Document:

Tim Hortons Inc. 2006 Stock Incentive Plan

 Exhibit 10(a) 
 TIM HORTONS INC. 
 2006 STOCK INCENTIVE PLAN 
 Amended and Restated as of May 1, 2008 
 Section 1. Purpose. The purpose of this Tim Hortons Inc. 2006 Stock Incentive Plan (the “Plan”) is to strengthen Tim Hortons Inc. (the “Company”) by providing an incentive to the employees and
directors of the Company and its subsidiaries (the “Subsidiaries”) and thereby encouraging them to devote their abilities and industry to the success of the Company’s and that of its Subsidiaries’ business enterprises. It
is intended that this purpose be achieved by extending to Eligible Individuals (as defined herein) an added long-term incentive for high levels of performance and unusual efforts through the grant of Restricted Stock, Options, Stock Appreciation
Rights, Dividend Equivalent Rights, Performance Awards, Share Awards, Formula Restricted Stock Units and Stock Units (as each term is herein defined). 
 Section 2. Administration of the Plan. 
 2.1. Committee Composition; Powers. The Plan
shall be administered by the Human Resource and Compensation Committee (“Committee”) of the Board. The members of the Committee shall serve at the pleasure of the Board, which shall have the power at any time, or from time to time,
to remove members from the Committee or to add members thereto. Each member of the Committee shall be a Nonemployee Director and shall satisfy any applicable stock exchange requirements. The Committee shall construe and interpret the Plan, establish
such operating guidelines and rules as it deems necessary for the proper administration of the Plan and make such determinations and take such other action in connection with the Plan as it deems necessary and advisable. It shall determine the
Eligible Individuals to whom and the time or times at which Awards and Options shall be granted, the number of Shares to be subject to each Award and Option, the terms and conditions of each Award and Option and the duration of leaves of absence
which may be granted to Grantees and Optionees without constituting a termination of their employment, or status as a director for purposes of the Plan. Any such construction, interpretation, rule, determination or other action taken by the
Committee pursuant to the Plan shall be final, binding and conclusive on all interested parties, including without limitation the Company and all Grantees and Optionees. With respect to Options and other Awards that are intended to be
Performance-Based Compensation, the Committee shall be comprised of individuals who qualify as “outside directors” within the meaning of Section 162(m) of the Code and the regulations promulgated thereunder. 
 2.2. Committee Action. Actions by a majority of the Committee at a meeting at which a quorum is present, or actions approved in writing by all of
the members of the Committee, shall be the valid acts of the Committee. No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award or Option granted under it.

 Section 3. Maximum Number of Shares Subject to Plan. 
 3.1. Number of Shares Authorized for Issuance. Subject to any adjustment as provided in the Plan, the Shares to be issued under the Plan may be, in
whole or in part, 

 
authorized but unissued Shares, issued Shares which shall have been reacquired by the Company and held by it as treasury shares, Shares which have been
otherwise acquired by or on behalf of the Company, a Subsidiary, or a trust established by either of the Company or a Subsidiary and held for future delivery, or Shares acquired by delivery of cash to a broker to acquire Shares on behalf of
employees and/or directors. The aggregate number of Shares that may be made the subject of Awards or Options granted under the Plan shall not exceed 2,900,000, and not more than 1,000,000 Shares may be made the subject of Incentive Stock Option
Awards under the Plan. The number of Shares that may be the subject of Options and Stock Appreciation Rights granted to an Eligible Individual in any calendar year may not exceed 250,000 Shares. The number of Shares that may be the subject of
Performance Shares granted to an Eligible Individual in any calendar year may not exceed 250,000 Shares. The dollar amount of cash or the Fair Market Value of Shares that any Eligible Individual may receive in any calendar year in respect of
Performance Units denominated in dollars may not exceed U.S. $4,000,000. 
 3.2. Calculating Shares Available. 
 (i) Upon the granting of an Award or an Option, the number of Shares available under this Section 3 for the granting of further Awards and Options
shall be reduced as follows: 
 (a) In connection with the granting of an Award or an Option (other than the granting of a Performance Unit
denominated in dollars or Dividend Equivalent Rights), the number of Shares available under this Section 3 for the granting of further Options and Awards shall be reduced by the number of Shares in respect of which the Option or Award is
granted or denominated; provided, however, that if any Option is exercised by tendering Shares, either actually or by attestation, to the Company as full or partial payment of the Option Price, the maximum number of Shares available under
this Section 3 shall be increased by the number of Shares so tendered. 
 (b) In connection with the granting of a Performance Unit
denominated in dollars, the number of Shares available under this Section 3 for the granting of further Options and Awards initially shall be reduced by an amount equal to the quotient of (i) the dollar amount in which the Performance Unit
is denominated, divided by (ii) the Fair Market Value of a Share on the date the Performance Unit is granted, with a corresponding adjustment if the Performance Unit is ultimately settled in whole or in part with a different number of Shares.

 (c) In connection with the granting of a Dividend Equivalent Right, the number of Shares available under this Section 3 shall not be
reduced; provided, however, that if Shares are issued in settlement of a Dividend Equivalent Right, the number of Shares available for the granting of further Options and Awards under this Section 3 shall be reduced by the number of
Shares so issued. 
 (ii) Whenever any outstanding Option or Award or portion thereof expires, is canceled, is settled in cash (including
the settlement of tax withholding obligations using Shares) or is otherwise terminated for any reason without having been exercised or payment having been made in respect of the entire Option or Award, the Shares allocable to the expired, canceled,
settled or otherwise terminated portion of the Option or Award may again be 

  

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the subject of Options or Awards granted hereunder. In addition, upon settlement of a Stock Appreciation Right in Shares, the excess of the number of Shares
covered by the Stock Appreciation Right over the number of Shares issued in settlement of the Stock Appreciation Right may again be the subject of Options or Awards granted hereunder. 
 Section 4. Restricted Stock; Stock Units. 
 4.1. Restricted Stock. The Committee, from time to time, subject to the terms and provisions of the Plan, may grant to any Eligible Individual an Award of Restricted Stock, which shall be evidenced by an
Agreement. Each Agreement shall contain such restrictions, terms and conditions as the Committee may, in its discretion, determine and (without limiting the generality of the foregoing) such Agreements may require that an appropriate legend be
placed on Share certificates. Awards of Restricted Stock shall be subject to the terms and provisions set forth below in this Section 4.1. 
 (i) Rights of Grantee. Shares of Restricted Stock granted pursuant to an Award hereunder shall be issued in the name of the Grantee as soon as reasonably practicable after the Award is granted, provided that the Grantee has
executed any and all documents which the Committee may require as a condition to the issuance of such Shares, which may include an Agreement evidencing the Award, the appropriate blank stock powers and an escrow agreement. If a Grantee shall fail to
execute any documents which the Committee may require within the time period prescribed by the Committee at the time the Award of Restricted Stock is granted, the Award shall be null and void. At the discretion of the Committee, Shares issued in
connection with an Award of Restricted Stock shall be deposited together with the stock powers with an escrow agent (which may be the Company) designated by the Committee. Unless the Committee determines otherwise as set forth in the Agreement, upon
delivery of the Shares to the escrow agent (which may be in the form of book entry Shares), the Grantee shall have all of the rights of a stockholder with respect to such Shares, including the right to vote the Shares and to receive all dividends or
other distributions paid or made with respect to the Shares. 
 (ii) Non-Transferability. Until all restrictions upon the Shares of
Restricted Stock awarded to a Grantee shall have lapsed in the manner set forth in Section 4.1(iii), such Shares shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iii) Lapse of Restrictions. 
 (a)
Generally. Restrictions upon Shares of Restricted Stock awarded hereunder shall lapse at such time or times and on such terms and conditions as the Committee may determine. The Agreement evidencing the Award shall set forth any such
restrictions. 
 (b) Effect of Change in Control. Upon a Change in Control, the restrictions upon Shares of Restricted Stock shall
lapse. 
 (iv) Treatment of Dividends. At the time an Award of Shares of Restricted Stock is granted, the Committee may, in its
discretion, determine that the payment to 

  

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the Grantee of dividends, or a specified portion thereof, declared or paid on such Shares by the Company shall be (a) deferred until the lapsing of the
restrictions imposed upon such Shares and (b) held by the Company for the account of the Grantee until such time. In the event that dividends are to be deferred, the Committee shall determine whether such dividends are to be reinvested in
Shares (which shall be held as additional Shares of Restricted Stock) or held in cash. If deferred dividends are to be held in cash, there may be credited interest on the amount of the account at such times and at a rate per annum as the Committee,
in its discretion, may determine. Payment of deferred dividends in respect of Shares of Restricted Stock (whether held in cash or as additional Shares of Restricted Stock), together with interest accrued thereon, if any, shall be made upon the
lapsing of restrictions imposed on the Shares in respect of which the deferred dividends were paid, and any dividends deferred (together with any interest accrued thereon) in respect of any Shares of Restricted Stock shall be forfeited upon the
forfeiture of such Shares. 
 (v) Delivery of Shares. Upon the lapse of the restrictions on Shares of Restricted Stock, the Committee
shall cause a stock certificate or evidence of book entry Shares to be delivered to the Grantee with respect to such Shares of Restricted Stock, free of all restrictions hereunder. 
 4.2. Stock Unit Awards. 
 (i)
Grant. The Committee, from time to time, may grant to any Eligible Individual an Award of Stock Units, which shall be evidenced by an Agreement. Any Award of Stock Units shall be subject to the terms and provisions of the Plan, and further
subject to such other conditions as may be established by the Committee in connection with such Award, including, but not limited to, the attainment of performance objectives prior to the anticipated grant date of the Award. Each Agreement shall
contain such restrictions, terms and conditions as the Committee may, in its discretion, determine. 
 (ii) Payment of Awards. Each
Stock Unit shall represent the right of the Grantee to receive a payment upon vesting of the Stock Unit or on any later date specified by the Committee equal to the Fair Market Value of a Share as of the date the Stock Unit was granted, the vesting
date or such other date as determined by the Committee at the time the Stock Unit was granted. The Committee may, at the time a Stock Unit is granted, provide a limitation on the amount payable in respect of each Stock Unit. The Committee may
provide for the settlement of Stock Units in cash or with Shares having a Fair Market Value equal to the payment to which the Grantee has become entitled, or a combination thereof. 
 (iii) Effect of Change in Control. Upon a Change in Control, Stock Units shall become fully vested. 
 Section 5. Non-Employee Director Restricted Stock Unit Grants. 
 5.1. Formula Restricted Stock Unit Grants. In 2006, each Eligible Director shall be granted 2,730 Formula Restricted Stock Units. Each Formula Restricted Stock Unit shall be accompanied by one (1) related
Dividend Equivalent Right. Such Formula Restricted Stock Units and related Dividend Equivalent Rights were granted on May 1, 2006. 
  

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 5.2. Formula Restricted Stock Unit and Dividend Equivalent Right Agreements. All Formula
Restricted Stock Units and related Dividend Equivalent Rights shall be evidenced by an Agreement, which shall include the following terms and conditions: 
 (i) Grantee and Number of Units. Each Agreement shall state the name of the Eligible Director to whom the Formula Restricted Stock Units have been granted and shall state the number of Formula Restricted Stock
Units and Dividend Equivalent Rights granted. 
 (ii) Dividend Equivalent Units Accompanying Formula Restricted Stock Units. Each
Dividend Equivalent Right shall provide that any dividends or distributions that are paid with respect to Shares subject to the Formula Restricted Stock Units to which the Dividend Equivalent Right relates shall be automatically converted into
additional Formula Restricted Stock Units based on the Fair Market Value of a Share on the date such dividend is paid (provided that no fractional Formula Restricted Stock Units shall be granted). The amount of any cash dividends or distributions
remaining in respect of a fractional Share shall be added to any subsequent cash dividends or distributions paid in respect of Shares subject to Formula Restricted Stock Units and converted into additional Formula Restricted Stock Units or, if
earlier, paid to the Eligible Director upon the vesting of the Formula Restricted Stock Unit in respect of which such dividend or distribution was paid, in accordance with Section 5.2(iv) below. 
 (iii) Non-Transferability. Until the Formula Restricted Stock Units awarded to the Grantee have vested in the manner set forth in
Section 5.2(iv), such units shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iv) Vesting; Issuance of Shares. 
 (a) General Vesting. One-third of the Formula Restricted Stock Units shall vest
on each of the first two anniversaries of the grant date of such Formula Restricted Stock Units, and the remainder shall vest on November 1 following the second anniversary of the grant date of such Formula Restricted Stock Units. 

(b) Vesting Upon Certain Terminations of Service. In the event a Grantee’s services as a director of the Company is terminated by reason
of the Grantee’s death, the Grantee’s becoming Disabled, or by reason of the Grantee’s Retirement, then all Formula Restricted Stock Units (including all Dividend Equivalent Rights granted in respect of such units) held by the Grantee
shall become immediately vested as of the date of such termination. 
 (c) Effect of Change in Control. Upon a Change in Control, the
restrictions upon Formula Restricted Stock Units shall lapse. 
 (d) Issuance of Shares. Upon vesting of Formula Restricted Stock
Units pursuant to Section 5.2(iv), (A) the Committee shall cause a stock certificate or evidence of book entry Shares to be delivered to the Grantee with respect to the Shares subject to the vested Formula Restricted Stock Units, free of
all restrictions hereunder and (B) the Dividend Equivalent Rights related to the vested Formula Restricted Stock Units shall terminate. 
  

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 (v) Termination of Services by Grantee. Except as otherwise set forth in Section 5.2(iv),
upon the termination of a Grantee’s services as a director, for any reason whatsoever, the unvested Formula Restricted Stock Units (including any Dividend Equivalent Rights granted in respect of such units) shall be forfeited as of the date of
such termination. 
 (vi) Amendment of Section 5. No Formula Restricted Stock Units shall be granted under this Section 5
for 2007 or any year thereafter. Notwithstanding the foregoing sentence, the provisions of this Section 5 will govern all outstanding grants of Formula Restricted Stock Units that were made in 2006. Subject to the other terms of this Plan, the
amendment of this Section 5 shall not preclude grants of any other Awards under this Plan to Eligible Directors. 
 Section 6.
Option Grants to Eligible Individuals. 
 6.1. Selection of Optionees. The Committee, from time to time, subject to the terms and
provisions of the Plan, may grant Options to any Eligible Individual. In determining the persons to whom Options shall be granted and the number of Shares to be covered by each Option, the Committee may take into account the nature of the services
rendered by such persons, their present and potential contribution to the success and growth of the Company and its Subsidiaries, and such other factors as the Committee, in its discretion, shall deem relevant. Any Eligible Individual who has been
granted an Option under a prior stock option plan of the Company may be granted an additional Option or Options under the Plan if the Committee shall so determine. 
 6.2. Option Requirements. The Options granted pursuant to this Section 6 shall be authorized by the Committee and shall be evidenced by an Agreement, which Agreement shall include the following terms and
conditions: 
 (i) Optionee. Each Agreement shall state the name of the Optionee to whom the Option has been granted. 
 (ii) Number of Shares. Each Agreement shall state the number of Shares to which that Option pertains. 
 (iii) Purchase Price. Each Agreement shall state the Option Price, which shall be not less than one hundred percent (100%) of the Fair
Market Value of the Shares covered by such Option on the date of grant of such Option. 
 (iv) Length of Option. Except as otherwise
provided in Section 6.3, each Option granted pursuant to this Section 6 shall be granted for a period to be determined by the Committee but in no event to exceed more than ten (10) years. However, each Option shall be exercisable only
during such portion of its term as the Committee shall determine and, subject to Section 11, only if the Optionee is employed by the Company or a Subsidiary at the time of such exercise. The Committee may, subsequent to the granting of any
Option, extend the exercise period thereof, but in no event shall the exercise period as so extended exceed the 

  

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earlier of (1) the latest date upon which the Option could have expired by its original terms under any circumstances (including the circumstances
described in Section 6.2(v)) or (2) the tenth anniversary of the date of grant of the Option. 
 (v) Exercise of Option.
Each Optionee shall have the right to exercise his or her Option at the time or times and in the manner specified in the Plan or in the Agreement evidencing such Option. The Committee may accelerate the exercisability of any Option granted to an
Eligible Individual or any portion thereof at any time. Notwithstanding anything to the contrary contained in this Plan, unless otherwise specified in the Agreement evidencing the Option, if an Option (other than an Incentive Stock Option) expires
outside of a Trading Window, then the expiration of the term of such Option shall be the later of (I) the date the Option would have expired by its original terms (including the terms set forth in Section 11 of this Plan) or (II) the end
of the tenth trading day of the immediately succeeding Trading Window during which the Company would allow the Optionee to trade in its securities; provided, however, that in no event shall the Option expire beyond the tenth anniversary of the date
of grant of the Option. 
 6.3. Types of Stock Options. The Options granted under the Plan may be Nonqualified Stock Options or
Incentive Stock Options. Incentive Stock Options may be granted only to Eligible Individuals who are employees of the Company or its “parent corporation” or a “subsidiary corporation” (as such terms are defined in
Section 424 of the Code). Notwithstanding anything to the contrary contained in this Section 6, no Incentive Stock Option shall be granted to an individual owning stock possessing more than ten percent (10%) of the total combined
voting power of the Company, or its parent corporation or subsidiary corporations unless (i) the Option Price at the time such Option is granted is equal to at least one hundred ten percent (110%) of the Fair Market Value of the Shares
subject to the Option, and (ii) such Option by its terms is not exercisable after the expiration of five (5) years from the date such Option is granted. Further, the aggregate Fair Market Value (determined at the time the Option is
granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under all such plans of the Company and its subsidiary corporations) shall not exceed one hundred
thousand dollars (U.S. $100,000.00). 
 6.4. Method of Exercise of Options. Each Option shall be exercised pursuant to the terms of
such Option as set forth in the applicable Agreement and pursuant to the terms of the Plan by giving notice to the Company at its principal place of business or other address designated by the Company or in such other manner as is acceptable to the
Committee. Payment of the Option Price for the number of Shares specified in the notice of exercise in the form of cash, certified check, bank draft or other property acceptable to the Committee shall accompany the notice of exercise. From time to
time the Committee may establish procedures relating to the exercise of Options, including procedures for cashless exercises, including through a registered broker-dealer. No fractional Shares (or cash in lieu thereof) shall be issued as a result of
exercising an Option. The Company shall make delivery of such Shares as soon as possible; provided, however, that if any law or regulation or securities exchange rule requires the Company to take action with respect to the Shares specified in
such notice before issuance thereof, the date of delivery of such Shares shall then be extended for the period necessary to take such action. 
  

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 6.5. Non-Transferability of Options. Except to the extent that, pursuant to the terms of the Plan
or an Agreement, an Optionee’s legal representative or estate is permitted to exercise an Option, an Option is exercisable during an Optionee’s lifetime only by the Optionee. The Options shall not be transferable except by will or the laws
of descent and distribution. 
 6.6. Change in Control. In the event of a Change in Control, all Options outstanding on the date of
such Change in Control shall become immediately and fully exercisable. 
 6.7. Buy Out of Option Gains. At any time after any Option
becomes exercisable, the Committee shall have the right to elect, in its sole discretion and without the consent of the holder thereof, to cancel such Option and pay to the Optionee the excess of the Fair Market Value of the Shares covered by such
Option over the Option Price of such Option at the date the Committee provides written notice (the “Buy Out Notice”) of the intention to exercise such right. Buy outs pursuant to this provision shall be effected by the Company as
promptly as possible after the date of the Buy Out Notice. Payments of buy out amounts may be made in cash, in Shares, or partly in cash and partly in Shares, as the Committee deems advisable. To the extent payment is made in Shares, the number of
Shares shall be determined by dividing the amount of the payment to be made by the Fair Market Value of a Share at the date of the Buy Out Notice. In no event shall the Company be required to deliver a fractional Share in satisfaction of this buy
out provision. For greater certainty, the Company may only deliver a Buy Out Notice in respect of Options that have not already been exercised by the Optionee. 
 Section 7. Stock Appreciation Rights. 
 7.1. Grant. The Committee, from time to time,
subject to the terms and provisions of the Plan, may, either alone or in connection with the grant of an Option, grant to any Eligible Individual Stock Appreciation Rights in accordance with the Plan, the terms and conditions of which shall be set
forth in an Agreement. A Stock Appreciation Right may be granted (a) at any time if unrelated to an Option, or (b) if related to an Option, at the time of grant of the Option. 
 7.2. Stock Appreciation Right Related to an Option. If granted in connection with an Option, a Stock Appreciation Right shall cover the same
Shares covered by the Option (or such lesser number of Shares as the Committee may determine) and shall, except as provided in this Section 7, be subject to the same terms and conditions as the related Option. The Stock Appreciation Right
Related to an Option provides a right to surrender to the Company, in whole or in part, the unexercised Option to purchase Shares and receive from the Company the amount payable described in subsection (ii) below. 
 (i) Exercise. A Stock Appreciation Right granted in connection with an Option shall be exercisable at such time or times and only to the extent
that the related Options are exercisable, and will not be transferable except to the extent the related Option may be transferable. A Stock Appreciation Right granted in connection with an Incentive Stock Option shall be exercisable only if the Fair
Market Value of a Share on the date of exercise exceeds the exercise price specified in the related Incentive Stock Option Agreement. 
  

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 (ii) Amount Payable. Upon the exercise of a Stock Appreciation Right related to an Option, the
Grantee shall be entitled to receive an amount determined by multiplying (A) the excess of the Fair Market Value of a Share on the date of exercise of such Stock Appreciation Right over the Option Price under the related Option, by (B) the
number of Shares as to which such Stock Appreciation Right is being exercised. Notwithstanding the foregoing, the Committee may limit in any manner the amount payable with respect to any Stock Appreciation Right by including such a limit in the
Agreement evidencing the Stock Appreciation Right at the time it is granted. 
 (iii) Treatment of Related Options and Stock Appreciation
Rights Upon Exercise. Upon the exercise of a Stock Appreciation Right granted in connection with an Option, the Option shall be canceled (i.e., surrendered to the Company) to the extent of the number of Shares as to which the Stock
Appreciation Right is exercised, and upon the exercise of an Option granted in connection with a Stock Appreciation Right, the Stock Appreciation Right shall be canceled (i.e., surrendered to the Company) to the extent of the number of Shares
as to which the Option is exercised or surrendered. 
 7.3. Stock Appreciation Right Unrelated to an Option. A Stock Appreciation
Right unrelated to an Option shall cover such number of Shares as the Committee shall determine. 
 (i) Terms; Duration. Stock
Appreciation Rights unrelated to Options shall contain such terms and conditions as to exercisability, vesting and duration as the Committee shall determine, but in no event shall they have a term of greater than ten (10) years. However, each
Stock Appreciation Right shall be exercisable only during such portion of its term as the Committee shall determine and, subject to Section 11, only if the Grantee is employed by the Company or a Subsidiary at the time of such exercise.
Notwithstanding anything to the contrary contained in this Plan, unless otherwise specified in the Agreement evidencing the Stock Appreciation Rights unrelated to Options, if a Stock Appreciation Right unrelated to an Option expires outside of a
Trading Window, then the expiration of the term of such Stock Appreciation Right shall be the later of (A) the date the Stock Appreciation Right would have expired by its original terms (including the terms set forth in Section 11 of this
Plan) or (II) the end of the tenth trading day of the immediately succeeding Trading Window during which the Company would allow the Grantee to trade in its securities; provided, however, that in no event shall the Stock Appreciation Right expire
later than the tenth anniversary of the date of grant of the Stock Appreciation Right. 
 (ii) Amount Payable. Upon exercise of a
Stock Appreciation Right unrelated to an Option, the Grantee shall be entitled to receive an amount determined by multiplying (a) the excess of the Fair Market Value of a Share on the date of exercise of such Stock Appreciation Right over the
Fair Market Value of a Share on the date the Stock Appreciation Right was granted, by (b) the number of Shares as to which the Stock Appreciation Right is being exercised. Notwithstanding the foregoing, the Committee may limit in any manner the
amount payable with respect to any Stock Appreciation Right by including such a limit in the Agreement evidencing the Stock Appreciation Right at the time it is granted. 
  

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 (iii) Non-Transferability. No Stock Appreciation Right unrelated to an Option shall be
transferable by the Grantee otherwise than by will or the laws of descent and distribution, and such Stock Appreciation Right shall be exercisable during the lifetime of such Grantee only by the Grantee or his or her guardian or legal
representative. 
 7.4. Method of Exercise. Stock Appreciation Rights shall be exercised by a Grantee only by giving written notice to
the Company at its principal place of business or other address designated by the Company, specifying the number of Shares with respect to which the Stock Appreciation Right is being exercised. If requested by the Committee, the Grantee shall
deliver the Agreement evidencing the Stock Appreciation Right being exercised and the Agreement evidencing any related Option to the Company, which shall endorse thereon a notation of such exercise and return such Agreement to the Grantee.

 7.5. Form of Payment. Payment of the amount determined under Section 7.2(ii) or 7.3(ii) may be made in the discretion of the
Committee solely in whole Shares in a number determined at their Fair Market Value on the date of exercise of the Stock Appreciation Right, or solely in cash, or in a combination of cash and Shares. If the Committee decides to make full payment in
Shares and the amount payable results in a fractional Share, payment for the fractional Share will be made in cash. 
 7.6. Effect of
Change in Control. In the event of a Change in Control, all Stock Appreciation Rights shall become immediately and fully exercisable. 
 Section 8. Dividend Equivalent Rights. The Committee, from time to time, subject to the terms and provisions of the Plan, may grant Dividend Equivalent Rights to any Eligible Individual in tandem with an Option or Award or as a
separate Award. The terms and conditions applicable to each Dividend Equivalent Right shall be specified in the Agreement under which the Dividend Equivalent Right is granted. Except as provided in Section 5, amounts payable in respect of
Dividend Equivalent Rights may be payable currently or, if applicable, deferred until the lapsing of restrictions on such Dividend Equivalent Rights or until the vesting, exercise, payment, settlement or other lapse of restrictions on the Option or
Award to which the Dividend Equivalent Rights relate. In the event that the amounts payable in respect of Dividend Equivalent Rights are to be deferred, the Committee shall determine whether such amounts are to be held in cash or reinvested in
Shares or deemed (notionally) to be reinvested in Shares. If amounts payable in respect of Dividend Equivalent Rights are to be held in cash, there may be credited at the end of each year (or portion thereof) interest on the amount of the account at
the beginning of the year at a rate per annum as the Committee, in its discretion, may determine. Dividend Equivalent Rights may be settled in cash or Shares or a combination thereof, in a single installment or multiple installments as determined by
the Committee. Notwithstanding the foregoing, amounts payable in respect of a Dividend Equivalent Right granted in connection with an Option or a Stock Appreciation Right may not be contingent upon, or otherwise payable on, the exercise of the
Option or the Stock Appreciation Right, and shall be granted in a manner and on such terms as will not result in the related Option or Stock Appreciation Right as being treated as providing for deferred compensation under Section 409A of the
Code and the regulations promulgated thereunder. 
  

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 Section 9. Performance Awards. 
 9.1. Performance Units. The Committee, from time to time, subject to the terms and provisions of the Plan, may grant to any Eligible Individual an
Award of Performance Units, the terms and conditions of which shall be set forth in an Agreement. Performance Units may be denominated in Shares or a specified dollar amount and, contingent upon the attainment of specified Performance Objectives
within the Performance Cycle, each Unit represents the right to receive payment as provided in Sections 9.1(i) and (ii) of (a) in the case of Share-denominated Performance Units, the Fair Market Value of a Share on the date the Performance
Unit was granted, the date the Performance Unit became vested or any other date specified by the Committee, (b) in the case of dollar-denominated Performance Units, the specified dollar amount or (c) a percentage (which may be more than
100%) of the amount described in clause (a) or (b) depending on the level of Performance Objective attainment; provided, however, that the Committee may at the time a Performance Unit is granted specify a maximum amount payable in
respect of a vested Performance Unit. Each Agreement shall specify the number of Performance Units to which it relates, the Performance Objectives which must be satisfied in order for the Performance Units to vest and the Performance Cycle within
which such Performance Objectives must be satisfied. 
 (i) Vesting and Forfeiture. Subject to Sections 9.3(iii) and 9.4, a Grantee
shall become vested with respect to the Performance Units to the extent that the Performance Objectives set forth in the Agreement are satisfied for the Performance Cycle. 
 (ii) Payment of Awards. Subject to Sections 9.3(iii) and 9.4, payment to Grantees in respect of vested Performance Units shall be made as soon as
practicable after the last day of the Performance Cycle to which such Award relates. Subject to Section 9.4, such payments may be made entirely in Shares valued at their Fair Market Value, entirely in cash, or in such combination of Shares and
cash as the Committee in its discretion shall determine at any time prior to such payment; provided, however, that if the Committee in its discretion determines to make such payment entirely or partially in Shares of Restricted Stock, the
Committee must determine the extent to which such payment will be in Shares of Restricted Stock and the terms of such Restricted Stock at the time the Award is granted. 
 9.2. Performance Shares. The Committee, from time to time, subject to the terms and provisions of the Plan, may grant to any Eligible Individual an Award of Performance Shares, the terms and conditions of which
shall be set forth in an Agreement. Each Agreement may require that an appropriate legend be placed on Share certificates. Awards of Performance Shares shall be subject to the following terms and provisions: 
 (i) Rights of Grantee. Performance Shares shall be issued in the name of the Grantee as soon as reasonably practicable after the Award is granted,
or on such other date as the Committee may determine, provided that the Grantee has executed all documents which the Committee may require as a condition to the issuance of such Performance Shares, which may include an Agreement evidencing
the Award, the appropriate blank stock powers 

  

 11 

 
and an escrow agreement. If a Grantee shall fail to execute any documents which the Committee may require within the time period prescribed by the Committee
at the time the Award of Performance Shares is granted, the Award shall be null and void. At the discretion of the Committee, Shares issued in connection with an Award of Performance Shares shall be deposited together with the stock powers with an
escrow agent (which may be the Company) designated by the Committee. Unless the Committee determines otherwise as set forth in the Agreement, upon delivery of the Shares to the escrow agent (which may be in the form of book entry Shares), the
Grantee shall have all of the rights of a stockholder with respect to such Shares, including the right to vote the Shares and, subject to Section 9.2(iv), to receive all dividends or other distributions paid or made with respect to the Shares.

 (ii) Non-Transferability. Until any restrictions upon the Performance Shares awarded to a Grantee shall have lapsed in the manner
set forth in Section 9.2(iii) or 9.4, such Performance Shares shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iii) Lapse of Restrictions. Subject to Sections 9.3(iii) and 9.4, restrictions upon Performance Shares awarded hereunder shall lapse and such
Performance Shares shall become vested at such time or times and on such terms, conditions and satisfaction of Performance Objectives as the Committee may, in its discretion, determine at the time an Award is granted. Performance Shares with respect
to which Performance Objectives have been attained may also be subject to additional vesting conditions based on continued service or such other conditions as may be established by the Committee at the time the Award is granted. 
 (iv) Treatment of Dividends. At the time the Award of Performance Shares is granted, the Committee may, in its discretion, determine that the
payment to the Grantee of dividends, or a specified portion thereof, declared or paid on Shares represented by such Award which have been issued by the Company to the Grantee shall be (A) deferred until the lapsing of the restrictions imposed
upon such Performance Shares and (B) held by the Company for the account of the Grantee until such time. In the event that dividends are to be deferred, the Committee shall determine whether such dividends are to be reinvested in Shares (which
shall be held as additional Performance Shares) or held in cash. If deferred dividends are to be held in cash, there may be credited interest on the amount of the account at such times and at a rate per annum as the Committee, in its discretion, may
determine. Payment of deferred dividends in respect of Performance Shares (whether held in cash or in additional Performance Shares), together with interest accrued thereon, if any, shall be made upon the lapsing of restrictions imposed on the
Performance Shares in respect of which the deferred dividends were paid, and any dividends deferred (together with any interest accrued thereon) in respect of any Performance Shares shall be forfeited upon the forfeiture of such Performance Shares.

 (v) Delivery of Shares. Upon the lapse of the restrictions on Performance Shares awarded hereunder, the Committee shall cause a
stock certificate or evidence of book entry Shares to be delivered to the Grantee with respect to such Performance Shares, free of all restrictions hereunder. 
  

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 9.3. Performance Objectives 
 (i) Establishment. Performance Objectives for Performance Awards may be expressed in terms of earnings per share, earnings (which may be expressed
as earnings before specified items), return on assets, return on invested capital, revenue, operating income, cash flow, total shareholder return or any combination thereof. Performance Objectives may be in respect of the performance of the Company,
any of its Subsidiaries, any of its Operating Units or any combination thereof. Performance Objectives may be absolute or relative (to prior performance of the Company or to the performance of one or more other entities or external indices) and may
be expressed in terms of a progression within a specified range. The Performance Objectives with respect to a Performance Cycle shall be established in writing by the Committee by the earlier of (x) the date on which twenty-five percent
(25%) of the Performance Cycle has elapsed or (y) the date which is ninety (90) days after the commencement of the Performance Cycle, and in any event while the performance relating to the Performance Objectives remain substantially
uncertain. 
 (ii) Effect of Certain Events. At the time of the granting of a Performance Award, or at any time thereafter, in either
case to the extent permitted under Section 162(m) of the Code and the regulations thereunder without adversely affecting any Performance Award that is intended to constitute Performance-Based Compensation, the Committee may provide for the
manner in which performance will be measured against the Performance Objectives (or may adjust the Performance Objectives) to reflect the impact of specified corporate transactions (such as a stock split or stock dividend), special charges,
accounting or tax law changes and other extraordinary or nonrecurring events. 
 (iii) Determination of Performance. Prior to the
vesting, payment, settlement or lapsing of any restrictions with respect to any Performance Award that is intended to constitute Performance-Based Compensation made to a Grantee who is subject to Section 162(m) of the Code, the Committee shall
certify in writing that the applicable Performance Objectives have been satisfied to the extent necessary for such Award to qualify as Performance-Based Compensation. The Committee shall not be entitled to exercise any discretion otherwise
authorized hereunder with respect to such Options or Awards if the ability to exercise such discretion or the exercise of such discretion itself would cause the compensation attributable to such Options or Awards to fail to qualify as
Performance-Based Compensation. 
 9.4. Effect of Change in Control. Unless the Committee determines otherwise at the time of grant of
a Performance Award, in the event of a Change in Control: 
 (i) With respect to Performance Units, the Grantee shall (A) become vested
in all outstanding Performance Units as if all Performance Objectives had been satisfied at the highest level by the Company and the Grantee and (B) be entitled to receive in respect of all Performance Units which become vested as a result of a
Change in Control a cash payment within ten (10) days after such Change in Control. 
  

 13 

 (ii) With respect to Performance Shares, all restrictions shall lapse immediately on all outstanding
Performance Shares as if all Performance Objectives had been satisfied at the highest level by the Company and the Grantee. 
 9.5.
Non-Transferability. Until the vesting of Performance Units or the lapsing of any restrictions on Performance Shares, as the case may be, such Performance Units or Performance Shares shall not be sold, transferred or otherwise disposed of and
shall not be pledged or otherwise hypothecated. 
 9.6. Performance-Based Compensation Treatment. At the time of grant of any
Performance Award intended to constitute Performance-Based Compensation, the Committee shall so designate such Award. 
 Section 10.
Share Awards. The Committee, from time to time, subject to the terms and provisions of the Plan, may grant to any Eligible Individual a Share Award on such terms and conditions as the Committee may determine in its sole discretion. Share Awards
may be made as additional compensation for services rendered by the Eligible Individual or may be in lieu of cash or other compensation to which the Eligible Individual is entitled from the Company. 
 Section 11. Effect of a Termination of Employment on Options and Awards. 
 11.1. Earlier Termination of Employment. Upon the termination of an Optionee’s or Grantee’s employment with the Company and its
Subsidiaries, for any reason whatsoever, except as otherwise set forth in this Section 11, in an Agreement or, with the consent of such individual, as determined by the Committee at any time prior to or after such termination, Options and
Awards granted to such individual will be treated as follows: 
 (i) Any Options and Stock Appreciation Rights will (A) to the extent
not vested and exercisable as of the date of such termination of employment, terminate on the date of such termination of employment and (B) to the extent vested and exercisable as of the date of such termination of employment, remain
exercisable for a period of ninety (90) days following the date of such termination of employment or, in the event of such Optionee’s or Grantee’s death during such ninety (90) day period, remain exercisable by the estate of the
deceased individual until the end of the period of one year following the date of such termination of employment (but in no event beyond the maximum term of the Option or Stock Appreciation Right). 
 (ii) Any unvested portion of any Restricted Stock or Stock Units will be immediately forfeited. 
 (iii) Any Performance Shares or Performance Units will terminate. 
 (iv) Any other Awards to the extent not vested will terminate. 
  

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 11.2. Upon Death or Disability. Except as otherwise provided in an Agreement, in the event of a
termination of an Optionee’s or Grantee’s employment with the Company and its Subsidiaries as a result of such individual’s death or such individual becoming Disabled, Options and Awards granted to such individual will be treated as
follows: 
 (i) Any Options or Stock Appreciation Rights shall become immediately exercisable as of the date of such termination of
employment, and the Optionee or Grantee, or in the event the Optionee or Grantee is incapacitated and unable to exercise the rights granted hereunder, the individual’s legal guardian or legal representative, or in the event the Optionee or
Grantee dies, the estate of the deceased individual, shall have the right to exercise any rights the Optionee or Grantee would otherwise have had under the Plan for a period of four years after the date of such termination (but in no event beyond
the maximum term of the Option or Stock Appreciation Right). Notwithstanding the foregoing, in the event that an Optionee does not exercise the vested portion of an Incentive Stock Option within the period required under Section 422 of the
Code, such Option shall be treated as a Nonqualified Stock Option upon exercise. 
 (ii) Any unvested portion of any Restricted Stock or
Stock Units will become immediately vested. 
 (iii) Any Performance Shares or Performance Units will remain outstanding and the Grantee or
the Grantee’s estate will be entitled to a pro-rata portion of the payment otherwise payable in respect of the Award (based on the number of full weeks the Grantee was employed by the Company or a Subsidiary during the applicable Performance
Cycle over the total number of weeks in such Performance Cycle), which will be paid on the date the Award would have been paid if the Grantee had remained employed with the Company or a Subsidiary. 
 11.3. Upon Retirement. Except as otherwise provided in an Agreement, in the event of a termination of an Optionee’s or Grantee’s
employment with the Company and its Subsidiaries by reason of such individual’s Retirement, Options and Awards granted to such individual will be treated as follows: 
 (i) With respect to any Option or Stock Appreciation Right, for a period of four years following the date of such Retirement (but in no event beyond the maximum term of the Option or Stock Appreciation Right), the
Option or Stock Appreciation Right, as applicable, shall remain outstanding and (A) to the extent not then fully vested, shall continue to vest in accordance with its applicable vesting schedule, and (B) the Optionee or the Grantee, as
applicable, shall have the right to exercise any rights the individual would otherwise have had under the Plan prior to the expiration of the four-year period (or, if earlier, the maximum term of the Option or Stock Appreciation Right).
Notwithstanding the foregoing, in the event that an Optionee does not exercise the vested portion of an Incentive Stock Option prior to the expiration of the three-month period after the date of the Optionee’s Retirement, such Option shall be
treated as a Nonqualified Stock Option upon exercise. 
 (ii) Any unvested portion of any Restricted Stock will become immediately vested.

  

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 (iii) Any unvested Stock Units will remain outstanding and will continue to vest in accordance with
their applicable vesting schedules. 
 (iv) Any Performance Shares or Performance Units will remain outstanding and the Grantee will be
entitled to a pro-rata portion of the payment otherwise payable in respect of the Award (based on the number of full weeks the Grantee was employed by the Company or a Subsidiary during the applicable Performance Cycle over the total number of weeks
in such Performance Cycle), which will be paid on the date the Award would have been paid if the Grantee had remained employed with the Company or a Subsidiary. 
 11.4. Upon Termination of Employment in Connection with Certain Dispositions. Except as otherwise provided in an Agreement, in the event an Optionee’s or Grantee’s employment with the Company and its
Subsidiaries is terminated without Cause in connection with a sale or other disposition of a Subsidiary, the Options and Awards granted to such individual will be treated as follows: 
 (i) With respect to Options and Stock Appreciation Rights, such Award will remain outstanding and (A) to the extent not then fully vested, will
continue to vest in accordance with the applicable vesting schedule, and (B) the Optionee or Grantee will have the right to exercise any rights the individual would otherwise have had under the Plan for a period of one year following the date
of such termination (but in no event beyond the maximum term of the Option or Stock Appreciation Right). Notwithstanding the foregoing, in the event that an Optionee does not exercise the vested portion of an Incentive Stock Option prior to the
expiration of the three-month period after the date of the Optionee’s termination, such Option shall be treated as a Nonqualified Stock Option upon exercise. 
 (ii) Any unvested portion of any Restricted Stock or Stock Units will become immediately vested. 
 (iii)
Any Performance Shares or Performance Units will remain outstanding and the Grantee will be entitled to a pro-rata portion of the payment otherwise payable in respect of the Award (based on number of full weeks the Grantee was employed by the
Company or a Subsidiary during the applicable Performance Cycle over the total number of weeks in such Performance Cycle), which will be paid on the date the Award would have been paid if the Grantee had remained employed with the Company or a
Subsidiary. 
 11.5. Definition of Termination. To the extent an Award is subject to Section 409A of the Code,
“termination” means a “separation from service” as defined under Section 409A of the Code. 
 Section 12.
Effect of Change in Common Shares Subject to the Plan. 
 12.1. In the event of a Change in Capitalization, the Committee shall
conclusively determine the appropriate adjustments, if any, to (i) the maximum number and class of Shares or other stock or securities with respect to which Options or Awards may be granted under the Plan, (ii) the maximum number and class
of Shares or other stock or securities with respect to which Options or Awards may be granted to any Eligible Individual in any calendar year, (iii) the number and class of Shares or other stock or securities which are subject to 

  

 16 

 
outstanding Options or Awards granted under the Plan and the exercise price therefor, if applicable, (iv) the number and class of Shares or other
securities in respect of which Formula Restricted Stock Units are to be granted under Section 5 and (v) the Performance Objectives. 
 12.2. Any such adjustment in the Shares or other stock or securities: (i) subject to outstanding Incentive Stock Options (including any adjustments in the exercise price) shall be made in such manner as not to constitute a modification
as defined by Section 424(h)(3) of the Code and only to the extent otherwise permitted by Sections 422 and 424 of the Code; (ii) subject to outstanding Options or Awards that are intended to qualify as Performance-Based Compensation shall
be made in such a manner as not to adversely affect the treatment of the Options or Awards as Performance-Based Compensation; or (iii) subject to outstanding Nonqualified Stock Options or Stock Appreciation Rights shall be made consistent with
the requirements of Treasury Regulation Section 1.409A-1(b)(5)(v). 
 12.3. If, by reason of a Change in Capitalization, a Grantee of an
Award shall be entitled to, or an Optionee shall be entitled to exercise an Option with respect to, new, additional or different shares of stock or securities of the Company or any other corporation, such new, additional or different shares shall
thereupon be subject to all of the conditions, restrictions and performance criteria which were applicable to the Shares subject to the Award or Option, as the case may be, prior to such Change in Capitalization. 
 Section 13. Effect of Certain Transactions. Subject to Sections 4.1(iii)(b), 4.2(iii), 6.6, 7.6 and 9.4 or as otherwise provided in an
Agreement, following (a) the liquidation or dissolution of the Company or (b) a merger or consolidation of the Company (a “Transaction”), either (i) each outstanding Option or Award shall be treated as provided for in
the agreement entered into in connection with the Transaction or (ii) if not so provided in such agreement, each Optionee and Grantee shall be entitled to receive in respect of each Share subject to any outstanding Options or Awards, as the
case may be, upon exercise of any Option or payment or transfer in respect of any Award, the same number and kind of stock, securities, cash, property or other consideration that each holder of a Share was entitled to receive in the Transaction in
respect of a Share; provided, however, that such stock, securities, cash, property, or other consideration shall remain subject to all of the conditions, restrictions and performance criteria which were applicable to the Options and Awards
prior to such Transaction. The treatment of any Option or Award as provided in this Section 13 shall be conclusively presumed to be appropriate for purposes of Section 12. Notwithstanding anything to the contrary in this Section 13,
an adjustment to an Option or Award as provided in this Section 13 shall be made only to the extent such adjustment complies with the requirements of Section 409A of the Code. 
 Section 14. Listing and Registration of Common Shares. If at any time the Board shall determine that listing, registration or qualification
of the Shares covered by an Option or Award upon any securities exchange or under any state, provincial or federal law or the consent or the approval of any governmental regulatory body is necessary or desirable as a condition of or in connection
with the purchase of Shares under the Option, the Option may not be exercised in whole or in part, and Shares shall not be delivered in connection with any other Award, unless and until such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not acceptable to the Board. Any person 

  

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exercising an Option or receiving Shares in connection with any other Award shall make such representations and agreements and furnish such information as
the Board or the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. 
 Section 15. Misconduct. In the event that an Optionee or Grantee has (i) used for profit or disclosed to unauthorized persons, confidential information or trade secrets of the Company or its Subsidiaries, or
(ii) breached any contract with or violated any fiduciary obligation to the Company or its Subsidiaries, or (iii) engaged in unlawful trading in the securities of the Company or its Subsidiaries or of another company based on information
gained as a result of that Optionee’s or Grantee’s employment with, or status as a director to, the Company or its Subsidiaries, then that Optionee or Grantee shall forfeit all rights under any outstanding Option or Award granted under the
Plan and all of that Optionee’s or Grantee’s outstanding Options or Awards shall automatically terminate, unless the Committee shall determine otherwise. 
 Section 16. Payment Following Death or Incapacity. In the event any amounts or Shares become payable or issuable pursuant to an Award or Option after the Grantee or Optionee dies or becomes incapacitated,
such amounts or Shares shall be paid or issued, in the case of death, to the decedent’s estate or, in the case of incapacity, to the Grantee’s or Optionee’s legal guardian or legal representative. 
 Section 17. Foreign Employees. Without amending the Plan, the Committee may grant Options or Awards to Eligible Individuals who are foreign
nationals on such terms and conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes,
the Committee may make such modifications, amendments, procedures, and the like as may be necessary or advisable to comply with provisions of laws of other countries in which the Company or its Subsidiaries operate or have employees. 
 Section 18. Deferral of Payments or Vesting. Notwithstanding anything to the contrary contained herein, and except with respect to an Option
or a Stock Appreciation Right, the Committee may provide for the deferral of the issuance or vesting of Shares or the payment of cash in respect of an Award granted under the Plan; provided that such deferral shall be provided at the time of
grant of the Award. The terms and conditions of any such deferral shall be set forth in the Agreement evidencing such Award. 
 Section 19. No Rights to Options, Awards or Employment. No individual shall have any claim or right to be granted an Option or Award under the Plan. Having received an Option or Award under the Plan shall not give an individual
any right to receive any other grant under the Plan. No Optionee or Grantee shall have any rights to or interest in any Option or Award except as set forth herein. Neither the Plan nor any action taken herein shall be construed as giving any
individual any right to be retained in the employ of the Company or its Subsidiaries, or as a member of the Board. 
 Section 20.
Multiple Agreements. The terms of each Option or Award may differ from other Options or Awards granted under the Plan at the same time, or at some other time. 

  

 18 

 
The Committee may also grant more than one Option or Award to a given Eligible Individual during the term of the Plan, either in addition to, or in
substitution for, one or more Options or Awards previously granted to that Eligible Individual. 
 Section 21. Withholding of
Taxes. 
 21.1. The Company, a Subsidiary, or a trust established by the Company or a Subsidiary to deliver Shares under an Award, as
applicable, shall require payment of or other provision for, as determined by the Company, an amount equal to the federal, state, provincial and local income taxes and other amounts required by law to be withheld or determined to be necessary or
appropriate to be withheld by the Company, Subsidiary or trust, as applicable, in connection with the grant, vesting, exercise or settlement of an Award or at such times as an Optionee or a Grantee recognizes taxable income in connection with the
receipt of Shares or cash in connection with an Award hereunder (the “Withholding Taxes”). In its sole discretion, the Company, Subsidiary or trust, as applicable, may require or permit payment of or provision for the Withholding
Taxes through one or more of the following methods, subject to the terms of the Award Agreements: (a) in cash, certified check or bank draft; (b) by withholding such amount from other amounts due to the Optionee or the Grantee; (c) by
withholding a portion of the Shares then issuable or deliverable to the Optionee or the Grantee having an aggregate Fair Market Value equal to the Withholding Taxes and, at the Company’s election, either (I) canceling the equivalent
portion of the underlying Award or the Shares to be delivered and the Company, Subsidiary, or trust paying the Withholding Taxes on behalf of the Optionee or Grantee in cash, or (II) selling such Shares on the Optionee or Grantee’s behalf;
(d) by withholding such amount from the cash then issuable in connection with the Award; or (e) by the Optionee or the Grantee transferring Shares having a Fair Market Value equal to such Withholding Taxes to the Company, Employer or
trust, as applicable, provided that such Shares have been held by the Optionee or the Grantee for at least six (6) months (or such other period as established from time to time by the Committee). 
 21.2. If an Optionee makes a disposition, within the meaning of Section 424(c) of the Code and regulations promulgated thereunder, of any Share or
Shares issued to such Optionee pursuant to the exercise of an Incentive Stock Option within the two-year period commencing on the day after the date of the grant or within the one-year period commencing on the day after the date of transfer of such
Share or Shares to the Optionee pursuant to such exercise, the Optionee shall, within ten (10) days of such disposition, notify the Company thereof, by delivery of written notice to the Company at its principal executive office. 
 Section 22. Amendment or Termination; Duration. Except as provided below and except as may otherwise be provided by applicable tax and
regulatory requirements, including stock exchange requirements, the Board may from time to time make any amendments or changes to the Plan or outstanding Awards that the Board sees fit in its sole discretion without shareholder approval. The
following amendments to the Plan or outstanding Awards will require the approval of both the Board and the Company’s shareholders: 
 (i) an increase in the maximum number of Shares that may be made the subject of Awards or Options under the Plan; 
  

 19 

 (ii) any adjustment (other than in connection with a stock dividend, recapitalization or other
transaction where an adjustment is permitted or required under the terms of the Plan) or amendment that reduces or would have the effect of reducing the exercise price of an Option or Stock Appreciation Right previously granted under the Plan,
whether through amendment, cancellation or replacement grants, or other means; 
 (iii) an increase in the limits on Awards that may be
granted to any Eligible Individual under Sections 3.1 and 31 of the Plan; and 
 (iv) an extension of the term of an outstanding Option or
Stock Appreciation Right beyond the expiry date thereof, except as set forth in Sections 6.2(v) and 7.3(i) of the Plan as they relate to Options or Stock Appreciation Rights that expire outside of a Trading Window. 
 Furthermore, no change to an outstanding Award that will impair the rights of the Optionee or Grantee may be made
without the consent of the Optionee or Grantee. This Plan shall terminate and no Option or Award may be granted or made after the tenth (10th) anniversary of the date the Plan was originally adopted. 
 Section 23. Other Actions. The Plan shall not
restrict the authority of the Committee, the Board or the Company or its Subsidiaries for proper corporate purposes to grant or assume stock options, other than under the Plan, to or with respect to any employee, director or other person. The
adoption of the Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangement or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may
deem desirable, including, without limitation, the granting of stock options otherwise than under the Plan and such arrangements may be either applicable generally or only in specific cases. 
 Section 24. Costs and Expenses. Except as provided in Section 21 hereof with respect to taxes, the costs and expenses of administering
the Plan shall be borne by the Company, or by one or more of its Subsidiaries and shall not be charged to any grant nor to any Eligible Individual receiving a grant. 
 Section 25. Plan Unfunded. Except with respect to Shares which have been acquired by or on behalf of the Company, a Subsidiary, or a trust established by either of the Company or a Subsidiary and held for
future delivery as described in Section 3.1, the Plan shall be unfunded. Except for reserving a sufficient number of authorized Shares to the extent required by law to meet the requirements of the Plan, the Company shall not be required to
establish any special or separate fund or to make any other segregation of assets to assure payment of any grant under the Plan. 
 Section 26. Laws Governing Plan. The Plan shall be construed under and governed by the laws of the State of Delaware. 
 Section 27. Captions. The captions to the several sections hereof are not a part of the Plan, but are merely guides or labels to assist in locating and reading the several sections hereof. 
  

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 Section 28. Effective Date. The effective date of the Plan, as determined by the Board, shall
be the date of the Company’s initial public offering of its common stock. 
 Section 29. Definitions. Unless the context
clearly indicates otherwise, the following terms (or forms thereof), when used in the Plan, shall have the respective meanings set forth below: 
 29.1. “Agreement” means the written agreement between the Company and an Optionee or Grantee evidencing the grant of an Option or Award and setting forth the terms and conditions thereof. 
 29.2. “Award” means a grant of Restricted Stock, a Stock Unit, a Formula Restricted Stock Unit, a Stock Appreciation Right, a
Performance Award, a Dividend Equivalent Right, a Share Award or any or all of them. 
 29.3. “Board” means the Board of
Directors of the Company. 
 29.4. “Cause” means: 
 (i) in the case of an Eligible Director, the commission of an act of fraud or intentional misrepresentation or an act of embezzlement, misappropriation
or conversion of assets or opportunities of the Company or any of its Subsidiaries; and 
 (ii) in the case of an Optionee or Grantee whose
employment with the Company or a Subsidiary is subject to the terms of an employment agreement between such Optionee or Grantee and the Company or Subsidiary, which employment agreement includes a definition of “Cause,” the term
“Cause” as used in the Plan or any Agreement shall have the meaning set forth in such employment agreement during the period that such employment agreement remains in effect following a Change in Control; and 
 (iii) in all other cases, (a) intentional failure to perform reasonably assigned duties, (b) dishonesty or willful misconduct in the
performance of duties, (c) intentional violation of Company or applicable Subsidiary policy, (d) involvement in a transaction in connection with the performance of duties to the Company or any of its Subsidiaries which transaction is
adverse to the interests of the Company or any of its Subsidiaries and which is engaged in for personal profit or (e) willful violation of any law, rule or regulation in connection with the performance of duties (other than traffic violations
or similar offenses); provided, however, that following a Change in Control clause (a) of this Section 29.4(iii) shall not constitute “Cause.” 
 29.5. “Change in Capitalization” means any increase or reduction in the number of Shares, or any change (including, but not limited to, in the case of a spin-off, dividend or other distribution in
respect of Shares, a change in value) in the Shares or exchange of Shares for a different number or kind of shares or other securities of the Company or another corporation, by reason of a reclassification, recapitalization, merger, consolidation,
reorganization, spin-off, split-up, issuance of warrants or rights or debentures, stock dividend, stock split or reverse stock split, cash dividend, property dividend, combination or exchange of shares, repurchase of shares, change in corporate
structure or otherwise. 
  

 21 

 29.6. Except as otherwise provided in an Agreement to comply with Section 409A of the Code,
“Change in Control” shall mean the occurrence of: 
 (i) An acquisition (other than directly from the Company) of any common
stock or other voting securities of the Company entitled to vote generally for the election of directors (the “Voting Securities”) by any “Person” (as the term person is used for purposes of Section 13(d) or
14(d) of the Exchange Act, immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of the then outstanding shares of
the Company’s common stock or the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities which are acquired in a
“Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a
trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by the Company
(for purposes of this definition, a “Subsidiary”), (ii) the Company or its Subsidiaries, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 
 (ii) The individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason (other than
directors resigning and transitioning in connection with a complete spin-off of Shares owned by Wendy’s to its shareholders) to constitute at least seventy percent (70%) of the members of the Board; provided, however, that if the
election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of the Plan, be considered as a member of
the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation of proxies or consents by
or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; or 
 (iii) The consummation of: 
 (a) A merger, consolidation or reorganization with or into the Company or in
which securities of the Company are issued, unless such merger, consolidation or reorganization is a “Non-Control Transaction.” A “Non-Control Transaction” shall mean a merger, consolidation or reorganization with or into
the Company or in which securities of the Company are issued where: 
 (1) the stockholders of the Company, immediately before such merger,
consolidation or reorganization, own directly or indirectly immediately following such merger, consolidation or reorganization, at least seventy percent (70%) of the combined voting power of the outstanding voting securities of the corporation
resulting from such merger or consolidation or reorganization (the “Surviving Company”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or
reorganization, 
  

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 (2) the individuals who were members of the Incumbent Board immediately prior to the execution of the
agreement providing for such merger, consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Company, or a corporation beneficially directly or indirectly owning a majority of the
Voting Securities of the Surviving Company, and 
 (3) no Person other than (i) the Company, (ii) any Subsidiary, (iii) any
employee benefit plan (or any trust forming a part thereof) that, immediately prior to such merger, consolidation or reorganization, was maintained by the Company or any Subsidiary, or (iv) any Person who, immediately prior to such merger,
consolidation or reorganization had Beneficial Ownership of thirty percent (30%) or more of the then outstanding Voting Securities or common stock of the Company, has Beneficial Ownership of thirty percent (30%) or more of the combined
voting power of the Surviving Company’s then outstanding voting securities or its common stock; 
 (b) A complete liquidation or
dissolution of the Company; or 
 (c) The sale or other disposition of all or substantially all of the assets of the Company to any Person
(other than a transfer to a Subsidiary). 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the
“Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding common stock or Voting Securities as a result of the acquisition of common stock or Voting Securities by the Company which, by
reducing the number of shares of common stock or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the
operation of this sentence) as a result of the acquisition of common stock or Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional common stock or Voting
Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 
 If an Eligible Individual’s employment is terminated by the Company without Cause prior to the date of a Change in Control but the Eligible Individual reasonably demonstrates that the termination (A) was at the request of a third
party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control or (B) otherwise arose in connection with, or in anticipation of, a Change in Control which has been threatened or proposed, such
termination shall be deemed to have occurred after a Change in Control for purposes of the Plan provided a Change in Control shall actually have occurred. 
 29.7. “Code” means the U.S. Internal Revenue Code of 1986, as amended. 
 29.8. Except as
otherwise provided in an Agreement to comply with Section 409A of the Code, “Disabled,” with regard to any particular Optionee or Grantee, shall have 

  

 23 

 
the meaning (i) set forth in Section 22(e)(3) of the Code, in the context of determining the period during which Incentive Stock Options granted to
an Optionee may be exercised and (ii) set forth in the Company’s long term disability program applicable to such Optionee or Grantee in all other contexts or, if no long term disability program is applicable to such Optionee or Grantee, as
set forth in the Company’s long term disability program generally applicable to officers of the Company. 
 29.9. “Dividend
Equivalent Right” means a right to receive all or some portion of the cash dividends that are or would be payable with respect to Shares. 
 29.10. “Eligible Director” means a member of the Board who is not an employee of the Company or any of its Subsidiaries. 
 29.11. “Eligible Individual” means any of the following individuals who is designated by the Committee as eligible to receive Options or Awards subject to the conditions set forth herein: (a) any Eligible Director,
(b) any employee of the Company or a Subsidiary, or (c) any individual to whom the Company or a Subsidiary has extended a formal, written offer of employment. 
 29.12. “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 29.13.
“Fair Market Value” on any date shall be equal to the mean of the high and low prices at which Shares are traded on the Toronto Stock Exchange on such date or the mean of the high and low prices at which the Shares are traded on the
New York Stock Exchange, as designated by the Committee on or prior to such date. 
 29.14. “Formula Restricted Stock Units”
means Formula Restricted Stock Units granted pursuant to Section 5. 
 29.15. “Grantee” means a person to whom an Award
has been granted under the Plan. 
 29.16. “Incentive Stock Option” means an Option satisfying the requirements of
Section 422 of the Code and designated by the Committee as an Incentive Stock Option. 
 29.17. “Nonemployee Director”
means a director of the Company who is a “nonemployee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act. 
 29.18. “Nonqualified Stock Option” means an Option which is not an Incentive Stock Option. 
 29.19.
“Operating Unit” means any operating unit or division of the Company designated as an Operating Unit by the Committee. 
  

 24 

 29.20. “Option” means a Nonqualified Stock Option or an Incentive Stock Option or either
of them. 
 29.21. “Optionee” means a person to whom an Option has been granted under the Plan. 
 29.22. “Option Price” means the price at which a Share covered by an Option granted hereunder may be purchased. 
 29.23. “Performance Awards” means Performance Units, Performance Shares or either or both of them. 
 29.24. “Performance-Based Compensation” means any Option or Award that is intended to constitute “performance-based
compensation” within the meaning of Section 162(m)(4)(C) of the Code and the regulations promulgated thereunder. 
 29.25.
“Performance Cycle” means the time period specified by the Committee at the time Performance Awards are granted during which the performance of the Company, a Subsidiary or an Operating Unit will be measured. 
 29.26. “Performance Objectives” has the meaning set forth in Section 9.3. 
 29.27. “Performance Shares” means Shares issued or transferred to an Eligible Individual under Section 9.2. 
 29.28. “Performance Units” means Performance Units granted to an Eligible Individual under Section 9.1. 
 29.29. “Plan” means this Tim Hortons Inc. 2006 Stock Incentive Plan, as amended and restated from time to time. 
 29.30. “Restricted Stock” means Shares issued or transferred to an Eligible Individual pursuant to Section 4.1. 
 29.31. “Retirement” means (i) in the case of an employee of the Company or a Subsidiary, the definition provided for such term in
an Agreement and (ii) in the case of an Eligible Director, termination of membership on the Board at or after attaining age 55 with at least three (3) years of service as a member of the Board, other than by reason of death, Disability or
for Cause. 
 29.32. “Share Award” means an Award of Shares granted pursuant to Section 10. 
 29.33. “Shares” means shares of the common stock, par value U.S.$.001 per share, of the Company and any other securities into which such
shares are changed or for which such shares are exchanged. 
  

 25 

 29.34. “Stock Appreciation Right” means a right to receive all or some portion of the
increase in the value of the Shares as provided in Section 7 hereof. 
 29.35. “Stock Unit” means a right granted to an
Eligible Individual under Section 4.2 representing a number of hypothetical Shares. 
 29.36. “Trading Window” means
the periods of time within which, if opened, directors, officers and certain employees of the Company and its Subsidiaries are permitted to trade in the Company’s securities, as set out in the Company’s Insider Trading and Window Trading
Policies. 
 Section 30. Toronto Stock Exchange Definitions. For the purposes of Sections 30 and 31, “insider”,
“security based compensation arrangements” and “service provider” have the following meanings: 
 30.1
“Insider” means, 
 (i) every director or senior officer of the Company; 
 (ii) every director or senior officer of a company that is itself an insider or subsidiary of the Company; 
 (iii) any person or company who beneficially owns, directly or indirectly, voting securities of the Company or who exercises control or direction over
voting securities of the Company or a combination of both carrying more than 10% of the voting rights attached to all voting securities of the Company for the time being outstanding other than voting securities held by the person or company as
underwriter in the course of a distribution; and 
 (iv) the Company where it has purchased, redeemed or otherwise acquired any of its
securities, for so long as it holds any of its securities. 
 30.2 “Security Based Compensation Arrangements” include:

 (i) stock option plans for the benefit of employees, insiders, service providers or any one of such groups; 
 (ii) individual stock options granted to employees, service providers or insiders if not granted pursuant to a plan previously approved by the
Company’s securityholders; 
 (iii) stock purchase plans where the Company provides financial assistance or where the Company matches
the whole or a portion of the securities being purchased; 
 (iv) stock appreciation rights involving issuances of securities from treasury;

  

 26 

 (v) any other compensation or incentive mechanism involving the issuance or potential issuances of
securities of the Company; and 
 (vi) security purchases from treasury by an employee, insider or service provider which is financially
assisted by the Company by any means whatsoever. 
 For greater certainty, arrangements which do not involve the issuance from treasury or potential issuance
from treasury of securities of the Company do not constitute security based compensation arrangements. 
 30.3 “Service
provider” is a person or company engaged by the Company to provide services for an initial, renewable or extended period of twelve months or more. 
 Section 31. Toronto Stock Exchange Requirements. The number of shares of common stock issuable to Insiders, at any time, under all Security Based Compensation Arrangements of the Company, may not exceed
10% of the Company’s issued and outstanding shares of common stock; and the number of shares of common stock issued to Insiders within any one year period, under all Security Based Compensation Arrangements of the Company, may not exceed 10% of
the Company’s issued and outstanding shares of common stock. 
 Section 32. Compliance with Section 409A of the Code.
Notwithstanding anything to the contrary, to the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A of the Code, the Agreement evidencing such Award shall incorporate the terms and conditions
necessary for such Award to avoid the consequences described in Section 409A(a)(1) of the Code, and to the maximum extent permitted under applicable law, the Plan and the Award Agreement shall be interpreted in a manner that results in their
conforming to the requirements of Section 409A of the Code and any Department of Treasury or Internal Revenue Service regulations or other guidance issued under Section 409A of the Code. Notwithstanding anything to the contrary in this
Plan, to the extent a Grantee has been granted an Award that constitutes “deferred compensation” under Section 409A of the Code and such Grantee is a “specified employee” as defined under Section 409A of the Code, no
distribution, settlement or payment of any amount shall be made before a date that is six months following the date of such Grantee’s “separation from service” as defined under Section 409A of the Code or, if earlier, the date of
the Grantee’s death. 
  

 27Employment Agreement

 EXHIBIT 10.1 
 

 
 www.efinancialcareers.com 
 eFinancialCareers Limited 
 Head Office 
 Stapleton House 
 29-33 Scrullon Street 
 London 
 EC2A 4HU 
 Switchboard 
 +44(0)20 7309 777 

Fax 
 +44(0)20 426 3330 
 Registered in England 
 No. 04123257 

20 June 2005 
 John Benson 
 Dear John 
 I am writing to set out the proposed terms of your employment
with eFinancialCareers Limited (“the Company”) following our discussions. I should mention that the definitions of some of the words and expressions used in this letter are in paragraph 14 and Schedule 1. 
  

	1.	Position and Location 

 You will be employed as
Chief Executive for eFinancialCareers Limited, or in such other capacity of a like status as the Company may require. Your responsibilities and objectives will be as agreed from time to time. You will be based at the Company’s London Head
Office from time to time traveling to other locations in the United Kingdom and overseas as reasonably required in the performance of your duties. You will also be a Director of eFinancialGroup Limited (which, together with its subsidiaries, is
referred to as “the Group”). 
  

	2.	Commencement and Period of Employment 

 Your period
of continuous employment with the Company began on 9 August 1999 and will continue until either party gives to the other six months’ written notice to terminate your employment. 
  

	3.	Hours of Work and Duties 

  

	3.1	You will be required to work during normal business hours 5 days per week Monday to Friday, and such other hours as may be reasonably necessary for the proper performance of your
duties for the Company. 

  

	3.2	You are to devote the whole of your working time to the business of the Company, unless prevented by ill health or injury. You may not (without the prior written consent of the
Group Chief Executive) accept any other appointment. Without such consent you may also not be directly or indirectly engaged in, concerned with or financially interested in any other business, except through a holding for investment purposes only of
not more than three per cent in any class of shares or securities in any company listed or dealt in on any recognised stock exchange. You may not undertake any paid work in your spare time without the prior written approval of the Group Chief
Executive, who will need to be satisfied that this will not affect the performance of your duties. 

  

 1 

	3.3.1	You will perform such duties for the Company and exercise such powers as the Board or the Group Chief Executive may require. Those duties are to be carried out loyally, diligently
and in accordance with the directions of the Board of the Company, the Board of the Group or the Group Chief Executive. You should keep them properly informed about the business of the Company and promote and protect the interests of the Company,
and the Group, not knowingly or deliberately doing anything which is to the detriment of the Group. 

  

	3.4	You agree to the Group holding and processing, both electronically and manually, the data which it collects relating to you in connection with your employment for the purpose of its
business, administering and managing its employees, and complying with applicable laws, regulations and procedures. 

  

	4.	Salary and Expenses 

  

	4.1	You will be paid a salary at the equivalent of £117,500 per annum, with effect from 1 April 2005. Your salary will accrue from day to day and will be paid by equal
installments in arrears and normally on the last day of each month, subject to such deductions as are required by law or under the terms of your employment. 

  

	4.2	You will be entitled, on production of satisfactory evidence of expenditure, to be reimbursed for reasonable out-of-pocket expenses wholly and properly incurred by you in the
performance of your duties. Any credit card supplied to you by the Company or the Group may only be used for expenses incurred by you in the performance of those duties. 

  

	4.3	The Group may withhold the payment of any money owing or due to be paid to you if you are in breach of the terms of this Agreement and may withhold or deduct any money owing or due
to be paid by you to it under this Agreement or otherwise from any money owing or due to be paid to you. 

  

	5.	Ill Health and Injury 

  

	5.1	If you are unable to perform your duties as a result of ill health or injury, you will be entitled, for so long as your employment continues, to your salary during any period of
incapacity of not more than 30 days (whether consecutive or not) in any period of 52 consecutive weeks. The payment of such salary will be subject to the production of satisfactory evidence from a registered medical practitioner in respect of any
period of absence of more than seven consecutive days and will include any statutory sick pay and other social security benefits to which you are or may be entitled. Your qualifying days for statutory sick pay are Monday to Friday.

  

	5.2	You will promptly inform the Group Chief Executive if you are unable to perform your duties as a result of ill health or injury caused by a third party and for which compensation
may be recoverable. In return for the Company continuing to pay your salary and to provide other benefits during your employment, you will take such action as the Company may reasonably request to pursue a claim against such third party, in order to
recover for the benefit of the Company the costs of continuing your employment. You will keep the Company regularly informed of the progress of any claim, provide such information about it as the Company may from time to time reasonably require, and
will immediately notify the Company in writing of the compromise, settlement, award or judgment. You will, if you are asked to do so, refund to the Company the lesser of the amount recovered by you (after deducting any related costs borne by you)
and the aggregate cost of the salary and other benefits paid to you during your ill health or injury and will hold these proceeds on trust for the Company to apply them in repayment of this obligation. 

  

	5.3.1	 You will from time to time upon request submit yourself to a medical examination at the Company’s expense by a suitably qualified person of the Company’s
choice, if you are unable to perform your duties for the Group as a result of ill health or injury. If that person is unable 

  

 2 

	 	 
to confirm that you are fit to pertain your dirties or if there are factors which such person considers are relevant to the performance of those duties, you
will co-operate in ensuring the prompt delivery of all relevant medical reports to the Company and will allow the Company access to any relevant medical report which has been prepared by a medical practitioner responsible for your clinical care.

  

	6.	Holidays 

 In addition to normal public holidays,
you will be entitled to 25 working days’ paid holiday in each calendar year, with no more than 10 working days being taken at any one time except with the consent of the Group Chief Executive. This entitlement accrues pro rata throughout each
year. Your holidays are to be taken as agreed with the Group Chief Executive, after your having given at least one month’s prior notice. The Company may require you to take your holiday during your notice period or during the period when you
are not required to work pursuant to paragraph 10.3. Any holiday not taken at the end of each calendar year will lapse and no payment in lieu of any unused entitlement will be made. On the termination of your employment (except by reason of
paragraph 10.1) you will be entitled to a day’s salary for each day of holiday accrued but not taken in the year of departure. If you have taken excess holiday the Company may deduct a day’s salary for each excess day from any monies owed
to you. 
  

	7.	Confidentiality and Company Property 

  

	7.1	During your employment you will have access to and will be entrusted with confidential information and trade secrets relating to the business of the Group. This includes but is not
limited to information and secrets relating to: 

  

	 	(a)	corporate and marketing strategy, business development and plans, sales reports, circulation figures and research results; 

  

	 	(b)	business methods and processes, technical information and know-how relating to the Group’s business and which is not available to the public generally, including inventions,
designs, programmes, techniques, database systems, formulae and ideas; 

  

	 	(c)	business contacts, lists of customers and suppliers and details of contracts with them and information on employees including their particular skills and areas of expertise and the
terms of their employment; 

  

	 	(d)	stock levels, sales, expenditure levels and buying and pricing policies; 

  

	 	(e)	budgets, management accounts, trading statements and other financial reports; 

  

	 	(f)	any document marked “confidential” or any information not in the public domain the disclosure of which would put the Group at a competitive or legal disadvantage.

  

	7.2	You may not during your employment (otherwise than in the proper performance of your duties and then only to those who need to know such information or secrets) or afterwards
(otherwise than with the prior written consent of the Board or as required by law) use or disclose any confidential information of trade secrets concerning the business of the Group or in respect of which the Group may be bound by an obligation of
confidence to any third party. You should also use your best endeavours to prevent the publication or disclosure of such information or secrets. These restrictions will not apply after your employment has terminated to information which has become
available to the public generally, otherwise than through unauthorised disclosure. 

  

 3 

	7.3	All notes, memoranda and other records (including those stored on computer software) made by you during your employment and relating to the business of the Group belong to the Group
and should promptly be handed over to the Group (or as it may direct) from time to time. 

  

	8.	Intellectual Property Rights 

  

	8.1	Any trade mark, design or other copyright work created by you during your employment with the Company (and whether or not in conjunction with a third party) in connection with,
affecting or relating to the business of the Group or capable of being used or adapted for use in it must immediately be disclosed to the Group and will belong to the relevant company in the Group. You will not infringe any rights in such works and
will notify the Group immediately of any circumstances where such rights may have been infringed. 

  

	8.2	You agree that you will at the Company’s expense and upon request (whether during or after the termination of your employment) execute such documents as may be necessary to
implement the provisions of this paragraph 8 and vest all rights, title and interest in such property in the relevant company in the Group. 

  

	9.	Disciplinary and Grievance Procedure 

  

	9.1	You are expected to exhibit a high standard of propriety, integrity and efficiency in all your dealings with and in the name of the Company and/or the Group. You may be suspended
with pay or required to take any accrued holiday entitlement during any disciplinary investigation which it may be necessary for the Company to undertake. If you are dissatisfied with any disciplinary decision, you may refer it to the Chairman of
the Group, whose decision will be final. 

  

	9.2	If you have any grievance relating to your employment, you should refer it to the Group Chief Executive. If you are dissatisfied with this decision, you may refer the matter to the
Chairman of the Group, whose decision will be final. 

  

	10.	Termination 

  

	10.1	The Company may, notwithstanding any other terms of your employment and irrespective of whether the grounds for termination arose before or after it began, at any time by notice in
writing, terminate your employment with immediate effect: 

  

	 	(a)	if you have been unable to perform your duties by reason of ill health or injury for 30 days (whether consecutive or not) in any period of 52 consecutive weeks;

  

	 	(b)	if you become of unsound mind, a patient for the purpose of any statute relating to mental health, a petition is presented or any order is made or any notice is issued convening a
meeting for the purpose of passing a resolution for your bankruptcy or you become bankrupt or make any composition or enter into any deed of arrangement with your creditors generally; 

  

	 	(c)	if you are convicted of a criminal offence other than one which in the opinion of the Board does not affect your position as an employee of the Company, bearing in mind the nature
of your duties and the capacity in which you are employed; or 

  

	 	(d)	 if you are guilty of any serious default or misconduct in connection with or affecting the business of the Company, commit any serious or repeated breach of your
obligations under your employment, are guilty of serious neglect or negligence in the 

  

 4 

	 	 
performance of your duties or behave in a manner (whether on or off duty) which is likely to bring the Company into disrepute or which seriously impairs your
ability to perform your duties. 

  

	10.2	Your employment will automatically cease without any notice being given on your 60th birthday. 

  

	10.3	If the Company wishes to terminate your employment or if you wish to leave its employment before the expiry of the notice in paragraph 2 and whether or not either party has given
notice to the other under that paragraph, the Company may require you to perform duties not within your normal duties or special projects or may require you not to attend for work for the period of the notice being given under paragraph 2 or (if no
such notice has been given) for a period equivalent to the notice period required to be given by you to terminate the contract. For so long as you are not required to work during such period, you will remain an employee of the Company. You will
continue to receive your salary and other contractual entitlements and to be bound by all the terms of this Agreement. You will not directly or indirectly work for any person, have any contact with any customer of the Company or, for business
purposes, any such employee without the prior written agreement of the Board. 

  

	10.4	On the termination of your employment you will hand over to the Company all property (including company credit cards and keys) belonging to the Company or relating to its business,
which may be in your possession or under your control and without you or anyone on your behalf keeping copies of any reproduceable items and without having downloaded any information stored on any computer disk. 

  

	10.5	After the termination of your employment you will not at any time make any untrue or misleading statement about the Company or the Group or their officers or employees or represent
yourself as being after such termination employed by or connected with the Company or the Group. 

  

	11.	Restrictive Covenants 

  

	11.1	During your employment and for the periods set out below after its termination less any period during which you are not required to attend for work pursuant to paragraph 10.3, you
will not (except with prior written consent of the Board) directly or indirectly do or attempt to do any of the following: 

  

	 	(a)	for 9 months undertake, carry on or be employed, engaged or interested in any capacity in either any business which is competitive with or similar to a Relevant Business within the
Territory, or any business an objective or anticipated result of which is to compete with a Relevant Business within the Territory; 

  

	 	(b)	for 9 months entice, induce or encourage a Customer to transfer or remove custom from the Company or any Associated Company; 

  

	 	(c)	for 9 months solicit or accept business from a Customer for the supply of Competitive Services; 

  

	 	(d)	for 9 months entice, induce or encourage an Employee to leave or seek to leave his or her position with the Company or any Associated Company for the purpose of being involved in or
concerned with either the supply of Competitive Services or a business which competes with or is similar to a Relevant Business or which plans to compete with a Relevant Business, regardless of whether or not that Employee acts in breach of his or
her contract of employment with the Company or any Associated Company by so doing and regardless of whether the Relevant Business is within or outside the Territory. 

  

 5 

	11.2	For the purpose of this paragraph 11: 

  

	 	(a)	“Customer” means a person: 

  

	 	(i)	who at any time during the Relevant Period was a customer or client of the Company or any Associated Company (whether or not goods or services were actually provided during such
period) or to whom at the expiry of the Relevant Period the Company or any Associated Company was actively and directly seeking to supply goods or services, in either case for the purpose of a Relevant Business; and 

  

	 	(ii)	with whom you or an Employee in a Relevant Business reporting directly to you had dealings at any time during the Relevant Period or were in possession of confidential information
about such customer or client in the performance of their duties to the Company or any Associated Company. 

  

	 	(b)	“Competitive Services” means goods or services identical or similar to or competitive with those which at the expiry of the Relevant Period the Company or any Associated
Company was supplying or negotiating or actively and directly seeking to supply to a Customer for the purpose of a Relevant Business; 

  

	 	(c)	“Relevant Business” means the business of the Company or any Associated Company in which, pursuant to your duties, you were materially involved at any time during the
Relevant Period. 

  

	 	(d)	“Territory” means England, Wales, Scotland and any other country or state in which life Company or any Associated Company is operating or planning to operate at the expiry
of the Relevant Period. A business of the Company or any Associated Company will be operating within the Territory at the expiry of the Relevant Period if Relevant Services have been supplied during the Relevant Period. A business will be within the
Territory if either any such business in which you are to be involved is located or to be located within the Territory or it is conducted or to be conducted wholly or partly within the Territory; 

  

	 	(e)	“Employee” means a person who is employed by or who renders services to the Company or any Associated Company in a Relevant Business in an advertising or managerial or
marketing or sales or distribution or senior capacity and/or who has responsibility for or influence over customers or advertisers or who is in possession of confidential information about such customers or advertisers and who in either case was so
employed or so rendered services during the period of 12 months ending on the last day on which you actively worked under this Agreement for the Company or any Associated Company and who had dealings with you during that period.

  

	 	(e)	“Relevant Period” means the period of twelve months ending on the last day of your employment or the period of your employment if shorter than twelve months.

  

	11.3	Each sub-paragraph and part of such sub-paragraph of this paragraph 11 constitutes an entirely separate and independent restriction and does not operate to limit any other
obligation owed by you, whether that obligation is express or implied by law. If any restriction is held to be invalid or unenforceable by a court of competent jurisdiction, it is intended and understood by the parties that such invalidity or
unenforceability will not affect the remaining restrictions. 

  

	11.4	You acknowledge that before entering into this Agreement you had the opportunity to obtain legal advice and that each of the restrictions in this paragraph 11 goes no further than
is necessary for the protection of the Company’s and each Associated Company’s legitimate business interests. 

  

 6 

	11.5.	Before accepting any offer of employment either during your employment or during the continuance of the restrictions in this paragraph 11, you will immediately provide to the person
making such offer a complete copy of this Clause 11 of the Agreement. 

  

	12.	Continuing Obligations 

 The termination of your
employment will not affect the rights and remedies of either party against the other in respect of any previous breach of its provisions nor will it affect the continuing obligations of either party under any provision of your employment which
applies after it has terminated. 
  

	13.	Notices 

 All notices and other communications
relating to your employment will take effect if delivered, upon delivery; if posted, at the earlier of the time of delivery and (if posted in the United Kingdom by first class post) 10.00am on the second business day after posting; or, if sent by
facsimile, when a complete and legible copy of the communication has been received. 
  

	14.	Interpretation 

  

	14.1	Definitions 

 In this letter the following words and
phrases will have the meanings given below:- 
  

			
	 “Associated Company”
	  	any company which for the time being is:
		
		  	 (i)     a holding company (as defined by Section 736 of the Companies Act 1985) of the
Company;

		
		  	 (ii)    a subsidiary (as defined by Section 736 of the Companies Act 1985) of the Company or of any holding
company of the Company;

		
		  	 (iii)  a company over which the Company has control within the meaning of Section 840 of the Income and Corporation Taxes
Act 1988; or

		
		  	 (iv)   a subsidiary undertaking as defined by Section 258 of the Companies Act 1985;

		
	 “Board”
	  	the Board of Directors of the Company including any duly appointed committee or nominee of the Board;
		
	 “Company”
	  	eFinancialCareers Limited
		
	 “day’s salary”
	  	1/260th of your salary;
		
	 “Effective Date”
	  	start/contract date, or the date upon which your notice period under your current contract of employment expires, if later;
		
	 “Group Chief Executive”
	  	the Chief Executive from time to time of eFinancialGroup Limited or his nominee;

  

 7 

			
	 “salary”
	  	the salary payable from time to lime under paragraph 4.1;
		
	 “termination”
	  	the ending of your employment however it arises and irrespective of its cause of manner, other than (in relation to paragraph 11) its wrongful termination by the Company.

  

	14.2	Construction 

  

	 	(a)	The provisions of Schedule 13, Part 1 of the Companies Act 1985 will apply in determining whether you have an interest in any shares or other securities. 

 

	 	(b)	References to acting directly or indirectly will include acting alone or jointly with or on behalf of or by means of another person and/or giving advice or providing services with a
view to assisting another person. 

  

	 	(c)	References to a person will include an individual, firm, corporation and any other organisation however it is constituted and words denoting the singular shall include the plural
and vice versa. 

  

	 	(d)	The paragraph headings have been added for convenience only and will not affect the construction of this Agreement. 

  

	15.	Miscellaneous 

  

	15.1	This Agreement replaces with Immediate effect all terms previously agreed between us. 

  

	15.2	The terms of this Agreement constitute the entire agreement between us and no variation or addition to it and no waiver of any provision will be effective unless in writing and
signed by both parties. 

  

	15.3	You will be accepting the terms of this letter on the basis that the Company is agreeing to its terms for itself and for each other Associated Company, with the intention that each
such Company will be entitled to enforce the terms of this letter against you. 

  

	15.4	The terms of this letter will be construed in accordance with English law and both parties irrevocably submit to the non-exclusive jurisdiction of the English Courts to settle any
disputes which may arise in connection with your employment. 

 If you wish to accept the terms of this letter would you please sign and return
the enclosed copy of this letter to me. In doing so, you will be confirming that you are not commuting yourself to us in breach of any agreement with any other person and that you will not be restricted or prevented from undertaking or performing
your duties by any such agreement. 
 Yours sincerely 
 

 
 Angus MacDonald 
 Chief Executive 
  

									
	Accepted by	  	 

	  		 	Date	 	

		  	John Benson	  		 		 	

  

 8

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