Document:

Exhibit

Exhibit 10.1(c) 

Date

Cultural-Based RSU Award

Name
Street Address
City, State Zip

Dear Name:

On «Grant_Date» (the “Award Date”), American Woodmark Corporation (the “Company”) granted to you an award of restricted stock units (the “Award”).  Your Award is subject to the terms set forth in this letter and in the American Woodmark Corporation 2016 Employee Stock Incentive Plan (the “Plan”). A copy of the Plan will be furnished to you upon your request. Capitalized terms that are not defined in this letter shall have the meaning assigned to them under the Plan.

The terms of your Award are as follows:

		
	I.
	In consideration of your agreements contained in this letter, the Company hereby grants you «Cultural_Award» restricted stock units (RSUs). Each RSU represents the right to receive one share of the voting common stock of the Company. Your Award is subject to vesting based on your continued employment through the third anniversary of the Award Date and the achievement of certain cultural goals for the period ending with the Company’s 2020 fiscal year (the “Cultural-Based RSUs”). 

		
	II.
	Your Cultural-Based RSU Award is subject to the following vesting terms and conditions: 

		
	A.
	You are eligible to earn Cultural-Based RSUs based on the Company’s performance with respect to four cultural measurements for the three-year period ending with the Company’s 2020 fiscal year. Each measurement has a performance rating - threshold, target or superior. The measurements and performance ratings are set forth in Appendix A. The Company’s performance with respect to these measurements will be assessed by the Compensation Committee (the “Committee) following the end of the Company’s 2020 fiscal year. The Committee will determine the percentage (up to 100%) of the Cultural-Based RSUs that have been earned based on the Company’s performance. Any earned Cultural-Based RSUs will be subject to additional service-based vesting based on your continued employment through the third anniversary of the Award Date (the “Vesting Date”) as described in Section II.B. below. While the Committee will utilize the measurements set forth in Appendix A as the basis of the evaluation, the Committee may, in its sole discretion, consider other factors in determining whether to reduce the percentage of the Cultural-Based RSUs that has been earned. Any Cultural-Based RSUs that the Committee determines have not been earned will be forfeited as of the date of the Committee’s determination. 

		
	B.
	Any Cultural-Based RSUs that the Committee determines have been earned pursuant to Section II.A. above will vest on the Vesting Date. To be eligible to vest in any earned Cultural-Based RSUs, you must be an employee of the Company on the Vesting Date and must have maintained continuous employment from the Award Date through the Vesting Date. In the event your employment terminates at any time for any reason other than as provided in Section II.C. or Section II.D. below between the Award Date and the Vesting Date, all of your Cultural-Based RSUs (whether earned or unearned) will be forfeited.

		
	C.
	In the event that, prior to the Vesting Date, your employment with the Company terminates due to your Retirement (including termination without Cause where you have satisfied the Retirement criteria set forth below), death, or Disability, then you will vest in a pro-rated portion of the Cultural-Based RSUs. If such termination occurs before the date on which the Committee completes its evaluation described in Section II.A. above, the number of vested Cultural-Based RSUs will be determined by dividing the number of days between the Award Date and your termination date by the number of days between the Award Date and the Vesting Date and multiplying the quotient by the target number of Cultural-Based RSUs. The target number of Cultural-Based RSUs is equal to 60% of the total number of Cultural-Based RSUs granted hereunder. If such termination occurs on or after the date on which the Committee completes its evaluation described in Section II.A. above, the number of vested Cultural-Based RSUs will be determined by dividing the number of days between the Award Date and your 

termination date by the number of days between the Award Date and the Vesting Date and multiplying the quotient by the number of Cultural-Based RSUs actually earned.
 
		
	D.
	Change of Control. You will vest in 100% of the earned amount of any Cultural-Based RSUs if, at any time before the Vesting Date, a Change of Control occurs and on or after the date of the Change of Control, either (i) your employment with the Company or any successor of the Company or parent or other affiliate thereof is involuntarily terminated by the Company (or any such successor or parent or affiliate) without Cause or (ii) you voluntarily terminate your employment with the Company (or any such successor or parent or affiliate) for Good Reason. If such a termination occurs before the date on which the Committee has completed its evaluation pursuant to Section II.A. above, then all of the unearned Cultural-Based RSUs for such year shall be deemed to have been earned for purposes hereof.

		
	E.
	Certain Definitions. For purposes of applying this Section II, the following terms shall have the following meanings:

		
	•
	Cause: Your neglect of your duty which is not corrected after 90 days’ written notice thereof; your misconduct, malfeasance, fraud or dishonesty which materially and adversely affects the Company or its reputation in the industry; or your conviction of, or plea of nolo contendere to, a felony or a crime involving moral turpitude. 

		
	•
	Disability: You become unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as determined by the Compensation Committee of the Company’s Board of Directors in its reasonable discretion.

		
	•
	Good Reason: The occurrence of any of the following conditions without your written consent: a reduction in your base salary; you are not in good faith considered for an annual cash bonus; you are not in good faith considered for other benefits that are afforded generally by the Company from time to time to its senior personnel; the relocation of your place of your employment to a location further than 50 miles from your current place of employment; or a substantial diminution in your working conditions or management responsibilities, other than on account of Disability.

		
	•
	Retirement: Your employment with the Company terminates after you have attained both a) at least ten years of employment with the Company, and b) the age of 55.

		
	III.
	Payment of any vested portion of your Award will be made in shares of the Company’s common stock. The timing of such payment will be as follows:

		
	A.
	For employees who are continuously employed by the Company through the Vesting Date, payment will occur on or as soon as administratively practicable (within 60 days) after the Vesting Date.

		
	B.
	For employees whose employment terminates due to either 1) death or 2) Disability before the Vesting Date, payment will occur on as soon as administratively practicable (within 60 days) after the employee’s termination date.

		
	C.
	For employees whose employment terminates due to 1) Retirement (including involuntary termination without Cause after having satisfied the Retirement criteria set forth above), or 2) involuntary termination without Cause or Good Reason termination on or following the date of a Change of Control, timing of the payment will depend upon whether or not the employee is deemed to be a “specified employee” of the Company as defined by Section 409A(a)(2)(B)(i) of the Internal Revenue Code. If an employee is not a specified employee, then payment will occur as soon as administratively practicable (within 60 days) after the employee’s termination date. If an employee qualifies as a specified employee, then payment will occur as soon as administratively practicable (within 60 days) after the date that is six months after the employee’s termination date.

		
	IV.
	You agree, as a condition of receiving the Award to pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Unless otherwise agreed, the Company will withhold from the Award shares sufficient to cover the minimum statutory amount of all Applicable Withholding Taxes.

		
	V.
	This Award is not transferable by you except by will or by the laws of descent and distribution.

		
	VI.
	In the event of changes in the capital structure of the Company, appropriate adjustments will be made according to the Plan.

		
	VII.
	In consideration of the grant of this Award, you agree that you will comply with such lawful conditions as the Board of Directors or the Compensation Committee may impose on the Award, and will perform such duties as may be assigned from time to time by the Board of Directors or by the executive officers of the Company operating under the authority of the Board; provided, however, that the provisions of this sentence shall not be interpreted as affecting the right of the Company to terminate your employment at any time.

		
	VIII.
	Until the RSUs are converted into actual shares of the Company’s stock, your Award will not convey actual rights normally accruing to shareholders, including but not limited to the right to participate in shareholder votes or the right to receive dividends.

		
	IX.
	The Award is intended to comply with all applicable requirements of Section 409A of the Internal Revenue Code and the terms hereof shall be interpreted consistent with such intent.

		
	X.
	This Award and any shares of Company common stock issued pursuant hereto shall be subject to any compensation recoupment or clawback policy that is adopted by, or applicable to, the Company, pursuant to any requirement of law or any exchange listing requirement related to clawback or other recovery of compensation.

This Award is not valid unless electronically accepted.

Your electronic acceptance shall be deemed as your understanding and acceptance to the terms and conditions of this Award. 

American Woodmark Corporation

S. Cary Dunston 
Chief Executive Officer

Agreed to
By: ________________________EX-4.1

 Exhibit 4.1 

Norbord Inc. 
 Amended
and Restated 
 Dividend Reinvestment Plan 

August 30, 2017 

							
	 1.
	  	 PURPOSE
	  	 	4	 
			
	 2.
	  	 DEFINITIONS
	  	 	4	 
			
	 3.
	  	 PARTICIPATION IN THE PLAN
	  	 	5	 
			
		  	 3.1    Eligibility
	  	 	5	 
		  	 3.2    Enrollment – Registered Shareholders
	  	 	5	 
		  	 3.3    Enrollment – Beneficial Shareholders
	  	 	6	 
		  	 3.4    Ongoing Enrollment
	  	 	6	 
		  	 3.5    Deemed Confirmations
	  	 	6	 
		  	 3.6    Restrictions
	  	 	7	 
			
	 4.
	  	 THE PLAN AGENT
	  	 	7	 
			
		  	 4.1    Administration of the Plan
	  	 	7	 
		  	 4.2    Dealing in Corporation Securities
	  	 	7	 
		  	 4.3    Adherence to Regulation
	  	 	8	 
		  	 4.4    Resignation of Plan Agent
	  	 	8	 
			
	 5.
	  	 PURCHASE OF COMMON SHARES UNDER THE PLAN
	  	 	8	 
			
		  	 5.1    Aggregation of Dividends and Allocation to Participants’
Accounts
	  	 	8	 
		  	 5.2    Limit of Reinvestments in Certain Events
	  	 	8	 
		  	 5.3    Source of Plan Shares
	  	 	9	 
		  	 5.4    Purchases of Common Shares
	  	 	9	 
		  	 5.5    Price of Common Shares
	  	 	9	 
			
	 6.
	  	 DISPOSITION OR WITHDRAWAL OF COMMON SHARES
	  	 	9	 
			
		  	 6.1    Withdrawal of Plan Shares
	  	 	9	 
		  	 6.2    Disposition of Plan Shares
	  	 	10	 
		  	 6.3    Continuation of Participation
	  	 	10	 
			
	 7.
	  	 TERMINATION OF PARTICIPANT’S ACCOUNT
	  	 	10	 
			
		  	 7.1    Termination by Participant
	  	 	10	 
		  	 7.2    Death of a Participant
	  	 	11	 
		  	 7.3    Termination by Corporation or Plan Agent
	  	 	11	 
			
	 8.
	  	 ADMINISTRATION
	  	 	11	 
			
		  	 8.1    Registration of Plan Shares
	  	 	11	 
		  	 8.2    Fees
	  	 	11	 
		  	 8.3    Statements of Account
	  	 	12	 
		  	 8.4    Liabilities of the Corporation and Plan Agent
	  	 	12	 

							
	 9.
	  	 MISCELLANEOUS
	  	 	12	 
			
		  	 9.1    Voting of Plan Shares
	  	 	12	 
		  	 9.2    Rights Offerings, Stock Splits and Stock Dividends
	  	 	13	 
		  	 9.3    Currency
	  	 	13	 
		  	 9.4    Termination, Suspension or Amendment of Plan
	  	 	13	 
		  	 9.5    Assignment
	  	 	13	 
		  	 9.6    Rules
	  	 	14	 
		  	 9.7    Electronic Communications
	  	 	14	 
		  	 9.8    General
	  	 	14	 
		  	 9.9    Governing Law
	  	 	14	 
			
	 10.
	  	 NOTICES AND CORRESPONDENCE
	  	 	14	 
			
	 11.
	  	 EFFECTIVE DATE
	  	 	15	 
			
	 12.
	  	 INCOME TAX CONSIDERATIONS
	  	 	15	 
			
		  	 12.1    Certain Canadian Federal Income Tax Considerations
	  	 	15	 
		  	 12.2    Certain United States Federal Income Tax Considerations
	  	 	17	 

  
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 IMPORTANT NOTICE 

As a holder of common shares of Norbord Inc., you should read this document carefully before making any decision regarding the Amended and Restated Dividend
Reinvestment Plan. 
 If you are a holder of common shares of Norbord Inc. and resident in the United States and have received this document, please see the
prospectus relating to the Amended and Restated Dividend Reinvestment Plan, including the United States federal income tax considerations and risk factors included therein and the documents incorporated by reference therein, which form part of the
Registration Statement on Form F-3 (the “Registration Statement”), filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2017. The Registration
Statement and our U.S. filings are electronically available from the SEC’s Electronic Document Gathering and Retrieval System, which is commonly known by the acronym EDGAR and may be accessed at www.sec.gov. 

  
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 Norbord Inc. 

Amended and Restated Dividend Reinvestment Plan 
  

	1.	Purpose 

 The Norbord Inc. Amended and Restated Dividend Reinvestment Plan (the
“Plan”) permits eligible holders of Common Shares to automatically reinvest cash dividends paid on Common Shares into additional Common Shares at the applicable Average Market Price (as defined below). 

 

	2.	Definitions 

 Unless the context otherwise requires, capitalized terms used in the
Plan have the following definitions: 
 “Average Market Price” has the meaning set forth in Section 5.5; 

“Beneficial Shareholders” means beneficial holders of Common Shares who hold their shares through an intermediary such as a
financial institution, broker, nominee, or other intermediary; 
 “Business Day” means any day on which the Plan
Agent’s offices are generally open for the transaction of commercial business, but does not in any event include a Saturday, Sunday, civic or statutory holiday in the Province of Ontario or a day on which the TSX and NYSE does not publicly
trade; 
 “CDS” means Clearing and Depository Services Inc.; 

“Code” has the meaning set forth in Section 12.2; 

“Common Shares” means common shares of the Corporation; 

“Corporation” means Norbord Inc.; 

“CRA” has the meaning set forth in Section 12.1; 

“Dividend Payment Date” means a date on which cash dividends are paid on Common Shares; 

“Dividend Record Date” means a record date for the payment of dividends on Common Shares; 

“DRS Advice” means Direct Registration System Advice, a record of a security transaction affecting a shareholder’s
account, as part of the Plan Agent’s Direct Registration System service; 
 “Enrollment Form” means the Enrollment
Form – Norbord Inc. Dividend Reinvestment Plan, available on the Plan Agent’s self-service web portal at
https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/

  
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IssuerDetail.jsp?companyCode=5098; or the Corporation’s website at http://www.norbord.com/investors/shareholder-information/dividends. 

“IRS” has the meaning set forth in Section 12.2; 

“Market Purchase” means Common Shares purchased on the open market which includes the facilities of the TSX or the NYSE; 

“NYSE” means the New York Stock Exchange; 

“Participant” means a registered or beneficial holder of Common Shares who, on the applicable Dividend Record Date for a cash
dividend, is enrolled in the Plan; 
 “PFIC” has the meaning set forth in Section 12.2; 

“Plan” means this Norbord Inc. Amended and Restated Dividend Reinvestment Plan, as amended from time to time; 

“Plan Agent” means AST Trust Company (Canada), or such other agent that is appointed by the Corporation from time to time to
administer the Plan; 
 “Plan Shares” means Common Shares purchased under the Plan; 

“Proposed Amendments” has the meaning set forth in Section 12.1; 

“Registered Participant” means a Participant whose Common Shares enrolled in the Plan are registered in his or her own name;

 “Tax Act” has the meaning set forth in Section 12.1; and 

“TSX” means the Toronto Stock Exchange. 
  

	3.	Participation in the Plan 

  

	3.1	Eligibility 

 Subject to the provisions of this Section 3, registered and beneficial
holders of Common Shares residing in Canada or the United States are eligible to participate in the Plan. Dividends to be reinvested by Shareholders outside of Canada will continue to be subject to withholding under applicable tax laws and the
amount reinvested will be reduced by the amount of tax withheld. 
  

	3.2	Enrollment – Registered Shareholders 

 Eligible registered shareholders may
enroll 25%, 50%, 75% or 100% of their Common Shares in the Plan by enrolling online through the Plan Agent’s self-service web portal as identified from time to time by the Plan Agent or by downloading the Enrollment Form from
https://www.canstockta.com/en/InvestorServices/Investor_Information/Issuer_List/IssuerDetail.j 

  
 - 5 - 

 
sp?companyCode=5098 and duly completing and delivering it to the Plan Agent. Enrollment request must be received by 4:00 p.m. (Toronto time) on the fifth (5th) Business Day prior to a Dividend Record Date of a dividend for it to be effective on the Dividend Payment Date for such dividend. Any Enrollment Form received after such time will be processed for
the next applicable Dividend Record Date. Registered shareholders may also obtain an Enrollment Form by contacting the Plan Agent in any of the manners specified in Section 10 or by following the instructions provided on the Corporation’s
website at http://www.norbord.com/investors/shareholder-information/dividends. 
 Where no preference is indicated, 100% of
Participant’s cash distributions will be reinvested. 
 Eligible registered shareholders may change their election at any time by
completing and delivering a new Enrollment Form to the Plan Agent. 
  

	3.3	Enrollment – Beneficial Shareholders 

 Beneficial Shareholders of Common Shares
whose shares are not registered in their own names may participate in the Plan by either having their shares transferred into their own names and enrolling in accordance with Section 3.2 or instructing their intermediary to enroll their Common
Shares in the Plan on their behalf, if the intermediary allows such enrollment. The date of enrollment for Beneficial Shareholders who have instructed an intermediary to enroll their Common Shares in the Plan will be determined by the administrative
practices of the intermediary. 
  

	3.4	Ongoing Enrollment 

 Once a Participant has enrolled in the Plan, participation continues
automatically unless terminated in accordance with the Plan. Eligible Shareholders who participate in the Plan indirectly through CDS or otherwise through their financial institution, broker, nominee, or other intermediary should consult such
intermediary to confirm the intermediary’s policies concerning continued participation following initial enrollment. 
 If a
Participant is a beneficial owner whose Common Shares are registered in the name of The Depository Trust Company, he or she may participate in the Plan by (i) directing his or her broker to transfer all or any number of whole Common Shares into his
or her name and then enrolling such Common Shares in the Plan or (ii) making appropriate arrangements with the broker, investment dealer, financial institution or other nominee who holds the Participant’s Common Shares to transfer all or any
number of whole Common Shares into CDS and enroll in the Plan on the Participant’s behalf, either as a nominee that delivers a completed and executed enrollment form to the Plan Agent in the manner provided in the Plan, or, if applicable, as a
CDS Participant through enrollment by CDS. 
  

	3.5	Deemed Confirmations 

 By enrolling in the Plan, whether directly as a registered
shareholder or indirectly as a Beneficial Shareholder through an intermediary, a Participant is deemed to have: 
  

	 	3.5.1	represented and warranted to the Corporation and the Plan Agent that they are eligible to participate in the Plan; 

  

	 	3.5.2	appointed the Plan Agent to receive from the Corporation, and directed the Corporation to credit the Plan Agent with, all dividends payable in respect of all Common Shares registered in the name of the shareholder and
enrolled in the Plan or held under the Plan for its account, or, in the case of a Beneficial Shareholder enrolled indirectly through an intermediary, that is enrolled on its behalf in the Plan; 

  
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	 	3.5.3	authorized and directed the Plan Agent to reinvest on behalf of the Participant such dividends (less any applicable withholding taxes) in Common Shares, all in accordance with the provisions of the Plan as set forth
herein and otherwise upon and subject to the terms and conditions of the Plan; and 

  

	 	3.5.4	acknowledged and agreed to the limitations on liability as set out in Section 8.4 of the Plan. 

  

	3.6	Restrictions 

 The Corporation may, in its sole discretion, determine from time to time
that any shareholder or group of shareholders residing outside of Canada may not participate or continue to participate in the Plan. Without limiting the generality of the foregoing, the Corporation may deny the right to participate in the Plan to
any shareholder if the Corporation deems it to be advisable under any laws or regulations. Further, the Corporation may deny the right to participate in the Plan to any shareholder if the Corporation has reasons to believe that such shareholder has
been engaging in market activities, or has been artificially accumulating securities of the Corporation, for the purpose of taking undue advantage of the Plan to the detriment of the Corporation. 

 

	4.	The Plan Agent 

  

	4.1	Administration of the Plan 

 AST Trust Company (Canada) has been appointed as the initial
Plan Agent to administer the Plan on behalf of the Corporation and the Participants. The Corporation may from time to time appoint a Plan Agent to administer the Plan on behalf of the Corporation and the Participants, pursuant to the agreement
between the Corporation and the Plan Agent. Such agreement may be terminated by the Corporation or the Plan Agent in accordance with its terms. 

All funds received by the Plan Agent under the Plan (which consist of cash dividends received from the Participants) will be applied to the
purchase of Plan Shares. In no event will interest be paid to Participants on any funds held for reinvestment under the Plan. 

Notwithstanding the foregoing, all issues of interpretation arising in connection with the Plan or its application shall be conclusively
determined by the Corporation in accordance with Section 9.6. 
  

	4.2	Dealing in Corporation Securities 

 The Plan Agent or its affiliates may, from time to
time, for their own account or on behalf of accounts managed by them, deal in securities of the Corporation and will not, to the extent permitted by law, be liable to account to the Corporation or to Participants in respect of such dealings. 

  
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	4.3	Adherence to Regulation 

 The Plan Agent is required to comply with applicable laws,
orders or regulations of any governmental authority which impose on the Plan Agent a duty to take or refrain from taking any action under the Plan and to permit any properly authorized person to have access to and to examine and make copies of any
records relating to the Plan. 
  

	4.4	Resignation of Plan Agent 

 The Plan Agent may resign as Plan Agent under the Plan in
accordance with the agreement between the Corporation and the Plan Agent, in which case the Corporation will appoint another agent as the Plan Agent. 
  

	5.	Purchase of Common Shares under the Plan 

  

	5.1	Aggregation of Dividends and Allocation to Participants’ Accounts 

 On each Dividend
Payment Date, the Corporation will pay all cash dividends payable on Common Shares enrolled in the Plan to the Plan Agent. Those cash dividends will be aggregated and used by the Plan Agent to purchase Common Shares (the “Plan
Shares”) on behalf of Registered Participants on each Dividend Payment Date, which, in the case of a Market Purchase, will be effected in accordance with Section 5.5.1. The dividends on Plan Shares will, in turn, be reinvested in
additional Plan Shares. 
 Following each Dividend Payment Date, each Registered Participant’s account will be credited with that
number of Plan Shares, including fractions computed to three decimal places, which is equal to the aggregate dividend amount to be invested for such Registered Participant’s account divided by the applicable Average Market Price. The crediting
of fractional Common Shares in favour of non-registered shareholders who participate in the Plan through an intermediary will depend on the policies of that intermediary. A Plan Participant that is a non-registered shareholder will receive, from his, her or its intermediary, for tax reporting purposes, confirmation of the number of Common Shares issued to such Plan Participant under the Plan in accordance with
the intermediary’s usual practice. 
  

	5.2	Limit of Reinvestments in Certain Events 

 The Corporation
may limit the maximum number of Common Shares that may be issued under the Plan. If issuing Common Shares under the Plan would result in the Corporation exceeding the limit and the Corporation determines not to issue Common Shares in respect of a
particular Dividend Payment Date, the Corporation will advise the Plan Agent in advance of the applicable Dividend Record Date and Participants will receive from the Plan Agent cash dividends for the dividends that are not reinvested in Common
Shares (without interest or deduction thereon, except for any applicable withholding taxes). The Corporation will be under no obligation to issue Common Shares to any Participants under the Plan where the Corporation exceeds the maximum number of
Common Shares that may be issued under the Plan. The Corporation will be under no obligation to issue Common Shares on a pro rata basis to Participants under the Plan where the Corporation exceeds the maximum number of Common Shares that may be
issued under the Plan. The Corporation is not required to facilitate market purchases of Common Shares for any dividends not reinvested due to a limit on the number of Common Shares issuable under the Plan. 

  
 - 8 - 

	5.3	Source of Plan Shares 

 The Plan Shares acquired by the Plan Agent under the Plan will
be, at the Corporation’s election determined from time to time by authorization of the Board of Directors of the Corporation, either newly issued Common Shares from the Corporation treasury (a “Treasury Purchase”) or Common
Shares purchased on the open market, which includes the facilities of the TSX and the NYSE (a “Market Purchase”) at the direction of the Corporation from time to time. 

 

	5.4	Purchases of Common Shares 

 Upon the occurrence of each Dividend Payment Date, the Plan
Agent will buy Plan Shares either through a Treasury Purchase or a Market Purchase, which Market Purchase shall be effected in accordance with Section 5.5.1 and which Treasury Purchase shall be effected in accordance with Section 5.5.2.

  

	5.5	Price of Common Shares 

 The price allocated to each Plan Share acquired by the Plan
Agent under the Plan on each Dividend Payment Date (the “Average Market Price”) will be determined as follows: 
  

	 	5.5.1	For a Market Purchase, the Average Market Price will be the average price paid per Common Share on the open market by the Plan Agent. The Common Shares will be purchased on any day within the five (5) consecutive
trading day period commencing one Business Day following the Dividend Payment Date. 

  

	 	5.5.2	For a Treasury Purchase, the Average Market Price will be equal to the volume-weighted average price of the Common Shares on the TSX or the NYSE, as directed by the Corporation from time to time, for the five (5)
trading days preceding the relevant Dividend Payment Date. 

  

	 	5.5.3	The Corporation will announce by way of press release and/or in dividend announcements whether purchases of Common Shares under the Plan will be made by way of a Treasury Purchase or a Market Purchase.

  

	6.	Disposition or Withdrawal of Common Shares 

  

	6.1	Withdrawal of Plan Shares 

 Registered Participants whose Common Shares are enrolled in
the Plan may withdraw some or all of their whole Plan Shares at any time without terminating their participation in the Plan by completing the withdrawal portion of the Registered Participant’s periodic statement of account, and by sending such
completed withdrawal portion to the Plan Agent. Participants may also withdraw shares at the Plan Agent’s self-service web portal as identified from time to time by the Plan Agent. 

  
 - 9 - 

 A request to withdraw Plan Shares must be received by 4:00 p.m. (Toronto time) on the fifth
(5th) Business Day prior to a Dividend Record Date. Requests received after the deadline will be processed as soon as practicable after that Dividend Payment Date. The Plan Agent will deliver a
share certificate (or DRS Advice, if applicable) for the whole Plan Shares withdrawn from the Plan by the Registered Participant, as soon as practicable. 

Any subsequent dividends paid in respect of the new Common Shares arising from the withdrawal will be subject to reinvestment under the Plan
pursuant to the current election of the Participant. 
 Beneficial Shareholders who have enrolled in the Plan should contact their
intermediary to determine the procedures for withdrawing Plan Shares from the Plan. 
  

	6.2	Disposition of Plan Shares 

 Plan Shares may not be pledged, hypothecated, assigned or
otherwise disposed of or transferred. Participants who wish to pledge, hypothecate, assign, dispose of or otherwise transfer their Plan Shares must withdraw such Plan Shares from the Plan prior to such pledge, hypothecation, assignment, disposal or
transfer. 
  

	6.3	Continuation of Participation 

 If a Participant withdraws less than such
Participant’s entire Plan Shares, cash dividends paid on the remaining Plan Shares held by such Participant will continue to be reinvested into Common Shares under the Plan. 

 

	7.	Termination of Participant’s Account 

  

	7.1	Termination by Participant 

 Registered Participants may terminate their participation in
the Plan by completing the termination portion of the Registered Participant’s periodic statement of account and by sending such completed termination portion to the Plan Agent. Registered Participants may also terminate their participation in
the Plan at the Plan Agent’s self-service web portal as identified from time to time by the Plan Agent. The Plan Agent must receive notice of termination no later than 4:00 p.m. (Toronto time) on the fifth (5th) Business Day prior to the applicable Dividend Record Date for the termination to be effective for the applicable Dividend Payment Date. Termination requests received after such time will be
processed as soon as practicable after the Dividend Payment Date. 
 The Plan Agent will issue a share certificate (or DRS Advice if
applicable) for the number of whole Plan Shares held in such Participant’s account and a cash payment for any fraction of a Plan Share remaining in the Participant’s account. The cash payment (a) for Registered Participants resident
in the United States will be paid in U.S. dollars and calculated on the basis of the closing price (in U.S. dollars) of the Common Shares on the NYSE, and (b) for Registered Participants resident in Canada will be paid out in Canadian dollars
and calculated on the basis of the closing price (in Canadian dollars) of the Common Shares on the TSX, in each case on the trading day immediately preceding the date of termination. 

  
 - 10 - 

 Beneficial Shareholders who have enrolled in the Plan should contact their intermediary to
determine the procedures for terminating their participation in the Plan. 
 All subsequent dividends will then be paid directly to the
shareholder. Participation in the Plan may be renewed at any time by following the enrollment procedures described in Sections 3.2 or 3.3, as applicable. 
  

	7.2	Death of a Participant 

 Participation in the Plan will be terminated upon receipt by the
Plan Agent of appropriate evidence of the death of a Registered Participant from such Participant’s duly appointed legal representative and written instructions to terminate such Participant’s participation in the Plan. Proof of the legal
representative’s authority to act must accompany the evidence of death. The Plan Agent will terminate the account for such deceased Participant and issue a share certificate (or DRS Advice if applicable), and a cash payment for a fractional
Plan Share as the case may be, in the name of an estate. The amount of payment for any such fraction will be determined in accordance with Section 7.1. 
  

	7.3	Termination by Corporation or Plan Agent 

 The Corporation or the Plan Agent may
terminate any Registered Participant’s account upon written notice to the Participant at any time if the Participant has less than one whole Plan Share. The amount of payment for any such fraction will be determined in accordance with
Section 7.1. 
  

	8.	Administration 

  

	8.1	Registration of Plan Shares 

 All whole and fractional Plan Shares purchased under the
Plan will be registered in the name of the Plan Agent or its intermediary and the appropriate number of whole and fractional Plan Shares will be credited to the account of Registered Participants or, in the case of Beneficial Shareholders, in the
name of CDS, or its successor, who will credit the intermediaries, as applicable. 
  

	8.2	Fees 

 Except as otherwise specifically provided herein, the Corporation will be
responsible for all administrative costs of the Plan, including any brokerage commissions or the fees or other expenses of the Plan Agent payable in connection with the purchase of Plan Shares under the Plan. 

Beneficial Shareholders may be charged additional fees by the intermediary through whom their Plan Shares are held. 

  
 - 11 - 

	8.3	Statements of Account 

 The Plan Agent will maintain an account for each Registered
Participant in the Plan. A statement of account regarding the purchases under the Plan will be mailed to each Registered Participant on a quarterly basis and setting out, amongst other things, the amount of the cash dividends invested, the number of
additional Plan Shares purchased through the Plan, the applicable Average Market Price per Plan Share and the total number of Common Shares held by the Registered Participant computed to three decimal places. The statement of account will be mailed
as soon as practicable after each Dividend Payment Date. Such statements will constitute a Registered Participant’s continuing record of the date and valuation of the acquisition of Plan Shares and should be retained for income tax purposes.
Registered Participant’s tax information will be mailed annually. 
 Beneficial Shareholders who have enrolled in the Plan may receive
statements of account from their intermediary in accordance with the intermediary’s administrative practices. Such statements will constitute a Beneficial Shareholder’s continuing record of the date and valuation of the acquisition of Plan
Shares and should be retained for income tax purposes. Beneficial Shareholders should contact their intermediary to determine the procedures for requesting current statements. 

 

	8.4	Liabilities of the Corporation and Plan Agent 

 Neither the Corporation nor the Plan
Agent will be liable for any act or omission to act, or will have any duties, responsibilities or liabilities except as expressly set forth in the Plan or as required by law. 

Neither the Corporation nor the Plan Agent will be liable in respect of the prices at which Plan Shares are purchased or sold on behalf of
Participants under the Plan or the timing of purchases or sales made under the Plan. 
 Neither the Corporation nor the Plan Agent can
assure a profit or protect against a loss on Plan Shares purchased or sold under the Plan. 
 The Corporation and the Plan Agent shall have
the right to reject any request regarding enrollment, withdrawal or termination from the Plan if such request is not received in proper form. Any such request will be deemed to be invalid until any irregularities have been resolved to the
satisfaction of the Corporation and/or the Plan Agent. 
  

	9.	Miscellaneous 

  

	9.1	Voting of Plan Shares 

 Registered Participants may vote whole Plan Shares held by the
Plan Agent on their behalf, in the same manner as any other Common Shares of the Corporation either by proxy or in person. A fractional share does not carry the right to vote. The Plan Agent will forward any proxy solicitation materials to
Registered Participants as soon as practicable following receipt thereof. 

  
 - 12 - 

 Beneficial Shareholders should contact their intermediary to determine the procedures for voting
Plan Shares. 
  

	9.2	Rights Offerings, Stock Splits and Stock Dividends 

 If the Corporation makes available
to holders of record of its Common Shares rights to subscribe for additional Common Shares or other securities, Registered Participants will be forwarded rights certificates pertaining to their whole Plan Shares held by the Plan Agent on their
behalf, subject to the terms and conditions of the rights offering. No such rights will be made available in respect of fractions of Plan Shares held by the Plan Agent. Each Registered Participant’s account will be adjusted for any stock splits
or stock dividends declared on Plan Shares. 
 Beneficial Shareholders should contact their intermediary with questions regarding the
procedures for rights offerings, stock splits and stock dividends. 
  

	9.3	Currency 

 Monetary amounts identified in the Plan are in Canadian dollars, unless
otherwise expressly stated. 
  

	9.4	Termination, Suspension or Amendment of Plan 

 Subject to any required regulatory or
stock exchange approval, the Corporation may amend or suspend, in whole or in part, or terminate the Plan at any time upon notice thereof to all Participants, without their consent or approval. The Corporation shall issue a news release advising the
shareholders of the suspension or termination of the Plan. All amendments to the Plan must be pre-cleared by the Toronto Stock Exchange. 

If the Plan is terminated by the Corporation, the Plan Agent will remit to each Registered Participant a certificate (or DRS Advice if
applicable) for whole Plan Shares held for such Participant under the Plan, together with the proceeds for any fraction of such shares. The amount of payment for any such fraction will be determined in accordance with Section 7.1. In the event
of suspension of the Plan, the Plan Agent will make no investments on any Dividend Payment Date following the effective date of such suspension and all dividends will be paid in cash during such suspension. 

Beneficial Shareholders should contact their intermediary with questions regarding the procedures of the intermediary in the event of the
suspension or termination of the Plan. 
  

	9.5	Assignment 

 A holder of Common Shares may not assign its right to participate in the
Plan. 

  
 - 13 - 

	9.6	Rules 

 The Corporation may make rules and regulations to facilitate the administration
of the Plan and reserves the right to regulate and interpret the Plan text as the Corporation deems necessary or desirable. The Corporation may adopt rules and regulations concerning the establishment of Internet-based or other electronic mechanisms
with respect to the enrollment in the Plan, the communication of information concerning the Plan to the Participants and any other aspects of the Plan. 
  

	9.7	Electronic Communications 

 References in the Plan to the delivery of instructions,
notices or other documents in writing will be deemed to include, subject to the adoption of rules or regulations by the Corporation, delivery by electronic means, including the Internet. 

 

	9.8	General 

 Provisions of the Plan apply to all Participants, but are subject to the
administrative practices and requirements of intermediaries through whom Common Shares are held by Beneficial Shareholders. Beneficial Shareholders should consult with the relevant intermediary to determine the procedures for participation in the
Plan. The administrative practices of such intermediaries may vary and accordingly the various dates by which actions must be taken and the documentary requirements set out in the Plan may not be the same as those required by such intermediaries.

  

	9.9	Governing Law 

 The Plan will be governed by and construed in accordance with the laws of
Ontario and the laws of Canada applicable therein. 
  

	10.	Notices and Correspondence 

 Communications to the Plan Agent should be addressed
as follows: 
 AST Trust Company (Canada) 

1 Toronto Street 
 Suite 1200 

Toronto, Ontario 
 M5C 2V6 

Or Investor Services at 
 North
America: 1-800-387-0825 

Outside of North America: 416-682-3860 

Or by email: inquiries@canstockta.com 

Or by visiting: https://www.canstockta.com/ 

  
 - 14 - 

 Communications to the Corporation should be addressed as follows: 

Norbord Inc. 
 1 Toronto
Street, Suite 600 
 Toronto, Ontario 

M5C 2W4 
 Attention: Corporate
Secretary 
 Telephone: (416) 365-0705 

Facsimile: (416) 777-4419 

Registered Participants must notify the Plan Agent promptly in writing of any change of address. Notices or statements from the Plan Agent to
Registered Participants will be mailed at the last address of record for each Participant in the Plan, and any such notice or statement will be deemed received when received by the Participant or within five (5) Business Days after mailing,
whichever occurs earlier. 
  

	11.	Effective Date 

 The effective date of the Plan is August 30, 2017. 

 

	12.	Income Tax Considerations 

  

	12.1	Certain Canadian Federal Income Tax Considerations 

 The following is a summary of the
principal Canadian federal income tax considerations generally applicable to a Participant who, at all relevant times, for purposes of the Income Tax Act (Canada) and the regulations thereunder (the “Tax Act”), deals at arm’s
length with and is not affiliated with the Corporation, holds Common Shares acquired under the Plan as capital property, and has cash dividends paid on Common Shares reinvested in Common Shares under the Plan. 

This summary is based upon the current provisions of the Tax Act, and all specific proposals to amend the Tax Act publicly announced by the
Minister of Finance (Canada) prior to the date hereof (the “Proposed Amendments”), and the current published administrative policies and assessing practices of the Canada Revenue Agency (the “CRA”). This summary
assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary is not exhaustive of all possible Canadian federal
income tax considerations, and does not take into account Canadian provincial or territorial income tax laws, or foreign tax considerations. 

On July 18, 2017, the Minister of Finance (Canada) released a consultation paper that included an announcement of its intention to amend the
Tax Act to increase the amount of tax applicable to passive investment income earned through a private corporation. No specific amendments to the Tax Act were proposed in connection with this announcement and this summary does not consider
the implications of this announcement. Participants that are resident in Canada for purposes of the Tax Act and that are private corporations should consult their own tax advisors regarding the implications of this announcement with respect to
their particular circumstances. 
 This summary does not apply to a Participant: (i) who is subject to the “mark-to-market” rules under the Tax Act applicable to certain “financial institutions”; (ii) an interest in which is a “tax shelter
investment”; (iii) who makes or has made a functional currency reporting election pursuant to section 261 of the Tax Act; or (iv) who has entered into or will enter into a “derivative forward agreement” with respect to
their Common Shares (all as defined in the Tax Act). Such Participants should consult their own tax advisors. 
 This summary is of a
general nature only and is not, and is not intended to be, legal or tax advice to any particular Participant under the Plan. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective participants
should consult their own tax advisers having regard to their own particular circumstances. 

  
 - 15 - 

 For the purposes of the Tax Act, all U.S. dollar amounts relating to the acquisition, holding or
disposition of Common Shares must generally be expressed in Canadian dollars using the appropriate exchange rate determined in accordance with the detailed rules in the Tax Act in that regard. As a result, the amount required to be included in the
income of a Participant may be affected by virtue of fluctuations in the value of the U.S. dollar relative to the Canadian dollar. 
 Canadian Residents

 This portion of the summary is generally applicable to a Participant who, at all relevant times, for purposes of the Tax Act, is, or
is deemed to be, resident in Canada. 
 All cash dividends paid on Common Shares that are reinvested on behalf of a Participant will
generally be subject to the tax treatment normally applicable to taxable dividends (including “eligible dividends” as defined in the Tax Act) from “taxable Canadian corporations”, as defined in the Tax Act. For example, in the
case of a Participant who is an individual, such dividends will be subject to the normal gross-up and dividend tax credit rules or, in the case of a Participant who is a private corporation or one of certain
other corporations, a refundable tax will apply to the amount of the dividend. Other taxes could apply depending on the circumstances of the Participant. 

A Participant will not realize any taxable income when the Participant receives certificates, or DRS Advice if applicable, for whole Common
Shares credited to the Participant’s account, whether upon the Participant’s request, upon termination of participation or upon termination of the Plan. 

The cost to a Participant of Common Shares acquired under the Plan will be the price paid for such shares by the Participant. For the purpose
of computing the adjusted cost base of such shares to the Participant, the cost of such shares will be averaged with the adjusted cost base of all Common Shares held by the Participant as capital property. 

A Participant may realize a capital gain or capital loss on the disposition of Common Shares acquired through the Plan, including in
circumstances where a Participant receives a cash payment for any fraction of a Common Share. 
 Non-Residents of
Canada 
 This portion of the summary is generally applicable to a Participant who, at all relevant times, for purposes of the Tax Act,
is not, and is not deemed to be, resident in Canada, and who does not carry on a business in Canada. Special rules, which are not discussed in this summary, may apply to a Participant who is not resident in Canada and who is an insurer that carries
on an insurance business in Canada and elsewhere. 
 Dividends which a Participant who is not resident in Canada designates for reinvestment
under the Plan will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Participant is entitled under any applicable income tax convention between Canada and the country in
which the Participant is resident. For example, where a Participant is a U.S. resident entitled to benefits under the Canada-U.S. Income Tax Convention (1980), as amended, and is the beneficial owner of the
dividends, the applicable rate of Canadian withholding tax is generally reduced to 15%. The amount of dividends to be invested under the Plan will be reduced by the amount of tax withheld. 

  
 - 16 - 

 Gains on the disposition of Common Shares by a Participant who is not resident in Canada are
generally not subject to Canadian income tax unless such shares are or are deemed to be “taxable Canadian property” (as defined in the Tax Act) and the Participant is not entitled to relief under any applicable income tax convention
between Canada and the country in which the Participant is resident. Provided that the Common Shares are then listed on a “designated stock exchange” (as defined in the Tax Act), the Common Shares generally will not constitute
“taxable Canadian property” of a Participant who is not resident in Canada unless, at any time during the 60-month period immediately preceding the disposition of the Common Shares: (i)(a) the
Participant, (b) persons with whom the Participant did not deal at arm’s length, (c) partnerships in which the Participant or persons described in (b) holds a membership interest directly or indirectly through one or more
partnerships, or (d) one or any combination of persons or partnerships described in (a) to (c) above, owned 25% or more of the issued shares of any class of the capital stock of the Corporation, and (ii) more than 50% of the fair market
value of the Common Shares was derived directly or indirectly from one or any combination of: (A) real or immovable property situated in Canada; (B) “Canadian resource properties” (as defined in the Tax Act);
(C) “timber resource properties” (as defined in the Tax Act); and (D) options in respect of, or interests in, or for civil law rights in, property described in (A) to (C), whether or not the property exists. 

 

	12.2	Certain United States Federal Income Tax Considerations 

 The following discussion
summarizes certain United States federal income tax considerations relating to participation in the Plan by U.S. Participants (as defined below) that hold Common Shares, acquired pursuant to the Plan, as capital assets (generally, property held for
investment). For purposes of this discussion, a “U.S. Participant” generally means a beneficial owner of Common Shares enrolled in the Plan that is, for United States federal income tax purposes, any of the following: 

 

	 	•	 	a citizen or individual resident of the United States; 

  

	 	•	 	a corporation, or other entity treated as a corporation for United States federal income tax purposes, created in, or organized under the laws of, the United States, any state thereof or the District of Columbia;

  

	 	•	 	an estate whose income is subject to United States federal income tax regardless of its source; or 

  

	 	•	 	a trust if either (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all
substantial decisions of the trust or (b) the trust has a valid election in effect to be treated as a United States person under applicable Treasury regulations. 

  
 - 17 - 

 THIS DISCUSSION IS INCLUDED HEREIN AS GENERAL INFORMATION ONLY. ACCORDINGLY, PROSPECTIVE U.S.
PARTICIPANTS IN THE PLAN ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR UNITED STATES FEDERAL, STATE, LOCAL AND NON-UNITED STATES INCOME AND OTHER TAX CONSIDERATIONS APPLICABLE TO THEM RELATING
TO PARTICIPATION IN THE PLAN. 
 This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”),
its legislative history, United States Treasury regulations promulgated under the Code, judicial opinions, published positions of the Internal Revenue Service (the “IRS”), and other applicable authorities, all as in effect as of the
date hereof, and any of which are subject to change (possibly with retroactive effect), or differing interpretations, so as to result in United States federal income tax consequences different from those discussed herein. This discussion does not
address all aspects of United States federal income taxation that may be relevant to a particular U.S. Participant in light of that U.S. Participant’s individual circumstances, nor does it address any aspects of United States federal estate and
gift, state, local, or non-United States taxes or the 3.8% Medicare contribution tax imposed on certain net investment income. This discussion does not address United States federal income tax considerations
relating to participation in the Plan by persons that are not U.S. Participants. This discussion does not apply, in whole or in part, to particular U.S. Participants in light of their individual circumstances or to participants subject to special
treatment under the United States federal income tax laws, such as: 
  

	 	•	 	insurance companies; 

  

	 	•	 	tax-exempt organizations (including private foundations), qualified retirement plans, individual retirement accounts, or other tax-deferred
accounts; 

  

	 	•	 	banks and other financial institutions; 

  

	 	•	 	brokers or dealers in securities or currencies; 

  

	 	•	 	regulated investment companies; 

  

	 	•	 	real estate investment trusts; 

  

	 	•	 	passive foreign investment companies; 

  

	 	•	 	entities or arrangements treated as partnerships for United States federal income tax purposes; 

  

	 	•	 	U.S. Participants that hold, or will hold, Common Shares as part of a straddle, hedge, appreciated financial position, conversion transaction or other risk reduction strategy; 

 

	 	•	 	persons that hold an interest in an entity that holds, or will hold, the Common Shares; 

  
 - 18 - 

	 	•	 	persons liable for alternative minimum tax; 

  

	 	•	 	persons that have a “functional currency” other than the United States dollar; 

  

	 	•	 	persons that generally mark their securities to market for United States federal income tax purposes; 

  

	 	•	 	persons that acquired the Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; 

 

	 	•	 	persons that own, or have owned, directly, indirectly or constructively, 10% or more of the Corporation’s common stock (by vote or value) for United States federal income tax purposes; and 

 

	 	•	 	United States expatriates. 

 If a partnership (or other entity or arrangement treated as a
partnership for United States federal income tax purposes) participates in the Plan, the tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Any such partner or partnership should
consult its tax advisor as to the particular United States federal income tax considerations relating to participation in the Plan. 
 Tax Considerations
Relating to Dividend Reinvestment 
 The following discussion applies except to the extent that the passive foreign investment company
(“PFIC”) rules, discussed below, provide otherwise. See “– Tax Considerations Relating to the Acquisition, Ownership and Disposition of Common Shares – Passive Foreign Investment Company
Considerations.” In the case of a Treasury Purchase, a U.S. Participant generally will be treated as receiving a distribution for United States federal income tax purposes in an amount equal to the fair market value on the applicable Dividend
Payment Date of the Common Shares purchased with reinvested dividends plus the amount of any Canadian withholding tax withheld therefrom. The fair market value of the Common Shares purchased from the Corporation on the applicable Dividend Payment
Date may be higher or lower than the price used to determine the number of Common Shares so purchased pursuant to the Plan. In the case of a Market Purchase, a U.S. Participant generally will be treated as receiving a distribution for United States
federal income tax purposes in an amount equal to sum of (i) the cash dividend paid by the Corporation (without reduction for any Canadian tax withheld from such dividend) and (ii) any brokerage commissions, fees, transaction costs or
other related charges paid by the Corporation that are allocable to the Plan Agent’s purchase of Common Shares on behalf of such U.S. Participant. The amount of any such distribution to a U.S. Participant (reduced by any Canadian tax withheld
from such distribution) generally will be such U.S. Participant’s tax basis in the Common Shares purchased. A U.S. Participant’s holding period for these Common Shares will begin on the day following the date of purchase. 

Any distribution to a U.S. Participant described in the preceding paragraph generally will be subject to United States federal income tax in
the same manner as cash distributions described below. See “– Tax Considerations Relating to the Acquisition, Ownership and Disposition of Common Shares – Distributions on Common Shares; – Backup Withholding Tax
and Information Reporting.” 

  
 - 19 - 

 If United States backup withholding tax applies to any dividends paid that are to be reinvested
in Common Shares, the number of Common Shares credited to a U.S. Participant’s account will be reduced as a result of such backup withholding tax. See “– Tax Considerations Relating to the Acquisition, Ownership and Disposition
of Common Shares – Backup Withholding Tax and Information Reporting.” 
 Tax Considerations Relating to the Acquisition, Ownership and
Disposition of Common Shares 
 Distributions on Common Shares 

In general, subject to the PFIC rules discussed below, the gross amount of any distribution made to a U.S. Participant on Common Shares
(including amounts withheld to pay Canadian withholding taxes) will constitute a dividend for United States federal income tax purposes to the extent paid out of the Corporation’s current or accumulated earnings and profits, as determined for
United States federal income tax purposes. To the extent the amount of such distribution exceeds the Corporation’s current and accumulated earnings and profits, it will be treated first as a non-taxable
return of capital to the extent of such U.S. Participant’s tax basis in such Common Shares and thereafter will be treated as gain from the sale or exchange of such Common Shares. The Corporation does not intend to calculate its earnings and
profits under United States federal income tax principles. Accordingly, U.S. Participants should expect that a distribution generally will be treated as a dividend for United States federal income tax purposes. 

The amount of any dividend paid to a U.S. Participant in Canadian dollars (including amounts withheld to pay Canadian withholding taxes) will
be includible in income in a United States dollar value amount by reference to the exchange rate between the United States dollar and the Canadian dollar in effect on the date of receipt of such dividend by the U.S. Participant (or the Plan Agent on
behalf of the U.S. Participant), regardless of whether the Canadian dollars so received are in fact converted into United States dollars. If the Canadian dollars so received are converted into United States dollars on the date of receipt, such U.S.
Participant generally should not be required to recognize foreign currency gain or loss in respect of the dividend income. If the Canadian dollars so received are not converted into United States dollars on the date of receipt, such U.S. Participant
generally will have a tax basis in such Canadian dollars equal to the United States dollar value of such Canadian dollars on the date of receipt. Such tax basis will be used to measure gain or loss from a subsequent conversion or other disposition
of the Canadian dollars. Any gain or loss on a subsequent conversion or other taxable disposition of such Canadian dollars generally will be treated as ordinary income or loss to such U.S. Participant and generally will be income or loss from
sources within the United States for United States foreign tax credit purposes. 
 Subject to the PFIC rules discussed below, distributions
on Common Shares treated as dividends and paid to certain non-corporate U.S. Participants may be taxed at preferential rates. 

  
 - 20 - 

 
The amount of a distribution treated as a dividend will not be eligible for the “dividends received” deduction ordinarily allowed to corporate shareholders with respect to dividends
received from United States corporations. 
 Distributions on Common Shares that are treated as dividends generally will constitute income
from sources outside the United States and generally will be categorized for United States foreign tax credit purposes as “passive category income.” A U.S. Participant may be eligible to elect to claim a United States foreign tax credit
against its United States federal income tax liability, subject to applicable limitations and holding period requirements, for Canadian tax withheld, if any, from distributions received in respect of the Common Shares. A U.S. Participant that does
not elect to claim a United States foreign tax credit may instead claim a deduction for Canadian tax withheld, but only for a taxable year in which the U.S. Participant elects to do so with respect to all
non-United States income taxes paid or accrued in such taxable year. The rules relating to United States foreign tax credits are complex, and each U.S. Participant should consult its tax advisor regarding the
application of such rules. 
 Sale, Exchange or Other Taxable Disposition of Common Shares 

A U.S. Participant generally will recognize gain or loss for United States federal income tax purposes upon the sale, exchange or other taxable
disposition of Common Shares and when it receives cash payments for fractional shares credited to its account upon exit from the Plan or otherwise. The amount of gain or loss will equal the difference, if any, between the amount realized on the
sale, exchange or other taxable disposition and such U.S. Participant’s adjusted tax basis in its Common Shares. Subject to the PFIC rules discussed below, such gain or loss will be capital gain or loss and generally will be long-term capital
gain (currently taxable at a reduced rate for non-corporate U.S. Participants) or loss if, on the date of the sale, exchange or other taxable disposition, the Common Shares or fraction thereof were held by
such U.S. Participant for more than one year. The deductibility of capital losses is subject to limitations. Such gain or loss generally will be sourced within the United States for United States foreign tax credit purposes. 

Passive Foreign Investment Company Considerations 

A non-U.S. corporation will be considered a PFIC for any taxable year in which (i) 75% or more of
its gross income is “passive income” or (ii) 50% or more of the average quarterly value of its assets produce (or are held for the production of) passive income. For this purpose, passive income generally includes, for example,
dividends, interest, certain rents and royalties, and certain gains from commodities transactions. 
 Based on the current and expected
composition of its income and assets, the Corporation does not expect to be a PFIC for the current taxable year, nor does it expect to become a PFIC in the foreseeable future. However, there can be no assurance that the IRS will not
successfully challenge the Corporation’s position or that the Corporation will not become a PFIC in a future taxable year, as PFIC status is re-tested each year and depends on a corporation’s assets
and income in each such year. If the Corporation is classified as a PFIC in any year a U.S. Participant 

  
 - 21 - 

 
owns the Common Shares, certain adverse tax consequences could apply to such U.S. Participant. Certain elections may be available (including a mark-to-market election) to U.S. Participants to mitigate the adverse consequences resulting from the Corporation’s treatment as a PFIC. U.S. Participants should consult their tax advisors regarding the
application of the PFIC rules to their participation in the Plan and whether to make such an election, if available. 
 Backup
Withholding Tax and Information Reporting 
 In general, information reporting will apply to the payment of dividends, as well as to
proceeds from the sale, exchange or other taxable disposition of the Common Shares paid within the United States (and in certain cases, outside the United States) to U.S. Participants other than certain exempt recipients (such as corporations). In
addition, backup withholding may apply to such amounts if a U.S. Participant fails to furnish a correct Taxpayer Identification Number on IRS Form W-9 or otherwise fails to comply with applicable
requirements. Amounts withheld under the backup withholding rules are not an additional tax and may be refunded or credited against a U.S. Participant’s United States federal income tax liability, provided that certain required information is
furnished to the IRS in a timely manner. 
 Certain U.S. Participants who hold certain specified foreign financial assets (which may include
the Common Shares) with an aggregate value in excess of US$50,000 generally are required to report information relating to such interests by filing IRS Form 8938 with their tax returns. U.S. Participants should consult their tax advisors
regarding information reporting requirements relating to their participation in the Plan. 

  
 - 22 -

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