Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS 

This Separation Agreement and Release of all Claims ( “Agreement”) is entered into by and between Financial Institutions, Inc., a bank holding
company chartered under the laws of the State of New York, having its principal office at 220 Liberty St., Warsaw, New York 14569, and its subsidiaries and affiliates (collectively referred to as the “Company”); and Karl F. Krebs (the
“Executive” or “you”), an individual residing at 9130 Beech Meadows Court, Clarence Center, New York 14032. 
 1.
Resignation. You agree that your resignation from the Company was effective at the close of business on April 15, 2013 (the “Separation Date”), and that you resigned your employment in all capacities with the Company. 

2. Final Compensation and Benefits. You acknowledge and agree that you have received your regular wages and employment-related benefits
through the Separation Date, all of which were paid in accordance with the Company’s regular payroll schedule and benefit policies and practices. You acknowledge and agree that your payment for employment-related benefits through the Separation
Date included payment for all of your accrued and unused vacation time. You acknowledge and agree that you have also received reimbursement of any appropriately documented expenses that were incurred but unpaid up through the Separation Date that
were a result of conducting business activities on behalf of the Company. You received and may retain such wages and employment-related benefits described in this Paragraph 2 even if you decide not to sign this Agreement. You acknowledge and agree
that the payments you received that are described in this Paragraph 2 are all wages and employment-related benefits due to you based on your employment with the Company. 

3. Termination of Compensation and Benefits.  

a) You acknowledge and agree that all of your compensation and employment-related benefits ended on the Separation Date or the last day of the
month in which your employment ended, depending upon the benefit. You have or will receive additional information regarding the date on which each benefit ended as well as your rights to insurance continuation (at your expense) and your retirement
benefits. To the extent that you have such rights, nothing in this Agreement will impair them. 
 b) You will forfeit all rights under the
Financial Institutions, Inc. Annual Incentive Plan as of the Separation Date. All of your equity compensation awards granted to you by the Company or any of its affiliates that remain outstanding and unvested as of the Separation Date shall be
terminated effective as of the Separation Date and be forfeited without consideration. 

 4. Company Property. 

a) To the extent you have not already done so, by no later than September 13, 2013, you shall return to the Company all documents (and all
copies thereof) and other property belonging to the Company that you have in your possession or control, with the exception of any property that the Company authorizes you in writing to retain. The documents and property to be returned by you
include, but are not limited to, all files, correspondence, e-mail, memoranda, notes, notebooks, drawings, records, plans, forecasts, reports, studies, analyses, compilations of data, proposals, agreements, financial information, research and
development information, customer information, marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to,
facsimile machines, mobile telephones and servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions
thereof in whole or in part). You agree to make a diligent search to locate any such documents, property and information. To the extent such Company documents and property now contain notations that you claim are attorney-client
privileged, you may redact such attorney-client privileged information prior to returning the Company documents and property.
 b) If you
have used any computer, server, or e-mail system owned by you or a member of your immediately family to receive, store, review, prepare or transmit any Company confidential or proprietary data, materials or information, then on or before
September 13, 2013, you shall provide the Company with a computer-useable copy of all such information and then permanently delete and expunge such confidential or proprietary information from those systems. To the extent such electronic
information now contains (as an attachment or otherwise) notations that you claim are attorney-client privileged, you may redact such attorney-client privileged information prior to providing it to the Company in computer-useable form.

c) On or before September 13, 2013, you agree to provide a signed and notarized certification that, after a diligent efforts to locate
Company documents and property in your possession, you have complied with Paragraphs 4(a) and 4(b) above and/or that there was no Company confidential or proprietary data, material or information on any computer, server or e-mail system owned by you
or a member of your immediate family, and therefore that no copying or deletion of such information was necessary. On or before September 13, 2013, you and your attorneys also agree to provide a signed and notarized certification that you and
they have destroyed any unredacted originals and/or copies of the attorney-client privileged materials referenced in the last sentence of Paragraphs 4(a) and 4(b) above. 

d) You further agree that if you discover any Company documents or property in your possession or on your computer, server or e-mail system in
the future, you will immediately return such documents or information to the Company and delete them from such computer, server or e-mail system 

  
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 e) Although you have returned the Company cell phone, the Company will allow you to retain the
cell phone number for your personal use, at your expense, and both parties agree to execute any documents necessary to accomplish the transfer of that cell phone number. You will bear the expense and pay any fees associated with that transfer. You
further agree that you will forward any Company-related telephone calls or voice mail messages you receive at that cell phone number to Kevin B. Klotzbach (CFO) or another Company officer on the same business day you receive such call/message. 

5. Separation Benefits. In consideration of your acceptance of the terms of this Agreement, including but not limited to the obligations
imposed by Paragraphs 9 to 11 of this Agreement and the Release of All Claims contained in Paragraph 6 of this Agreement, and provided you have signed this Agreement and the revocation period set forth in Paragraph 22 has expired with no revocation,
the Company will provide you with the separation benefits described in this Paragraph 5. 
 a) The Company will pay a separation pay benefit
in the total amount of Five Hundred Twenty-Five Thousand Dollars ($525,000.00). This separation pay benefit will be paid as follows: 

(i) Within fifteen (15) days of the Company’s receipt of written payment/wiring instructions from you, which you
agree to provide after the Effective Date of this Agreement, as defined in Paragraph 22 below, the Company will pay a lump sum cash payment of One Hundred Seventy-Five Thousand Dollars ($175,000.00).

(ii) The remaining separation pay benefit of Three Hundred Fifty Thousand Dollars ($350,000.00) will be paid to you in
equal bi-weekly installments, less required payroll deductions and withholdings, for a period of fifty-two (52) installments in accordance with the Company’s regular payroll schedule and practice. These installments will begin on the
Company’s first regular pay period after September 14, 2013, provided you have executed this Agreement and the revocation period set forth in Paragraph 22 has expired with no revocation.

b) The Company will not seek to recoup the Transit Valley Country Club full-year dues it has already paid on your behalf for 2013. Any dues,
fees, assessments or other charges you incur at Transit Valley Country Club after the Separation Date are your responsibility. 
 c) In the
event that the Company receives an inquiry from a future prospective employer, the Company will only disclose the position you held and the duration of your employment, unless you authorize in writing that additional information to be disclosed.

  
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 d) The Company makes no representations to you regarding the taxability and/or tax implications
of this Agreement. You are solely responsible for any tax consequences associated with the payments made pursuant to this Agreement, regardless of whether the Company should have contributed and withheld taxes from the amounts paid (including Social
Security and Medicare). You agree to defend, indemnify, reimburse and hold the Company harmless for any and all taxes, contributions, withholdings, fees, assessments, interest, costs, penalties and other charges that may be imposed on the Company by
the Internal Revenue Service, the New York State Tax Department or any other federal, state or local taxing authority by reason of the payment made pursuant to paragraph 5(a)(i) above, the absence of withholdings and deductions made from that
payment and/or your non-payment or late payment of taxes due with respect to that payment, and you alone assume all liability for all such amounts. 

e) You agree that you are not entitled to any other compensation or benefits of any kind or description from the Company, its successors,
assigns, affiliates or related companies, or from or under any employee benefit plan or fringe benefit plan sponsored by the Company, its successors, assigns, affiliates or related companies, other than as described in this Agreement, and except for
vested benefits under the any qualified retirement plans in which you participate. 
 f) You acknowledge and agree that, in the absence of
this Agreement, you are not entitled to any of the separation benefits set forth in this Paragraph 5. 
 6. Krebs’ Release Of All
Claims Against Company. 
 a) By signing this Agreement you agree that you are releasing and waiving your right to bring any legal claim
of any nature against the Company arising from conduct or events that took place before you signed this Agreement. The claims you are giving up include, but are not limited to, claims related, directly or indirectly, to ownership interests in the
Company (except as might be determined by a court or other legal authority as part of a legal action related to the value of common shares, in which you belong to a recovering group or class, but in which you are not a named plaintiff or class
representative) and your employment relationship with the Company, including your separation from employment. This Agreement is intended to be interpreted in the broadest possible manner to include all actual or potential legal claims you may have
against the Company, except as expressly provided otherwise in Paragraph 6(e). 
 b) Specifically, you agree that you are fully and forever
giving up all of your legal rights and claims against the Company, whether or not presently known to you, arising from conduct or events occurring before you signed this Agreement. You agree that the legal rights and claims you are waiving include
all rights and claims under, as amended, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (the “ADEA”), the Older Workers Benefit Protection Act of 1990 (the “OWBPA”), the Rehabilitation
Act of 1973, the Civil Rights Acts of 1866 and 1991, the Americans With Disabilities Act of 1990 (the “ADA”), the Genetic Information Nondiscrimination Act of 2008 (“GINA”), the Equal Pay Act of 1963, the Family and Medical Leave
Act of 1993 (“FMLA”), the Employee Retirement Income Security Act of 1974 (“ERISA”), the New York Human Rights Law and any similar federal, state or local statute, regulation, order or common law. You specifically agree that you
are releasing claims of discrimination, harassment and/or retaliation based upon age, race, color, sex, sexual orientation or preference, marital status, religion, national origin, citizenship, veteran status, disability, genetic predisposition or
carrier status and other legally protected categories and/or activities. 

  
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 c) You also agree that the legal rights and claims you are giving up include your legal rights
and claims under the anti-retaliation provisions of the Sarbanes-Oxley Act, 18 U.S.C. § 1514A and the Dodd-Frank Act, 12 U.S.C. § 5567 and/or legal rights and claims under the federal Worker Adjustment and Retraining Notification Act of
1989 (“WARN”), the New York Worker Adjustment and Retraining Notification Act (“NY WARN”), the New York Labor Law (except unemployment insurance and minimum wage claims), the New York Business Corporation Law, and any similar
federal, state or local statute, regulation, order or common law. You agree that the legal rights and claims you are giving up include all common law rights and claims, such as a breach of express or implied contract, tort (whether negligent or
intentional), wrongful discharge, constructive discharge, infliction of emotional distress, defamation, promissory estoppel, and any claim for fraud, omission or misrepresentation, breach of express or implied duties, or violation of public policy
or policies, practices, or procedures of the Company. 
 d) You further agree that you are giving up and releasing any damages or relief of
whatever nature or description, including, but not limited to, compensatory damages, punitive damages, penalties, interest, and equitable forms of relief, as well as any claim for attorney’s fees or costs, which may arise from any of the claims
waived, discharged or released in this Paragraph 6. 
 e) The claims you are giving up and releasing do not include your vested
rights, if any, under any qualified retirement plan in which you participate, and your COBRA, unemployment insurance and workers’ compensation rights, if any. Nothing in this Agreement shall be construed to constitute a waiver of: (i) any
claims you may have against the Company that arise from conduct or events that occur after the date that you sign this Agreement; (ii) your right to file an administrative charge with any governmental agency alleging employment
discrimination or challenging the validity of this release of all claims; (iii) your right to participate in any administrative or court investigation, hearing or proceeding; or (iv) any other right that you cannot waive as a matter of
law. You agree, however, to waive and release any right to receive any individual remedy or to recover any individual monetary or non-monetary damages as a result of any administrative charge, complaint or lawsuit filed by you or anyone on your
behalf. In addition, the release of all claims set forth in this Agreement does not affect your rights as expressly created by this Agreement, and does not limit your ability to enforce this Agreement or to challenge the enforceability of this
Agreement. 
 f) You agree that the release of all claims described in this Paragraph 6 applies not only to the Company, but also to the
Company’s predecessors, successors and their past, current and future parents, subsidiaries, related entities, and all of their members, shareholders, officers, directors, agents, attorneys, employees, and assigns. 

  
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 7. Company Release Of All Claims Against Krebs. 

a) By signing this Agreement, the Company agrees that it is releasing and waiving its right to bring any legal claim of any nature against you.
The claims the Company is giving up include, but are not limited to, claims related, directly or indirectly, to your employment relationship with the Company, including your separation from employment. This Agreement is intended to be interpreted in
the broadest possible manner to include all actual or potential legal claims the Company may have against you, except as expressly provided otherwise in Paragraph 7(d). 

b) Specifically, the Company agrees that it is fully and forever giving up all of its legal rights and claims against you, whether or not
presently known to it, that are based on events occurring before the Company signs this Agreement. The Company agrees that the legal rights and claims it is waiving include rights and claims under federal, state or local statute, regulations, orders
or common law, including breach of express or implied contract, tort (whether negligent or intentional), wrongful discharge, constructive discharge, infliction of emotional distress, defamation, promissory estoppel, and any claim for fraud, omission
or misrepresentation, breach of express or implied duties, or violation of public policy or policies, practices, or procedures of the Company. 

c) The Company further agrees that it is giving up and releasing any damages or relief of whatever nature or description, including, but not
limited to, compensatory damages, punitive damages, penalties, interest, and equitable forms of relief, as well as any claim for attorney’s fees or costs, which may arise from any of the claims waived, discharged or released in this Paragraph
7. 
 d) The claims the Company is giving up and releasing do not include any COBRA, unemployment insurance or workers’
compensation rights that the Company may have. Nothing in this Agreement shall be construed to constitute a waiver of (i) any claims the Company may have against you that arise from acts or omissions that occur after the date that the
Company signs this Agreement; (ii) the Company’s right to file an administrative charge with any governmental agency; (iii) the Company’s right to participate in any administrative or court investigation, hearing or proceeding;
or (iv) any claims that the Company cannot waive as a matter of law. The Company agrees, however, to waive and release any right to receive any individual remedy or to recover any monetary damages as a result of any administrative charge,
proceeding, arbitration or lawsuit brought by the Company or on its behalf for the claims waived and released herein. In addition, this Waiver and Release does not affect the Company’s rights as expressly created by this Agreement, and does not
limit its ability to enforce this Agreement and/or to challenge the enforceability of this Agreement. 
 8. No Pending Action. You
represent that, as of the date that you sign this Agreement, you have not filed any charge, complaint or action in any forum against the Company. This Agreement may be used as a complete defense in the future if you bring a lawsuit based on any
claim that you have released. 

  
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 9. Confidential Information and Insider Information. You agree and acknowledge as follows:

 (a) In the course of your employment with the Company you have acquired access to and become acquainted with confidential information
about the professional business and financial affairs of the Company. 
 (b) You shall not at any time, whether before or after the
termination of your employment, use, copy, disclose or make available any Confidential Information (as defined in Paragraph 9(c) below) to any individual, corporation, partnership, trust, governmental body or other entity; except that you may use,
copy or disclose any Confidential Information (i) to the extent it becomes publicly available through no fault on your part, and (ii) to the extent you are required to do so pursuant to applicable law or pursuant to a final order of a
court or arbitrator having jurisdiction thereof; provided, however, that prior to such disclosure you shall promptly notify the Company in writing of any such order or request to disclose and shall cooperate fully with the Company in protecting
against any such disclosure by narrowing the scope of such disclosure and/or obtaining a protective order with respect to the permitted use of the Confidential Information. 

(c) For purposes of this Agreement, “Confidential Information” shall mean all information pertaining to the business and operations
of the Company that is not generally available to the public and the Company desires to keep confidential, including, but not limited to, information relating to the Company’s products, services, relationship with its regulators, suppliers,
business partners, operations, research, trade secrets, intellectual property, finances and all documents and other tangible items relating to or containing any such information. “Confidential Information” shall also include any
information not described herein but that is regarded as confidential under Article 1 (Confidentiality) of the Executive Agreement dated July 2, 2012 between you and Financial Institutions, Inc. You acknowledge that the Confidential Information
is vital, sensitive, confidential and proprietary to the Company. 
 (d) You are currently aware of material non-public information regarding
the Company and will comply with the terms of the Company’s Insider Trading Policy dated October 12, 2012 regarding “Post-Termination Transactions.” You agree that you will not trade in the Company’s securities until the
material non-public information of which you are aware either becomes public or is no longer material to the Company. 
 10. No Derogatory
Statements/Communications or Operational Interference. 
 a) You agree that you will not directly or indirectly make, or cause to be
made, any written or oral statement or other communication that is derogatory or disparaging to the Company or the Company’s predecessors, successors or their past, current or future parents, subsidiaries, related entities, or any of their
members, shareholders, officers, directors, agents, attorneys, employees, or assigns. The inclusion of specific individuals in this provision (including, but not limited to, shareholders, officers, directors, agents, attorneys and employees) to
protect them from derogatory or disparaging remarks is a material term of this Agreement and intended to make such individuals third-party beneficiaries of this particular provision of the Agreement, with all applicable rights to enforce its terms
in the event of a violation. You also agree that you will not directly or indirectly initiate any communications with any directors, shareholders, or employees of the Company regarding the business or operations of the Company, except as required to
perform the requirements set forth in this Agreement, as required to perform services on behalf of a new employer, or as otherwise expressly requested by the Company or required by applicable law. 

  
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 b) The Company agrees that the members of its Board of Directors and its Senior Management
(specifically, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and/or Director of Human Resources) will not directly or indirectly make, or cause to be made, any written or oral statement or other communication that is
derogatory or disparaging to you. Communications between the individuals listed above and/or with their attorneys shall not violate this provision. 

c) Nothing in this Agreement is intended to or shall prevent or limit the parties from providing testimony or information in response to a
valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. The parties agree that they will notify the other party in writing as promptly as practicable after receiving any
request for testimony or information regarding the other party in response to a subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law, regarding the anticipated testimony or
information to be provided and at least fourteen (14) days prior to providing such testimony or information (or, if such notice is not possible under the circumstances, with as much prior notice as is possible). 

11. Confidentiality of Agreement. 

a) You agree to keep the terms of this Agreement, all documents relating to this Agreement, and the benefit being paid under it, completely
confidential. You shall not disclose any information concerning the existence or terms of this Agreement or provide a copy of this Agreement to anyone, except as follows: (i) to the extent necessary to report income to appropriate taxing
authorities; (ii) to communicate with your attorneys, your investment or financial advisors or your accountants as necessary for obtaining legal and/or financial planning advice (in which case such person or entity shall be informed of the
confidential nature of this Agreement); (iii) in response to a judicial order or subpoena issued by a state or federal court or governmental agency or any other order of a court of competent jurisdiction or a discovery request pursuant to
established Rules of Civil Procedure in a civil action in state or federal court or in response to any other discovery request or deposition question made or posed. 

b) The Company’s Board of Directors and its Senior Management (specifically, Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, and/or Director of Human Resources) agree to keep the terms and the existence of this Agreement completely confidential and shall not disclose any information concerning the existence or terms of this Agreement or provide a copy
of this Agreement to anyone, except as follows: (i) to the extent necessary to process the payments required in Section 5 above and/or to report that this Agreement and/or those payments to appropriate regulatory and taxing authorities
(including the SEC); (ii) to communicate with its attorneys, its investment or financial advisors or its accountants as necessary for obtaining legal and/or financial advice (in which case such person or entity shall be informed of the
confidential nature of this Agreement); (iii) in response to a judicial order or subpoena issued by a state or federal court or governmental agency or any other order of a court of competent jurisdiction or a discovery request pursuant to
established Rules of Civil Procedure in a civil action in state or federal court or in response to any other discovery request or deposition question made or posed. 

  
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 c) Additionally, nothing herein precludes a party from apprising any attorney, court, arbitrator,
administrative agency or governmental body of the existence and/or terms of this Agreement in order to enforce this Agreement, to challenge the enforceability of this Agreement and/or to support an argument that a claim/defense is barred by reason
of the waivers and releases contained herein or to counter any such argument. 
 12. Interim Obligations. You understand and agree
that the obligations contained in Paragraphs 9 to 11 above are material provisions of this Agreement, for which good and sufficient consideration is provided. However, you also acknowledge and agree that those provisions could be undermined and/or
rendered ineffective if you take actions between the date you were first presented with a draft of this Agreement and the Effective Date of this Agreement (“Interim Period”) that would be violations of Paragraphs 9 to 11 of this Agreement
if taken after the Effective Date of this Agreement. Accordingly, as a material inducement for the Company to enter this Agreement, you represent and warrant that, during the Interim Period, you did not and will not take any actions, directly or
indirectly, that would be violations of this Agreement if they occurred after the Effective Date of this Agreement. This includes, but is not limited to, disclosing confidential information, making derogatory statements concerning the Company or any
of the entities/individuals listed in Paragraph 10, and/or disclosing the terms of this Agreement or the amounts or benefits to be paid under this Agreement (other than as allowed in Paragraph 11). 

13. Remedies. In the event that either Party breaches any of its obligations under this Agreement, the other Party may, at its option,
obtain monetary damages, a court order requiring the other Party to comply with this Agreement, or other legal and equitable remedies as appropriate. A court, jury, arbitrator and/or agency of competent jurisdiction shall determine the nature,
extent and value of any damages caused by a breach of this Agreement, including whether a breach of this Agreement requires the return of some or all of the benefits provided under Paragraph 5 above and/or the discontinuance of any Party’s
remaining obligations under this Agreement. The Parties, in addition to any other rights they may have at law or in equity, shall have the right to seek enforcement of this Agreement in an action at law or in equity and the prevailing party in such
an action to enforce this Agreement shall have the right to recover reasonable legal fees, costs and expenses, to the extent permitted by law and to the extent that such recovery does not result in the invalidation of this Agreement. 

14. Future Employment. You agree that neither you, nor anyone acting on your behalf, will apply for or seek employment with the Company
in the future. You agree that in the event you apply for or seek employment with the Company in the future, the Company is under no obligation to consider that application and may deny said application based on this Agreement. 

15. No Admission of Liability. You agree that neither any payment under this Agreement, nor any term or condition of it, shall be
construed by either you or the Company, at any time, as an admission of liability or wrongdoing by the Company. 

  
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 16. Binding Nature. This Agreement shall bind, be transferable to, and/or be enforceable
by or against, the Company’s successors and assigns, now and in the future. This Agreement shall also bind, be transferable to and/or be enforceable by or against, all persons who might assert a legal right or claim on your behalf, such as your
heirs, personal representatives and assigns, now and in the future. 
 17. Governing Law/Interpretation/Legal Proceedings. 

a) This Agreement shall be governed, construed, and interpreted, and the rights of you and the Company shall be determined in accordance with
New York law, without regard to its conflicts of laws principles, except to the extent that the law of the United States governs any matter set forth herein, in which case such Federal law shall govern. 

b) Disputes arising under it shall be heard exclusively by the state or federal courts located in Monroe County, New York. Neither party waives
any right it may have to remove such an action to the United States District Court located in Monroe County, New York. 
 c) The parties
further agree that, whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions, which shall be fully severable and given full force and
effect. However, in the event you or anyone on your behalf takes legal action asserting claims released through this Agreement, and the Release of All Claims in Paragraph 6 of this Agreement or any portion thereof is determined by any court,
arbitrator or agency of competent jurisdiction to be unenforceable for any reason, then the Company shall have the option to rescind this entire Agreement, and immediately recover from you any payments made pursuant to Paragraph 5 above, or to
require that you execute another release that is legal and enforceable, without further consideration, payments or compensation. 
 18.
Scope of Agreement. 
 a) You agree that no promise, inducement or other agreement not expressly contained or referred to in this
Agreement has been made conferring any benefit upon you. You also agree that this Agreement contains the entire agreement between the Company and you regarding your termination and supersedes and renders null and void any and all prior or
contemporaneous oral or written understandings, statements, representations or promises, including, but not limited to, any agreement regarding benefits (severance, change in control or otherwise) set forth in that certain Executive Agreement dated
July 2, 2012 between you and Financial Institutions, Inc. (the “Executive Agreement”). 
 b) Notwithstanding the foregoing,
otherwise than as specified below, you acknowledge that nothing set forth herein shall alter in any manner your continuing obligations pursuant to the terms of the Executive Agreement, including the provisions contained therein regarding
Confidentiality (Article 1), Non-Competition (Article 2) and Non-Solicitation (Article 2), and you agree that such continuing obligations survive the termination of your employment with the Company and continue to be binding upon you after the
Separation Date. The Company agrees that, notwithstanding any other provisions herein or in the Executive Agreement, the
 Non-Competition and Non-Solicitation provisions of the Executive Agreement terminate six months after the Separation Date.

  
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 19. Voluntary Agreement. You agree that you are voluntarily signing this Agreement, that
you have not been pressured into agreeing to its terms and that you have enough information to decide whether to sign it. If, for any reason, you believe that this Agreement is not entirely voluntary, or if you believe that you do not have enough
information, then you should not sign this Agreement. 
 20. Attorney Consultation. You are advised to consult with an attorney of
your choice before signing this Agreement. By signing this Agreement, you acknowledge that you have had an opportunity to do so. 
 21.
Period to Consider Agreement. You represent and warrant that the Company has given you a reasonable period of time, of at least twenty-one (21) days, to consider all the terms of this Agreement and for the purpose of consulting with an
attorney. A draft of this Agreement was first given to you on August 1, 2013. If you execute this Agreement prior to the expiration of the 21-day period, you represent and warrant that you have freely and willingly elected to do so. The parties
further agree that changes to this agreement after August 1, 2013, whether material or immaterial, do not restart the 21-day period. 

22. Revocation Period; Effective Date. After you have accepted this Agreement, you will have an additional 7 calendar days in which to
revoke your acceptance. If you do not revoke your acceptance, then the 8th day after the date of your signature will be the “Effective Date” of the Agreement, and you may not thereafter
revoke it. To revoke this Agreement, you agree to send written notice to: Martin K. Birmingham, Chief Executive Officer, Five Star Bank, 220 Liberty Street, Warsaw, New York 14569. You acknowledge and agree that if you exercise your right to revoke
this Agreement, your resignation of employment will remain valid and effective on the Separation Date and you will not be entitled to the separation benefits in Paragraph 5. 

23. Section 409A. 
 a)
The compensation and benefits under this Agreement are intended to comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other official guidance
promulgated and issued thereunder (collectively, “Section 409A”), and this Agreement will be interpreted in a manner consistent with that intent. 

b) The preceding provisions, however, shall not be construed as a guarantee by the Company of any particular tax effect to you under this
Agreement. The Company shall not be liable to you for any payment made under this Agreement that is determined to result in an additional tax, penalty or interest under Section 409A, nor for reporting in good faith any payment made under this
Agreement as an amount includible in gross income under Section 409A. 

  
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 c) References to “termination of employment” and similar terms used in this Agreement
mean, to the extent necessary to comply with Section 409A, the date that you first incur a “separation from service” within the meaning of Section 409A. 

d) Notwithstanding anything in this Agreement to the contrary, if at the time of your separation from service with the Company you are a
“specified employee” as defined in Section 409A, and any payment payable under this Agreement as a result of such separation from service is required to be delayed by six months pursuant to Section 409A, then the Company will
make such payment on the date that is six months following your separation from service with the Company. The amount of such payment will equal the sum of the payments that would have been paid to you during the six-month period immediately
following your separation from service had the payment commenced as of such date. Each payment under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. 

24. Dodd-Frank Clawback. Notwithstanding any other provision of this Agreement to the contrary, in order to comply with Section 10D
of the Securities Exchange Act of 1934, as amended, and any regulations promulgated, or national securities exchange listing conditions adopted, with respect thereto (collectively, the “Clawback Requirements”), if the Company is required
to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirements under the securities laws, then you shall return to the Company, or forfeit if not yet paid, the amount of any
“incentive-based compensation” (as defined under the Clawback Requirements) received during the three-year period preceding the date on which the Company is required to prepare the accounting restatement, based on the erroneous data, in
excess of what would have been paid to you under the accounting restatement as determined by the Company in accordance with the Clawback Requirements and any policy adopted by the Company pursuant to the Clawback Requirements. 

[SIGNATURES ON FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the Executive and the Company by its duly authorized agent, have hereunder executed
this Agreement and intend to be legally bound by its provisions. 
  

							
	Karl F. Krebs	 		 	 Financial Institutions, Inc., on

behalf of itself and its subsidiaries
 and
affiliates

				
	 /s/ Karl F. Krebs
	 		 	(By)	 	/s/ Martin K. Birmingham
		 		 	Name: Martin K. Birmingham
			
	 Date: September 4, 2013
	 		 	Date: September 10, 2013

  

	
	 STATE OF NEW YORK)
 COUNTY OF
                ) ss:

 On the          day of
                , 2013, before me, the undersigned, personally appeared Karl F. Krebs, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in the capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument. 
  

	
	   

	NOTARY PUBLIC

  

	
	 STATE OF NEW YORK)
 COUNTY OF
                 ) ss:

 On the          day of
                , 2013, before me, the undersigned, personally appeared                 
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in the capacity, and that by his/her signature
on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument and he/she is
a                     of Financial Institutions, Inc., described in, and who, on behalf of Financial Institutions, Inc. and its subsidiaries
and affiliates, executed the within instrument. 
  

	
	   

	NOTARY PUBLIC

  
 13EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
 SHAREHOLDER
RIGHTS PLAN AGREEMENT 
 Dated November 4, 2013 

Between 
 VITRAN CORPORATION
INC. 
 (the “Corporation”) 

and 
 COMPUTERSHARE TRUST
COMPANY OF CANADA, 
 as Rights Agent 
  

 
  

 
  
 

 

 TABLE OF CONTENTS 

 

					
	 RECITALS
	  	 	1	  
		
	 ARTICLE 1 – INTERPRETATION
	  	 	2	  
	 Section 1.1 Certain Definitions
	  	 	2	  
	 Section 1.2 Currency
	  	 	14	  
	 Section 1.3 Headings
	  	 	14	  
	 Section 1.4 Number and Gender
	  	 	14	  
	 Section 1.5 Acting Jointly or in Concert
	  	 	14	  
	 Section 1.6 Statutory References
	  	 	15	  
		
	 ARTICLE 2 – THE RIGHTS
	  	 	16	  
	 Section 2.1 Legend on Common Share Certificates
	  	 	16	  
	 Section 2.2 Initial Exercise Price; Exercise of Rights; Detachment of Rights
	  	 	16	  
	 Section 2.3 Adjustments to Exercise Price; Number of Rights
	  	 	19	  
	 Section 2.4 Date on Which Exercise is Effective
	  	 	24	  
	 Section 2.5 Execution, Authentication, Delivery and Dating of Rights Certificates
	  	 	24	  
	 Section 2.6 Registration, Registration of Transfer and Exchange
	  	 	24	  
	 Section 2.7 Mutilated, Destroyed, Lost and Stolen Rights Certificates
	  	 	25	  
	 Section 2.8 Persons Deemed Owners
	  	 	26	  
	 Section 2.9 Delivery and Cancellation of Rights Certificates
	  	 	26	  
	 Section 2.10 Agreement of Rights Holders
	  	 	26	  
	 Section 2.11 Rights Certificate Holder not Deemed a Shareholder
	  	 	27	  
		
	 ARTICLE 3 – ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS
	  	 	27	  
	 Section 3.1 Flip-in Event
	  	 	27	  
	 Section 3.2 Exchange Option
	  	 	29	  
		
	 ARTICLE 4 – THE RIGHTS AGENT
	  	 	29	  
	 Section 4.1 General
	  	 	29	  
	 Section 4.2 Merger or Amalgamation or Change of Name of Rights Agent
	  	 	30	  
	 Section 4.3 Duties of Rights Agent
	  	 	31	  
	 Section 4.4 Change of Rights Agent
	  	 	32	  
	 Section 4.5 Compliance with Anti-Money Laundering Legislation
	  	 	33	  
	 Section 4.6 Compliance with Privacy Legislation
	  	 	33	  
		
	 ARTICLE 5 – MISCELLANEOUS
	  	 	33	  
	 Section 5.1 Redemption and Termination of Rights
	  	 	33	  
	 Section 5.2 Waiver of Flip-In Events
	  	 	34	  
	 Section 5.3 Expiration
	  	 	35	  
	 Section 5.4 Issuance of New Rights Certificates
	  	 	35	  
	 Section 5.5 Supplements and Amendments
	  	 	36	  
	 Section 5.6 Fractional Rights and Fractional Shares
	  	 	36	  
	 Section 5.7 Rights of Action
	  	 	36	  
	 Section 5.8 Notice of Proposed Actions
	  	 	37	  
	 Section 5.9 Notices
	  	 	37	  
	 Section 5.10 Successors
	  	 	38	  
	 Section 5.11 Benefits of this Agreement
	  	 	38	  
	 Section 5.12 Governing Law
	  	 	38	  
	 Section 5.13 Severability
	  	 	38	  
	 Section 5.14 Effective Date and Termination
	  	 	38	  
	 Section 5.15 Determinations and Actions by the Board of Directors
	  	 	38	  
	 Section 5.16 Rights of Board, Corporation and Offeror
	  	 	39	  
	 Section 5.17 Regulatory Approvals
	  	 	39	  
	 Section 5.18 Declaration as to Non-Canadian Holders
	  	 	39	  
	 Section 5.19 Time of the Essence
	  	 	39	  
	 Section 5.20 Execution in Counterparts
	  	 	39	  

 Schedule A – Form of Rights Certificate 

  
 (i) 

 SHAREHOLDER RIGHTS PLAN AGREEMENT 

THIS SHAREHOLDER RIGHTS PLAN AGREEMENT dated November 4, 2013 between VITRAN CORPORATION INC. (the
“Corporation”), a corporation incorporated under the laws of Ontario, and COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company existing under the federal laws of Canada, as Rights Agent (the “Rights Agent”,
which term shall include any successor Rights Agent hereunder). 
 RECITALS 

A.    WHEREAS the Board of Directors of the Corporation, in the exercise of its fiduciary duties to the Corporation, has
determined that it is advisable and in the best interests of the Corporation to adopt and maintain a shareholder rights plan to: 
  

	 	(1)	ensure, to the extent possible, that the shareholders of the Corporation and the Board of Directors have adequate time to consider and evaluate any unsolicited Offer to Acquire the outstanding Voting Shares;

  

	 	(2)	provide the Board of Directors with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited Offer to
Acquire the outstanding Voting Shares; 

  

	 	(3)	encourage the fair treatment of shareholders of the Corporation in connection with any Offer to Acquire the Voting Shares; and 

B.    WHEREAS in order to implement the adoption of the shareholder rights plan the Board of Directors has authorized the
issuance of one Right: 
  

	 	(1)	effective at the Record Time in respect of each Common Share outstanding at the Record Time; and 

  

	 	(2)	in respect of each Common Share issued after the Record Time and prior to the earlier of the Separation Time and the Expiration Time; and 

C.    WHEREAS each Right entitles the holder thereof, after the Separation Time, to purchase securities of the Corporation
pursuant to the terms and subject to the conditions set forth herein; and 
 D.    WHEREAS the Corporation desires
to appoint the Rights Agent to act on behalf of the Corporation, and the Rights Agent is willing to so act, in connection with the issuance, transfer, exchange and replacement of Rights Certificates, the exercise of Rights and other matters referred
to herein; 
 NOW THEREFORE, in consideration of the foregoing premises and the respective covenants and agreements set forth
herein, the parties hereby agree as follows: 

  
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 ARTICLE 1 – INTERPRETATION 

Section 1.1 Certain Definitions 

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

(1)    “1933 Securities Act” shall mean the United States Securities Act of 1933, as amended, and the rules
and regulations thereunder, and any comparable or successor laws or regulations thereto. 
 (2)    “1934 Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, and any comparable or successor laws or regulations thereto. 

(3)    “Acquiring Person” means, any Person who is the Beneficial Owner of 20% or more of the outstanding Voting Shares;
provided, however, that the term “Acquiring Person” shall not include: 
  

	 	(a)	the Corporation or any Subsidiary of the Corporation; 

  

	 	(b)	any Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of one or any combination of: (A) Corporate Acquisitions, (B) Permitted Bid Acquisitions,
(C) Corporate Distributions, (D) Exempt Acquisitions, or (E) Convertible Security Acquisitions; provided, however, that if a Person shall become the Beneficial Owner of 20% or more of the Voting Shares then outstanding by reason of
one or more or any combination of (A), (B), (C), (D) or (E) above and thereafter becomes the Beneficial Owner of an additional 0.25% or more of the outstanding Voting Shares (other than pursuant to one or any combination of (A),
(B), (C), (D) or (E) above), then as of the date such Person becomes the Beneficial Owner of such additional Voting Shares, such Person shall become an Acquiring Person; 

 

	 	(c)	for a period of 10 days after the Disqualification Date, any Person who becomes the Beneficial Owner of 20% or more of the outstanding Voting Shares as a result of such Person becoming disqualified from relying on
Clause (ii) of the definition of “Beneficial Owner” solely because such Person makes or announces an intention to make a Take-over Bid in respect of securities of the Corporation either alone,
through such Person’s Affiliates or Associates or by acting jointly or in concert with any other Person. For the purposes of this definition, “Disqualification Date” means the first date of a public announcement (which, for the
purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the 1934 Exchange Act or Section 102.1 of the Securities Act (Ontario)) of facts indicating that any Person is making
or intends to make a Take-over Bid, either alone, through such Person’s Affiliates or Associates or by acting jointly or in concert with any other Person; 

  

	 	(d)	an underwriter or member of a banking or selling group that becomes the Beneficial Owner of Voting Shares from the Corporation in connection with a distribution of securities (including, for greater certainty, by way of
private placement of such securities) to the public; and 

  
 - 3 - 

	 	(e)	a Person (a “Grandfathered Person”) who is the Beneficial Owner of 20% or more of the outstanding Voting Shares as at the date hereof, provided, however, that this exception shall not be, and shall
cease to be, applicable to a Grandfathered Person to the event that such Grandfathered Person shall, after the date hereof: (1) cease to own 20% or more of the outstanding Voting Shares or (2) become the Beneficial Owner (other than
pursuant to any one or a combination of a Corporate Acquisition, Permitted Bid Acquisition, Corporate Distribution, Exempt Acquisition or Convertible Security Acquisition) of additional Voting Shares constituting more than 0.25% of the number of
Voting Shares outstanding as at the date hereof. 

 (4)    “Affiliate” when used to indicate a
relationship with a specified Person, means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified Person. 

(5)    “Agreement” means this agreement as amended, modified or supplemented from time to time. 

(6)    “Associate” when used to indicate a relationship with a specified Person, means any relative of such specified
Person who has the same home as such specified Person, or any Person to whom such specified Person is married or with whom such specified Person is living in a conjugal relationship outside marriage who has the same home as such specified Person, or
any relative of such spouse or other Person who has the same home as such specified Person. 
 (7)    A Person shall be deemed the
“Beneficial Owner”, and to have “Beneficial Ownership” of, and to “Beneficially Own”: 
  

	 	(a)	any securities of which such Person or any Affiliate or Associate of such Person is the owner in law or equity, directly or indirectly; 

 

	 	(b)	any securities as to which such Person or any of such Person’s Affiliates or Associates has the right to acquire or become the owner at law or equity, where such right is exercisable immediately or after the
passage of time and whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to Convertible Securities, or pursuant to any
agreement, arrangement, pledge or understanding (including, for greater certainty, any lock-up agreement), whether or not in writing, (other than (x) customary agreements with and between underwriters
and/or banking group members and/or selling group members with respect to a distribution of securities pursuant to a prospectus or by way of private placement and (y) pledges of securities in the ordinary course of business of the lender
granted as security for bona fide indebtedness) or otherwise; 

  

	 	(c)	any securities as to which such Person or any of such Person’s Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately or after the passage of
time and whether or not on condition or the occurrence of any contingency, pursuant to any agreement, arrangement, pledge or understanding, written or oral (other than pursuant to pledges of securities in the ordinary course of business of the
lender granted as security for bona fide indebtedness) or otherwise; 

  
 - 4 - 

	 	(d)	any securities which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar
position under the same or any other Derivatives Contract) to which such Person or any of such Person’s Affiliates or Associates is a Receiving Party; provided, however that the number of Voting Shares that a Person is deemed to Beneficially
Own pursuant to this Clause (d) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities beneficially
owned by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of this Clause (d) be deemed to include all securities that are beneficially owned, directly or indirectly, by any
other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party and this
proviso shall be applied to successive Counterparties as appropriate; and 

  

	 	(e)	any securities that are Beneficially Owned within the meaning of Clause 1.1(7)(a), (b), (c) or (d) hereof by any other Person with whom such Person is acting jointly or in concert with respect to the
Corporation or any of its securities; 

 provided, however, that a Person shall not be deemed the “Beneficial
Owner”, or to have “Beneficial Ownership” of, or to “Beneficially Own”, any security solely as a result of the existence of any one or more of the following circumstances: 

 

	 	(i)	such security has been deposited or tendered, pursuant to a Take-over Bid made by such Person or made by any Affiliate or Associate of such Person or made by any other Person
acting jointly or in concert with such Person, until the earlier time at which any such deposited or tendered security is accepted unconditionally for payment or exchange or is taken up and paid for; 

  
 - 5 - 

	 	(ii)	such Person or any Affiliate or Associate of such Person or any other Person acting jointly or in concert with such Person, holds such security; provided that (i) the ordinary business of any such Person (the
“Fund Manager”) includes the management of mutual funds or investment funds for others (which others may include or be limited to one or more employee benefit plans or pension plans) and/or includes the acquisition or holding of
securities for a non-discretionary account of a Client (as defined below) by a dealer or broker registered under applicable securities laws to the extent required, and such security is held by the Fund Manager
in the ordinary course of such business in the performance of such Fund Manager’s duties for the account of any other Person (a “Client”), and such Person holds any and all qualifications including registration, (ii) such
Person (the “Trust Company”) is licensed to carry on the business of a trust company under applicable law and, as such, acts as trustee or administrator or in a similar capacity in relation to the estates of deceased or incompetent
Persons or in relation to other accounts and holds such security in the ordinary course of such duties for the estate of any such deceased or incompetent Person (each an “Estate Account”) or for such other accounts (each an
“Other Account”), (iii) the Person (the “Statutory Body”) is an independent Person established by statute for purposes that include, and the ordinary business or activity of such person includes, the management
of investment funds for employee benefit plans, pension plans, insurance plans of various public bodies and the Statutory Body holds such security for the purposes of its activities as such, (iv) the ordinary business of any such Person
includes acting as an agent of the Crown in the management of public assets (the “Crown Agent”), or (v) the Person is the administrator or the trustee of one or more pension funds or plans (each a “Pension
Fund”) registered under the laws of Canada or any province thereof or the United States or any state thereof (the “Independent Person”), or is a Pension Fund and holds such securities for the purposes of its activities as
an Independent Person or as a Pension Fund; 

  

	 	(iii)	provided, however, that in any of the foregoing cases no one of the Fund Manager, the Trust Company, the Statutory Body, the Crown Agent, the Independent Person or the Pension Fund (A) Beneficially Owns or holds
securities of the Corporation for the purpose of or with the effect of changing or influencing the control of the Corporation, either alone or acting jointly or in concert with any other Person, or in connection with or as a participant in any
transaction having that purpose or effect, or (B) makes or announces a current intention to make a Take-over Bid in respect of securities of the Corporation alone or by acting jointly or in concert with
any other Person (other than pursuant to a distribution by the Corporation or by means of ordinary market transactions (including prearranged trades entered in the ordinary course of business of such Person) executed through the facilities of a
stock exchange or organized over-the-counter market); 

  

	 	(iv)	such Person is a Client of or has an account with the same Fund Manager as another Person on whose account the Fund Manager holds such security, or such Person is a Client of or has an account with the same Estate
Account or an Other Account of the same Trust Company as another Person on whose account the Trust Company holds such security, or such Person is a Pension Fund with the same Independent Person as another Pension Fund; 

  
 - 6 - 

	 	(v)	such Person is a Client of a Fund Manager and such security is owned at law or in equity by the Fund Manager, or such Person is an Estate Account or an Other Account of a Trust Company and such security is owned at law
or in equity by the Trust Company, or such Person is a Pension Fund and such security is owned at law or in equity by the Independent Person; or 

  

	 	(vi)	such Person is a registered holder of securities as a result of carrying on the business of, or acting as a nominee of, a securities depository. 

For purposes of this Agreement, the percentage of Voting Shares Beneficially Owned by any Person, shall be and be deemed to be the product of 100 and the
number of which the numerator is the number of votes for the election of all directors generally attaching to the Voting Shares Beneficially Owned by such Person and the denominator of which is the number of votes for the election of all directors
generally attaching to all outstanding Voting Shares. Where any Person is deemed to Beneficially Own unissued Voting Shares, such Voting Shares shall be deemed to be issued and outstanding for the purpose of calculating the percentage of Voting
Shares Beneficially Owned by such Person. 
 (8)    “Board of Directors” means, at any time, the duly constituted board
of directors of the Corporation. 
 (9)    “Business Day” means any day other than a Saturday, Sunday or a day on which
banking institutions in Toronto are authorized or obligated by law to close. 
 (10)    “Canadian Dollar Equivalent” of
any amount which is expressed in United States dollars shall mean on any date the Canadian dollar equivalent of such amount determined by multiplying such amount by the U.S.-Canadian Exchange Rate in effect on
such date. 
 (11)    “Canadian-U.S. Exchange Rate” shall mean on any date the
inverse of the U.S.-Canadian Exchange Rate. 
 (12)    “close of business” on
any given date means the time on such date (or, if such date is not a Business Day, the time on the next succeeding Business Day) at which the office of the transfer agent for the Common Shares in the City of Toronto (or, after the Separation Time,
the office of the Rights Agent in the City of Toronto) is closed to the public. 
 (13)    “Common Shares”, when used
with reference to the Corporation, means the common shares in the capital of the Corporation. 
 (14)    “Competing Permitted
Bid” means a Take-over Bid that: (i) is made while another Permitted Bid or Competing Permitted Bid is in existence and open for acceptance, and (ii) satisfies all the components of the
definition of a Permitted Bid, except that the requirements set out in Clause (b) of the definition of a Permitted Bid shall be satisfied if the Take-over Bid shall contain, and the take up and payment
for securities tendered or deposited thereunder shall be subject to, an irrevocable and unqualified condition that no Voting Shares shall be taken up or paid for pursuant to the Competing Permitted Bid prior to the close of business on the date that
is no earlier than the date which is the later of 35 days after the date the Competing Permitted Bid is made or 90 days after the earliest date on which any other Permitted Bid or Competing Permitted Bid that is then in existence was made and
only if at that date, more than 50% of the then outstanding Voting Shares held by Independent Shareholders have been deposited or tendered to the Competing Permitted Bid and not withdrawn; provided always that a Competing Permitted Bid will cease to
be a Competing Permitted Bid at any time when such bid ceases to meet any of the provisions of this definition and any acquisitions of securities made pursuant to such Competing Bid, including any acquisition of securities theretofore made, will
cease to be a Permitted Bid Acquisition. 

  
 - 7 - 

 (15)    A Person is “controlled” by another Person if: 

 

	 	(a)	in the case of a body corporate: 

  

	 	(i)	securities entitled to vote in the election of directors carrying more than 50% of the votes for the election of directors are held, other than by way of security only, directly or indirectly, by or for the benefit of
the other Person; and 

  

	 	(ii)	the votes carried by such securities are entitled, if exercised, to elect a majority of the board of directors of such corporation; or 

 

	 	(b)	in the case of a Person that is not a body corporate, more than 50% of the voting or equity interests of such entity are held, directly or indirectly, by or for the benefit of the other Person or Persons;

 and “controls”, “controlling” and “under common control with” shall be
interpreted accordingly. 
 (16)    “Convertible Security” means at any time: 

 

	 	(a)	any right (regardless of whether such right constitutes a security) to acquire Voting Shares from the Corporation; and 

  

	 	(b)	any securities issued by the Corporation from time to time (other than the Rights) carrying any exercise, conversion or exchange right; 

in each case pursuant to which the holder thereof may acquire Voting Shares or other securities which are convertible into or exercisable or
exchangeable for Voting Shares (in each case, whether such right is exercisable immediately or after a specified period and whether or not on condition or the happening of any contingency). 

(17)    “Convertible Security Acquisition” means the acquisition of Voting Shares upon the exercise, conversion or
exchange of Convertible Securities received by such Person pursuant to a Permitted Bid Acquisition, Exempt Acquisition or a Corporate Distribution. 

(18)    “Corporate Acquisition” means an acquisition by the Corporation or a Subsidiary of the Corporation or the
redemption by the Corporation of Voting Shares which by reducing the number of Voting Shares outstanding increases the proportionate number of Voting Shares Beneficially Owned by any Person. 

  
 - 8 - 

 (19) “Corporate Distribution” means an acquisition as a result of: 

 

	 	(a)	a stock dividend or a stock split or other event pursuant to which such Person receives or acquires Voting Shares or Convertible Securities on the same pro rata basis as all other holders of Voting Shares of the same
class or series of the Corporation; or 

  

	 	(b)	any other event pursuant to which all holders of Voting Shares are entitled to receive Voting Shares or Convertible Securities on a pro rata basis, including, without limiting the generality of the foregoing, pursuant
to the receipt and/or exercise of rights issued by the Corporation and distributed to all the holders of a series or class of Voting Shares to subscribe for or purchase Voting Shares or Convertible Securities of the Corporation, provided that such
rights are acquired directly from the Corporation and not from any other Person and provided further that the Person in question does not thereby acquire a greater percentage of Voting Shares, or Convertible Securities representing the right to
acquire Voting Shares of such class, than the percentage of Voting Shares of the class Beneficially Owned immediately prior to such acquisition. 

(20) “Derivatives Contract” shall mean a contract between two parties (the “Receiving Party” and the
“Counterparty”) that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of Voting Shares or Convertible Securities specified or
referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Securities”), regardless of whether obligations under such contract are required or permitted to be settled through the
delivery of cash, Voting Shares, Convertible Securities or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in
broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for
trading by the appropriate governmental authority shall not be deemed to be Derivatives Contracts. 
 (21) “Disqualification Date” has the
meaning ascribed thereto in Section 1.1(3)(c) hereof. 
 (22) “Effective Date” has the meaning ascribed thereto in Section 5.14
hereof. 
 (23) “Election to Exercise” has the meaning ascribed thereto in Section 2.2(4) hereof. 

(24) “Exempt Acquisition” means an acquisition of Voting Shares: 
  

	 	(a)	in respect of which the Board of Directors has waived the application of Section 3.1 hereof pursuant to the provisions of Section 5.2; 

 

	 	(b)	which was made on or prior to the Record Time; 

  

	 	(c)	pursuant to the receipt or exercise of rights issued by the Corporation to all the holders of the Voting Shares (other than holders resident in a jurisdiction where such distribution is restricted or impracticable as a
result of applicable law) to subscribe for or purchase Voting Shares or Convertible Securities, provided that such rights are acquired directly from the Corporation and not from any other Person and provided that the Person does not thereby acquire
a greater percentage of Voting Shares or Convertible Securities so offered than the Person’s percentage of Voting Shares or Convertible Securities Beneficially Owned immediately prior to such acquisition; 

  
 - 9 - 

	 	(d)	pursuant to a distribution by the Corporation of Voting Shares or Convertible Securities made pursuant to a prospectus provided that the Person does not thereby acquire a greater class percentage of Voting Shares, or
Convertible Securities so offered than the Person’s percentage of Voting Shares or Convertible Securities Beneficially Owned immediately prior to such acquisition; 

 

	 	(e)	pursuant to an issuance and sale by the Corporation of Voting Shares or Convertible Securities by way of a private placement by the Corporation, provided that (x) all necessary stock exchange approvals for such
private placement have been obtained and such private placement complies with the terms and conditions of such approvals, and (y) the purchaser does not become the Beneficial Owner of more than 25% of the Voting Shares outstanding immediately
prior to the private placement (and in making this determination, the securities to be issued to such purchaser on the private placement shall be deemed to be held by such purchaser but shall not be included in the aggregate number of outstanding
Voting Shares immediately prior to the private placement). 

 (25) “Exercise Price” means, as of any date, the price at which
a holder may purchase the securities issuable upon exercise of one whole Right. Until adjustment thereof in accordance with the terms hereof, the Exercise Price shall be: 
  

	 	(a)	until the Separation Time, an amount equal to three times the Market Price, from time to time, per Common Share; and 

  

	 	(b)	from and after Separation Time, an amount equal to three times the Market Price, as at the Separation Time, per Common Share. 

(26) “Expiration Time” means the close of business on that date that is the earlier of (i) the Termination Time, and (ii) the date
of termination of this Agreement pursuant to Section 5.14. 
 (27) “Flip-in Event” means a
transaction in or pursuant to which any Person becomes an Acquiring Person. 
 (28) “Grandfathered Person” shall have the meaning
ascribed thereto in Section 1.1(3)(e); 
 (29) “Independent Shareholders” means holders of outstanding Voting Shares, but shall not
include (i) any Acquiring Person, Grandfathered Person or Offeror, or any Affiliate or Associate of such Acquiring Person, Grandfathered Person or Offeror, or any Person acting jointly or in concert with such Acquiring Person, Grandfathered
Person or Offeror, or (ii) a Person who is a trustee of any employee benefit plan, stock purchase plan, deferred profit sharing plan or any similar plan or trust for the benefit of employees of the Corporation or a Subsidiary of the
Corporation, unless the beneficiaries of any such plan or trust direct the manner in which the Voting Shares are to be voted or direct whether the Voting Shares are to be deposited or tendered to a Take-over
Bid. 

  
 - 10 - 

 (30) “Market Price” per security of any securities on any date of determination shall mean the
average of the daily closing prices per security of such securities (determined as described below) on each of the 20 consecutive Trading Days through and including the Trading Day immediately preceding such date; provided, however, that if an
event of a type analogous to any of the events described in Section 2.3 hereof shall have caused the closing prices used to determine the Market Price on any Trading Day not to be fully comparable with the closing price on such date of
determination (or, if the date of determination is not a Trading Day, on the immediately preceding Trading Day), each such closing price so used shall be appropriately adjusted in a manner analogous to the applicable adjustment provided for in
Section 2.3 hereof in order to make it fully comparable with the closing price on such date of determination (or, if the date of determination is not a Trading Day, on the immediately preceding Trading Day). The closing price per security of
any securities on any date shall be: 
  

	 	(a)	the closing board lot sale price or, in case no such sale takes place on such date, the average of the closing bid and asked prices for each of such securities as reported by the stock exchange or national securities
quotation system in Canada or the United States of America on which such securities of the Corporation are listed or admitted for trading on which the largest number of such securities were trading during such 20 consecutive Trading Days period,

  

	 	(b)	if such securities are not listed or posted for trading on any stock exchange or national securities quotation system in Canada or the United States of America, the last quoted price, or if not so quoted, the average of
the high bid and low asked prices for each share of such securities in the over-the-counter market, as reported by the Financial Industry Regulatory Authority Inc’s
Over-the-Counter Bulletin Board, the OTC Markets Group LLC’s OTC Link ATS system or such other system then in use, or 

  

	 	(c)	if on any such date the securities are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the securities selected in good
faith by the Board of Directors; 

 provided, however, that if on any such date the securities are not traded on any stock
exchange or in the over-the-counter market, the closing price per security of such securities on such date shall mean the fair value per security of such securities on
such date as determined by a nationally recognized investment banking firm with respect to the fair value per security of such securities. The Market Price shall be expressed in Canadian dollars and if initially determined in respect of any day
forming part of the 20 consecutive Trading Day period in question in United States dollars, such amount shall be translated into Canadian dollars on such date at the Canadian Dollar Equivalent thereof. 

(31) “OBCA” means the Business Corporations Act (Ontario), and the regulations thereunder, and any comparable or successor laws or
regulations thereto. 

  
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 (32) “Offer to Acquire” shall include: 

 

	 	(a)	an offer to purchase, a public announcement of an intention to make an offer to purchase, or a solicitation of an offer to sell; and 

 

	 	(b)	an acceptance of an offer to sell, whether or not such offer to sell has been solicited; 

 or
any combination thereof, and the Person accepting an offer to sell shall be deemed to be making an Offer to Acquire to the Person that made the offer to sell. 

(33) “Offeror” means a Person who has announced a current intention to make, or who makes and has outstanding, a Take-over Bid. 
 (34) “Offeror’s Securities” means Voting Shares Beneficially Owned by an Offeror,
any Affiliate or Associate of such Offeror or any Person acting jointly or in concert with the Offeror. 
 (35) “Permitted Bid” means a Take-over Bid that is made by means of a take-over bid circular and which also complies with the following additional provisions: 

 

	 	(a)	the Take-over Bid shall be made to all holders of Voting Shares (other than the Voting Shares held by the Offeror and its Affiliates and Associates) for all Voting Shares held by
them; 

  

	 	(b)	the Take-over Bid shall contain, and the provisions for the take up and payment for securities deposited thereunder shall be subject to, an irrevocable and unqualified condition
that no Voting Shares shall be taken up or paid for pursuant to the Take-over Bid prior to the close of business on the date which is not less than 90 days following the date of the Take-over Bid; 

  

	 	(c)	the Take-over Bid shall contain an irrevocable and unqualified provision that, unless the Take-over Bid is withdrawn, Voting Shares may be
deposited pursuant to such Take-over Bid at any time prior to the close of business on the date of first take-up or payment for Voting Shares and that all Voting Shares
deposited pursuant to the Take-over Bid may be withdrawn at any time prior to the close of business on such date; 

  

	 	(d)	the Take-over Bid shall contain an irrevocable and unqualified condition that more than 50% of the outstanding Voting Shares held by Independent Shareholders, determined as at the
close of business on the date of first take-up or payment for Voting Shares under the Take-over Bid, must be deposited to the
Take-over Bid and not withdrawn at the close of business on the date of first take-up or payment for Voting Shares; and 

 

	 	(e)	the Take-over Bid shall contain an irrevocable and unqualified provision that in the event that more than 50% of the then outstanding Voting Shares held by Independent
Shareholders shall have been deposited to the Take-over Bid and not withdrawn as at the close on business on the date of first take-up or payment for Voting Shares under
the Take-over Bid, the Offeror will make a public announcement of that fact and the Take-over Bid will remain open for deposits of Voting Shares for not less than 10
Business Days from the date of such public announcement; 

  
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 provided always that a Permitted Bid will cease to be a Permitted Bid at any time when such bid
ceases to meet any of the provisions of this definition and any acquisitions of shares made pursuant to such Permitted Bid, including any acquisition of shares theretofore made, will cease to be a Permitted Bid Acquisition. 

(36) “Permitted Bid Acquisitions” means share acquisitions made pursuant to a Permitted Bid or a Competing Permitted Bid. 

(37) “Person” means any individual, firm, partnership, limited partnership, limited liability company or partnership, association, trust,
trustee, executor, administrator, legal or personal representative, government, governmental body, entity or authority, group, body corporate, corporation, unincorporated organization or association, syndicate, joint venture or any other entity,
whether or not having legal personality, and any of the foregoing in any derivative, representative or fiduciary capacity and pronouns have a similar extended meaning. 

(38) “Record Time” means the close of business on November 15, 2013. 

(39) “Redemption Price” has the meaning ascribed thereto in Section 5.1 hereof. 

(40) “regular periodic cash dividends” means cash dividends paid at regular intervals in any fiscal year of the Corporation to the extent
that such cash dividends do not exceed, in the aggregate, the greatest of: 
  

	 	(a)	100% of the aggregate consolidated net income of the Corporation, before extraordinary items, for its immediately preceding fiscal year; and 

 

	 	(b)	200% of the aggregate amount of cash dividends declared payable by the Corporation on its Common Shares in its immediately preceding fiscal year; and 

 

	 	(c)	300% of the arithmetic mean of the aggregate amounts of cash dividends declared payable by the Corporation on its Common Shares in its three immediately preceding fiscal years divided by the arithmetic mean of the
number of Common Shares outstanding as at the end of each of such fiscal years. 

 (41) “Right” means a right issued pursuant
to this Agreement. 
 (42) “Rights Certificate” has the meaning ascribed thereto in Section 2.2(3) hereof. 

(43) “Rights Register” has the meaning ascribed thereto in Section 2.6(1) hereof. 

(44) “Securities Act (Ontario)” shall mean the Securities Act (Ontario) and the regulations, rules, policies and
notices made thereunder, and any comparable or successor laws, regulations, rules, policies or notices thereto. 

  
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 (45) “Separation Time” means the close of business on the 10th Trading Day after the earliest of

  

	 	(a)	the Stock Acquisition Date, 

  

	 	(b)	the date of the commencement of, or first public announcement of the intent of any person (other than the Corporation or any Subsidiary of the Corporation) to commence, a
Take-over Bid (other than a Permitted Bid or Competing Permitted Bid), and 

  

	 	(c)	the date on which a Permitted Bid or Competing Permitted Bid ceases to qualify as such; 

 or,
in each case, such later date as may be determined by the Board of Directors in its sole discretion acting in good faith; provided that, if any Take-over Bid referred to in Clause (b) of this
Section 1.1(45) or any Permitted Bid or Competing Permitted Bid referred to in Clause (c) of this Section 1.1(45) expires, or is cancelled, terminated or otherwise withdrawn prior to the Separation Time, such Take-over Bid, Permitted Bid or Competing Permitted Bid, as the case may be, shall be deemed, for the purposes of this Section 1.1(45), never to have been made and provided further that if the Board of
Directors determines pursuant to Section 5.2 hereof to waive the application of Section 3.1 hereof to a Flip-in Event, the Separation Time in respect of such
Flip-in Event shall be deemed never to have occurred. 
 (46) “Stock Acquisition Date” means the
first date of public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to the 1934 Exchange Act or the Securities Act (Ontario)) by the Corporation or an Offeror or an
Acquiring Person of facts indicating that a Person has become an Acquiring Person. 
 (47) “Subsidiary”: a corporation shall be deemed to
be a Subsidiary of another corporation if: 
  

	 	(a)	it is controlled by: 

  

	 	(i)	that other; 

  

	 	(ii)	that other and one or more corporations each of which is controlled by that other; or 

  

	 	(iii)	two or more corporations each of which is controlled by that other; or 

  

	 	(b)	it is a Subsidiary of a corporation that is that other’s Subsidiary. 

 (48) “Take-over Bid” means an Offer to Acquire Voting Shares or securities convertible into or exchangeable for or carrying a right to purchase Voting Shares where the Voting Shares subject to the Offer to
Acquire, together with the Voting Shares into which the securities subject to the Offer to Acquire are convertible, exchangeable or exercisable, together with the Offeror’s Securities, constitute in the aggregate 20% or more of the outstanding
Voting Shares at the date of the Offer to Acquire. 

  
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 (49) “Termination Time” means the time at which the right to exercise Rights shall terminate
pursuant to Section 3.2 or Section 5.1. 
 (50) “Trading Day” shall mean a day on which the securities exchange or national
securities quotation system on which securities of the Corporation are listed or admitted for trading on which the largest number of such securities were traded during the most recently completed calendar year is open for the transaction of business
or, if the securities are not listed or admitted to trading on any securities exchange, a Business Day. 
 (51)
“U.S.-Canadian Exchange Rate” shall mean on any date: (i) if on such date the Bank of Canada sets an average noon spot rate of exchange for the conversion of one United States dollar into
Canadian dollars, such rate; and; (ii) in any other case, the rate for such date for the conversion of one United States dollar into Canadian dollars which is calculated in the manner which shall be determined by the Board of Directors from
time to time acting in good faith. 
 (52) “United States” means the United States of America and its territories and possessions, each
state of the United States and the District of Columbia. 
 (53) “Voting Shares” means the Common Shares and any other shares of capital
stock or voting interests of the Corporation entitled to vote generally in the election of all directors of the Corporation. 
 Section 1.2 Currency

 All sums of money which are referred to in this Agreement are expressed in lawful money of Canada, unless otherwise specified. 

Section 1.3 Headings 
 The division
of this Agreement into Articles, Sections and Clauses and the insertion of headings, subheadings and a table of contents are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. 

Section 1.4 Number and Gender 

Wherever the context so requires, terms used herein importing the singular number only shall include the plural and vice-versa and words importing only one gender shall include all others. 
 Section 1.5 Acting Jointly or in
Concert 
 For purposes of this Agreement, it is a question of fact as to whether a Person is acting jointly or in concert with
another Person and, without limiting the generality of the foregoing, the following shall be deemed to be acting jointly or in concert with a Person (the “First Person”): 

(1) every person who has any agreement, arrangement, commitment or understanding (whether formal or informal and whether or not in writing) with the First
Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person, for the purpose of an acquisition of or an Offer to Acquire any Voting Shares including, without limitation, any one or
more of, or any combination of, (i) a put, call, option, forward sale or purchase or other right or obligation relating to the sale or disposition of any purchase or other right or obligation relating to the sale or disposition of any Voting
Shares to the First Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person (whether settled by delivery of securities, cash or a combination thereof), (ii) any security the
value of which varies with the value of Voting Shares, or (iii) an agreement, arrangement, commitment or understanding (whether formal or informal and whether or not in writing) pursuant to which all or substantially all of the economic or
market risk underlying a Voting Share, directly or indirectly, is transferred to, or assumed by, the First Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person; 

  
 - 15 - 

 (2) every Person who has any agreement, arrangement, commitment or understanding (whether formal or informal and
whether or not in writing) with the First Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person, for the purpose or with the intention of exercising jointly or in concert with
the First Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person, any voting rights attaching to any securities of the Corporation; and 

(3) every Person who has any agreement, arrangement, commitment or understanding (whether formal or informal and whether or not in writing) with the First
Person, any Associate or Affiliate of the First Person or any other Person acting jointly or in concert with the First Person, for the purpose of selling, offering to sell, acquiring or offering to acquire any business, asset, subsidiary or investee
company of the Corporation through any one transaction or series of transactions where the aggregate value of the business, asset, subsidiary or investee company to acquired exceeds $1,000,000, such value to be determined in good faith by the Board
of Directors. 
 Notwithstanding the foregoing and for greater certainty, the phrase “acting jointly or in concert”
shall not include conduct consisting solely of: 
  

	(x)	voting or directing the vote of securities of the Corporation pursuant to a proxy given in response to a particular proxy solicitation; or 

 

	(y)	voting or directing the vote of securities of the Corporation in connection with or in order to participate in a particular proxy solicitation. 

Section 1.6 Statutory References 

Unless the context otherwise requires or except as expressly provided herein, any reference herein to a specific part, section, clause or Rule
of any statute or regulation shall be deemed to refer to the same as it may be amended, re-enacted or replaced or, if repealed and there shall be no replacement therefor, to the same as it is in effect on the
date of this Agreement. 

  
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 ARTICLE 2 – THE RIGHTS 

Section 2.1 Legend on Common Share Certificates 

(1) Certificates issued for Common Shares, including without limitation Common Shares issued upon the conversion of Convertible Securities, after the Record
Time but prior to the earlier of the Separation Time and the Expiration Time shall evidence one Right for each Common Share represented thereby and, commencing as soon as reasonably practicable after the Effective Date, shall have impressed on,
printed on, written on or otherwise affixed to them, a legend in substantially the following form: 
 Until the
Separation Time (defined in the Rights Agreement referred to below), this certificate also evidences rights of the holder described in a Shareholder Rights Plan Agreement, dated November 4, 2013, as such may from time to time be amended,
restated, varied or replaced (the “Rights Agreement”), between the Corporation and Computershare Trust Company of Canada, as Rights Agent, the terms of which are hereby incorporated herein by reference, and a copy of which is on
file at the principal executive offices of the Corporation and is available for viewing at www.sedar.com. Under certain circumstances set out in the Rights Agreement, the rights may be redeemed, may expire, may become null and void or may be
evidenced by separate certificates and no longer evidenced by this certificate. 
 (2) Until the earlier of the Separation Time and the Expiration Time,
certificates representing Common Shares that are issued and outstanding at the Record Time shall evidence one Right for each Common Share evidenced thereby notwithstanding the absence of the foregoing legend. Following the Separation Time, Rights
will be evidenced by Rights Certificates issued pursuant to Section 2.2 hereof. 
 Section 2.2 Initial Exercise Price; Exercise of Rights;
Detachment of Rights 
 (1) Right to entitle holder to purchase one Common Share prior to adjustment. Subject to adjustment as herein set forth
and subject to Section 3.1(1) hereof, each Right will entitle the holder thereof, from and after the Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price as at the Business Day immediately preceding the date of
exercise of the Right, one Common Share (which price and number of Common Shares are subject to adjustment as set forth below and are subject to Section 3.1(1) hereof). Notwithstanding any other provision of this Agreement, any Rights held by
the Corporation or any of its Subsidiaries shall be void. 
 (2) Rights not exercisable until Separation Time. Until the Separation Time,
(i) the Rights shall not be exercisable and no Right may be exercised, and (ii) for administrative purposes each Right will be evidenced by the certificates for the associated Common Shares registered in the names of the holders thereof
(which certificates shall also be deemed to be Rights Certificates) and will be transferable only together with, and will be transferred by a transfer of, such associated Common Shares. 

  
 - 17 - 

 (3) Delivery of Rights Certificate and disclosure statement. From and after the Separation Time and prior
to the Expiration Time, (i) the Rights shall be exercisable, and (ii) the registration and transfer of the Rights shall be separate from, and independent of, Common Shares. Promptly following the Separation Time, the Corporation will
prepare and the Rights Agent will mail to each holder of record of Rights as of the Separation Time and, in respect of each Convertible Security converted into Common Shares after the Separation Time and prior to the Expiration Time promptly after
such conversion to the holder so converting (other than an Acquiring Person and, in respect of any Rights Beneficially Owned by such Acquiring Person which are not held of record by such Acquiring Person, the holder of record of such Rights (a
“Nominee”)) at such holder’s address as shown by the records of the Corporation (the Corporation hereby agreeing to furnish copies of such records to the Rights Agent for this purpose), (A) a certificate (a “Rights
Certificate”) in substantially the form of Schedule A hereto appropriately completed, representing the number of Rights held by such holder at the Separation Time, and having such marks of identification or designation and such
legends, summaries or endorsements printed thereon as the Corporation may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law, rule, regulation or judicial or
administrative order or with any rule or regulation made pursuant thereto or with any rule or regulation of any self-regulatory organization, stock exchange or quotation system on which the Rights may from
time to time be listed or traded, or to conform to usage, and (B) a disclosure statement describing the Rights, provided that a Nominee shall be sent the materials provided for in (A) and (B) in respect of all Common Shares held of
record by it which are not Beneficially Owned by an Acquiring Person. In order for the Corporation to determine whether any Person is holding Common Shares which are Beneficially Owned by another Person, the Corporation may require such first
mentioned Person to furnish it with such information and documentation as the Corporation considers advisable. 
 (4) Exercise of Rights. Rights may
be exercised in whole or in part on any Business Day after the Separation Time and prior to the Expiration Time by submitting to the Rights Agent (at the office of the Rights Agent in the City of Toronto or any other office of the Rights Agent in
the cities designated from time to time for that purpose by the Corporation) the Rights Certificate evidencing such Rights together with an election to exercise such Rights (an “Election to Exercise”) substantially in the form
attached to the Rights Certificate duly completed and executed by the holder or his or her executors or administrators or other legal personal representative or his or their attorney duly appointed by an instrument in writing in form and executed in
a manner satisfactory to the Corporation and the Rights Agent, accompanied by payment by certified cheque, banker’s draft or money order payable to the order of the Rights Agent, of a sum equal to the Exercise Price multiplied by the number of
Rights being exercised and a sum sufficient to cover any transfer tax or charge which may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates for Common Shares
in a name other than that of the holder of the Rights being exercised, all of the above to be received before the Expiration Time by the Rights Agent at its principal office in any of the cities listed on the Rights Certificate. 

(5) Duties of Rights Agent upon receipt of Election to Exercise. Upon receipt of a Rights Certificate, which is accompanied by (i) a completed and
duly executed Election to Exercise, and (ii) payment as set forth in Section 2.2(4) above, the Rights Agent (unless otherwise instructed by the Corporation) will thereupon promptly: 

  
 - 18 - 

	 	(a)	requisition from the transfer agent for the Common Shares certificates representing the number of Common Shares to be purchased (the Corporation hereby irrevocably authorizing its transfer agent to comply with all such
requisitions); 

  

	 	(b)	when appropriate, requisition from the Corporation the amount of cash to be paid in lieu of issuing fractional Common Shares; 

  

	 	(c)	after receipt of such certificates, deliver the same to or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by such registered holder;

  

	 	(d)	when appropriate, after receipt, deliver such cash (less any amounts required to be withheld) to or to the order of the registered holder of the Rights Certificate; and 

 

	 	(e)	tender to the Corporation all payments received on exercise of the Rights. 

 (6) Partial Exercise of
Rights. In case the holder of any Rights shall exercise less than all of the Rights evidenced by such holder’s Rights Certificate, a new Rights Certificate evidencing the Rights remaining unexercised will be issued by the Rights Agent to
such holder or to such holder’s duly authorized assigns. 
 (7) Duties of the Corporation. The Corporation covenants and agrees that it will:

  

	 	(a)	take all such action as may be necessary and within its power to ensure that all Common Shares or other securities delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares
(subject to payment of the Exercise Price), be duly and validly authorized, executed, issued and delivered and fully paid and non-assessable; 

 

	 	(b)	take all such action as may be necessary and within its power to ensure compliance with the provisions of Section 3.1 hereof including, without limitation, all such action to comply with any applicable requirements
of the OBCA, the Securities Act (Ontario) and any applicable comparable securities legislation of each of the provinces of Canada and the rules and regulations thereunder, the 1933 Securities Act, the 1934 Exchange Act, and the
securities laws of each state of the United States, as applicable, or any other applicable law, rule or regulation, in connection with the issuance and delivery of the Rights Certificates and the issuance of any Common Shares or other securities
upon exercise of Rights; 

  

	 	(c)	use reasonable efforts to cause, from and after such time as the Rights become exercisable, all Common Shares issued upon exercise of Rights to be listed upon issuance on the principal stock exchange(s) on which the
Common Shares were traded immediately prior to the Stock Acquisition Date; 

  

	 	(d)	cause to be reserved and kept available out of its authorized and unissued Common Shares, the number of Common Shares that, as provided in this Agreement, will from time to time be sufficient to permit the exercise in
full of all outstanding Rights; 

  
 - 19 - 

	 	(e)	pay when due and payable any and all Canadian and United States federal, state and provincial transfer taxes and charges (not including any income or capital taxes of the holder or exercising holder or any liability of
the Corporation to withhold tax) which may be payable in respect of the original issuance or delivery of the Rights Certificates, provided that the Corporation shall not be required to pay any transfer tax or charge which may be payable in respect
of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates for shares or other securities in a name other than that of the registered holder of the Rights being transferred or exercised;
and 

  

	 	(f)	after the Separation Time, except as permitted by this Agreement, not take (or permit any Subsidiary to take) any action if at the time such action is taken it is reasonably foreseeable that such action will diminish
substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 

 Section 2.3 Adjustments to Exercise Price;
Number of Rights 
 The Exercise Price, the number and kind of Common Shares or other securities subject to purchase upon exercise of
each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 2.3. 
 (1) Adjustment to
Exercise Price upon changes to share capital. In the event the Corporation shall at any time after the Record Time: 
  

	 	(a)	declare or pay a dividend on the Common Shares payable in Common Shares (or other securities exchangeable for or convertible into or giving a right to acquire Common Shares or other securities) other than the issue of
Common Shares or such exchangeable or convertible securities to holders of Common Shares in lieu of but not in an amount which exceeds the value of regular periodic cash dividends; 

 

	 	(b)	subdivide or change the then outstanding Common Shares into a greater number of Common Shares; 

  

	 	(c)	combine, consolidate or change the then outstanding Common Shares into a smaller number of Common Shares; or 

  

	 	(d)	issue any Common Shares (or other securities exchangeable for or convertible into or giving a right to acquire Common Shares or other securities) in respect of, in lieu of or in exchange for existing Common Shares,
except as otherwise provided in this Section 2.3; 

 the Exercise Price in effect at the time of the record date for such
dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of Common Shares, or other securities, as the case may be, issuable on such date, shall be proportionately adjusted so that the holder of
any Right exercised after such time shall be entitled to receive, upon payment of the Exercise Price then in effect, the aggregate number and kind of Common Shares or other securities, as the case may be, which, if such Right had been exercised
immediately prior to such date and at a time when the Common Share transfer books of the Corporation were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or
reclassification. If an event occurs which would require an adjustment under both this Section 2.3 and Section 3.1 hereof, the adjustment provided for in this Section 2.3 shall be in addition to and, shall be made prior to, any
adjustment required pursuant to Section 3.1 hereof. 

  
 - 20 - 

 (2) Adjustment to Exercise Price upon issue of rights, options and warrants. In case the Corporation shall
at any time after the Record Time fix a record date for the issuance of rights, options or warrants to all holders of Common Shares entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or
purchase Common Shares (or shares having the same rights, privileges and preferences as Common Shares (“equivalent common shares”)) or securities convertible into or exchangeable for or carrying a right to purchase Common Shares or
equivalent common shares at a price per Common Share or per equivalent common share (or having a conversion price or exchange price or exercise price per share, if a security convertible into or exchangeable for or carrying a right to purchase
Common Shares or equivalent common shares) less than 90% of the Market Price per Common Share on such record date, the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect immediately
prior to such record date by a fraction, the numerator of which shall be the number of Common Shares outstanding on such record date, plus the number of Common Shares that the aggregate offering price of the total number of Common Shares and/or
equivalent common shares so to be offered (and/or the aggregate initial conversion, exchange or exercise price of the convertible or exchangeable securities or rights so to be offered, including the price required to be paid to purchase such
convertible or exchangeable securities or rights so to be offered) would purchase at such Market Price per Common Share, and the denominator of which shall be the number of Common Shares outstanding on such record date, plus the number of additional
Common Shares and/or equivalent common shares to be offered for subscription or purchase (or into which the convertible or exchangeable securities are initially convertible, exchangeable or exercisable). In case such subscription price may be paid
by delivery of consideration, part or all of which may be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors, whose determination shall be described in a certificate filed with
the Rights Agent and shall be binding on the Rights Agent and the holders of the Rights. Such adjustment shall be made successively whenever such a record date is fixed and, in the event that such rights or warrants are not so issued, the Exercise
Price shall be adjusted to be the Exercise Price which would then be in effect if such record date had not been fixed. 
 For purposes of
this Agreement, the granting of the right to purchase Common Shares (or equivalent common shares) (whether from treasury shares or otherwise) pursuant to any dividend or interest reinvestment plan and/or any Common Share purchase plan providing for
the reinvestment of dividends or interest payable on securities of the Corporation and/or the investment of periodic optional payments and/or employee benefit, stock option or similar plans (so long as such right to purchase is in no case evidenced
by the delivery of rights or warrants) shall not be deemed to constitute an issue of rights, options or warrants by the Corporation; provided, however, that, in the case of any dividend or interest reinvestment plan, the right to purchase Common
Shares (or equivalent common shares) is at a price per share of not less than 90% of the current market price per share (determined as provided in such plans) of the Common Shares. 

  
 - 21 - 

 (3) Adjustment to Exercise Price upon Corporate Distributions. In case the Corporation shall at any time
after the Record Time fix a record date for a distribution to all holders of Common Shares (including any such distribution made in connection with a merger, amalgamation, arrangement, plan, compromise or reorganization in which the Corporation is
the continuing or successor corporation) of evidences of indebtedness, cash (other than a regular periodic cash dividend or a regular periodic cash dividend paid in Common Shares, but including any dividend payable in securities other than Common
Shares), assets or subscription rights, options or warrants (excluding those referred to in Section 2.3(2) above), the Exercise Price to be in effect after such record date shall be determined by multiplying the Exercise Price in effect
immediately prior to such record date by a fraction, the numerator of which shall be the Market Price per Common Share on such record date, less the fair market value (as determined in good faith by the Board of Directors, whose determination shall
be described in a statement filed with the Rights Agent) of the portion of the cash, assets or evidences of indebtedness so to be distributed or of such subscription rights, options or warrants applicable to a Common Share and the denominator of
which shall be such Market Price per Common Share. Such adjustments shall be made successively whenever such a record date is fixed, and in the event that such distribution is not so made, the Exercise Price shall be adjusted to be the Exercise
Price which would have been in effect if such record date had not been fixed. 
 (4) De minimis threshold for adjustment to Exercise Price.
Notwithstanding anything herein to the contrary, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price; provided, however, that any adjustments which
by reason of this Section 2.3(4) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 2.3 shall be made to the nearest cent or to the nearest one-hundredth of a Common Share or other share, as the case may be. Notwithstanding the first sentence of this Section 2.3(4), any adjustment required by this Section 2.3 shall be made no later than the
earlier of (i) 3 years from the date of the transaction which mandates such adjustment or (ii) the Expiration Time. 
 (5) Corporation may
provide for alternate means of adjustment. In the event the Corporation shall at any time after the Record Time issue any shares of capital stock (other than Common Shares), or rights or warrants to subscribe for or purchase any such capital
stock, or securities convertible into or exchangeable for any such capital stock, in a transaction referred to in Section 2.3(1)(a) or Section 2.3(1)(d) or Section 2.3(2) or Section 2.3(3) above, if the Board of Directors acting
in good faith determines that the adjustments contemplated by Section 2.3(1), Section 2.3(2) and Section 2.3(3) above in connection with such transaction will not appropriately protect the interests of the holders of Rights, the
Corporation shall be entitled to determine what other adjustments to the Exercise Price, number of Rights and/or securities purchasable upon exercise of Rights would be appropriate and, notwithstanding Section 2.3(1), Section 2.3(2) and
Section 2.3(3) above, such adjustments, rather than the adjustments contemplated by Section 2.3(1), Section 2.3(2) and Section 2.3(3) above, shall be made. The Corporation and the Rights Agent shall amend this Agreement as
appropriate to provide for such adjustments. 

  
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 (6) Adjustment to Rights exercisable into shares other than Common Shares. If as a result of an adjustment
made pursuant to Section 3.1, the holder of any Right thereafter exercised shall become entitled to receive any shares other than Common Shares, thereafter the number of such other shares so receivable upon exercise of any Right and the
Exercise Price thereof shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares contained in Section 2.3(1), Section 2.3(2),
Section 2.3(3), Section 2.3(4), Section 2.3(5), Section 2.3(7), Section 2.3(8), Section 2.3(9), Section 2.3(10), Section 2.3(11) and Section 2.3(12) above and below, as the case may be, and the provisions
of this Agreement with respect to the Common Shares shall apply on like terms to any such other shares. 
 (7) Rights to evidence right to purchase
Common Shares at adjusted Exercise Price. Each Right originally issued by the Corporation subsequent to any adjustment made to the Exercise Price hereunder shall evidence the right to purchase, at the adjusted Exercise Price, the number of
Common Shares purchasable from time to time hereunder upon exercise of such Right, all subject to further adjustment as provided herein. 
 (8)
Adjustment to number of Common Shares purchasable upon adjustment to Exercise Price. Unless the Corporation shall have exercised its election as provided in Section 2.3(9) below, upon each adjustment of the Exercise Price as a result of
the calculations made in Section 2.3(2) and Section 2.3(3) above, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Exercise Price, that number of
Common Shares (calculated to the nearest one ten-thousandth) obtained by (A) multiplying (x) the number of shares purchasable upon exercise of a Right immediately prior to this adjustment by
(y) the Exercise Price in effect immediately prior to such adjustment of the Exercise Price, and (B) dividing the product so obtained by the Exercise Price in effect immediately after such adjustment of the Exercise Price. 

(9) Election to adjust number of Rights upon adjustment to Exercise Price. The Corporation shall be entitled to elect on or after the date of any
adjustment of the Exercise Price to adjust the number of Rights, in lieu of any adjustment in the number of Common Shares purchasable upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be
exercisable for the number of Common Shares for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the
nearest one ten-thousandth) obtained by dividing the Exercise Price in effect immediately prior to adjustment of the Exercise Price by the Exercise Price in effect immediately after adjustment of the Exercise
Price. The Corporation shall make a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment and, if known at the time, the amount of the adjustment to be made. This record date may be the
date on which the Exercise Price is adjusted or any day thereafter but, if Rights Certificates have been issued, shall be at least 10 days later than the date of the public announcement. If Rights Certificates have been issued, upon each adjustment,
of the number of Rights pursuant to this Section 2.3(9), the Corporation shall, as promptly as practicable, cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates evidencing, subject to
Section 5.6 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be distributed to such holders of record in substitution and replacement for
the Rights Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, new Rights Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment. Rights Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided for herein and may bear, at the option of the Corporation, the adjusted Exercise Price and shall be registered in the names of the holders of record of Rights
Certificates on the record date for the adjustment specified in the public announcement. 

  
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 (10) Rights Certificates may contain Exercise Price before adjustment. Irrespective of any adjustment or
change in the Exercise Price or the number of Common Shares issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Exercise Price per share and the number of shares which were
expressed in the initial Rights Certificates issued hereunder. 
 (11) Corporation may in certain cases defer issues of securities. In any case in
which this Section 2.3 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Corporation may elect to defer until the occurrence of such event the issuance to the holder of any
Right exercised after such record date the number of Common Shares and other securities of the Corporation, if any, issuable upon such exercise over and above the number of Common Shares and other securities of the Corporation, if any, issuable upon
such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however, that the Corporation shall deliver to such holder an appropriate instrument evidencing such holder’s right to receive such additional shares
(fractional or otherwise) or securities upon the occurrence of the event requiring such adjustment. 
 (12) Corporation has discretion to reduce Exercise
Price for tax reasons. Notwithstanding anything in this Section 2.3 to the contrary, the Corporation shall be entitled to make such reductions in the Exercise Price, in addition to those adjustments expressly required by this
Section 2.3, as and to the extent that in their good faith judgment, the Board of Directors shall determine to be advisable in order that any (A) consolidation or subdivision of the Common Shares, (B) issuance of any Common Shares at
less than the Market Price, (C) issuance of securities convertible into or exchangeable for Common Shares, (D) stock dividends or (E) issuance of rights, options or warrants, referred to in this Section 2.3 hereafter made by the
Corporation to holders of its Common Shares, shall not be taxable to such shareholders. 
 (13) Notice in Respect of Adjustments. Whenever an
adjustment to the Exercise Price or a change in the securities purchasable upon exercise of the Rights is made at any time after the Separation Time pursuant to this Section 2.3, the Corporation shall promptly: 

 

	 	(a)	file with the Rights Agent and with the transfer agent for the Common Shares a certificate specifying the particulars of such adjustment or change; and 

 

	 	(b)	cause notice of the particulars of such adjustment or change to be given to the holders of the Rights; provided that failure to file such certificate or cause such notice to be given as aforesaid, or any defect therein,
shall not affect the validity of any such adjustment or change. 

  
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 Section 2.4 Date on Which Exercise is Effective 

Each person in whose name any certificate for Common Shares is issued upon the exercise of Rights, shall for all purposes be deemed to have
become the holder of record of the Common Shares represented thereby on, and such certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered (together with a duly completed Election to
Exercise) and payment of the Exercise Price for such Rights (and any applicable transfer taxes and other governmental charges payable by the exercising holder hereunder) was made; provided, however, that if the date of such surrender and payment is
a date upon which the Common Share transfer books of the Corporation are closed, such person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business Day on which the
Common Share transfer books of the Corporation are open. 
 Section 2.5 Execution, Authentication, Delivery and Dating of Rights Certificates

 (1) The Rights Certificates shall be executed on behalf of the Corporation by its Chairman, Chief Executive Officer or Chief Financial Officer, under
its corporate seal reproduced thereon attested by its Vice President, Chief Financial Officer, Secretary or Assistant Secretary. The signature of any of these officers on the Rights Certificates may be manual, by facsimile or by other electronically
transmitted form. Rights Certificates bearing the manual, facsimile or electronically transmitted signatures of individuals who were at any time the proper officers of the Corporation shall bind the Corporation, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to or after the countersignature and delivery of such Rights Certificates. 
 (2) Promptly after the
Corporation learns of the Separation Time, the Corporation will notify the Rights Agent of such Separation Time and will deliver Rights Certificates executed by the Corporation to the Rights Agent for countersignature and disclosure statements as
described in Section 2.2(3), and the Rights Agent shall manually or by facsimile signature countersign and send such Rights Certificates and disclosure statements to the holders of the Rights pursuant to Section 2.2(3) hereof. No Rights
Certificate shall be valid for any purpose until countersigned by the Rights Agent as aforesaid. 
 (3) Each Rights Certificate shall be dated the date of
countersignature thereof. 
 Section 2.6 Registration, Registration of Transfer and Exchange 

(1) Following the Separation Time, the Corporation will cause to be kept a register (the “Rights Register”) in which, subject to such
reasonable regulations as it may prescribe, the Corporation will provide for the registration and transfer of Rights. The Rights Agent is hereby appointed “Rights Registrar” for the purpose of maintaining the Rights Register for the
Corporation and registering Rights and transfers of Rights as herein provided and the Rights Agent hereby accepts such appointment. In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right to
examine the Rights Register at all reasonable times. 
 After the Separation Time and prior to the Expiration Time, upon surrender for
registration of transfer or exchange of any Rights Certificate and subject to the provisions of Section 2.6(3) below and the other provisions of this Agreement, the Corporation will execute and the Rights Agent will countersign, register and
deliver, in the name of the holder or the designated transferee or transferees as required pursuant to the holder’s instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificates
so surrendered. 

  
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 (2) All Rights issued upon any registration of transfer or exchange of Rights Certificates shall be the valid
obligations of the Corporation, and such Rights shall be entitled to the same benefits under this Agreement (subject to the provisions of this Agreement) as the Rights surrendered upon such registration of transfer or exchange. 

(3) Every Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Corporation or the Rights Agent, as the case may be, duly executed by the registered holder thereof or such holder’s attorney duly authorized in writing. As a condition to the issuance of any new Rights
Certificate under this Section 2.6, the Corporation or the Rights Agent may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and the Corporation may require payment of
a sum sufficient to cover any other expenses (including the fees and expenses of the Rights Agent) in connection therewith. 
 Section 2.7
Mutilated, Destroyed, Lost and Stolen Rights Certificates 
 (1) If any mutilated Rights Certificate is surrendered to the Rights Agent prior to the
Expiration Time, the Corporation shall execute and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so surrendered. 

(2) If there shall be delivered to the Corporation and the Rights Agent prior to the Expiration Time (i) evidence to their reasonable satisfaction of the
ownership, destruction, loss or theft of any Rights Certificate, and (ii) such indemnity or other security as may be required by each of them in their own discretion to save each of them and any of their agents harmless then, in the absence of
notice to the Corporation or the Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser, the Corporation shall execute and upon its request the Rights Agent shall countersign and deliver, in lieu of any such destroyed,
lost or stolen Rights Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen. 

(3) As a condition to the issuance of any new Rights Certificate under this Section 2.7, the Corporation or the Rights Agent may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and the Corporation may require payment of a sum sufficient to cover any other expenses (including the fees and expenses of the Rights Agent) in
connection therewith. 
 (4) Every new Rights Certificate issued pursuant to this Section 2.7 in lieu of any destroyed, lost or stolen Rights
Certificate shall evidence an original additional contractual obligation of the Corporation, whether or not the destroyed lost or stolen Rights Certificate shall be at any time enforceable by anyone, and the holder thereof shall be entitled to all
the benefits of this Agreement equally and proportionately with any and all other holders of Rights duly issued by the Corporation. 

  
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 Section 2.8 Persons Deemed Owners 

Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate) for
registration of transfer, the Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent shall be entitled to deem and treat the person in whose name a Rights Certificate (or, prior to the Separation Time, the associated
Common Share certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever. As used in this Agreement, unless the context otherwise requires, the term “holder” of any Rights
shall mean the registered holder of such Rights (or, prior to the Separation Time, the associated Common Shares). 
 Section 2.9 Delivery and
Cancellation of Rights Certificates 
 All Rights Certificates surrendered upon exercise or for redemption, registration of transfer or
exchange shall, if surrendered to any person other than the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent. The Corporation may at any time deliver to the Rights Agent for
cancellation any Rights Certificates previously countersigned and delivered hereunder which the Corporation may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the Rights Agent. No
Rights Certificate shall be countersigned in lieu of or in exchange for any Rights Certificates cancelled as provided in this Section 2.9 except as expressly permitted by this Agreement. The Rights Agent shall, subject to applicable laws,
destroy all cancelled Rights Certificates and deliver a certificate of destruction to the Corporation. 
 Section 2.10 Agreement of Rights Holders

 Every holder of Rights, by accepting the same, consents and agrees with the Corporation and the Rights Agent and with every other
holder of Rights: 
 (1) to be bound by and subject to the provisions of this Agreement, as amended or supplemented from time to time in accordance with the
terms hereof, in respect of all Rights held; 
 (2) that, prior to the Separation Time, each Right will be transferable only together with, and will be
transferred by a transfer of, the Common Share certificate representing such Right; 
 (3) that after the Separation Time, the Rights Certificates will be
transferable only on the Rights Register as provided herein; 
 (4) that prior to due presentment of a Rights Certificate (or, prior to the Separation Time,
the associated Common Share certificate) for registration of transfer, the Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent shall be entitled to deem and treat the person in whose name the Rights Certificate (or
prior to the Separation Time, the associated Common Share certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on such Rights Certificate or the
associated Common Share certificate made by anyone other than the Corporation or the Rights Agent) for all purposes whatsoever, and neither the Corporation nor the Rights Agent shall be affected by any notice to the contrary; 

  
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 (5) that such holder of Rights has waived his right to receive any fractional Rights or any fractional shares
upon exercise of Right; 
 (6) that, in accordance with Section 5.5 hereof, without the approval of any holder of Rights and upon the sole authority of
the Board of Directors acting in good faith this Agreement may be supplemented or amended from time to time pursuant to and as provided herein; and 
 (7)
that notwithstanding anything in this Agreement to the contrary, neither the Corporation nor the Rights Agent shall have any liability to any holder of a Right or any other Person as a result of its inability to perform any of its obligations under
this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule,
regulation, or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation. 

Section 2.11 Rights Certificate Holder not Deemed a Shareholder 

No holder, as such, of any Rights or Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose whatsoever
the holder of any Common Share or any other share or security of the Corporation which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed or
deemed to confer upon the holder of any Right or Rights Certificate, as such, any of the rights, titles, benefits or privileges of a holder of Common Shares or any other shares or securities of the Corporation or any right to vote at any meeting of
shareholders of the Corporation whether for the election of directors or otherwise or upon any matter submitted to holders of shares of the Corporation at any meeting thereof, or to give or withhold consent to any action of the Corporation, or to
receive notice of any meeting or other action affecting any holder of Common Shares or any other shares or securities of the Corporation except as expressly provided herein, or to receive dividends, distributions or subscription rights, or
otherwise, until the Right or Rights evidenced by Rights Certificates shall have been duly exercised in accordance with the terms and provisions hereof. 

ARTICLE 3 – ADJUSTMENTS TO THE RIGHTS IN THE EVENT OF CERTAIN TRANSACTIONS 

Section 3.1 Flip-in Event 

(1) Subject to Section 3.1(2) below, and Section 5.2 hereof, in the event that prior to the Expiration Time a
Flip-in Event shall occur, the Corporation shall take such action as may be necessary to ensure and provide within 10 Business Days of such occurrence, or such longer period as may be required to satisfy
all applicable requirements of the Securities Act (Ontario), and the securities legislation of each other province of Canada and the 1933 Securities Act and 1934 Exchange Act and the securities laws of each state of the United
States, as applicable, that, except as provided below, each Right shall thereafter constitute the right to purchase from the Corporation upon exercise thereof in accordance with the terms hereof that number of Common Shares of the Corporation having
an aggregate Market Price on the date of the occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such Right to be appropriately adjusted in a
manner analogous to the applicable adjustment provided for in Section 2.3 hereof in the event that after such date of occurrence an event of a type analogous to any of the events described in Section 2.3 hereof shall have occurred with
respect to such Common Shares). 

  
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 (2) Notwithstanding anything in this Agreement to the contrary, upon the occurrence of any Flip-in Event, any Rights that are Beneficially Owned by (i) an Acquiring Person, or any Affiliate or Associate of an Acquiring Person, or any Person acting jointly or in concert with an Acquiring Person or any
Affiliate or Associate of such Acquiring Person, or any Affiliate or Associate of such Person so acting jointly or in concert, or (ii) a transferee or other successor in title of Rights, directly or indirectly, of an Acquiring Person (or of any
Affiliate or Associate of an Acquiring Person) or of any Person acting jointly or in concert with an Acquiring Person or any Associate or Affiliate of an Acquiring Person (or of any Affiliate or Associate of such Person so acting jointly or in
concert) who becomes a transferee or successor in title concurrently with or subsequent to the Acquiring Person becoming such, shall become null and void without any further action, and any holder of such Rights (including transferees or successors
in title) shall not have any rights whatsoever to exercise such Rights under any provision of this Agreement and shall not have thereafter any other rights whatsoever with respect to such Rights, whether under any provision of this Agreement or
otherwise. 
 (3) Any Rights Certificate that represents Rights Beneficially Owned by a Person described in either clauses (i) or (ii) of
Section 3.1(2) or transferred to any nominee of any such Person, and any Rights Certificate issued upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain the following
legend: 
 “The Rights represented by this Rights Certificate were Beneficially Owned by a Person who was an
Acquiring Person or who was an Affiliate or an Associate of an Acquiring Person (as such terms are defined in the Rights Agreement) or was acting jointly or in concert with any of them. This Rights Certificate and the Rights represented hereby shall
become void in the circumstances specified in subsection 3.1(2) of the Rights Agreement.”, 
 provided that the Rights Agent shall not be under
any responsibility to ascertain the existence of facts that would require the imposition of such legend but shall be required to impose such legend only if instructed to do so by the Corporation in writing or if a holder fails to certify upon
transfer or exchange in the space provided on the Rights Certificate that such holder is not an Acquiring Person, an Affiliate or Associate thereof or a Person acting jointly or in concert with any of them. 

(4) From and after the Separation Time, the Corporation shall do all such acts and things as shall be necessary and within its power to ensure compliance with
the provisions of this Section 3.1 including, without limitation, all such acts and things as may be required to satisfy the requirements of the OBCA, the Securities Act (Ontario), the securities laws or comparable legislation of each of
the provinces of Canada, the 1933 Securities Act and the 1934 Exchange Act, the securities laws of each state of the United States, as applicable, and any other applicable laws in respect of the issue of Common Shares upon the exercise
of Rights in accordance with this Agreement. 

  
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 Section 3.2 Exchange Option 

(1) The Board of Directors may, at its sole option and without seeking the approval of holders of Voting Shares or Rights but with the prior written consent
of any stock exchange on which the Common Shares are then listed if required by such exchange, at any time after a Flip-in Event has occurred, authorize the Corporation to issue or deliver in respect of each
Right which is not void pursuant to Section 3.1(2), either: (i) in return for the applicable Exercise Price and the Right, debt, equity or other securities or assets (or a combination thereof) having a value equal to twice the applicable
Exercise Price; or (ii) in return for the Right, subject to any amounts that may be required to be paid under applicable law, debt, equity or other securities or assets (or a combination thereof) having a value equal to the value of the Right,
in full and final settlement of all rights attaching to the Rights, where in either case the value of such debt, equity or other securities or other assets (or a combination thereof) and, in the case of Clause (ii), the value of the Right,
shall be determined by the Board of Directors which may rely upon the advice of a nationally or internationally recognized firm of investment dealers or investment bankers selected by the Board of Directors. 

(2) If the Board of Directors authorizes the exchange of debt or equity securities or assets (or a combination thereof) for Rights pursuant to
Section 3.2(1), without any further action or notice, the right to exercise the Rights will terminate and the only right thereafter of a holder of Rights shall be to receive the debt or equity securities or assets (or a combination thereof) in
accordance with the exchange formula authorized by the Board of Directors. Within 10 Business Days after the Board of Directors has authorized the exchange of debt or equity securities or assets (or a combination thereof) for Rights pursuant to
Section 3.2(1), the Corporation shall give notice of exchange to the holders of such Rights by mailing such notice to all such holders at their last addresses as they appear upon the Rights Register. Each such notice of exchange will state the
method by which the exchange of debt or equity securities or assets (or a combination thereof) for Rights will be effected. 

ARTICLE 4 – THE RIGHTS AGENT 

Section 4.1 General 
 (1) The Corporation hereby
appoints the Rights Agent to act as agent for the Corporation and holders of Rights in accordance with the terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Corporation may from time to time appoint such co-Rights Agents as it may deem necessary or desirable, subject to the prior approval of the Rights Agent. In the event the Corporation appoints one or more co-Rights Agents,
the respective duties of the Rights Agents and co-Rights Agents shall be as the Corporation may determine, with the approval of the Rights Agent. The Corporation agrees to pay to the Rights Agent reasonable
compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses (including reasonable counsel fees and disbursements) incurred in the administration and execution of this
Agreement and the exercise and performance of its duties hereunder. The Corporation also agrees to indemnify the Rights Agent, its officers, directors and employees for, and to hold such persons harmless against, any loss, liability, cost, claim,
action, suit, damage, or expense incurred (that is not the result of gross negligence, bad faith or wilful misconduct on the part of any one or all of the Rights Agent, its officers, directors or employees) for anything done, suffered or omitted by
the Rights Agent in connection with the acceptance, execution and administration of this Agreement and the exercise and performance of its duties hereunder, including the costs and expenses of defending against any claim of liability, which right to
indemnification will survive the termination of this Agreement or the resignation or removal of the Rights Agent. 

  
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 (2) The Rights Agent shall be protected from and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of this Agreement in reliance upon any certificate for Common Shares or any Rights Certificate or certificate for other securities of the Corporation, instrument of assignment or
transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document reasonably believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper Person or Persons. 
 (3) The Corporation shall inform the Rights Agent in a reasonably timely manner of events which may
materially affect the administration of this Agreement by the Rights Agent and at any time, upon request, shall provide to the Rights Agent an incumbency certificate certifying the then current officers of the Corporation. 

Section 4.2 Merger or Amalgamation or Change of Name of Rights Agent 

(1) Any corporation into which the Rights Agent or any successor rights agent may be merged or amalgamated or with which it may be consolidated, or any
corporation resulting from any merger, amalgamation, statutory arrangement or consolidation to which the Rights Agent or any successor rights agent is a party, or any corporation succeeding to the shareholder or stockholder services business of the
Rights Agent or any successor rights agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would
be eligible for appointment as a successor rights agent under the provisions of Section 4.4 hereof. In case at the time such successor rights agent succeeds to the agency created by this Agreement any of the Rights Certificates have been
countersigned but not delivered, any such successor rights agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates have not
been countersigned, any successor rights agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor rights agent; and in all such cases such Rights Certificates will have the
full force provided in the Rights Certificates and in this Agreement. 
 (2) In case at any time the name of the Rights Agent is changed and at such time
any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights
Certificates shall not have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the
Rights Certificates and in this Agreement. 

  
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 Section 4.3 Duties of Rights Agent 

The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, to all of which the
Corporation and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 
 (1) The Rights Agent may, at the expense of the
Corporation, retain and consult with legal counsel (who may be legal counsel for the Corporation) and the opinion of such counsel will be full and complete authorization and protection to the Rights Agent as to any action taken or omitted to be
taken by it in good faith and in accordance with such opinion. Subject to the prior written consent of the Corporation, which consent will not be unreasonably withheld, the Rights Agent may also consult with such other experts as the Rights Agent
shall consider necessary or appropriate to properly carry out the duties and obligations imposed under this Agreement at the expense of the Corporation and the Rights Agent shall be entitled to act and rely in good faith on the advice of any such
expert. 
 (2) Whenever in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter be
proved or established by the Corporation prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proven and established by a
certificate signed by a person reasonably believed by the Rights Agent to be the Chairman, Chief Executive Officer or Chief Financial Officer of the Corporation and delivered to the Rights Agent; and such certificate will be full authorization to
the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 
 (3) The
Rights Agent will be liable hereunder only for events which are the result of its own gross negligence, bad faith or wilful misconduct and that of its officers, directors and employees. 

(4) The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates for
Common Shares or the Rights Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and will be deemed to have been made by the Corporation only. 

(5) The Rights Agent will not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due
authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution of any Common Share certificate or Rights Certificate (except its countersignature thereof); nor will it be responsible for any breach by
the Corporation of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Section 3.1(2)
hereof) or any adjustment required under the provisions of Section 2.3 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except
with respect to the exercise of Rights after receipt of the certificate contemplated by Section 2.3 hereof describing any such adjustment); nor will it by any act hereunder be deemed to make any representation or warranty as to the
authorization of any Common Shares to be issued pursuant to this Agreement or any Rights or as to whether any Common Shares will, when issued, be duly and validly authorized, executed, issued and delivered or fully paid and non-assessable. 

  
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 (6) The Corporation agrees that it will perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged, and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

(7) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any person
reasonably believed by the Rights Agent to be the Chairman, Chief Executive Officer or Chief Financial Officer of the Corporation and to apply to such persons for advice or instructions in connection with its duties, and it shall not be liable for
any action taken or suffered by it in good faith in accordance with instructions of any such person. It is understood that instructions to the Rights Agent shall, except where circumstances make it impracticable or the Rights Agent otherwise agrees,
be given in writing and, where not in writing, such instructions shall be confirmed in writing as soon as reasonably possible after the giving of such instructions. 

(8) The Rights Agent and any shareholder or stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in Common Shares, Rights or
other securities of the Corporation or become pecuniarily interested in any transaction in which the Corporation may be interested or contract with or lend money to the Corporation or otherwise act as fully and freely as though it were not Rights
Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Corporation or for any other legal entity. 

(9) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or, by or through
its attorneys or agents. The Rights Agent will not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Corporation resulting from any such act, omission, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 
 Section 4.4 Change of Rights
Agent 
 The Rights Agent may resign and be discharged from its duties under this Agreement upon 60 days’ notice (or such
lesser notice as is acceptable to the Corporation) in writing mailed to the Corporation and to each transfer agent of Voting Shares by registered or certified mail, and to the holders of the Rights in accordance with Section 5.9 hereof (all of
which shall be at the expense of the Corporation). The Corporation may remove the Rights Agent upon 30 days’ notice in writing, given to the Rights Agent and to each transfer agent of the Voting Shares by registered or certified mail and
to the holders of the Rights in accordance with Section 5.9 hereof. If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Corporation will appoint a successor to the Rights Agent. If the Corporation fails
to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of any Rights (which holder shall,
with such notice, submit such holder’s Rights Certificate for inspection by the Corporation), then the Rights Agent or the holder of any Rights may apply to any court of competent jurisdiction for the appointment of a new Rights Agent at the
Corporation’s expense. Any successor rights agent, whether appointed by the Corporation or by such a court, shall be a corporation incorporated under the laws of Canada or a province thereof authorized to carry on the business of acting as a
rights agent in the Province of Ontario. After appointment, the successor Rights Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the
predecessor Rights Agent, upon receiving from the Corporation payment in full of all amounts outstanding under this Agreement, shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Corporation will file notice thereof in writing with the predecessor Rights Agent and each transfer
agent of the Voting Shares, and mail a notice thereof in writing to the holders of the Rights. The cost of giving any notice required under this Section 4.4 shall be borne solely by the Corporation. Failure to give any notice provided for in
this Section 4.4 however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

  
 - 33 - 

 Section 4.5 Compliance with Anti-Money Laundering Legislation

 The Rights Agent shall retain the right not the act and shall not be liable for refusing to act if, due to a lack of information or
for any reason whatsoever, the Rights Agent reasonably determines that such an act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist financing legislation, regulation or guideline. Further, should the Rights Agent reasonably determine at any time that its acting under the Agreement has resulted in it being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the
right to resign on 10 days’ written notice to the Corporation, provided that: (i) the Rights Agent’s written notice shall describe the circumstances of such non-compliance; and
(ii) that if such circumstances are rectified to the Rights Agent’s satisfaction within such 10 day period, then such resignation shall not be effective. 

Section 4.6 Compliance with Privacy Legislation 

The parties acknowledge that the federal and/or provincial legislation that addresses the protection of individual’s personal
information (collectively, “Privacy Laws”) applies to obligations and activities under this Agreement. Despite any other provision of this Agreement, neither party will take or direct any action that would contravene, or cause the
other to contravene, applicable Privacy Laws. The Corporation will, prior to transferring or causing to be transferred personal information to the Rights Agent, obtain and retain required information, or will have determined that such consents
either have previously been given upon which the parties can rely or are not required under applicable Privacy Laws. The Rights Agent will use commercially reasonable efforts to ensure that its services hereunder comply with applicable Privacy
Laws. 
 ARTICLE 5 – MISCELLANEOUS 

Section 5.1 Redemption and Termination of Rights 

(1)    The Board of Directors acting in good faith may, at any time prior to the occurrence of a
Flip-in Event as to which the application of Section 3.1 has not been waived pursuant to Section 5.2, elect to redeem all but not less than all of the outstanding Rights at a redemption price of
$0.00001 per Right, appropriately adjusted in a manner analogous to the applicable adjustment to the Exercise Price provided for in Section 2.3 if an event analogous to any of the events described in Section 2.3 shall have occurred (such
redemption price being herein referred to as the “Redemption Price”). 

  
 - 34 - 

 (2) Where a Person acquires, pursuant to a Permitted Bid, a Competing Permitted Bid or an Exempt Acquisition
occurring under Section 5.2, outstanding Voting Shares and/or Convertible Securities, the Board of Directors shall, notwithstanding the provisions of Section 5.1(1), immediately upon such acquisition and without further formality, be
deemed to have elected to redeem the Rights at the Redemption Price. 
 (3) Where a Take-over Bid that is not a
Permitted Bid or a Competing Permitted Bid expires, is terminated or is otherwise withdrawn after the Separation Time has occurred and prior to the occurrence of a Flip-in Event, the Board of Directors may
elect to redeem all of the outstanding Rights at the Redemption Price. 
 (4) If the Board of Directors elects or is deemed to have elected to redeem the
Rights (i) the right to exercise the Rights will thereupon, without further action and without notice, terminate and each Right will after redemption be null and void and the only right thereafter of the holders of Rights shall be to receive
the Redemption Price, and (ii) subject to Section 5.1(6), no further Rights shall thereafter be issued. 
 (5) Within 10 Business Days of the
Board of Directors electing or having been deemed to have elected to redeem the Rights, the Corporation shall give or cause to be given notice of redemption to the holders of the outstanding Rights by mailing such notice to each such holder at his
last address as it appears upon the Rights Register or, prior to the Separation Time, on the register of Voting Shares maintained by the Corporation’s transfer agent or transfer agents. Each such notice of redemption shall state the method by
which the payment of the Redemption Price shall be made. 
 (6) Upon the Rights being redeemed pursuant to Section 5.1(3), all the provisions of this
Agreement shall continue to apply as if the Separation Time had not occurred and Rights Certificates representing the number of Rights held by each holder of record of Voting Shares as of the Separation Time had not been mailed to each such holder
and, for all purposes of this Agreement, the Separation Time shall be deemed not to have occurred and Rights shall remain attached to the outstanding Voting Shares, subject to and in accordance with the provisions of this Agreement. 

(7) The Corporation shall not be obligated to make a payment of the Redemption Price to any holder of Rights unless such holders is entitled to receive at
least $1.00 in respect of all Rights held by such holder. 
 Section 5.2 Waiver of Flip-In Events 

(1) The Board of Directors may, at any time prior to the occurrence of a Flip-in Event that would occur by reason of
an acquisition of Voting Shares otherwise than in the circumstances described in Section 5.2(2) or Section 5.2(3), waive the application of Section 3.1 to such Flip-in Event by written notice
delivered to the Rights Agent. 

  
 - 35 - 

 (2) The Board of Directors may, at any time prior to the occurrence of a
Flip-in Event that would occur by reason of a Take-over Bid for all Voting Shares made by means of a take-over bid circular sent
to all holders of record of Voting Shares (which, for greater certainty, shall not include the circumstances described in Section 5.2(3)), waive the application of Section 3.1 to such Flip-in Event
by written notice delivered to the Rights Agent, provided, however, that if the Board of Directors waives the application of Section 3.1 to such a Flip-in Event, the Board of Directors shall be deemed to
have waived the application of Section 3.1 to any other Flip-in Event occurring by reason of any Take-over Bid for all Voting Shares which is made by means of a take-over bid circular sent to all holders of record of Voting Shares prior to the expiry, termination or withdrawal of any Take-over Bid in respect of which a waiver is, or
is deemed to have been, granted under this Section 5.2(2). 
 (3) The Board of Directors may waive the application of Section 3.1 to a Flip-in Event provided that the following conditions are satisfied: 
  

	 	(a)	the Board of Directors has determined that the Acquiring Person became an Acquiring Person by inadvertence and without any intention to become, or knowledge that it would become, an Acquiring Person; and

  

	 	(b)	such Acquiring Person: 

  

	 	(i)	has reduced its Beneficial Ownership of Voting Shares such that, at the time of the waiver pursuant to this Section 5.2(3), it is no longer an Acquiring Person; or 

 

	 	(ii)	covenants in favour of the Corporation, on terms acceptable to the Board of Directors, to reduce its Beneficial Ownership of Voting Shares within a period of time specified by the Board of Directors such that, at the
time the waiver becomes effective at the expiry of such period of time, it is no longer an Acquiring Person; 

 and in the
event of such waiver, for the purposes of the Agreement, the Flip-in Event shall be deemed never to have occurred. 

Section 5.3 Expiration 
 No person
shall have any rights whatsoever pursuant to or arising out of this Agreement or in respect of any Right after the Expiration Time, except the Rights Agent as specified in Section 4.1(1) hereof. 

Section 5.4 Issuance of New Rights Certificates 

Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Corporation may, at its option, issue new Rights
Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares purchasable upon exercise of Rights made in accordance with the provisions of this
Agreement. 

  
 - 36 - 

 Section 5.5 Supplements and Amendments 

(1) Prior to the occurrence of a Flip-in Event, the Corporation may at any time amend, supplement, vary or delete any
of the provisions of this Agreement and the Rights in its sole discretion by resolution of the Board of Directors acting in good faith (whether or not such action would materially adversely affect the interests of the holders of Rights generally);
provided that no such amendment, supplement, variation or deletion shall be made to the provisions of Article 4 except with the written concurrence of the Rights Agent. Any such amendment, supplement, variation or deletion shall be effective
from the date of the resolution of the Board of Directors adopting such amendment, supplement, variation or deletion or such earlier or later date as the Board of Directors may otherwise determine. The implementation of any such amendment,
supplement, variation or deletion will be subject to receipt of any necessary regulatory approval including that of any securities regulatory authority or stock exchange. 

(2) The Corporation shall be required to provide the Rights Agent with notice in writing of any such amendment, supplement, variation or deletion to this
Agreement as referred to in this Section 5.5 within 5 days of effecting such amendment, supplement, variation or deletion. 
 Section 5.6
Fractional Rights and Fractional Shares 
 (1) The Corporation shall not be required to issue fractions of Rights or to distribute Rights Certificates
which evidence fractional Rights. Any such fractional Right shall be null and void and the Corporation will not have any obligation or liability in respect thereof. 

(2) The Corporation shall not be required to issue fractions of Common Shares or other securities upon exercise of the Rights or to distribute certificates
which evidence fractional Common Shares or other securities. In lieu of issuing fractional Common Shares or other securities, the Corporation shall pay to the registered holders of Rights Certificates at the time such Rights are exercised as herein
provided, an amount in cash equal to the same fraction of the Market Price of one Common Share. The Rights Agent shall have no obligation to make any payments in lieu of fractional Common Shares unless the Corporation shall have provided the Rights
Agent with the necessary funds to pay in full all amounts payable in accordance with Section 2.2(5). 
 Section 5.7 Rights of Action 

Subject to the terms of this Agreement, all rights of action in respect of this Agreement, other than rights of action vested solely in the
Rights Agent, are vested in the respective registered holders of the Rights; and any registered holder of any Rights, without the consent of the Rights Agent or of the registered holder of any other Rights, may, on such holder’s own behalf and
for such holder’s own benefit and the benefit of other holders of Rights enforce, and may institute and maintain any suit, action or proceeding against the Corporation to enforce such holder’s right to exercise such holder’s Rights in
the manner provided in such holder’s Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an
adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Agreement.

  
 - 37 - 

 Section 5.8 Notice of Proposed Actions 

In case the Corporation shall propose after the Separation Time and prior to the Expiration Time to effect the liquidation, dissolution or winding-up of the Corporation or the sale of all or substantially all of the Corporation’s assets, then, in each such case, the Corporation shall give to each holder of a Right, in accordance with
Section 5.9 hereof, a notice of such proposed action, which shall specify the date on which such liquidation, dissolution, winding up, or sale is to take place, and such notice shall be so given at least 20 Business Days prior to the date of
taking of such proposed action. 
 Section 5.9 Notices 

(1) Notices or demands authorized or required by this Agreement to be given or made by the Rights Agent or by the holder of any Rights to or on the
Corporation shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 

Vitran Corporation Inc. 

185 The West Mall 

Suite 701 
 Toronto, Ontario

 M9C 5L5 
 Attention: Chief
Financial Officer 
 (2) Any notice or demand authorized or required by this Agreement to be given or made by the Corporation or by the holder of any Rights
to or on the Rights Agent shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Corporation) as follows:

 Computershare Trust Company of Canada 

100 University Avenue 

8th Floor 
 Toronto, Ontario

 M5J 2Y1 
 Attention: Manager
– Client Services 
 (3) Notices or demands authorized or required by this Agreement to be given or made by the Corporation or the Rights Agent to or
on the holder of any Rights shall be sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as it appears upon the Rights
Register or, prior to the Separation Time, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. 

(4) Notwithstanding the foregoing provisions of this Section 5.9, if mail service is or is threatened to be interrupted at a time when the Corporation or
the Rights Agent wishes to give a notice or demand hereunder to or on the holders of the Rights, the Corporation or the Rights Agent may give such notice by means of a publication in the business section of the Globe and Mail and the Wall Street
Journal or in such other publications as may be designated by the Corporation. 

  
 - 38 - 

 Section 5.10 Successors 

All the covenants and provisions of this Agreement by or for the benefit of the Corporation or the Rights Agent shall bind and enure to the
benefit of their respective successors and assigns hereunder. 
 Section 5.11 Benefits of this Agreement 

This Agreement shall be for the sole and exclusive benefit of the Corporation, the Rights Agent and the holders of the Rights; nothing in this
Agreement shall be construed to give to any Person other than the Corporation, the Rights Agent and the holders of the Rights any legal or equitable right, remedy or claim under this Agreement. 

Section 5.12 Governing Law 
 This
Agreement and each Right issued hereunder shall be deemed to be a contract made under the laws of the Province of Ontario and for all purposes shall be governed by and construed in accordance with the laws of such province. 

Section 5.13 Severability 
 If any
Section, Clause, term or provision hereof or the application thereof to any circumstances or any right hereunder shall, in any jurisdiction and to any extent, be invalid or unenforceable, such Section, Clause, term or provision or such right shall
be ineffective only in such jurisdiction and to the extent of such invalidity or unenforceability in such jurisdiction without invalidating or rendering unenforceable or ineffective the remaining Sections, Clauses, terms and provisions hereof or
rights hereunder in such jurisdiction or the application of such Section, Clause, term or provision or rights hereunder in any other jurisdiction or to circumstances other than those as to which it is specifically held invalid or unenforceable. 

Section 5.14 Effective Date and Termination 

This Agreement is effective and in full force and effect in accordance with its terms and conditions from and after the date hereof
(the “Effective Date”). This Agreement and all outstanding Rights shall, without further formality, terminate and be void and of no further force and effect on and from the earlier of (i) May 2, 2014 and (ii) such
earlier date or time as may be determined by the Board of Directors, in its sole discretion. 
 Section 5.15 Determinations and Actions by
the Board of Directors 
 All actions, calculations and determinations (including all omissions with respect to the foregoing) which are
done or made by the Board of Directors, in good faith, in relation to or in connection with this Agreement, shall not subject the Board of Directors or any director of the Corporation to any liability to the holders of the Rights. 

  
 - 39 - 

 Section 5.16 Rights of Board, Corporation and Offeror 

Without limiting the generality of the foregoing, nothing contained herein shall be construed to suggest or imply that the Board of Directors
shall not be entitled to recommend that holders of Voting Shares reject or accept any Take-over Bid or take any other action (including, without limitation, the commencement, prosecution, defence or settlement
of any litigation and the submission of additional or alternative Take-over Bids or other proposals to the holders of Voting Shares) with respect to any Take-over Bid or
otherwise that the Board of Directors believes is necessary or appropriate in the exercise of its fiduciary duties. 
 Section 5.17 Regulatory
Approvals 
 Any obligation of the Corporation or action or event contemplated by this Agreement shall be subject to the receipt of any
required prior or subsequent approval or consent from any governmental or regulatory authority in any jurisdiction including any securities regulatory authority or stock exchange. 

Section 5.18 Declaration as to Non-Canadian Holders 

If in the opinion of the Board of Directors (who may rely upon the advice of counsel) any action or event contemplated by this Agreement would
require compliance with the securities laws or comparable legislation of a jurisdiction outside Canada or the United States, the Board of Directors acting in good faith may take such actions as it may deem appropriate to ensure such compliance. In
no event shall the Corporation or the Rights Agent be required to issue or deliver Rights or securities issuable on exercise of Rights to Persons who are citizens, residents or nationals of any jurisdiction other than Canada or the United States in
which such issue or delivery would be unlawful without registration of the relevant Persons or securities for such purposes, or (until such notice is given as required by law) without advance notice to any regulatory or self-regulatory body. 
 Section 5.19 Time of the Essence 

Time shall be of the essence in this Agreement. 

Section 5.20 Execution in Counterparts 

This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute one and the same instrument. 
 [Remainder of page intentionally left blank] 

 The parties have executed this Agreement. 

 

			
	VITRAN CORPORATION INC.
		
	By:	 	“William Deluce”
		 	 Name: William Deluce
 Title:  
Interim President and
             Chief Executive Officer

  

			
	 COMPUTERSHARE TRUST COMPANY

OF CANADA

		
	By:	 	“Josette Koffyberg”
		 	 Name: Josette Koffyberg
 Title:  
Professional, Client Services

  

			
		
	By:	 	“Roxanne Parsaud”
		 	 Name: Roxanne Parsaud
 Title:  
Professional, Client Services

 Schedule A – Form of Rights Certificate 

 

			
	Certificate No.	  	Rights

 THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE CORPORATION, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER
CERTAIN CIRCUMSTANCES (SPECIFIED IN SECTION 3.1(2) OF THE RIGHTS AGREEMENT), RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON, ANY PERSON ACTING JOINTLY OR IN CONCERT WITH AN ACQUIRING PERSON OR THEIR RESPECTIVE ASSOCIATES AND AFFILIATES (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND THEIR RESPECTIVE TRANSFEREES SHALL BECOME VOID WITHOUT ANY FURTHER ACTION. 
 RIGHTS
CERTIFICATE 
 This certifies that
                                 or registered assigns, is the registered holder
of the number of Rights set forth above each of which entitles the registered holder thereof, subject to the terms, provisions and conditions of the Shareholder Rights Plan Agreement dated November 4, 2013, as amended and restated from time to
time (the “Rights Agreement”), between VITRAN CORPORATION INC., a corporation incorporated under the laws of Ontario (the “Corporation”), and COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company existing under the
federal laws of Canada, as rights agent (the “Rights Agent”, which term shall include any successor Rights Agent under the Rights Agreement) to purchase from the Corporation at any time after the Separation Time (as such term is
defined in the Rights Agreement) and prior to the Expiration Time (as such term is defined in the Rights Agreement) one fully paid and non-assessable Common Share of the Corporation (a “Common
Share”) at the Exercise Price referred to below, upon presentation and surrender of this Rights Certificate together with the Form of Election to Exercise duly executed and submitted to the Rights Agent at its principal offices in the city
of Toronto. The Exercise Price is an amount equal to three times the Market Price (as such term is defined in the Rights Agreement) per Common Share, subject to adjustment in certain events as provided in the Rights Agreement. 

In certain circumstances described in the Rights Agreement, each Right evidenced hereby may entitle the registered holder thereof to purchase or receive
assets, debt securities or other equity securities of the Corporation (or a combination thereof) all as provided in the Rights Agreement. 
 This Rights
Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is
hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Rights Agent, the Corporation and the holders of the Rights. Copies of the Rights Agreement are on file at the registered
head office of the Corporation and are available upon written request. 
 This Rights Certificate, with or without other Rights Certificates, upon surrender
at any of the offices of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing an aggregate number of Rights entitling the holder to purchase a like
aggregate number of Common Shares as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered. If this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof,
another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

  
 A-1 

 Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be, and
under certain circumstances are required to be, redeemed by the Corporation at a redemption price of $0.00001 per Right. 
 No fractional Common Shares will
be issued upon the exercise of any Right or Rights evidenced hereby. 
 No holder of this Rights Certificate, as such, shall be entitled to vote, receive
dividends or be deemed for any purpose the holder of Common Shares or of any other securities of the Corporation which may at any time be issuable upon the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed
to confer upon the holder hereof any of the rights of a shareholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to shareholders of the Corporation at any meeting thereof, or to give or withhold
consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders of the Corporation (except as expressly provided in the Rights Agreement), or to receive dividends, distributions or subscription rights, or
otherwise until the Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. 
 This Rights Certificate
shall not be valid or obligatory for any purpose until it shall have been manually countersigned by the Rights Agent. 
 WITNESS the facsimile
signature of the proper officers of the Corporation. 
  

			
		
	Dated	 	 

  

			
	VITRAN CORPORATION INC.
		
	By:	 	 
		 	Authorized Signature

  

			
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	 
		 	Authorized Signature

  
 A-2 

 (To be attached to each Rights Certificate) 

FORM OF ELECTION TO EXERCISE 
  

	TO:	VITRAN CORPORATION INC. 

 The undersigned hereby irrevocably elects to exercise
________________ whole Rights represented by the attached Rights Certificate to purchase the Common Shares issuable upon the exercise of such Rights and requests that certificates for such Common Shares be issued to: 

 

	
	
	 
	(NAME)
	
	 
	(ADDRESS)
	
	 
	(CITY AND PROVINCE OR STATE )

 If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the
balance of such Rights shall be registered in the name of and delivered to: 
  

	
	
	 
	(NAME)
	
	 
	(ADDRESS)
	
	 
	(CITY AND PROVINCE OR STATE )

  

	
	SOCIAL INSURANCE, SOCIAL SECURITY OR OTHER TAXPAYER NUMBER

  

					
			
	 Dated
	 	 	  	
		
	 Signature Guaranteed
	  	 
		 		  	Signature
			
		 		  	(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 Signature must be guaranteed by a Schedule 1 Canadian Chartered Bank or a Financial Institution that is a
member of a recognized STAMP, MSP or SEMP Program. 

  
 A-3 

 To be completed if true 

The undersigned hereby represents, for the benefit of all holders of Rights and Common Shares, that the Rights evidenced by this Rights Certificate are not,
and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof or any Person acting jointly or in concert with any of the foregoing or any Affiliate or Associate of such
Person (as defined in the Rights Agreement). 
  

	
	
	   

	Signature

  
 A-4 

 NOTICE 

In the event the certification set forth in the Form of Election to Exercise is not completed, the Corporation will deem the Beneficial Owner of the Rights
evidenced by this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and accordingly such Rights shall be null and void. 

  
 A-5 

 FORM OF ASSIGNMENT 

(To be executed by the registered holder if such 

holder desires to transfer the Rights Certificate) 

FOR VALUE RECEIVED ____________________________________________ hereby sells, assigns and transfers unto _____________________________________________ 

 

			
		 	 
		 	(Please print name and address of transferee)

 the Rights represented by this Rights Certificate, together with all right, title and interest therein and does hereby
irrevocably constitute and appoint ________________________ as attorney to transfer the within Rights on the books of the Corporation, with full power of substitution. 

Dated ______________________ 
  

			
	Signature Guaranteed	 	 
		 	Signature
		
		 	(Signature must correspond to name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any change whatsoever)

 Signature must be guaranteed by a Schedule 1 Canadian Chartered Bank or a Financial Institution that is a
member of a recognized STAMP, MSP or SEMP Program. 
 To be completed if true 

The undersigned hereby represents, for the benefit of all holders of Rights and Common Shares, that the Rights evidenced by this Rights Certificate are not
and, to the knowledge of the undersigned, have never been, Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof or any Person acting jointly or in concert with any of the foregoing (as defined in the Rights Agreement). 

 

			
		 	 
		 	Signature

  
 A-6 

 NOTICE 

In the event the certification set forth in the Form of Assignment is not completed, the Corporation will deem the Beneficial Owner of the Rights evidenced by
this Rights Certificate to be an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and accordingly such Rights shall be null and void. 

  
 A-7

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