Document:

EX-4.1

 Exhibit 4.1 

Execution Copy 

AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 CERTAIN DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	  	 	1	 
			
	 2.
	 	RESTRICTIONS ON TRANSFERABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	4	 
			
	 3.
	 	RESTRICTIVE LEGENDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	4	 
			
	 4.
	 	NOTICE OF PROPOSED TRANSFERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	6	 
			
	 5.
	 	REGISTRATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	6	 
	 5.1
	 	 Requested Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	  	 	6	 
	 5.2
	 	 Company Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	9	 
	 5.3
	 	 Registration on Form F-3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	  	 	10	 
	 5.4
	 	 Expenses of Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	13	 
	 5.5
	 	 Delay of Registration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	13	 
	 5.6
	 	 Registration Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	  	 	13	 
	 5.7
	 	 Indemnification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	16	 
	 5.8
	 	 Information by Holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	18	 
	 5.9
	 	 Resale of Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	18	 
	 5.10
	 	 Canadian Securities Law Requirements. If: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	18	 
	 5.11
	 	 Termination of Registration Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
	  	 	19	 
	 5.12
	 	 Limitation on Subsequent Registration Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	19	 
			
	 6.
	 	INFORMATION RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .	  	 	20	 
			
	 7.
	 	LOCK-UP AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . .
..	  	 	24	 
			
	 8.
	 	RIGHT OF FIRST REFUSAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	24	 
			
	 9.
	 	TRANSFER OF RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .	  	 	26	 
			
	 10.
	 	INDEMNIFICATION MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	26	 
			
	 11.
	 	EXPENSES OF DIRECTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 	  	 	26	 
			
	 12.
	 	SHARE VESTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 	  	 	27	 
			
	 13.
	 	DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	27	 
			
	 14.
	 	MATTERS REQUIRING APPROVAL OF HOLDERS OF PREFERRED SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	27	 
			
	 15.
	 	MATTERS REQUIRING APPROVAL OF THE SERIES A1 DESIGNEE AND A SERIES A2 DESIGNEE . . . . . . . . . . . . . . . . 	  	 	28	 
			
	 16.
	 	PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	28	 
			
	 17.
	 	SUCCESSOR INDEMNIFICATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 	  	 	29	 
			
	 18.
	 	AMENDMENT; WAIVER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .	  	 	29	 
			
	 19.
	 	PARAMOUNTCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 	  	 	29	 
			
	 20.
	 	NOTICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	29	 
			
	 21.
	 	SEVERABILITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	30	 
			
	 22.
	 	GOVERNING LAW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 	  	 	30	 
			
	 23.
	 	LAWYERS’ FEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . .	  	 	30	 
			
	 24.
	 	TITLES AND SUBTITLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . .	  	 	30	 
			
	 25.
	 	CURRENCY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . 	  	 	30	 
			
	 26.
	 	COUNTERPARTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . .	  	 	30	 
			
	 27.
	 	SUCCESSORS AND ASSIGNS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 	  	 	31	 
			
	 28.
	 	THIRD PARTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 	  	 	31	 
			
	 29.
	 	ADDITIONAL INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 	  	 	31	 
			
	 30.
	 	AGGREGATION OF SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . 	  	 	31	 

  
 -i- 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 31.
	 	DELAYS OR OMISSIONS	  	 	31	 
			
	 32.
	 	TERMINATION	  	 	31	 
			
	 33.
	 	ENTIRE AGREEMENT	  	 	31	 

  

  
 -ii- 

 AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of the 23rd day of March, 2020 among AbCellera Biologics Inc., a company existing under the laws of the Province of British Columbia (the “Company”) and the holders (the “Series A1
Holders”) of the Company’s Series A1 Preferred Shares (the “Series A1 Preferred Shares”) listed on Exhibit A hereto and the purchasers of the Company’s Series A2 Preferred Shares (the “Series A2
Preferred Shares”, and together with the Series A1 Preferred Shares, the “Preferred Shares”) listed on Exhibit A hereto or that subsequently become listed thereon in accordance with the terms hereof (collectively,
the “Investors”). 
 RECITALS 

A. The Company and the holders of the Series A2 Preferred Shares (the “Series A2 Holders”) have entered into an Investment
Agreement dated March 23, 2020 (the “Investment Agreement”), whereby the Company has agreed to sell, and the Series A2 Holders have agreed to buy, Series A2 Preferred Shares. 

B. The Company and the Series A1 Holders are party to an Investor Rights Agreement dated as of August 3, 2018 (the “Prior Investor
Rights Agreement”), and to induce the Series A2 Holders to enter into the Investment Agreement and acquire the Series A2 Preferred Shares thereunder, the Company and the Series A1 Holders have agreed to amend and restate the Prior Investor
Rights Agreement on the terms set forth herein. 
 C. The obligations of the Company and the Series A2 Holders under the Investment Agreement
are conditioned upon the simultaneous execution and delivery of this Agreement by the Company and the Investors. 
 AGREEMENT 

In consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Certain Definitions. As used in this Agreement, the following terms shall have the
following respective meanings: 
 “Amended and Restated Voting Agreement” means that certain amended and restated voting
agreement between the Company and certain shareholders dated on or about the date hereof, as amended from time to time. 

“Applicable Securities Laws” means the Securities Act, the Exchange Act, or other applicable U.S. federal or state securities
laws or the Canadian Securities Laws. 
 “Canadian Securities Laws” means the securities laws of each province and
territory of Canada, and the rules, instruments, regulations notices and policies of each securities commission or other securities regulatory authority in each province or territory of Canada. 

  
 -1- 

 “Commission” means the Securities and Exchange Commission or any other
federal agency at the time administering the Securities Act. 
 “Common Shares” means the common shares of the Company.

 “Conversion Shares” means the Common Shares issued or issuable pursuant to conversion of the Preferred Shares. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal rule or statute that replaces or
supplements such act, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect at the time. 

“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a
subsidiary pursuant to an employee benefit plan, stock option, stock purchase, or similar plan; (ii) a registration relating to a Rule 145 transaction; (iii) a registration on any form that does not include substantially the same
information as would be required to be included in a registration statement covering the sale of the Registrable Securities, (iv) a registration in which the only Common Shares being registered are Common Shares issuable upon conversion of debt
securities that are also being registered, or (v) a registration relating to any other transaction that is primarily for purposes other than raising equity capital. 

“Form F-3” means such form, or Form S-3 if
applicable, under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the Commission that permits incorporation of substantial information by reference to other documents filed
by the Company with the Commission. 
 “Holder” means (i) any Investor holding Registrable Securities and
(ii) any person holding Registrable Securities to whom the rights under this Agreement have been transferred in accordance with Section 9 hereof. 

“Initiating Holders” means Holders holding at least 50.1% of the Registrable Securities. 

“Qualified Exchange” means the Toronto Stock Exchange, TSX Venture Exchange, New York Stock Exchange, or NASDAQ, or any
successor exchange or market thereto. 
 “Qualified Initial Public Offering” shall mean the Company’s first
underwritten public offering of the Common Shares or other securities pursuant to a registration statement or prospectus under applicable law (other than a registration statement relating either to the sale of securities to employees of the Company
pursuant to its stock option, share purchase or similar plan) covering the offer and sale of Common Shares to the public with gross proceeds to the Company not less than $70 million (before deduction of underwriters commissions and expenses) in
which the Common Shares are listed on a Qualified Exchange. 

  
 -2- 

 “Registrable Securities” means (i) the Conversion Shares,
(ii) any Common Shares of the Company issued or issuable in respect of the Conversion Shares upon any stock split, stock dividend, combination, recapitalization or similar event and (iii) any Common Shares, or any Common Shares
issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; provided, however, that securities shall only be treated as Registrable Securities
if and so long as (A) they have not been registered or sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a private transaction in which the
transferor’s rights hereunder are not assigned, and (C) the registration rights with respect to such securities have not terminated pursuant to Section 5.10 hereof. 

The terms “register,” “registered” and “registration” refer to (a) the registration
effected by preparing and filing a registration statement in compliance with the Securities Act and the declaration or ordering of the effectiveness of such registration statement or (b) the qualification of securities for distribution to the
public pursuant to a prospectus filed under Canadian Securities Laws. 
 “Registration Expenses” shall mean all expenses,
except Selling Expenses, incurred by the Company in complying with Section 5 hereof, including without limitation, all registration, qualification and filing fees, printing expenses, accounting fees, escrow fees, fees and disbursements of
counsel for the Company, blue sky fees and expenses, reasonable fees and disbursements not to exceed ($30,000) of a single counsel for the selling Holders, the expense of any special audits incident to or required by any such registration (but
excluding the compensation of regular employees of the Company which shall be paid in any event by the Company); provided that, Registration Expenses shall not include underwriting discounts, commissions, stock transfer taxes and fees of counsel to
the Holders (other than as expressly provided above). 
 “registration statement” means (a) a registration statement
filed under the Securities Act, and/or (b) a prospectus filed under Canadian Securities Laws, and any reference to a registration statement becoming effective includes the issuance of a final receipt or decision document under Canadian
Securities Laws in respect of a prospectus filed under Canadian Securities Laws. 
 “Restricted Securities” shall mean the
securities of the Company required to bear the legends set forth in Section 3 hereof. 
 “Rule 144” and “Rule
145” shall mean Rules 144 and 145, respectively, promulgated under the Securities Act, or any similar federal rules thereunder, all as the same shall be in effect at the time. 

“Securities Act” shall mean the Securities Act of 1933, as amended, or any similar federal rule or statute and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Selling Expenses” shall mean
all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of the Registrable Securities and, except as set forth in Section 5.4 hereof, all fees and disbursements of counsel for any Holder not payable by
the Company hereunder. 
 “Series A1 Designee” has the meaning ascribed thereto in the Amended and Restated Voting
Agreement. 

  
 -3- 

 “Series A2 Designee” has the meaning ascribed thereto in the Amended and
Restated Voting Agreement. 
 2. Restrictions on Transferability. The Preferred Shares, the Conversion Shares and any other
securities issued in respect of such shares upon any stock split, stock dividend, combination, recapitalization, merger or similar event, shall not be sold, assigned, transferred or pledged except upon the conditions specified in this Agreement and
the Articles of the Company. Each Holder or transferee will cause any proposed purchaser, assignee, transferee or pledgee of any such shares held by such Holder or transferee to agree to take and hold such securities subject to the restrictions and
upon the conditions specified in this Agreement, including the execution and delivery of a joinder agreement hereto in a form satisfactory to the Company. No Holder or transferee shall sell, assign, transfer or pledge any Preferred Shares,
Conversion Shares or any other securities issued in respect of such shares upon any stock split, stock dividend, combination, recapitalization, merger or similar event, to a Competitor (as herein defined). 

3. Restrictive Legends. Each certificate representing the Preferred Shares, the Conversion Shares or any other securities issued
in respect of such shares upon any stock split, stock dividend, combination, recapitalization, amalgamation, merger or similar event, shall (unless otherwise permitted by the provisions of Section 4 below) be stamped or otherwise imprinted with
legends in substantially the following form (in addition to any legends required by agreement or by Applicable Securities Laws): 
 U.S.
Holders: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, ACKNOWLEDGES AND AGREES FOR THE BENEFIT OF ABCELLERA BIOLOGICS INC. (THE “COMPANY”) THAT SUCH SECURITIES MAY BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE OR OUTSIDE THE UNITED STATES, PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE U.S. SECURITIES ACT (INCLUDING UNDER RULE 144 THEREUNDER) AND, IF REQUESTED BY THE COMPANY, AFTER DELIVERY OF A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT, (D) TO A PERSON
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, OR (E) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE UNDER THE U.S. SECURITIES ACT AND COVERING SUCH OFFER, SALE OR TRANSFER (IT BEING UNDERSTOOD THAT THE COMPANY SHALL BE UNDER NO OBLIGATION TO FILE SUCH
REGISTRATION STATEMENT). HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED EXCEPT IN COMPLIANCE WITH THE U.S. SECURITIES ACT.” 

  
 -4- 

 All Holders: 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER THE LATER OF (I) MARCH 23, 2020, AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.” 

“THE SHARES REPRESENTED HEREBY ARE SUBJECT TO A LOCK-UP PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE
DATE OF A REGISTRATION STATEMENT OF THE COMPANY RELATED TO THE COMPANY’S INITIAL PUBLIC OFFERING AND, IN CERTAIN CIRCUMSTANCES, UP TO 34 DAYS THEREAFTER, AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A
COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.” 

“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE SHAREHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

Each holder of the Preferred Shares, Conversion Shares or other securities imprinted with one or more of the foregoing legends consents to the
Company making a notation on its records and giving stop transfer instructions to any transfer agent of its capital stock in order to implement the restrictions on transfer established in this Agreement. 

  
 -5- 

 4. Notice of Proposed Transfers. The Holder of each certificate representing
Restricted Securities by acceptance thereof agrees to comply in all respects with the provisions of this Section 4. Without in any way limiting the immediately preceding sentence, no sale, assignment, transfer or pledge of Restricted Securities
shall be made by any Holder thereof to any person unless such person shall first agree in writing to be bound by the restrictions of this Agreement. Prior to any proposed sale, assignment, transfer or pledge of any Restricted Securities, unless
there is in effect a registration statement or prospectus covering the proposed transfer, the Holder thereof shall give written notice to the Company of such Holder’s intention to effect such transfer, sale, assignment or pledge. Each such
notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or pledge in sufficient detail, and, if reasonably requested by the Company, the Holder shall also provide, at such Holder’s expense, either
(i) a written opinion of legal counsel whose legal opinion shall be reasonably satisfactory to the Company, addressed to the Company and to the effect that the proposed sale, assignment, transfer or pledge of the Restricted Securities may be
effected without such registration or prospectus under Applicable Securities Laws, or (ii) a “no action” letter from the Commission or other applicable securities commission or governmental body to the effect that the sale,
assignment, transfer or pledge of such securities without registration will not result in a recommendation by such securities commission or governmental body that action be taken with respect thereto, whereupon the Holder of such Restricted
Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company; provided, however, that the Company shall not request an opinion of counsel or “no
action” letter with respect to (A) a transfer in compliance with Rule 144, (B) a transaction involving the distribution or transfer without consideration of Restricted Securities by the Holder to its affiliates, including any other person
or entity who, directly or indirectly, controls, is controlled by, or is under common control with such Holder, or constituent partners, limited partners, general partner, retired partners, members, former members or shareholders in accordance with
their partnership interest, membership interest or shareholdings in such entity, or a trust for the benefit of the foregoing, or (C) a transaction involving the transfer without consideration or for nominal consideration for purposes of estate
planning of Restricted Securities by an individual Holder during such Holder’s lifetime by way of gift or on death by will or intestacy. Each certificate evidencing the Restricted Securities transferred as above provided shall bear, except if
such transfer is made pursuant to Rule 144, the appropriate restrictive legends set forth in Section 3 above, except that such certificate shall not bear such restrictive legends if in the opinion of counsel for such Holder and counsel for the
Company such legend is not required in order to establish compliance with any provision of Applicable Securities Laws. Notwithstanding the foregoing, each Holder of Restricted Securities agrees that it will not request that a transfer of the
Restricted Securities be made or that the legend set forth in Section 3 be removed from the certificate representing the Restricted Securities, if as a result thereof the Company would be rendered subject to the reporting requirements of any
Applicable Securities Laws. Notwithstanding the foregoing, the Holders will not be required to comply with the provisions of this Section 4 in connection with the Reorganization Transaction. 

5. Registration. 

5.1 Requested Registration. 

  
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 (a) Request for Registration. In case the Company shall receive from the Initiating
Holders a written request that the Company effect any registration with respect to shares of Registrable Securities, the Company will: 

(i) within twenty (20) days of the receipt thereof, give written notice of the proposed registration to all other Holders; and

 (ii) as soon as practicable, use all reasonable efforts to effect such registration as part of a firm commitment underwritten
public offering with underwriters selected by the Initiating Holders and reasonably acceptable to the Company (including, without limitation, appropriate qualification under Applicable Securities Laws and appropriate compliance with applicable
regulations issued under the Securities Act and any other governmental requirements or regulations of any other Applicable Securities Laws) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of
such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request by delivering a written notice to such effect to the Company within ten
(10) days after the date of such written notice from the Company. 
 Notwithstanding the foregoing, the Company shall not be obligated
to give any notice under Section 5.1(a)(i) or to take any action to effect or complete any such registration pursuant to this Section 5.1: 

(A) in any jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such
registration, unless the Company is already subject to service in such jurisdiction and except as may be required under Applicable Securities Laws; 

(B) prior to the earlier of (1) six (6) months after the effective date of the Qualified Initial Public Offering or (2) the
fifth anniversary of the date of this Agreement; 
 (C) unless the requested registration would have an aggregate offering price of
all Registrable Securities sought to be registered by all Holders, net of underwriting discounts and commissions, of not less than $15,000,000; 

(D) with respect to any resident U.S. Holder of Registrable Securities if the Company shall have completed the Qualified Initial Public
Offering on the Toronto Stock Exchange or the TSX Venture Exchange and such U.S. Holder may trade such Registrable Securities without restriction (other than market liquidity); 

(E) after the Company has effected two (2) registrations pursuant to this Section 5.1; 

  
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 (F) during the period starting with the date of filing of, and ending on the date
one hundred eighty (180) days following the effective date of the registration statement pertaining to the Qualified Initial Public Offering (or such other period up to an additional thirty-four (34) days as may be requested by the Company
or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD
Rule 2711 or NYSE Member Rule 472, or any similar regulations and successor provisions or amendments thereto); provided that the Company makes all reasonable efforts to cause such registration statement to become effective; 

(G) if the Initiating Holders are able to request a registration on Form F-3 or a short-form
prospectus under Canadian Securities Laws pursuant to Section 5.3 hereof; 
 (H) if the Company shall furnish to the Initiating
Holders within thirty (30) days of the date of receipt of the request to effect such registration a certificate signed by an officer of the Company giving notice of its bona fide intention to effect the filing of a registration statement with
the Commission or with the Canadian securities regulators which registration is subject to Section 5.2 hereof. In such case, so long as the Company uses all reasonable efforts to effect the filing of such registration statement, the
Company’s obligation to use all reasonable efforts to register, qualify or comply under this Section 5.1 shall be deferred for a period that is sixty (60) days before the Company’s good faith estimate of the date of filing of,
and ending on a date that is one hundred eighty (180) days after the effective date of, such Company-initiated registration; provided, however, that the Company may not invoke this right more than once in any twelve
(12) month period; or 
 (I) if the Company shall furnish to the Initiating Holders within thirty (30) days of the date of
receipt of the request to effect such registration a certificate signed by an officer of the Company stating that in the good faith judgment of the Company’s Board of Directors (“Board of Directors”) it would be materially
detrimental to the Company and its shareholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Canadian Securities Laws, then the Company shall have the right to defer taking action with respect to such
filing for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and
provided further that the Company shall not register any securities for its own account or that of any other shareholder during such ninety (90) day period other than an Excluded Registration. 

Subject to the foregoing clauses (A) through (I), the Company shall file a registration statement covering the Registrable Securities so
requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders. A registration shall not be counted as “effected” for purposes of this Section 5.1 until such time as the applicable
registration statement has been declared effective by the Commission or a final receipt or decision document is issued in respect of the applicable Canadian prospectus, unless the Initiating Holders withdraw their request for such registration,
elect not to pay the Registration Expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 5.4, in which case such withdrawn registration statement shall be counted as “effected” for purposes
of this Section 5.1. 
  

  
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 (b) Underwriting. If the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as part of their request made pursuant to Section 5.1(a), and the Company shall include such information in the written notice referred to in
Section 5.1(a)(i) and shall advise the Holders as part of such notice that the right of any Holder to registration pursuant to Section 5 shall be conditioned upon such Holder’s participation in the underwriting arrangements required
by this Section 5.1(b), and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent requested shall be limited to the extent provided herein.The Company shall, together with all Holders proposing to
distribute their securities through such underwriting, enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company, but subject to reasonable approval of the Initiating Holders.
Notwithstanding any other provision of this Section 5.1(b), if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the Company shall so advise all Holders requesting to be
included in the registration and underwriting, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated among all Holders requesting to be included in the registration and
underwriting in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by them at the time of filing the registration statement; provided, however, that the number of Registrable Securities to be
included in such registration and underwriting shall not be reduced unless all other securities of the Company are first entirely excluded from such registration and underwriting. No Registrable Securities excluded from the underwriting by reason of
the underwriter’s marketing limitation shall be included in such registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any
Holder to the nearest 100 shares. If any Holder of Registrable Securities disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten
(10) days prior to the effective date of the registration. 
 5.2 Company Registration. 

(a) Notice of Registration. If at any time or from time to time the Company shall determine to register any of its equity securities,
either for its own account or the account of a Holder or other holders, including a registration relating to a demand pursuant to Section 5.1 of this Agreement, but other than an Excluded Registration, the Company will: 

(i) promptly give to each Holder written notice thereof, including the intended method of disposition; and 

(ii) include in such registration (and any related qualifications including compliance with Blue Sky laws), and in any underwriting
involved therein, all the Registrable Securities specified in a written request or requests, made within ten (10) days after the date of such written notice from the Company, by any Holder. 

  
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 (b) Underwriting. If the registration of which the Company gives notice is for a
registered public offering involving an underwriting, the Company shall so advise the Holders as part of the written notice given pursuant to Section 5.2(a)(i). In such event, the right of any Holder to registration pursuant to Section 5.2
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting shall be limited to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Company and the other Holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the managing underwriter selected for such
underwriting by the Company. Notwithstanding any other provision of this Section 5.2, if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may
limit the Registrable Securities to be included in such registration (i) in the case of the Company’s initial public offering, to zero, and (ii) in the case of any other offering, to an amount no less than twenty percent (20%) of all
shares to be included in such offering; provided, however, that the number of Registrable Securities to be included in such registration and underwriting shall not be reduced unless all other securities of the Company held by shareholders
other than Holders are first entirely excluded from such registration and underwriting (except that shares to be issued by the Company need not be so excluded). The Company shall so advise all Holders requesting to be included in the registration
and underwriting, and the number of Registrable Securities that may be included in the registration and underwriting shall be allocated among all the Holders requesting to be included in the registration and underwriting in proportion, as nearly as
practicable, to the respective amounts of Registrable Securities held by them at the time of filing the registration statement. For purposes of the preceding sentence concerning apportionment, for any selling shareholder that is a Holder of
Registrable Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, members, limited partners, general partners, retired partners and shareholders of such Holder, or the estates and
family members of such partners, members and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling
Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may
round the number of shares allocated to any Holder to the nearest 100 shares. If any Holder disapproves of the terms of any such underwriting, such person may elect to withdraw therefrom by written notice to the Company and underwriter, delivered at
least ten (10) days prior to the effective date of the registration. 
 (c) Right to Terminate Registration. The Company shall
have the right to terminate or withdraw any registration initiated by it under this Section 5.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration, and shall promptly
notify any Holder that has elected to include shares in such registration of such termination or withdrawal. 
 5.3 Registration on Form F-3. 

  
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 (a) Request for Registration. In case the Company shall receive from the Holders of,
in the aggregate, at least thirty percent (30%) of the Registrable Securities (for purposes of this Section 5.3(a), the “F-3 Initiating Holders”) a written request or requests that the
Company file a registration statement on Form F-3 or a Canadian short-form prospectus for a public offering of shares of Registrable Securities the aggregate gross price to the public of which would equal or
exceed $5,000,000, and the Company is a registrant entitled to use Form F-3 or a Canadian short-form prospectus to register the Registrable Securities for such an offering, the Company shall use all reasonable
efforts to cause such Registrable Securities to be registered for the offering on such form or prospectus and to cause such Registrable Securities to be qualified in such jurisdictions as such Holder or Holders may reasonably request. If such
offering is to be an underwritten offering, the underwriters must be reasonably acceptable to both the F-3 Initiating Holders and the Company. The Company shall promptly inform the other Holders of the
proposed registration and, subject to the foregoing, include in such registration (and any related qualifications including compliance with Blue Sky laws), and in any underwriting involved therein, all the Registrable Securities specified in a
written request or requests, made within ten (10) days after the date of such written notice from the Company, by any Holder. In the event the registration is proposed to be part of a firm-commitment underwritten public offering, the
substantive provisions of Section 5.1(b) shall be applicable to each such registration initiated under this Section 5.3. Notwithstanding the foregoing, the Company shall not be obligated to take any action pursuant to this
Section 5.3: 
 (A) if Form F-3 or a Canadian short-form prospectus is not available for
such offering by the Holders; 
 (B) in any particular jurisdiction in which the Company would be required to qualify to do business
or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required under Applicable Securities Laws;

 (C) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; 

(D) after the Company has effected two (2) registrations pursuant to this Section 5.3 within the twelve month period
immediately preceding the date of such request; 
 (E) following the filing of, and for one hundred eighty (180) days
immediately following the effective date of, any registration statement pertaining to securities of the Company (or such other period up to an additional thirty-four (34) days as may be requested by the Company or the underwriters to
accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711 or NYSE Member
Rule 472, or any similar regulations and successor provisions or amendments thereto) (other than an Excluded Registration); provided that the Company is actively employing all reasonable efforts to cause such registration statement to become
effective; 

  
 -11- 

 (F) with respect to any resident U.S. Holder of Registrable Securities if the
Company shall have completed the Qualified Initial Public Offering on the Toronto Stock Exchange or the TSX Venture Exchange and such U.S. Holder may trade such Registrable Securities without restriction (other than market liquidity); 

(G) if the Company shall furnish to the F-3 Initiating Holders within thirty (30) days of
the date of receipt of the request to effect such registration a certificate signed by an officer of the Company giving notice of its bona fide intention to effect the filing of a registration statement on Form
F-3 or a Canadian short-form prospectus with the Commission or with the Canadian securities regulators which registration is subject to Section 5.2 hereof. In such case, so long as the Company uses all
reasonable efforts to effect the filing of such registration statement, the Company’s obligation to use all reasonable efforts to register, qualify or comply under this Section 5.3 shall be deferred for a period not to exceed ninety
(90) days from the receipt of the request to file such registration by such F-3 Initiating Holder or Holders; provided, however, that the Company may not invoke this right more than once in
any twelve (12) month period; 
 (H) if the Company shall furnish to the F-3 Initiating
Holders within thirty (30) days of the date of receipt of the request to effect such registration a certificate signed by an officer of the Company giving notice of its bona fide intention to effect the filing of a registration statement with
the Commission or with the Canadian securities regulators and the Company uses all reasonable efforts to effect the filing of such registration statement, the Company’s obligation to use all reasonable efforts to register, qualify or comply
under this Section 5.3 shall be deferred for a period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of such
Company-initiated registration; or 
 (I) if the Company shall furnish to the F-3 Initiating
Holders within thirty (30) days of the date of receipt of the request to effect such registration a certificate signed by an officer of the Company stating that, in the good faith judgment of the Board of Directors, it would be materially
detrimental to the Company or its shareholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Canadian Securities Laws, then the Company’s obligation to use all reasonable efforts to register, qualify
or comply under this Section 5.3 shall be deferred for a period not to exceed ninety (90) days from the receipt of the request to file such registration by such F-3 Initiating Holders; provided,
however, that the Company may not invoke this right more than once in any twelve (12) month period. 
 A registration shall not be
counted as “effected” for purposes of this Section 5.3 until such time as the applicable registration statement has been declared effective by the Commission or a final receipt or decision document is issued in respect of the
applicable Canadian prospectus, unless the Initiating Holders withdraw their request for such registration, elect not to pay the Registration Expenses therefor, and forfeit their right to one demand registration statement pursuant to
Section 5.4, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 5.3. 

  
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 5.4 Expenses of Registration. All Registration Expenses incurred in connection with
(a) up to two (2) registrations pursuant to Section 5.1, (b) all registrations pursuant to Section 5.2, and (c) all registrations pursuant to Section 5.3, shall be borne by the Company. Notwithstanding the foregoing, in
the event that the Initiating Holders cause the Company to begin a registration pursuant to Section 5.1 or Section 5.3, and the request for such registration is subsequently withdrawn at the request of the Holders of a majority of the
Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration) or such registration is not
completed due to failure to meet the net proceeds requirement set forth in such section or is otherwise not successfully completed due to no fault of the Company, all Holders shall be deemed to have forfeited their right to one (1) registration
under Section 5.1 or Section 5.3, as applicable, unless the Holders pay for, or reimburse the Company for, the Registration Expenses incurred in connection with such withdrawn or incomplete registration; provided, however, that if
at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable
promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 5.1 or Section 5.3 hereof, as applicable.

 Unless otherwise stated, all Selling Expenses relating to securities registered on behalf of the Holders shall be borne by such Holders,
as applicable, pro rata on the basis of the number of shares so registered or proposed to be so registered. 
 5.5 Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 5. 
 5.6 Registration Procedures. In the case of each registration effected by the Company pursuant to this Agreement,
the Company will keep each Holder advised in writing as to the initiation of such registration and as to the completion thereof. The Company will: 

  
 -13- 

 (a) prepare and file with the Commission and/or Canadian securities regulators a
registration statement and/or Canadian prospectus, as applicable, with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement or prospectus to become effective, and, upon the request of the Holders
of a majority of the Registrable Securities registered thereunder, keep such registration statement or prospectus effective for a period of up to one hundred twenty (120) days or until the distribution contemplated in the registration statement
or prospectus has been completed, whichever first occurs; provided, however, that such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains from selling any securities
included in such registration at the request of an underwriter of Common Shares (or other securities) of the Company; provided, however further, that at any time, upon written notice to the participating Holders and for a period not to exceed
thirty (30) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or prospectus (and the participating Holders hereby agree not to offer or sell any
Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic information or events involving the Company, the failure of which
to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration
hereunder, the applicable time period during which the registration statement or prospectus is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for
an additional consecutive thirty (30) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration statement or prospectus, which consent shall not be unreasonably withheld. If so
directed by the Company, all Holders registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement or prospectus during the period in which the delay or
suspension is in effect after receiving notice of such delay or suspension; and (ii) use all reasonable efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’
possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice; 
 (b) prepare
and file with the Commission and/or Canadian securities regulators such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement or prospectus as may be necessary to comply with
the provisions of the Securities Act or Canadian Securities Laws with respect to the disposition of all securities covered by such registration statement or prospectus; 

(c) furnish to the Holders participating in such registration such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act and Canadian Securities Laws, and such other documents as they may reasonably request to facilitate the disposition of Registrable Securities owned by them in such public
offering; 
 (d) use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders participating in such registration; provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities
Act or Canadian Securities Laws; 
 (e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

(f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto
is required to be delivered under the Securities Act or Canadian Securities Laws of the happening of any event, which is known to the Company, as a result of which the prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

  
 -14- 

 (g) use its commercially reasonable efforts to cause all such Registrable Securities
covered by such registration statement to be listed on each securities exchange on which similar securities issued by the Company are then listed; 

(h) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of such registration; 
 (i) promptly make available for
inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by such underwriter or selling Holders, all financial and other
records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any of the foregoing, in each case, as
necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; and 

(j) use its commercial reasonable efforts to furnish, at the request of the Initiating Holders or the
F-3 Initiating Holders, as applicable, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 5, if such
securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, an opinion, dated such date, of the
counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities. 

  
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 5.7 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify each Holder, each of its officers, directors, members and partners,
limited partners, general partners, and each person controlling such Holder or any such person within the meaning of Section 15 of the Securities Act or applicable Canadian Securities Laws, with respect to which registration has been effected
pursuant to this Agreement, against all expenses, claims, losses, damages or liabilities (or actions in respect thereof), including any of the foregoing incurred in settlement of any litigation (provided such indemnified party complies with
Section 5.7(c)), commenced or threatened, arising out of or based on (i) any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, incident to any such registration, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, or (ii) any violation by the Company of Applicable Securities Laws in connection with any such registration (collectively, a “Violation”), and the Company will reimburse
each such Holder, each of its officers, directors, members and partners, limited partners, general partners and each person controlling such Holder or any such person, for any legal and any other expenses reasonably incurred, as such expenses are
incurred (subject to delivery to the Company of invoices or other documentation substantiating such expenses, as reasonably requested by the Company), in connection with investigating, preparing or defending any such claim, loss, damage, liability
or action, provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission,
made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder, controlling person, underwriter or other aforementioned person, expressly for use in connection with such registration;
provided, however, that the foregoing indemnity agreement (i) is subject to the condition that, insofar as it relates to any such untrue statement, alleged untrue statement, omission or alleged omission made in a preliminary prospectus on file
with the Commission or the Canadian securities regulators at the time the registration statement becomes effective or the amended prospectus is filed with the Commission pursuant to Rule 424(b) or with Canadian securities regulators (the
“Final Prospectus”), such indemnity agreement shall not inure to the benefit of any Holder who has received a copy of the Final Prospectus, if a copy of the Final Prospectus was not furnished to the person asserting the loss,
liability, claim or damage at or prior to the time such action is required by the Securities Act or Canadian Securities Laws, and if the Final Prospectus would have cured the defect giving rise to the loss, liability, claim or damage, and
(ii) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld. 

(b) Each Holder will, if Registrable Securities or Common Shares, as applicable held by such Holder are included in the securities as
to which such registration is being effected, indemnify the Company, each of its directors and officers, other holders of the Company’s securities covered by such registration statement, each person who controls the Company or any such other
person within the meaning of Section 15 of the Securities Act or Canadian Securities Laws, legal counsel and accountants for the Company, any underwriter and each other such Holder, each of its officers, directors, members, limited partners,
general partners and partners, and each person controlling such Holder or any such other person within the meaning of Section 15 of the Securities Act or Canadian Securities Laws, against all claims, losses, damages and liabilities (or actions
in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document incident to any such registration, or
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any Violation by the Holder of Applicable Securities Laws, and will reimburse the
Company, such other Holders, such directors, officers, members, partners, limited partners, general partners, persons, legal counsel and accountants for the Company, underwriters or control persons for any legal or any other expenses reasonably
incurred, as such expenses are incurred, in connection with investigating or defending any such claim, loss, damage, liability or action, but only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with information furnished to the Company by or on behalf of such Holder or controlling person, expressly for use in
connection with such registration. Notwithstanding the foregoing, the foregoing right of indemnification is conditional on the indemnified party’s compliance with section 5.7(c) hereof and, in any event, the aggregate liability of each Holder
under this Section 5.7(b) shall be limited in an amount equal to the net proceeds received by such Holder in such registration, except in the case of fraud or willful misconduct by such Holder. 

 

  
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 (c) Each party entitled to indemnification under this Section 5.7 (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to participate in such claim or any litigation resulting therefrom and, to the extent the Indemnifying Party so desires, participate jointly with any other Indemnifying Party to which notice has been
given, and to assume the defense to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by
the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense, and provided further that the failure of any Indemnified Party to give notice
as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action and provided
further, that the Indemnifying Party shall not assume the defense for matters as to which there is a conflict of interest or there are separate and different defenses. No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party (whose consent shall not be unreasonably withheld, delayed or conditioned), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

(d) If the indemnification provided for in this Section 5.7 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, liability, claim, damage or expense referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with
the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, however, that no contribution by any Holder, when combined with any amounts paid by
such Holder pursuant to Section 5.7(b), shall exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. The relative fault of the Indemnifying Party and of the
Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the
Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  
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 (e) Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Section 5.7 shall survive the completion of any offering of Registrable Securities in a registration under this Section 5, and otherwise shall survive the termination of this Agreement.

 5.8 Information by Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 5 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding such Holder or Holders and its or their affiliates, the Registrable Securities or Common Shares
held by them and the distribution proposed by such Holder or Holders as the Company may request in writing and as shall be required in connection with any registration referred to in this Agreement, including without limitation all information
required to be disclosed by the Company in connection with any such registration. 
 5.9 Resale of Securities. With a view to making
available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Securities to the public without registration after such time as a public market exists for the Common Shares of the
Company in the United States, the Company agrees to use commercially reasonable efforts to: 
 (a) make and keep adequate current
public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the date that the Company becomes and remains subject to the reporting requirements of Sections 13(a) or 15(d) of the
Exchange Act; 
 (b) to file with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), which reports and other documents shall be deemed delivered to the parties hereto upon filing on EDGAR, or its replacement or successor
system, with the Commission, if applicable; and 
 (c) so long as a Holder owns any Restricted Securities, to furnish to the Holder
forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for
its Qualified Initial Public Offering) and other information in the possession of or reasonably obtainable by the Company as the Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing the Holder to sell
any such securities without registration. 
 5.10 Canadian Securities Law Requirements. If: 

(a) a public offering is completed under the Securities Act and such public offering is not also made pursuant to a Canadian prospectus
under Canadian Securities Laws in respect of which a receipt or decision document is issued by a Canadian securities regulator; 
 (b)
the Common Shares are listed on an exchange or quoted on a market outside of Canada; 

  
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 (c) a Major Investor who is resident in a Canadian jurisdiction (a “Canadian
Holder”) is not permitted under the Canadian Securities Laws of such jurisdiction to sell its Registrable Securities on the exchange or market on which the Common Shares are listed or quoted without filing a prospectus under applicable
Canadian Securities Laws; and 
 (d) the Canadian Holder provides a notice to the Company, not earlier than 180 days following the US
public offering, that it wishes to sell Registrable Securities, then the Company will either: 
 (a) obtain, within 60 days following
receipt by the Company of the notice from the Canadian Holder, discretionary exemptive relief from the applicable Canadian securities commissions permitting the sale of the Registrable Securities held by the Canadian Holder on the exchange or market
on which the Common Shares are listed or quoted without filing a prospectus under applicable Canadian Securities Laws and otherwise subject to such conditions as may be imposed by the applicable Canadian securities regulators and as the Canadian
Holder and the Company agree to, acting reasonably; or 
 (b) use commercially reasonable efforts to become a reporting issuer under
the Canadian Securities Laws of any jurisdiction of Canada (at the Company’s discretion) within 90 days following receipt by the Company of the notice from the Canadian Holder or as soon thereafter as is reasonably practicable. 

5.11 Termination of Registration Rights. The rights granted pursuant to Sections 5.1, 5.2 and 5.3 of this Agreement shall terminate as
to any Holder upon the earlier to occur of: 
 (a) the closing of a Deemed Liquidation Event, as such term is defined in the
Company’s Articles; 
 (b) the date four (4) years after the effective date of a Qualified Initial Public Offering; 

(c) the date such Holder is able to immediately sell all shares of Registrable Securities held or entitled to be held upon conversion
by such Holder under Rule 144 during any 90-day period, and 
 (d) the sale of all such
Holder’s shares would not be a distribution under Section 2.5 or Section 2.6 of National Instrument 45-102, and would not be a control distribution (as defined in National Instrument 45-102). 
 5.12 Limitation on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders holding at least 67% of the Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the
Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 5.1, Section 5.2 or Section 5.3 of this Agreement, unless under the terms of such agreement,
such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to
demand registration of their securities. 

  
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 6. Information Rights. 

(a) The Company will provide the following documents to each Investor who holds at least two hundred thousand (200,000) Preferred
Shares (as adjusted for stock splits, dividends, combinations, recapitalizations or the like) (collectively, the “Major Investors”): 

(i) not less than thirty (30) days prior to the end of each fiscal year, pro forma financial projections for the immediately
following fiscal year as prepared by the Company along with any updates to such financial projections in the event of a material change thereto; 

(ii) within one hundred twenty (120) days after the end of each such fiscal year (beginning with the year ended December 31,
2019), audited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such fiscal year, and audited consolidated statements of operations and audited consolidated statements of cash flows and shareholders’
equity of the Company and its subsidiaries, if any, for such year, prepared by an independent public accounting firm approved by the Board of Directors, including the Series A1 Designee and at least one of the Series A2 Designees (if, and only to
the extent, each such designee is a director of the Company at the applicable time), prepared in accordance with Canadian generally accepted accounting principles or United States generally accepted accounting principles (“GAAP”) if
such are adopted by the Company and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail; 

(iii) as soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the
Company and in any event within forty-five (45) days thereafter, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of
operations and unaudited consolidated statements of cash flows of the Company and its subsidiaries, if any, for such period and for the current fiscal year to date, prepared in accordance with GAAP (other than accompanying notes and standard year-end adjustments); 
 (iv) as soon as practicable after the end of the first, second, third and
fourth quarterly accounting periods in each fiscal year of the Company and in any event within thirty (30) days thereafter, a statement showing the number of shares of each class and series and securities convertible into or exercisable for
shares outstanding at the end of the period, the Common Shares issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Shares and the exchange ratio or exercise price applicable thereto, and the
number of issued stock options and stock options not yet issued but reserved for issuance, if any; and 
 (v) such other information
reasonably requested; provided that the Company shall not be obligated to provide information (A) that it reasonably determines in good faith to be a trade secret or any information that the Company is prohibited from disclosing pursuant
to written agreements containing confidentiality obligations, provisions or covenants with respect to such information, or (B) which it deems in good faith to be attorney-client privileged. 

  
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 (b) Notwithstanding anything else in this Subsection 6 to the contrary, the Company
may cease providing the information set forth in Section 6(a) during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably
concludes it must do so to comply with the Commission rules or Canadian Securities Laws applicable to such registration statement and related offering; provided that the Company’s covenants under Section 6(a) shall be reinstated at such
time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

(c) Each Major Investor acknowledges and agrees that any information obtained from the Company shall be considered confidential
nonpublic information and will accordingly not use such information in connection with purchases or sales of the Company’s securities except in compliance with Applicable Securities Laws and will maintain such information in confidence and will
not use or disclose any of such information to any third party, except: 
 (i) to the extent such information is made publicly
available by the Company without restrictions on its use or disclosure; 
 (ii) to the extent such information is or becomes
generally available to the public other than as a result of acts by such Major Investor; 
 (iii) to the extent such information was
in such Major Investor’s possession prior to the date it was disclosed to such Major Investor or transferee, provided that the source of information was not known by such Major Investor or transferee to be bound by a confidentiality
agreement with or contractual, legal or fiduciary obligation of confidentiality to the Company or any other person; 
 (iv) to the
extent such information is or becomes available to such Major Investor or transferee on a non-confidential basis from a source other than the Company; provided that the source of information was not
known by such Major Investor or transferee to be bound by a confidentiality agreement with or contractual, legal or fiduciary obligation of confidentiality to the Company or any other person; 

(v) that such Major Investor or transferee may disclose information received from the Company to its affiliates and to its, and its
affiliates’, partners, limited partners, general partners (and professional advisors and representatives of such persons or entities), employees and professional advisors to the extent such Major Investor or transferee deems such disclosure to
be reasonably necessary to monitor and manage its investment in the Company and to comply with its existing obligations to provide information to such persons or entities (and their representatives and advisors); provided that each such
person or entity is subject to similar obligations of confidentiality and non-use or agrees to maintain the confidentiality of such information and not to use such information except as permitted herein prior
to such disclosure; provided, further, that such Major Investor agrees that it will not, and shall cause each of its affiliates’, partners, limited partners, general partners (and professional advisors and representatives
of such persons or entities), employees and professional advisors not to, during or after the term of this Agreement, disclose such information to any other person or entity, including any portfolio company, that is directly competitive with the
Company (it being acknowledged and agreed that a person shall not be deemed competitive with the Company solely by reason of its ownership of a person that may be competitive with the Company) for any reason or purpose whatsoever; or 

  
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 (vi) to the extent such information is or becomes available to such Major Investor
or its affiliates pursuant to any license, collaboration, or other similar agreement between the Company and the Major Investor (or its affiliates) (each, a “Commercial Agreement”), such information shall be subject to the
confidentiality obligations set forth in such Commercial Agreement, which confidentiality obligations supersede the provisions of this Section 6(c) in its entirety as it may pertain to the subject matter of such Commercial Agreement. 

(d) The Company shall permit each Major Investor or its transferees, at such Major Investor’s expense, to visit and inspect the
Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, during normal business hours of the Company as may be requested by such Major Investor
(provided that at least forty-eight hours advance notice is provided by the Major Investor in respect of a proposed visit); provided, however, that the Company shall not be obligated under this Section 6 to provide information that it
deems in good faith to be a trade secret or similar highly confidential or proprietary information or attorney-client privileged; provided, further, however, that the Company shall not be obligated to permit such inspections and examination
with respect to a Competitor (as defined in Section 9 below) of the Company. The Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions and will set aside on its
books all such proper accruals and reserves. 
 (e) The Company will not do or permit anything to be done or fail to do or permit
anything not to be done which would have the effect of causing more than 50% of the fair market value of the Preferred Shares or the Conversion Shares held by the Investors to be derived, directly or indirectly, from one or any combination of: 

(i) real or immovable property situated in Canada (within the meaning of the Income Tax Act (Canada)), 

(ii) Canadian resource properties (within the meaning of the Income Tax Act (Canada)), 

(iii) timber resource properties (within the meaning of the Income Tax Act (Canada)), and 

(iv) options in respect of, or interests in, or for civil law rights in, property described in any of subparagraphs (i) to (iii),
whether or not the property exists. 
 (f) Upon the written request of an Investor after the end of a fiscal year, the Company shall,
no later than 60 days following the end of the Company taxable year, (i) advise such Investor of its status under the “passive foreign investment company” (“PFIC”) within the meaning of Section 1297 of the
Internal Revenue Code of 1986, as amended (the “Code”) rules and (ii) in respect of each taxable year for any portion of which the Company is determined to be a PFIC by the Company, provide to such Investor the statements and
information (including, without limitation, a valid PFIC Annual Information Statement prepared in accordance with the provisions of the Code and Treasury Regulations promulgated thereunder) necessary to enable such Investor to comply with all
provisions of the Code with respect to PFICs, including but not limited to, making and complying with the requirements of a “Qualified Electing Fund” election pursuant to Section 1295 of the Code or filing a “protective
statement” pursuant to Section 1.1295-3 of the Treasury Regulations with respect to the Company. 

  
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 (g) Upon the written request of an Investor after the end of a fiscal year, the
Company shall, no later than 60 days following the end of the Company taxable year (i) examine its status under the “controlled foreign corporation” as defined in Section 957 of the Code and the Treasury Regulations thereunder (a
“CFC”) rules and shall notify such Investor of the CFC status of the Company and (ii) in respect of each taxable year for any portion of which the Company is determined to be a CFC by the Company provide the information
(including, if applicable, Subpart F Income and Section 956 Amount) reasonably necessary to enable such Investor if it is a “U.S. Person” of the Company (as defined below) to comply with all CFC reporting and other requirements of the
Code with respect to its equity holdings in the Company. For purposes of this Section 6(g) “U.S. Person” means any “United States Person” as defined in Section 7701(30) of the Code and the Treasury Regulations
thereunder, “Subpart F Income” means “subpart F income” as defined in Section 952 of the Code and the Treasury Regulations thereunder, and “Section 956 Amount” means any amount
described in Sections 951(a)(1)(B) and 956 of the Code and the Treasury Regulations thereunder. 
 (h) The covenants of the Company
set forth in this Section 6 shall terminate and be of no further force or effect upon the earliest to occur of (i) immediately prior to the closing of a Qualified Initial Public Offering; (ii) immediately prior to the closing of
(A) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company, of all or substantially all the assets of the Company and its
subsidiaries taken as a whole, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company, or (B) the acquisition of the Company by another entity by means of merger,
amalgamation, plan of arrangement, consolidation, reorganization, share sale or otherwise resulting in the exchange of the outstanding shares of the Company for securities or other consideration issued, or caused to be issued, by the acquiring
corporation or its subsidiaries, unless, in each case, the shareholders of the Company, as constituted immediately prior to such transaction, hold at least a majority of the voting power of the surviving or resulting corporation in such a
transaction, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Articles. 

  
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 7. Lock-Up Agreement. Each Investor,
Holder and transferee hereby agrees that, in connection with the initial public offering of the Company under the Securities Act or under Canadian Securities Laws, if so requested by the Company or any representative of the underwriters (the
“Managing Underwriter”), such Investor, Holder or transferee shall not (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right,
or warrant to purchase; or otherwise transfer or dispose of (directly or indirectly); or (ii) enter into any hedging, swap or similar transaction with the same economic effect as a sale of, any securities of the Company held by such Investor,
Holder or transferee immediately prior to the effectiveness of the registration statement for such offering (other than those securities included in such registration statement), during the period specified by the Board of Directors at the request
of the Managing Underwriter (the “IPO Market Standoff Period”), with such period not to exceed one hundred eighty (180) days following the effective date of such registration statement (or such other period up to an additional
thirty-four (34) days as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in NASD Rule 2711 or NYSE Member Rule 472, or any similar regulations and successor provisions or amendments thereto). The foregoing shall only be applicable to the Holders if all officers,
directors and shareholders holding one percent (1%) or more of the Company’s outstanding capital stock are subject to similar obligations. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such IPO Market Standoff Period. Each Investor, Holder and transferee agrees to execute a market standoff agreement with the Managing Underwriter in customary form consistent with the provisions of this Section 7.
The Company agrees to use commercially reasonable efforts to ensure that all future issuance of Company securities shall be subject to a lock-up or market standoff provision at least as restrictive as the
provisions of this Section 7. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Investors and Holders subject to such agreements, based on
the number of shares subject to such agreements. 
 8. Right of First Refusal. 

(a) The Company hereby grants to each Major Investor the right of first refusal to purchase its Pro Rata Share of New Securities (as
defined in this Section 8) which the Company may, from time to time, propose to sell and issue. A “Pro Rata Share,” for purposes of this right of first refusal, equals the proportion that the total number of Common Shares
issuable upon conversion of the Preferred Shares then held by such Major Investor bears to the sum of the total number of Common Shares then outstanding plus the number of Common Shares issuable upon exercise or conversion of all then outstanding
securities exercisable for or convertible into, directly or indirectly, Common Shares. 
 (b) Except as set forth below, “New
Securities” shall mean any shares of the Company, including Common Shares and any class or series of Common Shares or preferred shares, whether now authorized or not, and rights, options or warrants to purchase said Common Shares or
preferred shares, and securities of any type whatsoever that are, or may become, convertible into or exchangeable for said Common Shares or preferred shares. Notwithstanding the foregoing, “New Securities” does not include:
(i) Exempt Securities (as defined in the Company’s Articles, as amended); (ii) shares issued and issuable upon exercise or conversion of securities with respect to which the Investors previously had an opportunity to exercise the right of
first refusal pursuant to this Section 8; (iii) shares issued in the Qualifying Initial Public Offering; (iv) the issuance of additional Series A2 Preferred Shares to Investors pursuant to the Investment Agreement; or (v) Common
Shares issued or issuable upon the conversion or exercise of the subscription rights, options or any other convertible securities outstanding as of the date of this Agreement. 

  
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 (c) In the event the Company proposes to undertake an issuance of New Securities, it
shall give each Major Investor written notice of its intention, describing the amount and type of New Securities, and the price and terms upon which the Company proposes to issue the same. Each Major Investor shall have fourteen (14) days from
the date of any such notice to agree to purchase up to its respective Pro Rata Share of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company and stating therein the quantity of New
Securities to be purchased; provided that such Major Investor is an “accredited investor” as such term is defined under Applicable Securities Laws. At the expiration of such fourteen (14)-day
period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During
the ten (10)-day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of
shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the total number of Common Shares
then held by such Fully Exercising Investor plus the number of Common Shares issuable upon conversion of the Series A1 Preferred Shares then held by such Fully Exercising Investor bears to the sum of the total number of Common Shares then
outstanding plus the number of Common Shares issuable upon exercise or conversion of all then outstanding securities exercisable for or convertible into, directly or indirectly, Common Shares then held by all Fully Exercising Investors who wish to
purchase such unsubscribed shares. 
 (d) Following the expiration of the periods provided in Section 8(c) above, the Company
shall have one hundred and twenty (120) days to sell the New Securities not elected or eligible to be purchased by the Fully Exercising Investors at the price and upon the terms no more favourable to the purchasers of such securities than
specified in the Company’s notice. In the event the Company has not sold all of the New Securities within said one hundred and twenty (120) day period, the Company shall not thereafter issue or sell any New Securities without first
offering such securities in the manner provided above. 
 (e) The provisions of this Section 8 will terminate and be of no
further force or effect upon the earlier to occur of: (i) the closing of a Qualified Initial Public Offering, (ii) the date on which the Company becomes subject to the reporting requirements of Sections 13(a) or 15(d) of the Exchange Act
or becomes a reporting issuer pursuant to the Applicable Securities Laws of at least one province of Canada, or (iii) immediately prior to the closing of either a Change of Control (as defined in the Company’s Articles, as amended) or the
Reorganization Transaction (as defined in the Company’s Articles, as amended) in accordance with Section 3(b)(viii) of the Amended and Restated Voting Agreement dated as of the date hereof, as applicable. 

  
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 9. Transfer of Rights. The rights granted to the Investors under
Section 5 and to Major Investors under Sections 6 and 8 of this Agreement may be assigned to any transferee or assignee, other than a Competitor (as defined below) of the Company in connection with any transfer or assignment of Registrable
Securities or Common Shares by the Holder, provided that: (i) such transfer is otherwise effected in accordance with Applicable Securities Laws, the Company’s Articles and the terms of this Agreement; (ii) such transfer is
effected in accordance with the terms of the Amended and Restated Right of First Refusal and Co-Sale Agreement between the Company, the Investors and others dated of even date herewith, as may be amended from
time to time; (iii) in the case of Sections 5 and 8, such assignee or transferee acquires at least five percent (5%) (as adjusted for stock splits, dividends, combinations, recapitalizations or the like) of all Registrable Securities (including
Preferred Shares convertible into Registrable Securities) originally held by the Holder, except that assignments or transfers to affiliates, partners, limited partners, general partners, retired partners, members, former members, shareholders or
other affiliates of a Holder or immediate family members or trusts established for the benefit of a Holder shall be without restriction as to the number of shares to be assigned or transferred; (iv) written notice is promptly given to the
Company; and (v) such transferee or assignee agrees in writing to be bound by the provisions of this Agreement and subject to all of the terms and conditions hereof, including in the case of a Major Investor the shareholding requirements
thereof. “Competitor” shall mean, upon the advice of counsel, any natural person, firm, partnership, corporation, entity, business or other organization that is directly or indirectly engaged in or actively participates in any
activity or line of business in which the Company or any of its Subsidiaries then engages or participates in, but shall not include any financial investment firm or collective investment vehicle that, together with its affiliates, holds less than
twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its affiliates, have a right to designate any members of the Board of Directors of any Competitor; notwithstanding anything to the contrary in the
foregoing, in no event shall (a) DCVC Bio, L.P. or any of its affiliates, (b) OrbiMed Royalty & Credit Opportunities III, LP or any of its affiliates, or (c) Eli Lilly and Company or any of its affiliates, be deemed a
Competitor. 
 10. Indemnification Matters. The Company hereby acknowledges that two (2) or more of the directors
nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of
their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and
shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Company’s Articles (or any
agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all
claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with
respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
all of the rights of recovery of such Fund Director against the Company. 
 11. Expenses of Directors. The Company shall
promptly reimburse in full each director of the Company who is not an employee of the Company for all of her or his reasonable out-of-pocket expenses incurred attending
each meeting of the Board of Directors, any committee thereof, or other activities as requested by the Company in accordance with the Company’s reimbursement policies. 

  
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 12. Share Vesting. Unless otherwise approved by the Board of Directors,
including the Series A1 Designee and at least one of the Series A2 Designees (if, and only to the extent, each such designee is a director of the Company at the applicable time), all stock options, awards and other stock equivalents issued after the
date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such shares shall vest at the end of the first year following the earlier of the
date of issuance or such person’s services commencement date with the Company, and (b) the remaining seventy-five percent (75%) of such shares shall vest ratably on an annual basis over the remaining three (3) years. 

13. Directors’ and Officers’ Liability Insurance. The Company shall use its commercially
reasonable efforts to maintain directors’ and officers’ liability insurance coverage of not less than $1,000,000 from a financially sound and reputable insurer with terms and policy limits satisfactory to the Board of Directors, except as
otherwise determined by the unanimous vote of the Board of Directors. The Company shall furnish to the Investors, upon request, evidence of the insurance required to be maintained by this Section 13. 

14. Matters Requiring Approval of Holders of Preferred Shares. The Company shall not (including, without limitation, by
amendment, merger, consolidation, any other voluntary action or transaction or otherwise), and shall not enter into any obligation to, or take any action in furtherance of, any of the following matters without the prior approval of holders of, in
the aggregate, 67% of the Preferred Shares then outstanding, and any such act or transaction entered into without such approval shall be null and void ab initio and of no force or effect: 

(a) amend, alter or repeal any provision of the Notice of Articles or Articles of the Company (other than in connection with the
Reorganization Transaction); 
 (b) reclassify, reorganize, exchange, cancel or recapitalize any of the outstanding capital of the
Company (other than in connection with the Reorganization Transaction); 
 (c) issue or obligate itself to issue any preferred
shares, including any as-yet-unauthorized class or series of preferred shares, other than pursuant to the Investment Agreement; 

(d) make any change to the Company’s stock option plan or create any new stock option plans or other incentive plans; 

(e) make any change to the number of directors of the Board of Directors; 

(f) take any proceedings with a view to the dissolution, winding-up or termination of the
corporate existence of the Company (other than in connection with the Reorganization Transaction); 

  
 -27- 

 (g) sell, lease, transfer, license or otherwise dispose of all or substantially all
of the assets or intellectual property of the Company and its subsidiaries (other than in connection with the Reorganization Transaction); 

(h) pay or declare any dividend or make any distribution on any shares of the Company; 

(i) purchase or redeem (or permit any subsidiary to purchase or redeem) (i) any Preferred Shares, or (ii) any Common Shares;
provided, however, that this restriction shall not apply to the repurchase of any Common Shares or Preferred Shares from employees, officers, directors or consultants of the Company or any subsidiary pursuant to agreements under which the Company
has the option to repurchase such shares upon the occurrence of certain events, such as the termination of employment or service, or pursuant to any right of first refusal in favour of the Company; 

(j) incur aggregate indebtedness or related liabilities, including loans, guarantees of third party indebtedness or granting of
security for indebtedness over the Company’s assets in excess of CDN$250,000, other than indebtedness incurred in the ordinary course of business of the Company (unless otherwise approved by the board, including the Series A1 Designee
and at least one of the Series A2 Designees (if, and only to the extent, each such designee is a director of the Company at the applicable time)); or 

(k) enter into any transaction, agreement or arrangement with an affiliate or founder of the Company (except for employment or
consulting arrangements in the ordinary course of business of the Company). 
 15. Matters Requiring Approval of the Series A1
Designee and a Series A2 Designee. So long as the Series A1 Holder is entitled to designate for election a Series A1 Designee or the Series A2 Holders are entitled to designate for election at least one Series A2 Designee, the Company hereby
covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, including the Series A1 Designee and at least one of the Series A2 Designees (if, and only to the extent, each such designee is a director
of the Company at the applicable time): 
 (a) make, or authorize the payment of, any severance payments to any employee of the
Company, including executive officers of the Company, other than in the customary practices of the Company; and 
 (b) approve any
executive officer of the Company spending less than 100% of his or her professional time on the Company. 
 16. Proprietary
Information and Inventions Agreement. The Company shall require all (a) employees to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or Board of Directors
and (b) consultants to execute and deliver a consulting agreement substantially in a form approved by the Company’s counsel or Board of Directors. 

  
 -28- 

 17. Successor Indemnification. If the Company or any of its successors or
assigns (a) consolidates with, amalgamates or merges into any other entity and shall not be the continuing or surviving corporation or entity of such consolidation, amalgamation or merger or (b) transfers or conveys all or substantially
all of the properties and assets of the Company and its subsidiaries, considered as a whole, to any person or entity, then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assigns of the
Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately prior to such transaction, whether in the Company’s Articles, or elsewhere, as the case may be. 

18. Amendment; Waiver. Except as otherwise provided herein, additional parties may be added to this Agreement, any provision of
this Agreement may be amended or the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders of at least 67% of the
Registrable Securities then outstanding. Notwithstanding the foregoing, (i) Sections 5, 6, 7, 8 and 9 may be amended or the observance thereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the Company and a majority of the Registrable Securities then held by Major Investors, (ii) this Agreement may not be amended and the observance of any term of this Agreement may not be waived
with respect to any Holder without the written consent of such Holder unless such amendment or waiver applies to all Holders in the same fashion, and (iii) Section 6(c)(vi) may be amended or the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the applicable Major Investor in respect of the particular Commercial Agreement to which such Section applies. Notwithstanding the
foregoing, the definition of “Competitor” may amended or the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (i) DCVC Bio L.P.
in respect of paragraph (a) of such definition, (ii) OrbiMed Royalty & Credit Opportunities III, LP in respect of paragraph (b) of such definition, and (iii) Eli Lilly and Company in respect of paragraph (c) of such
definition. Any amendment or waiver so effected shall be binding upon the Company and the other parties hereto. 
 19.
Paramountcy. Notwithstanding anything to the contrary in Section 18, if any provision of this Agreement conflicts with the Articles of the Company dealing with any matter referred to herein, the provisions of the Company’s
Articles will prevail and the Investors will take and cause to be taken all actions necessary to amend this Agreement so as to eliminate any conflict. 

20. Notices. Except as otherwise specifically provided herein, all notices and other communications required or permitted
hereunder shall be in writing and shall be mailed by First Class, registered or certified mail, postage prepaid, by hand, by messenger or by facsimile or by electronic mail, addressed: if to a Holder, to the address or fax number listed after such
Holder’s name on Exhibit A, or at such other address as such Holder shall have furnished to the Company in writing; 
 (b)
if to the Company, to: 

  
 -29- 

 AbCellera Biologics Inc. 

2215 Yukon Street 
 Vancouver,
BC V5Y 0A1 
 Attn: Carl Hansen, Chief Executive Officer 

Email:      
 or at such
other address as each of the parties may provide in writing. 
 Each such notice or other communication shall for all purposes of this Agreement be treated
as effective or having been given when received if delivered personally or sent by electronic mail, if sent by facsimile, the first business day after the date of confirmation that the facsimile has been successfully transmitted to the facsimile
number for the party notified, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been mailed. 
 21.
Severability. In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

22. Governing Law. This Agreement shall be governed in all respects by the laws of the Province of British Columbia and the laws
of Canada applicable therein without regard to conflict of laws provisions. 
 23. Lawyers’ Fees. If any
action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable lawyers’ fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled. 
 24. Titles and Subtitles. The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 25. Currency. All
amounts set forth in this Agreement are in United States Dollars, unless otherwise indicated. In the event that a conversion of United States Dollars into Canadian Dollars is required pursuant to the terms of this Agreement the rate of exchange to
be used shall be the Bank of Canada Canadian dollar closing exchange rate for United States Dollars on the day that is, (a) a day on which the Bank of Canada provided a Canadian dollar closing exchange rate for United States Dollars; and
(b) before and as close as possible to the day on which actual payment is made or the calculation rendered pursuant to this Agreement. 

26. Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile, PDF or other electronic
means of transmission, each of which shall be deemed an original and all of which together shall constitute one instrument. 

  
 -30- 

 27. Successors and Assigns. Except as otherwise provided herein, this
Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred or delegated by any Investor without the prior written consent of the Company; provided, however, that each Investor shall have the
right to assign, transfer or delegate this Agreement and any and all rights, duties and obligations hereunder to any affiliate of such Investor in connection with a transfer of Registrable Securities held by the Investor to any such affiliate
without obtaining such consent upon prior notice to the Company and delivery of a written agreement by such affiliate to which such affiliate becomes a party to this Agreement and agrees to be bound by all the provisions hereof as an
“Investor” hereunder. Any attempt by an Investor without such permission to assign, transfer or delegate any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and
except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties. 

28. Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto
and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
 29. Additional Investors. 

(a) Notwithstanding anything to the contrary contained herein, if the Company shall issue additional Series A2 Preferred Shares pursuant
to the Investment Agreement after the date hereof, any purchaser of such Series A2 Preferred Shares may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an
“Investor” hereunder. 
 30. Aggregation of Shares. All shares of the capital of the Company held or acquired by affiliated
entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

31. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party,
upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of
or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any party’s part of any breach, default or noncompliance under this Agreement
or any waiver on such party’s part of any provisions or conditions of the Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement by law, or
otherwise afforded to any party, shall be cumulative and not alternative. 
 32. Termination. This Agreement shall terminate
and be of no further force or effect upon the earlier of (a) the closing of either a transaction that results in a Change of Control (as defined in the Company’s Articles, as amended) or a Reorganization Transaction (as defined in the
Company’s Articles, as amended) in accordance with Section 3(b)(viii) of the Amended and Restated Voting Agreement dated as of the date hereof, (b) the date that is four (4) years following the closing of the
Qualified Initial Public Offering, or (c) the closing of a Deemed Liquidation Event. 
 33. Entire Agreement. This
Agreement, including the exhibit hereto, constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof, and no party shall be liable or bound to any other party in any manner by any
warranties, representations or covenants except as specifically set forth herein or therein. Effective as of the date hereof, this Agreement amends, restates and supersedes the Prior Investor Rights Agreement in its entirety. 

(The remainder of this page is intentionally left blank.) 

  
 -31- 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Investor Rights Agreement as of the date first set forth above. 
  

			
	ABCELLERA BIOLOGICS INC.
		
	By:	 	 /s/ Carl Hansen

		 	Name: Carl Hansen
		 	Title: Chief Executive Officer

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 “SERIES A1 HOLDERS” 

 

			
	DCVC BIO, L.P.
	on behalf of itself and as nominee for certain affiliated entities
	
	By: DCVC BIO GP, LLC
	Its: General Partner
	By: JNK CAPITAL MANAGEMENT, LLC
	Its: General Partner
		
	By:	 	 /s/ Kiersten Stead

			
	Name:	 	Kiersten Stead
	Title:	 	Managing Member

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 “SERIES A2 HOLDERS” 

 

			
	DCVC BIO, L.P.
	on behalf of itself and as nominee for certain affiliated entities
	
	By: DCVC BIO GP, LLC
	Its: General Partner
	By: JNK CAPITAL MANAGEMENT, LLC
	Its: General Partner
		
	By:	 	 /s/ Kiersten Stead

			
	Name:	 	Kiersten Stead
	Title:	 	Managing Member

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
					
	ORBIMED ROYALTY & CREDIT OPPORTUNITIES III, LP
		
	By:	 	OrbiMed ROF III LLC,
		 	its General Partner
			
		 	By:	 	OrbiMed Advisors LLC,
		 		 	its Managing Member
			
		 	By:	 	 /s/ Sven Borho

		 	Name:	 	Sven Borho
		 	Title:	 	Member

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	VIKING GLOBAL OPPORTUNITIES ILLIQUID INVESTMENTS SUB-MASTER LP
	
	By: Viking Global Opportunities Portfolio GP LLC, its general partner
		
	By:	 	 /s/ Matthew Bloom

 

			
	Name:	 	Matthew Bloom
	Title:	 	Authorized Signatory

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	BAKER BROTHERS LIFE SCIENCES, L.P.
	
	By: BAKER BROS. ADVISORS LP, management company and investment adviser to Baker Brothers Life Sciences, L.P., pursuant to authority granted to it by Baker Brothers Life Sciences Capital, L.P., general
partner to Baker Brothers Life Sciences, L.P., and not as the general partner.
		
	By:	 	 /s/ Scott L. Lessing

			
	Name:	 	Scott L. Lessing
	Title:	 	President
	
	667, L.P.
	
	By: BAKER BROS. ADVISORS LP, management company and investment adviser to 667, L.P., pursuant to authority granted to it by Baker Biotech Capital, L.P., general partner to 667, L.P., and not as the general
partner.
		
	By:	 	 /s/ Scott L. Lessing

			
	Name:	 	Scott L. Lessing
	Title:	 	President

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	ABE INVESTMENTS LLC
		
	By:	 	 /s/ Joel Cazares

 
			
	Name:	 	Joel Cazares
	Title:	 	Authorized Signatory

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

			
	 THE FOUNDERS FUND VII
 PRINCIPALS
FUND, LP
 By: The Founders Fund VII Management, LLC
 Its:
General Partner
  
 By: /s/ Scott
Nolan                                        
                                    

Name: Scott
Nolan                                        
                                    

Title:
                                         
                                         
                
	  	 THE FOUNDERS FUND VII, LP
 By: The Founders Fund
VII Management, LLC
 Its: General Partner
  

By: /s/ Scott
Nolan                                        
                                

Name: Scott
Nolan                                        
                                

Title:                         
                                         
                             

	  
 THE FOUNDERS FUND VII

ENTREPRENEURS FUND, LP
 By: The Founders Fund VII
Management, LLC
 Its: General Partner
  

By: /s/ Scott
Nolan                                        
                                    

Name: Scott
Nolan                                        
                                    

Title:
                                         
                                         
                
	  	  
 PAI FAMILY TRUST

 
 By: /s/ Neil
Pai                                         
                                   

        Neil Pai, as trustee

  

					
	 WITNESS:
  

Signature
  

Print Name
	  	 )
 )

)
 )

)
 )
	  	 /s/ Scott Nolan

SCOTT NOLAN

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	 APEIRON SICAV LTD. - PRESIGHT 

CAPITAL FUND ONE

		
	By:	 	 /s/ Heinz Daxl

 
			
	Name:	 	Heinz Daxl
	Title:	 	Director of Apeiron SICAV Ltd.

 
			
		
	By:	 	 /s/ Jefim Gewiet

 
			
	Name:	 	Jefim Gewiet
	Title:	 	Director of Apeiron SICAV Ltd.

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	ELI LILLY AND COMPANY
		
	By:	 	 /s/ Josh Smiley

 
			
	Name:	 	Josh Smiley
	Title:	 	Senior VP and CFO

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	 HARVARD MANAGEMENT PRIVATE

EQUITY CORPORATION

		
	By:	 	 /s/ Richard Slocum

			
	Name:	 	Richard Slocum
	Title:	 	Authorized Signatory

 
			
		
	By:	 	 /s/ Kathryn Murtagh

			
	Name:	 	Kathryn Murtagh
	Title:	 	Authorized Signatory

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 
			
	REGENTS OF THE UNIVERSITY OF MINNESOTA
		
	By:	 	 /s/ Stuart H. Mason

			
	Name:	 	Stuart H. Mason
	Title:	 	Chief Investment Officer

 [Signature Page to the Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

Schedule of Investors 

“Series A1 Holders” 
  

			
	 Name and Address of Series A1
Holders
	  	 Number of Series A1 Preferred Shares
Held

	 DCVC Bio, L.P.

317 University Avenue, Suite 200

Palo Alto, CA 94301
	  	2,105,264

 “Series A2 Holders” 

 

			
	 Name and Address of Series A2 Holders
	 	 Number of Series A2 Preferred Shares
Held

		
	 DCVC Bio, L.P.
  

317 University Avenue, Suite 200
 Palo Alto, CA 94301
	 	802,371
		
	 OrbiMed Royalty & Credit Opportunities III, LP
  

601 Lexington Avenue, 54th Floor
 New York, NY 10022
	 	802,371
		
	 Viking Global Opportunities Illiquid

Investments Sub-Master LP
  

55 Railroad Avenue, Greenwich, CT 06830
	 	1,604,742
		
	 Baker Brothers Life Sciences, L.P.
  

c/o Baker Bros. Advisors LP
 860 Washington Street, 3rd Floor

New York, NY 10014
 Fax: 212-339-5688
	 	735,780
		
	 667, L.P.
  

c/o Baker Bros. Advisors LP
 860 Washington Street, 3rd Floor

New York, NY 10014
 Fax: 212-339-5688
	 	66,591
		
	 ABE Investments LLC
  

2200 Paseo Verde Parkway, Suite 250
 Henderson, NV
89052
    
	 	381,126
		
	 The Founders Fund VII Principals Fund, LP
  

One Letterman Drive,
 Building D. 5th Floor

San Francisco, CA 94129
	 	40,105

			
	 Name and Address of Series A2 Holders
	 	 Number of Series A2 Preferred Shares
Held

		
	 The Founders Fund VII, LP
  

One Letterman Drive,
 Building D. 5th Floor

San Francisco, CA 94129
	 	334,324
		
	 The Founders Fund VII Entrepreneurs Fund, LP
  

One Letterman Drive,
 Building D. 5th Floor

San Francisco, CA 94129
	 	2,924
		
	 Scott Nolan
  

One Letterman Drive,
 Building D. 5th Floor

San Francisco, CA 94129
	 	1,605
		
	 Pai Family Trust
  

One Letterman Drive,
 Building D. 5th Floor

San Francisco, CA 94129
	 	2,168
		
	 Apeiron SICAV Ltd. - Presight Capital Fund ONE
  

Cornerstone Complex, Suite A, Level 1,
 16th September
Square,
 Mosta, Malta
	 	40,119
		
	 Eli Lilly and Company
  

Lilly Corporate Center,
 Indianapolis, IN 46285
	 	401,186
		
	 Harvard Management Private Equity Corporation
  

Attention: Marcus Loveland / Emily Holden
 600 Atlantic Avenue,
Boston, MA 02210
	 	401,186
		
	 Regents of the University of Minnesota
  

2221 University Ave SE, Suite 145
 Minneapolis, MN 55414
	 	401,186EX-10.1

 Exhibit 10.1 

OFFICE PREMISES LEASE 
  

			
	FROM:	  	0775021 BC Ltd.
		
	TO:	  	AbCellera Biologics Inc.
		
	DATE OF LEASE:        	  	June 2, 2017
		
	PROPERTY:	  	2215 Yukon Street, Vancouver, BC
		
	PREMISES:	  	20,996 square feet comprising 9,300 square feet on the first floor and 11,696 square feet on the second floor

  

 LEASE 

INDEX 
  

					
	ARTICLE 1	 	BASIC TERMS, SCHEDULES, DEFINITIONS	 	1
			
	1.01	 	Summary of Basic Terms	 	1
	1.02	 	Definitions	 	3
	1.03	 	Schedules	 	7
			
	ARTICLE 2	 	INTENT AND INTERPRETATION	 	8
			
	2.01	 	Net Lease	 	8
	2.02	 	Landlord and Representative to Act Reasonably and in Good Faith	 	9
	2.03	 	Decision of Expert to be Binding	 	9
	2.04	 	Entire Agreement	 	9
	2.05	 	General Matters of Intent and Interpretation	 	9
			
	ARTICLE 3	 	GRANT OF TERM	 	10
			
	3.01	 	Grant and Term	 	10
	3.02	 	Adjustment of Area	 	10
	3.03	 	Acceptance and Construction of Premises	 	11
	3.04	 	Quiet Enjoyment	 	11
	3.05	 	Use of Commen Elements	 	11
			
	ARTICLE 4	 	RENT	 	11
			
	4.01	 	Covenant to Pay	 	11
	4.02	 	Basic Rent	 	11
	4.03	 	Additional Rent	 	11
	4.04	 	Payment of Taxes, Operating Costs and Management Fee Based Upon Landlord’s Estimates and Subject to Adjustment	 	12
	4.05	 	Security Deposit	 	13
	4.06	 	Payments Generally	 	13
			
	ARTICLE 5	 	TAXES	 	14
			
	5.01	 	Taxes – Definition	 	14
	5.02	 	Taxes Payable by the Landlord	 	15
	5.03	 	Taxes Payable by the Tenant	 	15
	5.04	 	Business Taxes and other Taxes of the Tenant	 	15
	5.05	 	Tenant’s Responsibility	 	16
			
	ARTICLE 6	 	BUILDING AND COMMON ELEMENTS, OPERATION, REPAIR, MAINTENANCE, CONTROL AND PAYMENT	 	16
			
	6.01	 	Operation of Building	 	16
	6.02	 	Maintenance and Repairs by the Landlord	 	16
	6.03	 	Control of the Building by the Landlord	 	17
	6.04	 	Relocation of Premises	 	18
	6.05	 	Tenant’s Payments of Operating Costs	 	19

					
	ARTICLE 7	 	UTILITIES AND HEATING, VENTILATING AND AIR-CONDITIONING AND LANDLORD SERVICES	 	22
			
	7.01	 	Utilities and Heating, Ventilating and Air-Conditioning and Landlord Services	 	22
	7.02	 	Charges for Utilities	 	24
	7.03	 	Additional Services to the Premises	 	25
			
	ARTICLE 8	 	USE OF PREMISES	 	25
			
	8.01	 	Use of the Premises	 	25
	8.02	 	Conduct of Business and Prohibited Activities	 	26
	8.03	 	Compliance with Laws	 	26
	8.04	 	Directory Board, Signs and Advertising	 	27
	8.05	 	Discharge and Release of Hazardous Substances	 	27
	8.06	 	Waste Disposal	 	28
	8.07	 	Special Indemnity	 	28
			
	ARTICLE 9	 	INSURANCE AND INDEMNITY	 	29
			
	9.01	 	Landlord’s Insurance	 	29
	9.02	 	Tenant’s Insurance	 	29
	9.03	 	Increase in Premiums	 	31
	9.04	 	Cancellation of Insurance	 	31
	9.05	 	Loss or Damage	 	32
	9.06	 	Indemnification of the Landlord	 	32
			
	ARTICLE 10	 	MAINTENANCE, REPAIRS AND ALTERATIONS BY THE TENANT	 	33
			
	10.01	 	Maintenance and Repairs by the Tenant	 	33
	10.02	 	Approval of the Tenant’s Alternations	 	33
	10.03	 	Repair Where the Tenant is at Fault	 	35
	10.04	 	Tenant not to Overload	 	35
	10.05	 	Removal and Restoration by the Tenant	 	35
	10.06	 	Tenant to Discharge Encumbrances	 	36
			
	ARTICLE 11	 	DAMAGE AND DESTRUCTION AND EXPROPRIATION	 	36
			
	11.01	 	Interpretation of Article 11	 	36
	11.02	 	Damage to Premises	 	37
	11.03	 	Damage to the Building	 	38
	11.04	 	Expropriation of the Building or the Premises	 	39
	11.05	 	Awards	 	39
	11.06	 	Architect’s Certificate	 	39
			
	ARTICLE 12	 	ASSIGNMENT, SUBLETTING AND OTHER TRANSFERS	 	40
			
	12.01	 	Transfers	 	40
	12.02	 	Landlord’s Right to Terminate	 	42
	12.03	 	Terms and Conditions Relating to Transfers	 	42
	12.04	 	No Advertising of the Premises	 	44
	12.05	 	Sales and Other Disposition by the Landlord	 	44

					
	ARTICLE 13	 	ACCESS AND ALTERATIONS	 	44
			
	13.01	 	Right of Entry	 	44
			
	ARTICLE 14 	 	STATUS STATEMENTS, SUBORDINATION AND ATTORNMENT	 	45
			
	14.01	 	Status Statements	 	45
	14.02	 	Subordination and Attornment	 	46
	14.03	 	Attorney	 	46
			
	ARTICLE 15	 	DEFAULT	 	46
			
	15.01	 	Events of Default	 	46
	15.02	 	Remedies Upon and Event of Default	 	48
	15.03	 	Landlord May Cure the Tenant’s Default	 	49
	15.04	 	Waiver of Exemption from Distress	 	49
	15.05	 	Application of Money	 	49
	15.06	 	Remedies Generally	 	49
			
	ARTICLE 16	 	MISCELLANEOUS	 	50
			
	16.01	 	Rules and Regulations	 	50
	16.02	 	Overholding – No Tacit Renewal	 	50
	16.03	 	Relationship of Parties – No Partnership of Agency	 	50
	16.04	 	Accord and Satisfaction	 	50
	16.05	 	Tenant Partnership	 	50
	16.06	 	Waiver	 	51
	16.07	 	Successors	 	51
	16.08	 	Force Majeure	 	51
	16.09	 	Notices	 	51
	16.10	 	Management of the Building	 	52
	16.11	 	Registration	 	52
	16.12	 	Survival of Obligations	 	52
	16.13	 	Inducement to Lease	 	52

  

			
	 Schedule “A”
	  	 Legal Description of Lands

	 Schedule “B”
	  	 Floor Plan of the Premises

	 Schedule “C”
	  	 Landlord’s and Tenant’s Work

	 Schedule “D”
	  	 Rules and Regulations

	 Schedule “E”        
	  	 Special Provisions

  

 THIS LEASE is dated the 2nd day of June, 2017 and is
made 
 BETWEEN 
 0775021 BC Ltd. 

(the “Landlord”) 

-and- 
 AbCellera Biologics Inc.

 (the “Tenant”) 

ARTICLE 1 
 BASIC TERMS
AND DEFINITIONS 
  

	1.01	 SUMMARY OF BASIC TERMS 

 

					
	a.	  	“Building Name” means – “•” subject to Section 6.03(a)(vi).
			
	b.	  	Address of Landlord:                	  	 c/o
 Avison Young Commercial Real Estate

(B.C.) Inc
 Suite 2900, 1055 West Georgia Street

Vancouver, B.C. V6E 3P3

			
	c.	  	Address of Tenant:	  	 c/o
 Avison Young Commercial Real Estate (B.C.)
Inc.
 Suite 2900, 1055 West Georgia Street
 Vancouver, B.C. V6E
3P3

			
	d.	  	Premises	  	The first and second floors of 2215 Yukon Street, Vancouver, BC, as shown on Schedule “B”.
			
	e.	  	Rentable Area of the Premises:	  	Approximately Twenty Thousand Nine Hundred Ninety Six (20,996) square feet, subject to re-measurement in accordance with the most recent BOMA measurement standard, and otherwise subject to
Section 3.02.

					
			
	f.	  	(1) Commencement. Date:	  	January 1,2018
			
		  	(2) Term:	  	commencing on the Commencement Date and expiring December 31, 2027.
			
	g.	  	Fixturing Period:	  	a maximum of One Hundred Fifty Three (153) days prior to the Commencement Date (subject to Section 16.08), as more particularly set out in Schedule E – Special Provisions, hereto.
			
	h.	  	Basic Rent (subject to Section 4.02):	  	

  

													
	 Years
	  	Annual Rate Per
square Foot (of
Rentable Area)	 	  	Per Year	 	  	Per Month	 
	 Years 1-2
	  	$	27.50	 	  	$	577,390.00	 	  	$	48,115.83	 
	 Years 3-5
	  	$	28.50	 	  	$	598,386.00	 	  	$	49,865.50	 
	 Years 6-7
	  	$	30.50	 	  	$	640,378.00	 	  	$	53,364.83	 
	 Years 8-10
	  	$	32.50	 	  	$	682,370.00	 	  	$	56,864.17	 

  

	*	 plus the part of the month, if any, from the Commencement Date to and including the last day of the month in
which the Commencement Date occurs, in the event that the Commencement Date is not the first day of a month. 

  

	i.	 “Advance Rent” means the sum of Two Hundred Seven Thousand Three Hundred Thirty-Five Dollars
and Forty-Nine Cents ($217,702.26) paid by the Tenant to the Landlord, receipt of which is hereby acknowledged by the Landlord, to be held without interest and to be applied on account of the Rent payable for the first three months of the Term, plus
applicable taxes. 

  

	j.	 “Security Deposit” means the sum of Seventy-Seven Thousand Eight Hundred Sixty Dollars and
Seventeen Cents ($81,753.18) subject to Section 4.05. 

  

	k.	 “Inducement to Lease” means the sum of Twenty ($20.00) per square foot of Rentable Area of the
Premises subject to Section 16.13 and Section 1 of Schedule “E”. 

  
 2 

 The terms set out above are intended to be only a summary of certain basic terms of this Lease which are
supplemented by various provisions set out later in this Lease which are applicable thereto. 
  

	1.02	 DEFINITIONS 

The following definitions apply in this Lease: 

“Accounting Period” means a calendar year or such other accounting period, not exceeding sixteen (16) months, as the Landlord may, upon
notice to the Tenant, adopt from time to time for the Building. 
 “Additional Rent” means those amounts payable by the Tenant under
Section 4.03 together with all other money payable by the Tenant under this Lease (except Basic Rent), whether or not it is designated “Additional Rent”. 

“Applicable Laws” means all statutes, laws, by-laws, rules, regulations, ordinances, orders and
requirements of a governmental, quasi-governmental or other public authority having jurisdiction over any matter. 
 “Architect” means an
accredited architect chosen by the Landlord from time to time. 
 “Basic Rent” means the rent payable pursuant to Section 4.02. 

“Building” means the lands described in Schedule “A”, as they are altered, reduced or expanded from time to time and all
buildings, structures, improvements, equipment, facilities and appurtenances serving them or located on or in them from time to time, including, without limitation, the Common Elements and Parking Facilities. 

“Business Hours” means the hours from 6:00 a.m. to 6:00 p.m. Monday to Friday, inclusive, of each week, holidays excepted, or any such
extended periods of hours and days as the Landlord, acting reasonably, may designate from time to time. The Landlord may, at its option, designate from time to time different business hours for retail tenants and, when reasonably required, for other
tenants. 
 “Business Taxes” has the meaning set out in Section 5.01 of this Lease. 

“Capital Tax” is an amount determined by multiplying each of the “Applicable Rates” by the “Building Capital” and
totaling the products. “Building Capital” is the amount of capital which the Landlord determines, without duplication, is invested from time to time by the Landlord, the Owners, or all of them, in doing all or any of the following:
acquiring, developing, expanding, redeveloping, leasing and improving the Building. Building Capital will not be increased by any financing or refinancing except to the extent that the proceeds are invested directly as Building Capital. An
“Applicable Rate” is the capital tax rate specified from time to time under any statute of Canada and any statute of the Province which imposes a tax in respect of the capital of corporations. Each Applicable Rate will be considered to be
the rate that would apply if none of the Landlord or the Owners employed capital outside of the Province. For greater certainty, Capital Tax includes federal large corporation tax and provincial capital tax. 

  
 3 

 “Commencement Date” means the date determined pursuant to Section 1.01(f)(1).

 “Common Elements”: (a) the areas, facilities, utilities, improvements, equipment and installations (collectively,
“elements”) in the Building that, from time to time, are not intended to be leased to tenants of the Building, or are designated from time to time as Common Elements by the Landlord, (b) the elements outside the Building that serve
the Building (or any part of it) and are designated by the Landlord from time to time as part of the Common Elements, and (c) the elements in or on Leasable Premises that are provided for the benefit of the tenants of the Building and their
employees, customers and other invitees in common with others entitled to use them. The Common Elements include, but are not limited to, the roof, exterior wall assemblies including weather walls, exterior and interior structural components and
bearing walls in the buildings and improvements in the Building; equipment, furniture, furnishings and fixtures; electronic systems such as music, fire prevention, security and communication systems; columns; pipes; electrical, plumbing, drainage,
mechanical and other installations, equipment or services in the Building or related to it, as well as the structures housing them; and the HVAC System. 

“Event of Default” means any event specified as such in Section 15.01. 

“Expert” means any architect, engineer, chartered accountant, quantity surveyor, or other professional consultant, in any case
appointed by the Landlord and, in the reasonable opinion of the Landlord, qualified to perform the function for which he is retained. 
 “Fixturing
Period” means the period described in Section 4.02 of Schedule “C”. 
 “Hazardous Substance” means
any substance or thing or mixture of them which alone, or in combination, or in concentrations, are flammable, corrosive, reactive or toxic or which might cause adverse effects or be deemed detrimental to living things or to the environment,
including, but not limited to, any pollutant, contaminant, toxic or hazardous substance, such as by way of example, urea formaldehyde, asbestos, polychlorinated biphenyl, pesticides, or any other substance the removal, manufacture, preparation,
generation, use, maintenance, storage, transfer, handling or ownership of which is subject to Applicable Laws. 
 “HVAC System”
means all interior climate control (including heating, ventilating and air-conditioning) systems, installations, equipment and facilities (including the buildings or areas which house them) which service
the Building (including the Common Elements and the Premises) that are operated and maintained by the Landlord. The HVAC System includes, without limitation, the distribution system within Leasable Premises (including the Premises), distribution
piping, air handling units and fan coil and ventilation units that form part of those systems, together with the monitoring, energy saving and control systems (including the thermostat) in each Leasable Premises supplied by the HVAC System
(including the Premises). The HVAC System does not include (i) self-contained heating, ventilating and air-conditioning systems in individual Leasable Premises that have been installed and are maintained
by the occupants (if any); and (ii) any tenant maintained supplementary air-conditioning units, facilities or services that are installed for individual tenants or a group of tenants to satisfy
requirements that are in excess of the normal operational capacity of the HVAC System. 

  
 4 

 “Landlord” means the party of the First Part and Persons for whom the Landlord is
responsible in law. 
 “Landlord’s Work” (a) with respect to the Tenants initial occupation of the Premises, means the work to
be performed by the Landlord pursuant to Section 2.02 of Schedule “C” and (b) with respect to Article 11, means the work to be performed by the Landlord pursuant to Section 2.01 of Schedule “C”. 

“Leasable Premises” means those premises (including the Premises) in or on the Building that is, or is intended from time to time to
be occupied in connection with office purposes. For greater certainty, “Leasable Premises” excludes Storage Areas. 
 “Lease”
means this agreement, all Schedules thereto and the Rules and Regulations adopted or revised from time to time, together with every properly executed instrument which by its terms amends, modifies or supplements this Lease. 

“Leasehold Improvements” means (a) heating, ventilating and air-conditioning systems,
facilities and equipment in or serving the Premises; (b) floor covering that is affixed (except for wall-to-wall carpeting laid over a finished floor which is
removable without damage to such floor); (c) light fixtures; (d) doors; (e) hardware and partitions; (f) internal stairways, escalators and elevators; and (g) fixtures, improvements, installations, alterations and additions from time
to time made or installed in the Premises by or on behalf of the Tenant or any previous occupant of the Premises; but, for greater certainty, excludes trade fixtures, furniture and equipment. 

“Lease Year” means, in the case of the first Lease Year, a period of twelve consecutive calendar months from and after the
Commencement Date (plus the part of the month, if any, from the Commencement Date to and including the last day of the month in which the Commencement Date occurs if the Commencement Date is not on the first day of a month) and, in the case of Lease
Years after the first Lease Year, is a period of twelve (12) consecutive calendar months starting on the first day after the Lease Year that immediately precedes it. However, the last Lease Year, whether it is twelve (12) calendar months
or not, terminates on the expiry or earlier termination of this Lease. 
 “Management Fee” has the meaning set out in Section 4.03(d).

 “Mortgagee” means a mortgagee or hypothecary creditor (including a trustee for bondholders) of the Building or part thereof, and
a chargee or other secured creditor that holds the Building or a part thereof as security (but a Mortgagee is not a creditor, chargee or security holder of a tenant of Leasable Premises). 

“Operation Standard” has the meaning set out in Section 6.01 of this Lease. 

  
 5 

 “Operating Costs” has the meaning set out in Section 6.05(a) of this Lease.

 “Owners” means the owner or owners from time to time (other than the Landlord) of the freehold or leasehold title of the Building. 

“Parking Facilities” means the improvements for parking forming part of the Building, as they may be diminished, expanded, altered or
rearranged from time to time and the areas and facilities that are appurtenant solely to those improvements (such as, without limitation, access ways, entrances and exits and any delivery passages located therein). 

“Person” means an individual, firm, partnership, corporation, trust, unincorporated organization, government or any department or
agency thereof or any combination or groups of them. 
 “Premises” means the Leasable Premises described in Section 1.01(d) and
1.01(e) and as outlined in Schedule “B”. If the Premises are entirely self-enclosed, the boundaries of the Premises extend: 

(a)    from the top surface of the structural subfloor to the bottom surface of the structural ceiling of the Premises; and 

(b)    to the interior surface of all interior walls. 

“Prime Rate” means, at any time, the prime lending rate of interest expressed as a rate per annum which the Landlord’s designated
chartered bank or trust company establishes at its main office in Vancouver, British Columbia as the reference rate of interest in order to determine interest rates it will charge at such time for demand loans in Canadian Dollars to its Canadian
customers and which it refers to as its “prime rate”. 
 “Property Manager” means a company or other entity, if any,
retained by the Landlord from time to time to operate or manage the Building. 
 “Proportionate Share” means a fraction which has as
its numerator the Rentable Area of the Premises and as its denominator the Rentable Area of the Building. 
 “Province” means the
province in which the Building is located. 
 “Released Persons” collectively and individually means the Landlord, the Property
Manager, the Owners and the Mortgagee. In sections which contain a release or other exculpatory provision or an Indemnity’ in favor of any or all of the Released Persons, such Released Person or Released Persons shall include the officers,
directors, employees and agents of each such Released Person and the Landlord acts as agent for, or as trustee for, the benefit of all Released Persons so that each such release, Indemnity and/or other exculpatory provision is fully enforceable by
such Released Persons. 
 “Rent” means all Basic Rent and Additional Rent payable pursuant to this Lease. 

  
 6 

 “Rentable Area” means, in the case of all individual Leasable Premises within the
Building (including the Premises), the area measured in accordance with the Building Owners and Managers Association International standard of measuring areas in office buildings which the Landlord, in its sole discretion, designates from time to
time. The Rentable Area of any individual Leasable Premises (including the Premises) may be adjusted from time to time by the Landlord to give effect to any structural, functional or other change on the floor on which such Leasable Premises are
located. 
 “Rentable Area of the Building” means the aggregate Rentable Area of all individual Leasable Premises in the Building
(including the Premises), measured in accordance with the Building Owners and Managers Association International standard of measuring areas in office buildings which the Landlord, in its sole discretion, designates from time to time. The Rentable
Area of the Building may be adjusted from time to time by the Landlord to give effect to any structural, functional or other change within the Building. Parking Facilities are not included in the Rentable Area of the Building. 

“Rental Taxes” has the meaning set out in Section 2.01(b) of this Lease. 

“Rules and Regulations” means the rules and regulations made by the Landlord from time to time pursuant to Section 16.01 and
including those set out in Schedule “D”. 
 “Stipulated Rate” means the rate of interest per annum that is the lesser of
(a) three percentage points more than the Prime Rate and (b) the maximum rate permitted by law. 
 “Storage Areas” means
those areas in the Building which are designated or intended from time to time by the Landlord to be used for storage purposes. 
 “Taxes”
has the meaning set out in Section 5.01 of this Lease. 
 “Tenant” means the party of the Second Part and Persons for whom the
Tenant is responsible in law. 
 “Tenants Share of Taxes” has the meaning set out in Section 5.03(a) of this Lease. 

“Tenant’s Work” means the work to be performed by the Tenant pursuant to Section 3.02 of Schedule “C”. 

“Term” means the period specified in Section 1.01(f)(2) (unless sooner terminated). 

“Transfer” has the meaning set out in Section 12.01(a). 

“Utilities” has the meaning set out in Section 7.01(a)(ii) of this Lease (and “Utility” shall have a corresponding
meaning). 
  

	1.03	 SCHEDULES 

The Schedules shall form part of this Lease and are as follows: 

  
 7 

 Schedule “A” Legal Description of the Building 

Schedule “B” Floor Plan of the Premises 
 Schedule
“C” Landlord’s and Tenants Work 
 Schedule “D” Rules and Regulations 

Schedule “E” Special Provisions 

ARTICLE 2 
 INTENT AND
INTERPRETATION 
  

	2.01	 NET LEASE 

  

	(a)	 This lease is a completely net lease to the Landlord. Except as stated in this lease, the Landlord is not
responsible for costs, charges, or expenses relating to the Building, the Premises, their use and occupancy, their contents, or the business carried on in them, and the Tenant will pay the charges, impositions, costs and expenses relating to the
Premises except as stated in this lease. This Section will not be interpreted to make the Tenant responsible for ground rentals that may be payable by the Landlord or the owners, payments to Mortgagees or, subject to Section 5.01, the
Landlord’s income taxes. Capital Tax is not considered as income tax. 

  

	(b)	 The Tenant will pay to the Landlord, in the manner specified by the Landlord, the full amount of all goods and
services taxes, rental taxes, value-added taxes, multi-stage taxes, business transfer taxes, and any other taxes imposed in respect of the Rent payable by the Tenant under this Lease or in respect of the rental of space under this Lease, (herein
called “Rental Taxes”), Rental Taxes are payable by the Tenant whether they are characterized as a goods and services tax, sales tax, value-added tax, multi-stage tax, business transfer tax, or otherwise, with the intent that the
Landlord be fully Indemnified in respect of all Rental Taxes payable or collectible by the Landlord in respect of Rent or the rental of space under this Lease, Rental Taxes payable by the Tenant (i) will be calculated by the Landlord in
accordance with the applicable legislation; (ii) will be paid to the Landlord at the same time as the amounts to which the Rental Taxes are payable to the Landlord under this Lease (or upon demand at such other time or times as the Landlord
from time to time determines); and (iii) despite anything to the contrary, will not be considered to be Rent but the Landlord will have all of the same remedies for, and rights of recovery with respect to such amounts, as it has for non-payment of Rent under this Lease or at law. If a deposit is forfeited or an amount becomes payable to the Landlord due to a default or as consideration for a modification of this Lease and the applicable
legislation deems a part of the deposit or amount to include Rental Taxes, then the deposit or amount will be grossed up to ensure that the full amount of the forfeited deposit or amount payable is received by the Landlord in full without
encroachment by any deemed payment, input credit or otherwise. 

  
 8 

	2.02	 LANDLORD AND REPRESENTATIVE TO ACT REASONABLY AND IN GOOD FAITH 

The Landlord, and each Person acting for the Landlord, in making a determination, designation, calculation, estimate, conversion, or allocation under this
Lease, will act reasonably and in good faith and each accountant, architect, engineer or surveyor, or other professional Person employed or retained by the Landlord will act in accordance with the applicable principles and standards of the
Person’s profession. 
  

	2.03	 DECISION OF EXPERT TO BE BINDING 

The decision of any Expert whenever provided for under this Lease and any certificate related thereto shall be final and binding on the parties hereto and
there shall be no further right of dispute or appeal. 
  

	2.04	 ENTIRE AGREEMENT 

 

	(a)	 This Lease includes the Schedules attached to it and the Rules and Regulations. There are no covenants,
promises, assurances, agreements, representations, conditions, warranties, statements or understandings, either oral or written, between the parties concerning this Lease, the Premises, the Building or any matter related to all or any of them,
except those that are set out in this Lease. 

  

	(b)	 This Lease supersedes and revokes all previous negotiations, arrangements, letters of intent, offers to lease,
lease proposals, brochures, and information conveyed, whether oral or in writing, between the parties hereto or their respective representatives. 

  

	(c)	 Unless specifically provided to the contrary, no amendment, modification or supplement to this Lease will be
binding unless set out in writing and executed by the Tenant and the Landlord. 

  

	2.05	 GENERAL MATTERS OF INTENT AND INTERPRETATION 

 

	(a)	 Each obligation under this Lease is a covenant. 

 

	(b)	 The captions, section numbers, article numbers and Table of Contents do not define, limit, construe or describe
the scope or intent of the sections or articles. 

  

	(c)	 The use of the neuter singular pronoun to refer to the Landlord or the Tenant is a proper reference even though
the Landlord or the Tenant is an individual, a partnership, a corporation or a group of two or more individuals, partnerships or corporations. The grammatical changes needed to make the provisions of this lease apply in the plural sense when there
is more than one Landlord or Tenant and to corporations, associations, partnerships or individuals, males or females, are implied. 

  

	(d)	 Whenever a statement or provision in this Lease is followed by words denoting inclusion or example (such as
“including” or “such as”) and then a list of, or reference to, specific matters or items, such list or reference shall not be read so as to limit or restrict the generality of such statement or provision, even though words such
as “without limitation” or “without limiting the generality of the foregoing” do not precede such list or reference. 

  
 9 

	(e)	 If a part of this Lease or the application of it to a Person or circumstance, is to any extent held or rendered
invalid, unenforceable or illegal, that part: 

  

	 	(i)	 is independent of the remainder of the Lease and is severable from it, and its invalidity, unenforceability or
illegality does not affect, impair or invalidate the remainder of this Lease; and 

  

	 	(ii)	 continues to be applicable to and enforceable to the fullest extent permitted by law against any Person and
circumstance except those as to which it has been held or rendered invalid, unenforceable or illegal. 

 No part of this Lease will be
enforced against a Person, if, or to the extent that by doing so, the Person is made to breach a law, rule, regulation or enactment. 
  

	(f)	 This Lease will be construed in accordance with the laws of Canada and the Province. 

 

	(g)	 Time is of the essence of this Lease. 

 

	(h)	 The Landlord acts as agent for, or as trustee for, the Property Manager, all Mortgagees and the Owners to the
extent necessary to ensure that all exculpatory provisions and indemnities included in their favor in this Lease are enforceable against the Tenant by them, and by the Landlord. 

 

	(i)	 To the extent that liability exists at the time of expiry or earlier surrender or termination of this Lease,
the covenant(s) from which such liability is derived shall survive such expiry or earlier surrender or termination. 

ARTICLE 3 
 GRANT AND
TERM 
  

	3.01	 GRANT AND TERM 

The Landlord leases the Premises to the Tenant, and the Tenant leases the Premises from the Landlord, to have and to hold during the Term, subject to the terms
and conditions of this Lease. 
  

	3.02	 ADJUSTMENT OF AREA 

The estimated Rentable Area of the Premises is set out in Section 1.01 (e). If the Rentable Area of the Premises is certified by an Expert, then such
Rentable Area will apply instead of the area indicated in Section 1.01 (e) and Rent will be adjusted as calculated by the Landlord, which adjustment will be retroactive if the certification does not occur until after the Commencement Date. If
required because of a rearrangement of partitions or other changed condition on the floor or floors on which the Premises are located, the Rentable Area of the Premises will be recalculated by an Expert and Rent will be adjusted effective the date
on which such change occurred. 

  
 10 

	3.03	 ACCEPTANCE AND CONSTRUCTION OF PREMISES 

All of the provisions of Schedule “C” shall apply to the Tenant’s acceptance and construction of the Premises under this Lease. 

 

	3.04	 QUIET ENJOYMENT 

If the Tenant performs its obligations under this Lease, it may hold and use the Premises without interference by the Landlord or any other Person claiming by,
through or under the Landlord, subject however to the covenants, terms and conditions of this Lease. 
  

	3.05	 USE OF COMMON ELEMENTS 

The Tenant has the non-exclusive and non-transferable right (except in
conjunction with a Transfer under Article 12 of this Lease) to use the Common Elements in common with others entitled to do so, for the purposes for which they are intended, subject, however to this Lease (but this will not be deemed to confer on
the Tenant any right to use the Parking Facilities unless specifically set out in this Lease). 
 ARTICLE 4 

RENT 
  

	4.01	 COVENANT TO PAY 

The Tenant covenants, throughout the Term, to pay Basic Rent and Additional Rent to the Landlord or to the Property Manager as the Landlord directs, at its
head office, or at any other place designated by the Landlord or the Property Manager, as the case may be, in Canadian funds, without demand and without deduction, abatement, set-off or compensation 

 

	4.02	 BASIC RENT 

During each Lease Year throughout the Term the Tenant shall pay the Basic Rent calculated at the rate set out in Section 1.01(h), payable in equal
consecutive monthly installments each in advance on the first day of each calendar month, subject to the adjustment provisions of Section 3.02. If the Commencement Date is not the first day of a calendar month, the Tenant shall pay, on such
Commencement Date, Basic Rent calculated on a per diem basis (based on 365 days) from the Commencement Date to the end of the month in which it occurs. 
  

	4.03	 ADDITIONAL RENT 

The Tenant shall also pay, as Additional Rent, the aggregate of: 

  
 11 

	(a)	 the Tenant’s Share of Taxes and other Taxes in accordance with Sections 5.03 and 5.04;

  

	(b)	 the Tenant’s Proportionate Share of Operating Costs in accordance with Section 6.05;

  

	(c)	 the aggregate of: 

  

	 	(i)	 the charges for Utilities in accordance with Section 7.02; 

 

	 	(ii)	 costs of any additional services in accordance with Section 7.03; and 

 

	 	(iii)	 such other costs, charges, amounts and expenses as are required to be paid by the Tenant under this Lease; and

  

	(d)	 an amount equal to five percent (5%) of all Rent payable by the Tenant to the Landlord under this Lease, as
compensation to the Landlord for the operation, repair, administration, maintenance and management of the Building (the “Management Fee”). 

For the first month of the Term Additional Rent is due on the Commencement Date and thereafter is payable on the first day of each calendar month in advance,
except where this Lease states that it is payable on demand or at such other time. Additional Rent accrues daily. 
  

	4.04	 PAYMENT OF TAXES, OPERATING COSTS AND MANAGEMENT FEE BASED UPON LANDLORD’S ESTIMATES AND SUBJECT TO
ADJUSTMENT 

  

	(a)	 Prior to the Commencement Date and the beginning of each Accounting Period thereafter, the Landlord shall
deliver to the Tenant a bona fide estimate of the Tenants Share of Taxes, its Proportionate Share of Operating Costs and the Management Fee for the appropriate Accounting Period and, without further notice, the Tenant shall pay to the Landlord in
monthly installments in advance one-twelfth (1/12) of such estimate simultaneously with the Tenants payments of Basic Rent during such Accounting Period. Such costs for the 2017 fiscal year are estimated to be
Twelve Dollars ($12.00) plus GST, per square foot of Rentable Area, subject to adjustment as provided for below. 

  

	(b)	 The Landlord shall deliver to the Tenant within one hundred and eighty (180) days after the end of each
Accounting Period a statement (the “Statement”) setting out (i) the total amount of Operating Costs and Taxes and (Ii) the Tenant’s Share of Taxes and its Proportionate Share of Operating Costs which are payable by the
Tenant for such Accounting Period. If the Tenant has paid less than a Statement specifies, the Tenant will pay the deficiency with the next monthly payment of Basic Rent. If the Tenant has paid more than a Statement specifies, the Landlord will have
the option to apply the excess in payment of amounts owing by the Tenant, apply the excess in reduction of future Rent due under this Lease or refund the excess to the Tenant within a reasonable time after delivery of the Statement.

  
 12 

	(c)	 If an Accounting Period is less than twelve (12) calendar months the Tenants Share of Taxes and the
Tenant’s Proportionate Share of Operating Costs will be adjusted on a per diem basis, based on three hundred and sixty-five (365) days. 

  

	(d)	 The Tenant may claim a readjustment in respect of all or any of the Taxes, Operating Costs or the Management
Fee for an Accounting Period only by giving written notice to the Landlord within twelve (12) months after its receipt of the Statement in respect of that Accounting Period, which notice must specify the error of computation or allocation. In
any event, the Tenant will pay the Rent in accordance with the Statement until the dispute is resolved. 

  

	4.05	 SECURITY DEPOSIT 

 

	(a)	 The Security Deposit referred to in Section 1.01(j) of this Lease shall be held by the Landlord, prior to
and throughout the Term, without liability for interest, as security for the performance by the Tenant of all of its covenants and obligations under this Lease. 

 

	(b)	 If at any time Rent is owing by the Tenant under this Lease or if the Tenant fails to perform any of its other
covenants and obligations under this Lease, then the Landlord may, at its option, in addition to any and all other rights and remedies provided for in this Lease or at law, appropriate and apply the entire Security Deposit, or so much of it as is
necessary to compensate the Landlord for all loss, expenses or damages sustained or suffered by the Landlord due to or arising from such breach on the part of the Tenant. If all or any portion of the Security Deposit is so appropriated and applied,
the Tenant shall, upon written request of the Landlord, forthwith remit to the Landlord a sufficient amount in cash to restore the Security Deposit to the original sum deposited, and the Tenants failure to do so within five (5) days after
receipt of such request constitutes a breach of this Lease. If the Tenant complies with all of its covenants and obligations under this Lease, the Security Deposit shall be returned to the Tenant without interest within sixty (60) days after
the expiry or earlier termination of the Term, or, at the Landlord’s option, be applied by the Landlord on account of the last month’s Rent payable hereunder. 

 

	(c)	 The Landlord may deliver the Security Deposit to any purchaser of the Landlord’s interest in the Premises
or the Building, if such interest is sold, and thereupon the Landlord is discharged from any further liability with respect to the Security Deposit to the extent that such liability is assumed in writing by such purchaser. 

 

	4.06	 PAYMENTS GENERALLY 

All payments by the Tenant to the Landlord under this lease shall: 

  
 13 

	(a)	 be applied towards amounts then outstanding under this Lease in such manner as the Landlord determines;

  

	(b)	 bear interest daily from the due date to the date of payment, calculated daily, at the Stipulated Rate;

  

	(c)	 be subject, if not paid when due, to a late payment charge of Fifty Dollars ($50.00) to cover the
Landlord’s additional administrative costs in connection therewith; 

  

	(d)	 upon the request of the Landlord, be made by way of post-dated cheques delivered for such period as the
Landlord requests or, at the Landlord’s option, be made by way of electronic funds transfer from the Tenant’s bank account and the Tenant agrees to execute, within three (3) business days of the Landlord’s request, such
documentation as the Landlord and its bank requires in order to give effect to the foregoing; and 

  

	(e)	 survive the expiration or earlier termination of this Lease 

ARTICLE 5 
 TAXES

  

	5.01	 TAXES. DEFINITION 

In this Lease: 
  

	(a)	 “Taxes” means (i) all taxes, rates, levies, fees, duties, charges (including local
improvement charges) and assessments whatsoever, imposed, assessed, levied, rated or charged by any lawful taxing authority against the Building or any part of it from time to time (including, but not limited to, the Common Elements), whether
school, municipal, regional, provincial, federal or otherwise, and any taxes (including, without limitation, Business Taxes) or other amounts which are imposed in lieu of, or in addition to, any of the foregoing, whether or not similar to or of the
foregoing character, and whether or not in existence at the Commencement Date, and any taxes levied or assessed against the Landlord or the Owners on account of its or their ownership of or interest in the Building, all calculated as if the Building
were at all times fully occupied, leased and operational, but excluding taxes on the income or profits of the Landlord or the Owners except to the extent they are levied in lieu of the foregoing, and (ii) the costs and expenses incurred for
consultation, appraisal, legal and other fees and expenses to the extent they are incurred in an attempt to minimize, verify or reduce amounts mentioned in Section 5.01(a)(i); 

 

	(b)	 “Business Taxes” means all taxes, rates, duties, levies and assessments whatsoever,
whether municipal, parliamentary or otherwise, levied, imposed or assessed against any Person in respect of the use or occupancy of, or any business carried on, by tenants or other occupants of the Building, or against the Landlord or the Owners on
account of its or their ownership of the Building or in respect of individual Leasable Premises in the Building, or in respect of the leasehold improvements, equipment and facilities of tenants or other occupants on or In the Building or any part
thereof or on the Landlord or the Owners on account of Its or their ownership of or interest in any of them; and 

  
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	5.02	 TAXES PAYABLE BY THE LANDLORD 

The Landlord will, subject to Sections 5.03, 5.04 and 6.05, pay all Taxes but the Landlord may defer such payments or compliance with Applicable Laws in
connection with the levying of Taxes to the fullest extent permitted by law so long as it pursues any contest or appeal of any such Taxes with reasonable diligence. 
  

	5.03	 TAXES PAYABLE BY THE TENANT 

 

	(a)	 In each Accounting Period throughout the Term the Tenant will pay to the Landlord the “Tenants Share of
Taxes” in the manner and at the time set out in Section 4.04(a). The “Tenants Share of Taxes” means the Tenants Proportionate Share of Taxes, subject, however to Sections 5.03(b) and 5.04 or, at the Landlord’s option in the
event that the Premises are separately assessed, the Taxes which are separately assessed against the Premises. 

  

	(b)	 The Landlord shall be entitled but not obligated to allocate Taxes amongst categories of Leasable Premises in
the Building on the basis of such factors as the Landlord determines to be relevant, such as, by way of example, the types of business or activity carried on therein, the locations in the Building, costs of construction, relative benefits derived by
Leasable Premises, relative assessment values, non-public school support designations, and vacancies. The Landlord shall be entitled to adjust the Tenant’s Proportionate Share of Taxes having regard to
the category in which the Tenant is placed by the Landlord. 

  

	(c)	 The Tenant will pay to the Landlord goods and services tax (GST) and/or harmonized sales tax (HST) as the case
may be in accordance with the applicable legislation at the same time as the amounts to which such taxes apply are payable to the Landlord under the terms of this Lease or upon demand at such other time or times as the Landlord from time to time
determines. The Landlord will provide the Tenant with its applicable tax registration number. Notwithstanding any other provision of this Lease, the amount payable by the Tenant under this Section 5.04 will be deemed not to be Rent, but the
Landlord will have the same remedies for and rights of recovery of such amount as it has for recovery of Rent under this Lease. 

  

	5.04	 BUSINESS TAXES AND OTHER TAXES OF THE TENANT 

The Tenant will pay, before delinquency, to the taxing authorities or, if payable by the Landlord to the taxing authorities, then to the Landlord, all
“Business Taxes” for which a separate bill in respect of the Tenant or the Premises is issued by the taxing authorities in respect of the use of occupancy of the business conducted on, or equipment or facilities within the Premises or
owned by the Tenant or occupants of the Premises. If there is no such separate bill issued by the relevant authority in respect of a Business Tax. then Business Tax will be included in Taxes. 

  
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	5.05	 TENANT’S RESPONSIBILITY 

The Tenant will, (a) on the Landlord’s request, promptly deliver to the Landlord, (i) receipts for payment of all Business Taxes payable by the
Tenant; (ii) notices of any assessments for Taxes or Business Taxes or other assessments received by the Tenant that relate to the Premises or the Building; and (iii) whatever other information relating to Taxes and Business Taxes the
Landlord reasonably requests from time to time; and (b) deliver to the Landlord, at least ten (10) days before the last date for filing appeals, notice of any appeal or contest that the Tenant intends to institute with respect to Taxes or
Business Taxes payable by the Tenant and obtain the prior written consent of the Landlord for the appeal or contest which consent will not be unreasonably withheld. If the Tenant obtains the Landlord’s consent, the Tenant will, (1) deliver
to the Landlord whatever security for the payment of the Taxes or Business Taxes the Landlord reasonably requires; (2) promptly and diligently pursue the appeal or contest; and (3) keep the Landlord informed on all aspects of it. 

The Tenant will indemnify and save the Landlord harmless from all losses, costs charges and expenses arising from Taxes or Business Taxes as well as any taxes
that are imposed in place of Taxes or Business Taxes or which are assessed against rentals payable under this Lease in place of Taxes or Business Taxes whether against the Landlord or the Tenant including, but not limited to increases in Taxes or
Business Taxes arising directly or indirectly out of an appeal or contest by the Tenant. The Tenant will deliver to the Landlord any security for such an increase in Taxes or Business Taxes that the Landlord reasonably requires. 

ARTICLE 6 
 BUILDING AND
COMMON ELEMENTS, OPERATION, REPAIR, MAINTENANCE, CONTROL AND PAYMENT 
  

	6.01	 OPERATION OF BUILDING 

During the Term, the Landlord shall operate the Building as would a prudent owner to the standards from time to time prevailing for a project of comparable
age, size and location in the area in which the Building is located (the “Operation Standard”). 
  

	6.02	 MAINTENANCE AND REPAIRS BY THE LANDLORD 

 

	(a)	 The Landlord will maintain and repair, in accordance with Operation Standard: 

 

	 	(i)	 the structure of the Building, including exterior walls and roofs; and 

 

	 	(ii)	 the Common Elements, (including the HVAC System and the mechanical, electrical and other base building
systems), 

  
 16 

 and the cost (except for the cost of repairing and replacing inherent structural defects or weaknesses) will
be included in Operating Costs. 
  

	(b)	 The obligations of the Landlord under Section 6.02(a) are subject to the following exceptions:

  

	 	(i)	 any occurrence which is not covered by insurance which the Landlord is required to maintain under this Lease or
the cost of repair or restoration which exceeds the proceeds of such insurance actually received by the Landlord (or which the Landlord reasonably ought to have received had it maintained insurance in accordance with Section 9.01); and

  

	 	(ii)	 damage or expropriation as set out in Article 11 in the circumstances where this Lease will terminate.

  

	(c)	 The Tenant will promptly notify the Landlord of any damage or repair which is required in the Common Elements
and in the Premises for which it is the Landlord’s responsibility to repair or maintain. 

  

	6.03	 CONTROL OF THE BUILDING BY THE LANDLORD 

Those portions of the Building which are not leased to tenants (including, without limitation, the Common Elements) are under the exclusive control of the
Landlord. Without limitation, the Landlord may, in its operation and control of the Building: 
 (a) 

 

	 	(i)	 temporarily close the Building or any part of it to prevent the public or any Person from obtaining rights
therein; temporarily obstruct or close off or shut down the Building, or any part of it for inspection, maintenance, repair, construction or safety reasons; make, modify and terminate easements and other agreements pertaining to the use and
operation of the Building, or any part of it, including agreements with the owner or owners of any lands adjacent to the Building; 

  

	 	(ii)	 retain contractors and employ all personnel, including supervisory personnel and managers, that the Landlord
considers necessary for the effective maintenance, repair, operation, administration or management of the Building; 

  

	 	(iii)	 use parts of the Common Elements for display, decorations, entertainment, merchandising, and structures
designed for special features or promotional activities; 

  

	 	(iv)	 reasonably regulate all aspects of tenant related loading and unloading and delivery and shipping, and all
aspects of garbage collection and disposal; 

  
 17 

	 	(v)	 where the Parking Facilities are not pay facilities and are available, without charge, for the use of the
public and the tenants of the Building, designate the areas of the Parking Facilities in which the Tenant and its employees may park; and 

  

	 	(vi)	 change the Building Name, address or designation of the Building from time to time, without liability, upon not
less than thirty (30) days prior notice. 

  

	(b)	 

  

	 	(i)	 change the area, level, location, arrangement or use of the Building or any part of it; 

 

	 	(ii)	 construct other buildings, structures or improvements in or on the Building or any part of it; make alterations
of, additions to, subtractions from or rearrangements of the Building, or any part of it; and construct additional stories, buildings or facilities adjoining or near the Building or any part of it; 

 

	 	(iii)	 install kiosks and other installations, permanent or otherwise, in or on the Common Elements;

  

	 	(iv)	 diminish, expand. alter, relocate or rearrange the buildings, Parking Facilities and other parts of the
Building; and 

  

	 	(v)	 do and perform such other acts in and to the Building or any part of it as the Landlord, in the use of good
business judgment, determines to be advisable for the proper operation of the Building. 

 Despite anything else in this lease, the
Landlord will not be liable for any diminution or alteration of the Common Elements or the Parking Facilities that occurs as the result of the Landlord’s exercise of its rights under this Section 6.03 or elsewhere under this lease and the
Tenant will not be entitled to compensation or a reduction or abatement of Rent. No such diminution or alteration of the Common Element or the Parking Facilities will be deemed to be a default by the Landlord of any obligation for quiet enjoyment
contained in this lease or provided at law or a constructive or actual eviction of the Tenant. In the exercise of its rights under Section 6.03(b), the Landlord shall repair any damage caused to the Premises and shall use reasonable efforts not
to unduly interfere with the Tenants use of the Premises and operation of its business any more than is reasonably necessary in the circumstances. 
  

	6.04	 RELOCATION OF PREMISES 

Notwithstanding anything contained in this Lease to the contrary the Landlord shall have the right, at any time upon not less than sixty (60) days prior
written notice to relocate the Tenant (including its sub- tenants and all other permitted occupants) to other Leasable Premises in the Building (the “Relocated Premises”) and the following
terms and conditions shall be applicable: 

  
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	(a)	 the Relocated Premises (which term shall mean the Premises after relocation) shall be reasonably comparable to
the Premises in terms of Rentable Area but the Landlord may elect to relocate the Tenant to Relocated Premises which have a greater rentable area than the Premises provided that in such event, Basic Rent, the Tenant’s Share of Taxes and its
Proportionate Share of Operating Costs will be calculated as if the Relocated Premises contained the same Rentable Area as the Premises; 

  

	(b)	 the Landlord shall provide, at its expense, leasehold improvements in the Relocated Premises comparable to the
standards of the Leasehold Improvements in the Premises; 

  

	(c)	 the Landlord shall pay for the reasonable moving costs (if any) of the Tenant’s trade fixtures and
furnishings from the Premises to the Relocated Premises; 

  

	(d)	 the Landlord agrees to use its reasonable efforts to effect the relocation with a minimum of disruption to the
Tenant’s business; and 

  

	(e)	 all of the terms and conditions of this Lease shall apply to the Relocated Premises. 

 

	6.05	 TENANT’S PAYMENT OF OPERATING COSTS 

 

	(a)	 In each Accounting Period throughout the Term the Tenant will pay to the Landlord, in the manner and at the
time set out in Section 4.04(a), its Proportionate Share of the costs and expenses of maintaining, operating, repairing and administering the Building (such costs and expenses referred to as “Operating Costs”), subject,
however, to Sections 6.05(c), 6.05(d) and 6.05(e). Operating Costs will be calculated as if the Building were one hundred percent (100%) leased and occupied by tenants of the Building. 

 

	(b)	 Operating Costs include, but are not limited to, those listed below, none of which is to be a duplication of
another cost or expense: 

  

	 	(i)	 salaries, wages, pension plan contributions, contributions and premiums for unemployment insurance and workers
compensation insurance, and similar premiums and contributions, fringe benefits, severance pay and termination payments paid to or with respect to all personnel, including management and other supervisory personnel, employed or retained to carry out
the operation, management, cleaning, maintenance and repair of the Building; 

  

	 	(ii)	 costs of policing, security, supervision, and traffic control; 

 

	 	(iii)	 costs of cleaning, pest control, recycling, snow removal, garbage and waste collection and disposal and
landscaping; 

  
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	 	(iv)	 costs of electricity, gas, lighting, fuel, water, steam, public utilities, loudspeakers, public address and
musical broadcasting systems, energy conservation equipment and systems and telecommunications and information systems used in or serving the Common Elements, and, if the Landlord elects to include them in Operating Costs in accordance with
provisions identical or similar to Section 7.02(b) of this Lease, costs of electricity, water, fuel, power, steam and other utilities provided to Leasable Premises in the Building in such quantities as the Landlord reasonably determines
constitutes normal use from time to time for tenants in the Building; 

  

	 	(v)	 costs of all insurance which the Landlord is obligated or permitted to obtain under this Lease (including the
Landlord’s insurance premiums, all amounts falling below the level of the Landlord’s insurance deductibles which are paid by the Landlord in connection with claims made against it and all costs and expenses incurred by the Landlord for
defending and paying such claims); 

  

	 	(vi)	 to the extent not included in Taxes under Section 5.03(a) and provisions similar or identical to such
provisions in leases of other tenants of Leasable Premises in the Building, the Business Taxes and other Taxes, if any, payable by the Landlord or the Owners with respect to or reasonably allocated by the Landlord to the Building other than Leasable
Premises located within it and costs incurred by the Landlord in contesting, resisting, verifying or appealing any such Business Taxes or Taxes; 

  

	 	(vii)	 intentionally deleted; 

 

	 	(viii)	 rental costs of equipment and signs, and the cost (including rental) of building supplies and tools used in the
maintenance, cleaning, repair and operation of the Building; 

  

	 	(ix)	 auditing, accounting, disbursements; legal and other professional and consulting fees and disbursements;

  

	 	(x)	 costs of repairs (including major repairs) and replacements to the Building (except for repairs or replacements
of inherent structural defects or weaknesses) and costs (including repair and replacement) of the maintenance, cleaning and operating equipment, master utility meters and all other fixtures, equipment and facilities that are part of the Common
Elements (including, without limitation, fixtures, equipment and facilities made or added for the greater comfort or convenience of the public or the tenants ); 

 

	 	(xi)	 intentionally deleted; 

 

	 	(xii)	 intentionally deleted; and 

 

	 	(xiii)	 intentionally deleted. 

  
 20 

 The following costs and expenses will not be included in the calculation of Operating Costs: 

 

	 	(aa)	 initial capital costs of constructing the Building; 

 

	 	(bb)	 ground rent (if any), depreciation and amortization (except as otherwise specifically set out in this Lease),
and interest on any capital retirement of debt affecting all or any part of the Building; 

  

	 	(cc)	 costs incurred by the Landlord in leasing and preparing Leasable Premises in the Building for lease: including
brokerage commissions, legal costs, advertising costs and tenant inducement or allowance payments; and 

  

	 	(dd)	 the cost of any additional service provided to the Tenant pursuant to Section 7.03 of this Lease or to
other tenants of the Building pursuant to lease provisions similar or identical to such provision. 

 From the total of the costs referred
to in Section 6.05(b)(i) to (x)(inclusive) there is deducted: 
  

	 	(1)	 net recoveries that reduce the expenses incurred by the Landlord in operating and maintaining the Building and
the Common Elements which are received by the Landlord from tenants as a result of any act, omission, default or negligence of tenants or as the result of breaches by tenants of the provisions on their leases (but not recoveries from tenants under
clauses similar to this Section 6.05); 

  

	 	(2)	 net proceeds from insurance policies taken out by the Landlord, but only to the extent that such proceeds
represent recoveries on account of costs which were previously included in Operating Costs; and 

  

	 	(3)	 contributions if any to the total cost of operating and maintaining the Common Elements made by owners or
occupants of neighbouring properties and others who benefit from the use of the Common Elements. 

  

	(c)	 If the Building is comprised of different categories of Leasable Premises, the Landlord shall be entitled but
not obligated to allocate Operating Costs among the various categories on the basis of such factors as the Landlord determines to be relevant, such as, by way of example, the relative uses of each such category and the benefits derived by them. In
such event, the Landlord shall be entitled to adjust the Tenants Proportionate Share of Operating Costs having regard to the category in which the Premises is included. 

 

	(d)	 Notwithstanding Section 6.05(a) and (b): 

  
 21 

	 	(i)	 if any service which is normally provided by the Landlord to some tenants of the Building in their Leasable
Premises is not provided by the Landlord to the Tenant under the specific terms of this Lease, or to a lesser extent than average, then in determining the Tenants Proportionate Share of Operating Costs the cost of such service (except as it relates
to the Common Elements) shall be excluded or reduced, as appropriate; and 

  

	 	(ii)	 if any service which is normally provided by the Landlord to some tenants of the Building in their Leasable
Premises is provided by the Landlord to the Tenant but not to all tenants of Leasable Premises in the Building or is provided by the Landlord to the Tenant to a greater extent than average, then in determining the Tenant’s Proportionate Share
of Operating Costs, the cost of such service shall be attributed by the Landlord to the Leasable Premises to which such service is provided and according to the extent to which it is provided. 

 

	(e)	 If any facilities, services, systems or utilities: 

 

	 	(i)	 for the operation, repair, maintenance, administration or management of the Building are provided from another
building or other buildings owned or operated by the Landlord or agent; or 

  

	 	(ii)	 for the operation, repair, maintenance, administration or management of another building or other buildings
owned or operated by the Landlord or agent are provided from the Building, 

 then the costs, charges and expenses therefor shall be
allocated by the Landlord between the Building and the other building or buildings on a fair and equitable basis and the amount so allocated to the Building shall be included in Operating Costs. 

ARTICLE 7 
 UTILITIES,
HEATING, VENTILATING AND AIR-CONDITIONING AND LANDLORD SERVICES 
  

	7.01	 UTILITIES, HEATING, VENTILATING AND AIR-CONDITIONING AND LANDLORD
SERVICES 

  

	(a)	 In accordance with the Operation Standard, the Landlord shall provide: 

 

	 	(i)	 heat, ventilating and air-conditioning by means of the HVAC System
during Business Hours to the Premises and to those Common Elements requiring such services as designated by the Landlord to maintain a temperature adequate for normal occupancy; 

 

	 	(ii)	 the use of the electricity, water, fuel, power, steam and other utilities (the “Utilities”)
serving the Building in normal quantities as are generally made available to other tenants of the Building by the Landlord together with Utilities for those Common Elements requiring such Utilities as designated by the Landlord;

  
 22 

	 	(iii)	 necessary supplies in public washrooms sufficient for normal use by tenants in the Building;

  

	 	(iv)	 janitorial services to the Building (including the Premises, it being agreed to by the Tenant that it will not
arrange for its own janitorial services to the Premises) as reasonably required to keep same in a clean condition and interior and exterior window washing, at reasonable intervals, provided that all curtains, carpets, rugs, drapes or window
coverings shall be cleaned and maintained by the Tenant. The Tenant will permit access to the Premises necessary for the performance of the janitorial services; and 

 

	 	(v)	 subject to the Rules and Regulations, elevator service in the Building during Business Hours.

  

	(b)	 The Landlord shall have the exclusive right to replace bulbs, tubes and ballasts (collectively the
“Bulbs”) in the lighting system in the Premises, on either an individual or a group basis. The cost of such replacement will be paid by the Tenant upon demand or, where the replacement involves Building standard Bulbs, the Landlord
may, at its option, include the cost of replacing such Bulbs in the Premises and in other Leasable Premises in the Building in the Operating Costs of the Building. The Landlord may request that the Tenant replace
non-Building standard Bulbs in the Premises. 

  

	(c)	 The Landlord is not liable for interruption or cessation of, or failure in, the supply of any Utilities,
services or systems in, to or serving the Building or the Premises, whether they are supplied by the Landlord or by others and whether or not the interruption or cessation is caused by the Landlord’s negligence, nor will the Landlord be liable
for any act or omission of any Person employed or engaged by the Landlord or its Property Manager to provide the services set out in Section 7.01(a)(iv). 

 

	(d)	 The following provisions apply with respect to the Tenant’s use of and obligations with respect to the
HVAC System: 

  

	 	(i)	 the Tenant shall not, without the Landlord’s prior written consent, install equipment in the Premises
which would affect the temperature otherwise maintained in the Premises by the HVAC System as normally operated. The Landlord, acting reasonably, may direct the Tenant to install supplementary air-conditioning
units, facilities or services in the Premises, as may in the Landlord’s reasonable opinion be required to (1) maintain proper temperature levels in the Building and the Premises, or (2) ensure that the HVAC System continues to operate
efficiently, and the Tenant shall do so as soon as is reasonably possible failing which the Landlord may install them and the Tenant shall pay to the Landlord, on demand, the-costs thereof together with
fifteen percent (15%) of such costs for the Landlord’s overhead. The maintenance, repair and replacement of all such supplementary air-conditioning units, facilities or services in the Premises will be
performed by the Landlord at the Tenant’s expense or, at the Landlord’s option, by the Tenant; 

  
 23 

	 	(ii)	 the interior layout or partitioning of the Premises shall be modified by the Tenant, if necessary, in
accordance with the reasonable requirements of the Landlord to secure maximum efficiency of the HVAC System servicing the Premises. The Tenant shall comply with the Landlord’s reasonable requests and directions pertaining to the operation and
regulation of those portions of the HVAC System within and serving the Premises, failing which the Landlord shall be entitled to take such steps as it deems advisable including, without limitation, entering upon the Premises and taking the necessary
corrective action, and the Tenant will pay to the Landlord, on demand as Additional Rent, all costs incurred by the Landlord in so doing together with a sum equal to fifteen percent (15%) of such costs for the Landlord’s overhead; and

  

	 	(iii)	 the Tenant will ensure that all heating, ventilation and
air-conditioning vents, ducts and units in the Premises are kept free from obstructions at all times and will comply with the Landlord’s directions with respect to the Landlord’s required clearance,
if any, between such vents and units and any furniture or other article or fixture located in the Premises. 

  

	7.02	 CHARGES FOR UTILITIES 

 

	(a)	 If there are separate meters in the Premises which permit direct payment of Utilities to the supplier of such
Utilities, then the Tenant will pay for all Utilities consumed in the Premises directly to such suppliers. 

  

	(b)	 If Utilities are not so separately metered in the Premises, the cost to the Tenant of such Utilities to the
Premises which constitutes normal use for other tenants in the Building, as determined by the Landlord, acting reasonably, will, at the Landlord’s option, form part of Operating Costs or be paid by the Tenant to the Landlord in equal
consecutive monthly installments in advance simultaneously with the Tenant’s payment of Basic Rent based upon estimates of the Landlord and subject to final adjustment within a reasonable time after the period for which the estimate has been
made. 

  

	(c)	 If the Landlord reasonably determines that the Tenant is consuming disproportionate quantities of any Utility
in excess of typical consumption of that Utility by other tenants in the Building, then the Landlord may install, at the Tenants expense, separate check meters or other measuring devices in the Premises or elsewhere and may use an Expert to assist
it in determining the cost of such excess Utilities. All costs incurred by the Landlord in providing such excess quantity of the Utility (including all costs incurred in making the allocation) will be paid for by the Tenant in accordance with
Section 7.03(a). 

  
 24 

	7.03	 ADDITIONAL SERVICES TO THE PREMISES 

If from time to time requested in writing by the Tenant and to the extent that it is reasonably able to do so, the Landlord shall provide in the Premises
services in addition to those set out in Section 7.01(a), provided that the Tenant shall pay to the Landlord, upon demand, the costs of those additional services at such reasonable rates as the Landlord may from time to time establish. Without
limiting the generality of the foregoing, such services shall include: 
  

	(a)	 services performed at the Tenant’s request including, without limitation, heating, ventilating and air-conditioning services outside Business Hours, excess quantities of Utilities, maintenance, repair, special janitorial or cleaning services and construction of Leasehold Improvements after the Commencement Date;

  

	(b)	 services provided at the Landlord’s reasonable discretion including, without limitation, supervising and
approving any Premises Work performed pursuant to Section 10.02 and supervising the movement of furniture, equipment, freight and supplies for the Tenant; and 

 

	(c)	 performance by the Landlord on behalf of the Tenant of any of the Tenant’s obligations set out in this
Lease which the Tenant fails to perform, provided that nothing herein shall obligate the Landlord to perform any such obligations. 

ARTICLE 8 
 USE OF
PREMISES 
  

	8.01	 USE OF THE PREMISES 

The Tenant will use and permit the Premises to be used only for life sciences research and development activities and general office work and for no other
purpose except with the prior written approval of the Landlord, subject to Section 8.01(b). However, in no event shall the Tenant use or permit all or any part of the Premises, either directly or indirectly by way of lease, sublease, assignment
of lease, license or otherwise, to be used for the installation, placement or use of any automatic banking machine, automatic cash dispenser or other device of whatsoever nature the purpose of which is to provide or advertise any banking service of
any kind whatsoever, but nothing herein shall be construed so as to permit the Tenant to carry on such business or operation unless specifically agreed to in writing by the Landlord. It is the Tenant’s sole responsibility to confirm to its
satisfaction that the use of the Premises contemplated hereunder is permitted under and complies with all applicable zoning and other laws and bylaws. 

  
 25 

	8.02	 CONDUCT OF BUSINESS AND PROHIBITED ACTIVITIES 

 

	(a)	 The Tenant will open the whole of the Premises for business on the Commencement Date and will, at all times
throughout the Term, conduct its business permitted pursuant to Section 8.01 continuously, diligently and actively in the whole of the Premises in a reputable and first class manner consistent with the best interests of the Building as a whole.
In the conduct of its business, the Tenant will: 

  

	 	(i)	 conduct its business in the Premises during the Business Hours but the Tenant is not required to carry on
business when prohibited by a governmental law or by-law regulating the hours of business: and 

  

	 	(ii)	 use only the Building Name and the insignia that the Landlord requires in connection with the Building in the
advertising of its business in the Premises, claim no rights in those names, marks and insignias and promptly abandon or assign to the Landlord any such rights that it acquires by operation of law. 

 

	(b)	 The Tenant will not carry on or permit any business, conduct or practice, whether through advertising or
selling procedures or otherwise, which, in the reasonable opinion of the Landlord, may harm the business or reputation of the Landlord or reflect unfavourably on the Building or any part of it (or on other tenants in the Building) or which may tend
to mislead, deceive or be fraudulent to the public. 

  

	(c)	 The Tenant will not carry on any business or do or permit anything which causes a nuisance is dangerous or
which is offensive or an annoyance to the Landlord or other occupant of the Building, as determined by the Landlord in its sole discretion. 

  

	(d)	 The Tenant will ensure that all furniture, fixtures and equipment on or installed in the Premises are of
first-class quality and will keep them in good condition. 

  

	(e)	 The Tenant will comply with any reasonable requests of the Landlord and with the practices or procedures that
any governmental or public authority may from time to time introduce for consumption of energy and will pay to the Landlord, on demand, all additional energy consumed by the Tenant by reason of non-compliance
under this Section 8.02(e) as determined by the Landlord in a reasonable manner. 

  

	8.03	 COMPLIANCE WITH LAWS 

 

	(a)	 The Tenant will obtain all necessary permits and licenses required for the occupancy and carrying on of its
business in and from the Premises. 

  

	(b)	 The Tenant will comply with all Applicable laws which relate to its ability to enter into and comply with this
lease, which affect the Premises or the leasehold Improvements or which pertain to the Tenant’s use of the Premises or the conduct of business or doing of work therein. If the Landlord is obligated by an Applicable law to modify, extend, alter
or replace any part of the Premises or any Leasehold Improvements, trade fixtures, furniture or equipment in the Premises, then the Landlord may, at its option, either do the necessary work at the expense of the Tenant, or give notice to the Tenant
to do such work within the requisite period of time and the Tenant will comply with such direction. The Tenant shall pay to the Landlord, upon demand, the costs of any work performed by the Landlord under this Section 8.03(b) together with an
administration fee equal to fifteen percent (15%) of such costs. 

  
 26 

	8.04	 DIRECTORY BOARD, SIGNS AND ADVERTISING 

 

	(a)	 The Tenant shall be entitled, at its expense, to have its name shown upon the directory board of the Building
(if any), the design, style and location of which is as provided by the Landlord. 

  

	(b)	 The Tenant will not display any sign, picture, advertisement, notice, lettering or decoration on the exterior
of the Premises or in the interior of the Premises where it is visible from the exterior of the Premises without, in each instance, obtaining the Landlord’s prior written approval. The Tenant will erect an identification sign on the outside of
the doors leading into the Premises of a type and in a location specified in writing by the Landlord and in accordance with the Landlord’s requirements for the Building. All signs will remain the property of the Tenant and will be maintained by
the Tenant at its sole cost and expense. At the expiration or earlier termination of the Term, the Tenant will remove all of its signs and will promptly repair all damage caused by such removal. The Tenants obligation to observe this covenant will
survive the expiration or earlier surrender or termination of this Lease. In no event will the Tenant display any sign, picture, advertisement, notice, lettering or decoration on the exterior of the Building or in the Premises where it is visible
from the exterior of the Building. 

  

	8.05	 DISCHARGE AND RELEASE OF HAZARDOUS SUBSTANCES 

 

	(a)	 Except as permitted under Applicable Laws, the Tenant will not bring or permit to be brought on or into the
Premises or the Building, or discharge or release or permit to be discharged or released, any Hazardous Substance. Where Applicable Laws permit the discharge or release of a Hazardous Substance, the Landlord may, at the Tenant’s cost, perform
audits of all such discharges or releases. If a discharge or release of a Hazardous Substance occurs that is not in compliance with Applicable Laws, the Tenant will immediately notify the Landlord and all authorities having jurisdiction
(collectively the “Authorities” and individually an “Authority”) and the Tenant will immediately clean up the discharge or release and restore the environment affected by the discharge or the release to the standard
required by Applicable Laws. The Tenant will further provide to the Landlord a certificate from a duly qualified consulting engineer or from the Authorities stating that the clean up and restoration has occurred in accordance with all Applicable
Laws. 

  
 27 

	(b)	 The Tenant will comply fully with the orders of all Authorities (as defined above in Section 8.05(a)),
including, but not limited to, requirements pertaining to pollution control, environmental audits or the clean up or remediation of damage to the environment. If the Tenant fails or refuses to promptly, expeditiously and fully carry out any order of
an Authority or to comply with its obligations as set out above, or if the Landlord determines that the Tenant is not competent to carry out the order or to comply with the obligation, the Landlord may. at its option, upon five (5) days prior
written notice (or on such shorter notice as is reasonable in the case of emergencies), enter upon the Premises and do what the Tenant was required to do and all costs incurred by the Landlord in so doing together with an administration fee of
fifteen percent (15%) of those costs will be payable by the Tenant immediately upon demand. 

  

	(c)	 The Tenant will retain all documents, records and other materials and promptly make them available to the
Landlord to the extent required to permit the Landlord to determine that the Tenant is in full compliance with its obligations under this Section 8.05. 

  

	8.06	 WASTE DISPOSAL 

 

	(a)	 If the Landlord provides garbage disposal or collection facilities or services the Tenant will use them only
for the disposal of solid waste that is not a Hazardous Substance which can be lawfully transported to and dumped at the closest landfill site without surcharges or penalties. The Tenant will use the sewers only to dispose of liquid waste that is
not a Hazardous Substance which may be lawfully discharged into the municipal sewer. 

  

	(b)	 subject to Applicable Laws, all wastes other than those solid and liquid wastes permitted to be disposed of as
provided above in Section 8.06(a), will be disposed of by the Tenant at its expense at least once every three months using the Landlord’s designated contractor or, If one Is not designated, using a property licensed waste hauler and waste
removal service. All storage of waste by the Tenant must be done strictly in compliance with Applicable Laws at the Tenant’s sole expense. 

  

	(c)	 the Tenant will comply with all requirements of governmental authorities pertaining to waste reduction
including, but not limited to, performance of waste audits and waste reduction work plans. The Tenant will further provide promptly, copies of all documents and other evidence required to establish compliance with such requirements and the Tenant
will cooperate with the Landlord by providing whatever documents and other information and by doing whatever else is reasonably requested in connection with waste reduction matters. 

 

	8.07	 SPECIAL INDEMNITY 

The Tenant will Indemnify the Released Persons and save them harmless from every loss, cost, claim, expense, fine, penalty, prosecution or alleged infraction
which they, or any of them, suffer or suffers as the result of the Tenant’s breach of any of Its obligations under either or both of Sections 8.05 and 8.06. In addition, the Tenant will pay to the Landlord, immediately upon demand, all
costs incurred by the Landlord in doing any clean-up, restoration or other remedial work as a consequence of the Tenant’s failure to comply with any of its obligations under either or both of
Sections 8.05 and 8.06. 

  
 28 

 ARTICLE 9 

INSURANCE AND INDEMNITY 
  

	9.01	 LANDLORD’S INSURANCE 

The Landlord will maintain, throughout the Term 
  

	(a)	 “all risks” Insurance on the Building (excluding the foundations and excavations) and the machinery,
boilers and equipment contained in it and owned by the Landlord or the Owners (except property that the Tenant and other tenants are required to insure); 

  

	(b)	 “all risks” rent and rental value insurance insuring loss of insurable gross profits attributable to
the perils insured against by the Landlord or commonly insured against by Landlords, including loss of rent and other amounts receivable from tenants in the Building; 

 

	(c)	 public liability and property damage insurance with respect to the Landlord’s operations in the Building;
and 

  

	(d)	 such other coverage, or increases in the amount of coverage specified above in this Section 9.01 as any
Mortgagee may require from time to time or as the Landlord or the Owners may consider advisable from time to time. 

 in reasonable amounts
and with those reasonable deductions that a prudent owner of a property similar to the Building would maintain, having regard to size, age and location. This Section does not relieve the Tenant from liability arising from or contributed to by its
negligence or misconduct. No insurable interest is conferred on the Tenant under any policies of Insurance carried by the Landlord and the Tenant has no right to receive proceeds of any of those policies. 

 

	9.02	 TENANTS INSURANCE 

 

	(a)	 The Tenant will maintain the insurance described below throughout the Term and any period when it is in
possession of the Premises (including, for greater certainty, the Fixturing Period), and each policy of that Insurance will name, as insured’s, the Tenant, the Landlord, the Owners and the Mortgagee as their respective interests may appear. The
insurance which the Tenant is required to maintain is as follows: 

  

	 	(i)	 “all risks” property insurance (including earthquake, flood and collapse) in an amount equal to one
hundred percent (100%) of the full replacement cost, insuring (1) all property owned by the Tenant, or for which the Tenant is legally liable, or installed by or on behalf of the Tenant, and located within the Building, including, but not
limited to, fittings, installations, alterations, additions, partitions and all other Leasehold Improvements and (2) the Tenants inventory, furniture and movable equipment; 

  
 29 

	 	(ii)	 if applicable, broad form boiler and machinery insurance on a blanket repair and replacement basis with limits
for each accident in an amount of at least the full replacement cost of all Leasehold Improvements and of all boilers, pressure vessels, heating, ventilating and air-conditioning equipment and miscellaneous
electrical apparatus owned or operated by the Tenant or by others (except for the Landlord) on behalf of the Tenant in the Premises or relating to or serving the Premises; 

 

	 	(iii)	 business interruption insurance with at least twelve (12) months indemnity in an amount that will
reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in Sections 9.02(a)(i) and 9.02(a)(ii) and other perils commonly insured against by prudent tenants, or attributable to prevention of access to
the Premises or the Building as a result of those perils; 

  

	 	(iv)	 public liability and property damage insurance including personal injury liability, contractual liability, non-owned automobile liability, employer’s liability and owners’ and contractors’ protective insurance coverage, with respect to the Premises and the Tenant’s use of the Common Elements, with
coverage including the activities and operations conducted by the Tenant and any other Person on the Premises and by the Tenant and any other Parson performing work on behalf of the Tenant and those for whom the Tenant is in law responsible, in any
other part of the Building. These policies will (1) be written on a comprehensive basis with inclusive limits of at least $5,000,000 per occurrence for bodily injury for anyone or more Persons or property damage (but the Landlord, acting
reasonably or the Mortgagee, may require higher limits from time to time), and (2) contain a severability of interests clause and cross liability clauses; 

 

	 	(v)	 tenant’s legal liability insurance for the full replacement cost of the Premises, including loss of their
use; 

  

	 	(vi)	 non-owned automobile insurance providing third party liability
insurance with $1,000,000 inclusive limits, covering all licensed vehicles operated by or on behalf of the Tenant ; and 

  

	 	(vii)	 any other form of insurance and with whatever higher limits the Tenant, the Landlord (acting reasonably) or the
Mortgagee requires from time to time in form, in amounts and for risks against which a prudent tenant would insure. 

  

	(b)	 The policies specified under Section 9.02(a)(i), (ii) and (iii) will contain a waiver of any
subrogation rights which the Tenant’s Insurers may have against all and any of the Landlord, the Owners, the Mortgagee, the Property Manager and those for whom all and any of them are or is in law responsible, whether or not the damage is
caused by their act, omission or negligence. 

  
 30 

	(c)	 The policies specified under Section 9.02(a)(i), (ii) and (iii) will contain the Mortgagee’s
standard mortgage clause and may have reasonable deductibles of up to three percent (3%) of the amount insured. If there is a dispute as to the amount of the full replacement cost, the Landlord will determine it. 

 

	(d)	 Each policy of insurance specified under Section 9.02(a) will (i) be taken out with Insurers
acceptable to the Landlord, acting reasonably; (ii) be in a form satisfactory to the Landlord; (iii) be non-contributing with, and will apply only as primary and not excess to any other insurance
available to all and any of the Landlord, the Owners and the Mortgagee; (iv) not be invalidated with respect to the interests of all and any of the Landlord, the Owners, and the Mortgagee by reason of any breach or violation of warranties,
representations, declarations or conditions contained in the policies and (v) contain an undertaking by the insurers to notify the Landlord, the Owners and the Mortgagee in writing not less than thirty (30) days before any material change,
cancellation or termination. 

  

	(e)	 Each year on the anniversary of the Commencement Date the Tenant will deliver certificates of insurance on the
Landlord’s standard form or other reasonably comparable form acceptable to the Landlord, duly executed by the Tenants insurers evidencing that the required insurance is in force. No review or approval of any insurance certificate by the
Landlord derogates from or diminishes the Landlord’s rights under this Lease. 

  

	(f)	 If the Tenant fails to maintain any insurance policy specified under Section 9.02(a), the Landlord shall
have the right, but not the obligation, upon forty-eight (48) hours prior notice, to pay the cost or premium therefor, and in such event the Tenant will, upon demand, pay the Landlord’s costs in so doing, together with a sum equal to
fifteen percent (15%) of such costs representing the Landlord’s overhead. 

  

	9.03	 INCREASE IN PREMIUMS 

The Tenant will comply promptly with the loss prevention recommendations of the Landlord’s insurer pertaining to the Premises or the Building. If the
occupancy of the Premises, the conduct of business in the Premises, or anything done or omitted by the Tenant results in an increase in premiums for the insurance carried by the Landlord with respect to the Building, the Tenant will pay the increase
to the Landlord immediately on demand. In determining whether the Tenant is responsible for increased premiums and the amount for which the Tenant is responsible, a schedule issued by the organization that computes the insurance rate on the Building
showing the components of the rate will be conclusive evidence of the items that make up the rate. 
  

	9.04	 CANCELLATION OF INSURANCE 

The Tenant will not do or permit anything to be done those results in the cancellation or threatened cancellation or the reduction or threatened reduction of
coverage under any insurance policy on the Building or any part of it. If the Tenant does or permits anything to be done those results in the cancellation or threatened cancellation or the reduction or threatened reduction of coverage under any
insurance policy on the Building or any part of it, the Landlord may, at its option, either 

  
 31 

	(a)	 exercise all of its rights and remedies as are contained in Article 15 after providing the Tenant with
forty-eight (48) hours prior written notice during which time the Tenant has failed to remedy the condition giving rise to the cancellation. threatened cancellation or reduction or threatened reduction of coverage; or 

 

	(b)	 enter upon the Premises and remedy the condition giving rise to such cancellation, threatened cancellation or
reduction, including the removal of any offending article, after providing the Tenant with forty-eight (48) hours prior written notice (or without notice in the case of an emergency), and in such event the Tenant shall pay the Landlord’s
costs immediately upon demand, together with a sum equal to fifteen (15%) of such costs representing the Landlord’s overhead. The Landlord shall not be liable for any damage or injury caused to any property of the Tenant or of others located on
the Premises as a result of any such entry. The Tenant agrees that any such entry by the Landlord pursuant to this Section 9.04 is not a re-entry or a breach of any covenant for quiet enjoyment contained
in this lease or implied by law. 

  

	9.05	 LOSS OR DAMAGE 

None of the Released Persons is liable for death or injury arising from any occurrence in, upon, at, or relating to the Building or damage to property of the
Tenant or of others located on the Premises or elsewhere, nor will they be responsible for loss of or damage to, or loss of use of property of the Tenant or others from any cause, whether or not-it results
from (a) the negligence or misconduct of a Released Person, (b) the operation, faulty operation, interruption or breakdown of any of the base building systems or other services to be provided by the Landlord under this Lease, (c) the
existence of any Hazardous Substance in any part of the Building or introduced into the Building from any other cause; or (d) any act, omission, negligence or misconduct of any tenant or occupant of space in the Building or property adjacent to
the Building, or of the public or any Person in or on the Building. 
  

	9.06	 INDEMNIFICATION OF THE LANDLORD 

Subject to Section 9.07, the Tenant will indemnify the Released Persons and save them harmless from and against all loss (including loss of Rent payable
by the Tenant under this Lease), claims, actions, damages, liability and expenses, in connection with loss of life, personal injury, damage to property or any other loss or injury which: 

 

	(a)	 arises from this Lease or any occurrence in, on or at the Premises or from the occupancy or use by the Tenant
of the Premises or any part of the Premises; and 

  

	(b)	 is occasioned wholly or in part by an act or omission of the Tenant or by anyone for whom the Tenant is
responsible. 

 However, the Tenant is not required to indemnify the Released Persons or save them harmless from loss, claims, actions,
damages, liability or expenses when they arise directly from the gross negligence or willful misconduct of a Released Person. 

  
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 ARTICLE 10 

MAINTENANCE, REPAIRS AND ALTERATIONS BY THE TENANT 
  

	10.01	 MAINTENANCE AND REPAIRS BY THE TENANT 

Except to the extent that the Landlord is specifically responsible therefor under this Lease and subject to Article 11, the Tenant will, at its sole cost,
repair and maintain the Premises (exclusive of the HVAC System and other base building mechanical and electrical systems) and all improvements in or on them in good repair and condition to a standard consistent with the Operation Standard. This
obligation includes, but is not limited to: 
  

	(a)	 repainting and redecorating the Premises and cleaning drapes and carpets at reasonable intervals:

  

	(b)	 making repairs, replacements and alterations, as needed, including, without limitation, those that are
necessary to comply with all Applicable Laws; 

  

	(c)	 maintaining first class quality trade fixtures and Leasehold Improvements; and 

 

	(d)	 removing from the Premises, at its expense when required by the Landlord (or the Landlord removing from the
Premises at the Tenant’s expense) any Hazardous Substance which may be in or incorporated into any part of the Premises). 

  

	10.02	 APPROVAL OF THE TENANT’S ALTERATIONS 

 

	(a)	 The Tenant will not make alterations, improvements, decorations, repairs or replacements to the Premises
(individually and collectively “Premises Work”) without the Landlord’s prior written approval (not to be unreasonably withheld). 

  

	(b)	 At least forty-five (45) days prior to the commencement of any Premises Work, the Tenant shall submit
details of the proposed Premises Work to the Landlord for its approval, including plans and a reasonable number (as required by the Landlord) of copies of drawings and specifications prepared by qualified architects or engineers. The Tenant shall
pay to the Landlord its then current charge and all disbursements incurred by the Landlord for the review of such drawings and specifications. The Landlord shall respond to any request for approval within thirty (30) days of receipt of all
required details, drawings and specifications and provide details of any changes required. The Tenant shall incorporate such changes into its plans, drawings and specifications and resubmit them for approval. No Premises Work may be commenced until
the Landlord’s final approval has been given over the Tenant’s plans, drawings and specifications and the Tenant shall not apply for a building permit prior to receiving such approval. 

 

	(c)	 Prior to commencing any Premises Work, the Tenant will provide to the Landlord copies of all required permits
and licenses required for the Premises Work, a current clearance certificate issued pursuant to the workers’ compensation act of the Province in respect of the contractor and every sub-contractor which
the Tenant proposes to employ or to permit to do work in respect of the Premises and the Tenant will not permit any contractor or sub-contractors to do work in respect of the Premises except for those for
which the clearance certificate has been provided. 

  
 33 

	(d)	 All Premises Work shall be performed: 

 

	 	(i)	 at the sole cost of the Tenant; 

 

	 	(ii)	 by workmen approved by the Landlord in advance whose labour union affiliations are compatible with the
..Landlord’s and the Property Manager’s contractors and workmen, except that if such Premises Work affects (1) the structure of the Premises or any of the structural components, exterior walls or roof of the Building, (2) any of
the base building systems, (3) the aesthetics of the Building, or (4) any part of the Building outside the Premises, then the Landlord may require that the work be performed by the Landlord at the Tenant’s expense and the Tenant will
pay to the Landlord, upon demand, all of such costs together with a fee of fifteen percent (15%) of such costs representing the Landlord’s overhead; 

  

	 	(iii)	 in a good and workmanlike manner; 

 

	 	(iv)	 in accordance with the drawings and specifications approved by the Landlord in advance and where any Premises
Work is visible from Common Elements, the Tenant will comply with all design criteria for such Premises Work Which the Landlord prescribes; 

  

	 	(v)	 in accordance with all Applicable Laws and requirements of the Landlord’s insurers; 

 

	 	(vi)	 subject to the reasonable regulations. Supervision, control and inspection of the Landlord; and

  

	 	(vii)	 subject to such indemnification against liens and expenses as the Landlord reasonably requires.

  

	(e)	 If any Premises Work or installation of Leasehold Improvements depart from the standard for the Building or
restrict access by the Landlord to any of the Common Elements, or restrict the installation of leasehold improvements by any other tenant in the Building, then the Tenant shall be responsible for all costs incurred by the Landlord in obtaining
access to such Common Elements or in installing such other tenants Leasehold Improvements. 

  

	(f)	 Any increase in Taxes or fire or casualty insurance premiums for the Building attributable to any Premises Work
shall be borne by the Tenant. 

  
 34 

	10.03	 REPAIR WHERE THE TENANT IS AT FAULT 

If the Building or any part it requires repair, replacement or alteration, (a) because of the negligence, fault, omission, want of skill, act or
misconduct of the Tenant or its officers, agents, employees, contractors, invitees or licensees, (b) due to the requirements of any Applicable Laws relating to the Tenants conduct of business, or (c) as a result of the Tenant stopping up
or damaging the heating apparatus, water pipes, drainage pipes or other equipment or facilities or parts of the Building, the cost of the repairs, replacements or alterations plus a sum equal to fifteen percent (15%) of the cost for the
Landlord’s overhead will be paid by the Tenant to the Landlord on demand. 
  

	10.04	 TENANT NOT TO OVERLOAD 

The Tenant will not install equipment that overloads the capacity of the HVAC System or any utility, electrical, or mechanical facility in the Premises or the
Building and will not, (a) bring into the Premises any utility, electrical, or mechanical facility or service of which the Landlord does not approve, or (b) bring upon the Premises anything that might damage them or overload the floors. If
damage is caused to the Premises or to the Building as a result of the installation of such equipment or contravention of the provisions of paragraphs (a) or (b) of this Section by the act, neglect, fault, want of skill, or misuse of or by the
Tenant or its officers, agents, servants, employees, contractors, invitees, licensees or by any Person having business with the Tenant, the Tenant will repair the damage or, at the Landlord’s option, pay to the Landlord on demand the cost of
repairing the damage plus a sum equal to fifteen percent (15%) of the costs for the Landlord’s overhead. 
  

	10.05	 REMOVAL AND RESTORATION BY THE TENANT 

Excepting the Tenants trade fixtures, all Premises Work (as defined in Section 10.02(a)), and all Tenant’s Work performed by the Tenant or by the
Landlord or others for or on behalf of the Tenant is the Landlord’s property on affixation or installation, without compensation to the Tenant at any time, including upon the expiry or earlier termination or surrender of this Lease. Except as
otherwise agreed to by the Landlord in writing, no Leasehold Improvements, trade fixtures, inventory or equipment shall be removed from the Premises by the Tenant at any time except as follows: 

 

	(a)	 provided that the Tenant is not in default under this Lease the Tenant may, during the Term, in the ordinary
course of its business or in the course of renovation, reconstruction or alteration of the Premises by the Tenant approved in accordance with this Lease, remove its trade fixtures, inventory or equipment if they have become excess for the
Tenant’s purposes or if the Tenant immediately substitutes new trade fixtures, inventory and equipment of equal or better value; 

  

	(b)	 provided that the Tenant is not in default under this Lease the Tenant may, at the expiry or earlier surrender
or termination of this Lease, at its sole cost, remove its trade fixtures, inventory and equipment; and 

  

	(c)	 the Tenant shall, at the expiry or earlier surrender or termination of this Lease, at its sole cost, remove its
trade fixtures, inventory and equipment that the Landlord requires be removed. 

  
 35 

 The Tenant shall at its own expense repair any damage caused to the Premises or the Building by the
installation or removal of the trade fixtures, inventory and equipment or from the installation of the Leasehold Improvements. If the Tenant does not remove its trade fixtures, inventory and equipment within three (3) days after the expiry or
earlier surrender or termination of this Lease, such trade fixtures, inventory and equipment shall be deemed conclusively to have been abandoned by the Tenant and may be appropriated, sold, destroyed or otherwise disposed of by the Landlord without
notice or obligation to compensate the Tenant or to account therefore, and the Tenant shall pay to the Landlord, on demand, all costs incurred by the Landlord in connection therewith. Upon expiry or earlier surrender or termination of this Lease the
Tenant will leave the Premises in the same condition as it was required to keep them in during the Term, will deliver all keys for the Premises to the Landlord at the place then fixed by the payment of Rent, and will provide the Landlord with
combinations of all locks, safes and vaults in the Premises. 
 Notwithstanding any other provision of this Lease, the Tenant shall not be responsible for
any costs associated with removing Leasehold Improvements, Tenant’s Work, or restoring or returning the Premises back to a base building standard at the expiry of the Term or any permitted renewal thereof. 

 

	10.06	 TENANT TO DISCHARGE ENCUMBRANCES 

The Tenant will ensure that no construction or other lien (similar or otherwise), and no charge, mortgage, security interest, floating charge, debenture, or
other encumbrance (collectively, “Encumbrance”) is registered or filed against (a) the Building or any part of it, or (b) the Landlord’s interest in the Building or any part of it, or (c) the Tenants interest in
the Premises, by any Person claiming by, through, under, or against the Tenant or its contractors or subcontractors. If the Tenant defaults under this section the Landlord may, in addition to its available remedies under Article 15, discharge
the lien or Encumbrance upon two (2) business days prior written notice to the Tenant by paying the amount claimed to be due into court and the amount paid, as well as the costs and expenses (including solicitor’s fees on a solicitor and
client basis) incurred as the result of the registration or filing of the lien or Encumbrance, including the discharge of the lien or Encumbrance, will be paid by the Tenant to the Landlord on demand. 

ARTICLE 11 
 DAMAGE AND
DESTRUCTION AND EXPROPRIATION 
  

	11.01	 INTERPRETATION OF ARTICLE 11 

In this Article: 
  

	(a)	 “Damage” means damage (including but not limited to, smoke and water damage and damage that
amounts to destruction) that results from any cause and “Damaged” has a corresponding meaning; 

  

	(b)	 “Date of Taking” means the date on which the expropriating authority takes possession of the
Building, the Premises, or any part thereof, as the case may be; 

  
 36 

	(c)	 “Expropriated” means expropriated by a governmental authority or transferred, conveyed or
dedicated in contemplation of a threatened expropriation and “Expropriation” has a corresponding meaning; 

  

	(d)	 “Landlord’s Work” means the work to be performed by the Landlord pursuant to
Section 2.01 of Schedule “C”; 

  

	(e)	 “Substantial Completion” has the meaning set out in Section 1.03(a) of Schedule
“C”; 

  

	(f)	 “Tenant’s Work” means the work to be performed by the Tenant pursuant to
Section 3.02 of Schedule “C”; 

  

	(g)	 “Usable” means usable by the Tenant for the purpose contemplated by this Lease

  

	11.02	 DAMAGE TO PREMISES 

 

	(a)	 Subject to Section 11.03, if the premises are Damaged and the repair can, in the opinion of the Architect,
be Substantially Completed under Applicable Laws within one hundred and eighty (180) days from the date of such Damage (employing normal construction methods without overtime or other premiums), the Landlord will, to the extent the Damage
results from a peril against which the Landlord is required to insure or otherwise insures, promptly repair or reconstruct the Premises to the extent of its’ obligations under Section 2.01 of Schedule “C”. If part or all of the
Premises is not Usable because of the Damage, then except where the Landlord’s Work and Tenant’s Work (as defined below in this Section 11.02(a)) take less than ten (10) days to complete after the date of the Damage (in which
case no Rent abatement shall occur), the Basic Rent (but not Additional Rent) will abate in the proportion that the Rentable Area of that part of the Premises which is not Usable (as determined by the Architect) is to the Rentable Area of the whole
of the Premises, from the date of the Damage until the earlier of (i) the date when the whole of the Premises is Usable again, or (ii) thirty (30) days after Substantial Completion of the Landlord’s Work. When the Landlord notifies
the Tenant that it has completed enough of the Landlord’s Work to enable the Tenant to start its work, the Tenant will diligently perform all repairs to the Premises which are its responsibility under Section 10.01 of this Lease and all
other work required to fully restore the Premises for use in the Tenants business (including, without limitation, the work described in Section 3.02 of Schedule “C” but excluding Landlord’s Work)(the “Tenants Work”) and
will reopen the whole of the Premises for business as soon as possible but in any event within thirty (30) days after the Landlord’s notice. All of the provisions of Schedule “C” will apply except for any fixturing period or rent
free period and no capital allowance, inducement to lease, or other payment that was made to the Tenant at the time of, or in connection with the original construction of the Premises or the Tenants Leasehold Improvements will be paid by the
Landlord to the Tenant. 

  
 37 

	(b)	 Subject to Section 11.03, if the Premises are Damaged and the repair cannot, in the opinion of the
Architect, be Substantially Completed under Applicable Laws within one hundred and eighty (180) days from the date of such Damage (employing normal construction method without overtime or other premiums), then either the Landlord or the Tenant
may, by written notice provided to the other within thirty (30) days after receipt of the Architect’s opinion, terminate this Lease on a date to be effective no later than thirty (30) days after delivery of such notice. All Rent will
abate as of the effective date of termination and the Tenant will have no claim, action or demand against the Landlord as a result of or arising from any such early termination of this Lease. Notwithstanding the foregoing, the Tenant shall not be
entitled to exercise its right of termination set out in this Section 11.02(b) if the Damage resulted from or was occasioned by any act, misconduct, negligence, or omission of the Tenant, its officers, servants, employees, contractors,
invitees, licensees or Persons for whom the Tenant is responsible at law or over whom the Tenant may be reasonably considered to exercise control. 

  

	11.03	 DAMAGE TO THE BUILDING 

 

	(a)	 Notwithstanding Section 11.02, if: 

 

	 	(i)	 twenty-five percent (25%) or more of the Rentable Area of the Building (excluding the Parking Facilities) is
Damaged (whether or not the Premises are Damaged); or 

  

	 	(ii)	 portions of the Building which affect access or services essential thereto are Damaged (whether or not the
Premises are Damaged); and 

 the Damage cannot, in the opinion of the Architect, be substantially repaired under Applicable laws within
one hundred and eighty (180) days from the date of such Damage (employing normal construction methods without overtime or other premiums), then the Landlord may, by written notice to the Tenant given within ninety (90) days after the date
of Damage, terminate this Lease effective thirty (30) days after receipt by the Tenant of the notice and all Rent will abate as of the effective date of termination. The Tenant will have no claim, action, or demand against the Landlord as a
result of or arising from any such early termination of this Lease. 
  

	(b)	 If the Building or any part of it is Damaged to the extent described in Section 11.03(a)(i) or
(ii) and the Landlord does not terminate this Lease, then the Landlord will promptly rebuild or repair or cause to be rebuilt or repaired the Building to the extent of the Landlord’s obligations under the leases for Leasable Premises that
are in force at the time but the Landlord may use plans and specifications and working drawings that are different from those used in the original construction of the Building or any part of it and the rebuilt or repaired Building may be different
from the Building before the Damage. 

  
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	11.04	 EXPROPRIATION OF THE BUILDING OR THE PREMISES 

If all of the Premises is expropriated (whether or not in conjunction with an expropriation of any part of the Building), then this Lease shall terminate on
the Date of Taking. If a portion of the Building or the Premises is Expropriated, then: 
  

	(a)	 if in the reasonable opinion of the Landlord a substantial alteration or reconstruction of the Building is
necessary or desirable as a result of the Expropriation, whether or not the Premises are or may be affected, the Landlord may, upon not less than thirty (30) days prior written notice to the Tenant, terminate this Lease; and

  

	(b)	 if more than one-third of the Rentable Area of the Premises is
Expropriated (whether or not alone or in conjunction with an Expropriation of all or a part of the Building), either the Landlord or the Tenant may, upon not less than thirty (30) days prior written notice to the other, terminate this Lease.

 If this Lease is so terminated, all Rent will abate as of the effective date of termination (provided, however, that the effective date
of termination may not occur later than the Date of Taking) and the Tenant will have no claim, action or demand against the Landlord as a result of or arising from any such early termination of this Lease. If a portion of the Premises has been
expropriated and this Lease has not been terminated in accordance with this Section 11.04, then the Rentable Area of the Premises shall be deemed to be amended as of the Date of Taking by reducing the Rentable Area of the Premises by the
portion so expropriated, and Rent shall be adjusted accordingly. 
  

	11.05	 AWARDS 

The Landlord and the Tenant will co-operate with each other if there is an Expropriation of all or part of the Premises
or the Building so that each may receive the maximum award that it is entitled to at law. To the extent, however, that a part of the Building other than the Premises is Expropriated, the full proceeds that are paid or awarded as a result will belong
solely to the Landlord, and the Tenant will assign to the Landlord any rights that it may have or acquire in respect of the proceeds or awards and will execute the documents that the Landlord reasonably requires in order to give effect to this
intention. Whether or not the Lease is terminated, the Tenant will have no claim, action, right of action or any other demand against the Landlord as a result of or arising from the Expropriation of all or any part of the Premises or the Building.

  

	11.06	 ARCHITECT’S CERTIFICATE 

A certificate of the Architect will bind the parties concerning any of the matters that need to be determined under this Article 11. 

  
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 ARTICLE 12 

ASSIGNMENT, SUBLETTING AND OTHER TRANSFERS 
  

	12.01	 TRANSFERS 

  

	(a)	 For the purpose of this Lease, “Transfer” means (i) an assignment, sale, conveyance, sublease,
disposition or licensing of this Lease or the Premises or any part of them, or any interest in this Lease (whether or not by operation of law) or in a partnership that is a Tenant under this Lease; (ii) a mortgage, charge, lien, debenture
(floating or otherwise) or other encumbrance of this Lease or the Premises or any part of them or of any interest in this Lease or of a partnership or partnership interest where the partnership is a Tenant under this Lease; (iii) a parting with
or sharing of possession of all or part of the Premises; and (iv) a transfer or issue by sale, assignment, bequest, inheritance, operation of law or other disposition, or by subscription of all or part of the corporate shares of the Tenant or
of an “affiliate” of the Tenant (as that term is defined in the Canada Business Corporations Act as at the date of this Lease) which results in a change in the effective voting control of the Tenant. “Transferor” and
“Transferee” have meanings corresponding to the definition of “Transfer” set out above (and for the purpose of a Transfer described in Section 12.01(a)(iv) the Transfer is the Person that has effective voting control before
the Transfer and the Transferee is the Person that has effective voting control after the Transfer). 

  

	(b)	 The Tenant will not effect a Transfer of the Lease as defined in Section 12.01(a)(ii) without the consent
of the Landlord, which consent may be unreasonably withheld. 

  

	(c)	 Subject to Section 12.01(b), the Tenant shall not effect or permit any Transfer without the prior written
consent of the Landlord in each instance, which consent shall not be unreasonably withheld except that despite any statutory provision or law (including. without limitation, the applicable Landlord and tenant legislation in force in the Province)
and without limiting the grounds on which a Transfer may be refused, the Landlord may refuse to give its consent if: 

  

	 	(i)	 the Tenant is then in default under this Lease or has during the Term failed to pay all Rent punctually as and
when due or failed to observe or perform all of its other obligations pursuant to this Lease; 

  

	 	(ii)	 covenants, restrictions or commitments given by the Landlord to other tenants or occupants or prospective
tenants or occupants of the Building, or to Mortgagees, the Owners or other parties, regardless of when given, prevent or inhibit the Landlord from giving its consent to the Transfer; 

 

	 	(iii)	 in the Landlord’s reasonable opinion, the financial background, business history or capability of the
proposed Transferee is not satisfactory; 

  

	 	(iv)	 the proposed Transfer is to (1) an existing tenant of the Building, (2) a consulate, embassy, trade
commission or other representative of a foreign government or (3) a government, quasi-government or public agency, service or office; 

  
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	 	(v)	 the proposed Transferee is in default under any lease with the Landlord or Its affiliates (as that term is used
in Section 12.01(a) above) or there is a history of defaults under commercial leases by the proposed Transferee or by companies or partnerships in which the proposed Transferee was a principal shareholder or partner at the time of the defaults;

  

	 	(vi)	 the use of the Premises by the proposed Transferee, in the Landlord’s opinion arrived at in good faith,
could (1) be inconsistent with the image and standards of the Building, (2) expose the occupants of the Building to risk of harm, damage or interference with their use and enjoyment thereof, (3) be incompatible with the other
businesses or activities being carried on in the Building, (4) result in a substantial increase in the number of persons visiting the Premises or (5) place exceptional or additional demands on any Common Elements or the Parking Facilities;
or 

  

	 	(vii)	 the Landlord does not receive sufficient information from the Tenant or the proposed Transferee as required
under this Section 12.01(c) to enable it to make a determination concerning the matters set out above. 

  

	(d)	 Section 12.01(c) does not apply to (i) a Transfer that occurs on the death of the Transferor,
(ii) a Transfer described in Section 12.01(a)(iv) which occurs when the sole Tenant in occupation of the Premises is a corporation (a “Public Corporation”) whose shares are traded and listed on a stock exchange in Canada
or the United States, or (iii) a Transfer that occurs when (1) the sole Tenant in occupation of the Premises is a “subsidiary” body corporate” (as that term is defined on the date of this Lease under the Canada Business
Corporations Act) of a Public Corporation and (2) it is the shares of the Public Corporation and not of the Tenant that are transferred or issued. 

  

	(e)	 If the Tenant intends to effect a Transfer, the Tenant shall give prior notice to the Landlord of such intent
specifying the identity of the proposed Transferee, the type of Transfer contemplated, and the financial and other terms of the Transfer, and shall provide such financial, business or other information relating to the proposed Transferee and its
principals as the Landlord or any Mortgagee requires, together with copies of all documents which record the particulars of the proposed Transfer. The Landlord shall, within thirty (30) days after having received such notice and all requested
information, notify the Tenant either that: 

  

	 	(i)	 it consents or does not consent to the Transfer in accordance with the provisions of this Article 12;

  

	 	(ii)	 it consents on such terms and condition in addition to Section 12.03 as the Landlord, in its sole opinion,
deems fit; or 

  

	 	(iii)	 it elects to terminate this Lease as to the whole or the part of the Premises affected by the proposed Transfer
in accordance with Section 12.02. 

  

	(f)	 The Landlord shall have no liability for or in connection with any claims made by the Tenant as a result of the
Landlord withholding its consent to any Transfer or terminating this Lease pursuant to Section 12.02. In cases where the Landlord has withheld its consent, the Tenant agrees that its only remedy will be to bring an application for a declaration
that such Transfer should be allowed. 

  
 41 

	(g)	 Notwithstanding any other provision of this Lease, if the Tenant is not in default of any of the terms of this
Lease, the Tenant may, without consent of the Landlord, assign this Lease or sublease the Premises, or any portion thereof, (i) to an affiliate, (ii) pursuant to a corporate reorganization of the Tenant or (iii) to any party, pursuant
to the sale of all or substantially all of the assets or shares of the Tenant. If the Tenant elects to assign this Lease or sublease the Premises, or any portion thereof pursuant to this Section 12.01(g) then prior to such assignment or
sublease the Tenant shall provide notice to the Landlord of the identity of the Transferee, the type of Transfer being undertaken, and the financial and other terms of the Transfer, together with copies of all documents which record the particulars
of the Transfer. 

  

	12.02	 LANDLORD’S RIGHT TO TERMINATE 

If the Landlord elects to terminate this Lease as to the whole or the part of the Premises affected by the proposed Transfer, it shall stipulate in its notice
the termination date, which date will not be less than thirty (30) days and not more than ninety (90) days following delivery of such notice. If the Landlord elects to terminate this Lease, the Tenant shall notify the Landlord within ten
(10) days thereafter of the Tenant’s intention either to refrain from such Transfer or to accept the termination of this Lease as to the whole or the part thereof in respect of which the Landlord has exercised its rights. If the Tenant
fails to deliver such notice within such ten (10) days or notifies the Landlord that it accepts the Landlord’s termination, this Lease will, as to the whole or affected part of the Premises, as the case may be, be terminated on the date of
termination stipulated by the Landlord in its notice of election to terminate. If the Tenant notifies the Landlord within ten (10) days that it intends to refrain from such Transfer, then the Landlord’s election to terminate this Lease
shall become void. 
  

	12.03	 TERMS AND CONDITIONS RELATING TO TRANSFERS 

The following terms and conditions apply in respect of all Transfers: 
  

	(a)	 the consent by the Landlord is not a waiver of the requirement for consent to subsequent Transfers;

  

	(b)	 the Landlord may apply amounts collected from the Transferee to any unpaid Rent payable under this Lease;

  

	(c)	 no acceptance by the Landlord of any payments by a Transferee is (i) a waiver of the requirement for the
Landlord to consent to the Transfer, (ii) the acceptance of the Transferee as Tenant, or (iii) a release of the Transferor from its obligations under this Lease; 

  
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	(d)	 the Transferee will execute, prior to the Transfer, an agreement directly with the Landlord agreeing to be
bound by this Lease as if the Transferee had originally executed this Lease as Tenant but the Transferor shall remain jointly and severally liable with the Transferee for the fulfillment of all obligations of the Tenant under this Lease during the
remainder of the Term and all renewals or extensions thereof, the whole without novation or derogation of any kind, and without benefit of division and discussion, and, if required by the Landlord, the Transferor will execute an Indemnity Agreement
on the Landlord’s standard form to give full force and effect to the foregoing; 

  

	(e)	 the Transferor, unless the Transferee is a sub-tenant of the Tenant,
will retain no rights under this lease in respect of obligations to be performed by the Landlord or in respect of the use or occupation of the Premises after the Transfer; 

 

	(f)	 the Basic Rent and additional rent payable by the Transferee shall not be less than the Basic Rent and
Additional Rent payable by the Tenant under this Lease as at the effective date of the Transfer (including any increases provided for in this Lease) and if it exceeds the Basic Rent and Additional Rent payable under this Lease, the amount of the
excess shall be paid by the Transferor to the Landlord in addition to all Rent payable under this Lease and such excess shall be deemed to be Additional Rent. If the Transferor receives from any Transferee either directly or indirectly any
consideration other than Basic Rent or additional rent for such Transfer, either in the form of cash, goods or services, the Transferor will pay such excess to the Landlord in addition to all Rent payable under this Lease and such excess rent shall
be deemed to be Additional Rent; 

  

	(g)	 if the Transferee pays or gives or covenants to pay or give to the Transferor money or other value that is
reasonably attributable to the desirability of the location of the Premises or to Leasehold Improvements that are owned by the Landlord or for which the Landlord has paid in whole or in part, then at the Landlord’s option, the Transferor will
pay to the Landlord such money or other value in addition to all Rent payable under this Lease and all amounts shall be deemed to be further Additional Rent; 

  

	(h)	 if the Transfer is one which requires the Landlord’s consent, then if such Transfer is not completed
within sixty (60) days of the date of such consent, the Landlord may, at its option, withdraw its consent; 

  

	(i)	 all Rent for the month in which the Transfer occurs shall be paid in advance by the Transferor so that the
Landlord will not be required to accept partial payments of Rent for such month from either the Transferor or Transferee; 

  

	(j)	 all documents relating to a Transfer or the Landlord’s consent will be prepared by the Landlord or its
solicitors and all of the processing and legal costs of the Landlord will be paid to the Landlord by the Tenant on demand; 

  

	(k)	 intentionally deleted; and 

  
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	(l)	 if the Transfer is a sublease, that the Transferee agrees to waive or release any statutory right to retain the
unexpired portion of the term of its sublease or the Term of this Lease or to enter into any lease or other agreement directly with the Landlord for the Premises or any part of it or to otherwise remain in possession of the Premises or any part of
it where this Lease is terminated, surrendered, repudiated, disclaimed or otherwise cancelled, or is assigned, sold, disposed of or otherwise dealt with. 

  

	12.04	 NO ADVERTISING OF THE PREMISES 

The Tenant shall not offer or advertise the whole or any part of the Premises or this Lease for the purpose of a Transfer and shall not permit any broker or
other person to do so unless the complete text and format of such advertisement is approved in writing by the Landlord. However, in no event will the advertisement contain any reference to the rental rate for the Premises. 

 

	12.05	 SALES AND OTHER DISPOSITIONS BY THE LANDLORD 

Nothing in this Lease shall restrict the right of the Landlord to sell, convey, assign or otherwise deal with the Building or any part of it, subject only to
the rights of the Tenant under this Lease. A sale, transfer or conveyance of the Building by the Landlord or an assignment by the Landlord of this Lease or any interest of the Landlord under it shall operate to release the Landlord from liability
from and after the effective date thereof for all of the covenants, terms and conditions of this Lease, express or implied, except as such (a) may relate to the period prior to such effective date and (b) are not assumed by the purchaser,
transferee or disposee, and the Tenant shall thereafter look solely to the Landlord’s successor in interest in and to this Lease. 

ARTICLE 13 
 ACCESS AND
ALTERATIONS 
  

	13.01	 RIGHT OF ENTRY 

 

	(a)	 It is not a re-entry or a breach of quiet enjoyment if the Landlord and
its representatives enter the Premises at reasonable times after twenty-four (24) hours notice (but If the Landlord determines there is an emergency, no notice is required) (i) to examine them, (ii) to make repairs, alterations,
improvements or additions to the Premises, the Building or adjacent property, (iii) to conduct an environmental audit of the Premises or any part of the Building, or (iv) to carry out any of its rights or obligations under this Lease, and
the Landlord and its representatives may take material into and on the Premises for those purposes. This right extends to (and is not limited to) the pipes, conduits, wiring, ducts, columns and other parts of the Common Elements in the Premises.
Rent will not abate or be reduced while the repairs, alterations, improvements or additions are being made and the Landlord is not liable for any damage, injury or death caused to any Person or to the property of the Tenant or others located on the
Premises as a result of the entry, regardless of how the damage, injury or death is caused. The Landlord will take reasonable steps to minimize any interruption of the Tenants business in exercising its rights under this Section 13.01(a).

  
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	(b)	 The Landlord may enter the Premises at reasonable times to show them to prospective purchasers, tenants or
Mortgagees. During the twelve (12) months before the expiry of the Term, the Landlord may display on the Premises “For Rent” or “For Sale” notices of reasonable size and number, and in reasonable locations.

 ARTICLE 14 

STATUS STATEMENTS, SUBORDINATION AND ATTORNMENT 
  

	14.01	 STATUS STATEMENTS 

Within ten (10) days after each request by the Landlord, the Tenant will deliver to the Landlord, on a form supplied by the Landlord, a status statement
or certificate addressed to any proposed Mortgagee, purchaser or other disposee of part or all of the Building and to the Landlord, stating details of the tenancy and confirming as correct specific information pertaining to the tenancy such as, by
way of example: 
  

	(a)	 that this Lease is in full force and effect, except only for any modifications that are set out in the
statement certificate; 

  

	(b)	 the commencement and expiry dates of this Lease; 

 

	(c)	 that the Tenant is in possession of the Premises and is paying Rent as provided in this Lease;

  

	(d)	 the date to which Rent has been paid under this Lease and the amount of any prepaid Rent or any deposits held
by the Landlord; 

  

	(e)	 whether there are any set-offs, defenses or counterclaims against
enforcement of the Tenant’s obligations under this Lease; 

  

	(f)	 that there is not, any uncured default on the part of the Landlord, or, if there is a default, the certificate
will state the particulars; 

  

	(g)	 that the Premises are free from any construction deficiencies or, if there are any. the certificate will state
the particulars); 

  

	(h)	 with reasonable particularity, details concerning the Tenant’s financial standing and corporate
organization as the Landlord or the Mortgagee may reasonably require; and 

  

	(i)	 any other information or statement that a proposed Mortgagee, purchaser or disposee may reasonably require.

 Any such statement may be relied upon by any prospective transferee or Mortgagee of all or any portion of the Building or any assignee
of any such Person. 

  
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	14.02	 SUBORDINATION AND ATTORNMENT 

 

	(a)	 Provided that the Landlord obtains a non-disturbance agreement from any
holder of an Encumbrance (as defined below) confirming that such holder will not, so long as the Tenant is not in default under this Lease, disturb the Tenant’s occupation and possession of the Premises, this lease is and will remain
subordinate to every mortgage, charge, trust deed, financing, refinancing or collateral financing, present or future, and the instruments of, as well as the charge or lien resulting from all or any of them and any renewals or extensions of them from
time to time (collectively, an “Encumbrance”) against the Premises or the Building and the Tenant will, on request, sign any document requested by the Landlord or the Owners to confirm the subordination of this lease to any
Encumbrance and to all advances made or to be made on the security of the Encumbrance. The Tenant will also, if the Landlord requests it to do so, attorn to the holder of any Encumbrance, to the Owners or to any purchaser, transferee or disposee of
the Building or of an ownership or equity interest in the Building and the Tenant will, on request, sign any document requested by the Landlord or the Owners to confirm such attornment. 

 

	(b)	 If possession is taken under, or any proceedings are brought for the foreclosure of, or if a power of sale is
exercised resulting from an Encumbrance the Tenant will attorn to the Person that so takes possession if that Person requests it and will recognize that Person as the Landlord under this Lease. 

 

	(c)	 The form and content of any document confirming or effecting the subordination and attornments provided for in
this Section 14.02 will be that required by the Landlord or the holder of the Encumbrance in each case, and each such document will be delivered by the Tenant to the Landlord within ten (10) days after the Landlord requests it.

  

	14.03	 ATTORNEY 

The Tenant will execute and deliver whatever instruments and certificates are requested by all or any of the Landlord, the Owners and any
Mortgagee to give effect to Sections 14.01 and 14.02. If the Tenant has not executed whatever instruments and certificates it is required to execute within ten (10) days after the Landlord’s request, the Tenant irrevocably appoints
the Landlord as the Tenant’s attorney with full power and authority to execute and deliver in the name of the Tenant any of those instruments or certificates or, the Landlord may, at its option, avail itself of all remedies under
Article 15 without the requirement to provide further notice and without incurring any liability. 
 ARTICLE 15 

DEFAULT 
  

	15.01	 EVENTS OF DEFAULT 

An “Event of Default” occurs when: 
  

	(a)	 the Tenant defaults in the payment of Rent or Rental Taxes and fails to remedy the default within five
(5) days after written notice; 

  
 46 

	(b)	 the Tenant commits a breach that is capable of remedy (other than a breach in the payment of Rent or Rental
Taxes) and fails to remedy the breach within ten (10) days after written notice to the Tenant specifying particulars of the breach and requiring the Tenant to remedy the breach (or if the breach would reasonably take longer than ten
(10) days to remedy, fails to start remedying the breach within the ten (10) day period or fails to continue diligently and expeditiously to complete the remedy); 

 

	(c)	 the Tenant commits a breach of this Lease that is not capable of remedy and has received written notice
specifying particulars of the breach; 

  

	(d)	 the Tenant or a Person carrying on business in any part of the Premises becomes bankrupt or insolvent or makes
application for relief from creditors under the provisions of any statute for bankrupt or insolvent debtors or makes any proposal, assignment or arrangement with its creditors; 

 

	(e)	 steps are taken or proceedings are instituted for the dissolution,
winding-up or other termination of the Tenant’s existence or for the liquidation of their respective assets; 

  

	(f)	 a receiver or a receiver and manager is appointed for all or a part of the business or assets of the Tenant, or
of another Person carrying on business in the Premises; 

  

	(g)	 the Tenant makes or attempts to make a sale in bulk of any of their respective assets other than in conjunction
with a Transfer approved by the Landlord; 

  

	(h)	 a writ of execution is issued against the Tenant and remains outstanding for more than ten (10) days or
this Lease or any of the Tenant’s assets on the Premises are taken or seized under a writ of execution, an assignment, pledge, charge, debenture or other security instrument and such writ, assignment, pledge, charge, debenture or other security
instrument is not stayed or vacated within fifteen (15) days after the date of such taking; 

  

	(i)	 the Tenant effects or attempts to effect a Transfer that is not permitted by this Lease; 

 

	(j)	 the Premises are vacant or unoccupied for five (5) consecutive days or the Tenant abandons or attempts to
abandon the Premises or sells or removes property from the Premises so that there is insufficient property on the Premises free and clear of any encumbrance ranking ahead of the Landlord’s lien to satisfy the Rent accruing for at least twelve
(12) months; 

  

	(k)	 the Tenant commits a breach under either or both of Sections 8.05 and 8.06 of this Lease; or

  

	(l)	 an Event of Default occurs under any other lease or agreement relating to other premises leased to or occupied
by the Tenant in the Building or in any other property where the Landlord or any of its affiliates (as that term is defined in Section 12.01(a)) is the landlord. 

  
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	15.02	 REMEDIES UPON AN EVENT OF DEFAULT 

 

	(a)	 Upon the occurrence of an Event of Default the full amount of the current months’ Rent together with the
next three (3) months’ installments of Basic Rent, Rental Taxes and Additional Rent will immediately become due and payable and the Landlord shall have the following rights and remedies without prejudice to any other rights which it has
under this Lease or at law: 

  

	 	(i)	 to terminate this Lease and re-enter and repossess the Premises and
remove all Persons and property from the Premises: 

  

	 	(ii)	 seize, sell, dispose of or store all or any property on the Premises, all at the Tenants expense as the
Landlord, considers appropriate, all without notice to the Tenant, without legal proceedings and without liability for loss or damage and without prejudice to the rights of the Landlord to recover damages and all other amounts which the Landlord is
entitled to claim by reason of the Tenant’s breach of this Lease; and 

  

	 	(iii)	 to enter the Premises as agent of the Tenant but without terminating this Lease in order to relet the Premises
or a part of them for whatever term or terms (which may be for a term extending beyond the Term) and at whatever Rent and upon whatever other terms the Landlord considers advisable. No repossession of the Premises by the Landlord will be construed
as an election by the Landlord to terminate this Lease unless a written notice of termination is given to the Tenant. On each such reletting, the Rent received from the reletting shall be applied as follows: first, to the payment of any expenses
incurred by the Landlord with respect to any such reletting (including brokerage fees, solicitors fees and the costs of any alterations or repairs needed to facilitate the reletting); second, to the payment of any amounts owed to the Landlord by the
Tenant that are not Rent or Rental Taxes; third, to the payment of Rent and Rental Taxes in arrears, and the residue, if any, will be held by the Landlord and applied to payment of future Rent and Rental Taxes as it becomes due and payable. If the
Rent and Rental Taxes received from a reletting during a month are less than that to be paid by the Tenant during that month, the Tenant will pay the deficiency to the Landlord (which deficiency will be calculated and paid monthly in advance on or
before the first day of every month). If the Landlord repossesses the Premises in accordance with this Section 15.02(a)(iii), the Landlord may remove all property from the Premises, sell or dispose of it as the Landlord deems fit or store it at
the Tenant’s cost, without notice, without legal proceedings, without liability for loss or damage and without prejudice to the Landlord’s rights to recover damages and all other amounts which the Landlord is entitled to claim by reason of
the Tenant’s breach of this Lease. If the Landlord relets without terminating, It may afterwards elect to terminate this Lease for the previous default; 

  
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	(b)	 Upon the occurrence of an Event of Default, the Landlord shall be entitled to recover from the Tenant all
damages, costs and expenses incurred by the Landlord as a result of the default by the Tenant including, without limitation, all arrears of Rent, all legal fees on a solicitor and client basis (including, without limitation, those incurred in
connection with recovery of possession of the Premises or in connection with the recovery of Rent or Rental Taxes) and, if this Lease is terminated by the Landlord, any deficiency between those amounts which would have been payable by the Tenant for
the portion of the Term following any termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises. 

 

	15.03	 LANDLORD MAY CURE THE TENANTS DEFAULT 

If the Tenant defaults in the payment of money that it is required under this Lease to pay to a third party, the Landlord may, after giving five (5) days
prior written notice to the Tenant, pay all or any part of the amount payable. If the Tenant defaults under this Lease (except for a default in the payment of Rent or Rental Taxes), the Landlord may, except in the case of an emergency where no
notice is required, perform or cause to be performed all or part of what the Tenant failed to perform after giving the appropriate notice provided for in Section 15.01 of this lease or such lesser notice as is expressly provided for elsewhere
in this lease, and may enter the Premises and do such things that it considers necessary for that purpose. The Landlord will have no liability to the Tenant for loss or damages resulting from its action or entry on the Premises and the Tenant will
pay to the Landlord on demand the Landlord’s expenses plus fifteen percent (15%) of those expenses for the Landlord’s overhead. 
  

	15.04	 WAIVER OF EXEMPTION FROM DISTRESS 

Notwithstanding any Applicable Laws or any legal or equitable rule of law, none of the inventory, furniture, equipment or other property of the Tenant that is,
or was at any time, owned by the Tenant is exempt from levy by distress for Rent. 
  

	15.05	 APPLICATION OF MONEY 

The Landlord may apply money received from or due to the Tenant against money due and payable under this Lease. The Landlord may impute any payment made by or
on behalf of the Tenant towards the payment of any amount due and owing by the Tenant at the date of such payment, regardless of any designation or imputation by the Tenant. 
  

	15.06	 REMEDIES GENERALLY 

The remedies under this lease are cumulative and no remedy is exclusive or dependent upon any other remedy. Anyone or more remedies may be exercised generally
or in combination. The specifying or use of a remedy under this lease does not limit the right to use other remedies available under this Lease or generally at law. Except as otherwise expressly set out in this Lease, the Tenants only remedy in
respect of any breach by the Landlord under this lease shall be for damages. 

  
 49 

 ARTICLE 16 

MISCELLANEOUS 
  

	16.01	 RULES AND REGULATIONS 

The Landlord, acting reasonably, may adopt rules and regulations which may differentiate between different types of businesses in the Building. Each rule and
regulation, as revised from time to time, forms part of this Lease as soon as the rule, regulation or revision is made known to the Tenant. The Tenant will comply with each rule and regulation and each revision thereof. No rule or regulation,
however, will contradict the terms, covenants and conditions of this Lease. The Landlord is not responsible to the Tenant for the non-observance of a rule or regulation by any other tenant of Leasable Premises
or occupant of the Building or of the terms, covenants or conditions of any other lease of Leasable Premises. 
  

	16.02	 OVERHOLDING - NO TACIT RENEWAL 

If the Tenant remains in possession of the Premises after the Term with the consent of the Landlord but without executing a new lease, there is no tacit
renewal of this Lease despite any statutory provision or legal presumption to the contrary. The Tenant will occupy the Premises on a month-to-month basis only on the
same terms and conditions set out in this Lease except for any right of extension or renewal and except that the rate per square foot of Basic Rent shall be equal to one hundred and fifty percent (150%) of the rate per square foot of Basic Rent
which was payable by the Tenant as at the last day of the Term. 
  

	16.03	 RELATIONSHIP OF PARTIES - NO PARTNERSHIP OR AGENCY 

Nothing contained in this Lease or as a result of any acts of the parties hereto will be deemed to create any relationship between the parties hereto other
than that of Landlord and Tenant. 
  

	16.04	 ACCORD AND SATISFACTION 

Payment by the Tenant or receipt by the Landlord of less than the required monthly payment of Basic Rent is on account of the earliest stipulated Basic Rent.
An endorsement or statement on a cheque or letter accompanying a cheque or payment as Rent is not an acknowledgment of full payment or an accord and satisfaction, and the Landlord may accept and cash the cheque or payment without prejudice to its
right to recover the balance of the Rent or pursue its other remedies. 
  

	16.05	 TENANT PARTNERSHIP 

If the Tenant is a partnership each Person who is a member of the partnership, and each Person who becomes a member of a successor of the partnership, is
liable jointly and severally as Tenant under this Lease and will continue to be liable’ after that Person ceases to be a member of the partnership or a successor of the partnership and after the partnership ceases to exist. 

  
 50 

	16.06	 WAIVER 

The waiver by the Landlord or the Tenant of a default under this Lease is not a waiver of any subsequent default. The Landlord’s acceptance of Rent after
a default is not a waiver of any preceding default under this Lease even if the Landlord knows of the preceding default at the time of acceptance of the Rent. No term, covenant or condition of this Lease will be considered to have been waived by the
Landlord or the Tenant unless the waiver is in writing. The Tenant waives any statutory or other rights in respect of abatement, set-off or compensation in its favor that may exist or come to exist in
connection with Rent. 
  

	16.07	 SUCCESSORS 

The rights and obligations under this Lease extend to and bind the successors and assigns of the Landlord and, if Article 12 is complied with, the heirs,
executors, administrators and permitted successors and permitted assigns of the Tenant. If there is more than one Tenant, or more than one Person comprising the Tenant, each is bound jointly and severally by this Lease. 

 

	16.08	 FORCE MAJEURE 

Despite anything contained in this lease to the contrary, if the Landlord or the Tenant is, in good faith, delayed or prevented from doing anything required by
this lease because of a strike, labour trouble, inability to get materials or services, power failure, restrictive governmental laws or regulations, riots, insurrection, sabotage, rebellion, war, act of God, or any other similar reason, that is not
the fault of the party delayed, the doing of the thing is excused for the period of the delay and the party delayed will do what was delayed or prevented within the appropriate period after the delay. The preceding sentence does not excuse the
Tenant from payment of Rent or the Landlord from payment of amounts that it is required to pay, in the amounts and at the times specified in this lease. 
  

	16.09	 NOTICES 

Notices, demands, requests or other instruments under this Lease will be delivered or sent by facsimile or registered mail postage prepaid and addressed
(a) if to the Landlord, as indicated in Section 1.01(b) of this Lease or to such other Person at any other address that the Landlord designates by written notice, and (b) if to the Tenant, at the Premises, or, at the Landlord’s
option, to the address set out in Section 1.01 (c). A notice, demand, request or consent will be considered to have been given or made on (i) the day that it is delivered, (ii) the date of transmission if the facsimile is received
prior to 5:00 p.m. or (iii) seventy-two (72) hours after the date of mailing. Despite what is stated above, the Tenant acknowledges that if its head office address is stipulated as a post office box
or rural route number, then notice will be considered to have been sufficiently given to the Tenant if delivered in person or sent by registered mail to the Premises or, where notice cannot be given in person upon the Premises, by posting the notice
upon the Premises. Either party may notify the other in writing of a change of address or the address specified in the notice will be considered the address of the party for the giving of notices under this Lease. If the postal service is
interrupted or substantially delayed, any notice, demand, request or other instrument will only be delivered in person. A notice given by or to one Tenant is a notice by or to all of the Persons who are the Tenant under this Lease. 

  
 51 

	16.10	 MANAGEMENT OF THE BUILDING 

The Tenant hereby acknowledges to the Landlord that the Building may be managed by a Property Manager which shall, for all intents and purposes, be the party
authorized to deal with the Tenant except that the Property Manager may not, in any event, vary or amend any of the terms of this Lease. Unless the Landlord directs the Tenant otherwise in writing, all payments to the Landlord in respect of this
Lease shall be made by cheque payable to the Landlord in full. 
  

	16.11	 REGISTRATION 

The Tenant will not register or permit the registration of this Lease or any assignment or sublease or other document evidencing an interest of the Tenant or
anyone claiming through or under the Tenant in this Lease or the Premises. However, at the Tenants request and subject to the Tenant paying the Landlord’s costs and expenses, the Tenant may register a notice of lease or caveat which describes
the parties, the Term and contains the other minimum information required under the applicable legislation, but the notice of lease or caveat must be in a form satisfactory to the Landlord, acting reasonably. Upon the expiry or earlier termination
of this Lease the Tenant shall, at its sole expense, remove the notice of lease or caveat from title to the Building failing which the Landlord shall have the right to do so at the Tenants sole expense. The Landlord may, at its expense, require the
Tenant to execute promptly whatever document the Landlord requires for registration on title to the Building or any part of it in connection with this Lease. 
  

	16.12	 SURVIVAL OF OBLIGATIONS 

The indemnity provisions of this Lease and the Landlord’s rights in respect of any failure by the Tenant to perform any of its obligations under this
Lease shall remain in full force and effect notwithstanding the expiration or earlier termination of the Term. 
  

	16.13	 INDUCEMENT TO LEASE 

The Inducement to Lease referred to in Section 1.01(k) of this Lease shall be paid by the Landlord to the Tenant as an inducement to the Tenant to enter
into this Lease (after deducting any amounts owing to the Landlord) as outlined in Schedule “E” after compliance by the Tenant with its obligations under Schedule “C” and Schedule “E”, including the submission to the
Landlord of all necessary documentation outlined in Section 1 of Schedule “E”. Payment of the Inducement to Lease is subject to confirmation that no construction liens, workers’ compensation or other liens have been registered
and is subject to compliance by all parties with the construction lien or other relevant legislation in force in the Province and subject to any hold backs specified under such legislation. The Inducement to Lease shall be considered to be an
interest-free loan, the balance of which shall be amortized on the basis of an assumed rate of depreciation on a straight-line basis to zero over the initial Term, calculated from the date of payment by the Landlord, and forgivable upon the expiry
of the initial Term unless this Lease is terminated by the Landlord in accordance with the provisions of this Lease or the Tenant becomes bankrupt or makes application for relief under any statute for bankrupt or insolvent debtors, in which case the
Tenant will repay to the Landlord the unamortized portion of the Inducement to Lease. As security for such payment, the Tenant hereby grants to the Landlord an Immediately attaching security interest in all of the Tenant’s present and
after-acquired personal property situated on the Premises, including, without limitation, all trade fixtures, chattels, equipment and the Tenant’s interest in leasehold improvements. 

  
 52 

	16.14	 ACCEPTANCE OF LEASE 

The Tenant hereby accepts this Lease of the Premises to be held by it as Tenant, subject to the conditions, restrictions and covenants herein set forth. 

IN WITNESS WHEREOF the Landlord and the Tenant have signed and sealed this Lease as of the date first written above. 

 

			
	LANDLORD:
	
	0775021 BC LTD.
		
	Per:	 	 /s/ Attila Koronczay

		 	Authorized Signatory
		
		 	 Attila Koronczay

		 	Print Name
		
	Per:	 	  

		 	Authorized Signatory
		
		 	  

		 	Print Name

  
 53 

			
	
	TENANT:
	
	ABCELLERA BIOLOGICS INC.
		
	Per:	 	 /s/ Carl L. Hansen

		 	Authorized Signatory
		
		 	 Carl L. Hansen

		 	Print Name
		
	Per:	 	  

		 	Authorized Signatory
		
		 	  

		 	Print Name

  
 54 

 SCHEDULE “A” - LEGAL DESCRIPTION OF THE BUILDING 

[omitted] 

 SCHEDULE “B” - FLOOR PLAN OF THE PREMISES 

[omitted] 

 SCHEDULE “C” - LANDLORD’S AND TENANT’S WORK 

[omitted] 

 SCHEDULE “D” - RULES AND REGULATIONS 

[omitted] 

 SCHEDULE “E - SPECIAL PROVISIONS 

[omitted] 

 Amendment No. 1 to Office Premises Lease 

This Amendment No. 1 to Office Premises Lease (this “Amendment No. l”) is entered as of this 23rd day of January, 2018 (the “Amendment No. 1
Effective Date”), by and between AbCellera Biologics Inc., a company existing under the laws of British Columbia, Canada (“Tenant”), having its principal place of business at 2125 East Mall, Suite 305, Vancouver, B.C. V6T 1Z4, Canada,
and 0775021 BC Ltd., a company organized under the laws of British Columbia, having its principal place of business c/o Avison Young Commercial Real Estate (B.C.) Inc., Suite 2900, 1055 West Georgia Street, Vancouver, B.C. V6E 3P3
(“Landlord”). Tenant, on the one hand, and Landlord, on the other, each shall be referred to herein as a “Party” and together as “Parties”. 

WHEREAS, Tenant and Landlord entered into an Office Premises Lease dated June 2, 2017 (the “Agreement”); 

WHEREAS, Tenant and Landlord desire to amend the Agreement in accordance with Section 2.04(c) thereof to correct an error; and 

NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as
follows: 
  

	I.	 Amendments. 

  

	 	1.	 Section 1.01 i. is hereby deleted in its entirety and replaced with the following paragraph:

  

	 	i.	 “Advance Rent” means the sum of Two Hundred Seventeen Thousand Seven Hundred Two Dollars and
Twenty-Six Cents ($217,702.26) paid by the Tenant to the Landlord, receipt of which is hereby acknowledged by the Landlord, to be held without interest and to be applied on account of the Rent payable for the first three months of the Term, plus
applicable taxes. 

  

	 	2.	 Section 1.01 j. is hereby deleted in its entirety and replaced with the following paragraph:

  

	 	j.	 “Security Deposit” means the sum of Eighty-One Thousand Seven Hundred Fifty-Three Dollars and
Eighteen Cents ($81,753.18) subject to Section 4.05. 

  

	II.	 Miscellaneous. 

 

	 	1.	 This Amendment No. 1 is hereby incorporated into and made an integral part of the Agreement. Except as amended
hereby, all other terms of the Agreement shall remain unchanged and in full force and effect. 

  

	 	2.	 The Amendment No. 1 will be governed by, and construed in accordance with, the laws of the Province of British
Columbia, without giving effect to any choice or conflict of law provision. 

	 	3.	 The Parties may execute this Amendment No. 1 in two or more counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same instrument. Transmission by facsimile or electronic mail of an executed counterpart of this Amendment No. 1 shall be deemed to constitute due and sufficient delivery of such
counterpart. If by electronic mail, the executed Amendment No. 1 must be delivered in a .pdf format. The parties further waive any right to challenge the admissibility or authenticity of this Amendment No. 1 in a court of law based solely on the
absence of an original signature. 

 IN WITNESS WHEREOF, the Parties hereto have caused this Amendment No. 1 to be executed by their duly
authorized representatives. 
  

					
	TENANT: ABCELLERA BIOLOGICS, INC.	 		 	LANDLORD: 0775021 BC LTD.
			
	Signature: /s/ Carl L.
Hansen                                        
	 		 	Signature: /s/ Attila
Koronczay                                        

			
	Print Name: Carl L. Hansen, Ph.D.	 		 	Print Name: Attila Koronczay
			
	Title: President and Chief Executive Officer	 		 	Title: GM

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