Document:

Retirement Compensation Trust Agreement

 Exhibit 10.39 
 RETIREMENT COMPENSATION ARRANGEMENT 
 TRUST AGREEMENT 

(WITH LETTER OF CREDIT) 
 BETWEEN 
 ABIBOW CANADA INC. AND ABITIBIBOWATER INC. 

- and - 

CIBC MELLON TRUST COMPANY 
 AbiBow Canada Inc. and AbitibiBowater Inc. RCA 

Dated and effective as of the 1st day of November, 2011. 

 THIS RETIREMENT COMPENSATION ARRANGEMENT TRUST AGREEMENT dated and effective as
of the 1st day of November, 2011. 

BETWEEN: 
 AbiBow
Canada Inc., a company incorporated under the laws of Canada and formerly known as Abitibi-Consolidated Company of Canada (“AbiBow”), and AbitibiBowater Inc., a company incorporated under the laws of the State of Delaware
(“AbitibiBowater”), 
 - and - 
 CIBC Mellon Trust Company, a trust company existing under the laws of Canada (the “Trustee”) 
 WHEREAS: 
  

	 	a)	AbiBow and AbitibiBowater (the “Companies”) have established two supplemental executive retirement plans to provide defined benefits to certain of their
employees, namely the AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan and the AbiBow Canada SERP (collectively referred to as the “Plans”); 

 

	 	b)	the Companies have resolved to secure the benefits provided under the Plans in accordance with a Security Protocol established by the Companies for that purpose;

  

	 	c)	the Companies intend that the Plans, Security Protocol and trust fund to be settled as provided herein together will constitute a retirement compensation arrangement as
defined in subsection 248(1) of the Income Tax Act (Canada) called the AbiBow Canada Inc. and AbitibiBowater Inc. RCA (which arrangement, as amended from time to time, is hereinafter referred to as the “Arrangement”);

  

	 	d)	the Companies wish to establish a trust fund for the purposes of the Arrangement and to appoint the Trustee as trustee and custodian of the Fund (as herein defined) and
the Trustee has agreed to act in such capacities subject to the terms and conditions hereof; 

  

	 	e)	the Companies wish to secure payments required under the Plans by a Letter of Credit (as herein defined) in accordance with the Security Protocol and the terms of this
Agreement; and 

  

	 	f)	the Companies and the Trustee have agreed to enter into this Agreement to: (i) provide for the appointment and duties of the Trustee as trustee and custodian; and
(ii) establish the Fund. 

 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto the parties each intending to be legally bound, agree as follows: 

SECTION 1 

INTERPRETATION 
  

	1.1	Definitions. 

 This Agreement is hereby
made part of the Arrangement. The terms used herein shall have the following meanings: 
  

	 	a)	“Actuarial Report”, for a Valuation Year, means a written report prepared in accordance with the Security Protocol wherein the Actuary sets out the amount of
the benefits under the Plans of each Beneficiary as of each Determination Date in the Valuation Year and calculates the Corporate Liability, as of each Determination Date. 

 

	 	b)	“Actuary” means a fellow of the Canadian Institute of Actuaries (who may be a member of a firm of consulting actuaries) which is from time to time appointed
as actuary of the Arrangement by the Company or, on or after a Full Event of Default, by the Trustee. 

  

	 	c)	“Administrator” means the Company designated by the Companies jointly to be the administrator of the Arrangement. Such a designation shall only be changed by
another designation jointly made by the Companies. 

  

	 	d)	“Affiliate” means with respect to a party that party’s affiliated companies within the meaning of the Business Corporations Act (Ontario)
(“OBCA”), and with respect to the Trustee only, Affiliate shall be deemed, for the purposes of this Agreement only, to include Canadian Imperial Bank of Commerce, CIBC Mellon Global Securities Services Company and The Bank of New York
Mellon and each of their affiliates within the meaning of the OBCA. 

  

	 	e)	“Agreement” means this agreement, including any and all amendments and schedules hereto and thereto. 

 

	 	f)	“Applicable Laws” means any domestic or foreign tax or other legislation and any regulations, policies or administrative practices of any domestic or foreign
regulatory authority, as may from time to time apply to the Fund or any other part of the Arrangement. 

  

	 	g)	“Arrangement” means the Plans, the Security Protocol and the trust fund settled herein. 

  
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	 	h)	“Authorized Instructions” means all directions and instructions from an Authorized Party provided in accordance with Section 5.2.

  

	 	i)	“Authorized Party” means any person or entity properly identified to the Trustee in accordance with Section 5.1. 

 

	 	j)	“Bank” means a Schedule I bank under the Bank Act (Canada). 

 

	 	k)	“Beneficiary”, at any time, means a Secured Member at that time or a person entitled to benefits under the Plans in respect of a person who was a Secured
Member before that time and includes a Secured Survivor as at that time. 

  

	 	l)	“Business Day” means each day other than a Saturday, Sunday, a statutory holiday in Ontario or any day on which the principal chartered banks located in
Toronto are not open for business during normal banking hours. 

  

	 	m)	“Companies” means AbiBow Canada Inc. and AbitibiBowater Inc. and Company means either one of them. 

 

	 	n)	“Corporate Liability”, as of a Determination Date, means the Full Corporate Liability as of the Determination Date, as set out in the Actuarial Report for the
Valuation Year that contains the Determination Date, multiplied by the Funding Ratio for the Actuarial Report. 

  

	 	o)	“Corporate Liability”, as of the particular date of a Full Event of Default, means the Full Corporate Liability, as of the particular date, as set out in the
Wind-up Report prepared in connection with the Full Event of Default. 

  

	 	p)	“Determination Date” means April 1, 2011, October 1, 2011 and/or an anniversary of each such date. 

 

	 	q)	“Effective Date” means November 1, 2011, being the date on which the Initial Letter of Credit is to be issued. 

 

	 	r)	“Eligible Member” means a member of a Plan who is eligible to participate in the Arrangement, as determined by the Company in accordance with the Security
Protocol. 

  

	 	s)	“Expiry Date” shall have the meaning attributed to it in Section 3.8. 

 

	 	t)	“Event of Default” means an event or sequence of events described in Section 4.1. 

 

	 	u)	“Full Event of Default” means an Event of Default described in any of paragraphs c) through j) of Section 4.1. 

  
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	 	v)	“Full Corporate Liability”, as of a Determination Date that is April 1, means the amount determined in the Actuarial Report for the Valuation Year
commencing on that April 1, prepared in accordance with the Security Protocol, that is the total of 

  

	 	i)	the aggregate of all amounts each of which is the greater of: 

  

	 	A)	the actuarial present value of the benefits under the Arrangement that will have accrued to the Determination Date with respect to an individual who is a Beneficiary as
at the Determination Date; and 

  

	 	B)	the actuarial present value of the benefits under the Arrangement that will have accrued with respect to the individual to March 31 of the Valuation Year; and

  

	 	ii)	the amount estimated by the Actuary to be the amount of expenses payable in order to disburse the Fund on the occurrence of an Event of Default;

 less the sum of: 
  

	 	iii)	the value of any Property held by the Fund (other than the Letter of Credit) at the date the applicable Actuarial Report is prepared, other than the right to claim a
refund of Refundable Tax; and 

  

	 	iv)	the actual balance, if any, in the Refundable Tax account with the Canada Revenue Agency for the Arrangement at the date the applicable Actuarial Report is prepared.

  

	 	w)	“Full Corporate Liability”, as of a Determination Date that is October 1 of the Valuation Year commencing on April 1 of that Valuation Year, means
the amount determined in the Actuarial Report for the Valuation Year, prepared in accordance with the Security Protocol, that is the total of 

  

	 	i)	the Full Corporate Liability, as of April 1 of the Valuation Year, and 

 

	 	ii)	with respect to individuals who become Beneficiaries as of October 1 of the Valuation Year, the aggregate of all amounts each of which is the greater of:

  

	 	A)	the actuarial present value of the benefits under the Arrangement that will have accrued to the Determination Date with respect to such an individual and

  

	 	B)	the actuarial present value of the benefits under the Arrangement that will have accrued with respect to the individual to March 31 of the Valuation Year.

  
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	 	x)	“Full Corporate Liability”, as of the particular date of a Full Event of Default, means the amount determined in the Wind-up Report prepared in connection
with the Full Event of Default and in accordance with the Security Protocol, that is the total of 

  

	 	i)	the aggregate of all amounts each of which is the actuarial present value of the benefits under the Arrangement that have accrued to the particular date to a Vested and
Secured Beneficiary as of the particular date; and 

  

	 	ii)	the amount estimated by the Actuary to be the amount of expenses payable in order to disburse the Fund after the occurrence of the Full Event of Default;

 less the sum of: 
  

	 	iii)	the value of any Property held by the Fund (other than the Letter of Credit) at the particular date, other than the right to claim a refund of Refundable Tax; and

  

	 	iv)	the balance, if any, of the Refundable Tax account with the Canada Revenue Agency for the Arrangement at the particular date. 

 

	 	y)	“Fund” means the Property held pursuant to this Agreement as such shall exist from time to time together with any earnings, profits, increments and accruals
arising therefrom, including all amounts delivered to and accepted by the Trustee from any prior trustee or other funding agent, less any payments and disbursements. 

 

	 	z)	“Funding Ratio”, in relation to an Actuarial Report for a Valuation Year, means the greater of: 

 

	 	i)	the amount determined by AbiBow Canada Inc. that represents the average solvency ratio, for all pension plans registered under the Income Tax Act (Canada) sponsored by
the Companies for their non-union Canadian employees, based on data contained in the latest actuarial reports on file with the pension regulators, projected as required to a date no later than that December 31 of the year immediately preceding
the Valuation Year; and 

  

	 	ii)	the Funding Ratio, if any, determined for the purposes of the Actuarial Report for a preceding Valuation Year. 

 

	 	aa)	“Increase Fee” has the meaning ascribed thereto in Section 3.4. 

 

	 	bb)	“Initial Fee” means the amount of the initial contribution less the Refundable Tax as determined by the Company and provided to the Trustee.

  
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	 	cc)	“Initial Letter of Credit” has the meaning ascribed thereto in Section 3.2. 

 

	 	dd)	“Investment Manager” means an investment manager with respect to the Fund which has been appointed by the Administrator as provided in Section 7.2. For
greater certainty, an Affiliate of the Trustee may be an Investment Manager. 

  

	 	ee)	“Letter of Credit” means: 

  

	 	i)	the Initial Letter of Credit; 

  

	 	ii)	any Replacement Letter of Credit; or 

  

	 	iii)	any renewal or amendment of the Initial Letter of Credit or the Replacement Letter of Credit in force from time to time during the term of this Agreement,

 that satisfies the requirements of Section 3.8. 

 

	 	ff)	“Partial Event of Default” means an Event of Default described in paragraph a) or b) of Section 4.1. 

 

	 	gg)	“Plans” means the AbitibiBowater 2010 Canadian DB Supplemental Executive Retirement Plan and the AbiBow Canada SERP. 

 

	 	hh)	“Property” means all tangible and intangible assets and property of the Fund of any nature or type and includes cash, Securities and Real Estate.

  

	 	ii)	“Real Estate” means direct or indirect investments or interests in real property, leaseholds, mineral interests or participation in real estate investment
trusts or corporations, provided that investments in shares or ownership interests that, at the time of acquisition by the Fund, are traded on a public securities exchange shall be deemed not to constitute “Real Estate”.

  

	 	jj)	“Refundable Tax” means the tax required to be withheld on contributions under a retirement compensation arrangement pursuant to paragraph 153(1)(p) of
the Tax Act and the regulations thereunder. 

  

	 	kk)	“Renewal Fee” has the meaning ascribed thereto in Section 3.4. 

 

	 	ll)	“Replacement Fee” has the meaning ascribed thereto under Section 3.6. 

 

	 	mm)	“Replacement Letter of Credit” has the meaning ascribed thereto in Section 3.6. 

  
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	 	nn)	“Secured Member” means 

  

	 	i)	as of April 1 of any year after 2010, a Vested Member as of April 1 of that year, and includes an Eligible Member who will become a Vested Member on or before
September 30 of that year; and 

  

	 	ii)	as of October 1 of any year after 2010, a Vested Member as of October 1 of that year, and includes an Eligible Member who will become a Vested Member on or
before March 31 of the immediately following year. 

  

	 	oo)	“Secured Survivor” means 

  

	 	i)	as of April 1 of any year after 2010, a Vested Survivor as of April 1 of that year, and includes a person who will become a Vested Survivor on or before
September 30 of that year; and 

  

	 	ii)	as of October 1 of any year after 2010, a Vested Survivor as of October 1 of that year, and includes a person who will become a Vested Survivor on or before
March 31 of the immediately following year. 

  

	 	pp)	“Security” has the meaning ascribed to that term in the Securities Act (Ontario). 

 

	 	qq)	“Security Protocol” means the policies adopted by the Companies in order to secure the benefits payable in accordance with the Plans.

  

	 	rr)	“Tax Act” means the Income Tax Act (Canada) and all regulations and policies thereto, as amended and/or restated from time to time. Any reference in
this Agreement to a provision of the Tax Act includes any successor provision thereto. 

  

	 	ss)	“Tax Obligations” means the responsibility for payment of taxes (including related interest and penalties), withholding of taxes, certification, reporting and
filing requirements, claims for exemptions or refunds and other related expenses of the Fund. 

  

	 	tt)	“Valuation Year” means the 12 month period commencing on April 1 of a calendar year and ending on March 31 of the immediately following calendar
year. 

  

	 	uu)	“Vested Member”, at any time, means an Eligible Member who has attained age 55 at that time. 

 

	 	vv)	“Vested Survivor”, at any time, means an individual entitled to benefits under a Plan in respect of an Eligible Member who died before attaining age 55, where
the Eligible Member would have attained age 55 at that time. 

  

	 	ww)	“Vested and Secured Beneficiary”, at any time, means 

  

	 	i)	a Vested Member at that time; 

  
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	 	ii)	a person entitled to benefits under the Plans in respect of a person who was a Vested Member before that time; and 

 

	 	iii)	a Vested Survivor at that time. 

  

	 	xx)	“Wind-up Report” means the written report prepared in accordance with the Security Protocol wherein the Actuary sets out the amount of the benefits under the
Plans with respect to each Vested and Secured Beneficiary as of the date of a Full Event of Default, and calculates the Full Corporate Liability, as of that date. 

 

	1.2	Interpretation. 

 Words importing the
singular number shall include the plural and vice-versa. All references to sections and schedules are to sections and schedules to, and forming part of, this Agreement. 

 

	1.3	Liability of Companies 

 Each Company
agrees to be jointly and severally liable for the duties and obligations of the Companies and the actions of the Administrator under this Agreement. 
 SECTION 2 
 ESTABLISHMENT AND ACCEPTANCE OF TRUST FUND; APPOINTMENT OF

 TRUSTEE AND CUSTODIAN 
  

	2.1	Appointment of Trustee and Custodian and Acceptance of Trust Fund. 

 The Companies hereby establish the Fund with the Trustee and appoints the Trustee as trustee of the Fund consisting solely of such Property acceptable to the Trustee as shall from time to time be paid or
delivered to the Trustee. Such appointment shall be effective immediately following the removal or resignation of the Prior Trustee. The Trustee hereby accepts the trusts herein set out and agrees to hold, invest, distribute and administer the Fund
upon the terms and conditions of this Agreement. The Trustee hereby acknowledges that it is the custodian of the Arrangement as that term is defined in the definition of retirement compensation arrangement in subsection 248(1) of the Tax Act.
The Trustee shall have no liability or responsibility for any Property until it in fact is received by it or any subcustodian. 
 Except as
otherwise directed by the Administrator, the Trustee shall establish a custody account in the name of the Trustee for the account of the Fund in which the Trustee shall deposit or cause to be deposited the assets of the Fund as the Trustee may from
time to time determine. 
  

	2.2	Tax on Contributions. 

 The Companies
shall withhold from their contributions to the Fund all taxes required by any law or by the administration thereof to be withheld including, without limitation, any applicable Refundable Tax, and shall remit such taxes to the appropriate taxing
authority as so required. The contributing Company shall provide to the Trustee evidence of such withholding and remittance if such evidence is requested by the Trustee. 

  
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 Where any Authorized Party, a Beneficiary or the taxation authorities have provided written notice to the
Trustee of the failure by a Company to withhold and remit as required the Refundable Tax on any contribution, the Trustee shall so advise the Companies as soon as practicable after receipt by the Trustee of the notice. 

SECTION 3 

ACTUARIAL REPORT AND LETTER OF CREDIT 
  

	3.1	Actuarial Reports. 

 Prior to the
Effective Date, the Administrator shall provide the Trustee with an Actuarial Report for the Valuation Year ending March 31, 2012. Not less than fifteen (15) Business Days prior to the Expiry Date, the Administrator shall provide the
Trustee with an Actuarial Report for the Valuation Year commencing on the April 1 immediately following the Expiry Date. 
  

	3.2	Payment of Initial Fee. 

 The Companies
shall pay the Initial Fee to the Trustee. The Trustee agrees to apply such Initial Fee to purchase from a Bank a letter of credit (the “Initial Letter of Credit”) as directed by the Administrator pursuant to an Authorized Instruction. The
amount of the Initial Letter of Credit shall not be less than the Corporate Liability as of the Effective Date. The Companies hereby certify that the Initial Fee received by the Trustee is not less than the amount required to purchase such Initial
Letter of Credit. 
  

	3.3	Issuance of Initial Letter of Credit. 

The Companies shall take all steps necessary to cause the Initial Letter of Credit to be issued on the Effective Date. The Trustee’s sole obligation
shall be to pay to the applicable Bank the Initial Fee which is received by the Trustee. 
  

	3.4	Payment of Renewal Fee. 

 Not less than
fifteen (15) Business Days prior to the Expiry Date, the Companies shall pay to the Trustee additional contributions, the after-tax amount of which is not less than the amount of any applicable renewal fee (the “Renewal Fee”) for the
Letter of Credit, and shall provide to the Trustee written evidence of the Bank’s willingness, upon receipt of the Renewal Fee, to renew the Letter of Credit as of such Expiry Date in an amount equal to the Corporate Liability as of such date
and in accordance with the requirements of Section 3.8. 
 On or before September 15 of each particular year after 2010, the Companies
shall pay to the Trustee additional contributions, the after-tax amount of which is not less than the amount of any applicable fee required to increase the face amount of the Letter of Credit (the “Increase Fee”), and, provided the
Increase Fee is greater than zero, shall provide to the Trustee written evidence of the Bank’s willingness, upon receipt of the Increase Fee, to increase the face amount of the Letter of Credit as of October 1 of the particular year to an
amount equal to the Corporate Liability as of that October 1 and in accordance with the requirements of Section 3.8. 

  
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	3.5	Renewal of Letter of Credit and Increase in Face Amount 

 The Companies shall take all steps to ensure that the Letter of Credit is renewed and that, if applicable, its face amount is increased on a timely basis. The Trustee’s sole obligation shall be to
pay to the applicable Bank the Renewal Fee or Increase Fee, as the case may be, which is received by the Trustee. 
  

	3.6	Replacement Letter of Credit. 

 In lieu of
renewing a Letter of Credit in accordance with Sections 3.4 and 3.5 and not less than fifteen (15) Business Days prior to the Expiry Date, the Companies may notify the Trustee of their intention to allow such Letter of Credit to expire and
to cause a new letter of credit (the “Replacement Letter of Credit”) to be issued by a Bank as of such Expiry Date in an amount equal to the Corporate Liability as of such date. At the time of so notifying the Trustee, the Companies shall
pay to the Trustee additional contributions, the after-tax amount of which is not less than the amount of the fee for the Replacement Letter of Credit (the “Replacement Fee”). The Companies shall take all steps to ensure that the
Replacement Letter of Credit is received by the Trustee not less than ten (10) Business Days prior to such Expiry Date. Such Letter of Credit shall have an effective date which is the date of such expiry. The Trustee’s sole obligation
shall be to pay to the applicable Bank the Replacement Fee which is received by the Trustee. 
 In lieu of increasing the face amount of a
Letter of Credit in accordance with Sections 3.4 and 3.5 and on or before September 15 of a year, the Companies may notify the Trustee of their intention to cancel such Letter of Credit and to cause a Replacement Letter of Credit to be issued
by a Bank as of October 1 of the year in an amount equal to the Corporate Liability as of that October 1. At the time of so notifying the Trustee, the Companies shall pay to the Trustee additional contributions, the after-tax amount of
which is not less than the Replacement Fee. The Companies shall take all steps to ensure that the Replacement Letter of Credit is received by the Trustee on or before September 20 of the year. Such Letter of Credit shall have an effective date
which is the date of cancellation of the Letter of Credit being cancelled. The Trustee’s sole obligation shall be to pay to the applicable Bank the Replacement Fee which is received by the Trustee. 

 

	3.7	Additional Contributions. 

 A Company may,
in its sole discretion, at any time and from time to time, pay contributions to the Trustee which are in addition to the contributions referred to in Sections 3.2, 3.4 and 3.6. For greater certainty, such additional contributions, together with
earnings, profits and increments thereto, shall be taken into account in determining the amount of the Corporate Liability. 
  

	3.8	Requirements for Letter of Credit. 

 The
Companies shall ensure that each Letter of Credit shall: 
  

	 	a)	be issued by the Bank in favour of the Trustee; 

  

	 	b)	have a face amount not less than the Corporate Liability as disclosed in the relevant Actuarial Report; 

  
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	 	c)	in the case of the Initial Letter of Credit, expire on March 31, 2012 and, in the case of any other Letter of Credit, expire on the first anniversary of the date
of issuance or renewal thereof (as the case may be) (the “Expiry Date”); 

  

	 	d)	be unsecured; 

  

	 	e)	permit partial drawings thereunder; 

  

	 	f)	be an irrevocable “standby” letter of credit which obligates the Bank to pay any demand for payment made by the Trustee upon the occurrence of an Event of
Default; and 

  

	 	g)	provide that the Bank notify the Trustee prior to the expiry of the Letter of Credit. 

SECTION 4 

EVENTS OF DEFAULT 
  

	4.1	Meaning of Event of Default. 

 An Event of
Default is any event or sequence of events described in any of paragraphs a) through j) of this Section 4.1: 
  

	 	a)	a Vested and Secured Beneficiary has provided written notice to the Trustee and to the Companies of the failure by a Company to pay any amount owed to the Vested and
Secured Beneficiary under the Arrangement together with a statement of the amount due and owing, and the Company has not provided to the Trustee within thirty (30) Business Days of receipt of such notice proof of payment of such amount to the
Vested and Secured Beneficiary; 

  

	 	b)	any Authorized Party, a Beneficiary or the taxation authorities have provided written notice to the Trustee of the failure by a Company to withhold and remit as
required the Refundable Tax on any contribution and, within ten (10) Business Days of receipt of a notice from the Trustee advising of such failure, the Company has not provided proof satisfactory to the Trustee that the Refundable Tax has been
withheld and remitted; 

  

	 	c)	prior to the Expiry Date: 

  

	 	i)	subject to Section 4.7, the Companies have failed, on or before the fifteenth (15th) Business Day prior to such Expiry Date, to pay to the Trustee a Renewal
Fee or to provide the Trustee with written evidence of the Bank’s willingness to renew the Letter of Credit as described in Section 3.4; 

  

	 	ii)	 subject to Section 4.7, the Companies have failed, on or before the fifteenth (15th) Business Day prior to such Expiry Date, to pay to the

  
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Trustee a Replacement Fee, or a Replacement Letter of Credit is not received by the Trustee on or before the tenth (10th) Business Day prior to such expiry or the Replacement Letter of
Credit does not satisfy the requirements of Section 3.8; and 

  

	 	iii)	based on the Actuarial Report in which the Actuary calculates the Corporate Liability as of such Expiry Date, the amount of the Corporate Liability is greater than nil
as of that date; 

  

	 	d)	in any year after 2011, 

  

	 	i)	subject to Section 4.7, where the relevant Increase Fee is greater than zero, the Companies have failed, on or before September 15 of the year, to pay to the
Trustee the Increase Fee or to provide the Trustee with the written evidence of the Bank’s willingness to increase the face amount of the Letter of Credit as described in Section 3.4; 

 

	 	ii)	subject to Section 4.7, the Companies have failed, on or before September 15 of the year, to pay to the Trustee a Replacement Fee, or a Replacement Letter of
Credit is not received by the Trustee on or before September 20 of the year or the Replacement Letter of Credit does not satisfy the requirements of Section 3.8; 

 

	 	iii)	based on the Actuarial Report in which the Actuary calculates the Corporate Liability as of the Expiry Date, the amount of the Corporate Liability is greater than nil
as of that date; 

  

	 	e)	subject to Section 4.7, the Administrator has failed to provide to the Trustee the applicable Actuarial Report not less than fifteen (15) Business Days prior
to the Expiry Date; 

  

	 	f)	any Authorized Party or a Beneficiary has provided written notice to the Trustee that a proceeding has been instituted by or against a Company:

  

	 	i)	seeking to adjudicate it a bankrupt or insolvent, or 

  

	 	ii)	seeking liquidation, dissolution, winding up, reorganization, arrangement, protection, relief or compromise of it or any of its property or debt under any bankruptcy
law or any other applicable law relating to insolvency, or compromise of debts or making a proposal with respect to it under any law relating to bankruptcy, insolvency or compromise of debts or other similar laws (including, without limitation, any
application under the Companies’ Creditors Arrangement Act (Canada) or any arrangement or compromise of debt under the laws of its jurisdiction of incorporation) 

  
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 and, within (10) Business Days of the receipt of the notice by the Trustee, the
Administrator has not provided proof satisfactory to the Trustee that no such proceeding has been instituted or that the proceeding has been withdrawn or otherwise terminated; 

 

	 	g)	the Administrator has provided notice to terminate the Fund under Section 17.3; 

 

	 	h)	a Beneficiary, Eligible Member or person claiming in respect of a deceased Eligible Member has provided written notice to the Trustee and the Companies that a Company
has amended or terminated a Plan or the Security Protocol and such Company has not provided to the Trustee within fifteen (15) Business Days of receipt of such notice an officer’s certificate from the Companies that the amendment or
termination, as the case may be, having regard to any alternative arrangement that may be put in place by the Companies, does not reduce or impair the rights of any Beneficiary, Eligible Member or person claiming in respect of an Eligible Member
under the Arrangement, including any contingent right that has yet to vest in the Eligible Member or person on the date of amendment or termination, and does not reduce or impair the effectiveness of the security provided or to be provided under the
Arrangement; 

  

	 	i)	an amendment is made to this Agreement that is not in accordance with Section 17.1; and 

 

	 	j)	where the Trustee provides written notice of resignation in accordance with Section 17.2, a successor trustee is not appointed by the Administrator within thirty
(30) Business Days of receipt by the Administrator of the notice. 

  

	4.2	Occurrence of Partial Event of Default under Section 4.1 a). 

 In the event of the occurrence of an Event of Default described in paragraph a) of Section 4.1, the Trustee shall demand payment under the Letter of Credit of such amount that, after deduction
of any applicable Refundable Tax, shall equal the amount specified in the statement provided by the Beneficiary to the Trustee. Subject to Section 6.2, the Trustee shall pay to the Vested and Secured Beneficiary the amount received from the
Bank (but not to exceed the amount claimed owing by the Beneficiary). 
  

	4.3	Occurrence of Partial Event of Default under Section 4.1 b). 

 In the event of the occurrence of an Event of Default described in paragraph b) of Section 4.1, the Trustee shall demand payment under the Letter of Credit of such amount that, after deduction
of any applicable Refundable Tax, shall approximate the amount that the Trustee may be required to pay on the account of tax, interest and penalties as a result of the failure to withhold and remit described in that paragraph. The Trustee shall pay
all or any portion of the amount received from the Bank to the taxation authorities and shall pay the balance, if any, as instructed by the Administrator. 

  
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	4.4	Occurrence of Full Event of Default under Section 4.1 c) through j). 

 Subject to the terms of Section 4.7, in the event of the occurrence of a Full Event of Default, the Trustee shall demand payment under the Letter of Credit of the balance of the face amount thereof.
The Trustee shall advise the Actuary to prepare a Wind-up Report. The Trustee shall credit the amount received from the Bank to the Fund and shall disburse the Fund as follows: 

 

	 	a)	firstly, to pay any amount owing to the Trustee in respect of expenses, fees or compensation (including any taxes that are exigible in connection therewith);

  

	 	b)	secondly, to pay any other proper charges or taxes applicable to, or levied against, the Fund including tax in respect of the payment under the Letter of Credit or the
fees of the appointed Actuary; 

  

	 	c)	thirdly, to pay to each Vested and Secured Beneficiary an amount equal to the actuarial present value of all benefits to which the Vested and Secured Beneficiary is
entitled under the Plans, such amount to be determined based on the Wind-up Report received by the Trustee, less the amounts, if any, paid to the Vested and Secured Beneficiary since the date of the Event of Default, provided that if the Fund is not
sufficient to pay the amount to which each Vested and Secured Beneficiary is entitled in accordance with the Wind-up Report the remainder shall be paid to the Vested and Secured Beneficiaries pro rata according to such entitlement; and

  

	 	d)	fourthly, to pay the balance, if any, to, or to the order of, the Company. 

 Notwithstanding the foregoing, the Trustee shall not be responsible for making any payments as described in c) above unless and until a Wind-up Report is received from the Actuary. 

 

	4.5	Reduction of Face Amount of Letter of Credit 

 Where a Letter of Credit is renewed or replaced in accordance with Section 3.4 or in accordance with Section 3.6, read without reference to the second paragraph thereof, and the face amount of
the renewed Letter of Credit or the replacement Letter of Credit, as the case may be, is less than the face amount of the Letter of Credit in force immediately before the renewal or replacement, an Event of Default under Section 4 shall be
considered not to occur, by reason of the reduction in the face amount, provided the reduced face amount meets the requirements of the relevant Actuarial Report. 
  

	4.6	List of Beneficiaries. 

 On or before the
later of the Effective Date and each Determination Date, the Administrator shall provide to the Trustee a list of the Beneficiaries, Vested and Secured Beneficiaries and Eligible Members as of the later date. Such list shall contain each such
persons’ full name, Social Insurance Number, current address and other information which the Trustee may reasonably require. The Administrator shall forthwith advise the Trustee in writing of any additions, deletions or changes to such list.
The Trustee shall be entitled to rely on the information provided in such list for all purposes of this Agreement including, without limitation, the payment of any amounts by the Trustee to Vested and Secured Beneficiaries under Section 4.4,
and the Trustee shall not be under any duty to make enquiries with respect to the accuracy of the information provided in such list. 

  
 14 

 The Administrator shall provide to the Trustee, as soon as practicable after a Full Event of Default, a
list of the Vested and Secured Beneficiaries as of the date of the Event of Default. Such list shall contain each such person’s full name, Social Insurance Number, current address and other information which the Trustee may reasonably require.
The Trustee shall be entitled to rely on the information provided in such list for all purposes of this Agreement including, without limitation, the payment of any amounts by the Trustee to Vested and Secured Beneficiaries under Section 4.4,
and the Trustee shall not be under any duty to make enquiries with respect to the accuracy of the information provided in such list. 
  

	4.7	Curing Full Events of Default 

 Where
there has been an Event of Default described in paragraph c) i) or ii), d) i) or ii), or e) of Section 4.1, the Trustee shall forthwith notify the Company in writing of such Event of Default and the Company shall have five (5) Business
Days in order to cure such Event of Default, by providing the Trustee with additional payment, a Replacement Letter of Credit, written evidence or an Actuarial Report, as applicable. If the Company has, within such five (5) Business Days cured
such Event of Default, the Full Event of Default shall be considered not to have occurred. If the Companies do not cure such Event of Default within five Business Days, on the sixth Business Day, the Trustee shall forthwith demand payment in
accordance with Section 4.4. 
 SECTION 5 
 INSTRUCTIONS 
  

	5.1	Authorized Parties. 

 The Companies shall
from time to time furnish the Trustee with a written list of the names, signatures and extent of authority of all persons authorized to direct the Trustee and otherwise act on behalf of the Companies under the terms of this Agreement. The Companies
shall also advise the Trustee in writing of the identify of the Administrator jointly designated by the Companies and of any change to such Administrator. The Administrator shall cause each Investment Manager appointed in accordance with
Section 7.2 to furnish the Trustee upon such appointment and from time to time with a written list of the names and signatures of the person or persons who are authorized to represent the Investment Manager. The Trustee shall be entitled to
rely on, and shall be fully protected in giving effect to, instructions from persons or entities so identified until it has been notified in writing by the Companies, the Administrator or an Investment Manager, as appropriate, of a change of the
identity or authority of such person or entities. 
  

	5.2	Authorized Instructions. 

 All directions
and instructions to the Trustee given pursuant to this Agreement from an Authorized Party shall be forwarded in writing, by facsimile transmission or such other means of transmission as may be agreed upon by the Trustee and the Administrator.
Notwithstanding the foregoing, no telephone instructions shall be accepted by the Trustee. 

  
 15 

 The Trustee shall use reasonable efforts to monitor its facsimile communication facilities but Authorized
Instructions are deemed not to be received until the earlier of the time that they are (i) brought to the attention of the officers of the Trustee to which they are addressed; and (ii) 5:00 p.m. (E.S.T.) on the day of transmission if sent
before 3:00 p.m. (E.S.T) on a Business Day or 9:00 a.m.(E.S.T.) on the next Business Day if sent after 3:00 p.m.(E.S.T.) or if not sent on a Business Day. 
 Unless otherwise expressly provided, each Authorized Instruction shall continue in full force and effect until superseded or cancelled by another Authorized Instruction. 

 

	5.3	Errors, Omissions in Authorized Instructions. 

 Any Authorized Instructions shall, as against the Authorized Party given the Authorized Instructions and in favour of the Trustee, be conclusively deemed to be Authorized Instructions for the purposes of
this Agreement, notwithstanding any error in the transmission thereof or that such Authorized Instructions may not be genuine, if believed by the Trustee complying with the standard of care described in Section 16.1, to be genuine. Provided
however that the Trustee may in its discretion decline to act upon any Authorized Instructions: 
  

	 	a)	that are insufficient or incomplete; 

  

	 	b)	that are not received by the Trustee in sufficient time to give effect to such Authorized Instructions; or 

 

	 	c)	where the Trustee has reasonable grounds for concluding that the same have not been accurately transmitted or are not genuine. 

If the Trustee declines to give effect to any Authorized Instructions for any reason set out in the preceding sentence, it shall notify the Administrator
or the Investment Manager forthwith after it so declines. 
  

	5.4	No Duty. 

 The Trustee shall be under no
duty or obligation to question any Authorized Instruction, to review any Securities or other Property held in the Fund, to make any suggestions with respect to the investment and reinvestment of the assets in the Fund, or to evaluate or question the
performance of any Authorized Party. The Trustee shall be fully protected in acting in accordance with Authorized Instructions or for failing to act in the absence of Authorized Instructions. 

SECTION 6 

PAYMENTS FROM THE TRUST FUND 
  

	6.1	Payments from the Fund. 

 Except as
otherwise provided in this Agreement, the Trustee shall make payments from the Fund only pursuant to Authorized Instructions which may direct that such payments be made to any person, including the Companies, or to any paying agent. Upon any such
payments being made 

  
 16 

 
by the Trustee, the amount thereof shall no longer constitute a part of the Fund. In each instance the Authorized Instructions shall be deemed to include a certification from the Companies to the
Trustee that such payments are in accordance with the terms of the Arrangement and Applicable Laws. Where the Trustee demands payment under the Letter of Credit, the amount received by the Trustee from the Bank shall be paid out by the Trustee in
accordance with Section 5. Upon any payments being made by the Trustee under this Section 6.1, the amount thereof shall no longer constitute a part of the Fund. 

 

	6.2	Payments of Taxes and Expenses. 

 The Fund
shall be responsible for and the Trustee may pay out of the Fund (with or without any Authorized Instructions), all Tax Obligations and financial obligations for environmental or other liability and financial obligations for any liability imposed by
a government or a governmental body which are levied or assessed and are legally enforceable against the Trustee in respect of the Fund, or any part thereof, or directly against the Fund or any part thereof, and may withhold from payments out of the
Fund, all Tax Obligations required by law or by the administration thereof to be so withheld. The Trustee shall forward to the Administrator copies of written assessments, if any, related to liabilities imposed by a government or a governmental
body. 
 SECTION 7 
 INVESTMENT 
  

	7.1	Investment of the Fund. 

 The Trustee
shall have no responsibility for the investment or reinvestment of the Fund, or for failure to reinvest the Fund and shall have no responsibility for any investment decisions, which shall be the sole responsibility of the Administrator unless
otherwise delegated by the Administrator to an Investment Manager in accordance with Section 7.2. The Fund shall be held, invested and reinvested by the Trustee in accordance with Authorized Instructions, whether or not any such investment is
of a character authorized by laws concerning investments by trustees. The Trustee shall invest the principal and income of the Fund without distinction between principal and income in such investments as may be directed by Authorized Instructions.
The Trustee shall not be responsible for the title, validity or genuineness of any Property or evidence of title thereto received or delivered by it or any defect in ownership or title. 

 

	7.2	Investment Managers. 

 The Administrator
may from time to time appoint one or more Investment Managers to manage the investment of any portion of the Fund and, with respect to such portion, to direct the Trustee with respect to settling investment transactions on behalf of the Fund and
exercising such other powers as may be granted to Investment Managers. The Administrator shall give prompt written notice of any such appointment, upon which the Trustee shall rely until it receives from the Administrator written notice of the
termination of such appointment. In each case where such an appointment is made, the Administrator shall determine the assets of the Fund to be allocated to the applicable Investment Manager from time to time and shall issue Authorized Instructions
to the Trustee with respect thereto. 

  
 17 

	7.3	Investment Monitoring. 

 It shall be
solely the responsibility of the Administrator to determine that all transactions entered into by the Trustee pursuant to Authorized Instructions are authorized by and in compliance with Applicable Laws and that any transaction relating to, or
investment of, the Fund’s assets if made or retained does not attract any tax or penalty under Applicable Laws (including tax under section 207.1(5) of the Tax Act). 

 

	7.4	Fund to be Segregated. 

 In carrying out
its duties and obligations hereunder, the Trustee shall ensure that the Fund shall always be kept separate and distinct from the general assets of the Trustee. 
  

	7.5	Cash Balances. 

 Other than as provided
for in any Authorized Instruction, the Trustee may retain any cash balance in the Fund and may, but need not, invest same in Authorized Investments; or hold the same in its deposit department or in the deposit department of one of the Trustee’s
Affiliates; but the Trustee and its Affiliates shall not be liable to account for any profit to the Companies other than at a rate established from time to time by the Trustee or its Affiliates. For the purposes of this Section 7.5,
“Authorized Investments” means short term interest bearing or discount debt obligations issued or guaranteed by the Government of Canada or a Province or a Canadian chartered bank or trust company (which may include the Trustee or an
Affiliate or related party or restricted party of the Trustee), provided that each such obligation is rated at least R1 (middle) by Dominion Bond Rating Service Limited or an equivalent rating by an equivalent rating service. 

SECTION 8 

CONCERNING THE TRUSTEE 
  

	8.1	General Powers and Duties. 

 In
administering and investing the Fund, the Trustee shall be specifically authorized to: 
  

	 	a)	Appointment of Sub-Custodians. Appoint or cause to be appointed domestic or foreign sub-custodians (including Affiliates of the Trustee) as to part or all of the
Fund. 

  

	 	b)	Holding Investments. Hold or cause to be held Property in nominee name, in bearer form, or in book entry form, in a clearinghouse corporation or in a depository
(including an Affiliate of the Trustee), provided that the Trustee’s records clearly indicate that the assets held are a part of the Fund and provided that the Trustee shall not be responsible for any losses resulting from the deposit or
maintenance of Securities or other Property (in accordance with market practice, custom or regulation) with any recognized foreign or domestic clearing facility, book entry system, centralized custodial depository, or similar organization.

  
 18 

	 	c)	Collection of Income and Proceeds. Collect income payable to and distributions due to the Fund and sign on behalf of the Fund any declarations, affidavits,
certificates of ownership and other documents required to collect income and principal payments, including but not limited to, tax reclamations, rebates and other withheld amounts and collect proceeds from Securities or other Property, which may
mature, provided that whenever a Security or other Property offers the Trustee the option of receiving dividends in shares or cash, the Trustee is authorized to select the cash option unless the Trustee receives Authorized Instructions to the
contrary provided that the Trustee shall not be responsible for the failure to receive payment of (or late payment of) distributions with respect to Securities or other Property held in the Fund. 

 

	 	d)	Redemption of Securities. Present for redemption or exchange any Securities or other Property which may be called, redeemed, withdrawn or retired provided that
timely receipt of written notice of the same is received by the Trustee from the issuer. 

  

	 	e)	Employment of Agents, Advisors and Counsel. Employ agents, advisors and legal counsel, who may be counsel for a Company, and, as a part of its reimbursable
expenses under this Agreement, pay their reasonable fees and expenses. 

  

	 	f)	Executing Instruments. Make, execute and deliver any and all documents, agreements or other instruments in writing as are necessary or desirable for the
accomplishment of any of the powers and duties in this Agreement. 

  

	 	g)	Determine Value. Determine the fair market value of the Fund on each Valuation Date, in accordance with methods consistently followed and uniformly applied
provided that in determining fair market value of the Fund, the Trustee shall be entitled to rely on and shall be protected in relying on values provided by Authorized Parties and other pricing sources. 

 

	 	h)	Borrowing. Borrow (including borrowing from the Trustee), but only to the extent necessary to carry out Authorized Instructions. 

 

	 	i)	Delivery of Securities. Accept delivery of Securities and other Property free of payment. With respect to any Authorized Instruction to receive Securities or
other Property for transactions not placed through the Trustee, the Trustee shall have no duty or responsibility to take any steps to obtain delivery of the Securities or other Property from brokers or others either against payment or free of
payment except that the Trustee shall accept delivery of Securities or other Property in good, deliverable form in accordance with the Authorized Instructions when presented by a delivering party. 

 

	 	j)	Power to do any Necessary Act. Subject to compliance with the standard of care described in Section 16.1, generally take all action, whether or not
expressly authorized, which the Trustee may deem necessary or desirable for the fulfillment of its duties hereunder. 

  
 19 

	 	k)	Self Dealing. Deal with any person which is an Affiliate of the Trustee, in which event neither the Trustee nor the Affiliate shall be accountable for any profit
earned in the course of such dealing. 

 The powers described in this Section 8.1 may be exercised by the Trustee with or
without Authorized Instructions, but where the Trustee acts on Authorized Instructions, the Trustee shall be fully protected as described in Section 15.1. Without limiting the generality of the foregoing, the Trustee shall not be liable for the
acts of any person appointed under paragraphs (a) and (e) of this Section 8.1 pursuant to Authorized Instructions. 
  

	8.2	Proxies. 

 The Trustee shall submit or
cause to be submitted to the Administrator or such Investment Manager, as designated by the Administrator pursuant to Authorized Instructions, or, in the absence of Authorized Instructions, to the person or entity charged with the investment
responsibility for the asset to which the communication relates, as the case may be, for appropriate action any and all proxies, proxy statements, notices, requests, advice or other communications actually received by the Trustee (or its nominees)
as the record owner of Securities or other Property forming part of the Fund. Notwithstanding the foregoing, the Trustee shall be under no duty to investigate, participate in or take affirmative action concerning attendance at meetings, voting,
subscription, conversion or other rights attaching to or derived from Securities or other Property comprising the Fund or concerning any merger, consolidation, reorganization, receivership, bankruptcy or insolvency proceedings, compromise or
arrangement or the deposit of any Securities or other Property in connection therewith or otherwise, except in accordance with Authorized Instructions, and upon such indemnity and provision for fees and expenses as the Trustee may reasonably
require. 
 SECTION 9 
 DIRECTED POWERS 
  

	9.1	Directed Powers. 

 In addition to the
powers enumerated in Section 8.1, the Trustee shall have and exercise the following powers and authority in the administration of the Fund, only upon Authorized Instructions: 

 

	 	a)	Purchase and Sale of Property. Purchase and sell and engage in other transactions, including receipts and deliveries, exchanges, exercises, conversions,
subscriptions, and other voluntary corporate actions, with respect to Securities or other Property, whether income producing or not. 

  

	 	b)	 Exercise of Owner’s Rights. Vote upon any Securities or other Property; to give general or special proxies or powers of attorney with or
without power of substitution; to exercise any conversion privileges, subscription rights, or other 

  
 20 

	 	
options, and to make any payments incidental thereto; to oppose, or to consent to, or otherwise participate in, corporate reorganizations or other changes affecting corporate securities, and to
delegate discretionary powers, and to pay any assessments or charges in connection therewith; and generally to exercise any of the powers of an owner with respect to all Securities or other Property held as part of the Fund provided that the Trustee
shall not be required to take any such actions until it has first been indemnified, as applicable, by the Administrator to its reasonable satisfaction against any fees and expenses or liabilities which it may incur as a result thereof.

  

	 	c)	Lending. After the Administrator and the Trustee and/or one of its Affiliates have executed an agreement with respect thereto, enter into securities lending
agreements on behalf of the Fund in accordance with the agreement. 

  

	 	d)	Derivatives. Purchase, hold, issue, exchange or write derivative products, including without limitation, options and enter into derivative contracts and
transactions, including without limitation futures contracts and take any and all actions, including the appointment of agents, necessary to enter into and settle transactions in futures and/or options contracts, short-selling programs, foreign
exchange or foreign exchange contracts, swaps and other derivative investments, products or transactions and execute any documents as directed pursuant to Authorized Instructions to give effect to the foregoing including sub-custodial agreements
with broker/dealers to hold collateral. Nothing herein shall prevent the Trustee from investing in offsetting positions in options and future contracts. 

  

	 	e)	Cash Deposits. Deposit cash in interest bearing accounts in the deposit department of the Trustee, or any banking Affiliate of the Trustee.

  

	 	f)	Mortgages. Renew or extend or participate in the renewal or extension of any mortgage, amend the rate of interest on any mortgage or agree to any other
modification or change in the terms of any mortgage or of any guarantee pertaining thereto, waive any default whether in the performance of any covenant or condition of any mortgage, or in the performance of any guarantee, or enforce any rights in
respect of any such default; exercise and enforce any and all rights of foreclosure, bid on property for sale or foreclosure, take a conveyance in lieu of foreclosure with or without paying consideration therefore and in connection therewith release
the obligation on the covenant secured by such mortgage and exercise and enforce in any action, suit, or proceeding at law or in equity any rights or remedies in respect of any such mortgage or guarantee. 

 

	 	g)	Pooled Funds. Invest in any pooled or common investment fund, including a pooled or common investment fund maintained by the Trustee or any of its Affiliates.

  

	 	h)	Real Estate. Invest in Real Estate and exercise such other powers as may be required in connection with the Fund’s investments in Real Estate.

  
 21 

	 	i)	Nominate Directors. Nominate members of the boards of directors of corporations, and appoint representatives or trustees in connection with investments of the
Fund whenever or wherever such right of nomination or appointment is available. 

  

	 	j)	Insurance Contracts. Enter into an insurance contract or contracts for the purpose of funding the benefits under the Arrangement in whole or in part.

  

	 	k)	Dealing with Claims. Settle, compromise or submit to arbitration any claims, debts or damages due or owing to or from the Fund and commence or defend suits or
legal or administrative proceedings and represent the Fund in all suits and legal and administrative proceedings in any court or before any other body or tribunal as the Trustee shall deem necessary to protect the Fund provided that the Trustee
shall not be obligated to do so until it has first been indemnified by the Administrator to its reasonable satisfaction against any fees and expenses or liabilities which it may incur as a result thereof. 

 

	9.2	Contractual Income. 

 The Trustee shall
credit the Fund with income and maturity proceeds on Securities or other Property on contractual payment date net of any taxes or upon actual receipt as agreed between the Administrator and the Trustee. To the extent the Administrator and the
Trustee have agreed to credit income on contractual payment date, the Trustee may reverse such accounting entries with back value to the contractual payment date if the Trustee reasonably believes that such amount shall not be received by it.

  

	9.3	Contractual Settlement. 

 The Trustee
shall attend to the settlement of Securities or other Property transactions on the basis of either contractual settlement day accounting or actual settlement day accounting as agreed between the Administrator and the Trustee. To the extent the
Administrator and the Trustee have agreed to settle certain Securities or other Property transactions on the basis of contractual settlement date accounting, the Trustee shall be entitled to reverse with back value to the contractual settlement day
any entry relating to such contractual settlement where the related transaction remains unsettled in accordance with established procedures. 
  

	9.4	Real Estate Acquisitions. 

Notwithstanding Section 9.1(h), the Administrator shall give the Trustee at least fourteen (14) Business Days’ prior notice of any
acquisition of Real Estate. Authorized Instructions for the acquisition of Real Estate shall be accompanied by sufficient written material to describe the Real Estate, the nature of the activities carried out on such Real Estate and shall include a
phase 1 environmental assessment of such Real Estate. 
 The Authorized Instructions shall instruct the Trustee to acquire any Real Estate,
other than a mortgage, only through a special purpose Administrator, or other entity which limits the liability of the Trustee to the investment by the Fund in the entity, of which the Trustee, in its capacity as Trustee of the Fund, shall be an
investor and in respect of which the Trustee shall not be required to provide nominees as directors or officers. The Administrator shall be solely responsible for the establishment and ongoing maintenance of any such special purpose Administrator or
other entity and for all tax and other filings with respect thereto. 

  
 22 

 The Administrator shall comply with the preceding requirements of this Section 9.4 before foreclosing
or otherwise taking title to property which is subject to a mortgage in favour of the Trustee, as if the property were a new investment by the Trustee. 
  

	9.5	Settlement of Transactions. 

 Settlements
of transactions may be effected in trading and processing practices customary in the jurisdiction or market where the transaction occurs. The Administrator acknowledges that this may, in certain circumstances, require the delivery of cash or
Securities (or other Property) without the concurrent receipt of Securities (or other Property) or cash and, in such circumstances, the Administrator shall have sole responsibility for non-delivery (or late delivery) of Securities or other Property,
or for non-receipt of payment (or late payment) by the counterparty. 
 SECTION 10 

OVERDRAFTS 
  

	10.1	Overdrafts 

 If an Authorized Instruction
would create a debt owing, overdraft or short position in a portion of the Fund (an “Overdraft”), then the Trustee is authorized to, but not obliged to, act on the Authorized Instructions provided, however, that, if the Trustee so acts,
and the Fund fails to repay or redeliver on demand any cash or Securities advanced by or through the Trustee or its Affiliates, the Trustee shall be entitled to apply any cash held in the Fund against any amount owing under this Section 10
and/or dispose of any assets of the Companies or the Fund and to apply any proceeds of such disposal to the payment of any amount due from the Companies or the Fund to the Trustee or its Affiliates against any amount owing under this section. The
Trustee shall have a security interest in the Fund in an amount not to exceed the amount of the Overdraft. 
 Interest on any Overdraft in a
Canadian dollar account shall be calculated on the daily balance of the amount owing (before and after demand, default and judgment) at a rate established by the Trustee or an Affiliate as applicable as determined from time to time, subject to such
minimum charges as declared from time to time, with interest on overdue interest at the same rate. Interest is payable monthly and shall form part of the Overdraft. Charges on certain foreign currency accounts shall be established by the relevant
sub-custodian from time to time using the rates or charges applicable to the relevant foreign market. 
  

	10.2	Spot or Forward Contracts. 

 For the
purpose of setting off cash balances of the Fund against Overdrafts outstanding under this Section 10, the Trustee is authorized to enter into spot or forward foreign exchange contracts, as principal or agent, with or for the Administrator or
the Fund. 

  
 23 

 SECTION 11 
 TAX OBLIGATIONS 
  

	11.1	Tax Obligations. 

 The Trustee shall
prepare and file or issue on a timely basis all income tax returns and forms which, by virtue of the Tax Act, a trustee of a retirement compensation arrangement is required to file or issue and, if requested by the Administrator and upon such terms
as the Trustee may agree to, such other returns and forms as may be required under Applicable Laws. The Trustee shall make such elections as the Tax Act permits trusts governed by retirement compensation arrangements to make only pursuant to
Authorized Instructions of the Administrator. Where a tax return or form is required to be filed or issued or tax is payable as a result of any action of a Company or the Administrator, an employee or former employee of the Company or Administrator,
or an Investment Manager, the Company or Administrator, as the case may be, shall inform the Trustee by means of Authorized Instructions that such return or form must be filed or issued or that such tax is payable. To the extent the Trustee is
responsible under any Applicable Law for any Tax Obligation and the Trustee does not have the necessary information for the performance of its obligations hereunder, the Administrator shall cause an Authorized Party to provide the Trustee with all
information required by the Trustee in respect of such Tax Obligations. The Trustee shall not be required to prepare, file or issue any return or form unless it has the information necessary to prepare, file or issue such return or form. 

The Trustee shall use reasonable efforts, based upon available information, to assist the Authorized Party, to the extent the Authorized Party has
necessary information, with respect to any Tax Obligations imposed on the Fund, both domestic and international. The Trustee shall have no responsibility or liability for and shall be indemnified and held harmless by the Administrator for any
assistance provided to the Authorized Party and for any Tax Obligations now or hereafter imposed on a Company or the Administrator or the Fund or the Trustee in respect of the Fund by any taxing authorities, domestic or international. 

SECTION 12 

REPORTING AND RECORDKEEPING 
  

	12.1	Accounts and Records. 

 The Trustee shall
keep records with respect to the Fund and such records as directly relate to the Fund shall be open to inspection during reasonable business hours by persons duly authorized by the Administrator provided that prior written notice is given to the
Trustee and the Trustee may require that such inspection be conducted in the presence of a representative of the Trustee. To the extent the Trustee is legally obligated to permit any persons other than those authorized by the Administrator to have
such access, the Administrator agrees, upon notice from the Trustee, that the Trustee shall provide such persons with access to such records. No persons other than those authorized by the Administrator or those otherwise entitled thereto by
Applicable Laws shall have the right to demand or be entitled to any accounting from the Trustee. Except as required by Applicable Laws, no person, except by and through the Administrator may require an accounting or bring any action against the
Trustee with respect thereto. 

  
 24 

	12.2	Reports. 

 The Trustee shall furnish to
the Administrator within ninety (90) days following the close of each Valuation Year or such other period as may be agreed upon between the Trustee and the Administrator, and within ninety (90) days after the removal or resignation of the
Trustee or termination of the Fund, a written statement of account setting forth all investments, receipts, disbursements and other transactions effected by it during such period. 

 

	12.3	Review of Reports. 

 If, within eighteen
(18) months after the Trustee sends to the Administrator a statement with respect to the Fund, the Administrator has not given the Trustee written notice of any exception or objection thereto, the statement shall be deemed to have been
approved, and in such case, the Trustee shall not be liable for any matters contained in such statement. 
  

	12.4	Non-Fund Assets. 

 The duties of the
Trustee shall be limited to the Property held in the Fund, and the Trustee shall have no duties or obligations with respect to property held by any other person including, without limitation, any other trustee or funding agent for the Arrangement.
The Administrator hereby agrees that the Trustee shall not serve as, and shall not be deemed to be, a co-trustee under any circumstances. 
 SECTION 13 
 FORCE MAJEURE 

 

	13.1	Force Majeure. 

 Notwithstanding anything
in this Agreement to the contrary contained herein, the Trustee shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the Fund resulting from any event beyond the reasonable control of the Trustee,
its agents or subcustodians. This Section shall survive the termination of this Agreement. 
 SECTION 14 

COMPENSATION AND EXPENSES 
  

	14.1	Fees and Expenses. 

 The Administrator
shall pay to the Trustee for all services under this Agreement the fees as agreed from time to time in writing by the Trustee and the Administrator. The Administrator also agrees to pay all reasonable expenses incurred by the Trustee or its agents
in the discharge of their duties under this Agreement. 
  

	14.2	Right to Fees and Expenses. 

 The Trustee
is authorized to charge for and collect from the Fund any and all fees and expenses in connection with services provided hereunder or other amounts owing to the Trustee hereunder, unless such fees and expenses are paid directly by the Administrator
(including any amount previously paid to the Administrator and for which the Trustee does not receive final payment from the issuer of a Security, and any amounts paid or expenses incurred by the Trustee to settle Securities transactions).

  
 25 

 SECTION 15 
 RESPONSIBILITIES OF THE TRUSTEE 
  

	15.1	Reliance on Authorized Instructions. 

 The
Trustee shall be fully protected and is hereby indemnified and held harmless by the Administrator, to the extent not paid by the Fund, in relying and acting upon an Authorized Instruction which it reasonably believes to have been given by an
Authorized Party, provided that it has implemented such Authorized Instructions in accordance with the standard of care described in section 16.1, or in failing to act in the absence thereof and shall be under no liability for any application or any
actions in respect of the Fund made by it pursuant to such Authorized Instructions and shall not be under any duty of making enquiries with respect to whether any application or any actions in respect of the Fund as directed complies with the terms
of the Arrangement or Applicable Laws. 
  

	15.2	Investment. 

 The Trustee shall not be
responsible for any loss or diminution of the Fund resulting from the making, retention or sale of any investment or reinvestment made by it in accordance with the Authorized Instructions of the Investment Manager, or the Administrator if no
Investment Manager has been appointed, or as herein provided. 
  

	15.3	Arrangement Administration. 

 The Trustee
shall have no duty or responsibility with respect to administration of the Arrangement and shall not be responsible for the determination of the accuracy or sufficiency of, or the collection from a Company of, or any contribution to the Fund or the
compliance of the same with Applicable Laws or for the sufficiency of the Fund or of any Letter of Credit to meet and discharge any payments and liabilities under the Arrangement. The Administrator shall have the exclusive right and obligation to
determine the rights of any person to participate in the benefits from the Fund under the terms of the Arrangement. The Administrator shall be responsible for ensuring that no Authorized Instructions or other directions given to the Trustee shall
require the Trustee to use or divert any part of the Fund for purposes other than those which are in accordance with the terms of the Arrangement. 
  

	15.4	Real Estate Indemnity. 

 The Trustee shall
have no responsibility or discretion with respect to the ownership, management, administration, operation, care or control of any Real Estate. The Trustee is hereby indemnified by the Administrator, to the extent not paid by the Fund, from all
claims, liabilities, losses, damages, and expenses, including reasonable legal and expert’s fees and expenses, arising from or in connection with any matter relating to: (i) any violation of any applicable environmental or health or safety
law, ordinance, regulation or ruling; or (ii) the presence, use, generation, storage, release, threatened release, or containment, treatment or disposal of any petroleum, including crude oil or any fraction thereof, hazardous substances,
pollutants or contaminants or hazardous, toxic or dangerous substances or materials as any of these terms may be defined under any law in the broadest sense from time to time. 

  
 26 

	15.5	Reliance on Advisors. 

 The Trustee shall
be permitted to rely upon and shall not be liable for actions taken or omitted to be taken on the advice or information of any counsel, advisors, experts, agents or others employed as herein provided (the “Advisors”), provided that the
Trustee has selected such Advisors in accordance with the standard of care described in section 16.1. 
  

	15.6	Prior Trustees. 

 The Trustee shall have
no duties, responsibilities or liability with respect to the acts or omissions of any prior trustee, or other funding agent or custodian, or their agents. 
  

	15.7	Survival. 

 The provisions of this
Section 15 shall survive the termination of this Agreement and the Fund. 
 SECTION 16 

INDEMNIFICATION 
  

	16.1	Standard of Care. 

 Except as otherwise
provided in any other general or particular provision of this Agreement, in performing its obligations and duties hereunder, the Trustee shall, in carrying out its obligations under this Agreement, act honestly, in good faith and in the best
interest of the Fund and, in connection therewith, exercise the care, diligence and skill that a reasonably prudent financial institution acting in like capacity would exercise in similar circumstances; and further provided that the Trustee shall
not be responsible or liable for any losses or damages suffered by the Fund arising as a result of the insolvency of any sub-custodian, except to the extent the Trustee did not comply with the above standard of care in the selection or continued
retention of such sub-custodian. 
  

	16.2	Indemnification. 

 The Trustee and its
respective officers, directors, employees and agents (the “Indemnified Parties”) are hereby indemnified and held harmless by the Companies, to the extent not paid by the Fund, from any and all taxes, claims, liabilities, damages, costs and
expenses of any kind, including reasonable legal and expert's fees and expenses (but excluding consequential losses) arising out of the performance of its or their obligations, as applicable, under this Agreement, except as a result of a breach of
the standard of care set forth in Section 16.1. 
 The Trustee hereby indemnifies and holds harmless the Fund and the Companies from any
and all claims, liabilities, damages, costs and expenses of any kind, including reasonable legal and expert's fees and expenses (but excluding consequential losses) arising out of a breach of the standard of care set out in Section 16.1.

 The indemnifications set out in this Section 16 shall survive the termination of this Agreement and the Fund. 

  
 27 

 SECTION 17 
 AMENDMENT, TERMINATION, RESIGNATION, REMOVAL 
  

	17.1	Amendment. 

 No provision of this
Agreement shall be deemed waived, amended or modified by any party unless such waiver, amendment or modification is in writing and signed by the parties hereto and unless, in the reasonable opinion of counsel to the Trustee, the amendment does not
reduce or impair the rights of any Beneficiary, Eligible Member or person claiming in respect of a deceased Eligible Member under the Arrangement, including any contingent right that has yet to vest in the Eligible Member or person on the date of
the amendment, and such amendment does not reduce or impair the effectiveness of the security provided or to be provided under the Arrangement. 
  

	17.2	Removal or Resignation of Trustee. 

 The
Trustee may be removed with respect to all or part of the Fund upon receipt of sixty (60) days' written notice (unless a shorter or longer period is agreed to between the parties hereto) from the Administrator. The Trustee may resign upon
ninety (90) days' written notice (unless a shorter or longer period is agreed to between the parties hereto) delivered to the Administrator. In the event of the removal or resignation of the Trustee, a successor trustee or other funding agent
permitted under Applicable Laws shall be appointed by the Administrator and shall have the same powers and duties as those conferred upon the Trustee by this Agreement and the retiring Trustee shall transfer the Fund, less such amounts as may be
reasonable and necessary to cover its compensation, expenses and any other amount owing hereunder in accordance with Section 14.2. In the event the Administrator fails to appoint a successor trustee within thirty (30) days of receipt of
the written notice of resignation, such failure shall constitute an Event of Default and the provisions of Section 4.4 shall apply. 
  

	17.3	Termination of the Fund. 

 The
Administrator may terminate the Fund by providing ninety (90) days’ prior written notice to the Trustee. Such notice of Termination shall constitute an Event of Default and the provisions of Section 4.4 shall apply. 

 

	17.4	Binding on Successor Companies. 

 Any
entity resulting from any merger or consolidation to which either of the Companies may be a party or which succeeds to the business of either of the Companies, or to which substantially all the assets of either of the Companies may be transferred
and which becomes party to the Arrangement while the Company continues as a party to this Agreement, shall be the successor to such Company hereunder without any further act or formality with like effect as if such successor entity had originally
been named as a Company herein. 
  

	17.5	Successor Trustee. 

 Notwithstanding
Section 17.6, the Trustee may assign this Agreement in its entirety, or the Trustee in its capacity only as trustee or custodian may assign only the provisions of the Agreement applicable to the trustee or the custodian, as the case may be,
without the consent of 

  
 28 

 
the Administrator to any entity which directly or indirectly controls, or is controlled by, or is under common control with the Trustee. Any corporation which shall by merger, consolidation,
purchase, or otherwise, succeed to substantially all of the business relevant to this Agreement of the Trustee, as either or both the trustee or the custodian, or to which substantially all of the assets relevant to this Agreement of the Trustee, as
either or both the trustee or the custodian, may be transferred, shall be the successor to the Trustee as the trustee or the custodian, as the case may be, hereunder, without any further act or formality with like effect as if such successor trustee
or custodian had originally been named as the trustee or custodian herein. The Trustee shall provide notice to the Companies of any assignment pursuant to this Section 17.5 

 

	17.6	No Assignment. 

 Except as provided in
Sections 17.4 and 17.5, neither party may assign this Agreement without the prior written consent of the other party hereto. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective successors and
permitted assigns. 
 SECTION 18 
 NOTICE 
  

	18.1	Notice to a Company. 

 Any notice, demand
or other communication (other than an Authorized Instruction) under this Agreement to a Company shall be in writing addressed to the Company as follows: 
  

			
	 AbiBow Canada Inc.

111 Duke Street
 Suite 500

Montreal (Quebec)
 H3C 2M1

		
	Attention:	  	Senior Vice President, Human Ressources and Public Affairs
	Facsimile:	  	514-394-2269
	
	 and to
  

AbitibiBowater Inc.
 111 Duke Street

Suite 500
 Montreal (Quebec)

H3C 2M1

		
	Attention:	  	Senior Vice President, Human Ressources and Public Affairs
	Facsimile:	  	514-394-2269

  
 29 

	18.2	Notices to Trustee. 

 Any notice, demand
or other communication (other than an Authorized Instruction) under this Agreement to the Trustee shall be in writing addressed to the Trustee as follows: 
  

			
	 c/o CIBC Mellon Global Securities Services Company
 320 Bay Street
 P.O. Box 1
 Toronto, Ontario
 M5H 4A6

		
	Attention:	  	Senior Vice President, Client Relationship Management
	Facsimile:	  	(416) 643-6360

  

	18.3	Delivery. 

 Notices,
demands or other communications given pursuant to this Section 18 may be sent by personal delivery (including courier) during business hours or may be sent by ordinary mail or by facsimile. Such notice shall be deemed to have been delivered at
the time of personal delivery, or on the fifth
(5th) Business Day following the day of mailing
(unless delivery by mail is likely to be delayed by strike or slowdown of postal workers, in which case it shall be deemed to have been given when it would be delivered in the ordinary course of the mail allowing for such strike or slowdown), or if
sent by facsimile, on the day of receipt if sent before 5 p.m. (local time of the recipient) on a Business Day or on the next Business Day if sent after 5 p.m. or not on a Business Day. Any party may change its address by giving notice to
the other party in the manner set forth in this Section. 
 SECTION 19 

MISCELLANEOUS 
  

	19.1	Representation. 

 Each party represents
that it has the power and authority to enter into and perform its obligations under this Agreement, that the person or persons signing this Agreement on behalf of the named party are properly authorized and empowered to sign it and that the
Agreement is valid and binding on the party and enforceable against the party in accordance with its terms. 
  

	19.2	Residency. 

 Each Company represents that
it is a resident of Canada within the meaning of the Tax Act. 
  

	19.3	Entire Agreement. 

 This Agreement shall
constitute the entire agreement between the parties as of the date hereof with respect to all matters herein and its execution has not been induced by, nor do any of the parties hereto rely upon or regard as material, any representations or promises
whatsoever not incorporated herein or made by a party hereto. 

  
 30 

	19.4	Invalidity/Unenforceability. 

 If any of
the provisions of this Agreement becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired. 

 

	19.5	Necessary Parties. 

 The Trustee reserves
the right to seek a judicial or administrative determination as to its proper course of action under this Agreement. The Beneficiaries named in the list of Beneficiaries last provided to the Trustee in accordance with Section 4.5 shall be
provided with notice of any application to the courts for an interpretation of this Agreement. 
  

	19.6	No Third Party Beneficiaries. 

 The
provisions of this Agreement are intended to benefit only the parties hereto and their respective successors and assigns. No person entitled to benefits under the Arrangement shall have any claim against the Trustee except by or through a Company.

  

	19.7	Execution in Counterparts. 

 This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and said counterparts shall constitute but one and the same instrument. 

 

	19.8	Governing Law. 

 This Agreement shall be
construed in accordance with and governed by the laws of the Province of Ontario and any actions, proceedings or claims relating to the Fund shall be commenced in the courts of the Province of Ontario. 

[the balance of this page left intentionally blank.] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth
above by their duly authorized officers. 
  

									
	CIBC MELLON TRUST COMPANY	 		 	ABIBOW CANADA INC.
					
	By:	 	 /s/ Kevin C. Rowe
	 		 	By:	 	 /s/ Richard Garneau

	Name:	 	Kevin C. Rowe	 		 	Name:	 	Richard Garneau
	Title:	 	Authorized Signatory	 		 	Title:	 	President and CEO
					
	By:	 	 /s/ Alan Hawken
	 		 	By:	 	 /s/ Pierre Laberge

	Name:	 	Alan Hawken	 		 	Name:	 	Pierre Laberge
	Title:	 	Authorized Officer	 		 	Title:	 	SVP, HR and Public Affairs
				
	ABITIBIBOWATER INC.	 		 		 	
					
	By:	 	 /s/ Richard Garneau
	 		 		 	
	Name:	 	Richard Garneau	 		 		 	
	Title:	 	President and CEO	 		 		 	
					
	By:	 	 /s/ Pierre Laberge
	 		 		 	
	Name:	 	Pierre Laberge	 		 		 	
	Title:	 	SVP, HR and Public Affairs	 		 		 	

  
 32 

 TABLE OF CONTENTS 

 

					
	 SECTION 1
	  	 	2	  
	 INTERPRETATION
	  	 	2	  
	 1.1          Definitions
	  	 	2	  
	 1.2          Interpretation
	  	 	8	  
	 1.3          Liability of Companies
	  	 	8	  
		
	 SECTION 2
	  	 	8	  
	 ESTABLISHMENT AND ACCEPTANCE OF TRUST FUND; APPOINTMENT OF TRUSTEE AND CUSTODIAN
	  	 	8	  
	 2.1          Appointment of Trustee and Custodian and Acceptance of Trust
Fund
	  	 	8	  
	 2.2          Tax on Contributions
	  	 	8	  
		
	 SECTION 3
	  	 	9	  
	 ACTUARIAL REPORT AND LETTER OF CREDIT
	  	 	9	  
	 3.1          Actuarial Reports
	  	 	9	  
	 3.2          Payment of Initial Fee
	  	 	9	  
	 3.3          Issuance of Initial Letter of Credit
	  	 	9	  
	 3.4          Payment of Renewal Fee
	  	 	9	  
	 3.5          Renewal of Letter of Credit and Increase in Face
Amount
	  	 	10	  
	 3.6          Replacement Letter of Credit
	  	 	10	  
	 3.7          Additional Contributions
	  	 	10	  
	 3.8          Requirements for Letter of Credit
	  	 	10	  
		
	 SECTION 4
	  	 	11	  
	 EVENTS OF DEFAULT
	  	 	11	  
	 4.1          Meaning of Event of Default
	  	 	11	  
	 4.2          Occurrence of Partial Event of Default under Section 4.1
a)
	  	 	13	  
	 4.3          Occurrence of Partial Event of Default under Section 4.1
b)
	  	 	13	  
	 4.4          Occurrence of Full Event of Default under Section 4.1 c) through
j)
	  	 	14	  
	 4.5          Reduction of Face Amount of Letter of Credit
	  	 	14	  
	 4.6          List of Beneficiaries
	  	 	14	  
	 4.7          Curing Full Events of Default
	  	 	15	  
		
	 SECTION 5
	  	 	15	  
	 INSTRUCTIONS
	  	 	15	  
	 5.1          Authorized Parties
	  	 	15	  
	 5.2          Authorized Instructions
	  	 	15	  
	 5.3          Errors, Omissions in Authorized Instructions
	  	 	16	  
	 5.4          No Duty
	  	 	16	  
		
	 SECTION 6
	  	 	16	  
	 PAYMENTS FROM THE TRUST FUND
	  	 	16	  
	 6.1          Payments from the Fund
	  	 	16	  
	 6.2          Payments of Taxes and Expenses
	  	 	17	  

  
 i 

					
		
	 SECTION 7
	  	 	17	  
	 INVESTMENT
	  	 	17	  
	 7.1          Investment of the Fund
	  	 	17	  
	 7.2          Investment Managers
	  	 	17	  
	 7.3          Investment Monitoring
	  	 	18	  
	 7.4          Fund to be Segregated
	  	 	18	  
	 7.5          Cash Balances
	  	 	18	  
		
	 SECTION 8
	  	 	18	  
	 CONCERNING THE TRUSTEE
	  	 	18	  
	 8.1          General Powers and Duties
	  	 	18	  
	 8.2          Proxies
	  	 	20	  
		
	 SECTION 9
	  	 	20	  
	 DIRECTED POWERS
	  	 	20	  
	 9.1          Directed Powers
	  	 	20	  
	 9.2          Contractual Income
	  	 	22	  
	 9.3          Contractual Settlement
	  	 	22	  
	 9.4          Real Estate Acquisitions
	  	 	22	  
	 9.5          Settlement of Transactions
	  	 	23	  
		
	 SECTION 10
	  	 	23	  
	 OVERDRAFTS
	  	 	23	  
	 10.1        Overdrafts
	  	 	23	  
	 10.2        Spot or Forward Contracts
	  	 	23	  
		
	 SECTION 11
	  	 	24	  
	 TAX OBLIGATIONS
	  	 	24	  
	 11.1        Tax Obligations
	  	 	24	  
		
	 SECTION 12
	  	 	24	  
	 REPORTING AND RECORDKEEPING
	  	 	24	  
	 12.1        Accounts and Records
	  	 	24	  
	 12.2        Reports
	  	 	25	  
	 12.3        Review of Reports
	  	 	25	  
	 12.4        Non-Fund Assets
	  	 	25	  
		
	 SECTION 13
	  	 	25	  
	 FORCE MAJEURE
	  	 	25	  
	 13.1        Force Majeure
	  	 	25	  
		
	 SECTION 14
	  	 	25	  
	 COMPENSATION AND EXPENSES
	  	 	25	  
	 14.1        Fees and Expenses
	  	 	25	  
	 14.2        Right to Fees and Expenses
	  	 	25	  

  
 ii 

					
		
	 SECTION 15
	  	 	26	  
	 RESPONSIBILITIES OF THE TRUSTEE
	  	 	26	  
	 15.1        Reliance on Authorized Instructions
	  	 	26	  
	 15.2        Investment
	  	 	26	  
	 15.3        Arrangement Administration
	  	 	26	  
	 15.4        Real Estate Indemnity
	  	 	26	  
	 15.5        Reliance on Advisors
	  	 	27	  
	 15.6        Prior Trustees
	  	 	27	  
	 15.7        Survival
	  	 	27	  
		
	 SECTION 16
	  	 	27	  
	 INDEMNIFICATION
	  	 	27	  
	 16.1        Standard of Care
	  	 	27	  
	 16.2        Indemnification
	  	 	27	  
		
	 SECTION 17
	  	 	28	  
	 AMENDMENT, TERMINATION, RESIGNATION, REMOVAL
	  	 	28	  
	 17.1        Amendment
	  	 	28	  
	 17.2        Removal or Resignation of Trustee
	  	 	28	  
	 17.3        Termination of the Fund
	  	 	28	  
	 17.4        Binding on Successor Companies
	  	 	28	  
	 17.5        Successor Trustee
	  	 	28	  
	 17.6        No Assignment
	  	 	29	  
		
	 SECTION 18
	  	 	29	  
	 NOTICE
	  	 	29	  
	 18.1        Notice to a Company
	  	 	29	  
	 18.2        Notices to Trustee
	  	 	30	  
	 18.3        Delivery
	  	 	30	  
		
	 SECTION 19
	  	 	30	  
	 MISCELLANEOUS
	  	 	30	  
	 19.1        Representation
	  	 	30	  
	 19.2        Residency
	  	 	30	  
	 19.3        Entire Agreement
	  	 	30	  
	 19.4        Invalidity/Unenforceability
	  	 	31	  
	 19.5        Necessary Parties
	  	 	31	  
	 19.6        No Third Party Beneficiaries
	  	 	31	  
	 19.7        Execution in Counterparts
	  	 	31	  
	 19.8        Governing Law
	  	 	31	  

  
 iiiAmended and Restated Chesapeake Midstream Management Incentive Compensation Plan

 EXHIBIT 10.15 
 CHESAPEAKE MIDSTREAM 
 MANAGEMENT INCENTIVE COMPENSATION PLAN

 (as Amended and Restated) 
 I. Purpose of Plan 
 The Chesapeake Midstream Management
Incentive Compensation Plan, as hereby amended and restated (the “Plan”), is intended to provide a method of attracting, motivating and retaining individuals of outstanding competence and ability, and to motivate and encourage those
individuals to devote their best efforts to the development and growth of the Partnership, thereby advancing the interests of the Partnership and its equity owners. 
 II. Definitions and Construction 
 2.1
Definitions. Where the following words and phrases are used in the Plan, they shall have the respective meanings set forth below, unless the context clearly indicates to the contrary: 

(a) “Affiliate” means any corporation, partnership, limited liability company or partnership, association, trust or other
organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Partnership. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote 50% or more of the securities or equity interests having
ordinary voting power for the election of directors of the controlled entity or organization, or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of
voting securities or equity interests or by contract or otherwise. 
 (b) “Annual Payment Percentage” means,
with respect to a Fiscal Year, the following: Fiscal Year 2010 – 20%; Fiscal Year 2011 – 25%; Fiscal Year 2012 – 33-1/3%; Fiscal Year 2013 – 50%; and Fiscal Year 2014 – 100%, unless provided otherwise in a Participant’s
Award Agreement. 
 (c) “Award Agreement” means a written agreement between the Company (or an Affiliate) and an
employee evidencing the award of a Participation Interest in the Plan and specifying the Participant’s Excess Return Percentage and Equity Uplift Value Percentage. 
 (d) “Board” means the board of managers of the JV; provided, however, if the JV no longer exists, “Board” shall mean the board of managers or other governing body of the Plan
Sponsor. 

 (e) “Cause” shall have the meaning set forth in the Participant’s
written employment agreement with the Company or an Affiliate; however, if the Participant does not have such an employment agreement, “Cause” means (i) the Participant’s breach or threatened breach of any written employment
agreement between the Company and the Participant; (ii) the Participant’s neglect of duties or failure to act, other than by reason of disability or death; (iii) the misappropriation, fraudulent conduct, or acts of workplace
dishonesty by the Participant with respect to the assets or operations of the Company or any of its Affiliates; (iv) the Participant’s failure to comply with directives from superiors or written Company policies; (v) the
Participant’s personal misconduct which injures the Company or an Affiliate and/or reflects poorly on the Company’s and/or an Affiliate’s reputation; (vi) the Participant’s failure to perform the Participant’s duties;
or (vii) the conviction of the Participant for, or a plea of guilty or no contest to, a felony or any crime involving moral turpitude. Any rights the Company or an Affiliate may have hereunder in respect of an event giving rise to Cause shall
be in addition to the rights the Company or Affiliate may have under any other agreement with the Participant or at law or in equity. 
 (f) “Change of Control” shall have the meaning set forth in the Participant’s written employment agreement with the Company or an Affiliate; however, if the Participant does not have
such an employment agreement, “Change of Control” means, and shall be deemed to have occurred upon, any of the following events: (a) any “person” or “group” within the meaning of those terms as used in Sections
13(d) and 14(d)(2) of the Securities Exchange Act of 1933, other than Chesapeake Energy Corporation, Global Infrastructure Management, LLC or an Affiliate of either, (a “Third Party”) shall become the direct or indirect beneficial
owner, by way of merger, consolidation, recapitalization, reorganization or otherwise, of more than 50% of the voting power of the voting securities of the general partner (or board of management, if applicable) of the Partnership (such entity, the
“General Partner”); or (b) the sale of other disposition, including by way of liquidation, by either the Partnership or the General Partner of all or substantially all of its assets, whether in a single or series of related
transactions, to one or more Third Parties. Notwithstanding the foregoing, a Change of Control must also constitute a “change of control” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations thereunder. For clarity, the IPO was not a Change of Control. 
 (g) “Company” means Chesapeake
Midstream Management, L.L.C. 
 (h) “Dilution Adjustment” means, with respect to a Participant’s Excess
Return Percentage and Equity Uplift Value Percentage, as set forth in his or her Award Agreement, the product of such applicable percentage and a fraction, the numerator of which is the number of Units outstanding on the closing date of the IPO, and
the denominator of which is (1) with respect to the Participant’s Excess Return Percentage applicable for a specified fiscal quarter in a Fiscal Year, the number of Units outstanding on the record date for the distribution made with
respect to the applicable fiscal quarter and (2) with respect to the Participant’s Equity Uplift Value Percentage, the total number of Units outstanding on the Equity Uplift Payment Date. Appropriate adjustment shall be made to the
Dilution Adjustments to give effect to any Unit splits, combinations or similar adjustments occurring after the date of any Award Agreement and prior to an applicable Excess Return payment date or the Equity Uplift Payment Date. 

(i) “Disability” shall have the meaning set forth in the Participant’s employment agreement with the Company or an
Affiliate; however, if the Participant does not have such an employment agreement, “Disability” means a disability that entitles the Participant to long-term disability benefits under a long-term disability plan of the Company or an
Affiliate. 

  
 -2-

 (j) “Distributed Cash” means, with respect to a fiscal quarter in a Fiscal
Year, the amount of cash distributed by the Partnership, as applicable, to its equity owners (excluding distributions to the general partner of the Partnership) with respect to such fiscal quarter of that Fiscal Year, as authorized by the Board (or
deemed authorized pursuant to the JV’s organizational documents). 
 (k) “Equity Uplift Payment Date” means
the fifth anniversary of the date of the Participant’s Award Agreement or, if earlier, the date of a Change of Control. 

(l) “Equity Uplift Value” means the product of A x B, where “A” is the Excess Unit Value and “B” is
the number of Units outstanding on the Equity Uplift Payment Date. 
 (m) “Equity Uplift Value Percentage” means
the Participant’s diluted percentage participation in the Equity Uplift Value, as set forth in his or her Award Agreement, subject to any Dilution Adjustment. 
 (n) “Excess Return” means, with respect to a fiscal quarter in a Fiscal Year, the excess (if any) of the Distributed Cash with respect to such fiscal quarter over the Preferred Return for
that fiscal quarter. 
 (o) “Excess Return Percentage” means, with respect to a Participant for a fiscal quarter
in a Fiscal Year, the percentage participation by such Participant in the Excess Return, if any, for that Fiscal Year, as set forth in his or her Award Agreement, adjusted for any Dilution Adjustment applicable for that fiscal quarter in the Fiscal
Year. 
 (p) “Excess Unit Value” means the excess, if any, of (i) the Unit Value on Equity Uplift Payment
Date over (ii) the IPO Unit Value. 
 (q) “Fiscal Year” means one of the following calendar years, as
applicable: 2010, 2011, 2012, 2013 and 2014, unless provided otherwise in a Participant’s Award Agreement. 
 (r)
“Good Reason” shall have the meaning set forth in the Participant’s written employment agreement with the Company or an Affiliate; however, if the Participant does not have such an employment agreement, “Good Reason”
means (1) the elimination of the Participant’s job position, (2) a material reduction in the Participant’s duties, (3) the reassignment of the Participant to a new position of materially less authority, or (4) a
material reduction in the Participant’s base salary. Notwithstanding the preceding provisions or any other provision in the Plan to the contrary, any assertion by a Participant of a termination of employment for “Good Reason” shall
not be effective unless all of the following conditions are satisfied: (A) the condition described in the preceding sentence giving rise to such Participant’s termination of employment must have arisen without such Participant’s
consent; (B) such Participant must provide written notice to the Board of such condition within 90 days of the initial existence of the condition; (C) the condition specified in such notice must remain uncorrected for 30 days after receipt
of such notice by the Board; and (D) the date of such Participant’s termination of employment must occur within 30 days after the lapse of the 30-day period specified in subclause (C) above. 

  
 -3-

 (s) “IPO” means the initial public offering of equity interests of the
Partnership on The New York Stock Exchange. 
 (t) “IPO Equity Value” means $2,901,197,124.00. 

(u) “IPO Unit Value” means $21.00. Appropriate adjustments shall be made to the IPO Unit Value to give affect to any Unit
splits, combinations or similar adjustments occurring after the date of any Award Agreement and prior to the Equity Uplift Payment Date. 
 (v) “JV” means Chesapeake Midstream Ventures, L.L.C. or any successor entity that is owned and controlled by the parties that control the JV as of the initial date of this Plan.

 (w) “Participant” means an employee of the Company or an Affiliate who has been awarded a Participation
Interest pursuant to Section 3.2. 
 (x) “Participation Interest” means an interest awarded under the Plan
to a Participant pursuant to an Award Agreement for the purpose of measuring the incentive compensation payable under the Plan to such Participant. A Participation Interest shall represent a contingent right to receive a specified Excess Return
Percentage of the Excess Return and a specified Equity Uplift Value Percentage of the Equity Uplift Value, subject to the further terms and conditions of the Plan. A Participation Interest shall exist only for purposes of the Plan and matters
related hereto. In no event shall any holder of a Participation Interest, by virtue of an award of such interest made under the Plan, have any (i) security or other interest in any assets of the Company, the Partnership or any Affiliate,
(ii) right to receive any equity or other interest in the Company, the Partnership or any Affiliate, or (iii) rights as an equity or other interest holder in the Company, the Partnership or any Affiliate. 

(y) “Partnership” means Chesapeake Midstream Partners, L.P. or any successor thereto. 

(z) “Plan” means the Chesapeake Midstream Management Incentive Compensation Plan, as amended from time to time.

 (aa) “Plan Sponsor” means the Company or any entity that assumes sponsorship of the Plan and becomes liable
for the payment of the awards granted under the Plan. 
 (bb) “Preferred Return” means, with respect to a fiscal
quarter in a Fiscal Year: the product of (1) 1.5% and (2) the sum of (i) the IPO Equity Value and (ii) the gross value of all Units issued by the Partnership after the date of the IPO and prior to the record date for the
distributions made with respect to the applicable fiscal quarter in such Fiscal Year. For this purpose, the gross value of the newly issued Units shall be calculated at the time of their issuance and shall be equal to the product of (i) the
number of new Units then being issued and (ii) the fair market value per Unit at the time of such issuance, as determined in good faith by the Board. 

  
 -4-

 (cc) “Special Committee” means the Special Committee of the JV, as defined
in the Participants’ employment agreements. 
 (dd) “Unit” means all units of the Partnership (other than
general partner units). 
 (ee) “Unit Value” means the average closing sales price per Unit for the 30 trading
days immediately preceding the Equity Uplift Payment Date, as reported in The Wall Street Journal or such other reporting service approved by the Board, in its discretion. In the event that the price per Unit is not so reported, Unit Value
means the fair market value of a Unit as determined in good faith by the Board. If, however, the Equity Uplift Payment Date is the date of a Change of Control, Unit Value shall be the Unit value paid by the acquirer on the date of the Change of
Control. 
 2.2 Number and Gender. Wherever appropriate herein, words used in the singular shall be considered to
include the plural, and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender. 

2.3 Headings. The headings of Articles, Sections, and Paragraphs herein are included solely for convenience. If
there is any conflict between such headings and the text of the Plan, the text shall control. All references to Articles, Sections, and Paragraphs are to the Plan unless otherwise indicated. 

2.4 Governing Law. Except to the extent federal law applies and preempts state law, the Plan shall be construed,
enforced, and administered according to the laws of the State of Oklahoma, excluding any conflict-of-law rule or principle that might refer construction of the Plan to the laws of another state or country. 

2.5 Severability. In case any provision of the Plan is determined by a court of competent jurisdiction to be illegal,
invalid, or unenforceable for any reason, such illegal, invalid, or unenforceable provision shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if such illegal, invalid, or unenforceable provision
had not been included therein. 
 III. Eligibility; Awards of Participation Interests 

3.1 Eligibility. Each key member of management of the Company or an Affiliate who performs work for the Company, the JV,
the Partnership, or either the general partner or a “subsidiary” of the Partnership is eligible to be awarded a Participation Interest under the Plan. 
 3.2 Participation Interests. Participation Interests shall be entered into only with those eligible employees selected to be Participants in the discretion of the Board from
time to time and at such times as the Board may determine. In connection with each Participation Interest, the Board shall determine (a) subject to the terms and conditions of the Plan and the 

  
 -5-

 
related Award Agreement, the percentage of the Excess Return for a Fiscal Year (if any) and the Equity Uplift Value that the holder of such Participation Interest shall have the contingent right
to receive, and (b) the other terms, provisions, conditions and limitations of such award. The terms and provisions of each award of a Participation Interest, as determined by the Board in its sole discretion, shall be set forth in an Award
Agreement, which shall incorporate by reference, and be subject to, the terms and provisions of the Plan. Each Award Agreement shall contain such provisions not inconsistent with the Plan as the Board deems appropriate. The terms and provisions set
forth in Award Agreements may vary among Participants. 
 IV. Determinations of Incentive Compensation Payments

 4.1 Determination of Excess Return for a Fiscal Year. As soon as reasonably practical after the end of a
Fiscal Year (but in no event later than 60 days following the last day of such Fiscal Year), the Board shall cause the amount of the Excess Return for that Fiscal Year, if any, to be determined. 

4.2 Excess Return Payments. (a) Subject to Paragraph 4.2(c), as soon as reasonably practical after the amount of the
Excess Returns for the fiscal quarters in a Fiscal Year have been determined by the Board, the Plan Sponsor shall pay to each Participant who then holds a Participation Interest an amount equal to the sum of the following calculations for each of
the four fiscal quarters for that Fiscal Year; the product of (A x B) x C, where “A” is the amount of the Excess Return for that fiscal quarter, “B” is the Participant’s Excess Return Percentage applicable for that fiscal
quarter (as adjusted by any applicable Dilution Adjustment), and “C” is the Annual Payment Percentage for that Fiscal Year. Once the Participant’s payment for a Fiscal Year is determined as provided in the foregoing sentence, such
amount shall be paid to the Participant in each calendar year subsequent to that Fiscal Year until the sum of the Annual Payment Percentages for all payments made to the Participant with respect to that Fiscal Year equals 100%. Notwithstanding the
foregoing however, except as provided below and in Paragraphs 4.2(b) and 4.3(b), upon a Participant’s termination of employment with the Company and its Affiliates for any reason whatsoever, such Participant automatically shall forfeit on such
termination his or her Participation Interest and no payments shall thereafter be due or payable under the Plan to such Participant with respect to such forfeited Participation Interest. In the event a Participant who is proposed to be terminated is
hired by the JV or the MLP Employer (as defined in the Participant’s applicable employment agreement), such Participant shall not be treated as having terminated his or her employment with the Company and its Affiliates on such
“transfer” for purposes of this Section 4.2. 
 (b) If a Participant’s employment with the Company and its
Affiliates is terminated (i) due to the Participant’s death or Disability, (ii) by the Company or an Affiliate other than for Cause, or (iii) by the Participant for a Good Reason, the Participant shall be paid, with respect to
each Fiscal Year that has lapsed in full (if any) as of his or her date of termination, an amount equal to the sum of the following calculations for each of the four fiscal quarters for such fully lapsed Fiscal Year: the product of (A x B)—C,
where “A” is the Excess Return for such fiscal quarter, “B” is the Participant’s Excess Return Percentage with respect to such fiscal quarter (as adjusted by any applicable Dilution Adjustment), and “C” is the sum
of the amounts that have already been paid to the Participant pursuant to Paragraph 4.2(a) with respect to such lapsed Fiscal Year. Payment under this Paragraph 4.2(b) shall be made by the Plan Sponsor within 60 days of the Participant’s
termination of employment and thereafter no further amounts shall be due and payable to such Participant pursuant to this Section 4.2. 

  
 -6-

 (c) Notwithstanding anything in Paragraph 4.2(a) to the contrary, upon a Change of Control,
or as soon as reasonably practical thereafter, but in no event later than 60 days following the Change of Control, the Plan Sponsor shall pay to each Participant who is an employee of the Company or an Affiliate on the date immediately preceding the
date of the Change of Control an amount, with respect to each Fiscal Year that has lapsed in full prior to such Change of Control, equal to the sum of the following calculations for each of the four fiscal quarters for such fully lapsed Fiscal Year:
the product of (A x B)—C, where “A” is the Excess Return for such fiscal quarter, “B” is the Participant’s Excess Return Percentage with respect to such fiscal quarter (as adjusted by any applicable Dilution
Adjustment), and “C” is the sum of the amounts that have already been paid to the Participant pursuant to Paragraph 4.2(a) with respect to such lapsed Fiscal Year. Thereafter no further amounts shall be due and payable to such Participant
pursuant to this Section 4.2. 
 4.3 Equity Uplift Payments. (a) Subject to Paragraph 4.3(c), as soon as
reasonably practical, but in no event later than 60 days, following the Equity Uplift Payment Date, the Plan Sponsor shall pay to each Participant an amount equal to the product of the Equity Uplift Value, if any, and the Participant’s Equity
Uplift Value Percentage. Notwithstanding the foregoing however, except as otherwise provided below and in Paragraphs 4.3(b) and (c), upon a Participant’s termination of employment with the Company and its Affiliates for any reason whatsoever
prior to the payment of the Participant’s percentage of the Equity Uplift Value, such Participant automatically shall forfeit his or her Participation Interest and no percentage of the Equity Uplift Value thereafter shall be due or payable to
such Participant with respect to his or her forfeited Participation Interest. In the event a Participant who is proposed to be terminated is hired by the JV or the MLP Employer (as defined in the Participant’s applicable employment agreement),
such Participant shall not be treated as having terminated his or her employment with the Company and its Affiliates on such “transfer” for purposes of this Section 4.3. 

(b) Subject to Paragraph 4.3(c), if a Participant’s employment with the Company and its Affiliates is terminated (i) due to the
Participant’s death or Disability, (ii) by the Company or an Affiliate other than for Cause, or (iii) by the Participant for a Good Reason, the Plan Sponsor shall pay such Participant, as soon as reasonably practical, but in no event
later than 60 days, following the Equity Uplift Payment Date, an amount equal to (A x B) x C, where “A” is the Equity Uplift Value, “B” is the Participant’s Equity Uplift Value Percentage, and “C” is a fraction,
the numerator of which is the number of full Fiscal Years that have lapsed as of the Participant’s termination of employment date, and the denominator of which is five. 
 (c) Notwithstanding anything in Paragraphs 4.3(a) or (b) to the contrary, upon a Change of Control or as soon as reasonably practical thereafter, but in no event later than 60 days following the date
of the Change of Control, (i) each Participant who is an employee of the Company or an Affiliate on the date immediately preceding the date of the Change of Control shall be paid by the Plan Sponsor an amount equal to the product of the Equity
Uplift Value, if any, and the Participant’s Equity Uplift Value Percentage, and (ii) each Participant whose employment with the Company and its Affiliates terminated prior to the Change of Control due to the Participant’s death or
Disability, by the Company or an Affiliate other than for Cause, or 

  
 -7-

 
by the Participant for a Good Reason shall be paid by the Plan Sponsor an amount equal to the product of (x) the Equity Uplift Value, if any, and (y) the Participant’s Equity
Uplift Value Percentage, multiplied by a fraction, the numerator of which is the number of full calendar months that have lapsed from the date of the Participant’s Award Agreement through the Participant’s termination of employment date,
and the denominator of which is the number of full calendar months that have lapsed from the date of the Participant’s Award Agreement through the end of the calendar month preceding the date of the Change of Control. Thereafter no further
amounts shall be payable to such Participant pursuant to this Section 4.3. 
 4.4 Payment Form. All payments
required pursuant to this Plan shall be paid by the Plan Sponsor in the form of a single lump sum in cash; provided, however, in the discretion of the Board, all or any part of a Participant’s Equity Uplift Value payment may be paid in Units
(the number of such Units being determined based on the value of a Unit on the Equity Uplift Payment Date). 
 4.5 Board
Discretion. Notwithstanding anything in Sections 4.2 or 4.3 to the contrary, the Board, in its discretion, may waive all or part of the automatic forfeiture provisions of the Plan whenever it deems such waiver to be appropriate. Any such
actions by the Board with respect to a Participant shall not be binding on the Board with respect to any other Participant in a similar circumstance. 
 4.6 Attachment A Example. The example in Attachment A attached to the Plan showing how various calculations under the Plan are to be made is hereby made a part of this Plan for all purposes
and such calculations shall control over any written descriptions of the same herein if such written descriptions are in conflict with such example, unless the Board, in its sole discretion, determines otherwise. 

V. Administration 
 5.1 Powers and Duties. The Board (or its delegate) shall supervise the administration and enforcement of the Plan according to the terms and provisions hereof and shall have the full
discretionary authority and all of the powers necessary to accomplish these purposes. Without limiting the generality of the foregoing, the Board shall have all of the powers and duties specified for it under the Plan, including the power, right,
and authority: (a) to select eligible employees to receive Participation Interests under the Plan; (b) to determine all provisions, conditions, and terms relating to any Participation Interest, including, without limitation, determinations
as to the percentages set forth therein and any dilution thereof; (c) from time to time to establish rules and procedures for the administration of the Plan, which are not inconsistent with the provisions of the Plan, and any such rules and
procedures shall be effective as if included in the Plan; (d) to construe in its sole discretion all terms, provisions, conditions, and limitations of the Plan and any Award Agreement; (e) to correct any defect or to supply any omission or
to reconcile any inconsistency that may appear in the Plan (including Attachment A) or an Award Agreement in such manner and to such extent as the Board shall deem appropriate; (f) to make a determination in its discretion as to the right of
any person to a payment with respect to a Participation Interest and the amount of such payment; and (g) to make all other determinations necessary or advisable for the administration of the Plan. 

  
 -8-

 5.2 Delegation of Authority. All decisions, determinations and actions to be
made or taken by the Board pertaining to the Plan, an Award Agreement or a Participation Interest, and all determinations with respect to a Participant’s employment with the Company or an Affiliate or a termination of employment for purposes of
the Plan, shall be made by the Board. All such decisions, determinations, and actions by the Board shall be final, binding and conclusive on all persons. The Board shall not be liable for any decision, determination or action taken or omitted to be
taken in connection with the administration of the Plan. Furthermore, the Board in its discretion may delegate to one or more employees of the Company or an Affiliate all or some of its day-to-day ministerial duties and powers under the Plan.

 VI. Nature of Plan 
 The establishment of the Plan shall not be deemed to create a trust. The Plan shall constitute an unfunded, unsecured liability of the Plan Sponsor to make payments in accordance with the provisions of
the Plan, and no individual shall have any security interest or other interest in any assets or equity interests of the Plan Sponsor or an Affiliate. 
 VII. Termination and Amendment 
 The Board may from time to
time, in its discretion, amend, in whole or in part, any or all of the provisions of the Plan or terminate the Plan in whole or in part; provided, however, that the Plan may not be amended or terminated in a manner that would materially adversely
impact the contingent rights of any Participant under his or her Participation Interest with respect to (i) an Excess Return payment based on a Fiscal Year that has then lapsed in full, or (ii) an Equity Uplift payment based on its accrued
value, if any, as of the effective date of such Plan termination or amendment, in either case without the consent of such Participant. Notwithstanding the foregoing, no amendment may be made to the Plan without the written consent of the Special
Committee. The Plan shall automatically terminate on a Change of Control, and a Participant’s rights with respect to payment pursuant to Sections 4.2 and 4.3 shall survive such termination. 

VIII. Miscellaneous Provisions 
 8.1 No Effect on Employment Relationship. Nothing in the adoption of the Plan, the award of a Participation Interest or the payment of any amounts hereunder shall confer on any person the
right to continued employment by the Company or any of its Affiliates, or affect in any way the right of the Company or any Affiliate to terminate such employment at any time for any reason. 

8.2 Prohibition Against Assignment or Encumbrance. (a) No right or benefit hereunder shall be assignable or
transferable, or liable for, or charged with any of the torts or obligations of a Participant or any person claiming under a Participant, or be subject to seizure by any creditor of a Participant or any person claiming under a Participant. Other
than by will or the applicable laws of descent and distribution, no Participant or any person claiming under a Participant shall have the power to anticipate or dispose of any right or payment hereunder in any manner. 

  
 -9-

 (b) Except as provided in Paragraph 8.2(a) above, neither the Plan nor any rights or
obligations hereunder of the parties can be transferred or assigned without the written consent of the other parties to the Plan and the Special Committee. 
 8.3 Tax Treatment and Withholding. All payments under the Plan shall be treated by the Company and the Affiliates and the Participants as payments of compensation for services rendered and
shall be reported by the Company and the Affiliates (as the case may be) to the relevant tax authorities as such. As a condition to the receipt of a payment under the Plan, each Participant irrevocably agrees to report such payment to the relevant
tax authorities as a payment of compensation for services rendered. All payments made by the Company or an Affiliate as provided herein and shall be reduced by any amounts required to be withheld by the Company or the Affiliate under applicable
local, state, federal or other tax law. 
 8.4 Section 409A. Contrary Plan or Award Agreement provisions
notwithstanding, with respect to a Participant who is identified as a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code and as determined by the Company in accordance with any of the methods permitted
under the regulations issued under Section 409A of the Code) and who is to receive a payment hereunder (which payment is not a “short-term deferral” or otherwise exempt from Section 409A of the Code) on account of such
Participant’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code), the payment to such Participant shall not be made prior to the earlier of (i) the date that is six months after the
Participant’s separation from service or (ii) the date of death of the Participant. In such event, any payment to which the Participant would have otherwise been entitled during the first six months following the Participant’s
separation from service (or, if earlier, prior to the Participant’s date of death) shall be accumulated and paid in the form of a single lump sum payment to the Participant (without interest) on the date that is six months after the
Participant’s separation from service or to the Participant’s estate on the date of the Participant’s death, as applicable. 
 In addition, contrary Plan or Award Agreement provisions notwithstanding, the payment of any amount otherwise due under an Award Agreement or the Plan shall not be accelerated if such payment is subject
to Section 409A of the Internal Revenue Code of 1986, as amended, unless such acceleration complies with the requirements of Section 409A and the Treasury regulations thereunder so as to not be subject to the additional tax imposed by
Section 409A. 
 8.5 JV Employs a Participant. If the JV or any of its Affiliates exercises its right
pursuant to a Participant’s employment agreement, any amendment thereto or otherwise, to employ a Participant who is proposed to be terminated by the Company or an Affiliate, the JV agrees to reimburse the Plan Sponsor for payments made to such
Participant under the Plan (if any) after the date the JV or its Affiliate employs such Participant. Such “transfer” of employment shall not be treated as a termination of employment for purposes of Sections 4.2 and 4.3. 

8.6 Third Party Beneficiaries. The JV shall be a beneficiary of all of the terms and provisions of the Plan and is entitled
to enforce all rights hereunder as a party hereto. 

  
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 EXECUTED this February 27, 2012, effective for all purposes as of December 1,
2011. 
  

			
	 BOARD OF MANAGERS
 CHESAPEAKE MIDSTREAM
 VENTURES, L.L.C.

	
	 /s/ Aubrey K. McClendon

	Name:	 	 Aubrey K. McClendon

	
	 /s/ Domenic J. Dell’Osso

	Name:	 	 Domenic J. Dell’Osso

	
	 /s/ Mathew C. Harris

	Name:	 	 Mathew Harris

	
	 /s/ William Woodburn

	Name:	 	 William Woodburn

  
 -11-

 Attachment A 
 to the 
 Chesapeake Midstream Management Incentive Compensation Plan

 IA. EXAMPLE OF ANNUAL EXCESS RETURN CALCULATIONS 

WITHOUT ANY DILUTION ADJUSTMENTS 
 (dollar amounts, in millions) 
  

																							
	 	  	 	  	YEAR 2010	 	 	YEAR 2011	 	 	YEAR 2012	 	 	YEAR 2013	 	 	YEAR 2014	 
	 1.
	  	Cash Distributions	  	$	200.0	  	 	$	220.0	  	 	$	240.0	  	 	$	260.0	  	 	$	280.0	  
							
	 2.
	  	Preferred Return1	  	 	<147.0>	  	 	 	<147.0>	  	 	 	<147.0>	  	 	 	<147.0>	  	 	 	<147.0>	  
							
	 3.
	  	Excess Return (1-2)	  	$	53.0	  	 	$	73.0	  	 	$	93.0	  	 	$	113.0	  	 	$	133.0	  
							
	 4.
	  	Participant’s Excess Return Percentage	  	 	.10	% 	 	 	.10	% 	 	 	.10	% 	 	 	.10	% 	 	 	.10	% 
							
	 5.
	  	Participant’s Share of “Pool” (3 x 4)	  	$	0.053	  	 	$	0.073	  	 	$	0.093	  	 	$	0.113	  	 	$	0.133	  
							
	 6.
	  	Annual Payment Percentages (across) and Years Payable (down)	  				 				 				 				 			
							
		  	        2010	  	 	.20	  	 	 	.20	  	 	 	.20	  	 	 	.20	  	 	 	.20	  
							
		  	        2011	  				 	 	.25	  	 	 	.25	  	 	 	.25	  	 	 	.25	  
							
		  	        2012	  				 				 	 	.333	  	 	 	.333	  	 	 	.333	  
							
		  	        2013	  				 				 				 	 	.50	  	 	 	.50	  
							
		  	        2014	  				 				 				 				 	 	1.0	  
							
	 7.
	  	Amount Payable to Participant for a Fiscal Year (5 x 6)	  				 				 				 				 			
							
		  	                2010	  	$	0.011	  	 	$	0.011	  	 	$	0.011	  	 	$	0.011	  	 	$	0.011	  
							
		  	                2011	  				 	$	0.018	  	 	$	0.018	  	 	$	0.018	  	 	$	0.018	  
							
		  	                2012	  				 				 	$	0.031	  	 	$	0.031	  	 	$	0.031	  
							
		  	                2013	  				 				 				 	$	0.057	  	 	$	0.057	  
							
		  	                2014	  				 				 				 				 	$	0.133	  
		  		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		  	Total Amount Payable in a Fiscal Year (sum of item 7 amounts for that Fiscal Year)	  	$	0.011	  	 	$	0.029	  	 	$	0.060	  	 	$	0.116	  	 	$	0.249	  

  
  

	1 	 Assumes LP equity value at IPO of $2.450 billion. 

 IB. EXAMPLE OF ANNUAL EXCESS RETURN CALCULATIONS 

WITH DILUTION ADJUSTMENTS 
 (dollar amounts, in millions) 
 The dilution adjustment assumes the following: (i) IPO
Equity Value of $2.450 billion, (ii) 122.5 million LP units outstanding upon completion of IPO, and (iii) $220 million of units issued each year beginning in year 2011 and 149.4 million LP units outstanding at end of year 2014, resulting in a
reduction of the Participant’s Excess Return Percentage from .10% to .082%. * 
  

																							
	 	  	 	  	YEAR 2010	 	 	YEAR 2011	 	 	YEAR 2012	 	 	YEAR 2013	 	 	YEAR 2014	 
	 1.
	  	Cash Distributions	  	$	200.0	  	 	$	249.1	  	 	$	292.7	  	 	$	338.3	  	 	$	385.8	  
							
	 2.
	  	Preferred Return	  	 	<147.0>	  	 	 	<159.9>	  	 	 	<172.9>	  	 	 	<185.8>	  	 	 	<198.7>	  
							
	 3.
	  	Excess Return (1-2)	  	$	53.0	  	 	$	89.2	  	 	$	119.9	  	 	$	152.5	  	 	$	187.1	  
							
	 4.
	  	Participant’s Excess Return Percentage*	  	 	.10	% 	 	 	.094	% 	 	 	.089	% 	 	 	.085	% 	 	 	.082	% 
							
	 5.
	  	Participant’s Share of “Pool” (3 x 4)	  	$	0.053	  	 	$	0.084	  	 	$	0.107	  	 	$	0.130	  	 	$	0.153	  
							
	 6.
	  	Annual Payment Percentages (across) and Years Payable (down)	  				 				 				 				 			
							
		  	        2010	  	 	.20	  	 	 	.20	  	 	 	.20	  	 	 	.20	  	 	 	.20	  
							
		  	        2011	  				 	 	.25	  	 	 	.25	  	 	 	.25	  	 	 	.25	  
							
		  	        2012	  				 				 	 	.333	  	 	 	.333	  	 	 	.333	  
							
		  	        2013	  				 				 				 	 	.50	  	 	 	.50	  
							
		  	        2014	  				 				 				 				 	 	1.0	  
							
	 7.
	  	Amount Payable to Participant for a Fiscal Year (5 x 6)	  				 				 				 				 			
							
		  	                2010	  	$	0.011	  	 	$	0.011	  	 	$	0.011	  	 	$	0.011	  	 	$	0.011	  
							
		  	                2011	  				 	$	0.021	  	 	$	0.021	  	 	$	0.021	  	 	$	0.021	  
							
		  	                2012	  				 				 	$	0.036	  	 	$	0.036	  	 	$	0.036	  
							
		  	                2013	  				 				 				 	$	0.065	  	 	$	0.065	  
							
		  	                2014	  				 				 				 				 	$	0.153	  
		  		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		  	Total Amount Payable in a Fiscal Year (sum of item 7 amounts for that Fiscal Year)	  	$	0.011	  	 	$	0.032	  	 	$	0.067	  	 	$	0.132	  	 	$	0.286	  

  

	*	The Preferred Return for a Fiscal Year and the Dilution Adjustment to a Participant’s Excess Return Percentage for a Fiscal Year are calculated by using the number
of Units outstanding as of each of the record dates for the distributions made with respect to the fiscal quarters for that Fiscal Year. 

 IIA. EXAMPLE OF EQUITY UPLIFT CALCULATION FOR IPO IN 2010 AND NO DILUTION 

ADJUSTMENT 
  

					
	 1. IPO date Unit Value
	  	$	20	  
	 2. Uplift Payment Date Unit Value
	  	$	32	  
	 3. Excess Uplift Value (2 – 1)
	  	$	12	  
	 4. Units Outstanding on Uplift Payment Date
	  	 	122.5 million	  
	 5. Total Excess Uplift Value (3 x 4)
	  	$	1.470 billion	  
	 6. Participant’s Uplift Value Percentage
	  	 	0.10	% 
	 7. Payment to Participant (5 x 6)
	  	$	1.470 million	  

 IIB. EXAMPLE OF EQUITY UPLIFT CALCULATION FOR IPO IN 2010 WITH DILUTION 

ADJUSTMENT 
 The
dilution adjustment assumes the following: (i) IPO Equity Value of $2.450 billion, (ii) 122.5 million LP units outstanding upon completion of IPO, and (iii) $220 million of units issued each year beginning in year 2011 and
149.4 million LP units outstanding at end of year 2014, resulting in a reduction of the Participant’s Uplift Value Percentage interest from .10% to .082%. 

 

					
	 1. IPO date Unit Value
	  	$	20	  
	 2. Uplift Payment Date Unit Value
	  	$	36.14	  
	 3. Excess Uplift Value (2 – 1)
	  	$	16.14	  
	 4. Units Outstanding on Uplift Payment Date
	  	 	149.4 million	  
	 5. Total Excess Uplift Value (3 x 4)
	  	$	2.411 billion	  
	 6. Participant’s Uplift Value Percentage
	  	 	0.082	% 
	 7. Payment to Participant (5 x 6)
	  	$	1.978 million

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}]]