Document:

EX-10.12

 Exhibit 10.12 

EXECUTIVE EMPLOYMENT AGREEMENT 

This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of May 1, 2017, by and between
Costantino Lanza, an individual (“Executive”), and mCloud Corporation, a company incorporated in the State of Delaware (the “Company”), with reference to the following facts: 

RECITALS 

A.    The Company is engaged in the provision of a highly secure Asset Circle of Care solution comprised
of mobility platform with cloud-based data sharing and advanced software to optimize reliability, longevity, performance and care of critical assets (equipment and technology that is usually not core to the business) in industrial and commercial
settings. 
 B.    The Company desires to employ Executive and to reinforce and encourage
Executive’s attention and dedication to the Company as a member of the Company’s management in the best interests of the Company and its equity holders. 

C.    Executive is willing to commit to serve the Company on the terms and conditions herein provided.

 NOW, THEREFORE, in consideration of the foregoing recitals and the covenants and agreements of the parties contained
herein, the parties hereto hereby agree as follows: 
 AGREEMENT 

1.    Employment. The Company hereby agrees to employ Executive, and Executive hereby agrees to
accept such employment and serve the Company and any of its subsidiaries (if any) on the terms and conditions set forth herein. Executive shall devote all of Executive’s full working time and energy exclusively to performing the services and
duties of Executive’s employment hereunder to the best of Executive’s ability and utilizing all of Executive’s skills, experience and knowledge. Except as approved by the CEO, Executive shall not engage or participate in the operation
or management of, or render any services to, any other business, enterprise or individual, directly or indirectly, during the Term (as defined below; provided, however, that Executive shall be permitted to serve on the board of
directors of other companies, so long as such service does not interfere with Executive’s performance of his duties and obligations hereunder. 

2.    Term. The term of Executive’s employment hereunder shall be for a period commencing on
May 1, 2017 (the “Start Date”) and, unless Executive’s employment with the Company is earlier terminated pursuant to Section 6 hereof, shall continue until the two (2) year anniversary of the Start Date (the
“Initial Term”) and, if not so earlier terminated, shall be automatically renewed for additional one (1) year terms (each a “Renewal Term,” and together with the Initial Term, the “Term”)
thereafter unless written notice to the contrary is provided by either party to the other at least ninety (90) days prior to the expiration of the Term. The date of Executive’s termination of employment shall be herein referred to as the
termination date (the “Termination Date”). 

  
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 3.    Positions and Duties. Executive shall serve
as the Chief Growth Officer (CGO) of the Company. Executive shall report directly to the Chief Executive Officer. 

4.    Compensation. As compensation for Executive’s services to be performed hereunder, the
Company shall provide Executive with the following compensation and benefits: 
 A.    Salary.
Executive’s base salary shall be Two Hundred and Fifty Thousand United States Dollars ($250,000) per year. Executive’s base salary shall be payable in accordance with the Company’s current payroll practices and shall be subject to
such withholding as is required by law. The Board (or its Compensation Committee, if and as delegated by the Board) shall review Executive’s annual base salary on the six (6) month anniversary of the Start Date and from time to time
thereafter and may, in its discretion, decide to increase Executive’s base salary. The Company may not decrease Executive’s base salary at any time without Executive’s written consent except in connection with a pro rata reduction in
the base salaries of all executive employees of the Company due to unforeseen economic exigencies. 

B.    Stock Award. Executive has been granted 95,000 shares of common stock of the Company, as
defined in the Common Stock Purchase Agreement. 
 C.    Annual Bonus and Grants under Stock Option
Plan. The Company intends, prior to the six (6) month anniversary of the Start Date, to undertake actions reasonably necessary to adopt and implement an annual bonus plan and a stock option plan for the benefit of the Company’s
employees, consultants and directors generally, in a manner which best serves the purposes of the Company. Assuming Executive’s continued employment at such time, Executive shall be eligible to participate in such plans pursuant to the terms
and provisions as set forth therein and any agreement(s) executed and delivered thereunder. 

D.    Vacation, Holiday and Sick Leave. In accordance with Company PTO policy, Executive shall be
entitled to accrue [twenty-five (25)] days of paid vacation each year (prorated for partial years worked), which may be carried over from year to year. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive
and, unless otherwise agreed upon by the Company under specific circumstances. Any accrued and unused vacation shall be paid to Executive upon termination. The Company shall provide Executive with paid timed off (for holiday, paid sick leave, and
other personal time), as provided by the Company to other executive employees of comparable stature. 

E.    Health Benefits. Executive and Executive’s dependents will be eligible to participate in
such group health insurance plans as the Company offers to other executive employees of comparable stature, pursuant to the terms and conditions of those plans. The amount, eligibility, and extent of the benefits shall be governed by the applicable
benefit plan or program of the Company as in force from time to time. 
 F.    Business Expenses.
The Company will reimburse Executive for reasonable and necessary travel and accommodation costs, entertainment and other business expenses incurred as a necessary or advisable part of discharging Executive’s duties hereunder, subject to
receipt of reasonable and appropriate documentation as required by the Company. 

  
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 5.    Executive Covenants. Executive agrees, as a
condition of employment, to execute and comply with the Company’s Confidential Information and Inventions Assignment Agreement set forth on Exhibit A attached hereto. 

6.    Termination. Executive acknowledges and agrees that, notwithstanding anything to the contrary
in this Agreement or otherwise, Executive’s employment with the Company is, and will at all times during the Term be “at-will” and “at-will”
employment means that Executive’s employment relationship with the Company may be terminated at any time for any reason, or for no reason, and with or without notice, by either party without further obligation, except as expressly
provided for in this Agreement. 
 A.    Termination without Cause. Without limiting any
provision in Section 6, the Company may terminate Executive’s employment without Cause (other than for Death or Disability) upon written notice. 

B.    Termination on Death. Without limiting any provision in Section 6, Executive’s
employment shall terminate upon Executive’s death. 
 C.    Termination on Disability.
Without limiting any provision in Section 6, Executive’s employment hereunder may be terminated by the Company at any time as a result of Executive’s Disability effective upon written notice to Executive to that effect. As used
herein, “Disability” shall mean a physical or mental incapacity as a result of which Executive shall be unable to perform the essential functions of his job duties with the Company, with or without reasonable accommodation, for
either sixty (60) consecutive days or more (excluding any vacation to which Executive is entitled and elects to take), or for a cumulative period equivalent to ninety (90) days out of any period of one hundred eighty (180) consecutive
days, all as determined in good faith by an independent medical doctor (selected by the Company’s health insurer and reasonably acceptable to Executive or his legal representative). 

D.    Termination for Cause. Without limiting any provision in Section 6, Executive’s
employment hereunder may be terminated by the Company for Cause at any time effective upon written notice to Executive which specifies the reason(s) for Executive’s termination for Cause. As used herein, “Cause” shall mean the
occurrence of any one of the following events: 
 i.    Conduct by Executive involving fraud, material
dishonesty or breach of trust in connection with Executive’s performance of Executive’s duties to Company hereunder or any material breach by Executive of any statutory of common law duty of loyalty to the Company; 

ii.    Any act or other omission that (in the reasonable discretion of the Board or the Chairman of the
Board) has caused or is likely to cause detrimental notoriety or material financial harm to the Company; 

iii.    Executive’s conviction of, or the entry of a pleading of guilty or nolo contendere by
Executive to, (a) a felony or (b) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; 

  
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 iv.    Executive’s repeated failure, gross
negligence to perform or a material breach of Executive’s duties and responsibilities assigned or delegated under this Agreement in the reasonable satisfaction of the CEO, or his failure to follow the reasonable instructions of the Board, in
the reasonable judgment of the CEO, provided however, that prior to any termination pursuant to this Section 6.D.(iv), the Company must give written notice to Executive within sixty (60) days of any event triggering this
Section 6.D.(iv) and Executive shall thereafter have the right to remedy the condition, if such condition can be remedied, within thirty (30) days of the date Executive received the written notice. If Executive does not remedy the condition
within the thirty (30) day cure period to the reasonable satisfaction of the Board or the CEO, or if Executive repeats any event or condition triggering this Section 6.D.(iv), then the Company may deliver a notice of termination for Cause
to Executive effective upon delivery of such notice; or 
 v.    A material breach by Executive of any
of Executive’s obligations or covenants under the Confidential Information and Inventions Assignment Agreement. 

E.    Termination for Good Reason. Without limiting any provision in Section 6,
Executive’s employment hereunder may be terminated by Executive for Good Reason at any time; provided, however, to constitute a termination for Good Reason, (a) Executive will reasonably determine that a Good Reason condition
has occurred; (b) Executive will provide notice to the Company of the event constituting Good Reason within sixty (60) days of the occurrence of the event; (c) Executive may not terminate employment pursuant to this Section 6.E
unless the Company fails to take action to remedy the event constituting Good Reason within thirty (30) days of such notice (the “Cure Period”); and (d) Executive terminates his employment within sixty (60) days after
the end of the Cure Period. As used herein, “Good Reason” shall mean the occurrence of any one of the following events, unless such event is approved in writing by Executive: 

i.    A material negative change to Executive’s title, authorities, duties and responsibilities as
set forth under this Agreement; 
 ii.    A material reduction in Executive’s then existing base
salary except in connection with a pro rata reduction in the base salaries of all executive employees of the Company due to unforeseen economic exigencies.; 

iii.    A material breach by the Company of any of its obligations or covenants under this Agreement
(including the failure to pay amounts due to Executive under this Agreement); or 
 iv.    The failure
of any successor-in-interest to the Company to assume all of the obligations of the Company under this Agreement. 

F.    Resignation. Without limiting any provision in Section 6, Executive may voluntarily
terminate his employment without Good Reason at any time upon written notice to the Company. 

  
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 7.    Obligations Following Termination of
Employment. 
 A.    Non-Severance Termination. In the
event Executive’s employment is terminated during the Term, (a) by Executive for any reason other than for Good Reason or (b) by the Company for Cause, then the Company shall solely be obligated to pay or provide Executive: 

i.    Accrued Salary. On the Termination Date, a lump sum amount (subject to applicable
withholdings), equal to all accrued and unpaid salary through the Termination Date; 

ii.    Accrued Vacation. On the Termination Date, all accrued but unused vacation (subject to
applicable withholdings), through the Termination Date; 
 iii.    Vested Benefits. Executive
shall be entitled to receive any vested benefits in accordance with the terms of the applicable plan or program and applicable law; and 

iv.    COBRA. Notice of Executive’s rights under the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”), as may be expressly required by applicable law and payment of COBRA premiums for 12 months. 

Section 7.A. (i)-(iv) shall be referred to herein as the “Accrued Obligations.” 

B.    Severance Termination. Upon termination of Executive’s employment during the Term, and
except for the Accrued Obligations set forth in Section 7.A, Executive is not entitled to receive any severance payments or termination benefits from the Company except as expressly set forth in this Section 7.B and under the
circumstances described in this Section 7.B. In the event Executive’s employment is terminated during the Term (a) by the Executive for Good Reason, (b) as a result of Executive’s death or Disability, or (c) by
the Company without Cause, the Company shall pay or provide Executive (or in the case of Executive’s death, Executive’s executors, administrators or assigns), subject to an irrevocable Release (defined below): 

i.    A lump sum amount, payable on the thirtieth (30th) day following the Termination Date, equal to:
Twelve (12) months of Executive’s then existing monthly base salary on the Termination Date, (the “Lump Sum Severance Payment”); and 

ii.    All unvested shares in the Executive’s Common Stock Purchase Agreement referred to in 4 (B)
above shall vest immediately upon termination: and 
 iii.    COBRA. The Company shall make
monthly taxable payments to Executive (the “Health Severance”), with the understanding that Executive is free to purchase health insurance under COBRA, to the extent available, or not at all, and that the monthly amount of any
Health Severance shall not exceed the Company’s monthly cost to provide Executive and his family if applicable with health insurance coverage immediately prior to Executive’s termination of employment with the Company, until the earlier of
(a) twelve (12) months after the Termination Date; (b) the date on which Executive becomes eligible for coverage under the health plan of another employer or through self-employment; or (c) the date on which Executive is no longer
eligible for coverage under COBRA for any reason; provided, however, that the Health Severance shall be subject to and paid only if and to the extent permitted by the Patient Protection and Affordable Care Act of 2010, as amended by
the Health Care and Education Reconciliation Act of 2010, and other applicable law. Executive agrees to give notice to the Company promptly should the conditions under subparagraphs (b) or (c) occur. All of the Company benefit plans and
programs applicable to terminated employees, if any, will be governed by the standard terms and conditions of such plans and programs: and 

  
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 iv.    In the event of a Change in Control as defined
in the Acceleration Provisions section of the Common Stock Purchase Agreement, the Executive will receive a severance payment in the form of a lump sum amount, payable on the thirtieth (30th) day following the Termination Date, equal to: Twenty-Four
(24) months of Executive’s then existing monthly base salary on the Termination Date, plus 7. B. ii and iii above. 
 The payments
of any amounts or the delivery of any benefits to Executive under this Section 7.B (including, without limitation, the Lump Sum Severance Payment) (a) shall not entitle Executive to continuation of Company benefits of any kind after the
Termination Date, (b) shall be subject to applicable withholdings, and (c) will be in lieu of any other severance benefits or payments now or hereafter payable or provided by the Company to its employees or executives. 

C.    Full General Release. Notwithstanding anything in this Agreement, the obligation of the
Company to pay any severance pursuant to Section 7.B will be expressly conditioned upon (a) the execution, delivery, non-revocation during any applicable revocation period of, and compliance with, a
full general release of claims by Executive, releasing all claims known or unknown that Executive may have against the Company and its affiliates as of the date of such release, and allowing such release to become effective, subject to the
continuing rights and obligations of this Agreement (the “Release”), and (b) written acknowledgment by Executive of Executive’s continuing obligations with respect to the protection of the confidential information and
intellectual property of the Company as set forth in the Confidential Information and Inventions Assignment Agreement and incorporated into this Agreement (the “Acknowledgement”). The Release and Acknowledgment shall each be
executed and delivered by the Executive in a form acceptable to the Company within forty-five (45) days following Executive’s termination and the first payment of any severance payment following the termination of employment of Executive
hereunder shall be made on the sixtieth (60th) day following Executive’s termination assuming the Release is irrevocable as of that date. 

8.    Right to Enter into Agreement. Executive has the unfettered right to enter into this
Agreement and all of the terms, covenants and conditions herein, and Executive has not done or permitted to be done anything which may curtail or impair any of the rights granted to the Company herein. The Company also represents that it has the
unfettered right to enter into this Agreement and to perform all of the terms, covenants and conditions herein. 

9.    Assignment. This Agreement shall inure to the benefit of and shall be binding upon the
successors and assigns of the Company. Since this Agreement is based upon the abilities of and personal confidence in Executive, Executive shall have no right to assign this Agreement or any of Executive’s rights hereunder without the prior
written consent of the Company. This Agreement may be assigned by the Company to a person or entity which is an affiliate or a successor in interest to substantially all of the business operations of the Company. 

10.    Severability. If any provision of this Agreement shall be found invalid by any court of
competent jurisdiction, such findings shall not affect the validity of any other provision hereof and the invalid provisions shall be deemed to have been severed herefrom. 

  
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 11.    Waiver of Breach. The waiver by any party
of the breach of any provision of this Agreement by the other party or the failure of any party to exercise any right granted to it hereunder shall not operate or be construed as the waiver of any subsequent breach by such other party nor the waiver
of the right to exercise any such right. 
 12.    Withholding. All compensation (including
bonuses and severance, if applicable) payable by the Company to Executive hereunder shall be reduced prior to the delivery of such payment to Executive by an amount sufficient to satisfy any applicable federal, state, local or other tax withholding
requirements. 
 13.    Notices. Any notice, consent or other communication under this Agreement
shall be in writing and shall be delivered personally, sent by facsimile transmission or overnight courier (regularly providing proof of delivery) or sent by registered, certified, or express mail and shall be deemed given when so delivered
personally, sent by facsimile transmission or overnight courier, or if mailed two (2) days after the date of deposit in the United States mail. Notice to parties shall be delivered or mailed to the following addresses (or to such other address
as a party may specify by written notice): 
  

					
		 	If to Executive:	  	Costantino Lanza
		 		  	 1644 Valecroft Avenue
 Westlake
Village, CA 91361

			
		 	If to the Company:	  	mCloud Corporation
		 		  	 580 California Street, 12th Floor

San Francisco, CA 94104

		 		  	Attn: [HR Director]

 14.    Entire Agreement. This Agreement including its exhibits
contains the entire agreement of the parties relating to the subject matter hereof and supersedes all agreements and understanding with respect to such subject matter not described herein, and the parties hereto have made no other agreements,
representations or warranties, oral or written, relating to the subject matter of this Agreement. 

15.    Modification. This Agreement may be amended, modified, superseded or cancelled only by a
written instrument signed by the Executive and the Company (where such amendment has been approved by a majority of the Board, excluding the Executive, if applicable). 

16.    Choice of Law. This Agreement is made under and shall be governed by and construed in
accordance with the laws of the State of California without regard for conflicts of laws principles. 

17.    Arbitration. In consideration of the Company employing Executive, and the salary and
benefits provided under this Agreement, Executive and the Company agree that all claims arising out of or relating to Executive’s employment, including its termination, shall be resolved by binding arbitration. This Agreement expressly does not
prohibit either party from seeking an application for a provisional remedy pursuant to Cal. Code Civ. Proc. Section 1281.8. The dispute will be arbitrated in accordance with the rules of the American Arbitration Association
(“AAA”) 

  
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under its existing Employment Arbitration Rules. These rules may be found at http://www.adr.org and are attached hereto as Exhibit B. The Company shall pay for the arbitration
administrative costs and arbitrator’s fees pursuant to applicable law and the AAA rules. Each party in the arbitration shall bear his/its own attorneys’ fees and legal costs. The parties agree to file any demand for arbitration within the
time limit established by the applicable statute of limitations for the asserted claims. Failure to demand arbitration within the prescribed time period shall result in waiver of said claims. The parties agree that the arbitration will be conducted
in San Francisco, California. This pre-dispute resolution agreement will cover all matters directly or indirectly arising out of or related to Executive’s employment, recruitment, relocation and/or
termination of employment, including, but not limited to, claims involving laws against any form of discrimination or wrongful termination, and whether brought under federal or state law, and/or claims involving other employees. Excluded from this
arbitration provision are workers’ compensation claims, unemployment insurance claims or any other claim which is not subject to arbitration by law. THE PARTIES UNDERSTAND AND AGREE THAT THEY ARE WAIVING THEIR RIGHTS TO BRING SUCH CLAIMS TO
COURT, INCLUDING THE RIGHT TO A JURY TRIAL. 
 18.    Interpretation of Agreement. This Agreement
has been negotiated at arm’s length and between persons sophisticated and knowledgeable in the matters dealt with in this Agreement. In addition, each party has been represented by experienced and knowledgeable legal counsel and Executive has
had the opportunity to consult with a tax advisor of his choosing. Executive has entered into this Agreement with the Company knowingly and voluntarily, based on his own judgment and not on any representations, inducement or promise other than those
contained in this Agreement. Accordingly, any rule of law or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted it is not applicable and is waived. The provisions of this
Agreement shall be interpreted in a reasonable manner to affect the purpose of the parties and this Agreement. 

19.    Attorneys’ Fees. Subject to applicable law, in any action to enforce the terms of this
Agreement, the prevailing party shall be reimbursed by the non-prevailing party for such prevailing party’s reasonable attorneys’ fees and costs, including the costs of enforcing a judgment. Subject
to applicable law, Executive is under no contractual or legal obligation to mitigate his damages in order to receive the severance benefits provided under this Agreement. 

20.    Indemnification. Executive shall be entitled to the benefit of any indemnification
provisions and directors’ and officers’ liability insurance that is provided to other officers of the Company. 

21.    Headings. The headings in this Agreement are solely for the convenience of reference and
shall not affect its interpretation. 
 22.    Counterparts; Facsimile. This Agreement may be
executed by facsimile or PDF and in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 23.    Compliance with
Section 409A of the Internal Revenue Code. This Agreement is intended to comply with, or otherwise be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the rules
and regulations promulgated thereunder (collectively, “Section 409A”). The Company and the Executive agree that they will consider in good faith any and all amendments to this Agreement either may deem necessary
to ensure compliance with the provisions of Section 409A. However, Executive hereby acknowledges and agrees that he bears the entire risk of any such adverse federal and State tax consequences and penalty taxes in the event any payment pursuant
to this Agreement is deemed to be subject to and not compliant with Section 409A, and that no representations have been made to Executive relating to the tax treatment of any payment pursuant to this Agreement under Section 409A of the
Code and the corresponding provisions of any applicable State income tax laws. 
 Notwithstanding anything to the contrary
in this Agreement, any payments or benefits due hereunder upon a termination of employment which are a “deferral of compensation” within the meaning of Section 409A shall only be payable or provided to Executive upon a
“separation from service” as defined for purposes of Section 409A. In addition, if Executive is a “specified employee” as determined pursuant to Section 409A as of the date of his separation from service, as so defined,
and if any payments or entitlements provided for in this Agreement constitute a “deferral of compensation” within the meaning of Section 409A and cannot be paid or provided in the manner provided herein without subjecting Executive to
additional tax, interest or penalties under Section 409A, then any such payment or entitlement which is otherwise payable during the first six months following Executive’s separation from service shall be paid or provided to Executive in a
lump sum on the earlier of (a) the first business day of the seventh calendar month immediately following the month in which his separation from service occurs and (b) the date of the Executive’s death. To the extent required to
satisfy the provisions of the foregoing sentence with respect to any benefit to be provided in-kind, the Company shall bill Executive, and Executive shall promptly pay, the value for tax purposes of any such
benefit and the Company shall therefore promptly refund the amount so paid by Executive as soon as allowed by the foregoing sentence. 

For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a
right to a series of separate payments. With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, Executive, as specified under this Agreement, such reimbursement of expenses
or provision of in-kind benefits shall be subject to the following conditions: (a) the expenses eligible for reimbursement or the amount of in-kind benefits
provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement
providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (b) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and
(c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
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 WHEREFORE, the parties hereto have executed this Agreement as of the day and year first set
forth above. 
  

					
	EXECUTIVE:	 	
		 		 	 Digitally signed by Costantino Lanza

Date: 2017.05.25
 09:03:18 -07’00’

		 	
	By:	 	/s/ Costantino Lanza
	Name:	 	Costantino Lanza
		
	THE COMPANY:	 	
		
	mCloud Corp.	 	
			
	By:	 	/s/ Russel McMeekin	 	
	Name:	 	Russel McMeekin	 	
	Title:	 	CEO	 	

  
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 Exhibit A 

Confidential Information and Inventions Assignment Agreement 

  
 1 

 Exhibit B 

AAA Rules 
 American Arbitration
Association 

  
 1EX-10.13

 Exhibit 10.13 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT made as of the 24 th day of May 2019 

BETWEEN: 
 UNIVERSAL MCLOUD CORP.

 (the “Employer”) 

-and- 
 CHANTAL SCHUTZ 

(the “Employee”) 

WHEREAS the Employer and the Employee have agreed that, effective on the date hereof, the Employee will become employed
by the Employer. 
 NOW THEREFORE in consideration of the mutual covenants and promises set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Employer and the Employee, the parties hereby covenant and agree as follows: 

ARTICLE I – DEFINITIONS AND INTERPRETATION 

1.1    Definitions. For the purposes of this Agreement, the following words and phrases shall have the following meanings: 

 

	 	(a)	 “Affiliate” has the same meaning as given to such word in the Securities
Act (Ontario). 

  

	 	(b)	 “Benefits” means those benefits, perquisites and allowances as described in
Section 3.2, but only to the extent that the Employee is participating in them as at the Date of Termination. 

  

	 	(c)	 “Board” means the board of directors of the Employer. 

 

	 	(d)	 “Business” means the business of the Employer, being the provision of asset care solutions,
and any other line of business actively carried on by the Employer or by any of its Affiliates or, to the knowledge of the Employee, in the active contemplation of the Employer or any of its Affiliates and reflected in a written business or
strategic plan as at the Date of Termination. 

  

	 	(e)	 “Confidential Information” means information disclosed or accessible to the Employee or
acquired by the Employee as a result of her employment with the Employer and which is not in the public domain or otherwise required to be disclosed by applicable law and includes, but is not limited to, information relating to the Employer’s
or any of its Affiliates’ current, future or proposed products/services or development of new or 

	 	 
improved products/services, marketing strategies, sales or business plans, the names and information about the Employer’s or any of its Affiliates’ past, present and prospective
customers and clients, technical data, records, reports, presentation materials, interpretations, forecasts, test results, formulae, projects, research data, personnel data, budgets, unpublished financial statements or other financial information,
Innovations (as hereinafter defined), personal information relating to any employees, officers or directors, and any other information known by the Employee to have been received by the Employer from third parties pursuant to an obligation of
confidentiality. For purposes of this definition, the word “Affiliates” shall include any officer, director or shareholder of an Affiliate of the Employer. 

 

	 	(f)	 “Date of Termination” means the date of cessation of the Employee’s employment with
the Employer, regardless of the reason therefor and without regard to any notice of termination, pay in lieu of notice of termination, severance, or other damages paid or payable to the Employee, whether pursuant to this Agreement or at law.

  

	 	(g)	 “ESA” means the Employment Standards Act (British Columbia) or such other
employment/labour standards legislation as may be applicable to the Employee’s employment with the Employer. 

  

	 	(h)	 “Incapacity to Work” means any incapacity or inability by the Employee, including any
physical or mental incapacity, disease or affliction of the Employee as determined by the Employer, acting reasonably and in good faith, which has prevented or which will likely prevent the Employee from performing the essential duties of her
position (taking into account such accommodation as may be required by applicable law). 

  

	 	(i)	 “Innovations” means any of the following: inventions, processes and improvements (whether
or not protectable under patent laws); techniques, ideas, concepts and programs; works of authorship and information fixed in any tangible medium, including source code for software (whether or not protectable under copyright laws) and all moral
rights therein; mask works or integrated circuit topography; trademarks, trade names, trade dress and trade secrets and know-how (whether or not protectable under trade secret laws); any subject matter
protectable under patent, copyright, mask work, trademark, trade secret or other similar laws; and any derivative works, improvements, renewals, extensions or continuations relating to any Innovation. 

 

	 	(j)	 “Just Cause” means any conduct by the Employee which would constitute just cause for
dismissal as recognized by law and shall, for greater certainty, include (i) a refusal or a wilful failure by the Employee to comply with a lawful directive from the Board that is not cured within thirty (30) days’ written notice to
the Employee from the Employer of any such default, and (ii) a breach by the Employee of any provision of Articles V or VI of this Agreement. 

  

	 	(k)	 “Person” means an individual, corporation, body corporate, partnership, joint venture,
association, syndicate, trust or unincorporated organization and any trustee, executor, administrator or other legal representative. 

  

	 	(l)	 “Restricted Period” means the period during which the Employee is employed by the Employer
together with the eighteen (18) month period following the Date of Termination. 

  
 - 2 - 

 ARTICLE II – EMPLOYMENT: POSITION AND DUTIES 

2.1    Position and Term. Subject to the terms and conditions set out in this Agreement, the Employer hereby agrees
to employ the Employee, and the Employee hereby agrees to serve the Employer, in the position of Executive Vice President, Chief Financial Officer, together with such other positions, offices or directorships of the Employer or its Affiliates as may
be assigned to the Employee by the Employer. The term of the Employee’s employment shall commence on the date hereof and shall be for an indefinite duration, subject to early termination in accordance with the terms of this Agreement. 

2.2    Full-Time. The Employee’s position with the Employer (including, if applicable, with its Affiliates) is
intended to be full-time. With the exception of her commitments as a Officer , Director and Investor in NYCE throughout the duration of her employment, the Employee shall devote her full working time and attention on an exclusive basis to the
business and affairs of the Employer, acting in the best interests of the Employer at all times. The Employee shall not accept nor hold any position as an officer, director, employee, consultant, or any like position for or on behalf of any Person
without the prior written approval of the Employer, which approval may be withheld in the Employer’s sole discretion. 

2.3    Duties; Reporting. The Employee shall report to and be subject to the general direction of Russ McMeekin,
CEO (RM), performing such duties and responsibilities consistent with her position as may be assigned to him. The Employee shall perform all duties in accordance with the instructions of the RM or as otherwise may be designated by the RM, and all of
the Employer’s policies and codes of conduct, rules and regulations in effect from time to time. The Employer retains full authority to change the Employee’s duties and responsibilities and reporting relationships and to assign new duties
and responsibilities provided that such changes do not result in a material diminution of the scope or dignity of the Employee’s overall duties and responsibilities. 

2.4    Employee’s Covenant. The Employee represents and warrants to the Employer that:
(i) she is free to enter into this Agreement and that she is not subject to any obligation or restriction (whether under contract, statute, at common law or otherwise) which would prevent or interfere with the performance of all of her
obligations hereunder (including, without limitation, any non-competition obligation or restriction or any fiduciary duty to any current or former employer or any Person for or of which the Employee is or at
any time was a director, officer or security holder); and (ii) the execution and delivery of this Agreement by the Employee, the acceptance by the Employee of employment with the Employer, and the performance by the Employee of all of her
obligations hereunder will not give rise to any claim or right (whether under contract, statute, at common law or otherwise) on the part or in favour of any Person (i) against the Employee or the Employer (or any of its Affiliates), or (ii) to
any ownership interest in any intellectual property or other assets or property of the Employer or any of its Affiliates, including any Innovations which the Employee, solely or jointly with others conceives, reduces to practice, creates, derives,
develops or makes in the course of or related to the Employee’s employment with the Employer. 
 ARTICLE III – COMPENSATION AND
BENEFITS 
 3.1    Base Salary. During the Employee’s active employment with the Employer, the Employer
shall pay to the Employee a base salary of CDN$200,000 annually, such payments to be made semi-monthly by electronic deposit. 

3.2    Benefits. During the Employee’s employment with the Employer, but subject in all cases to eligibility
and compliance with any waiting periods, the Employee shall be entitled to participate in all group insurance/benefit plans and policies provided to similarly situated employees of the Employer. The Employee’s entitlements, if any, are subject
to and shall be governed by the terms and conditions of all applicable plans and policies. 

  
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 3.3    Vacation. The Employee shall be entitled to the same
benefits available to other employees of the Company, such vacation to extend for such periods and to be taken at such intervals as shall be appropriate and consistent with the proper performance of the Employee’s duties and as agreed upon
between the Employee and the Employer. Accumulated vacation time or pay may not be carried forward except in accordance with the Employer’s policies or with the Employer’s prior written approval. 

3.4    Participation in Incentive Plans. The Employee will be entitled to participate in the equity incentive plan
of the Employer, as the same may be amended from time to time, and in any other bonus or incentive plan established by the Board for the benefit of employees of the Employer and its Affiliates, unless otherwise determined by the Board. The
Employee’s rights and obligations as the holder of any stock options (or any other equity interest in the Employer) shall be governed by the terms of the agreement or other document governing the terms of the applicable plan. 

Subject to the formal approval of the Board of Directors, the Employee will receive 250,000 shares of restricted stock and 250,000 options
priced in accordance with the Company’s policies. The terms and conditions that will govern these and any other equity incentives will be provided at a later date by the Company. 

The Employee will also be eligible to participate in the management bonus program with a target of 40% of base salary. Payouts will be
determined based on a combination of performance metrics set forth by the Board of Directors and individual performance objectives to be mutually agreed upon. 

3.5    No Other Benefits/Aggregate Compensation. The Employee is not entitled to any other payment, benefit,
perquisite, allowance or entitlement other than as specifically set out in this Agreement. For greater certainty, the compensation and benefits set out in this Agreement (including any payments or benefits which may be owing to the Employee pursuant
to Article IV) represent the aggregate of all compensation and benefits to which the Employee is entitled from the Employer or any of its Affiliates, including for any services as an employee, officer or director. In the discretion of the Employer,
payment of such compensation or benefits may be provided to the Employee by the Employer or by any of its Affiliates. 

3.6    Withholding. All amounts paid or payable and all benefits, perquisites, allowances or entitlements provided
to the Employee under this Agreement are subject to applicable taxes and withholdings; for greater certainty, to the extent required by law, the benefits, perquisites and allowances provided for in this Agreement and all payments referred to in
Article IV shall be deemed to be taxable benefits. Accordingly, the Employer shall be entitled to deduct and withhold from any amount payable to the Employee hereunder such sums that the Employer is required to withhold pursuant to any federal,
provincial, state, local or foreign withholding or other applicable taxes or levies. Notwithstanding the foregoing, the Employee acknowledges and agrees that he is solely responsible for all tax liability arising from the Employee’s receipt of
any payments, benefits, perquisites, allowances or entitlements as set out in this Agreement. 
 ARTICLE IV – TERMINATION OF
EMPLOYMENT 
 4.1    Early Termination. Notwithstanding any other provision in this Agreement, the
Employee’s employment is subject to early termination at any time prior as follows: 
  

	 	(a)	 Death. This Agreement and the Employee’s employment shall automatically terminate upon the death
of the Employee. 

  

	 	(b)	 Incapacity to Work. In the event of an Incapacity to Work, the Employer shall be entitled to
terminate this Agreement and the Employee’s employment upon thirty (30) days’ written notice to the Employee. In any event, the Employer shall be entitled to fill the Employee’s position(s) on an interim or permanent basis acting
in the best interests of the Employer in the event of an Incapacity to Work. 

  
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	 	(c)	 Just Cause. The Employer may terminate this Agreement and the Employee’s employment at any time
forthwith for any Just Cause. 

  

	 	(d)	 Resignation. The Employee may terminate this Agreement and his employment at any time by providing
written notice to the Employer specifying the effective Date of Termination, such date being not less than thirty (30) days after the date of the notice. The Employer may elect to deem any date prior to the date specified in the notice as the
Date of Termination. 

  

	 	(e)	 Without Just Cause. The Employer may terminate this Agreement and the Employee’s employment
without Just Cause at any time by providing written notice to the Employee specifying the effective Date of Termination (which may be forthwith). In such event, the Employer shall provide and the Employee shall be entitled to receive the payments,
benefits and entitlements set out in Section 4.4. 

 4.2    Termination by Reason of Death or
Incapacity to Work. If this Agreement and the Employee’s employment is terminated pursuant to either Section 4.1(a) or Section 4.1(b), then the Employer shall, to the extent not already paid, pay to the Employee an amount equal to
the base salary and vacation pay earned by and payable to the Employee up to the Date of Termination and the Employee shall have no entitlement to any further notice of termination, payment in lieu of notice of termination, severance, or any damages
whatsoever other than the minimum requirements pursuant to the ESA. The Employee’s entitlement to and participation in the Benefits and in all other benefits, perquisites, allowances or other entitlements whatsoever shall terminate
automatically and immediately upon the Date of Termination (except for any insurance benefits to which the Employee or her assigns may be entitled as a result of her death or disability, which insurance benefits shall be in accordance with the then
applicable policies and plans). The Employee’s participation in and eligibility for all bonus or incentive plans or other equity or profit participation plans shall terminate immediately upon the Date of Termination and the Employee shall only
be entitled to any additional bonus or incentive award earned pro rata up to the Date of Termination, in addition to any amounts that may have been earned and owing as of the Date of Termination. 

4.3    Termination for Just Cause or Resignation. If this Agreement and the Employee’s employment is
terminated pursuant to Section 4.1(c) or in the event of a resignation by the Employee pursuant to Section 4.1(d), then the Employer shall pay to the Employee an amount equal to the base salary and vacation pay earned by and payable to the
Employee up to the Date of Termination and the Employee shall have no entitlement to any further notice of termination, payment in lieu of notice of termination, severance, or any damages whatsoever. The Employee’s entitlement to and
participation in the Benefits and in all other benefits, perquisites, allowances or other entitlements whatsoever shall terminate automatically and immediately upon the Date of Termination. The Employee’s participation in and eligibility for
all bonus or incentive plans or other equity or profit participation plans shall terminate immediately upon the Date of Termination and the Employee shall only be entitled to any additional bonus or incentive award earned pro rata up to the
Date of Termination, in addition to any amounts that may have been earned and owing as of the Date of Termination. 

4.4    Termination without Just Cause. If the Employee’s employment
is terminated without Just Cause, the following provisions shall apply: 
  

	 	(a)	 the Employer shall pay to the Employee an amount equal to the base salary and vacation pay earned and
payable to him up to the Date of Termination; 

  
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	 	(b)	 as severance, the Employer shall pay to the Employee nine (9) months base salary, which amounts shall,
unless otherwise agreed between the parties or as otherwise required pursuant to the minimum provisions of the ESA, be paid on a regular payroll basis in equal instalments; 

 

	 	(c)	 to the extent that the Employer may do so legally and in compliance with its plans and policies in existence
from time to time on commercially reasonable terms, the Employer shall continue the Benefits until the date that is 9 months from the Date of Termination. Notwithstanding the foregoing, if the Employer cannot continue any particular Benefit pursuant
to the terms of the relevant plan or policy (for greater certainty, there will be no disability insurance following the Date of Termination) on commercially reasonable terms or at all, then the Employer’s obligations in relation to that
particular Benefit shall be limited to the minimum requirements pursuant to the ESA; and 

  

	 	(d)	 the Employee’s participation in and eligibility for all bonus or incentive plans or other equity or
profit participation plans shall terminate immediately upon the Date of Termination and the Employee shall only be entitled to any additional bonus or incentive award earned pro rata up to the Date of Termination, in addition to any
amount that may have been earned and owing as of the Date of Termination, and any options to purchase any securities of the Employer then held by the Employee shall be dealt with and governed by the terms of the plan governing such options.

 4.5    Mitigation. To the extent that the Employee substantially replaces any Benefit(s)
following the Date of Termination, the Employee shall advise the Employer forthwith and the Employer shall, effective as of the replacement date, no longer be required to continue any Benefit(s) which has been so replaced by the Employee. 

4.6    Minimum Standards. To the extent that the ESA requires any notice of termination, termination pay or
severance pay greater than the notice, termination pay and severance pay provided for in this Agreement, then such minimum employment/labour standards legislation shall be deemed to be incorporated into this Agreement and shall prevail to the extent
greater. 
 4.7    Release. The parties agree that the provisions of this Article IV are fair and reasonable and
that the payments, benefits and entitlements referred to in this Article IV are reasonable estimates of the damages which will be suffered by the Employee in the event of the termination of this Agreement and of her employment with the Employer and
shall not be construed as a penalty. The Employee acknowledges and agrees that the payments pursuant to this Article IV shall be in full satisfaction of all terms of termination of her employment, including termination pay and severance pay pursuant
to the ESA. Except as otherwise provided in this Article IV, the Employee shall not be entitled to any further notice of termination, payment in lieu of notice of termination, severance, damages, or any additional compensation whatsoever. As a
condition precedent to any payment pursuant to Section 4.4 (other than the minimum termination pay and severance pay as may be required pursuant to the ESA), the Employee agrees to deliver a full and final release from all actions or claims in
connection with the termination of this Agreement or of her employment in favour of the Employer, its Affiliates, and all of their respective officers, directors, partners, trustees, shareholders, employees, attorneys, insurers and agents. 

4.8    Resignation as Director and Officer. The Employee covenants and agrees that, upon any termination of this
Agreement and of her employment, howsoever caused, she shall forthwith tender her resignation from all offices, directorships and trusteeships then held by the Employee at the Employer or any of its Affiliates, such resignation to be effective upon
the Date of Termination. If the Employee fails to resign as set out above, the Employee will be deemed to have resigned from all such offices, directorships and trusteeships and the Employer is hereby authorized by the Employee to appoint any person
in the Employee’s name and on the Employee’s behalf to sign any documents or do anything necessary or required to give effect to such resignation. 

  
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 4.9    Return of Property. All equipment, keys, pass cards,
credit cards, software, material, written correspondence, memoranda, communication, reports, or other documents or property pertaining to the business of the Employer used or produced by the Employee in connection with her employment, or in her
possession or under her control, shall at all times remain the property of the Employer. The Employee shall return all property of the Employer in her possession or under her control in good condition forthwith upon any request by the Employer or
upon any of the termination of this Agreement or of the Employee’s employment (regardless of the reason for such termination). 

ARTICLE V – CONFIDENTIALITY AND PROPRIETARY RIGHTS 

5.1    Protection of Confidential Information. While employed by the Employer and following the termination of this
Agreement and the Employee’s employment (regardless of the reason for any termination), the Employee shall not, directly or indirectly, in any way use or disclose to any person any Confidential Information except as provided for herein. The
Employee agrees and acknowledges that the Confidential Information of the Employer is the exclusive property of the Employer to be used exclusively by the Employee to perform the Employee’s duties and fulfil her obligations to the Employer and
not for any other reason or purpose. Therefore, the Employee agrees to hold all such Confidential Information in trust for the Employer, not to misuse such information, and to protect such Confidential Information from any misuse, misappropriation,
harm or interference by others in any manner whatsoever. The Employee agrees to protect the Confidential Information regardless of whether the information was disclosed in verbal, written, electronic, digital, visual or other form, and the Employee
hereby agrees to give notice immediately to the Employer of any unauthorized use or disclosure of Confidential Information of which he becomes aware. The Employee further agrees to assist the Employer in remedying any such unauthorized use or
disclosure of Confidential Information. 
 5.2    Innovations. The Employee understands, acknowledges, and agrees
that all Innovations which the Employee, solely or jointly with others, conceives, reduces to practice, creates, derives, develops or makes in the course of or related to the Employee’s employment with the Employer shall belong solely to the
Employer and all such Innovations which constitute works of authorship shall be “works made in the course of employment”. The Employee shall promptly disclose to the Employer in writing any and all Innovations, conceived, reduced to
practice, created, derived, developed or made in the course of or otherwise in connection with the Employee’s employment with the Employer, whether alone or with others, and whether during regular working hours or through the use of facilities
and properties of the Employer or otherwise which may in any way relate to the business of the Employer. 

5.3    Assignment of Innovations. The Employee hereby assigns and agrees to assign to the Employer or such other
party as the Employer may designate all of the Employee’s right, title, and interest (including but not limited to patent rights and copyrights) in and to all Innovations which the Employee, solely or jointly with others, conceives, reduces to
practice, creates, derives, develops or makes in the course of or related to the Employee’s employment, and all related patents, patent applications, copyright and copyright applications, and does hereby waive all moral rights, if any, that the
Employee may have therein in favour of the Employer or such other party as the Employer may designate and, at the Employer’s request, the Employee agrees to provide whatever assistance the Employer (or such other party, as the case may be) may
require to register, record, perfect, or otherwise secure the Employer’s (or such other party’s, as the case may be) rights in the Innovations. The Employee hereby irrevocably appoints and designates the Employer and its duly authorized
officers and agents as her agents and attorneys-in-fact to act for and in the Employee’s behalf and instead of the Employee, to execute such documents and to take
such actions as the Employer believes are necessary to effect the foregoing assignment. 

  
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 ARTICLE VI – RESTRICTIVE COVENANTS 

6.1    Non-Competition. The Employee covenants that she will not, without
the prior written consent of the Employer, at any time during the Restricted Period, directly or indirectly, either individually or in partnership, jointly or in conjunction with any other person, firm, association, syndicate, company, or
corporation or other entity, whether as agent, shareholder, employee, consultant, or in any manner whatsoever, anywhere within Canada and the United States of America, engage in, be employed by, manage, render services or advice to or carry on in
any way, in whole or in part any business which is the same or substantially similar to the Business. 
 6.2    Non-Solicitation. The Employee covenants that she will not, without the prior written consent of the Employer, at any time during the Restricted Period, directly or indirectly, either individually or in
partnership, jointly or in conjunction with any other person, firm, association, syndicate, company, or corporation or other entity, whether as agent, shareholder, employee, consultant, or in any manner whatsoever: 

 

	 	(a)	 solicit or entice away, or endeavour to solicit or entice away from the Employer, employ, or otherwise
engage (as an employee, independent contractor or otherwise) any person who is employed or engaged by the Employer as at the Date of Termination or who was so employed or engaged within the six (6) month period preceding such date);

  

	 	(b)	 for any purpose competitive with the Business, canvass, solicit or approach for orders, or cause to be
canvassed or solicited or approached for orders, or accept any business or patronage from any person or entity who is or which is a customer, client, supplier, investee, licensee or business relation of the Employer as at the Date of Termination or
within the six (6) month period preceding such date; or 

  

	 	(c)	 induce or attempt to induce any customer, client, supplier, investee, licensee or business relationship of
the Employer to cease doing business with the Employer. 

 6.3    Corporate Opportunities. Any
business opportunities related in any way to the Business which become known to the Employee during the Employee’s employment shall be fully disclosed and made available to the Employer and shall not be appropriated by Employee under any
circumstance without the prior written consent of the Employer. 

6.4    Non-Disparagement. The Employee agrees that she will not, at any
time, during or after the cessation of her employment with the Employer (howsoever caused), make any statements or comments publicly (including to any current or former employee or business relation of the Employer or any of its Affiliates or to or
likely to come to the attention of any media) any statements or comments of a negative nature or that could reasonably be considered negative of or concerning the Employer or its Affiliates, their boards of directors, or any of their officers or
employees. 
 ARTICLE VII – REMEDIES 

7.1    Remedy. The Employee acknowledges and agrees that she is employed in a fiduciary capacity, with obligations
of trust and loyalty owed by the Employee to the Employer. Accordingly, the Employee agrees that the restrictions in Article V and Article VI are reasonable in the circumstances of the Employee’s employment and that the business and affairs of
the Employer cannot be properly protected from the adverse consequences of the actions of the Employee other than by the restrictions set forth in this Agreement. If any of the restrictions are determined to be unenforceable as going beyond what is
reasonable in the circumstances for the protection of the interests of the Employer but would be valid, for example, if the scope of their time periods or geographic areas were limited, the parties consent to the court making such modifications as
may be required and such restrictions shall apply with such modifications as may be necessary to make them valid and effective. 

  
 - 8 - 

 7.2    Injunctions, Etc. The Employee acknowledges and agrees
that in the event of a breach of the covenants, provisions and restrictions in Article V or Article VI by the Employee, the Employer’s remedy in the form of monetary damages will be inadequate. Therefore, the Employer shall be and is hereby
authorized and entitled, in addition to all other rights and remedies available to it (which shall not be limited by the provisions of this Article VII), to apply to a court of competent jurisdiction for interim and permanent injunctive relief and
an accounting of all profits and benefits arising out of such breach. 
 7.3    Survival. Each and every
provision of Article I, Article V, Article VI and Article VII shall survive the termination of this Agreement and of the Employee’s employment regardless of the reason for such termination. 

ARTICLE VIII – GENERAL CONTRACT TERMS 

8.1    Currency. All amounts payable pursuant to this Agreement are expressed in and shall be paid in Canadian
currency. 
 8.2    Rights and Waivers. All rights and remedies of the parties are separate and cumulative, and
none of them, whether exercised or not, shall be deemed to be to the exclusion of any other rights or remedies or shall be deemed to limit or prejudice any other legal or equitable rights or remedies which either of the parties may have. Any
purported waiver of any default, breach or non-compliance under this Agreement is not effective unless in writing and signed by the party to be bound by the waiver. No waiver shall be inferred from or implied
by any failure to act or delay in acting by a party in respect of any default, breach or non-observance or by anything done or omitted to be done by the other party. The waiver by a party of any default,
breach or non-compliance under this Agreement shall not operate as a waiver of that party’s rights under this Agreement in respect of any continuing or subsequent default, breach or non-observance (whether of the same or any other nature). 

8.3    Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. 
 8.4 Time of Essence. Time shall be of the
essence of this Agreement in all respects. 
 8.5    Successors and Assigns. This Agreement shall inure to the
benefit of, and be binding on, the parties and their respective heirs, administrators, executors, successors and permitted assigns. The Employer shall have the right to assign this Agreement to any of its Affiliates or to any successor (whether
direct or indirect, by purchase, amalgamation, arrangement, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Employer provided that such entity assumes all obligations hereunder; the Employee shall
not be entitled to any payment or other consideration or to any advance notice of any such assignment. The Employee expressly consents to such assignment and, provided that such successor agrees to assume and be bound by the terms and conditions of
this Agreement, all references to the Employer hereunder shall include its successor. The Employee shall not assign or transfer, whether absolutely, by way of security or otherwise, all or any part of the Employee’s rights or obligations under
this Agreement without the prior consent of the Employer, which may be arbitrarily withheld. 
 8.6    Amendment.
No amendment of this Agreement will be effective unless made in writing and signed by the parties. 

  
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 8.7    Entire Agreement. This Agreement constitutes the entire
agreement between the parties pertaining to the subject matter of this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. There are no conditions, warranties, representations or
other agreements between the parties in connection with the subject matter of this Agreement (whether oral or written, express or implied, statutory or otherwise) except as specifically set out in this Agreement. 

8.8    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Province
of British Columbia and the laws of Canada applicable in that Province excluding any rule or principle of conflict of laws which might otherwise refer interpretation, construction, or the resolution of any dispute to the laws of another
jurisdiction, and shall be treated, in all respects, as a British Columbia contract. 
 8.9    Headings. The
division of this Agreement into Sections and the insertion of headings are for convenience or reference only and shall not affect the construction or interpretation of this Agreement. 

8.10    Independent Legal Advice. The parties acknowledge that, prior to executing this Agreement, they have
received independent legal advice and confirm that they fully understand this Agreement and that they are entering into this Agreement voluntarily. 

8.11    Counterparts. This Agreement may be signed in one or more counterparts, each of which so signed shall be
deemed to be an original, and such counterparts together shall constitute one and the same instrument. The transmission by facsimile of, or e-mail transmission of a portable document format (.pdf), copy of the
execution page hereof reflecting the execution of this Agreement by any party shall be effective to evidence the party’s intention to be bound by this Agreement and that party’s agreement to the terms, provisions and conditions hereof, all
without the necessity of having to produce an original copy of such execution page. Notwithstanding the date of execution or transmission of any counterpart, each counterpart shall be deemed to have the effective date first written above. 

8.12     Indemnification. Executive shall be entitled to the benefit of any indemnification provisions and
directors’ and officers’ liability insurance that is provided to other officers of the Company. 
 [The remainder of this
page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF this Agreement has been signed this 24th day of May, 2019 by the parties hereto.

  

							
		 		 	UNIVERSAL MCLOUD CORP.
				
		 		 	Per:	 	 /s/ Sarah Nicholson

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory
				
	  
	 	}	 		 	 /s/ Chantal Schutz

	Witness	 		 	CHANTAL SCHUTZ

  
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