Document:

Non-Employee Director Deferred Stock Unit Plan

 Exhibit 10(b) 
 TIM HORTONS INC. 
 NON-EMPLOYEE DIRECTOR DEFERRED STOCK UNIT PLAN 
 EFFECTIVE 12/05/2006 AND AMENDED EFFECTIVE 3/6/2007 and 5/3/2007 
 Section 1. Purpose. The purpose of the Tim Hortons Inc. Non-employee Director Deferred Stock Unit Plan (the “Plan”) is to strengthen Tim Hortons Inc. (the “Company”) and
its subsidiaries (the “Subsidiaries”) by providing a long-term incentive to non-employee directors (“Eligible Directors”) of the Company and thereby encouraging them to devote their abilities and industry to the
success of the Company and that of its Subsidiaries’ business enterprises. It is intended that this purpose be achieved by extending to Eligible Directors an added long-term incentive through the grant of Deferred Stock Units
(“DSUs”) and by enabling Eligible Directors to achieve the required Share Ownership Guidelines (the “Guidelines”) as established by the Company’s Board of Directors (“Board”) through the
holding of DSUs. 
 Section 2. Administration of the Plan. 
 2.1. Committee. The Plan shall be administered by the Human Resource and Compensation Committee (the “Committee”) of the Board,
unless the Board otherwise directs from time to time. The Committee shall construe and interpret the Plan, establish such operating guidelines and rules as it deems necessary for the proper administration of the Plan and make such determinations and
take such other action in connection with the Plan as it deems necessary and advisable. It shall determine the Eligible Directors to whom and the time or times at which awards shall be granted, the number of DSUs to be subject to each award, the
terms and conditions of each award (and amendments thereto), and the duration of leaves of absence which my be granted to Eligible Directors without constituting a “separation of service” for purposes of the Plan, if the Committee shall
determine that a leave is appropriate on a case-by-case basis. Any such construction, interpretation, rule, determination or other action taken by the Committee pursuant to the Plan shall be final, binding and conclusive on all interested parties,
including without limitation the Company and all Eligible Directors. 
 2.2. Committee Action. Actions by a majority of the Committee
at a meeting at which a quorum is present, or actions approved in writing by all of the members of the Committee, shall be the valid acts of the Committee. Subject to applicable law, prior Board action, and the Committee’s Charter, the
Committee may delegate its authority under the Plan to any other person or persons. No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any award granted under it.

 2.3. Accounts. The DSUs and Dividend Equivalent Rights (as defined below) granted under the Plan will be noted in a bookkeeping
account (“Account”) established for each Eligible Director. 
 Section 3. Maximum Number of DSUs Subject to
Plan. There will be no limit on the number of DSUs subject to the Plan. 

 Section 4. Eligible Director DSU Grants. 
 4.1. DSUs, Dividend Equivalent Rights. One DSU shall have the value of one share of Company common stock, par value U.S.$.001 per share and any
other securities into which such share is changed or for which such share is exchanged (“Share”). A “Dividend Equivalent Right” means a right to receive the cash dividends or other distributions that are or would be
payable with respect to the number of DSUs held by an Eligible Director if the DSUs were Shares. Each DSU shall be accompanied by one (1) related Dividend Equivalent Right. The cash value attributable to Dividend Equivalent Rights will be
deferred and converted into additional DSUs based on the Fair Market Value (as defined below) of a Share on the date such dividend is paid (with the number of DSUs being granted rounded to the fourth decimal place). “Fair Market
Value” or “FMV” on any date shall be equal to the mean of the high and low prices at which Shares are traded on the Toronto Stock Exchange on such date or the mean of the high and low prices at which the Shares are traded
on the New York Stock Exchange, as designated by the Committee. 
 4.2. Formula DSUs. Beginning in 2007, and each year thereafter,
without further action required by the Committee, each Eligible Director shall be granted, on a quarterly basis, an aggregate number of DSUs equal at that time to twenty-five percent (25%) of the value of the annual equity retainer payable to
Eligible Directors for acting on the Board as set forth in the then-applicable policy outline of director compensation (“Equity Retainer” or “ER”) divided by the FMV of a Share on the date of grant
(i.e., ((.25)(ER)/FMV = DSUs), rounded to the fourth decimal place. These quarterly grants shall continue until the Eligible Director holds a total number of Shares and/or DSUs required by the Guidelines. The DSUs that are required to
be granted under this Section 4.2 shall be referred to as Formula DSUs. After the ownership requirements of the Guidelines have been met for a particular Eligible Director, the Eligible Director shall continue to receive Formula DSUs as
described in this Section 4.2 for each quarter of continuing service unless the Eligible Director makes an election in the year before the year in which the grant is made, to have all or any part of such amount paid to him or her in cash. The
Formula DSUs that are granted under the immediately preceding sentence shall be referred to herein as “Voluntary Formula DSUs,” and shall not be subject to the forfeiture provisions set forth in Sections 4.6 and 4.7. 
 4.3. Elective DSUs. In addition, each Eligible Director may, to the extent permitted by the then-applicable director compensation policy outline,
elect to receive all or a portion of his or her cash retainer payable to an Eligible Director for acting on the Board, as well as any other cash compensation payable to the Eligible Director for acting as the Chair of a Committee of the Board,
acting as a member of a Committee of the Board or attending meetings of the Board or any Committee thereof, in the form of DSUs by filing an election with the Company prior to the year in which such payments are to be made. Any DSUs granted under
this Section 4.3 shall be referred to as Elective DSUs. The number of Elective DSUs to be granted shall be equal to the cash compensation being deferred divided by the FMV of a Share on the date of grant, rounded to the fourth decimal place.
Elective DSUs shall not be subject to the forfeiture provisions set forth in Sections 4.6 and 4.7. 
 4.4. Special Awards. Subject to
the approval of the entire Board of Directors, the Committee may also grant DSUs on a discretionary basis from time to time (“Discretionary DSUs”) with such terms and conditions set forth in an applicable award agreement referred to
in Section 4.8 and that are not inconsistent with the Plan. 

 4.5. Payment. All DSUs shall be paid in cash based on the Fair Market Value of a Share on the date
of the Eligible Director’s separation from service. Notwithstanding the foregoing, the Company shall be entitled to withhold and/or deduct any and all amounts required to be withheld from any payment hereunder on account of taxes or other
governmental charges. 
 4.6. Distributions to U.S. Directors. Unless an Eligible Director who is resident in the United States or is
otherwise subject to the tax laws of the United States at the time of grant, has made a valid election under the Company’s U.S. Non-Employee Directors’ Deferred Compensation Plan (the “NQDC Plan”) no later than the date permitted
under the NQDC Plan, all DSUs granted to such director shall be paid out in a lump sum, as soon as administratively possible, after separation from service. If an Eligible Director who is resident in the United States has made a valid election under
the NQDC Plan with respect to some or all of the DSUs granted under this Plan, the DSUs shall be paid in accordance with the terms of the NQDC Plan. Notwithstanding the foregoing, all Formula DSUs (not including Voluntary Formula DSUs or Elective
DSUs), and, unless otherwise provided in the agreement evidencing the grant, Discretionary DSUs, shall be forfeited if a director is removed from service due to the commission of an act of fraud or intentional misrepresentation or an act of
embezzlement, misappropriation or conversion of assets or opportunities of the Company or any of its Subsidiaries (“Cause”). The Committee reserves the right to limit the length of time that DSUs may be deferred beyond separation
from service under the NQDC Plan, and reserves the right to permit or limit the right to make additional deferrals with respect to DSUs that have been previously deferred. Where appropriate, the application of this Section 4.6 is subject to the
provisions of Section 13 hereof, and for such purpose may be limited in any particular award agreement granting DSUs. 
 4.7.
Distributions to Canadian Directors. All DSUs granted to Eligible Directors to which Section 13 of this Plan applies shall be paid out as soon as administratively possible following separation from service (and in any event no later than
December 31 of the year following the year in which the Eligible Director’s separation from service occurs), unless the director has filed an election no later than December 31 of the year before the year in which a particular grant
is made, to have such payment made at the end of the first calendar year commencing after the director’s separation from service. Notwithstanding the foregoing, and for greater certainty, Formula DSUs (not including Voluntary Formula DSUs or
Elective DSUs) and, as applicable, Discretionary DSUs, shall be forfeited and no payment shall be made in respect thereof if an Eligible Director’s separation from service is as a result of a termination for Cause. To the extent Section 12
is applicable to an award under Section 4.7, the terms of this Section 4.7 may be limited in an award agreement granting the DSUs. 
 4.8. Agreements. All DSUs shall be evidenced by an agreement, which shall include the following terms and conditions: 
 (i)
Eligible Director and Number of Units. Each agreement shall state the name of the Eligible Director to whom the DSUs have been granted and shall state the number of DSUs granted. 

 (ii) Non-Transferability. No DSUs awarded to the Eligible Director may be sold, transferred or
otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iii) Vesting. Unless otherwise set forth in an
applicable award agreement, all DSUs and accompanying Dividend Equivalent Rights shall vest upon separation from service. 
 4.9.
Separation from Service. For the purposes of this Plan, “separation from service” shall be the earliest date on which both of the following conditions are met: (i) the Eligible Director has ceased to be employed by the Company
or any of its Subsidiaries for any reason whatsoever, and (ii) the Eligible Director is not a member of the Board of Directors of the Company or any of its Subsidiaries. 
 Section 5. Effect of Change in Shares Subject to the Plan. In the event of a Change in Capitalization (as defined in the Tim Hortons Inc.
2006 Stock Incentive Plan (the “2006 Stock Plan”)), the Committee shall conclusively determine the appropriate adjustments, if any, to outstanding DSUs. These adjustments shall be made in the same manner as adjustments are made to
awards that are outstanding under the 2006 Stock Plan. Adjusted DSUs shall remain subject to the same conditions which were applicable to the DSUs prior to the adjustments, provided that, notwithstanding the foregoing, any adjustment to a DSU to
which Section 13 of this Agreement applies shall be on the basis that the amounts payable under such DSU shall continue to depend on the FMV of the Shares of the Company, or a corporation related thereto, at a time within the period beginning
one year before the Eligible Director’s separation from service and ending at the time of receipt of payment. 
 Section 6.
Multiple agreements. The terms of each award of DSUs may differ from other awards granted under the Plan at the same time, or at some other time. 
 Section 7. Amendment or Termination; Duration. Subject to applicable regulatory requirements, the Board may amend or terminate the Plan at any time, provided that the Board shall not make any change to
outstanding DSUs that will impair the rights of the Eligible Director without the consent of the Eligible Director. The Plan shall continue until terminated by the Board. 
 Section 8. Other Actions. The adoption of the Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangement or as creating any limitations on
the power of the Board to adopt such other incentive arrangements as it may deem desirable. 
 Section 9. Costs and Expenses.
The costs and expenses of administering the Plan shall be borne by the Company. 
 Section 10. Plan Unfunded. The Plan shall be
unfunded. 
 Section 11. Laws Governing Plan. The Plan shall be construed under and governed by the laws of the State of
Delaware and to the extent applicable to the Internal Revenue Code of 1986, as amended (the “Code”). 

 Section 12. Section 409A. To the extent applicable, it is intended that this Plan and
the DSUs granted hereunder comply with Code Section 409A in accordance with Internal Revenue Service Notice 2005-1 and proposed regulations promulgated thereunder (and any subsequent IRS notices or guidance), and this Plan will be interpreted,
administered and operated in good faith accordingly. In the event that any provision of this Plan is inconsistent with Code Section 409A or such guidance, then the applicable provisions of Code Section 409A shall supersede such provision.
Nothing herein shall be construed as an entitlement to or guarantee of any particular tax treatment to an Eligible Director. 
 Section
13. Regulation 6801(d). Where a particular Eligible Director is resident in Canada for purposes of the Income Tax Act (Canada) (“ITA”) at the time of a particular grant of DSUs to such Eligible Director or otherwise is or is
expected to be subject to tax under the ITA in accordance with any relevant Canadian income tax convention in respect of his or her remuneration as a director of the Company at the time of a particular grant of DSUs hereunder, it is intended that
this Plan comply with Regulation 6801(d) under the Income Tax Act (Canada) with respect to such a grant, and this Plan and the DSUs granted by such a grant will be interpreted, administered and operated in good faith accordingly. In the event that
any provision of or action pursuant to this Plan is inconsistent with Regulation 6801(d), then the applicable provisions of Regulation 6801(d) shall supersede such provision or action for the purposes of such a grant. For greater certainty, and
without limiting the generality of the foregoing, no amount will be paid to, or in respect of, an Eligible Director under the Plan or pursuant to any other arrangement, and no DSUs will be granted to such Eligible Director to compensate for a
downward fluctuation in the price of Shares, nor will any other form of benefit be conferred upon, or in respect of, an Eligible Director for such purpose. Nothing herein shall be construed as an entitlement to or guarantee of any particular tax
treatment to an Eligible Director. The provisions of any agreement granting DSUs may contain such additional provisions as are necessary or appropriate to give effect to the foregoing. 
 Section 14. Non-U.S. Eligible Directors. Without amending the Plan, the Committee may grant DSUs to Eligible Directors who are nationals or
residents of a jurisdiction other than the United States of America on such terms and conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the
purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, and the like as may be necessary or advisable to comply with provisions of laws of other countries, and the individual
award agreements may reflect such amendments and modifications. 
 Section 15. Captions. The captions to the several sections
hereof are not a part of the Plan, but are merely guides or labels to assist in locating and reading the several sections hereof. 
 Section 16. Effective Date. The effective date of the Plan is December 5, 2006, as amended effective March 6, 2007 and May 3, 2007.Form of Restricted Stock Unit Award Agreement for Canadian Employees

 Exhibit 10(c) 
 FORM OF 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 (Canadian Version) 
 (with
related Dividend Equivalent Rights) 
 Tim Hortons Inc. 
 [Date] 
 THIS AGREEMENT, made effective as of the
         day of                     , 200     (the “Date of
Grant”), is between Tim Hortons Inc., a Delaware corporation (the “Company”),                     , a
                     (the “Employer”) and
                     (the “Grantee”) (collectively, the “Parties”). 
 WHEREAS, the Company has adopted the Tim Hortons Inc. 2006 Stock Incentive Plan (the “Plan”) in order to provide additional incentive to
certain employees and directors of the Company and its Subsidiaries; and 
 WHEREAS, pursuant to Section 4.2 of the Plan, the Committee
has determined to grant to the Grantee on the Date of Grant an Award of Stock Units with related Dividend Equivalent Rights as provided herein to encourage the Grantee’s efforts toward the continuing success of the Company and its Subsidiaries;
and 
 WHEREAS, the Award is evidenced by this Agreement, which (together with the Plan), describes all the terms and conditions of the
Award. 
 NOW, THEREFORE, the Parties agree as follows: 
  

	1.	Award. 

  

	1.1	The Company hereby grants to the Grantee in respect of employment services provided by the Grantee to the Employer in 20         an
award (the “Award”) of                      Stock Units with an equal number of related Dividend Equivalent Rights. The Restricted
Stock Units and related Dividend Equivalent Rights granted pursuant to the Award shall be subject to the execution and return of this Agreement by the Grantee (or the Grantee’s estate, if applicable) to the Company as provided in Section 8
hereof. Subject to Section 6 hereof, each Restricted Stock Unit represents the right to receive, at the option of the Company, (i) one (1) Share from the Company, (ii) cash delivered to a broker to acquire one (1) share on
Grantee’s behalf, or (iii) one (1) Share delivered by the Trustee (as defined in Section 7), in any case at the time and in the manner set forth in Section 7 hereof. 

	1.2	Each Dividend Equivalent Right represents the right to receive the equivalent of all of the cash dividends that would be payable with respect to the Share represented by the
Restricted Stock Unit to which the Dividend Equivalent Right relates. With respect to each Dividend Equivalent Right, any amount related to cash dividends shall be converted into additional Restricted Stock Units based on the Fair Market Value of a
Share on the date such dividend is made. Any additional Restricted Stock Units granted pursuant to this Section shall be subject to the same terms and conditions applicable to the Restricted Stock Unit to which the Dividend Equivalent Right relates,
including, without limitation, the restrictions on transfer, forfeiture, vesting and payment provisions contained in Sections 2 through 8, inclusive, of this Agreement. In the event that a Restricted Stock Unit is forfeited pursuant to
Section 6 hereof, the related Dividend Equivalent Right shall also be forfeited. Fractional Restricted Stock Units may be generated upon the automatic settlement of Dividend Equivalent Rights into additional Restricted Stock Units and upon the
vesting of a portion of a Restricted Stock Unit award (see Section 3). These fractional Restricted Stock Units continue to accrue additional Dividend Equivalent Rights and accumulate until the fractional interest is of sufficient value to
acquire an additional Restricted Stock Unit as a result of the settlement of future Dividend Equivalent Rights, subject to adjustment upon the vesting of a portion of the underlying Restricted Stock Unit award (See Section 3). The Human
Resource and Compensation Committee (“Committee”) shall determine appropriate administration for the tracking and settlement of Dividend Equivalent Rights, including with respect to fractional interests, and the Committee’s
determination in this regard shall be final and binding upon all Parties. 

  

	1.3	This Agreement shall be construed in accordance and consistent with, and is subject to, the provisions of the Plan (the provisions of which are hereby incorporated by reference), as
well as any and all determinations, policies, instructions, interpretations, rules, etc. of the Committee in connection with the Plan. Except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same
definitions as set forth in the Plan. 

  

	2.	Restrictions on Transfer. 

 The Restricted Stock
Units and Dividend Equivalent Rights granted pursuant to this Agreement may not be sold, transferred or otherwise disposed of and may not be pledged or otherwise hypothecated. 
  

	3.	Vesting. 

 Except as otherwise provided in this
Agreement, one-third (1/3) of the number of Restricted Stock Units granted hereunder shall vest on each of May 15, 200     May 15, 200     and November 15,
200     (each, a “Vesting Date”). Fractional Restricted Stock Units may be generated and/or adjusted upon the vesting of one-third of the Restricted Stock Units awarded under this Agreement. See Section 7
regarding settlement of fractional Restricted Stock Units. 

	4.	Effect of Certain Terminations of Employment. 

 If
the Grantee’s employment terminates as a result of the Grantee’s death, Retirement or becoming Disabled or if the Grantee is terminated without Cause in connection with the disposition of one or more restaurants or other assets of the
Company or its Subsidiaries or the sale or disposition of a Subsidiary, in each case if such termination occurs on or after the Date of Grant, all Restricted Stock Units which have not become vested in accordance with Section 3 or 5 hereof
shall vest as of the date of such termination. For purposes of this Agreement, Retirement shall mean termination of employment after attaining age 60 with at least 10 years of service (as defined in the Company’s qualified retirement plans)
other than by death, disability or for Cause. 
  

	5.	Effect of Change in Control. 

 In the event of a
Change in Control, which also constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of its assets, in each case within the meaning of Section 409A of the Code, at any time on
or after the Date of Grant, all Restricted Stock Units which have not become vested in accordance with Section 3 or 4 hereof shall vest immediately. 
  

	6.	Forfeiture of Stock Units. 

 Except as otherwise
provided in this Agreement, any and all Restricted Stock Units which have not become vested in accordance with Section 3, 4 or 5 hereof shall be forfeited and shall revert to the Company upon: 
  

	 	(a)	the termination of the Grantee’s employment with the Company or any Subsidiary for any reason other than those set forth in Section 4 hereof prior to such vesting; or

  

	 	(b)	the commission by the Grantee of an Act of Misconduct prior to such vesting. 

 For purposes of this Agreement, an “Act of Misconduct” shall mean the occurrence of one or more of the following events: (x) the Grantee uses for profit or discloses to unauthorized persons,
confidential information or trade secrets of the Company or any of its Subsidiaries, (y) the Grantee breaches any contract with or violates any fiduciary obligation to the Company or any of its Subsidiaries, or (z) the Grantee engages in
unlawful trading in the securities of the Company or any of its Subsidiaries or of another company based on information gained as a result of the Grantee’s employment with, or status as a director to, the Company or any of its Subsidiaries.

  

	7.	Satisfaction of Stock Units. 

 In order to satisfy
Restricted Stock Units after vesting pursuant to this Agreement, the Company shall, at its option either (i) issue treasury Shares to the Grantee (or, if applicable, the Grantee’s estate); (ii) deliver cash to a broker designated by
the Company who, as agent for the Grantee, shall purchase the appropriate number of Shares on the open market; (iii) contribute cash to a trust fund to be used by the trustee thereof (the “Trustee”) to purchase Shares for the purpose
of satisfying the Grantee’s entitlements under this Agreement, which Shares shall be held by the Trustee, and, at the time of vesting, direct that the Trustee deliver to the Grantee on the Vesting Date or as soon as administratively practicable
thereafter, and in any event no later than December 31, 20__, the appropriate number of Shares; or (iv) any combination of the above. 

 The aggregate number of Shares issued by the Company, purchased by a broker for the Grantee or delivered
by the Trustee to a Grantee at any particular time pursuant to this Section 7 shall correspond to the number of Restricted Stock Units that become vested on the Vesting Date, with one (1) Restricted Stock Unit corresponding to one common
Share, subject to any withholding as may be required under Section 10 of this Agreement, notwithstanding any delay between a Vesting Date and the settlement date. Fractional Shares may be issued or delivered upon settlement of vested Restricted
Stock Units. All parties understand, acknowledge and agree that fractional Shares cannot be traded in the public markets, and therefore, any fractional Share issued or delivered to Grantee upon settlement of a vested Restricted Stock Unit, after
taking into account the reduction to the number of Shares as required under Section 10 of this Agreement, if applicable, will ultimately be settled in cash when the Grantee sells shares through the Plan Administrator or transfers Shares out of
the Plan Administrator’s system. The Committee shall determine appropriate administration for the settling of vested Restricted Stock Units, including with respect to fractional interests, and the Committee’s determination in this regard
shall be final and binding upon all Parties. As used herein, “Plan Administrator” shall mean the party engaged by the Company to administratively track awards and accompanying Dividend Equivalent Rights granted under the Plan, as well as
handle the process of vesting and settlement of such awards. 
 The Company will satisfy its obligations in this Section 7 on each
Vesting Date or as soon as administratively practicable and in any event no later than December 31, 200    ; however, with respect to Restricted Stock Units that become vested pursuant to Section 4 as a result of
the Grantee’s Retirement or upon becoming Disabled (other than a disability within the meaning of Section 409A of the Code), if the Grantee is a “specified employee” within the meaning of Section 409A of the Code as of the
date of such vesting, the Company shall satisfy its obligations in this Section 7 by the earlier of (i) the date otherwise required by this Section 7 and (ii) as soon as administratively practicable after the first day of the
calendar month following the date which is six (6) months after the date on which the Restricted Stock Units become so vested. 
 Any of
the Company’s obligations in this Section 7 may be satisfied by TDL or the Employer. 
  

	8.	Execution of the Award. 

 The grant of the
Restricted Stock Units and Dividend Equivalent Rights to the Grantee pursuant to the Award shall be conditional upon the Grantee’s execution and return of this Agreement to the Company or its designee (including by electronic means, if so
provided) no later than April     , 200     (the “Grantee Return Date”); provided that if the Grantee’s Restricted Stock Units that would otherwise vest pursuant to Section 4
or 5 before the Grantee Return Date, this requirement shall be deemed to have been satisfied immediately before such vesting. 

	9.	No Right to Continued Employment. 

 Nothing in this
Agreement or the Plan shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Grantee’s employment, nor confer upon the Grantee any right to continuance of employment by the Company or any of its
Subsidiaries or continuance of service as a Board member. 
  

	10.	Withholding of Taxes. 

 Prior to (i) the
delivery to the Grantee (or the Grantee’s estate, if applicable) of treasury Shares, (ii) the delivery of cash to a broker to purchase and deliver Shares, or (iii) the delivery by the Trustee of shares pursuant to the Trust Agreement,
in each case pursuant to Sections 1 and 7 hereof, the Company, the Employer or the Trustee, as the case may be, shall be entitled to withhold from such Shares or cash, as the case may be, an amount of Shares or cash having an aggregate equivalent
value equal to the applicable income taxes and other amounts as may be required by law or, if it so determines, relevant governmental administrative practice, to be withheld by the Company, the Employer or the Trustee, as the case may be, with
respect to the delivery of such Shares or cash and shall be entitled to make other appropriate arrangements in connection with the required withholding obligations. Fractional Shares may be issued or delivered and/or adjusted upon the withholding of
taxes in accordance with this Section 10, and the settlement of the Restricted Stock Units into Shares will be adjusted by the amount of the withholding, including by the fractional Shares generated and/or adjusted upon the withholding
transaction. Any fractional Shares will ultimately be paid or settled in cash in accordance with Section 7 of this Agreement. Additional fractional Shares may continue to accrue and be added to existing fractional Shares upon future vesting and
settlement of Restricted Stock Units (in accordance with the terms of this Agreement) if vested Shares remain in the Plan Administrator’s system. 
  

	11.	Grantee Bound by the Plan. 

 The Grantee hereby
acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. 
  

	12.	Modification of Agreement. 

 This Agreement may be
modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the Parties hereto. 
  

	13.	Severability. 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

	14.	Governing Law. 

 The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Ohio without giving effect to the conflicts of laws principles thereof. 
  

	15.	Successors in Interest. 

 This Agreement shall inure
to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this
Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors. 
  

	16.	Language. 

 The Parties hereto acknowledge
that they have requested that this Agreement and all documents ancillary thereto, including all the documentation provided to the Grantee in respect of the Award, be drafted in the English language only. Les Parties aux présentes
reconnaissent qu’elles ont exigé que la présente convention et tous les documents y afférents, y compris toute la documentation transmise au bénéficiaire relativement à l’octroi des droits
prévu aux présentes,soient rédigés en langue anglaise seulement. 
  

	17.	Resolution of Disputes. 

 Any dispute or
disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and
conclusive on the Grantee, the Grantee’s heirs, executors, administrators and successors, and the Company and its Subsidiaries for all purposes. 
  

	18.	Entire Agreement. 

 This Agreement and the terms and
conditions of the Plan constitute the entire understanding between the Grantee and the Company and its Subsidiaries, and supersede all other agreements, whether written or oral, with respect to the Award. 
  

	19.	Headings. 

 The headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement. 
  

	20.	Counterparts. 

 This Agreement may be executed
simultaneously in two or more counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same agreement. 
 <EXECUTION PAGE FOLLOWS> 

			
	TIM HORTONS INC.
		
	by:	 	  

		 	Name:
		 	Title:
	
	[EMPLOYER]
		
	by:	 	  

		 	Name:
		 	Title:
	
	[GRANTEE]
		
	by:	 	  

		 	Name:
		 	Title:

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