted to name any Holder or Affiliate of a Holder as any “underwriter” without the prior written consent of such Holder. 

(k) Notwithstanding the registration obligations set forth in this Section 3.2, if the SEC informs the Corporation that
all of the Registrable Securities cannot, as a result of the application of Rule 415 of the U.S. Securities Act, be registered for resale as a secondary offering on a single registration statement, the Corporation agrees to promptly inform each of
the Holders thereof and use its commercially reasonable efforts to file an additional Registration Statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such additional Registration Statement, the Corporation shall be
obligated to use diligent efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, SEC Compliance and Disclosure Interpretation 612.09. 

(l) Notwithstanding any other provision of this Agreement, if the SEC or any SEC Guidance sets forth a limitation on the
number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration of all or a greater
portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows: 

 

	 	(i)	 First, the Corporation shall reduce or eliminate any securities to be included other than Registrable
Securities; 

  

	 	(ii)	 Second, the Corporation shall reduce Registrable Securities represented by any Common Shares issuable upon
the exercise, conversion or exchange of any of the securities of the Corporation held by a Holder; and 

  

	 	(iii)	 Third, the Corporation shall reduce Registrable Securities represented by Common Shares (applied, in the
case that some Common Shares may be registered, to the Holders on a pro rata basis based on the total number of unregistered Common Shares held by such Holders). 

In the event of a cutback hereunder, the Corporation shall give the Holder at least five Business Days’ prior written notice along with
the calculations as to such Holder’s allotment. In the event the Corporation amends the Registration Statement in accordance with the foregoing, the Corporation will use its best efforts to file with the SEC, as promptly as allowed by the SEC
or SEC Guidance provided to the Corporation or to registrants of securities in general, one or more registration statements on Form S-1 or such other form available to register for resale those Registrable
Securities that were not registered for resale on the Registration Statement, as amended. 

  
 13 

	3.3	 Piggyback Registration Rights 

(a) If at any time and from time to time the Corporation proposes to make a Distribution for its own account, other than
(i) a Distribution on a Form S-4 (or any successor or similar form) in connection with a direct or indirect acquisition by the Corporation of another Person, (ii) a Distribution on a Form S-8 (or any successor or similar form), or (iii) a Distribution pursuant to a Demand Registration Request, the Corporation shall promptly give written notice of such Distribution (a “Piggyback
Registration”) to the Holders (the “Piggyback Notice”). 
 (b) A Piggyback Notice shall: 

 

	 	(i)	 specify the number of Common Shares proposed to be included in the Piggyback Registration;

  

	 	(ii)	 contain the proposed date of the Piggyback Registration; 

 

	 	(iii)	 contain the proposed means of the Piggyback Registration; 

 

	 	(iv)	 contain the proposed managing underwriter(s) or managing agent(s) or other underwriters or agents, as
applicable; and 

  

	 	(v)	 specify the minimum offering price per Common Share that the Corporation, acting reasonably, would be
willing to accept in such Piggyback Registration. 

 (c) In the event that a Piggyback Notice shall have
been given, each Holder that wishes to include all or a portion of such Holder’s Registrable Securities (the “Piggyback Registrable Securities”) in the Piggyback Registration (a “Piggyback Holder”) shall
so notify the Corporation (a “Piggyback Exercise Notice”) within 3 Business Days (except in the case of a bought deal, in which case the Piggyback Holders shall have until 6:30 am Toronto time on the next Business Day) after
the receipt by the Piggyback Holder of such Piggyback Notice. A Piggyback Exercise Notice shall be in writing and shall specify the number of Registrable Securities that the Piggyback Holder wishes to offer and sell in the Piggyback Registration.

 (d) Upon giving a Piggyback Exercise Notice, subject to the remainder of this Article 3, the Corporation shall use
reasonable commercial efforts to include in the Piggyback Registration the applicable Piggyback Registrable Securities specified in the Piggyback Exercise Notice. 

(e) The Corporation may at any time after giving a Piggyback Notice and prior to the time a Prospectus or Registration
Statement is filed in connection with such Piggyback Registration, and without the consent of the Holders, abandon the proposed Piggyback Registration in which the Piggyback Holders have requested to participate, provided that the Corporation will
pay all Registration Expenses in connection with such abandoned Piggyback Registration, and provided further that if permitted pursuant to Section 3.2 of this Agreement, one or more Piggyback Holders may continue the Piggyback Registration as a
Demand Registration. 

  
 14 

 (f) Notwithstanding the foregoing, except with respect to offerings
conducted by underwriter(s) or agent(s), the Corporation shall not be required to register any Registrable Securities pursuant to this Section 3.3 that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public
information requirements) promulgated by the SEC pursuant to the U.S. Securities Act or that are the subject of a then effective Registration Statement that is available for resales or other dispositions by such Holder. 

 

	3.4	 Withdrawal of Registration 

Any Participating Holder shall have the right to withdraw its Demand Registration Request, Demand Exercise Notice, or Piggyback
Exercise Notice, as applicable, without incurring any liability to the Corporation or any other Person by giving written notice to the Corporation of its request to withdraw; provided, however, that: 

 

	 	(a)	 such request must be made in writing five Business Days prior to the execution of the underwriting agreement
or agency agreement or other similar agreement with respect to such offering (if any) (except in the case of a bought deal, in which case such request must be made prior to the date of the bought deal letter or underwriting agreement, as
applicable); 

  

	 	(b)	 such withdrawal will be irrevocable and, after making such withdrawal, the applicable Participating Holder
will no longer have any right to include its Registrable Securities in the Distribution pertaining to which such withdrawal was made; and 

  

	 	(c)	 the fees, expenses and disbursements incurred by such withdrawing Participating Holder incurred in
connection with a withdrawn Registration Request, Demand Exercise Notice or Piggyback Exercise Notice, as applicable, shall be borne solely by such Participating Holder. 

 

	3.5	 Underwriters’ Cutback 

(a) Notwithstanding the provisions of Section 3.2, if, in connection with a Demand Registration, the managing
underwriter(s) or managing agent(s) advise the Corporation or the Demand Participating Holders in writing that in their reasonable judgment, the number of Common Shares sought to be included in such Distribution would likely have a significant
adverse effect on the distribution or sales price of the securities to be sold in such Distribution, then the Corporation shall include in such Distribution such securities as is determined in good faith by such managing underwriter(s) or managing
agent(s), as applicable, in the following priority: 
  

	 	(i)	 first, the Registrable Securities requested to be included in such Distribution by the Demand Participating
Holders (with such number of Registrable Securities reduced pro rata if required based on the relative number of Registrable Securities held by such Demand Participating Holders as of the date thereof); and 

  
 15 

	 	(ii)	 second, any Common Shares proposed to be qualified for distribution or registered by the Corporation for its
own account. 

 (b) Notwithstanding the provisions of Section 3.3, if, in connection with a Piggyback
Registration, the managing underwriter(s) or managing agent(s) advise the Corporation or the Piggyback Holders in writing that in their reasonable judgment, the number of Common Shares sought to be included in such Distribution would likely have a
significant adverse effect on the distribution or sales price of the securities to be sold in such Distribution, then the Corporation shall include in such Distribution such securities as is determined in good faith by such managing underwriter(s)
or managing agent(s), as applicable, in the following priority: 
  

	 	(i)	 first, the Common Shares proposed to be qualified for distribution or registered by the Corporation for its
own account; and 

  

	 	(ii)	 second, any Registrable Securities requested to be included in such Distribution by the Piggyback Holders
(with such number of Registrable Securities reduced pro rata if required based on the relative number of Registrable Securities held by such Piggyback Holders as of the date thereof). 

 

	3.6	 Expenses  

Subject to Section 3.3(e) and Section 3.4, all Registration Expenses incident to the performance of or compliance
with this Article 3 by the Parties shall be borne by the Corporation, other than all commissions payable to any underwriter(s) for an underwritten offering or agent(s) for an agency offering that are attributable to the Registrable Securities
to be sold by Participating Holders pursuant to any Demand Registration or Piggyback Registration, which shall be borne by such Participating Holders on a pro rata basis based on the number of Registrable Securities they sell in such
Distribution. 
  

	3.7	 Other Sales  

After receipt by the Corporation of a Demand Registration Request, the Corporation shall not, without the prior written consent
of the Requisite Holders, authorize, issue or sell any Common Shares or Equity Securities in any jurisdiction or agree to do so or publicly announce any intention to do so (except for securities issued pursuant to any legal obligations in effect on
the date of the initial Demand Registration Request or pursuant to an Equity Incentive Plan) until the date which is 90 days after the later of: 
  

	 	(a)	 the date on which a receipt is issued for the Prospectus or Registration Statement filed in connection with
such Demand Registration; and 

  

	 	(b)	 the completion of the offering contemplated by the Demand Registration, 

provided that in respect of any subsequent Demand Registration Request in any fiscal year of the Corporation, such date shall be reduced to
the date which is 30 days after the later of (a) and (b) above. 

  
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	3.8	 Preparation; Reasonable Investigation  

In connection with the preparation and filing of any Prospectus or Registration Statement or marketing materials as herein
contemplated, the Corporation shall give the Participating Holders, its underwriters for an underwritten offering or agents for an agency offering, and their respective counsel, auditors and other representatives, the opportunity to participate in
the preparation of such documents and each amendment thereof or supplement thereto, and shall insert therein such information, furnished by or on behalf of the Participating Holders to the Corporation in writing, which in the reasonable judgment of
the Corporation and its counsel should be included. The Corporation shall give the Participating Holders and the underwriters or agents such reasonable and customary access to the books and records of the Corporation and its Subsidiaries and such
reasonable and customary opportunities to discuss the business of the Corporation with its officers and auditors as shall be necessary in the reasonable opinion of the Participating Holders, such underwriters or agents and their respective counsel.
The Corporation shall cooperate with the Participating Holders and its underwriters or agents in the conduct of all reasonable and customary due diligence which the Participating Holders, such underwriters or agents and their respective counsel may
reasonably require in order to conduct a reasonable investigation for purposes of establishing a due diligence defence as contemplated by applicable securities laws and in order to enable such underwriters or agents to execute the certificate
required to be executed by them for inclusion in each such document provided that the Participating Holders and the underwriters agree to maintain the confidentiality of such information. 

 

	3.9	 Underwriting or Agency Agreements  

(a) If requested by the underwriters for any underwritten offering or by the agents for any agency offering pursuant to the
exercise of a Demand Registration or Piggyback Registration, the Corporation will enter into an underwriting agreement with such underwriters or agency agreement with such agents for such offering, such agreement to be satisfactory in substance and
form to each of the Participating Holders and the Corporation and the underwriters or agents, each acting reasonably, and to contain such representations and warranties by the Corporation and such other terms as are generally prevailing in
agreements of these types. The Participating Holders shall be a party to such underwriting agreement or agency agreement and may, at their option, require that any or all of the representations and warranties and indemnities by, and the other
agreements on the part of, the Corporation to and for the benefit of such underwriters or agents shall also be made to and for the benefit of the Participating Holders, and that any or all of the conditions precedent to the obligations of such
underwriters or agents under such underwriting agreement or agency agreement be conditions precedent to the obligations of the Participating Holders. The Participating Holders shall not be required to make any representations or warranties to or
agreements with the Corporation or the underwriter(s) or agent(s) other than representations, warranties or agreements regarding the Participating Holders and the Corporation’s intended method of distribution and any other representation
required by law or as are generally prevailing in such underwriting or agency agreements for secondary offerings, as the case may be. 

  
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 (b) If reasonably requested by the underwriter(s) or agent(s) in connection
with any underwritten offering or agency offering made pursuant to the exercise of a Demand Registration or Piggyback Registration, 
  

	 	(i)	 the Corporation shall cooperate with all reasonable requests made by the managing underwriter(s) of such
underwritten offering or managing agent(s) of such agency offering respecting the attendance of the Corporation at road shows and participation of the Corporation in any efforts relating to the distribution and sale of the Designated Registrable
Securities and Piggyback Registrable Securities, as the case may be; and 

  

	 	(ii)	 the Participating Holders will enter into customary lock-up
agreements for a period not to exceed 180 days following the closing date of the Registration or such shorter term as the underwriter(s) or agent(s), as applicable, may request. 

 

	3.10	 Limitations on Subsequent Registration Rights 

Until such time as the Registrable Securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144, the Corporation shall not grant registration rights to any other Person without the prior written consent of the
Requisite Holders unless, as determined by the Requisite Holders acting reasonably, the granting of such registration rights: 
  

	 	(a)	 does not limit the registration rights granted to the Holders pursuant to this Agreement; and

  

	 	(b)	 such registration rights are not more favourable to the grantee than the registration rights granted to the
Holders pursuant to this Agreement. 

 ARTICLE 4 

REGISTRATION PROCEDURES 
  

	4.1	 Corporation to Effect Qualification for Offer and Sale or other Disposition or Distribution
 

 Upon receipt of a Demand Registration Request or a Piggyback Exercise Notice from Holders
pursuant to Article 3 of this Agreement, the Corporation will effect the Distribution of the Designated Registrable Securities or the Piggyback Registrable Securities and any Common Shares for the Corporation’s own account, as applicable,
and pursuant thereto the Corporation will: 
  

	 	(a)	 use its commercially reasonable efforts to prepare and file with the applicable Canadian Securities
Regulators or the SEC, a Prospectus or Registration Statement and marketing materials relating to the applicable Demand Registration or Piggyback Registration and any other documents reasonably necessary, including amendments and supplements in
respect of those documents to permit the Distribution and, in so doing, act as expeditiously as is practicable and in good faith to settle all deficiencies and obtain those receipts and clearances and provide those undertakings and commitments as
may be reasonably required by applicable Securities Authorities, all as may be necessary to permit the Distribution of such securities in compliance with applicable Canadian Securities Laws or U.S. Securities Laws; 

  
 18 

	 	(b)	 prior to filing the Prospectus or Registration Statement or related marketing materials, furnish to the
Participating Holders and the managing underwriter(s) or managing agent(s), if any, and their respective counsel copies of drafts of such documents and provide the Participating Holders and their counsel with a reasonable opportunity to review and
provide comments to the Corporation on such documents; 

  

	 	(c)	 subject to the terms of this Agreement, use its best efforts to cause a Registration Statement filed under
this Agreement to comply as to form in all material respects with applicable requirements of U.S. Securities Laws and be declared effective under the U.S. Securities Act as promptly as possible but in no event later than the date which is 30 days
(or 90 days if the SEC notifies the Corporation that it will “review” the Registration Statement) after the initial filing of such Registration Statement and subject to applicable Canadian Securities Laws or equivalent U.S. Securities
Laws, keep the Prospectus or Registration Statement continuously effective, including filing supplements to the Registration Statement, until the Participating Holders have completed the Distribution described in the Prospectus or Registration
Statement; 

  

	 	(d)	 notify the Participating Holders and the managing underwriter(s) or managing agent(s), if any, and (if
requested) confirm such advice in writing, as soon as practicable after notice thereof is received by the Corporation (i) when the Prospectus or Registration Statement or marketing materials or any amendment thereto has been filed, and, to
furnish the Participating Holders and managing underwriter(s) or managing agent(s) with copies thereof, (ii) of any request by the Securities Authorities for amendments to the Prospectus or Registration Statement or for additional information,
(iii) with respect to a Registration Statement or any post-effective amendment, when the same has become effective, (iv) of the issuance by the Securities Authorities of any stop order or cease trade order relating to the Prospectus or
Registration Statement or any order preventing or suspending the use of any Prospectus or Registration Statement or the initiation or threatening for any proceedings for such purposes, and (v) of the receipt by the Corporation of any
notification with respect to the suspension of the Distribution of the Registrable Securities in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

 

	 	(e)	 promptly notify the Participating Holders and the managing underwriter(s) or managing agent(s), if any,

  
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	 	(i)	 at any time the representations and warranties contemplated by any underwriting agreement, agency agreement,
or other similar agreement, relating to the Distribution shall cease to be true and correct in all material respects; 

  

	 	(ii)	 the happening of any event as a result of which the Prospectus, Registration Statement or marketing
materials contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which it was made or, if for any
other reason it will be necessary during such time period to amend or supplement the Prospectus, Registration Statement or related marketing materials in order to comply with the applicable Canadian Securities Laws or U.S. Securities Laws and, in
either case as promptly as practicable thereafter, prepare and file with the applicable Securities Authorities, and furnish without charge to the Participating Holders and the managing underwriter(s) or managing agent(s), if any, a supplement or
amendment to such Prospectus, Registration Statement, or marketing materials, which will correct such statement or omission or effect such compliance; and 

  

	 	(iii)	 subject to and in accordance with Section 3.2(f)(iv), of the occurrence or existence of any pending
transaction involving the Corporation that the Corporation believes may be material and that, in the determination of the Corporation, makes it not in the best interest of the Corporation to allow continued availability of a Registration Statement
or Prospectus; provided, however, that in no event shall any such notice contain any information which would constitute material, non-public information regarding the Corporation or any of its Subsidiaries;

  

	 	(f)	 use its best efforts to prevent the issuance of any stop order, cease trade order or other order suspending
the use of any Prospectus or Registration Statement or suspending any Distribution of the Registrable Securities covered by the Prospectus or Registration Statement and, if any such order is issued, to obtain the withdrawal of any such order;

  

	 	(g)	 furnish to the Holders and each managing underwriter or managing agent, if any, and their respective counsel
without charge, as applicable, one executed copy and as many conformed copies as they may reasonably request, of the Prospectus or Registration Statement and related marketing materials and any amendment thereto, including financial statements and
schedules, and all documents incorporated by reference therein; 

  

	 	(h)	 use its commercially reasonable efforts to Register, and cooperate with the Participating Holders, the
managing underwriter(s) or managing agent(s), if any, and their respective counsel in connection with the Distribution of such Registrable Securities in Canada or the U.S. in compliance with the applicable Canadian Securities Laws or U.S. Securities
Laws as the case may be as any such Person, underwriter or agent reasonably requests in writing; 

  
 20 

	 	(i)	 in connection with any underwritten offering or agency offering, enter into customary agreements, including
an underwriting agreement or agency agreement, as applicable, in accordance with Section 3.9, and furnish to the underwriters or agents and the Participating Holders, among other things: 

 

	 	(i)	 an opinion of counsel representing the Corporation for the purposes of such Registration, addressed to the
underwriters or agents and to the Participating Holders, in form and substance as is customarily given by company counsel to the underwriters in an underwritten public offering or agents in an agency public offering; and 

 

	 	(ii)	 a “comfort letter” from the independent public accountants retained by the Corporation, addressed
to the underwriters or agents and to the Participating Holders, in form and substance as is customarily given in an underwritten or agency public offering, as applicable, provided that the Participating Holders have made such representations and
furnished such undertakings as the independent public accountants may reasonably require; 

  

	 	(j)	 make reasonably available its employees and personnel for participation in “road shows” and other
marketing efforts and otherwise provide reasonable assistance to any underwriters or agents (taking into account the needs of the Corporation’s businesses and the requirements of the marketing process) in the marketing of Registrable Securities
in any underwritten or agency offering; 

  

	 	(k)	 prior to the filing of any document which is to be incorporated by reference into the Prospectus or
Registration Statement (or filed as a supplement to the Registration Statement), provide copies of such document to counsel for the Participating Holders and to each managing underwriter or managing agent, if any, and make the Corporation’s
representatives reasonably available for discussion of such document and make such changes in such document concerning the Participating Holders prior to the filing thereof as counsel for the Participating Holders or underwriters or agents may
reasonably request; 

  

	 	(l)	 cooperate with the Participating Holders and the managing underwriter or managing agent, if any, to
facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such
names in accordance with any underwriting agreement or agency agreement prior to any sale of Registrable Securities to the underwriters or agents or, if not an underwritten or agency offering, in accordance with the instructions of the sellers of
Registrable Securities at least 3 Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof; 

  
 21 

	 	(m)	 prior to any resale of Registrable Securities by a Participating Holder, use its commercially reasonable
efforts to register or qualify or cooperate with the Participating Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Participating
Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any Participating Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective and to do any and
all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement, provided that the Corporation shall not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified; 

  

	 	(n)	 once deemed eligible for use of Form S-3, use its best efforts to
maintain eligibility for use of Form S-3 (or any successor form thereto) for the registration of the resale of Registrable Securities; 

 

	 	(o)	 use best efforts to comply with all applicable rules and regulations of the SEC under the U.S. Securities
Act and the U.S Exchange Act, including, without limitation, Rule 172 under the U.S. Securities Act, file any final prospectus, including any supplement or amendment thereof, with the SEC pursuant to Rule 424 under the U.S. Securities Act, promptly
inform the Participating Holders in writing if, at any time the Corporation does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Participating Holders are required to deliver a prospectus in connection with any
disposition of Registrable Securities; 

  

	 	(p)	 take all such other commercially reasonable actions as are necessary or advisable in order to expedite or
facilitate the Distribution of such Registrable Securities; and 

  

	 	(q)	 take such other actions and execute and deliver such other documents as may be reasonably necessary to give
full effect to the rights of the Holders under this Agreement. 

  

	4.2	 Benefits of Rule 144 

With a view to making available to the Holders the benefits of Rule 144 under the U.S. Securities Act and any other rule or
regulation of the SEC that may at any time permit the Holders to sell Registrable Securities to the public without registration, the Corporation agrees to use its commercially reasonable efforts to: 

 

	 	(a)	 make and keep public information available, as those terms are understood and defined in Rule 144 at all
times after the date hereof; 

  
 22 

	 	(b)	 file with the SEC in a timely manner all reports and other documents required of the Corporation under the
U.S. Securities Act and the U.S. Exchange Act; 

  

	 	(c)	 prior to the filing of the Registration Statement or any amendment thereto (whether pre-effective or post-effective), and prior to the filing of any Prospectus, to provide each Participating Holder with copies of all of the pages thereof (if any) that reference such Participating Holder; and

  

	 	(d)	 furnish to any Participating Holder, so long as the Participating Holder owns any Registrable Securities,
forthwith upon request (i) a written statement by the Corporation that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Corporation and such other reports and
documents so filed by the Corporation, and (iii) such other information as may be reasonably requested by a Participating Holder in availing itself of any rule or regulation of the SEC which permits a Participating Holder to sell any such
securities without registration. 

  

	4.3	 Information Requests 

The Corporation may require the Holders, as to which any Distribution of Registrable Securities is being effected, to furnish
to the Corporation such information regarding the Distribution and such other information relating to such Person and its ownership of Registrable Securities as the Corporation may from time to time reasonably request in writing. The Holders agree
to furnish such information to the Corporation in writing and to reasonably cooperate with the Corporation as necessary to enable the Corporation to comply with the provisions of this Agreement. The Holders shall notify the Corporation promptly upon
the occurrence of any event as a result of which any Prospectus or Registration Statement or marketing materials in connection with a Registration includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they are made. 

ARTICLE 5 

INDEMNITY AND CONTRIBUTION 
  

	5.1	 Indemnification by the Corporation  

(a) In connection with any Demand Registration and/or Piggyback Registration that includes Registrable Securities, the
Corporation shall indemnify and hold harmless the Holders and their Affiliates and each of their respective directors, officers, employees and agents and underwriters, from and against any loss (excluding loss of profits), liability, claim, damage
and expense whatsoever (including reasonable legal fees and expenses) as incurred, including any amounts paid in settlement of any investigation, order, litigation, proceeding or claim, joint or several, as incurred (collectively,
“Losses”), arising out of or based on any untrue statement or omission of a material fact, or alleged untrue statement or omission of a material fact, contained in any Prospectus or Registration Statement or marketing materials, or
any amendment or supplement thereto, including all documents incorporated by reference therein, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading, any violation or alleged violation by the Corporation of Canadian Securities Laws or U.S. Securities Laws, provided that: 
  

	 	(i)	 the Corporation shall not be liable under this Section 5.1(a) for any settlement of any action effected
without its written consent, which consent shall not be unreasonably withheld or delayed; and 

  
 23 

	 	(ii)	 the indemnity provided for in this Section 5.1(a) in respect of any Holder, shall not apply to any
Losses to the extent arising out of or based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Corporation by or on behalf of a Holder or
underwriter for use in the Prospectus, Registration Statement or marketing materials. 

 (b) Any amounts
advanced by the Corporation to an Indemnified Party pursuant to Section 5.1(a) of this Agreement as a result of such Losses shall be returned to the Corporation if it is finally determined by a court in a judgment not subject to appeal or final
review that such Indemnified Party was not entitled to indemnification by the Corporation. 
  

	5.2	 Indemnification by the Holders 

(a) In connection with any Demand Registration and/or Piggyback Registration that includes Registrable Securities, each
Participating Holder (severally and not jointly) shall indemnify and hold harmless the Corporation and each of its directors, officers, employees and agents from and against any Losses arising out of or based on any untrue statement or omission of a
material fact, or alleged untrue statement or omission of a material fact, made or required to be made in the Prospectus, Registration Statement or marketing materials, as applicable, included in reliance upon and in conformity with written
information furnished to the Corporation by or on behalf of the Participating Holder for use in the Prospectus, Registration Statement, or marketing materials, provided that: 
  

	 	(i)	 the Participating Holder shall not be liable under this Section 5.2(a) for any settlement of any action
effected without its written consent, which consent shall not be unreasonably withheld or delayed; and 

  

	 	(ii)	 the indemnity provided for in this Section 5.2(a) shall not apply to any Losses to the extent arising
out of or based upon any untrue statement or omission or alleged untrue statement or omission contained in any Prospectus or Registration Statement relating to a Demand Registration and/or Piggyback Registration if the Corporation or any underwriter
failed to send or deliver a copy of the Prospectus or the U.S. Prospectus, as applicable, to the Person asserting such Losses on or prior to the delivery of written confirmation of any sale of securities covered thereby to such Person in any case
where such Prospectus or U.S. Prospectus corrected such untrue statement or omission. 

  
 24 

 (b) Any amounts advanced by a Participating Holder to an Indemnified Party
pursuant to Section 5.2(a) as a result of such Losses shall be returned to the applicable Participating Holder if it is finally determined by a court in a judgment not subject to appeal or final review that such Indemnified Party was not
entitled to indemnification by the applicable Participating Holder. 
  

	5.3	 Limitation of Liability 

Notwithstanding any provision of this Agreement or any other agreement, in connection with any Demand Registration or any
Piggyback Registration, in no event shall a Holder be liable for indemnification or contribution hereunder for an amount greater than the lesser of: (i) the net sales proceeds actually received by that Holder; and (ii) the Holder’s
proportionate share of any such liability based on the net sales proceeds actually received by the Holder and the aggregate net sales proceeds of the Distribution, except in the case of fraud or willful misconduct by the Holder. 

 

	5.4	 Defence of the Action by the Indemnifying Parties 

Each Party entitled to indemnification under this Article 5 of this Agreement (the “Indemnified Party”)
shall give notice to the Party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, but the omission to so notify
the Indemnifying Party shall not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this Article 5 of this Agreement except to the extent of the damage or prejudice suffered by such delay in
notification. The Indemnifying Party may assume the defence of such action, including the employment of counsel to be chosen by the Indemnifying Party to the reasonable satisfaction of the Indemnified Party, and the payment of expenses. The
Indemnified Party shall have the right to employ its own counsel in any such case, but the legal fees and expenses of such counsel shall be at the expense of the Indemnified Party, unless the employment of such counsel is authorized in writing by
the Indemnifying Party in connection with the defence of such action, or the Indemnifying Party shall not have employed counsel to take charge of the defence of such action or the Indemnified Party reasonably concludes, based on the opinion of
counsel, that there may be defences available to it or them which are different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to direct the defence of such action on
behalf of the Indemnified Party), in any of which events the reasonable fees and expenses shall be borne by the Indemnifying Party, provided, further, that in no event shall the Indemnifying Party be required to pay the expenses of more than one law
firm as counsel for all Indemnified Parties pursuant to this sentence. No Indemnifying Party, in the defence of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

  
 25 

	5.5	 Contribution 

(a) If the indemnification provided for in Section 5.1 or 5.2, as applicable, is unavailable to a Party that would have
been an Indemnified Party under Section 5.1 or 5.2, as applicable, in respect of any Losses referred to herein, then each Party that would have been an Indemnifying Party hereunder shall, in lieu of indemnifying such Indemnified Party,
contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and such Indemnified Party on the other hand
in connection with the statement or omission which resulted in such Losses, as well as any other relevant equitable considerations. 

(b) The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the Parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, no Person guilty of misrepresentation within the meaning of Canadian Securities Laws or U.S. Securities Laws shall be entitled to contribution
from any Person who was not guilty of misrepresentation. 
 (c) The amount paid or payable by a Party under this
Section 5.5 as a result of the Losses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such Party in connection with any investigation or proceeding. 

(d) The Corporation and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 5.5 were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to above in this Section 5.5. 

 

	5.6	 Holders are Trustee  

The Corporation hereby acknowledges and agrees that, with respect to Section 5.1, each Holder is contracting on their own
behalf and as agent for its respective directors, officers, employees and agents and underwriters (collectively, the “Holder’s Indemnified Parties”) referred to in Section 5.1 of this Agreement. In this regard, each Holder
shall act as trustee for such Holder’s Indemnified Parties of the covenants of the Corporation under Section 5.1 with respect to such Holder’s Indemnified Parties and accepts these trusts and shall hold and enforce those covenants on
behalf of such Holder’s Indemnified Parties. 
  

	5.7	 Corporation is Trustee 

The Holders hereby acknowledge and agree that, with respect to Section 5.2, the Corporation is contracting on its own
behalf and as agent for the other Indemnified Parties referred to in Section 5.2. In this regard, the Corporation shall act as trustee for such Indemnified Parties of the covenants of the Holders under Section 5.2 of this Agreement with
respect to such Indemnified Parties and accepts these trusts and shall hold and enforce those covenants on behalf of such Indemnified Parties. 

  
 26 

 ARTICLE 6 

MISCELLANEOUS 
  

	6.1	 Headings  

The inclusion of headings in this Agreement is for convenience of reference only and shall not affect in any way the
construction or interpretation of this Agreement. 
  

	6.2	 Gender and Number  

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa and
words importing gender include all genders. 
  

	6.3	 Currency  

Except where otherwise expressly provided, all amounts in this Agreement are expressed in U.S. dollars. 

 

	6.4	 Governing Law  

This Agreement and all matters arising out of or relating to this Agreement are governed by the laws of the Province of
Ontario, and the federal laws of Canada applicable thereunder. Each Party hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters arising
under or in relation to this Agreement. 
  

	6.5	 Specific Performance 

It is agreed and understood that monetary damages would not adequately compensate an injured Party for the breach of this
Agreement by any Party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order, without bond. Further,
each Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 
  

	6.6	 Successors and Assigns 

Except as otherwise expressly provided, the provisions prescribed herein shall inure to the benefit of, and be binding upon,
the successors, assigns, heirs, executors, and administrators of the Holders and the successors and permitted assigns of the Corporation and ICM. 
  

	6.7	 Entire Agreement  

This Agreement, together with all other documents and instruments referred to herein, constitute the entire agreement and
supersede all other prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof. 

  
 27 

	6.8	 Further Assurances 

Each of the Parties shall, from time to time hereafter, promptly do, execute, deliver or cause to be done, executed and
delivered, all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement. 
  

	6.9	 Severability  

If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, such
provision shall be deemed severed from this Agreement and the remainder of the provision of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated and the Parties shall thereupon promptly and in
good faith negotiate to modify this Agreement to the extent practicable with replacement provisions which are lawfully effective and which will preserve to the maximum extent each Party’s benefits under the severed provision. 

 

	6.10	 Amendment and Waiver 

(a) Any amendment or modification to this Agreement shall be in writing and signed by the Requisite Holders, the Corporation
and ICM. No amendment shall be enforced against a Holder if such amendment would negatively affect such Holder in a manner that is disproportionate relative to its effect on the other Holders, unless such affected Holder provides its consent in
writing. 
 (b) Any Party may (i) extend the time for the performance of any of the obligations or acts of another
Party, (ii) waive compliance, except as provided herein, with any of the other Party’s agreements or the fulfilment of any conditions to its own obligations contained herein, or (iii) waive inaccuracies in any of the other
Party’s representations or warranties contained herein or in any document delivered by the other Party; provided that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party and,
unless otherwise provided in the written waiver, shall be limited to the specific breach or condition waived and shall not extend to any other matter or occurrence. No failure or delay in exercising any right, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise or the exercise of any right, power or privilege under this Agreement. 

 

	6.11	 Time of the Essence 

Time is of the essence in this Agreement. 
  

	6.12	 Delays or Omissions  

No delay or omission to exercise any right, power, or remedy accruing to any Holder, upon any breach, default or noncompliance
of any Party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance
thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any Party’s part of any breach, default or noncompliance under the Agreement or any waiver on such Party’s part of any
provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to Holders, shall be cumulative
and not alternative. 

  
 28 

	6.13	 Notices 

Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party
shall be in writing and may be given by delivering same or sending same by facsimile or by delivery addressed to the Party to which the notice is to be given at its address for service herein. Any such notice, consent, waiver, direction or other
communication shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day, or if not, the next succeeding Business Day) and if sent by facsimile be deemed to
have been given and received at the time of receipt (if a Business Day, or if not, the next succeeding Business Day) unless actually received after 4:30 p.m. (recipient’s time) at the point of delivery in which case it shall be deemed to have
been given and received on the next Business Day. 
 The address for service for each of the Parties hereto shall be as
follows: 
  

	 	(a)	 to the Corporation, ICM, and any Subsidiary at: 

iAnthus Capital Holdings, Inc. 

c/o McMillan LLP 

Brookfield Place 

181 Bay Street, Suite 4400 

Toronto, ON M5J 2T3 

Attention:     Wael Rostom, Tushara Weerasooriya and James Munro 

Email:           wael.rostom@mcmillan.ca 

tushara.weerasooriya@mcmillan.ca 

james.munro@mcmillan.ca 

with a copy (which shall not be deemed notice) to: 

c/o Sheppard, Mullin, Richter & Hampton LLP 

30 Rockefeller Plaza 

New York, New York 10112 

Attention:     Richard A. Friedman and Nazia Khan 

Email:           rafriedman@sheppardmullin.com 

nkhan@sheppardmullin.com 

  
 29 

	 	(b)	 to Gotham at: 

c/o Gotham Green Partners, LLC 

1437 4th Street, Suite 200 

Santa Monica, CA 90401 

Attention:     [*] 

Email:           [*] 

with a copy (which shall not be deemed notice) to: 

SkyLaw Professional Corporation 

3 Bridgman Avenue, Suite 204 

Toronto, ON M5R 3V4 

Attention:     Kevin R. West 

Email:           kevin.west@skylaw.ca 

 

	 	(c)	 to [*] at: 

[*] 

Attention:     [*] 

Email:           [*] 

 

	 	(d)	 to [*] at: 

[*] 

Attention:     [*] 

Email:           [*] 

 

	 	(e)	 to [*] at: 

[*] 

with a copy (which shall not be deemed notice) to: 

Cassels Brock & Blackwell LLP 

Suite 2100, 40 King Street West 

Scotia Plaza 

Toronto, Ontario M5H 3C2 

Attention: Ryan Jacobs, Michael Wunder and Jeff Roy 

Email:           rjacobs@cassels.com 

mwunder@cassels.com 

jroy@cassels.com 

  
 30 

	 	(f)	 to [*] at: 

[*] 

with a copy (which shall not be deemed notice) to: 

Cassels Brock & Blackwell LLP 

Suite 2100, 40 King Street West 

Scotia Plaza 

Toronto, Ontario M5H 3C2 

Attention:     Ryan Jacobs, Michael Wunder and Jeff Roy 

Email:           rjacobs@cassels.com 

mwunder@cassels.com 

jroy@cassels.com 
  

	 	(g)	 to [*] at: 

[*] 

Attention:     General Counsel 

with a copy (which shall not be deemed notice) to: 

Stikeman Elliott LLP 

Suite 5300 Commerce Court West 

199 Bay Street 

Toronto, Ontario M5L 1B9 

Attention: Brian M. Pukier and Ashley Taylor 

Email:           bpukier@stikeman.com 

ataylor@stikeman.com 

  
 31 

	6.14	 Counterparts  

This Agreement may be executed and delivered in any number of counterparts (including by electronic means), each of which shall
be deemed an original, but all of which together shall constitute one instrument. 
 [Signature page follows] 

  
 32 

 IN WITNESS WHEREOF, the Parties hereto have executed this Registration
Rights Agreement as of the date set forth above. 
  

			
		 	iANTHUS CAPITAL HOLDINGS, INC.
		
	By:	 	 (Signed) “Robert Galvin”

		 	Name: Robert Galvin
		 	Title: Interim Chief Executive Officer

  

			
		 	iANTHUS CAPITAL MANAGEMENT, LLC
		
	By:	 	 (Signed) “Robert Galvin”

		 	Name: Robert Galvin
		 	Title: Chief Executive Officer

  
 [Signature page to
Registration Rights Agreement] 

									
	 GOTHAM GREEN FUND 1, L.P.
 By
Gotham Green GP 1, LLC, its General Partner
	 		 	 GOTHAM GREEN FUND 1 (Q), L.P.

By Gotham Green GP 1, LLC, its General Partner

					
	By:	 	
                     

	 		 	By:	 	
                     

		 	Name:                     	 		 		 	Name:                     
		 	Title:                     	 		 		 	Title:                     
			
	 GOTHAM GREEN FUND II, L.P.

By Gotham Green GP II, LLC, its General Partner
	 		 	 GOTHAM GREEN FUND II (Q), L.P.

By Gotham Green GP II, LLC, its General Partner

					
	By:	 	
                     

	 		 	By:	 	
                     

		 	Name:                     	 		 		 	Name:                     
		 	Title:                     	 		 		 	Title:                     
			
	 GOTHAM GREEN CREDIT PARTNERS SPV 1, L.P.

By Gotham Green Partners GP 1, LLC, its General Partner
	 		 	 GOTHAM GREEN PARTNERS SPV V, L.P.

By Gotham Green Partners SPV GP, LLC, its General Partner

					
	By:	 	
                     

	 		 	By:	 	
                     

		 	Name:                     	 		 		 	Name:                     
		 	Title:                     	 		 		 	Title:                     

  
 [Signature page to
Registration Rights Agreement] 

			
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [*]

		
	By:	 	  

		 	Name: 
		 	Title: 

  
 [Signature page to
Registration Rights Agreement] 

			
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 [*]

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature page to
Registration Rights Agreement]EX-10.6

 Exhibit 10.6 

Execution Version 

[*] Certain information in this document has been omitted from this exhibit because it is both (i) not 

material and (ii) is the type that the Registrant treats as private or confidential. 

INVESTOR RIGHTS AGREEMENT 

Made as of June 24, 2022 
 Among

 iANTHUS CAPITAL HOLDINGS, INC. 

iANTHUS CAPITAL MANAGEMENT, LLC 

CERTAIN INVESTORS 

 Execution Version 

 

 TABLE OF CONTENTS 

 

									
	 INVESTOR RIGHTS AGREEMENT
	  	 	1	 
		
	 Article 1 DEFINED TERMS
	  	 	3	 
				
	      	  	1.1	  	 Definitions
	  	 	3	 
				
		  	1.2	  	 Meaning of “Held” in Relation to Common Shares
	  	 	8	 
				
		  	1.3	  	 Schedules
	  	 	8	 
		
	 Article 2 VOTING AGREEMENT
	  	 	8	 
				
		  	2.1	  	 Voting Agreement
	  	 	8	 
		
	 Article 3 BOARD COMPOSITION AND RELATED MATTERS
	  	 	9	 
				
		  	3.1	  	 Nomination Right
	  	 	9	 
				
		  	3.2	  	 Appointment of CEO
	  	 	10	 
				
		  	3.3	  	 Board Size
	  	 	10	 
				
		  	3.4	  	 Nomination Procedure – Meetings
	  	 	11	 
				
		  	3.5	  	 Resignation and Replacement of Nominees
	  	 	11	 
				
		  	3.6	  	 Election or Appointment
	  	 	11	 
				
		  	3.7	  	 Obligations of the Corporation
	  	 	12	 
				
		  	3.8	  	 Shareholder Support
	  	 	12	 
				
		  	3.9	  	 Qualifications
	  	 	13	 
				
		  	3.10	  	 Failure to Designate
	  	 	13	 
				
		  	3.11	  	 Committees
	  	 	13	 
				
		  	3.12	  	 Observers
	  	 	13	 
				
		  	3.13	  	 Subsidiary Governance
	  	 	14	 
				
		  	3.14	  	 D&O Insurance and Indemnity Agreement
	  	 	14	 
				
		  	3.15	  	 Director Compensation
	  	 	15	 
				
		  	3.16	  	 Chair of the Board
	  	 	15	 
				
		  	3.17	  	 Board Matters
	  	 	15	 
		
	 Article 4 INFORMATION RIGHTS
	  	 	15	 
				
		  	4.1	  	 Financial Statements
	  	 	15	 
				
		  	4.2	  	 Securities Filings
	  	 	16	 
				
		  	4.3	  	 Other Information
	  	 	16	 
				
		  	4.4	  	 Notices of Material Adverse Changes, Proceedings, etc.
	  	 	16	 
				
		  	4.5	  	 Inspection Rights
	  	 	16	 
				
		  	4.6	  	 Tax Reporting
	  	 	16	 

  
 ii 

 Execution Version 

 

									
	Article 5 COVENANTS OF THE INVESTORS	  	 	17	 
				
		  	5.1	  	 Notice of Drop of Debt Exchange Common Share Percentage below 5%
	  	 	17	 
				
	       
	  	5.2	  	 Gotham Voting Restriction
	  	 	17	 
				
		  	5.3	  	 Gotham Standstill
	  	 	18	 
				
		  	5.4	  	 Additional Representations and Covenants of the Investors
	  	 	18	 
		
	Article 6 DISPUTE RESOLUTION	  	19	 
				
		  	6.1	  	 Arbitration
	  	 	19	 
		
	Article 7 AMENDMENT, WAIVER AND TERMINATION	  	20	 
				
		  	7.1	  	 Amendment and Waiver
	  	 	20	 
				
		  	7.2	  	 Termination
	  	 	21	 
				
		  	7.3	  	 Effect of Termination
	  	 	21	 
		
	Article 8 CONFIDENTIALITY	  	22	 
				
		  	8.1	  	 Confidential Information
	  	 	22	 
		
	Article 9 MISCELLANEOUS	  	23	 
				
		  	9.1	  	 Headings
	  	 	23	 
				
		  	9.2	  	 Gender and Number
	  	 	24	 
				
		  	9.3	  	 Currency
	  	 	24	 
				
		  	9.4	  	 Governing Law
	  	 	24	 
				
		  	9.5	  	 Specific Performance
	  	 	24	 
				
		  	9.6	  	 Successors and Assigns; Joinder
	  	 	24	 
				
		  	9.7	  	 Entire Agreement
	  	 	24	 
				
		  	9.8	  	 Further Assurances
	  	 	24	 
				
		  	9.9	  	 Severability
	  	 	25	 
				
		  	9.10	  	 Time of the Essence
	  	 	25	 
				
		  	9.11	  	 Delays or Omissions
	  	 	25	 
				
		  	9.12	  	 Notices
	  	 	25	 
				
		  	9.13	  	 Counterparts
	  	 	27	 
		
	SCHEDULE 5.2 SAMPLE VOTING RESTRICTION CALCULATION	  	1	 
		
	SCHEDULE 9.6 JOINDER AGREEMENT	  	 	1	 

  

					
	 Schedule 5.2 – Sample Voting Restriction Calculation
	  	 	A-1	 
		
	 Schedule 9.6 – Joinder Agreement
	  	 	B-1	 

  
 iii 

 Execution Version 

 

 INVESTOR RIGHTS AGREEMENT 

THIS AGREEMENT is made as of the 24th day of June, 2022 (the
“Effective Date”). 
 AMONG: 

iANTHUS CAPITAL HOLDINGS, INC., a 

corporation existing under the laws of the Province 

of British Columbia 

(the “Corporation”) 

– and – 

iANTHUS CAPITAL MANAGEMENT, LLC, 

a Delaware limited liability company 

(“ICM”) 

– and – 

EACH OF THE OTHER SIGNATORIES 

(INCLUDING BY JOINDER AGREEMENT) 

THAT IS AFFILIATED WITH GOTHAM 

GREEN PARTNERS, LLC 

(collectively, “[*]”) 

– and – 

[*] AND EACH OF ITS AFFILIATES THAT 

ARE SIGNATORIES (INCLUDING BY 

JOINDER AGREEMENT) 

(collectively, “[*]”) 

– and – 

[*] AND EACH OF THEIR 

AFFILIATES THAT ARE SIGNATORIES 

(INCLUDING BY JOINDER AGREEMENT) 

(collectively, “[*]”) 

  
 1 

 Execution Version 

 

 – and – 

[*] AND EACH OF ITS AFFILIATES THAT ARE 

SIGNATORIES (INCLUDING BY JOINDER 

AGREEMENT) 

(collectively, “[*]”) 

WHEREAS each of [*], [*], [*] and [*] is an investor in the Corporation and ICM, and until such time as it ceases to be bound
by this Agreement pursuant to Section 7.2(a), each is an “Investor” and collectively they are the “Investors”; 

AND WHEREAS pursuant to a restructuring support agreement dated July 10, 2020 entered into by, among others, the
Corporation, ICM, and each of the Investors, the Corporation proposed an amended and restated plan of arrangement dated August 6, 2020 which has been adopted and approved by the Supreme Court of British Columbia pursuant to the British Columbia
Business Corporations Act to implement a recapitalization transaction and which took effect on the Effective Date (the “Plan”); 

AND WHEREAS pursuant to the Plan, on the Effective Date, the Investors were issued Common Shares (as defined below) (the
“Debt Exchange Common Shares”); 
 AND WHEREAS pursuant to the Plan, on the Effective Date, the secured
lenders (including Gotham) holding 13.0% senior secured notes of ICM due May 14, 2021 (the “Prior Secured Notes”) issued pursuant to that certain Second Amended and Restated Secured Debenture Purchase Agreement
dated July 10, 2020, by and among the Corporation, ICM, the holders of such senior secured notes, and certain others have among other things been deemed to exchange their Prior Secured Notes for new 8.0% senior secured notes of ICM due on the
date that is five years following the Effective Date (“New Secured Notes”), which are governed by that certain Third Amended and Restated Debenture Purchase Agreement dated effective the Effective Date (as it may be amended,
restated or amended and restated from time to time, the “A&R DPA”), certain new 8.0% unsecured debentures, due on the date that is five years following the Effective Date (“New Unsecured Notes”), which are
governed by that certain Unsecured Debenture Agreement dated effective the Effective Date (the “Unsecured Debenture Agreement”), and certain Debt Exchange Common Shares; 

AND WHEREAS pursuant to the Plan, on the Effective Date, the holders (including [*], [*], and [*]) of the 8.0% unsecured
convertible debentures of the Corporation maturing on March 15, 2023 have received certain New Unsecured Notes and certain Debt Exchange Common Shares in full settlement of such 8.0% unsecured convertible debentures; 

AND WHEREAS as of the Effective Date, the Corporation’s board of directors (the “Board”) is comprised of
the “New Directors” as defined under the Plan which, as of the Effective Date will be comprised of: (i) two nominees of the holders of Prior Secured Notes; (ii) one nominee of [*], (iii) one nominee of [*], and
(iv) one nominee of [*], and shortly after the Effective Date, a third nominee of the holders of the Prior Secured Notes will join the Board, thereby increasing the size of the Board to six, and upon the appointment of a new CEO (as defined
below), the CEO will join the Board, as contemplated below, thereby increasing the size of the Board to seven; 

  
 2 

 Execution Version 

 

 AND WHEREAS the Investors are entering into this Agreement to provide for
certain rights of the Investors and to provide for certain other matters concerning their relationship as Shareholders; 

AND WHEREAS the Plan contemplates that a Voting Agreement (as defined in the Plan) shall be entered into among the
Corporation, ICM and the Investors in form and substance acceptable to the Investors, effective on the Effective Date, and the Parties wish to confirm that this Agreement, together with the Registration Rights Agreement, is the “Voting
Agreement” as defined in the Plan; 
 NOW THEREFORE, in consideration of the respective covenants and agreements of the
Parties herein contained and for other good and valuable consideration provided for under the Plan, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

ARTICLE 1 

DEFINED TERMS 
  

	1.1	 Definitions  

As used in this Agreement the following terms shall have the following respective meanings (all other capitalized terms used
in this Agreement but not defined herein shall have the meaning given to them in the Plan): 
  

	 	(a)	 “A&R DPA” has the meaning set forth in the recitals hereto; 

 

	 	(b)	 “Act” means the Business Corporations Act (British Columbia) and the regulations
thereto, as now in effect and as it may be amended from time to time; 

  

	 	(c)	 “Affiliate” means, with respect to any specified Person, any other Person which, directly
or indirectly, through one or more Persons, Controls, or is Controlled by, or is under common Control with, such specified Person; 

  

	 	(d)	 “Agreement” means this Investor Rights Agreement and all schedules hereto, as it may be
amended or modified in accordance with Section 7.1 from time to time; 

  

	 	(e)	 “Approved Change of Control Transaction” means a Change of Control Transaction that has
been approved in accordance with Section 3.17; 

  

	 	(f)	 “Articles” means the articles of the Corporation; 

 

	 	(g)	 “Board” has the meaning set forth in the recitals hereto; 

  
 3 

 Execution Version 

 

	 	(h)	 “Business Day” means any day except Saturday, Sunday or any day on which banks are
generally not open for business in Toronto, Ontario, or New York, New York; 

  

	 	(i)	 “Canadian Securities Laws” means all applicable Canadian securities laws, the respective
regulations, rules and orders made thereunder, and all applicable policies and notices issued by the Canadian securities authorities in the applicable jurisdictions in Canada; 

 

	 	(j)	 “Change of Control Transaction” means 

 

	 	(i)	 an event as a result of or following which any person, or group of persons “acting jointly or in
concert” within the meaning of Canadian Securities Laws, beneficially owns or exercises control or direction over an aggregate of more than 50% of the then outstanding Common Shares; 

 

	 	(ii)	 a sale or other transfer of all or substantially all of the consolidated assets of the Corporation; or

  

	 	(iii)	 a sale, merger, reorganization or other similar transaction or series of transactions involving the
Corporation unless the previous holders of the Common Shares hold at least 50% of the voting shares of such merged, reorganized or other continuing entity; 

  

	 	(k)	 “CEO” has the meaning set forth in Section 3.2; 

 

	 	(l)	 “Common Share Percentage” of an Investor means the number of issued Common Shares held by
such Investor at the time such determination is made, divided by the total number of Common Shares issued and outstanding at the time such determination is made; 

 

	 	(m)	 “Common Shares” means the common shares of the Corporation and any other class of shares of
the Corporation that gives the holder the right to vote at a Shareholder Meeting; 

  

	 	(n)	 “Confidential Information” has the meaning set forth in Section 8.1(a);

  

	 	(o)	 “Control”, “Controlled by” and “under common Control
with”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise, and for such purposes a Person that is a limited partnership is deemed to be Controlled by its general partner(s); 

  

	 	(p)	 “Corporation” has the meaning set forth in the recitals hereto; 

 

	 	(q)	 “Debt Exchange Common Share Percentage” means, in respect of an Investor, the number of
Debt Exchange Common Shares held by such Investor at the time such determination is made, divided by 6,072,579,705 (being the aggregate number of Debt Exchange Common Shares issued pursuant to the Plan), appropriately adjusted to reflect the effect
of any stock splits, reverse splits or consolidations but for greater certainty excluding any Common Shares acquired by such Investor subsequent to the completion of the Plan; 

  
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	 	(r)	 “Debt Exchange Common Shares” has the meaning set forth in the recitals hereto;

  

	 	(s)	 “Derivative Instrument” means (i) an instrument, agreement, security or contract the
value or market price of which is derived from, referenced to or based on the value or market price of the Common Shares including any swap, hedge or collar and, (ii) any other instrument, agreement, or understanding that affects, directly or
indirectly, a person or company’s economic interest and/or voting rights in the Common Shares; 

  

	 	(t)	 “Dispute” has the meaning set forth in Section 6.1; 

 

	 	(u)	 “Effective Date” has the meaning set forth in the recitals hereto; 

 

	 	(v)	 “Equity Incentive Plan” means any equity incentive plan for employees of the Corporation or
its Subsidiaries; 

  

	 	(w)	 “Equity Securities” means: 

 

	 	(i)	 any Common Shares, preferred shares or other equity security of the Corporation, 

 

	 	(ii)	 any security convertible or exchangeable, with or without consideration, into any Common Shares, preferred
shares or other equity security (including any option to purchase such a convertible security), or 

  

	 	(iii)	 any security carrying any warrant or right to subscribe to or purchase any Common Shares, preferred shares
or other equity security, or any such warrant or right; 

  

	 	(x)	 “Former Nominee” has the meaning set forth in Section 3.5; 

 

	 	(y)	 “Gotham” has the meaning set forth in the recitals hereto; 

 

	 	(z)	 “Gotham Nominees” has the meaning set forth in Section 3.1(a); 

 

	 	(aa)	 “Gotham Observer” has the meaning set forth in Section 3.12(a)(i);

  

	 	(bb)	 “Governmental Body” means any government, parliament, legislature, regulatory authority,
agency, commission, board or court or other law, rule, or regulation-making entity having or purporting to have jurisdiction on behalf of any nation or state or province or other subdivision thereof including any municipality or district;

  
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	 	(cc)	 “[*]” has the meaning set forth in the recitals hereto; 

 

	 	(dd)	 “[*] Nominee” has the meaning set forth in Section 3.1(d); 

 

	 	(ee)	 “ICM” has the meaning set forth in the recitals hereto; 

 

	 	(ff)	 “Investors” has the meaning set forth in the recitals hereto; 

 

	 	(gg)	 “Joinder Agreement” means a joinder agreement in the form appended hereto at Schedule 9.6;

  

	 	(hh)	 “Management Nominees” has the meaning set forth in Section 3.7(a);

  

	 	(ii)	 “MI 61-101” means Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, as amended from time to time, and any successor legislation, regulation, rule or instrument; 

 

	 	(jj)	 “New Directors” has the meaning set forth in the recitals hereto; 

 

	 	(kk)	 “New Secured Notes” has the meaning set forth in the recitals hereto;

  

	 	(ll)	 “New Unsecured Notes” has the meaning set forth in the recitals hereto;

  

	 	(mm)	 “Nomination Committee” has the meaning set forth in Section 3.11(c);

  

	 	(nn)	 “Nominating Party” has the meaning set forth in Section 3.1; 

 

	 	(oo)	 “Nominee” has the meaning set forth in Section 3.1; 

 

	 	(pp)	 “Non-Participating Secured Lender Shares” means, at
the relevant time, the lesser of: 

  

	 	(i)	 the aggregate number of Debt Exchange Common Shares issued to the
Non-Participating Secured Lenders on the Effective Date; and 

  

	 	(ii)	 the aggregate number of Debt Exchange Common Shares held by the
Non-Participating Secured Lenders pursuant to their most recent respective disclosure made publicly or to Gotham in writing and sent to the other Investors by Gotham; 

 

	 	(qq)	 “Non-Participating Secured Lenders” means [*], [*],
and [*]; 

  

	 	(rr)	 “Non-Votable Gotham Debt Exchange Common Shares”
has the meaning set forth in Section 5.2; 

  

	 	(ss)	 “[*]” has the meaning set forth in the recitals hereto; 

 

	 	(tt)	 “[*] Nominee” has the meaning set forth in Section 3.1(b); 

  
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	 	(uu)	 “Parties” means, collectively, the Corporation, ICM, and the Investors;

  

	 	(vv)	 “Person” means any individual, corporation or company with or without share capital,
partnership, joint venture, association, trust, unincorporated organization, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however
designated or constituted; 

  

	 	(ww)	 “Plan” has the meaning set forth in the recitals hereto; 

 

	 	(xx)	 “Prior Secured Notes” has the meaning given to it in the recitals; 

 

	 	(yy)	 “Registration Rights Agreement” means the registration rights agreement entered into among
the Investors, the Non-Participating Secured Lenders, the Corporation and ICM effective as of the Effective Date, as amended from time to time; 

 

	 	(zz)	 “Related Parties” has the meaning set forth in Section 8.1(a)(i);

  

	 	(aaa)	 “Related Party Transaction” means any transaction that: 

 

	 	(i)	 involves the Corporation or any of its Subsidiaries, 

 

	 	(ii)	 requires Board approval, and 

 

	 	(iii)	 either: 

  

	 	(A)	 is a related party transaction as defined in MI 61-101, or

  

	 	(B)	 involves any company or other entity in which an Investor or any of its Affiliates has a debt or equity
investment; 

  

	 	(bbb)	 “Requisite Investors” means the Investors who together hold at least 80% of all of the Debt
Exchange Common Shares held by all Investors at the time such determination is made; 

  

	 	(ccc)	 “SEC” means the U.S. Securities and Exchange Commission; 

 

	 	(ddd)	 “[*]” has the meaning set forth in the recitals hereto; 

 

	 	(eee)	 “[*] Nominee” has the meaning set forth in Section 3.1(c); 

 

	 	(fff)	 “Shareholder Meeting” has the meaning set forth in Section 3.7; 

 

	 	(ggg)	 “Shareholders” means the holders of the Common Shares; 

 

	 	(hhh)	 “Subsidiary” means, with respect to a corporation or limited liability company (the
“Parent Corporation”), a corporation or limited liability company that is (i) Controlled by the Parent Corporation, or (ii) Controlled by one or more corporations or limited liability companies each of which is Controlled
by the Parent Corporation, and for certainty, with respect to the Corporation, includes ICM; 

  
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	 	(iii)	 “Successor Candidate” has the meaning set forth in Section 3.5; 

 

	 	(jjj)	 “Supermajority Board Approval” has the meaning set forth in Section 3.17(a);

  

	 	(kkk)	 “Unsecured Debenture Agreement” has the meaning set forth in the recitals hereto;

  

	 	(lll)	 “U.S. Exchange Act” means the United States Securities Exchange Act of 1934, as amended;

  

	 	(mmm)	 “U.S. Securities Laws” means the United States federal securities laws, including, without
limitation, the U.S. Securities Act and the U.S. Exchange Act, and applicable state securities laws and the respective regulations, instruments and rules made under those securities laws, together with all applicable published policy statements,
notices, blanket orders and rulings of the securities commissions or securities regulatory authorities. 

  

	1.2	 Meaning of “Held” in Relation to Common Shares

 For the purposes of determining an Investor’s Common Share Percentage or Debt Exchange Common
Share Percentage, the definition of Requisite Investors, and any other provision of this Agreement, such Investor shall be deemed not to hold any Common Shares to which a Derivative Instrument entered into by or on behalf of such Investor relates.

  

	1.3	 Schedules  

The following schedules form an integral part of this Agreement: 

Schedule 5.2 – Sample Voting Restriction Calculation 

Schedule 9.6 – Joinder Agreement 

ARTICLE 2 

VOTING AGREEMENT 
  

	2.1	 Voting Agreement 

This Agreement, together with the Registration Rights Agreement, is the “Voting Agreement” as defined in the Plan and
each has taken effect on the Effective Date pursuant to the Plan. 

  
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 ARTICLE 3 

BOARD COMPOSITION AND RELATED MATTERS 
  

	3.1	 Nomination Right 

The Investors shall be entitled to designate nominees for election or appointment to the Board (each, a
“Nominee” and collectively the “Nominees” and each Investor entitled to designate a Nominee is a “Nominating Party”) by giving notice to the Corporation in accordance with this Article 3
as follows: 
  

	 	(a)	 Gotham shall be entitled to designate its Nominees (the “Gotham Nominees”) as follows:  

  

	 	(i)	 For so long as Gotham’s Debt Exchange Common Share Percentage is at least 30% (being ownership by
Gotham of at least 1,821,773,912 Debt Exchange Common Shares assuming no adjustment is required to calculate such percentage as contemplated in Section 1.1(q)), Gotham shall be entitled to designate up to three individuals as Gotham Nominees;

  

	 	(ii)	 For so long as Gotham’s Debt Exchange Common Share Percentage is less than 30% but is at least 15%
(being ownership by Gotham of between 1,821,773,911 and 910,886,956 Debt Exchange Common Shares, inclusive, assuming no adjustment is required to calculate such percentage as contemplated in Section 1.1(q)), Gotham shall be entitled to
designate up to two individuals as Gotham Nominees; 

  

	 	(iii)	 For so long as Gotham’s Debt Exchange Common Share Percentage is less than 15% but is at least 5%
(being ownership by Gotham of between 910,886,955 and 303,628,985 Debt Exchange Common Shares, inclusive, assuming no adjustment is required to calculate such percentage as contemplated in Section 1.1(q)), Gotham shall be entitled to designate
up to one individual as a Gotham Nominee. 

 The initial Gotham Nominees shall be the three individuals
nominated as “New Directors” by the holders of the Prior Secured Notes under the Plan, two of whom will be nominated as of the Effective Date, and the third to be nominated shortly after the Effective Date. 

 

	 	(b)	 [*] shall be entitled to designate up to one individual as Nominee (the “[*]
Nominee”) for so long as [*]’ Debt Exchange Common Share Percentage is at least 5% (being ownership by [*] of at least 303,628,985 Debt Exchange Common Shares assuming no adjustment is required to calculate such percentage as
contemplated in Section 1.1(q)). The initial [*] Nominee shall be the individual nominated as a “New Director” by [*] under the Plan. 

  

	 	(c)	 [*] shall be entitled to designate up to one individual as Nominee (the “[*] Nominee”) for
so long as [*]’s Debt Exchange Common Share Percentage is at least 5% (being ownership by [*] of at least 303,628,985 Debt Exchange Common Shares assuming no adjustment is required to calculate such percentage as contemplated in
Section 1.1(q)). The initial [*] Nominee shall be the individual nominated as a “New Director” by [*] under the Plan. 

  
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	 	(d)	 [*] shall be entitled to designate up to one individual as Nominee (the “[*] Nominee”) for
so long as [*]’s Debt Exchange Common Share Percentage is at least 5% (being ownership by [*] of at least 303,628,985 Debt Exchange Common Shares assuming no adjustment is required to calculate such percentage as contemplated in
Section 1.1(q)). The initial [*] Nominee shall be the individual nominated as a “New Director” by [*] under the Plan. 

  

	3.2	 Appointment of CEO 

(a) The Corporation shall hire a chief executive officer (and any successor thereto) who has been unanimously approved by the
Investors in writing, such approval not to be unreasonably withheld (the “CEO”). 
 (b) The Corporation
shall arrange for the CEO (other than an interim CEO) to be appointed to the Board upon the CEO taking office in accordance with applicable law and, thereafter, in accordance with Section 3.7. 

 

	3.3	 Board Size 

(a) Unless the Requisite Investors otherwise agree in writing, the number of directors constituting the full Board (the
“Board Size”) shall not exceed seven (which seven shall initially be comprised of the New Directors and the CEO once appointed pursuant to Section 3.2). The Corporation shall not include as nominees of management for election
to the Board at a Shareholder Meeting any individual other than: 
  

	 	(i)	 the Nominees; 

  

	 	(ii)	 the CEO; and 

  

	 	(iii)	 any individual(s) approved by the Nomination Committee but only to the extent that the total number of
nominees of management at a Shareholder Meeting does not exceed the Board Size. 

 (b) The Corporation
shall not do any of the following without the prior approval of the Requisite Investors: 
  

	 	(i)	 subject to the obligations of the directors of the Corporation to comply with their fiduciary duties under
applicable law, fail to recommend against any proposal by the Shareholders to increase or decrease the Board Size; nor 

  

	 	(ii)	 amend or repeal the advance notice provisions in section 14.12 of the Articles. 

  
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	3.4	 Nomination Procedure – Meetings 

The Corporation shall notify each Nominating Party at least 90 days prior to the date of any Shareholder Meeting. To nominate
one or more individuals for election as directors at such Shareholder Meeting, the Nominating Party may notify the Corporation of such Nominee(s) at any time following receipt of such notice, but at least 45 days prior to the date of the Shareholder
Meeting. If a Nominating Party does not advise the Corporation of the identity of any such Nominee(s) prior to such deadline, then such Nominating Party shall be deemed to have nominated its incumbent Nominee(s). The Corporation shall advise the
Investors of the mailing date of any such proxy solicitation materials at least 20 Business Days prior to such date, and each Investor shall cause its Nominee(s) to provide such information as reasonably requested by the Corporation for the
preparation of such materials. 
  

	3.5	 Resignation and Replacement of Nominees 

In the event that a Nominee is not elected to the Board at a Shareholder Meeting or a Nominee resigns (or his or her successor
elected or appointed pursuant to this Section 3.5 resigns) from the Board, becomes permanently incapacitated, becomes ineligible to be a director of the Corporation under law or policies of a relevant stock exchange, is removed by the
Shareholders, or refuses to consent to being a director or stand for election or is not elected for any reason then as soon as possible after the Nominee is no longer a director of the Corporation or, to the knowledge of the Corporation, no longer
eligible to be a director of the Corporation (any such individual, a “Former Nominee”), the Nominating Party which designated such Former Nominee, provided such Investor continues to be a Nominating Party, shall be entitled to
designate a replacement Nominee, and the Corporation shall comply (to the extent possible) with the procedures set forth in this Article 3 to nominate a successor (a “Successor Candidate”) to such Former Nominee in order to
cause his or her appointment or election to the Board as soon as practicable and as permitted under applicable law, and thereafter, “Nominee” shall be interpreted to exclude the Former Nominee and include any such Successor
Candidate that is designated by the relevant Nominating Party. In the event that a Nominee that is a Management Nominee is not elected to the Board at the applicable Shareholder Meeting, the Board shall not conduct any business during the period
from the date of such Shareholder Meeting until the earlier of: (i) three Business Days following such Shareholder Meeting, and (ii) the appointment or election of a Successor Candidate pursuant to this Section 3.5. 

 

	3.6	 Election or Appointment 

After the Effective Date, and once any Nominee has been nominated by any of the Nominating Parties pursuant to this
Article 3, the Corporation shall: 
  

	 	(a)	 call a Shareholder Meeting for the purpose of considering the election of such Nominee to the Board, such
Shareholder Meeting to be held on a date that is no later than 60 days following the Nominee’s designation; 

  

	 	(b)	 arrange for the Nominee to be appointed to the Board under applicable corporate law to fill any vacancies;
or 

  

	 	(c)	 a combination of the foregoing. 

  
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	3.7	 Obligations of the Corporation 

The Corporation shall in respect of every meeting of Shareholders at which the election of directors to the Board is
considered, and at every reconvened meeting following an adjournment or postponement thereof (a “Shareholder Meeting”), nominate for election to the Board the Nominees, and shall use its commercially reasonable efforts to obtain
Shareholder approval for the election of the Nominees at such Shareholder Meeting (including, without limitation, by soliciting proxies in favour of the Nominees) and to that end: 

 

	 	(a)	 the Corporation shall include each of the Nominees, the CEO and any other Person contemplated by
Section 3.3(a) (collectively, the “Management Nominees”) as nominees of management for election to the Board in the notice of meeting, the management information circular, proxy statement and form of proxy and voting
instruction form relating to the applicable Shareholder Meeting; 

  

	 	(b)	 the Corporation shall solicit proxies from Shareholders in favour of the election of the Nominees in a
manner no less rigorous or favourable than the manner in which the Corporation supports all of its other Management Nominees for election at any such Shareholder Meeting, including where appropriate engaging a proxy solicitation firm;

  

	 	(c)	 the Corporation shall promptly advise the Nominating Parties of any notices received by the Corporation
under its advance notice provision relating to the nomination of directors in the Articles; 

  

	 	(d)	 the Corporation shall otherwise make commercially reasonable efforts to obtain Shareholder approval for the
election of the Management Nominees at each Shareholder Meeting; and 

  

	 	(e)	 the Corporation shall arrange for the Nominees to be appointed to the Board where permitted by applicable
law and obtain Shareholder approval at the next Shareholder Meeting. 

  

	3.8	 Shareholder Support 

(a) Any nomination and election of the Management Nominees to the Board is subject to the approval of Shareholders (including
compliance with any majority voting policy, rule or law) and regulatory approval, if required. 
 (b) Each Investor
covenants with the Corporation that, at each Shareholder Meeting, it shall not vote, or cause to be voted, any Equity Securities or take any other action that could reasonably result in a Management Nominee failing to be elected at a Shareholder
Meeting or appointed in accordance with applicable law. 
 (c) The obligations of each Investor under Section 3.8(b)
are several and not joint and several. 

  
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	3.9	 Qualifications 

(a) All directors, including all Nominees, shall, at all times while serving on the Board, meet the qualification requirements
to serve as a director under the Act, applicable securities laws and the rules of any stock exchange on which the Equity Securities are listed and shall promptly provide all required information, including personal information forms required by any
relevant stock exchange. If a director, including any of the Nominees, no longer meets the qualification requirements to serve as a director under the Act or the applicable stock exchange on which the Equity Securities are listed, he or she may be
replaced as a director pursuant to Section 3.5. 
 (b) The Nominating Parties and the Corporation shall work in good
faith to ensure that the composition of the Board and each of the Board’s committees, including its audit committee, meet all applicable independence, financial literacy and other requirements under applicable laws and stock exchange rules.

  

	3.10	 Failure to Designate 

A failure by a Nominating Party to exercise its nomination right under this Agreement shall not restrict the ability of such
Party to designate a Nominee at any time in the future. 
  

	3.11	 Committees 

(a) At any time the Board may establish committees, other than an executive committee, and determine their members’
composition from time to time, but will first offer positions on each Board committee to the Nominees provided they meet the eligibility requirements to serve on the relevant Board committee. 

(b) As of the Effective Date, the audit committee of the Board shall be comprised of one Gotham Nominee, the [*] Nominee, and
the [*] Nominee, provided that such Nominees meet the applicable requirements and consent thereto, together with such other directors as the Board may determine. 

(c) As of the Effective Date, the nomination committee of the Board shall be comprised of such directors as the Board may
determine (the “Nomination Committee”). 
 (d) As of the Effective Date, the compensation committee of the
Board shall be comprised of the [*] Nominee together with such other directors as the Board may determine. 
  

	3.12	 Observers 

(a) The Investors shall be entitled to appoint Board observers as follows: 

 

	 	(i)	 Gotham is irrevocably and unconditionally (subject to the terms hereof) granted the right to appoint two non-voting observers designated by Gotham to the Board (the “Gotham Observers”), provided that the total number of Gotham Observers, together with the observers appointed by the Collateral Agent (as
defined under the A&R DPA) pursuant to the A&R DPA, shall not exceed two; and 

  
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	 	(ii)	 the holders of New Unsecured Notes (excluding Gotham) are irrevocably and unconditionally (subject to the
terms hereof) granted the collective right to appoint one non-voting observer to the Board (the “Unsecured Observer”, and together with the Gotham Observers, the
“Observers” and each is an “Observer”), provided that the total number of Unsecured Observers, together with the observers appointed by the holders of New Unsecured Notes pursuant to the Unsecured Debenture
Agreement, shall not exceed one. 

 (b) The Observers shall be appointed upon written notice to the
Corporation and the other Investors, and upon the execution by the Observer of a customary board observer agreement with the Corporation. The initial Observers have executed board observer agreements that continue to be effective as of the Effective
Date. 
 (c) The Observers shall be provided with notice of, and relevant materials to be considered at, all meetings of the
Board (and all committees thereof) and shall be entitled to attend and participate (other than voting) in all meetings of the Board (and all committees thereof); provided, however, that the Observers will be subject to the same obligations of
confidentiality and disclosure of material conflicts, and the same prohibitions on the appropriation of corporate opportunities to which all of the Board members are subject. The Observers may participate in the discussions of matters brought to the
Board, provided that the Observers shall have no voting rights. The Observers shall also be entitled to the same indemnification, insurance and other protections to which the other members of the Board are entitled, including as described in
Section 3.14 hereof. The Corporation shall reimburse each Observer for the reasonable out-of-pocket expenses incurred by such Observer in connection with satisfying
his or her role as Observer, up to a maximum amount of $25,000 in any 12-month period, unless otherwise agreed in writing between the Corporation and an Observer. 

(d) Gotham and the holders of the New Unsecured Notes may replace their respective Observers, or any one Observer, with a
different Observer at any time in their sole discretion by providing written notice thereof to the Corporation and the other Investors in accordance with Section 3.12(b). 

 

	3.13	 Subsidiary Governance 

The Corporation shall remain the sole member and manager of ICM. The board (or other similar governing body) of each other
Subsidiary shall be comprised of such members of the Corporation’s management team as determined by the Board from time to time. 
  

	3.14	 D&O Insurance and Indemnity Agreement 

The Corporation shall obtain and maintain in force a directors’ and officers’ insurance policy, with coverage and on
terms acceptable to the Board. Each Nominee shall be entitled to the benefit of customary director’s and officer’s liability insurance and a contractual indemnity agreement with the Corporation in a form that is reasonably satisfactory to
all of the Nominees. 

  
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	3.15	 Director Compensation 

The compensation of directors shall be determined by the Board and, and once determined, shall be set out in a customary
agreement with each director, including provisions regarding reimbursement of expenses, provided however that any Nominee that is employed by an Investor shall receive no compensation from the Corporation but the Nominee or the Investor that
appointed the Nominee may be reimbursed for expenses by the Corporation. 
  

	3.16	 Chair of the Board 

The chair of the Board shall be the CEO. If there is no CEO, the Board shall determine from time to time which individual is to
serve as chair of the Board. The chair shall have no special or additional powers and in particular, but without limitation, shall not have a casting vote at meetings of the Board. 

 

	3.17	 Board Matters  

(a) “Supermajority Board Approval” means the approval of at least five directors of the Corporation, except:

  

	 	(i)	 if fewer than five directors are entitled to vote on a matter, the unanimous approval of the directors
entitled to vote on such matter is required, and 

  

	 	(ii)	 if more than seven directors are entitled to vote on a matter, the approval of at least 75% of the directors
is required. 

 (b) The matters set out below shall require Supermajority Board Approval: 

 

	 	(i)	 approval of the issuance of voting Equity Securities of the Corporation, (other than pursuant to an Equity
Incentive Plan); 

  

	 	(ii)	 approval of a Related Party Transaction; 

 

	 	(iii)	 approval of a Change of Control Transaction that requires Board approval; and 

 

	 	(iv)	 any amendments to the New Secured Notes or the New Unsecured Notes. 

ARTICLE 4 

INFORMATION RIGHTS 
  

	4.1	 Financial Statements 

The Corporation will provide to the Investors interim financial statements within 60 days of the end of each fiscal quarter and
audited annual financial statements within 120 days of each fiscal year-end, provided that the Corporation shall be deemed to have complied with this Section 4.1 upon the public filing of such financial
statements with the SEC or any applicable securities regulatory authority in accordance with Section 4.2 hereof. 

  
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	4.2	 Securities Filings 

The Corporation will within the required time, file with any applicable securities regulatory authority, any documents, reports
and information, in the required form, required to be filed by applicable securities laws, together with any applicable filing fees and other materials. 
  

	4.3	 Other Information 

The Corporation will promptly deliver to each Investor an annual budget as approved by the Board and such additional
information regarding the business, legal, financial or corporate affairs of the Corporation or any of its Subsidiaries as any Investor may from time to time reasonably request. 

 

	4.4	 Notices of Material Adverse Changes, Proceedings, etc. 

Promptly after an officer of the Corporation or any of its Subsidiaries has obtained knowledge thereof, the Corporation will
notify the Investors in writing of: 
  

	 	(a)	 any matter that has resulted or could reasonably be expected to result in a material adverse effect on the
Corporation or any of its Subsidiaries; and 

  

	 	(b)	 the filing or commencement of any action, suit, litigation or proceeding, whether at law or in equity by or
before any Governmental Body against the Corporation or any of its Subsidiaries. 

 Each such notice shall be accompanied
by a written statement of an officer of the Corporation setting forth details of the occurrence referred to therein and stating what action the Corporation has taken and proposes to take with respect thereto. 

 

	4.5	 Inspection Rights 

The Corporation will (i) maintain and cause each of its Subsidiaries to maintain, complete and accurate books and records,
(ii) permit, and cause each of its Subsidiaries to permit, each Investor to have access to such books and records, and (iii) permit, and cause each Subsidiary to permit, any Investor, its accountants or other advisors to inspect the
properties and operations of the Corporation and each of its Subsidiaries on reasonable advance notice and during normal business hours. 
  

	4.6	 Tax Reporting 

The Corporation represents and warrants that as of the Effective Date it has not, and covenants that it will not on or after
the Effective Date, finalize any Canadian or U.S. federal income tax analyses or opinions, nor any supporting materials for such analyses or opinions, relating to the transactions being undertaken pursuant to the Plan (including, without limitation,
any valuations or appraisals of the Debt Exchange Common Shares being issued pursuant to the Plan) prior to consultation with and approval of the Requisite Investors. The Investors shall have the right to review and comment on such analysis,
opinions and supporting materials and the Corporation shall take into account all such comments that are reasonable. The Corporation represents and warrants that it provided current drafts of all such Canadian and U.S. federal income tax analyses,
opinions and supporting materials to the Investors no later than three Business Days prior to the Effective Date.  

  
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 ARTICLE 5 

COVENANTS OF THE INVESTORS 
  

	5.1	 Notice of Drop of Debt Exchange Common Share Percentage below 5% 

If any Investor’s Debt Exchange Common Share Percentage falls below 5%, such Investor will provide notice in writing to
that effect to each of the other Investors and the Corporation as soon as possible after such Investor becomes aware. In addition, Gotham shall provide notice in writing to the other Investors and the Corporation when its Debt Exchange Common Share
Percentage falls below a threshold set out in Section 3.1(a). 
  

	5.2	 Gotham Voting Restriction 

(a) Subject to Section 5.2(b) and Section 5.2(c), on the record date in respect of any meeting of the Shareholders,
if:
  

	 	(i)	 the number of Debt Exchange Common Shares held by Gotham at such time; plus 

 

	 	(ii)	 the number of Non-Participating Secured Lender Shares at such time

 would represent more than 35.78% of the votes attached to all of the issued and outstanding Common Shares, then, unless
Supermajority Board Approval is obtained, Gotham shall not vote at such meeting of the Shareholders such number of its Debt Exchange Common Shares (the “Non-Votable Gotham Debt Exchange Common
Shares”) that would otherwise result in the Secured Lenders being able to vote more than 35.78% of the votes attached to all of the issued and outstanding Common Shares (for purposes of calculating the number of Non-Votable Gotham Debt Exchange Common Shares, such shares shall be excluded from the total number of issued and outstanding Common Shares). See Schedule 5.2 for a sample voting restriction calculation as of the
Effective Date. 
 (b) The voting restriction set out in Section 5.2(a) shall not apply in respect of a vote in favour
of a Change of Control Transaction. 
 (c) The voting restriction set out in Section 5.2(a) shall cease to apply on the
earlier of: 
  

	 	(i)	 the date that the Debt Exchange Common Share Percentage of each of [*], [*] and [*] is less than 5%; and

  

	 	(ii)	 the date that is three years from the Effective Date. 

  
 17 

 Execution Version 

 

	5.3	 Gotham Standstill 

Until the date that is three years from the Effective Date, unless Supermajority Board Approval is obtained, Gotham shall not,
directly or indirectly, acquire Common Shares that will cause Gotham’s Common Share Percentage to exceed the percentage calculated as follows: 
  

	 	(a)	 49.9%, minus 

  

	 	(b)	 the percentage resulting from the number of Non-Participating
Secured Lender Shares divided by the total number of Common Shares issued and outstanding at the time such determination is made, 

which, as of the Effective Date, is 42.40%. 
  

	5.4	 Additional Representations and Covenants of the Investors 

(a) Subject to Section 5.4(b): 
  

	 	(i)	 each Investor represents that it is not acting, and agrees that it shall not act, jointly or in concert (as
contemplated by Canadian Securities Laws) or as part of a “group” (as contemplated by U.S. Securities Laws) with any Person (other than its Affiliates) in relation to a Change of Control Transaction, the voting of Equity Securities, or the
acquisition, holding or disposition of Equity Securities; and 

  

	 	(ii)	 each Investor agrees, and agrees to cause each of its Affiliates, not to enter into or offer to enter into
or otherwise agree to be bound by a lockup, voting, support or other similar agreement with respect to any Equity Securities held by such Investor or Affiliate in connection with any Change of Control Transaction. 

(b) The prohibitions in Section 5.4(a) do not apply to any agreement, transaction or other matter that: 

 

	 	(i)	 has been approved by a Supermajority Board Approval; or 

 

	 	(ii)	 is in respect of an Approved Change of Control Transaction. 

(c) The obligations of each Investor under this Section 5.4 are several and not joint and several. 

  
 18 

 Execution Version 

 

 ARTICLE 6 

DISPUTE RESOLUTION 
  

	6.1	 Arbitration  

Any dispute, controversy or claim arising out of or relating to this Agreement or the breach, interpretation, termination or
validity thereof (a “Dispute”) will be submitted to arbitration pursuant to the Arbitration Act, 1991 (Ontario) in accordance with the following: 
  

	 	(a)	 The arbitration tribunal will consist of one arbitrator appointed by mutual agreement of the Parties to the
Dispute, or in the event of failure to agree within 10 Business Days following delivery of the written notice to arbitrate, any Parties to the Dispute may apply to a judge sitting in Toronto, Ontario to appoint an arbitrator. The arbitrator must be
qualified by education and training to rule upon the particular matter to be decided. 

  

	 	(b)	 The arbitrator will be instructed that time is of the essence in the arbitration proceeding and that, in any
event, the arbitration award must be made within 30 days of the submission of the Dispute to arbitration. 

  

	 	(c)	 After written notice is given to refer any Dispute to arbitration, the Parties to the Dispute will meet
within 10 Business Days of delivery of the notice and negotiate in good faith any changes in these arbitration provisions or the rules of arbitration which are adopted by this Section 6.1, in an effort to expedite the process and otherwise
ensure that the process is appropriate given the nature of the Dispute and the values at risk. 

  

	 	(d)	 The seat of the arbitration shall be Toronto. 

 

	 	(e)	 The arbitration award will be given in writing and will be final and binding on the Parties, not subject to
any appeal. Subject to the provision of this Section 6.1(e), the arbitration award will deal with the question of costs of arbitration and all related matters. A Party to a Dispute may, at any time, make an offer to the other Parties to the
Dispute to settle all or any part of the Dispute. Any offer to settle is deemed to be an offer of compromise made in confidence and without prejudice. The fact that an offer to settle has been made may not be communicated to the arbitrator until the
arbitrator has made a final determination of all aspects of the Dispute other than costs. If an offer to settle is not accepted and the arbitration award is no more favourable to the Party to which the offer was made, the Party making the offer is
entitled to all of its costs in connection with the arbitration in respect of the period from the date the offer to settle was made to the making of the arbitration award. The costs of arbitration include the arbitrators’ fees and expenses, the
provision of a reporter and transcripts, reasonable legal fees and reasonable costs of preparations. 

  

	 	(f)	 Judgment upon any award may be entered in any court having jurisdiction or application may be made to the
court for a judicial recognition of the award or an order of enforcement, as the case may be. 

  
 19 

 Execution Version 

 

	 	(g)	 All Disputes referred to arbitration (including the scope of the agreement to arbitrate, any statute of
limitations, set-off claims, conflict of laws, rules, tort claims and interest claims) are governed by the law of Ontario and the federal law of Canada applicable therein. 

 

	 	(h)	 Despite the submission of a Dispute to arbitration, each Party shall continue to perform all of its
obligations under this Agreement until the final disposition of the arbitration. Each Party shall only cease or curtail such performance if the Party is expressly permitted to do so by a final award of the arbitral tribunal that has not been
appealed, by a final court judgment, or otherwise by court order. The Parties agree that the breach of this term requiring continued performance of the Agreement will cause serious and irreparable damage and harm to the affected Party and that
remedies at law may be inadequate to compensate for such a breach. Each Party agrees that an injunction or order for specific performance, or both, is an appropriate remedy to enforce this term, without proof of factual damages, in addition to any
other remedy to which the affected Party may be entitled. 

  

	 	(i)	 In addition to any other confidentiality obligations that may apply, the Parties shall keep confidential and
not disclose to any person the existence of the arbitration and any element of the arbitration (including submissions and any evidence of or documents presented or exchanged and any awards thereunder), except to the arbitral tribunal, the
Parties’ auditors and insurers, legal counsel to the Parties and any other person necessary to the conduct of the arbitration and except to the extent required by law, the rules of a stock exchange or securities regulatory authority having
jurisdiction over a Party, or as required for any court application to set aside or enforce any award or decision made pursuant thereto. No individual shall be appointed as an arbitrator unless he or she agrees in writing to be bound by a
confidentiality provision similar in form and substance to this paragraph. 

  

	 	(j)	 By agreeing to arbitration and negotiating in good faith, the Parties do not intend to deprive any court of
its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of the arbitration proceedings and the enforcement of any award.
Without prejudice to such provisional remedies in aid of arbitration as may be available under the jurisdiction of a legal court, the arbitrator shall have full authority to grant provisional remedies, statutory remedies and to award damages for the
failure of the disputing Parties to respect the arbitrator’s orders to that effect. 

 ARTICLE 7 

AMENDMENT, WAIVER AND TERMINATION 
  

	7.1	 Amendment and Waiver 

(a) Any amendment or modification to this Agreement shall be in writing and signed by the Requisite Investors, the Corporation
and ICM. No amendment shall be enforced against an Investor if such amendment would negatively affect such Investor in a manner that is disproportionate relative to its effect on the other Investors, unless such affected Investor provides its
consent in writing. 

  
 20 

 Execution Version 

 

 (b) Any Party may (i) extend the time for the performance of any of the
obligations or acts of another Party, (ii) waive compliance, except as provided herein, with any of the other Party’s agreements or the fulfilment of any conditions to its own obligations contained herein, or (iii) waive inaccuracies
in any of the other Party’s representations or warranties contained herein or in any document delivered by the other Party; provided that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf
of such Party and approved in writing by the Requisite Investors and, unless otherwise provided in the written waiver, shall be limited to the specific breach or condition waived and shall not extend to any other matter or occurrence. No failure or
delay in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise or the exercise of any right, power or privilege under
this Agreement. 
  

	7.2	 Termination 

(a) Each of Gotham, [*], [*] and [*] will cease to be an “Investor” on the earlier occurrence of: 

 

	 	(i)	 the date on which such Investor’s Debt Exchange Common Share Percentage is less than 5%; and

  

	 	(ii)	 the Investor materially breaches this Agreement and such breach is not cured within 20 Business Days after
receipt by the Investor of written notice thereof from the Corporation or any other Investor. 

 (b) This
Agreement may be terminated by written agreement of the Requisite Investors, the Corporation and ICM. 
 (c) This Agreement
shall terminate automatically when there are no longer any Investors as a result of the operation of Section 7.2(a). 
  

	7.3	 Effect of Termination 

(a) If Gotham, [*], [*] or [*] ceases to be an “Investor” in accordance with Section 7.2(a), the terms
“Investor” and “Investors”, as applicable, shall be read not to include any of the Parties Affiliated therewith, and such Parties shall cease to be bound by the provisions of this Agreement except for the provisions set out in
Section 7.3(b). 
 (b) Upon any termination of this Agreement (including termination in respect of a Party in
accordance with Section 7.3(a)), the obligations in Article 6, Article 8 and Article 9 and such other provisions necessary to give effect thereto shall continue to apply. 

  
 21 

 Execution Version 

 

 ARTICLE 8 

CONFIDENTIALITY 
  

	8.1	 Confidential Information 

(a) Each Party (a disclosing Party being a “Disclosing Party”, and a receiving Party being a
“Receiving Party”), agrees to maintain the confidentiality of all non-public information received from the other relating to such Party or its business (the “Confidential
Information”), except that Confidential Information may be disclosed by a Receiving Party: 
  

	 	(i)	 to its respective Affiliates and its and the directors, officers, employees, partners, agents, trustees,
administrators, managers, advisors, and representatives of it and its Affiliates (collectively, “Related Parties”) (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Confidential Information and instructed to keep such Confidential Information confidential); 

  

	 	(ii)	 to the extent required or requested by any regulatory authority purporting to have jurisdiction over such
Receiving Party or its Related Parties (including any self-regulatory authority); 

  

	 	(iii)	 to the extent required by any law or by any subpoena, court order, or similar legal process; provided that,
unless specifically prohibited by applicable law or court order, the Receiving Party shall use commercially reasonable efforts to: 

  

	 	(A)	 notify the Disclosing Party of any request by any Governmental Body or representative thereof (other than
any such request in connection with an examination of an Investor by such Governmental Body) for disclosure of any such Confidential Information prior to disclosure of such Confidential Information, and 

 

	 	(B)	 cooperate with the Disclosing Party in its attempts to seek a protective order or to otherwise limit or
restrict disclosure of its proprietary information, at the Disclosing Party’s sole cost and expense, provided that, if the Disclosing Party is unable to obtain a protective order or otherwise limit or restrict disclosure of its Confidential
Information, the Receiving Party may disclose the relevant Confidential Information, but only to the extent legally required; 

  

	 	(iv)	 in connection with the exercise of any remedies hereunder or any suit, action, or proceeding relating to
this Agreement or the enforcement of its rights hereunder; 

  

	 	(v)	 subject to an agreement containing provisions substantially the same as those of this Article 8, to

  
 22 

 Execution Version 

 

	 	(A)	 any actual or potential assignee, transferee, or participant in connection with the assignment or transfer
by Investors or any participations therein, or 

  

	 	(B)	 any actual or prospective party (or its Related Parties) to any swap, derivative, or other transaction under
which payments are to be made by reference to the Corporation or any of its Subsidiaries or any of their respective obligations, this Agreement or payments hereunder; provided that, any such potential assignee, transferee, participant, swap
counterparty, or advisor is advised of, and agrees to be bound by, the provisions of this Article 8; 

  

	 	(vi)	 with the consent of the Disclosing Party; or 

 

	 	(vii)	 to the extent such Confidential Information 

 

	 	(A)	 becomes publicly available other than as a result of a breach of this Article 8, or 

 

	 	(B)	 is available to the Receiving Party or its Related Parties on a
non-confidential basis prior to disclosure by the Disclosing Party, or 

  

	 	(C)	 becomes available to the Receiving Party or its Related Parties on a
non-confidential basis from a source or third party other than the Disclosing Party, where such third party was not, to Receiving Party’s knowledge, under an obligation of confidence with the Disclosing
Party at the time of such third party’s disclosure to the Receiving Party, or 

  

	 	(D)	 was independently developed by the Receiving Party or its Related Parties without using any Confidential
Information of a Disclosing Party. 

 (b) Any Person required to maintain the confidentiality of
Confidential Information as provided in this Article 8 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Confidential Information as
such Person would accord to its own confidential information. 
 ARTICLE 9 

MISCELLANEOUS 
  

	9.1	 Headings  

The inclusion of headings in this Agreement is for convenience of reference only and shall not affect in any way the
construction or interpretation of this Agreement. 

  
 23 

 Execution Version 

 

	9.2	 Gender and Number  

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa and
words importing gender include all genders. 
  

	9.3	 Currency  

Except where otherwise expressly provided, all amounts in this Agreement are expressed in U.S. dollars. 

 

	9.4	 Governing Law  

This Agreement and all matters arising out of or relating to this Agreement are governed by the laws of the Province of
Ontario, and the federal laws of Canada applicable thereunder. Subject to Article 6, each Party hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario in
respect of all matters arising under or in relation to this Agreement. 
  

	9.5	 Specific Performance 

It is agreed and understood that monetary damages would not adequately compensate an injured Party for the breach of this
Agreement by any Party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order, without bond. Further,
each Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 
  

	9.6	 Successors and Assigns; Joinder 

Upon any assignment or transfer of Common Shares held by any of the Investors, except for transfers to non-Affiliated third party transferees, the assignee or transferee shall be required to enter into this Agreement by completing a Joinder Agreement, the form of which is attached hereto at Schedule 9.6, and such
Investor shall be deemed to include such assignee or transferee for all purposes of this Agreement. Except as otherwise expressly provided, the provisions prescribed herein shall inure to the benefit of, and be binding upon, the successors, assigns,
heirs, executors, and administrators of the Parties hereto. 
  

	9.7	 Entire Agreement  

This Agreement, together with all other documents and instruments referred to herein, constitute the entire agreement and
supersede all other prior agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof. 
  

	9.8	 Further Assurances 

Each of the Parties shall, from time to time hereafter, promptly do, execute, deliver or cause to be done, executed and
delivered, all further acts, documents and things as may be required or necessary for the purposes of giving effect to this Agreement. 

  
 24 

 Execution Version 

 

	9.9	 Severability  

If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, such
provision shall be deemed severed from this Agreement and the remainder of the provision of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated and the Parties shall thereupon promptly and in
good faith negotiate to modify this Agreement to the extent practicable with replacement provisions which are lawfully effective and which will preserve to the maximum extent each Party’s benefits under the severed provision. 

 

	9.10	 Time of the Essence 

Time is of the essence in this Agreement. 
  

	9.11	 Delays or Omissions  

No delay or omission to exercise any right, power, or remedy accruing to any holder, upon any breach, default or noncompliance
of any Party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance
thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any Party’s part of any breach, default or noncompliance under the Agreement or any waiver on such Party’s part of any
provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to holders, shall be cumulative
and not alternative. 
  

	9.12	 Notices 

Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party
shall be in writing and may be given by delivering same or sending same by facsimile or by delivery addressed to the Party to which the notice is to be given at its address for service herein. Any such notice, consent, waiver, direction or other
communication shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day, or if not, the next succeeding Business Day) and if sent by facsimile be deemed to
have been given and received at the time of receipt (if a Business Day, or if not, the next succeeding Business Day) unless actually received after 4:30 p.m. (recipient’s time) at the point of delivery in which case it shall be deemed to have
been given and received on the next Business Day. 
 The address for service for each of the Parties hereto shall be as
follows: 
  

	 	(a)	 to the Corporation, ICM, and any Subsidiary at: 

iAnthus Capital Holdings, Inc. 

c/o McMillan LLP 

Brookfield Place 

181 Bay Street, Suite 4400 

Toronto, ON M5J 2T3 

Attention:   Wael Rostom, Tushara Weerasooriya and James Munro 

Email:         wael.rostom@mcmillan.ca 

          tushara.weerasooriya@mcmillan.ca 

          james.munro@mcmillan.ca 

  
 25 

 Execution Version 

 

	 	(b)	 to Gotham at: 

c/o Gotham Green Partners, LLC 

1437 4th Street, Suite 200 

Santa Monica, CA 

90401 

Attention:    [*] 

Email:         [*] 

with a copy (which shall not be deemed notice) to: 

SkyLaw Professional Corporation 

3 Bridgman Avenue, Suite 204 

Toronto, ON M5R 3V4 

Attention:    Kevin R. West 

Email: kevin.west@skylaw.ca 
  

	 	(c)	 to [*] at: 

[*] 

with a copy (which shall not be deemed notice) to: 

Cassels Brock & Blackwell LLP 

Suite 2100, 40 King Street West 

Scotia Plaza 

Toronto, Ontario M5H 3C2 

Attention:    Ryan Jacobs and Jeff Roy 

Email:         rjacobs@cassels.com 

          jroy@cassels.com 

  
 26 

 Execution Version 

 

	 	(d)	 to [*] at: 

[*] 

with a copy (which shall not be deemed notice) to: 

Cassels Brock & Blackwell LLP 

Suite 2100, 40 King Street West 

Scotia Plaza 

Toronto, Ontario M5H 3C2 

Attention:        Ryan Jacobs and Jeff Roy 

Email:              rjacobs@cassels.com 

              jroy@cassels.com 

 

	 	(e)	 to [*] at: 

[*] 

Attention:     General Counsel 

with a copy (which shall not be deemed notice) to: 

Stikeman Elliott LLP 

Suite 5300 Commerce Court West 

199 Bay Street 

Toronto, Ontario M5L 1B9 

Attention:         Brian M. Pukier and Ashley Taylor 

Email:               bpukier@stikeman.com 

                ataylor@stikeman.com

  

	9.13	 Counterparts  

This Agreement may be executed and delivered in any number of counterparts (including by electronic means), each of which shall
be deemed an original, but all of which together shall constitute one instrument. 
 [Signature page follows] 

  
 27 

 IN WITNESS WHEREOF, the Parties hereto have executed this Investor Rights
Agreement as of the date set forth above. 
  

			
		 	iANTHUS CAPITAL HOLDINGS, INC.
		
	By:	 	(Signed) “Robert Galvin”
		 	Name: Robert Galvin
		 	Title: Interim Chief Executive Officer
		
		 	iANTHUS CAPITAL MANAGEMENT, LLC
		
	By:	 	(Signed) “Robert Galvin”
		 	Name: Robert Galvin
		 	Title: Chief Executive Officer

 [Signature page to Investor Rights Agreement] 

							
	GOTHAM GREEN FUND 1, L.P.
By Gotham Green GP 1, LLC, its General Partner	 		 	 GOTHAM GREEN FUND 1 (Q), L.P.

By Gotham Green GP 1, LLC, its General Partner

				
	By:	 	                    	 	By:	 	                    
		 	Name:                     	 		 	Name:                     
		 	Title:                     	 		 	Title:                     

  

							
	GOTHAM GREEN FUND II, L.P.
By Gotham Green GP II, LLC, its General Partner	 		 	 GOTHAM GREEN FUND II (Q), L.P.

By Gotham Green GP II, LLC, its General Partner

				
	By:	 	                    	 	By:	 	                    
		 	Name:                     	 		 	Name:                     
		 	Title:                     	 		 	Title:                     

  

							
	GOTHAM GREEN CREDIT PARTNERS SPV 1, L.P.
By Gotham Green Partners GP 1, LLC, its General Partner	 		 	 GOTHAM GREEN PARTNERS SPV V, L.P.

By Gotham Green Partners SPV V, LLC, its General Partner

				
	By:	 	                    	 	By:	 	                    
		 	Name:                     	 		 	Name:                     
		 	Title:                     	 		 	Title:                     

 [Signature page to Investor Rights Agreement] 

			
	[*]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[*]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 [*]

	
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 [*]

	
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature page to Investor Rights Agreement] 

 SCHEDULE 5.2 

SAMPLE VOTING RESTRICTION CALCULATION 

For example, as of the Effective Date, assuming: 
  

	 	(i)	 Gotham receives 2,568,047,190 Debt Exchange Common Shares; 

 

	 	(ii)	 the Non-Participating Secured Lenders receive 468,242,662 Debt
Exchange Common Shares; and 

  

	 	(iii)	 there are 6,244,297,897 Common Shares issued and outstanding; 

Gotham would not be permitted to vote in aggregate 1,248,956,812 of its Debt Exchange Common Shares (in this example, the “Non-Votable Gotham Debt Exchange Common Shares”) because: 
  

	 	(a)	 the number of Debt Exchange Common Shares held by Gotham (2,568,047,190) plus the Non-Participating Secured Lender Shares (468,242,662) less the Non-Votable Gotham Debt Exchange Common Shares (1,248,956,812); 

 

	 	(b)	 divided by the total outstanding Common Shares (6,244,297,897) less the
Non-Votable Gotham Debt Exchange Common Shares (1,248,956,812) 

 is equal to
35.78%. Therefore, Gotham would be able to vote 1,319,090,378 of its Debt Exchange Common Shares and also vote any other Common Shares it holds or acquires, but it would not be able to vote the 1,248,956,812
Non-Votable Gotham Debt Exchange Common Shares. 
 The number of
Non-Votable Gotham Debt Exchange Common Shares will decrease over time (and therefore the number of Debt Exchange Common Shares that Gotham will be able to vote will increase) as the number of Non-Participating Secured Lender Shares decreases and as the number of outstanding Common Shares increases. 

  
 5.2-1 

 SCHEDULE 9.6 

JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made as of the date below by the undersigned in
connection with the Investor Rights Agreement dated [_____________], 20[_____] (as amended or modified from time to time, the “Investor Rights Agreement”) among iAnthus Capital Holdings, Inc., iAnthus Capital Management, LLC, and
each of the Investors (as defined in the Investor Rights Agreement). Capitalized terms used herein have the meanings assigned in the Investor Rights Agreement unless otherwise defined herein. 

RECITALS: 
 (a)
Section 9.6 of the Investor Rights Agreement requires that, upon any assignment or transfer of Common Shares held by any of the Investors, except for transfers to non-Affiliated third party transferees, the
assignee or transferee shall be required to enter into the Investor Rights Agreement by completing this Joinder Agreement, and shall be treated as a Party and an Affiliate of the applicable Investor for all purposes of the Investor Rights Agreement,
unless the Parties agree otherwise. 
 (b) The undersigned wishes to be bound by the terms of the Investor Rights Agreement
on the terms and subject to the conditions set forth in this Joinder Agreement. 
 NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees as follows: 

(a) The undersigned hereby agrees to become a party to the Investor Rights Agreement and to be fully bound by, and subject to
all of the covenants, terms, and conditions of the Investor Rights Agreement as though an original Party thereto. 
 (b) The
undersigned hereby represents and warrants to each of the other Parties that: 
  

	 	(i)	 it is an Affiliate of the Investor identified on the signature page hereof, 

 

	 	(ii)	 the representations and warranties set forth in the Investor Rights Agreement, as applicable, are true and
correct with respect to the undersigned as if given on the date hereof, and 

  

	 	(iii)	 the covenants set forth in the Investor Rights Agreement, as applicable, will remain true with respect to
the undersigned. 

 (c) Nothing in this Joinder Agreement modifies the Investor Rights Agreement except
for the addition of the undersigned as a Party. The Investor Rights Agreement shall remain in full force and effect in accordance with its terms. 

  
 9.6-1 

 STRICTLY CONFIDENTIAL 

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered by its proper and duly
authorized officer as of __________, 20_____. 
  

			
	 	 	[NAME OF PARTY]
		
	By:	 	 
	 	 	Name:
Title:

  

			
	 Details of
Party

		
	 Name of applicable Investor for purposes of

the Investor Rights Agreement (Gotham /

[*] / [*] / [*]):
	 	
		
	 Jurisdiction of formation:
	 	
		
	 Mailing Address:
	 	
		
	 Name of contact person for notices:
	 	
		
	 Email of contact person:
	 	

  
 9.6-2

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