Document:

Exhibit

PROVINCE OF BRITISH COLUMBIA
BUSINESS CORPORATIONS ACT
 
ARTICLES
OF
SSR MINING INC.
(the “Company”)
 
Incorporation Number 21492
 
Translation of Name (if any)       
	
			
	1.
	Interpretation
	 

1.1    Definitions

1.2    Business Corporations Act and Interpretation Act Definitions Applicable
	
			
	2.
	Shares and Share Certificates
	 

2.1    Authorized Share Structure

2.2    Form of Share Certificate

2.3    Shareholder Entitled to Certificate or Acknowledgment

2.4    Delivery by Mail

2.5    Replacement of Worn Out or Defaced Certificate or Acknowledgement

2.6    Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment

2.7    Splitting Share Certificates

2.8    Certificate Fee

2.9    Recognition of Trusts
	
			
	3.
	Issue of Shares
	 

3.1    Directors Authorized

3.2    Commissions and Discounts

3.3    Brokerage

3.4    Conditions of Issue

3.5    Share Purchase Warrants and Rights

3.6    Fractional Shares
	
			
	4.
	Share Registers
	 

4.1    Central Securities Register

4.2    Branch Registers

4.3    Appointment of Agents

4.4    Closing Register
	
			
	5.
	Share Transfers
	 

5.1    Recording or Registering Transfers

5.2    Form of Instrument of Transfer

5.3    Transferor Remains Shareholder

5.4    Signing of Instrument of Transfer

5.5    Enquiry as to Title Not Required

5.6    Transfer Fee
	
			
	6.
	Transmission of Shares
	 

6.1    Legal Personal Representative Recognized on Death

6.2    Rights of Legal Personal Representative
	
			
	7.
	Purchase of Shares
	 

7.1    Company Authorized to Purchase Shares

7.2    Purchase When Insolvent

7.3    Sale and Voting of Purchased Shares
	
			
	8.
	Borrowing Powers
	 

8.1    Powers of Directors

8.2    Terms of Debt Instruments
 
i
 

 
 

8.3    Delegation by Directors
	
			
	9.
	Alterations
	 

9.1    Alteration of Authorized Share Structure

9.2    Special Rights and Restrictions

9.3    Change of Name

9.4    Other Alterations
	
			
	10.
	Meetings of Shareholders
	 

10.1    Annual General Meetings

10.2    Resolution Instead of Annual General Meeting

10.3    Calling of Meetings of Shareholders

10.4    Location of Shareholder Meetings

10.5    Notice for Meetings of Shareholders

10.6    Record Date for Notice

10.7    Record Date for Voting

10.8    Failure to Give Notice and Waiver of Notice

10.9    Notice of Special Business at Meetings of Shareholders
	
			
	11.
	Proceedings at Meetings of Shareholders
	 

11.1    Special Business

11.2    Special Majority

11.3     Quorum

11.4    One Shareholder May Constitute Quorum

11.5    Meetings by Telephone or Other Communications Medium

11.6    Other Persons May Attend

11.7    Requirement of Quorum

11.8    Lack of Quorum

11.9    Lack of Quorum at Succeeding Meeting

11.10     Chair

11.11    Selection of Alternate Chair

11.12     Adjournments

11.13    Notice of Adjourned Meeting

11.14    Decisions by Show of Hands or Poll

11.15    Declaration of Result

11.16    Motion Need Not be Seconded

11.17    Casting Vote

11.18    Manner of Taking Poll

11.19    Demand for Poll on Adjournment

11.20    Chair Must Resolve Dispute

11.21    Casting of Votes

11.22    Demand for Poll

11.23    Demand for Poll Not to Prevent Continuance of Meeting

11.24    Retention of Ballots and Proxies
	
			
	12.
	Votes of Shareholders
	 

12.1    Number of Votes by Shareholder or by Shares

12.2    Votes of Persons in Representative Capacity

12.3    Votes by Joint Holders

12.4    Legal Personal Representatives as Joint Shareholders

12.5    Representative of a Corporate Shareholder

12.6    Proxy Provisions Do Not Apply to All Companies

12.7    Appointment of Proxy Holders

12.8    Alternate Proxy Holders

12.9    When Proxy Holder Need Not Be Shareholder

12.10    Deposit of Proxy

12.11    Validity of Proxy Vote

12.12    Form of Proxy
ii
 

 
 

12.13    Revocation of Proxy

12.14    Revocation of Proxy Must Be Signed

12.15    Production of Evidence of Authority to Vote
	
			
	13.
	Directors
	 

13.1    Number of Directors

13.2    Change in Number of Directors

13.3    Directors’ Acts Valid Despite Vacancy

13.4    Qualifications of Directors

13.5    Remuneration of Directors

13.6    Reimbursement of Expenses of Directors

13.7    Special Remuneration for Directors

13.8    Gratuity, Pension or Allowance on Retirement of Director
	
			
	14.
	Election and Removal of Directors
	 

14.1    Election at Annual General Meeting

14.2    Consent to be a Director

14.3    Failure to Elect or Appoint Directors

14.4    Places of Retiring Directors Not Filled

14.5    Directors May Fill Casual Vacancies

14.6    Remaining Directors Power to Act

14.7    Shareholders May Fill Vacancies

14.8    Additional Directors

14.9    Ceasing to be a Director

14.10    Removal of Director by Shareholders

14.11    Removal of Director by Directors
	
			
	15.
	Alternate Directors
	 

15.1    Appointment of Alternate Director

15.2    Notice of Meetings

15.3    Alternate for More Than One Director Attending Meetings

15.4    Consent Resolutions

15.5    Alternate Director Not an Agent

15.6    Revocation of Appointment of Alternate Director

15.7    Ceasing to be an Alternate Director

15.8    Remuneration and Expenses of Alternate Director
	
			
	16.
	Powers and Duties of Directors
	 

16.1    Powers of Management

16.2    Appointment of Attorney of Company
	
			
	17.
	Disclosure of Interest of Directors
	 

17.1    Obligation to Account for Profits

17.2    Restrictions on Voting by Reason of Interest

17.3    Interested Director Counted in Quorum

17.4    Disclosure of Conflict of Interest or Property

17.5    Director Holding Other Office in the Company

17.6    No Disqualification

17.7    Professional Services by Director or Officer

17.8    Director or Officer in Other Corporations
	
			
	18.
	Proceedings of Directors
	 

18.1    Meetings of Directors

18.2    Voting at Meetings

18.3    Chair of Meetings

18.4    Meetings by Telephone or Other Communications Medium

18.5    Calling of Meetings

18.6    Notice of Meetings

18.7    When Notice Not Required

18.8    Meeting Valid Despite Failure to Give Notice
 
iii
 

18.9    Waiver of Notice of Meetings

18.10     Quorum

18.11    Validity of Acts Where Appointment Defective

18.12    Consent Resolutions in Writing
	
			
	19.
	Executive and Other Committees
	 

19.1    Appointment and Powers of Executive Committee

19.2    Appointment and Powers of Other Committees

19.3    Obligations of Committees

19.4    Powers of Board

19.5    Committee Meetings
	
			
	20.
	Officers
	 

20.1    Directors May Appoint Officers

20.2    Functions, Duties and Powers of Officers

20.3     Qualifications

20.4    Remuneration and Terms of Appointment
	
			
	21.
	Indemnification
	 

 21.1 Definitions

21.2    Mandatory Indemnification of Directors and Former Directors

21.3    Indemnification of Other Persons

21.4    Non-Compliance with Business Corporations Act

21.5    Company May Purchase Insurance

	
			
	22.
	Dividends
	 

22.1    Payment of Dividends Subject to Special Rights

22.2    Declaration of Dividends

22.3    No Notice Required

22.4    Record Date

22.5    Manner of Paying Dividend

22.6    Settlement of Difficulties

22.7    When Dividend Payable

22.8    Dividends to be Paid in Accordance with Number of Shares

22.9    Receipt by Joint Shareholders

22.10    Dividend Bears No Interest

22.11    Fractional Dividends

22.12    Payment of Dividends

22.13    Capitalization of Surplus
	
			
	23.
	Accounting Records
	 

23.1    Recording of Financial Affairs

23.2    Inspection of Accounting Records

23.3    Remuneration of Auditors
	
			
	24.
	Notices
	 

24.1    Method of Giving Notice

24.2    Deemed Receipt

24.3    Certificate of Sending

24.4    Notice to Joint Shareholders

24.5    Notice to Trustees
	
			
	25.
	Seal
	 

25.1    Who May Attest Seal

25.2    Sealing Copies

25.3    Mechanical Reproduction of Seal
	
			
	26.
	Prohibitions
	 

26.1    Definitions

26.2    Application

26.3    Consent Required for Transfer of Shares or Designated Securities
 
vi

 

 
ARTICLES
OF
SSR MINING INC.
 

	
		
	1.
	Interpretation

	
		
	1.1
	Definitions

In these Articles, unless the context otherwise requires:
		
	(a)
	“board of directors”, “directors” and “board” mean the directors or sole director of the Company for the time being;

		
	(b)
	“Business Corporations Act” means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

		
	(c)
	“legal personal representative” means the personal or other legal representative of the shareholder;

		
	(d)
	“registered address” of a shareholder means the shareholder’s address as recorded in the central securities register;

		
	(e)
	“seal” means the seal of the Company, if any.

	
		
	1.2
	Business Corporations Act and Interpretation Act Definitions Applicable

The definitions in the Business Corporations Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these Articles. If there is a conflict between these Articles and the Business Corporations Act, the Business Corporations Act will prevail.
 

	
		
	2.
	Shares and Share Certificates

	
		
	2.1
	Authorized Share Structure

The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

	
		
	2.2
	Form of Share Certificate

Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.

	
		
	2.3
	Shareholder Entitled to Certificate or Acknowledgment

Each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder’s name or (b) a non-transferable written acknowledgment of the shareholder’s right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgement and delivery of a share certificate or acknowledgement for a share to one of several joint shareholders or to one of the shareholders’ duly authorized agents will be sufficient delivery to all. The Company may refuse to register more than three persons as joint holders of a share.
 
- 1 -
 

	
		
	2.4
	Delivery by Mail

Any share certificate or non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate may be sent to the shareholder by mail at the shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

	
		
	2.5
	Replacement of Worn Out or Defaced Certificate or Acknowledgement

If the board of directors, or any officer or agent designated by the directors, is satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit:
		
	(a)
	order the share certificate or acknowledgment, as the case may be, to be cancelled; and

		
	(b)
	issue a replacement share certificate or acknowledgment, as the case may be.

	
		
	2.6
	Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment

If a share certificate or a non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that certificate if the board of directors, or any officer or agent designated by the directors, receives:
		
	(a)
	proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed; and

		
	(b)
	any indemnity the board of directors, or any officer or agent designated by the directors, considers adequate.

	
		
	2.7
	Splitting Share Certificates

If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder’s name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request. The Company may refuse to issue a certificate with respect to a fraction of a share.

	
		
	2.8
	Certificate Fee

There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not exceed the amount prescribed under the Business Corporations Act, determined by the directors.

	
		
	2.9
	Recognition of Trusts

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.
 
- 2 -
 

	
		
	3.
	Issue of Shares

 

	
		
	3.1
	Directors Authorized

Subject to the Business Corporations Act and the rights of the holders of issued shares of the Company, the directors may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares may be issued) that the directors, in their absolute discretion, may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

	
		
	3.2
	Commissions and Discounts

The directors may, at any time, authorize the Company to pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

	
		
	3.3
	Brokerage

The directors may, at any time, authorize the Company to pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

	
		
	3.4
	Conditions of Issue

Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

		
	(a)
	consideration is provided to the Company for the issue of the share by one or more of the following:

		
	(i)
	past services performed for the Company;

		
	(ii)
	property;

		
	(iii)
	money; and

		
	(b)
	the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3.1.

	
		
	3.5
	Share Purchase Warrants and Rights

Subject to the Business Corporations Act, the Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.

 
- 3 -
 
	
		
	3.6
	Fractional Shares.

A person holding a fractional share does not have, in relation to the fractional share, the rights of a shareholder in proportion to the fraction of the share held.
 

	
		
	4.
	Share Registers

 

	
		
	4.1
	Central Securities Register

As required by and subject to the Business Corporations Act, the Company must maintain in British Columbia a central securities register.

	
		
	4.2
	Branch Registers

In addition to the central securities register, the Company may maintain branch securities registers.

	
		
	4.3
	Appointment of Agents

The directors may, subject to the Business Corporations Act, appoint an agent to maintain the central securities register and any branch securities registers. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

	
		
	4.4
	Closing Register

The Company must not at any time close its central securities register.
 

	
		
	5.
	Share Transfers

 

	
		
	5.1
	Recording or Registering Transfers

A transfer of a share of the Company must not be recorded or registered unless:
		
	(a)
	a duly signed instrument of transfer in respect of the share has been received by the Company;

		
	(b)
	if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company; and

		
	(c)
	if a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company.

	
		
	5.2
	Form of Instrument of Transfer

The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company’s share certificates or in any other form that may be approved by the directors from time to time.

 
- 4 -

	
		
	5.3
	Transferor Remains Shareholder

Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

	
		
	5.4
	Signing of Instrument of Transfer

If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgements deposited with the instrument of transfer:
		
	(a)
	in the name of the person named as transferee in that instrument of transfer; or

		
	(b)
	if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

	
		
	5.5
	Enquiry as to Title Not Required

Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

	
		
	5.6
	Transfer Fee

There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.
 

	
		
	6.
	Transmission of Shares

 

	
		
	6.1
	Legal Personal Representative Recognized on Death

In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder’s interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

	
		
	6.2
	Rights of Legal Personal Representative

The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Business Corporations Act and the directors have been deposited with the Company.

 - 5 -
 

	
		
	7.
	Purchase of Shares

 

	
		
	7.1
	Company Authorized to Purchase Shares

Subject to Article 7.2, the special rights and restrictions attached any class or series of shares and the Business Corporations Act, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution.

	
		
	7.2
	Purchase When Insolvent

The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:
		
	(a)
	the Company is insolvent; or

		
	(b)
	making the payment or providing the consideration would render the Company insolvent.

	
		
	7.3
	Sale and Voting of Purchased Shares

If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:
		
	(a)
	is not entitled to vote the share at a meeting of its shareholders;

		
	(b)
	must not pay a dividend in respect of the share; and

		
	(c)
	must not make any other distribution in respect of the share.

 

	
		
	8.
	Borrowing Powers

 

	
		
	8.1
	Powers of Directors.

The Company, if authorized by the directors, may from time to time:
		
	(a)
	borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate;

		
	(b)
	issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person;

		
	(c)
	guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

		
	(d)
	mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

	
		
	8.2
	Terms of Debt Instruments.

Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, and with any special privileges on the redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting at general meetings of the Company, appointment of directors or otherwise, and may by their terms be assignable free from any equities between the Company and the person to whom they were issued or any subsequent holder, all as the directors may determine.

 - 6 -
 	
		
	8.3
	Delegation by Directors.

For greater certainty, the powers of the directors under this Article 8 may be exercised by a committee or other delegate, direct or indirect, of the board authorized to exercise such powers.
 

	
		
	9.
	Alterations

	
		
	9.1
	Alteration of Authorized Share Structure

Subject to Article 9.2 and the Business Corporations Act, the Company may by special resolution:
		
	(a)
	create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

		
	(b)
	increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

		
	(c)
	subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

		
	(d)
	if the Company is authorized to issue shares of a class of shares with par value:

		
	(i)
	decrease the par value of those shares; or

		
	(ii)
	if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

		
	(e)
	change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

		
	(f)
	alter the identifying name of any of its shares; or

		
	(g)
	otherwise alter its shares or authorized share structure when required or permitted to do so by the Business Corporations Act.

	
		
	9.2
	Special Rights and Restrictions

Subject to the Business Corporations Act, the Company may by special resolution:
		
	(a)
	create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

		
	(b)
	vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.

	
		
	9.3
	Change of Name

The Company may by special resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name.

 
- 7 -

	
		
	9.4
	Other Alterations

If the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by special resolution alter these Articles and its Notice of Articles, or either of them.
 

	
		
	10.
	Meetings of Shareholders

	
		
	10.1
	Annual General Meetings

Unless an annual general meeting is deferred or waived in accordance with the Business Corporations Act, the Company must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

	
		
	10.2
	Resolution Instead of Annual General Meeting

If all of the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the Business Corporations Act to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

	
		
	10.3
	Calling of Meetings of Shareholders

The directors may, whenever they think fit, call a meeting of shareholders.

	
		
	10.4
	Location of Shareholder Meetings.

The directors may by directors’ resolution, approve a location outside of British Columbia for the holding of a meeting of shareholders.

	
		
	10.5
	Notice for Meetings of Shareholders

The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:
		
	(a)
	if and for so long as the Company is a public company, 21 days;

		
	(b)
	otherwise, 10 days.

	
		
	10.6
	Record Date for Notice

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:
 
- 8 -

  
		
	(a)
	if and for so long as the Company is a public company, 21 days;

		
	(b)
	otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

	
		
	10.7
	Record Date for Voting

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

	
		
	10.8
	Failure to Give Notice and Waiver of Notice

The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to receive notice does not invalidate any proceedings at that meeting. Any person entitled to receive notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

	
		
	10.9
	Notice of Special Business at Meetings of Shareholders

If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:
		
	(a)
	state the general nature of the special business; and

		
	(b)
	if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

		
	(i)
	at the Company’s records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

		
	(ii)
	during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

 

	
		
	11.
	Proceedings at Meetings of Shareholders

	
		
	11.1
	Special Business

At a meeting of shareholders, the following business is special business:
		
	(a)
	at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

		
	(b)
	at an annual general meeting, all business is special business except for the following:

		
	(i)
	business relating to the conduct of or voting at the meeting;

		
	(ii)
	consideration of any financial statements of the Company presented to the meeting;

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	(iii)
	consideration of any reports of the directors or auditor;

		
	(iv)
	the setting or changing of the number of directors;

		
	(v)
	the election or appointment of directors;

		
	(vi)
	the appointment of an auditor;

		
	(vii)
	the setting of the remuneration of an auditor;

		
	(viii)
	business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

		
	(ix)
	any other business which, under these Articles or the Business Corporations Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

	
		
	11.2
	Special Majority

The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

	
		
	11.3
	Quorum

Subject to the special rights and restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 331/3% of the issued shares entitled to be voted at the meeting.

	
		
	11.4
	One Shareholder May Constitute Quorum

If there is only one shareholder entitled to vote at a meeting of shareholders:
		
	(a)
	the quorum is one person who is, or who represents by proxy, that shareholder, and

		
	(b)
	that shareholder, present in person or by proxy, may constitute the meeting.

	
		
	11.5
	Meetings by Telephone or Other Communications Medium.

A shareholder or proxy holder who is entitled to participate in, including vote at, a meeting of shareholders may participate in person or, subject to the approval of the directors, by telephone or other communications medium if all shareholders and proxy holders participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A shareholder who participates in a meeting in a manner contemplated by this Article 11.5 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner. Nothing in this Article 11.5 obligates the Company to take any action or provide any facility to permit or facilitate the use of any communications mediums at a meeting of shareholders.

	
		
	11.6
	Other Persons May Attend

The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

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	11.7
	Requirement of Quorum

No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

	
		
	11.8
	Lack of Quorum

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:
		
	(a)
	in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

		
	(b)
	in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

	
		
	11.9
	Lack of Quorum at Succeeding Meeting

If, at the meeting to which the meeting referred to in Article 11.8(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

	
		
	11.10
	Chair

The following individual is entitled to preside as chair at a meeting of shareholders:
		
	(a)
	the chair of the board, if any; or

		
	(b)
	if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

	
		
	11.11
	Selection of Alternate Chair

If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present must choose one of their number to be chair of the meeting or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

	
		
	11.12
	Adjournments

The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

 
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	11.13
	Notice of Adjourned Meeting

It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

	
		
	11.14
	Decisions by Show of Hands or Poll

Subject to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

	
		
	11.15
	Declaration of Result

The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.14, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

	
		
	11.16
	Motion Need Not be Seconded

No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

	
		
	11.17
	Casting Vote

In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

	
		
	11.18
	Manner of Taking Poll

Subject to Article 11.19, if a poll is duly demanded at a meeting of shareholders:
		
	(a)
	the poll must be taken:

		
	(i)
	at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

		
	(ii)
	in the manner, at the time and at the place that the chair of the meeting directs;

		
	(b)
	the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

		
	(c)
	the demand for the poll may be withdrawn by the person who demanded it.

	
		
	11.19
	Demand for Poll on Adjournment

A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

 
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	11.20
	Chair Must Resolve Dispute

In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

	
		
	11.21
	Casting of Votes

On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

	
		
	11.22
	Demand for Poll

No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

	
		
	11.23
	Demand for Poll Not to Prevent Continuance of Meeting

The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

	
		
	11.24
	Retention of Ballots and Proxies

The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.
 

	
		
	12.
	Votes of Shareholders

	
		
	12.1
	Number of Votes by Shareholder or by Shares

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:
		
	(a)
	on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

		
	(b)
	on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

	
		
	12.2
	Votes of Persons in Representative Capacity

A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

	
		
	12.3
	Votes by Joint Holders

If there are joint shareholders registered in respect of any share:
 
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	(a)
	any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

		
	(b)
	if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

	
		
	12.4
	Legal Personal Representatives as Joint Shareholders

Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

	
		
	12.5
	Representative of a Corporate Shareholder

If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:
		
	(a)
	for that purpose, the instrument appointing a representative must:

		
	(i)
	be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt 

of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or
		
	(ii)
	be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting;

		
	(b)
	if a representative is appointed under this Article 12.5:

		
	(i)
	the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

		
	(ii)
	the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

	
		
	12.6
	Proxy Provisions Do Not Apply to All Companies

If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, Articles 12.7 to 12.15 apply only insofar as they are not inconsistent with any securities legislation in any province or territory of Canada or in the federal jurisdiction of the United States or in any states of the United States that is applicable to the Company and insofar as they are not inconsistent with the regulations and rules made and promulgated under that legislation and all administrative policy statements, blanket orders and rulings, notices and other administrative directions issued by securities commissions or similar authorities appointed under that legislation.

 
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	12.7
	Appointment of Proxy Holders

Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

	
		
	12.8
	Alternate Proxy Holders

A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

	
		
	12.9
	When Proxy Holder Need Not Be Shareholder

A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:
		
	(a)
	the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

		
	(b)
	the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

		
	(c)
	the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

	
		
	12.10
	Deposit of Proxy

A proxy for a meeting of shareholders must:

		
	(a)
	be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

		
	(b)
	unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

	
		
	12.11
	Validity of Proxy Vote

A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:
		
	(a)
	at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

		
	(b)
	by the chair of the meeting, before the vote is taken.

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	12.12
	Form of Proxy

A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:
[name of company]
(the “Company”)
The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.
Number of shares in respect of which this proxy is given (if no number is specified, then this proxy is given in respect of all shares registered in the name of the shareholder):
Signed [month, day, year]
             
[Signature of shareholder]
             
[Name of shareholder—printed]

	
		
	12.13
	Revocation of Proxy

Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:
		
	(a)
	received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

		
	(b)
	provided, at the meeting, to the chair of the meeting.

	
		
	12.14
	Revocation of Proxy Must Be Signed

An instrument referred to in Article 12.13 must be signed as follows:

		
	(a)
	if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;

		
	(b)
	if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

	

		
	12.15
	Production of Evidence of Authority to Vote

The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

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	13.
	Directors

	
		
	13.1
	Number of Directors

The number of directors, excluding additional directors appointed under Article 14.8, is set at:
		
	(a)
	if the Company is a public company, the greater of three and the most recently set of:

		
	(i)
	the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

		
	(ii)
	the number of directors set under Article 14.4;

		
	(b)
	if the Company is not a public company, the most recently set of:

		
	(i)
	the number of directors set by ordinary resolution (whether or not previous notice of the resolution was given); and

		
	(ii)
	the number of directors set under Article 14.4.

	
		
	13.2
	Change in Number of Directors

If the number of directors is set under Articles 13.1(a)(i) or 13.1(b)(i):
		
	(a)
	the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number;

		
	(b)
	if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

	
		
	13.3
	Directors’ Acts Valid Despite Vacancy

An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

	
		
	13.4
	Qualifications of Directors

A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director.

	
		
	13.5
	Remuneration of Directors

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director.

	
		
	13.6
	Reimbursement of Expenses of Directors

The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

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	13.7
	Special Remuneration for Directors

If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company’s business, he or she may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that he or she may be entitled to receive.

	
		
	13.8
	Gratuity, Pension or Allowance on Retirement of Director

Unless otherwise determined by ordinary resolution, the directors may authorize the Company to pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.
 

	
		
	14.
	Election and Removal of Directors

	
		
	14.1
	Election at Annual General Meeting

At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:
		
	(a)
	the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

		
	(b)
	all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are eligible for re-election or re-appointment.

	
		
	14.2
	Consent to be a Director

No election, appointment or designation of an individual as a director is valid unless:
		
	(a)
	that individual consents to be a director in the manner provided for in the Business Corporations Act; or

		
	(b)
	that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director.

	
		
	14.3
	Failure to Elect or Appoint Directors

If:
		
	(a)
	the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the Business Corporations Act; or

		
	(b)
	the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:
		
	(c)
	the date on which his or her successor is elected or appointed; and

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	(d)
	the date on which he or she otherwise ceases to hold office under the Business Corporations Act or these Articles.

	
		
	14.4
	Places of Retiring Directors Not Filled

If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

	
		
	14.5
	Directors May Fill Casual Vacancies

Any casual vacancy occurring in the board of directors may be filled by the directors.

	
		
	14.6
	Remaining Directors Power to Act

The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Business Corporations Act, for any other purpose.

	
		
	14.7
	Shareholders May Fill Vacancies

If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

	
		
	14.8
	Additional Directors

Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:
		
	(a)
	one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

		
	(b)
	in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.

	
		
	14.9
	Ceasing to be a Director

A director ceases to be a director when:
		
	(a)
	the term of office of the director expires;

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	(b)
	the director dies;

		
	(c)
	the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

		
	(d)
	the director is removed from office pursuant to Articles 14.10 or 14.11.

	
		
	14.10
	Removal of Director by Shareholders

The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

	
		
	14.11
	Removal of Director by Directors

The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.
 

	
		
	15.
	Alternate Directors

	
		
	15.1
	Appointment of Alternate Director

Any director (an “appointor”) may by notice in writing received by the Company appoint any person (an “appointee”) who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

	
		
	15.2
	Notice of Meetings

Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

	
		
	15.3
	Alternate for More Than One Director Attending Meetings

A person may be appointed as an alternate director by more than one director, and an alternate director:
		
	(a)
	will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

		
	(b)
	has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

		
	(c)
	will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that

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committee and, in the case of an appointee who is also a member of that committee as a director, once more in that capacity;
		
	(d)
	has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

	
		
	15.4
	Consent Resolutions

Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

	
		
	15.5
	Alternate Director Not an Agent

Every alternate director is deemed not to be the agent of his or her appointor.

	
		
	15.6
	Revocation of Appointment of Alternate Director

An appointor may at any time, by notice in writing received by the Company, revoke the appointment of an alternate director appointed by him or her.

	
		
	15.7
	Ceasing to be an Alternate Director

The appointment of an alternate director ceases when:
		
	(a)
	his or her appointor ceases to be a director and is not promptly re-elected or re-appointed;

		
	(b)
	the alternate director dies;

		
	(c)
	the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;

		
	(d)
	the alternate director ceases to be qualified to act as a director; or

		
	(e)
	his or her appointor revokes the appointment of the alternate director.

	
		
	15.8
	Remuneration and Expenses of Alternate Director

The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.
 

	
		
	16.
	Powers and Duties of Directors

	
		
	16.1
	Powers of Management

The directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company.

	
		
	16.2
	Appointment of Attorney of Company

The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for
 
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such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.
 

	
		
	17.
	Disclosure of Interest of Directors

	
		
	17.1
	Obligation to Account for Profits

A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations Act.

	
		
	17.2
	Restrictions on Voting by Reason of Interest

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

	
		
	17.3
	Interested Director Counted in Quorum

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

	
		
	17.4
	Disclosure of Conflict of Interest or Property

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.

	
		
	17.5
	Director Holding Other Office in the Company

A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

	
		
	17.6
	No Disqualification

No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

 - 22 -
 

	
		
	17.7
	Professional Services by Director or Officer

Subject to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

	
		
	17.8
	Director or Officer in Other Corporations

A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.
 

	
		
	18.
	Proceedings of Directors

	
		
	18.1
	Meetings of Directors

The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

	
		
	18.2
	Voting at Meetings

Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

	
		
	18.3
	Chair of Meetings

The following individual is entitled to preside as chair at a meeting of directors:
		
	(a)
	the chair of the board, if any;

		
	(b)
	in the absence of the chair of the board, the president, if any, if the president is a director; or

		
	(c)
	any other director chosen by the directors if:

		
	(i)
	neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

		
	(ii)
	neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

		
	(iii)
	the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

 
- 23 -
  
	
		
	18.4
	Meetings by Telephone or Other Communications Medium

A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all directors who wish to participate in the meeting agree to such participation. A director who participates in a meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

	
		
	18.5
	Calling of Meetings

A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

	
		
	18.6
	Notice of Meetings

Other than for meetings held at regular intervals as determined by the directors pursuant to Article 18.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out in Article 24.1 or orally or by telephone.

	
		
	18.7
	When Notice Not Required

It is not necessary to give notice of a meeting of the directors to a director or an alternate director if:
		
	(a)
	the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

		
	(b)
	the director or alternate director, as the case may be, has waived notice of the meeting.

	
		
	18.8
	Meeting Valid Despite Failure to Give Notice

The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any proceedings at that meeting.

	
		
	18.9
	Waiver of Notice of Meetings

Any director or alternate director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director, and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director or alternate director.

 
- 24 -
 
	
		
	18.10
	Quorum

The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

	
		
	18.11
	Validity of Acts Where Appointment Defective

Subject to the Business Corporations Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

	
		
	18.12
	Consent Resolutions in Writing

A resolution of the directors or of any committee of the directors may be passed without a meeting:
		
	(a)
	in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

		
	(b)
	in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who are entitled to vote on the resolution consents to it in writing.

A consent in writing under this Article may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this Article 18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.
 

	
		
	19.
	Executive and Other Committees

	
		
	19.1
	Appointment and Powers of Executive Committee

The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors’ powers, except:
		
	(a)
	the power to fill vacancies in the board of directors;

		
	(b)
	the power to remove a director;

		
	(c)
	the power to change the membership of, or fill vacancies in, any committee of the directors; and

		
	(d)
	such other powers, if any, as may be set out in the resolution or any subsequent directors’ resolution.

	
		
	19.2
	Appointment and Powers of Other Committees

The directors may, by resolution:
 - 25 -
 
		
	(a)
	appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

		
	(b)
	delegate to a committee appointed under paragraph (a) any of the directors’ powers, except:

		
	(i)
	the power to fill vacancies in the board of directors;

		
	(ii)
	the power to remove a director;

		
	(iii)
	the power to change the membership of, or fill vacancies in, any committee of the directors; and

		
	(iv)
	the power to appoint or remove officers appointed by the directors; and

		
	(c)
	make any delegation referred to in paragraph (b) subject to the conditions set out in the resolution or any subsequent directors’ resolution.

	
		
	19.3
	Obligations of Committees

Any committee appointed under Articles 19.1 or 19.2, in the exercise of the powers delegated to it, must:
		
	(a)
	conform to any rules that may from time to time be imposed on it by the directors; and

		
	(b)
	report every act or thing done in exercise of those powers at such times as the directors may require.

	
		
	19.4
	Powers of Board

The directors may, at any time, with respect to a committee appointed under Articles 19.1 or 19.2:
		
	(a)
	revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

		
	(b)
	terminate the appointment of, or change the membership of, the committee; and

		
	(c)
	fill vacancies in the committee.

	
		
	19.5
	Committee Meetings

Subject to Article 19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 19.1 or 19.2:
		
	(a)
	the committee may meet and adjourn as it thinks proper;

		
	(b)
	the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

		
	(c)
	a majority of the members of the committee constitutes a quorum of the committee; and

- 26 -
  
		
	(d)
	questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

 

	
		
	20.
	Officers

	
		
	20.1
	Directors May Appoint Officers

The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

	
		
	20.2
	Functions, Duties and Powers of Officers

The directors may, for each officer:
		
	(a)
	determine the functions and duties of the officer;

		
	(b)
	entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

		
	(c)
	revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

	
		
	20.3
	Qualifications

No officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act. One person may hold more than one position as an officer of the Company. Any officer need not be a director.

	
		
	20.4
	Remuneration and Terms of Appointment

All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.
 

	
		
	21.
	Indemnification

	
		
	21.1
	Definitions

In this Article 21:
		
	(a)
	“eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

		
	(b)
	“eligible proceeding” means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Company (an “eligible party”) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or alternate director of the Company:

		
	(i)
	is or may be joined as a party; or

		
	(ii)
	is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

- 27 -
 
		
	(c)
	“expenses” has the meaning set out in the Business Corporations Act.

	
		
	21.2
	Mandatory Indemnification of Directors and Former Directors

Subject to the Business Corporations Act, the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 21.2.

	
		
	21.3
	Indemnification of Other Persons

Subject to any restrictions in the Business Corporations Act, the Company may indemnify any person.

	
		
	21.4
	Non-Compliance with Business Corporations Act

The failure of a director, alternate director or officer of the Company to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to which he or she is entitled under this Article 21.

	
		
	21.5
	Company May Purchase Insurance

The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:
		
	(a)
	is or was a director, alternate director, officer, employee or agent of the Company;

		
	(b)
	is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Company;

		
	(c)
	at the request of the Company, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

		
	(d)
	at the request of the Company, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.
 

	
		
	22.
	Dividends

	
		
	22.1
	Payment of Dividends Subject to Special Rights

The provisions of this Article 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

	
		
	22.2
	Declaration of Dividends

Subject to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

 

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	22.3
	No Notice Required

The directors need not give notice to any shareholder of any declaration under Article 22.2.

	
		
	22.4
	Record Date

The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

	
		
	22.5
	Manner of Paying Dividend

A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

	
		
	22.6
	Settlement of Difficulties

If any difficulty arises in regard to a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:
		
	(a)
	set the value for distribution of specific assets;

		
	(b)
	determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

		
	(c)
	vest any such specific assets in trustees for the persons entitled to the dividend.

	
		
	22.7
	When Dividend Payable

Any dividend may be made payable on such date as is fixed by the directors.

	
		
	22.8
	Dividends to be Paid in Accordance with Number of Shares

All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

	
		
	22.9
	Receipt by Joint Shareholders

If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

	
		
	22.10
	Dividend Bears No Interest

No dividend bears interest against the Company.

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	22.11
	Fractional Dividends

If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

	
		
	22.12
	Payment of Dividends

Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint 

shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

	
		
	22.13
	Capitalization of Surplus

Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.
 

	
		
	23.
	Accounting Records

	
		
	23.1
	Recording of Financial Affairs

The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Business Corporations Act.

	
		
	23.2
	Inspection of Accounting Records

Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

	
		
	23.3
	Remuneration of Auditors

The remuneration of the auditors, if any, shall be set by the directors regardless of whether the auditor is appointed by the shareholders, by the directors or otherwise. For greater certainty, the directors may delegate to the audit committee or other committee the power to set the remuneration of the auditors.
 

	
		
	24.
	Notices

	
		
	24.1
	Method of Giving Notice

Unless the Business Corporations Act or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the Business Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods:

- 30 -

		
	(a)
	mail addressed to the person at the applicable address for that person as follows:

		
	(i)
	for a record mailed to a shareholder, the shareholder’s registered address;

		
	(ii)
	for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

		
	(iii)
	in any other case, the mailing address of the intended recipient;

		
	(b)
	delivery at the applicable address for that person as follows, addressed to the person:

		
	(i)
	for a record delivered to a shareholder, the shareholder’s registered address;

		
	(ii)
	for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

		
	(iii)
	in any other case, the delivery address of the intended recipient;

		
	(c)
	sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

		
	(d)
	sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

		
	(e)
	physical delivery to the intended recipient.

	
		
	24.2
	Deemed Receipt

A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 24.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing. Any demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by electronic communication, on the day of transmittal thereof if given during statutory business hours on the day which statutory business hours next occur if not given during such hours on any day.

	
		
	24.3
	Certificate of Sending

A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 24.1, prepaid and mailed or otherwise sent as permitted by Article 24.1 is conclusive evidence of that fact.

	
		
	24.4
	Notice to Joint Shareholders

A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

- 31 -
 

	
		
	24.5
	Notice to Trustees

A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:
		
	(a)
	mailing the record, addressed to them:

		
	(i)
	by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

		
	(ii)
	at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

		
	(b)
	if an address referred to in paragraph (a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

 

	
		
	25.
	Seal

	
		
	25.1
	Who May Attest Seal

Except as provided in Articles 25.2 and 25.3, the Company’s seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:
		
	(a)
	any one director;

		
	(b)
	any one officer; or

		
	(c)
	any one or more directors or officers or persons as may be determined by the directors.

	
		
	25.2
	Sealing Copies

For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer.

	
		
	25.3
	Mechanical Reproduction of Seal

The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, 

printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

- 32 -
 

	
		
	26.
	Prohibitions

	
		
	26.1
	Definitions

In this Article 26:
		
	(a)
	“designated security” means:

		
	(i)
	a voting security of the Company;

		
	(ii)
	a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

		
	(iii)
	a security of the Company convertible, directly or indirectly, into a security described in paragraph (i) or (ii);

		
	(b)
	“security” has the meaning assigned in the Securities Act (British Columbia);

		
	(c)
	“voting security” means a security of the Company that:

		
	(i)
	is not a debt security, and

		
	(ii)
	carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

	
		
	26.2
	Application

Article 26.3 does not apply to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

	
		
	26.3
	Consent Required for Transfer of Shares or Designated Securities

No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.7Exhibit

Exhibit 10.1

CARDINAL HEALTH, INC. 
SENIOR EXECUTIVE SEVERANCE PLAN
ARTICLE I 
PURPOSE
The purpose of this Senior Executive Severance Plan (this “Plan”) is to provide severance benefits to certain eligible employees of Cardinal Health, Inc., an Ohio corporation (the “Company”), and its Affiliates, who experience a Qualifying Termination under the conditions described in this Plan.  Capitalized terms used herein without definition shall have the meanings ascribed to such terms in Article II.
ARTICLE II
DEFINITIONS
As used herein the following words and phrases shall have the following respective meanings (unless the context clearly indicates otherwise):
“Accounting Firm” means a nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company prior to a Change of Control for purposes of making the applicable determinations hereunder, which firm shall not, without the applicable Participant’s consent, be a firm serving as accountant or auditor for the Person effecting the Change of Control.
“Accrued Obligations” means, with respect to a Participant’s Termination of Employment, (a) such Participant’s base salary through the Termination Date; (b) reimbursement for legitimate business expenses accrued during the period that such Participant was employed with the Company and its Affiliates; (c) any accrued but unused paid time off to the extent not theretofore paid; and (d) vested employee benefits accrued through the Termination Date in accordance with applicable law or the governing plan rules.
“Actual Annual Bonus” means, with respect to a Participant, the actual annual bonus to which such Participant would have been entitled for the fiscal year in which the Termination Date occurs had he or she not incurred a Qualifying Termination.
“Administrator” means the Committee or such other committee of the Board as selected by the Board.
“Affiliate” means any Subsidiary or other entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant ownership interest as determined by the Administrator.
“Annual Base Salary” means, with respect to a Participant, the annual rate of base salary in effect for such Participant as of such Participant’s Termination Date (without giving effect to any reduction resulting in a Termination for Good Reason).

“Board” means the Board of Directors of the Company.
“Business Combination” has the meaning set forth in the definition of Change of Control.
“Change of Control” means the occurrence of any of the following:
(a)    the acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then-outstanding Common Shares of the Company (the “Outstanding Company Common Shares”), or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of Directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions do not constitute a Change of Control:  (A) any acquisition directly from the Company or any corporation controlled by the Company; (B) any acquisition by the Company or any corporation controlled by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (D) any acquisition by any corporation that is a Non-Control Acquisition;
(b)    during any period of two consecutive years, individuals who, as of the beginning of such two-year period, constitute the Board of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of the Company; provided, however, that any individual becoming a Director subsequent to the beginning of such two-year period whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;
(c)    consummation of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition by the Company of assets or shares of another corporation (a “Business Combination”), unless, such Business Combination is a Non-Control Acquisition; or
(d)    approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
“Change of Control Period” means the two-year period commencing upon the occurrence of a Change of Control.
“COBRA” means the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
“COBRA Period” means, with respect to a Participant, the lesser of (a) the Severance Period or COC Severance Period, as applicable, and (b) the 18-month period following the Termination Date.

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“COBRA Reimbursement” has the meaning set forth in Section 5.1(d).
“COC Multiple” means, with respect to any Participant, a whole or fractional number so designated for such Participant in Annex A hereto.
“COC Severance Payment” has the meaning set forth in Section 5.2(b).
“COC Severance Period” means, with respect to a Participant, a number of months equal to the product of (a) 12 months and (b) such Participant’s COC Multiple.
“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.
“Committee” means the Human Resources and Compensation Committee of the Board.
“Common Shares” means the common shares, without par value, of the Company.
“Company” has the meaning set forth in Article I and in Section 8.1.
“Company Group” means, collectively, the Company and its Affiliates.
“Competitor” means any individual or business that competes with the products or services provided by a member of the Company Group for which a Participant had business responsibilities within 24 months prior to Termination of Employment or about which a Participant obtained Confidential Information.
“Confidential Information” has the meaning set forth in Section 6.2.
“Delayed Payment Date” has the meaning set forth in Section 8.10(c).
“Director” means a member of the Board.
“Disaffiliation” means an Affiliate’s ceasing to be an Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Affiliate) or a sale of a division of the Company and its Affiliates (including, without limitation, a sale of assets).
“Effective Date” has the meaning set forth in Article III.
“Eligible Employee” means an Employee employed in the United States who is designated within one of the employee classification categories specified on Annex A hereto, excluding any such Employee who (a) is covered under any collective bargaining agreement or (b) as of the Effective Date, is party to any individual employment, severance, or similar agreement with the Company or any of its Affiliates that provides for severance benefits.
“Employee” means a regular, active employee of any member of the Company Group.  For any and all purposes under this Plan, the term “Employee” does not include an individual hired as an independent contractor, leased employee, consultant, or an individual otherwise 

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designated by the Administrator at the time of hire as not eligible to participate in or receive benefits under this Plan or not on the payroll, even if such ineligible person is subsequently determined to be a common law employee of a member of the Company Group or otherwise an employee by any governmental or judicial authority.
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.
“Executive Officers” means, as of any particular time, Eligible Employees who are designated as “executive officers” (within the meaning of Rule 3b-7 promulgated under the Exchange Act) of the Company as of such time.
“Incumbent Board” has the meaning set forth in the definition of Change of Control.
“Independent Administrator” has the meaning set forth in Section 7.1.
“Multiple” means, with respect to any Participant, a whole or fractional number so designated for such Participant in Annex A hereto.
“Net After-Tax Receipt” means the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Participant with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws that applied to the Participant’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting Firm determines to be likely to apply to the Participant in the relevant tax year(s).
“Non-Control Acquisition” means a Business Combination in which (a) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Shares and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Shares and Outstanding Company Voting Securities, as the case may be; (b) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination (including any ownership that existed in the Company or the company being acquired, if any); and (c) at least a majority of the members of the board of directors of the corporation resulting 

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from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.
“Outstanding Company Common Shares” has the meaning set forth in the definition of Change of Control.
“Outstanding Company Voting Securities” has the meaning set forth in the definition of Change of Control.
“Parachute Value” of a Payment means the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under Section 4999 of the Code will apply to such Payment.
“Participant” means any Eligible Employee who incurs a Qualifying Termination and thereby becomes eligible for Severance Benefits under this Plan.
“Payment” means any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Participant, whether paid or payable pursuant to this Plan or otherwise.
“Person” means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).
“Plan” has the meaning set forth in Article I.
“Plan Payments” has the meaning set forth in Section 5.5(a).
“Prior-Year Annual Bonus” means, with respect to a Participant, an amount, if any, equal to the annual bonus earned by the Participant for the fiscal year immediately preceding the fiscal year in which the Termination Date occurs that remains unpaid as of the Termination Date.
“Prorated Annual Bonus” means, with respect to a Participant, the product of (a) such Participant’s Actual Annual Bonus (or, if the applicable Qualifying Termination occurs during the Change of Control Period, the greater of such Participant’s Actual Annual Bonus and Target Annual Bonus) and (b) a fraction, the numerator of which is the number of days elapsed in the fiscal year of the Company in which the Termination Date occurs and the denominator of which is the total number of days in such fiscal year.
“Qualifying Termination” means, with respect to an Eligible Employee, (a) a Termination of Employment by the Company and/or its Affiliates (including any successors thereto as described in Section 8.1) other than a Termination for Cause or (b) during the Change of Control Period, a Termination for Good Reason.
“Release” has the meaning set forth in Section 4.2.

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“Restricted Period” means, with respect to a Participant, a number of years following such Participant’s Termination Date as designated for such Participant in Annex A hereto.
“Restricted Territory” means, with respect to a Participant, (a) if such Participant’s responsibilities to the Company Group during the 24-month period immediately preceding the Termination Date were limited to a specific territory or territories within or outside the United States, then such specific territory or territories; and (b) otherwise, the United States.
“Safe Harbor Amount” means 2.99 times the Participant’s “base amount,” within the meaning of Section 280G(b)(3) of the Code.
“Severance Benefits” means the amounts and benefits payable or required to be provided in accordance with Section 5.1 or 5.2, as applicable, excluding Accrued Obligations.
“Severance Payment” has the meaning set forth in Section 5.1(b).
“Severance Period” means, with respect to a Participant, a number of months equal to the product of (a) 12 months and (b) such Participant’s Multiple.
“Subsidiary” means any company (other than the Company) in an unbroken chain of companies beginning with the Company; provided that each company in the unbroken chain (other than the Company) owns, at the time of determination, stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other companies in such chain.
“Target Annual Bonus” means, with respect to a Participant, the target annual incentive payment for which such Participant is eligible in respect of the fiscal year in which the Termination Date occurs (without giving effect to any reduction resulting in a Termination for Good Reason).
“Termination Date” means, with respect to an Eligible Employee, the date on which such Eligible Employee incurs a Termination of Employment for any reason.
“Termination for Cause” means a Termination of Employment on account of (a) the willful and continued failure of the Eligible Employee to perform substantially the Eligible Employee’s duties with any member of the Company Group (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Eligible Employee by the Administrator or its representative, which specifically identifies the manner in which the Administrator believes that the Eligible Employee has not substantially performed the Eligible Employee’s duties; (b) the willful engaging by the Eligible Employee in illegal conduct or gross misconduct that is materially and demonstrably injurious to any member of the Company Group; (c) the Eligible Employee’s conviction of, or plea of guilty or nolo contendere to, a felony or any crime involving dishonesty or moral turpitude; or (d) the Eligible Employee’s material breach of any restrictive covenant in favor of the Company Group by which such Eligible Employee is bound.  For purposes of the immediately preceding sentence, no act, or failure to act, on the part of an 

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Eligible Employee shall be considered “willful” unless it is done, or omitted to be done, by the Eligible Employee in bad faith or without reasonable belief that the Eligible Employee’s action or omission was in the best interests of the Company Group.  Any act, or failure to act, based upon (i) authority given pursuant to a resolution duly adopted by the Board or, if the Company is not the ultimate parent corporation of the Company Group and is not publicly traded, the board of directors of the ultimate parent of the Company (the “Applicable Board”), (ii) the instructions of the Chief Executive Officer of the Company (in the case of any Eligible Employee other than the Chief Executive Officer of the Company) or a senior officer of the Company, or (iii) the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Eligible Employee in good faith and in the best interests of the Company Group.  During the Change of Control Period, a Termination of Employment shall not be deemed to be a Termination for Cause unless and until there shall have been delivered to the Eligible Employee a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Applicable Board (excluding the Eligible Employee, if the Eligible Employee is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Eligible Employee and the Eligible Employee is given an opportunity, together with counsel for the Eligible Employee, to be heard before the Applicable Board), finding that, in the good-faith opinion of the Applicable Board, the Eligible Employee is guilty of the conduct described in clause (a), (b), or (d) above.
“Termination for Good Reason” means a Termination of Employment by an Eligible Employee on account of any of the following (absent written consent of the Eligible Employee):  (a) a material reduction in the Eligible Employee’s total compensation; (b) a material reduction in the Eligible Employee’s annual or long-term incentive opportunities (including a material adverse change in the method of calculating the Eligible Employee’s annual or long-term incentives); (c) the assignment to the Eligible Employee of any duties materially inconsistent in any respect with the Eligible Employee’s position (including status, offices, titles, and reporting requirements), authority, duties, or responsibilities, or any other action by the Company that results in a material diminution in such position, authority, duties, or responsibilities, excluding for this purpose any action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Eligible Employee; or (d) a relocation of more than 50 miles from the Eligible Employee’s office or location, except for travel reasonably required in the performance of the Eligible Employee’s responsibilities; provided that, in each case, (i) the Eligible Employee gives notice to the Company or its Affiliates of any event or condition that gives rise to Termination for Good Reason hereunder within 90 days following the date of any such event or condition, and (ii) the Company and its Affiliates fail to cure such event or condition within 30 days following the receipt of such notice.
“Termination of Employment” means an Eligible Employee’s termination of employment with the Company and its Affiliates.  Notwithstanding the foregoing, unless otherwise determined by the Administrator, an Eligible Employee employed by, or performing services for, an Affiliate, or a division of the Company and its Affiliates shall not be deemed to have incurred a Termination of Employment if, as a result of a Disaffiliation, such Affiliate, or division ceases to be an Affiliate, or division, as the case may be.  In addition, temporary absences from 

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employment because of illness, vacation, or leave of absence and transfers among the Company and its Affiliates shall not be considered Terminations of Employment.
ARTICLE III
EFFECTIVENESS
This Plan shall become effective as of October 1, 2018 (the “Effective Date”).
ARTICLE IV
ELIGIBILITY
4.1    Participation.  Any Eligible Employee who incurs a Qualifying Termination and who satisfies the conditions set forth in Section 4.2 shall be eligible to receive the Severance Benefits set forth in Section 5.1 or 5.2, as applicable.
4.2    Release of Claims.  An Eligible Employee’s right to receive the Severance Benefits pursuant to Section 5.1 or 5.2, as applicable, shall be subject to (a) such Eligible Employee’s execution and delivery to the Company not later than 45 days following such Eligible Employee’s Termination Date of a general release of claims (a “Release”) in favor of the Company Group in substantially the form attached hereto as Annex B and (b) such Release becoming irrevocable in accordance with its terms.
ARTICLE V 
SEVERANCE BENEFITS
5.1    Prior to a Change of Control or Following the Change of Control Period.  If the Participant incurs a Qualifying Termination prior to a Change of Control or following the Change of Control Period, then the Participant shall, subject to Sections 4.2 and 6.1 (in each case, other than with respect to the Accrued Obligations), be entitled to receive from the Company:
(a)    The Accrued Obligations, which, in the case of clauses (a) through (c) of such definition, shall be payable in cash in a lump sum within 30 days following the Termination Date and in the case of clause (d) of such definition, shall be payable in accordance with applicable law and the terms of the governing plan rules.
(b)    An amount in cash equal to the product of (i) the Participant’s Multiple and (ii) the sum of the Participant’s Annual Base Salary and Target Annual Bonus (the “Severance Payment”), which Severance Payment shall be payable in substantially equal installments over the applicable Severance Period in accordance with the Company’s normal payroll practices; provided, however, that the first such installment shall be paid on the 60th day following the Termination Date and the first payment shall include any portion of the Severance Payment that would have otherwise been payable during the period between the Termination Date and such payment date.

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(c)    The Prorated Annual Bonus, payable in a lump sum in cash on the date on which the Company otherwise makes cash incentive payments to senior executives for the fiscal year in which the Termination Date occurs (other than any portion of such Prorated Annual Bonus that was deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder).
(d)    The Prior-Year Annual Bonus (if any), payable in a lump sum in cash on the date on which the Company otherwise makes cash incentive payments to senior executives for the fiscal year for which the Prior-Year Annual Bonus was earned (other than any portion of such Prior-Year Annual Bonus that was deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder).
(e)    If the Participant timely elects COBRA coverage, then reimbursement for the cost of health insurance continuation coverage under COBRA in excess of the cost that Employees are required to pay for health insurance benefits under the plan in which the Participant was eligible to participate as of the Termination Date (the “COBRA Reimbursement”) until the earlier of (i) the end of the COBRA Period and (ii) the date on which the Participant obtains alternative insurance coverage; provided that the first such reimbursement payment shall be paid on the 60th day following the Termination Date and the first payment shall include any portion of the COBRA Reimbursement that would have otherwise been payable during the period between the Termination Date and such payment date.
5.2    During the Change of Control Period.  If the Participant incurs a Qualifying Termination during the Change of Control Period, then the Participant shall, subject to Sections 4.2 and 6.1 (in each case, other than with respect to the Accrued Obligations), be entitled to receive from the Company:
(a)    The Accrued Obligations, payable as set forth in Section 5.1(a).
(b)    An amount in cash equal to the product of (i) the Participant’s COC Multiple and (ii) the sum of the Participant’s Annual Base Salary and Target Annual Bonus (the “COC Severance Payment”), which COC Severance Payment shall be payable in cash in a lump sum on the 60th day following the Termination Date (or, if the applicable Change of Control does not constitute a “change in control event” (within the meaning of Section 409A of the Code), then the COC Severance Payment shall be payable in accordance with the schedule set forth in Section 5.1(b)).
(c)    The Prorated Annual Bonus, payable as set forth in Section 5.1(c).
(d)    The Prior-Year Annual Bonus (if any), payable as set forth in Section 5.1(d).
(e)    If the Participant timely elects COBRA coverage, then the COBRA Reimbursements until the earlier of (i) the end of the COBRA Period and (ii) the date on which the Participant obtains alternative insurance coverage; provided that the first such reimbursement payment shall be paid on the 60th day following the Termination Date and the first payment shall 

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include any portion of the COBRA Reimbursement that would have otherwise been payable during the period between the Termination Date and such payment date.
5.3    No Offset; No Mitigation.  The Company’s obligation to make the payments provided for in this Plan and otherwise to perform its obligations hereunder shall not be affected by any setoff, counterclaim, recoupment, defense, or other claim, right, or action that the Company or any Affiliate may have against a Participant or any other Person.  In no event shall a Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan, and such amounts shall not be reduced whether or not the Participant obtains other employment.
5.4    No Duplication; Other Benefit Plans.  A Participant who experiences a Qualifying Termination that entitles him or her to the Severance Payments contemplated by Section 5.1 or 5.2 shall not be entitled to any compensation or benefits under any other Company severance plan or policy in connection with such Qualifying Termination.  Other than with respect to any such severance plan or policy, this Plan shall not affect a Participant’s entitlement to compensation or benefits under any other employee benefit plan or compensatory arrangement of the Company or its Affiliates, which, in each case, shall be construed in accordance with its respective terms.
5.5    Certain Reduction in Payments.
(a)    Anything in this Plan to the contrary notwithstanding, in the event the Accounting Firm shall determine that receipt of all Payments would subject a Participant to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Plan (the “Plan Payments”) so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount.  The Plan Payments shall be so reduced only if the Accounting Firm determines that the Participant would have a greater Net After-Tax Receipt of aggregate Payments if the Plan Payments were so reduced.  If the Accounting Firm determines that the Participant would not have a greater Net After-Tax Receipt of aggregate Payments if the Plan Payments were so reduced, the Participant shall receive all Plan Payments to which the Participant is entitled hereunder.
(b)    If the Accounting Firm determines that aggregate Plan Payments should be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof.  All determinations made by the Accounting Firm under this Section 5.5 shall be binding upon the Company and the Participant and shall be made as soon as reasonably practicable and in no event later than 15 business days following the Termination Date.  For purposes of reducing the Plan Payments so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount, only amounts payable under the Plan (and no other Payments) shall be reduced.  The reduction of the amounts payable hereunder, if applicable, shall be made by reducing the Plan Payments that are parachute payments in the following order:  (i) cash payments under Section 5.1 or 5.2, as applicable, that do not constitute deferred compensation within the meaning of Section 409A of the Code, and (ii) cash payments under Section 5.1 or 5.2, as applicable, that do constitute deferred compensation, in each case, 

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beginning with the payments or benefits that are to be paid or provided the farthest in time from the Termination Date.  All reasonable fees and expenses of the Accounting Firm shall be borne solely by the Company.
(c)    To the extent requested by the Participant, the Company shall cooperate with the Participant in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be provided by the Participant (including, without limitation, the Participant’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant, before, on, or after the date of a change in ownership or control of the Company (within the meaning of Treas. Regs. § 1.280G-1, Q&A-2(b)), such that payments in respect of such services may be considered reasonable compensation within the meaning of Treas. Regs. § 1.280G-1, Q&A-9 and Q&A-40 to Q&A-44, and/or exempt from the definition of the term “parachute payment” (within the meaning of Treas. Regs. § 1.280G-1, Q&A-2(a) in accordance with Treas. Regs. § 1.280G-1, Q&A-5(a)).
5.6    Legal Fees.  With respect to any Participants who are Executive Officers as of immediately prior to the Change of Control, the Company agrees to pay as incurred (within 10 days following the Company’s receipt of an invoice from any such Participant), at any time from a Change of Control through the Participant’s remaining lifetime (or, if longer, through the 20th anniversary of the Change of Control) to the full extent permitted by law, all legal fees and expenses that such Participant may reasonably incur as a result of any contest by the Company, any Affiliate, such Participant, or others of the validity or enforceability of, or liability under, any provision of this Plan or any guarantee of performance thereof (including as a result of any contest by the Participant about the entitlement to or amount of any payment pursuant to this Plan), plus, in each case, interest on any delayed payment at the applicable federal rate provided for under Section 7872(f)(2)(A) of the Code based on the rate in effect for the month in which such legal fees and expenses were incurred.
ARTICLE VI
RESTRICTIVE COVENANTS
6.1    General.  A Participant’s right to receive the Severance Benefits pursuant to Section 5.1 or 5.2, as applicable, shall be subject to the Participant’s continued compliance with the covenants set forth in this Article VI.
6.2    Confidential Information.  Each Participant shall hold in a fiduciary capacity for the benefit of the Company Group, all secret or confidential information, knowledge, or data relating to the Company Group and its businesses (including, without limitation, any proprietary and not publicly available information concerning any processes, methods, trade secrets, research secret data, costs, names of users or purchasers of their respective products or services, business methods, operating procedures or programs, or methods of promotion and sale) that such Participant has obtained or obtains during such Participant’s employment by the Company Group and that is not public knowledge (other than as a result of the Participant’s violation of this Section 6.2) (“Confidential Information”).  For the purpose of this Section 6.2, information shall not be deemed to be publicly available merely because it is embraced by general disclosures or because individual features or combinations thereof are publicly available.  No Participant shall 

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communicate, divulge, or disseminate Confidential Information at any time during or after such Participant’s employment with the Company Group, except with prior written consent of the applicable Company Group company, or as otherwise required by law or legal process.  All records, files, memoranda, reports, customer lists, drawings, plans, documents, and the like that the Participant uses, prepares, or comes into contact with during the course of the Participant’s employment shall remain the sole property of the Company and/or the Company Group, as applicable, and shall be turned over to the applicable Company Group company upon the Participant’s Termination of Employment.
6.3    Nonsolicitation of Employees.  No Participant shall, at any time during the applicable Restricted Period, without the prior written consent of the Company, engage in the following conduct:  (a) directly or indirectly, including, without limitation, via social media or professional networking services, contact, solicit, recruit, or employ (whether as an employee, officer, director, agent, consultant, or independent contractor) any person who was or is at any time during the previous 12 months an employee, representative, officer, or director of the Company Group; or (b) take any action to encourage or induce any employee, representative, officer, or director of the Company Group to cease their relationship with the Company Group for any reason.  The recruitment of employees within or for the Company Group shall not constitute a breach of this Section 6.3.
6.4    Nonsolicitation of Business.  No Participant shall, at any time during the applicable Restricted Period, either directly or indirectly or as an officer, agent, employee, partner, consultant, or director of any other company, partnership, or entity solicit, service, or accept on behalf of any competitor of the Company Group the business of (a) any customer of the Company Group at the time of the Participant’s Termination Date, or (b) any potential customer of the Company Group that the Participant knew to be an identified, prospective purchaser of services or products of the Company Group.
6.5    Noncompetition.  No Participant shall, at any time during the applicable Restricted Period, accept employment with, or directly or indirectly provide services to, a Competitor in the applicable Restricted Territory.
6.6    Nondisparagement.  Each Participant shall at all times refrain from taking action or making statements, written or oral, that (a) denigrates, disparages, or defames the goodwill or reputation of any member of the Company Group or any of such member’s directors, officers, securityholders, partners, agents, or employees, or (b) are intended to, or may be reasonably expected to, adversely affect the morale of Employees.  Each Participant further agrees not to make any negative statements to third parties relating to the Participant’s employment or any aspect of the businesses of the Company Group and not to make any negative statements to third parties about any member of the Company Group or such member’s directors, officers, securityholders, partners, agents, or employees, except as may be required by a court or government body.  Each Participant further agrees not to make any statements to third parties about the circumstances of the termination of the Participant’s employment with the Company Group, except as may be required by applicable law (or in response to a statement by the other 

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party in violation of this sentence).  This Section 6.6 shall cease to apply upon the occurrence of a Change of Control.
6.7    Cooperation.  Each Participant agrees that, following such Participant’s Termination of Employment for any reason, such Participant shall assist and cooperate with the Company with regard to any matter or project in which the Participant was involved during the Participant’s employment with the Company Group, including, but not limited to, any litigation that may be pending or arise after such Termination of Employment.  Each Participant further agrees to notify the Company at the earliest opportunity of any contact that is made by any third parties concerning any such matter or project.  The Company shall not unreasonably request such cooperation of a Participant and shall cooperate with the Participant in scheduling any assistance by the Participant, taking into account the Participant’s business and personal affairs and shall compensate the Participant for any lost wages or expenses associated with such cooperation and assistance.  This Section 6.7 shall cease to apply upon the occurrence of a Change of Control.
6.8    Acknowledgement and Enforcement.  Each Participant acknowledges and agrees that:  (a) the purpose of the foregoing covenants is to protect the goodwill, trade secrets, and other Confidential Information of the Company Group; (b) because of the nature of the business in which the Company Group is engaged and because of the nature of the Confidential Information to which the Participant has access, the Company would suffer irreparable harm and it would be impractical and excessively difficult to determine the actual damages of the Company Group if the Participant breached any of the covenants set forth in this Article VI; and (c) remedies at law (such as monetary damages) for any breach of the Participant’s obligations under this Article VI would be inadequate.  Each Participant therefore agrees and consents that, if the Participant commits any breach of a covenant under this Article VI or threatens to commit any such breach, the Company shall have the right (in addition to, and not in lieu of, any other right or remedy that may be available to it) to temporary and permanent injunctive relief from a court of competent jurisdiction, without posting any bond or other security and without the necessity of proof of actual damage.  If any of the covenants contained in this Article VI is finally held by a court to be invalid, illegal, or unenforceable (whether in whole or in part), such covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability and the remaining covenants shall not be affected thereby; provided, however, that, if any of such covenants is finally held by a court to be invalid, illegal, or unenforceable because it exceeds the maximum scope and/or duration determined to be acceptable to permit such provision to be enforceable, such covenant shall be deemed to be modified to the minimum extent necessary to modify such scope and/or duration to make such provision enforceable hereunder.
6.9    Similar Covenants in Other Agreements Unaffected.  Each Participant acknowledges that the Participant currently is, or in the future may become, subject to covenants contained in other agreements (including, but not limited to, agreements to protect Company assets, confidentiality and business protection agreements, stock option agreements, performance share unit agreements, and restricted share unit agreements) that are similar to those contained in this Article VI.  Further, a breach of the covenants contained in this Article VI may have implications under the terms of such other agreements, including, but not limited to, a forfeiture 

-13-

of equity awards and long-term cash compensation.  Each Participant acknowledges the foregoing and understands that the covenants contained in this Article VI are in addition to, and not in substitution of, the similar covenants contained in any such other agreements.
6.10    Whistleblower Rights.  Under the federal Defend Trade Secrets Act of 2016, Eligible Employees shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that:  (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; (b) is made to the Eligible Employee’s attorney in relation to a lawsuit for retaliation against such Eligible Employee for reporting a suspected violation of law; or (c) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing in this Plan shall (A) prevent any Eligible Employee from testifying truthfully as required by law, (B) prohibit or prevent any Eligible Employee from filing a charge with or participating, testifying, or assisting in any investigation, hearing, whistleblower proceeding, or other proceeding before any federal, state, or local government agency (e.g., EEOC, NLRB, SEC, etc.), or (C) prevent any Eligible Employee from disclosing Confidential Information in confidence to a federal, state, or local government official for the purpose of reporting or investigating a suspected violation of law.
ARTICLE VII 
ADMINISTRATION
7.1    Administrator.  This Plan shall be administered by the Administrator.  Prior to the occurrence of a Change of Control, the Administrator may delegate its authority under this Plan to an individual or another committee.  In addition, in the event of an impending Change of Control, the Administrator may appoint a Person (or Persons) independent of the third party effectuating the Change of Control to be the Administrator effective upon the occurrence of a Change of Control and such Administrator shall not be removed or modified following a Change of Control, other than at its own initiative (the “Independent Administrator”).  If the Administrator determines to appoint an Independent Administrator pursuant to this Section 7.1, the Independent Administrator shall be entitled to receive reasonable compensation as is mutually agreed upon between the Administrator and the Independent Administrator, and all reasonable expenses of the Independent Administrator shall be paid or reimbursed by the Company upon receipt of proper documentation by the Company.
7.2    Standard of Review.  Except as otherwise provided in this Plan, the decision of the Administrator (including the Independent Administrator) upon all matters within the scope of its authority shall be final, conclusive, and binding on all parties; provided that, in the event that no Independent Administrator is appointed upon the occurrence of a Change of Control, any determination by the Administrator of (a) whether a Termination of Employment constitutes a Termination for Cause or a Termination for Good Reason during the Change of Control Period or (b) the severance, rights, and benefits due to a Participant upon a Termination of Employment during the Change of Control Period shall be subject to de novo review.
7.3    Indemnification.  The Administrator, any delegee of the Administrator permitted under Section 7.1, and the Independent Administrator (if any) shall be indemnified by the 

-14-

Company against personal liability for actions taken in good faith in the discharge of the Administrator’s or the Independent Administrator’s duties hereunder.
ARTICLE VIII 
MISCELLANEOUS
8.1    Successors.  This Plan shall bind any successor of the Company, its assets, or its businesses (whether direct or indirect, by purchase, merger, consolidation, or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and to honor this Plan in the same manner and to the same extent that the Company would be required to honor it if no such succession had taken place, unless such successor succeeds to the Plan by operation of law.  The term “Company,” as used in this Plan, shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by this Plan.
8.2    Amendment, Suspension, and Termination.  Prior to a Change of Control or following the end of the Change of Control Period, this Plan may be amended, suspended, or terminated by written resolution of the Committee at any time; provided that no such amendment, suspension, or termination shall affect the Severance Benefits payable to any Participant who has experienced a Qualifying Termination prior to such amendment or termination.  During the Change of Control Period, this Plan may not, without the consent of all Eligible Employees, (a) be amended in any manner that would adversely affect the rights or potential rights of Eligible Employees, (b) suspended, or (c) terminated.
8.3    Compliance with Law.  Notwithstanding anything else contained herein, the Company shall not be required to make any payment or take any other action prohibited by law, including, but not limited to, any regulation, directive, or order of federal or state regulatory authorities.
8.4    Notices.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
if to the Participant:
At the address most recently on the books and records of the Company.

if to the Company:
Cardinal Health, Inc. 
7000 Cardinal Place 
Dublin, Ohio 43017 
Attention:  Chief Legal Officer

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or to such other address as the Company or any Participant shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.
8.5    Employment Status.  This Plan does not constitute a contract of employment or impose on any Participant, the Company, or any Affiliate of the Company, any obligation to retain any Participant as an employee.
8.6    Tax Withholding.  The Company may withhold from any amounts payable under this Plan such federal, state, local, or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
8.7    ERISA Status.  This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing severance benefits for a select group of management or highly compensated employees, or alternatively, is intended to be payroll practice plan not requiring an ongoing administrative program for paying benefits.  Consequently, this Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.  All payments pursuant to this Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment.  No Participant or other Person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in this Plan.  Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under this Plan.
8.8    Construction.  The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provision of this Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  The captions of this Plan are not part of the provisions hereof and shall have no force or effect.  Neither a Participant’s nor the Company’s failure to insist upon strict compliance with any provision of this Plan, or the failure to assert any right a Participant or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Plan.
8.9    Governing Law.  This Plan shall be governed by and construed in accordance with the laws of the State of Ohio, without reference to principles of conflict of laws.
8.10    Section 409A of the Code.
(a)    General.  It is intended that this Plan shall comply with the provisions of Section 409A of the Code and the Treasury Regulations relating thereto, or an exemption to Section 409A of the Code.  Any payments that qualify for the “short-term deferral” exception, the separation pay exception, or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of applying the exclusion 

-16-

under Section 409A of the Code for short-term deferral amounts, the separation pay exception, or any other exception or exclusion under Section 409A of the Code.  All payments to be made upon a Termination of Employment under this Plan that constitute “nonqualified deferred compensation” under Section 409A of the Code may only be made upon a “separation from service” under Section 409A of the Code.  In no event may a Participant, directly or indirectly, designate the calendar year of any payment under this Plan.
(b)    In-Kind Benefits and Reimbursements.  Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Participant’s lifetime (or during a shorter period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)    Delay of Payments.  Notwithstanding any other provision of this Plan to the contrary, if the Participant is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the applicable Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Participant under this Plan during the six-month period following the Participant’s separation from service (as determined in accordance with Section 409A of the Code) on account of the Participant’s separation from service shall be accumulated and paid to the Participant on the first business day of the seventh month following the Participant’s separation from service (the “Delayed Payment Date”) to the extent necessary to avoid the imposition of tax penalties under Section 409A of the Code.  The Participant shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Section 1274(d) of the Code for the month in which the Participant’s separation from service occurs.  If the Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of the Participant’s estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of the Participant’s death.
	
			
	 
	*    *    *    *
	 

As adopted by the Board of Directors of Cardinal Health, Inc. on September 24, 2018.

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Annex A

PLAN PARTICIPANTS
	
				
	Position
	Multiple
	COC Multiple
	Restricted Period

	Chief Executive Officer (“CEO”)   
	2.0x
	2.5x
	2 years

	Executive Officers (other than the CEO)   
	1.5x
	2.0x
	2 years

	Senior Vice President and Above (other than Executive Officers and the CEO)   
	1.5x
	2.0x
	1 year

A-1

Annex B

[Date]

[Participant]
[Address]
[City], [State] [Zip]

Re:    Confidential Severance Agreement and Release
Dear [Participant]:
The purpose of this letter (this “Agreement”) is to confirm the understanding and agreement by and between Cardinal Health, Inc. and all of its Affiliates (collectively referred to as “Cardinal Health” or the “Company”) and [Participant] (referred to as “You”) concerning your termination of employment with Cardinal Health.  Capitalized terms used herein without definition have the meanings ascribed to such terms in the Cardinal Health, Inc. Senior Executive Severance Plan (the “Severance Plan”).
Termination Date
You agree that your employment relationship with Cardinal Health will be terminated on [Date] (the “Termination Date”).
Severance Benefits
Subject to the terms and conditions of the Plan, Cardinal Health will provide you with the following Severance Benefits pursuant to Section [insert as applicable: “5.1” or “5.2”] of the Plan:
[insert amounts and types of severance benefits]
Release
You hereby release Cardinal Health and all of its affiliates and related entities, predecessors, successors, and assigns (whether to all or any part of such entities’ businesses), and all of such entities’ officers, directors, agents, representatives, attorneys, and employees (current and former) and their employee benefit plans and programs and their administrators and fiduciaries (all released individuals and entities are hereafter referred to as the “Releasees”), from any and all claims and causes of action that may exist, whether known or unknown, as of the date of your execution of this Agreement, with the exception of any unemployment compensation or workers’ compensation benefits claim You may have and any other claims that cannot be waived by law.  The scope of claims being released includes all causes of action to the extent permitted by law, including, but not limited to, claims under Cardinal Health’s policies or practices; claims for breach of any term or condition of an employee handbook or policy manual, including any claims for breach of any promise of specific treatment in specific situations; federal, state, local and common law fair employment practices or discrimination laws; laws pertaining to breach of 

B-1

contract or wrongful termination; claims arising under any whistleblowing, harassment, or retaliation laws; age discrimination claims under the Age Discrimination in Employment Act (“ADEA”), as amended, and/or the Older Workers Benefit Protection Act (“OWBPA”); any claim under the Uniformed Services Employment and Reemployment Rights Act, as amended, Title VII of the Civil Rights Act of 1964, as amended, the Equal Pay Act, the Genetic Information Nondiscrimination Act of 2008, the Americans with Disabilities Act, as amended, the Employee Retirement Income Security Act of 1974, as amended (excluding claims for accrued, vested benefits), the Family Medical Leave Act, as amended, Section 806 of the Sarbanes Oxley Act of 2002, as amended, and the Worker Adjustment and Retraining Notification Act, as amended; and any other state, federal, and/or local law, regulation, or decision relating to employment or termination of employment.
This Agreement does not prohibit You from pursuing a lawsuit, claim, or charge to challenge the validity or enforceability of this Agreement under ADEA or the OWBPA, nor does it render You liable for damages or costs, including attorneys’ fees, incurred by the Releasees in connection with a lawsuit, claim, or charge to challenge the validity or enforceability of this Agreement under the ADEA or the OWBPA.
This release does not apply to any claims arising after your execution of this Agreement.
[insert other provisions or modify as applicable]
Claims Not Released
You are not waiving any rights You may have to:  (a) your own vested accrued employee benefits under the Company’s health, welfare, or retirement benefit plans as of the Termination Date; (b) benefits and/or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes; (c) pursue claims that by law cannot be waived by signing this Agreement; (d) enforce this Agreement (including rights under Section 5.1 or 5.2 of the Plan, as applicable); (e) any rights to indemnification in respect of service as an employee or director and/or (f) challenge the validity of this Agreement.
Restrictive Covenants
You acknowledge and agree that your receipt of the Severance Benefits under this Agreement and the Plan is subject to your execution, delivery, and non-revocation of this Agreement and your continued compliance with the restrictive covenants set forth in Article VI of the Plan.  Please carefully read the terms and conditions of the Plan, including the restrictive covenants set forth in Article VI of the Plan.  By signing this Agreement, You are agreeing to be bound by the terms and conditions of the Plan, including the restrictive covenants set forth in Article VI of the Plan.
Written Affirmation of No Present Violation
You certify and warrant that:  (a) You are not presently aware of any unreported violation of Cardinal Health’s Standards of Business Conduct; (b) You are not presently aware of any 

B-2

work-related injury not properly disclosed to Cardinal Health; (c) upon receiving the payments and other entitlements outlined in this Agreement, You will have received all medical and other leave time and pay to which You are entitled; (d) You will have been paid for all hours worked; and (e) You have not exercised any actual or apparent authority by or on behalf of Cardinal Health that You have not specifically disclosed to Cardinal Health.
Review of Agreement
You agree and represent that You have been advised to consult with an attorney prior to executing this Agreement and You fully understand your right to discuss all aspects of this Agreement with an attorney of your choice.  Your execution of this Agreement establishes that, if You wish the advice of an attorney, You have done so by the date You signed the Agreement, and that You were given at least seven days to consider whether to sign.  You may sign this Agreement before the end of the seven-day period and You agree that if You decide to shorten this time period for signing, your decision was knowing and voluntary.  The parties agree that a change, whether material or immaterial, does not restart the running of said period.
[insert other provisions as or modify applicable]
Full Compliance
You acknowledge and agree that Cardinal Health’s agreement to provide benefits under this Agreement (other than the Accrued Obligations) is expressly contingent upon, and is consideration for, Your full compliance with the provisions of this Agreement and the Plan.
Successors
You and anyone who succeeds to your rights and responsibilities are bound by this Agreement and this Agreement will accrue to the benefit of and may be enforced by either party and their successors and assigns.  In the event of your death after the Termination Date and while any payment or entitlement remains due to you hereunder, such payment or entitlement shall be paid or provided to your designated beneficiary or beneficiaries (or if you have not designated a beneficiary, to your estate).
Severability
You agree that the validity or unenforceability of any provision of this Agreement shall not affect the validity or unenforceability of any remaining provisions.
Non-Mitigation; No Offset
Consistent with Section 4.2 of the Plan, upon termination of your employment, You shall have no obligation to mitigate damages or to seek other employment and there shall be no offset by the Company against any amounts or entitlements due under this agreement on account of any compensation or entitlements that You may receive from subsequent employment or on account of any claim that Company may have against You.

B-3

Governing Law
This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed by the parties to this Agreement.  It is not, and shall not, be interpreted or construed as an admission or indication that the Company has engaged in any wrongful or unlawful conduct of any kind.
You agree that all questions concerning the intention, validity, or meaning of this Severance Agreement and Release shall be construed and resolved according to the laws of the State of Ohio.  You also designate the federal and state courts of Franklin County, Ohio as the courts of competent jurisdiction and venue for any actions or proceedings related to this Severance Agreement and Release, and hereby irrevocably consent to such designation, jurisdiction and venue.
	
			
	 
	*    *    *    *
	 

B-4

I believe the foregoing accurately reflects the terms of your severance from Cardinal Health, and ask that You sign an extra copy of this letter to confirm your agreement.  You must return the signed Agreement to me by the expiration of the seventh day following your receipt of this agreement; otherwise, I will assume that You reject this offer and it will no longer be available to You.
	
						
	 
	 Sincerely,

 CARDINAL HEALTH, INC.

	 
	 
	 

	 
	By:
	 
	 

	 
	 
	Name:

	 
	 
	Title: 

	
						
	Agreed to:
	 
	 

	 
	 
	 
	 

	 
	 
	 

	[Participant]
	 
	Date

B-5

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