Document:

EX-4.18

 Exhibit 4.18 
  

					
	

	 		 	 SMART Technologies ULC
 3636 Research
Road NW
 Calgary, AB T2L 1Y1
 CANADA

 
 Phone 403.245.0333

Fax 403.228.2500
 info@smarttech.com
www.smarttech.com

 January 21, 2016 
 Dear
Neil: 
 Re. Executive Retention Award - Neil Gaydon 

As part of continuing efforts by SMART Technologies Inc. and its subsidiaries (collectively “SMART”) to retain critical talent during the
course of the ongoing strategic review, SMART has approved your participation in the Executive Retention Award (“ERA”) on the terms set out herein. This letter references your current employment agreement with SMART Technologies
Inc. (effective November 7, 2013, as amended effective May 16, 2014, November 5, 2015, and November 20, 2015) (the “Employment Agreement”). This letter is effective as of December 9, 2015, and this
letter and your entitlement to an executive retention award shall terminate and be forfeited on the earlier of: 
  

	 	(a)	the date you resign or your employment is terminated for cause; 

  

	 	(b)	the Payment Date (as defined below) immediately following the payment to you of the retention award; or 

  

	 	(c)	December 31, 2016, if SMART Technologies Inc. has not, on or before December 31, 2016 undergone a Significant Event (as defined below), or entered into a binding letter of intent or a definitive agreement or
similar document with respect to a transaction or series of transactions that upon closing shall be a Significant Event, or a press release has been issued in respect of same by SMART Technologies Inc. 

In the event SMART Technologies Inc. undergoes a Change of Control or Going Private Transaction (for the purposes of this letter each a “Significant
Event”), as such terms are defined in your Employment Agreement, then you shall be paid an amount equal to $775,000CAD (the “Retention Payment”) on the earlier of: 

 

	 	A.	If you remain employed by SMART Technologies Inc., or its successors, three months following the closing date of the Significant Event; 

 

 
  

	 	B.	If you are terminated without cause, on the closing date of the Significant Event, or if such termination is after the closing date of the Significant Event, on the date of such termination; or 

 

	 	C.	If you have Good Reason, as such term is defined in your Employment Agreement, on the closing date of the Significant Event, or if the date of Good Reason is after the closing date, on the date such Good Reason arises.

 The earlier of such dates shall be the “Payment Date”. 

All claims to the Retention Payment shall be automatically forfeited in the event your employment with SMART Technologies Inc. is terminated prior to the
Payment Date: (i) voluntarily by you, (ii) for cause, or (iii) pursuant to the provisions of sections 4.1, 4.2 or 4.3 of your Employment Agreement. 

The Retention Payment shall be less required withholdings. 
 We
thank you for your ongoing contributions. Please confirm your agreement with the terms of this award letter by indicating so in the space below. 

Sincerely, 
 SMART Technologies Inc. 

 

			
	Per:	 	

		 	  
 Debra Milimaka
Miles

  
  

I have read and agree to the terms of the Executive Retention Award letter effective December 9, 2015: 

 

	
	 /s/ Neil Gaydon

	Neil GaydonEX-4.20

 Exhibit 4.20 

NOVEMBER 5, 2015 AMENDING AGREEMENT 

TO EXECUTIVE EMPLOYMENT AGREEMENT 

This Amendment (“Amendment”) amends the Executive Employment Agreement between SMART Technologies Corporation and Greg Estell
effective as of February 7, 2014 and amended effective May 16, 2014 (the “Agreement”). 
 This Amendment is
effective as of November 5, 2015 (the “Effective Date”). 
 Capitalized terms not defined herein will have the meaning
ascribed to them under the Agreement. 
 For good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree
as follows: 
  

	1.	Schedule “B” to the Agreement is deleted and hereby replaced in its entirety with the following: 

SCHEDULE “B” 

DEFINITIONS 
 For the
purposes of this Agreement the following terms mean the following: 
  

	 	(a)	“Affiliate” means affiliate as that term is defined in the Business Corporations Act (Alberta), as amended from time to time; 

 

	 	(b)	“Change of Control” shall mean the occurrence of any of the following events: 

  

	 	(i)	a person, or group of persons, acting jointly and in concert, becomes the beneficial owner of securities of SMART INC. constituting 50% or more of the voting power of all outstanding voting securities of SMART INC.;

  

	 	(ii)	individuals who were proposed as nominees (but not including nominees under a shareholder proposal) to become directors of SMART INC. immediately prior to a meeting of the shareholders of SMART INC. involving a contest
for, or an item of business relating to, the election of directors of SMART INC., not constituting a majority of the directors of SMART INC. following such election; 

 

	 	(iii)	a merger, consolidation, amalgamation or arrangement of SMART INC. (or a similar transaction) occurs, unless after the event, 50% or more of the voting power of the combined corporation is beneficially owned by the same
person or group of persons as immediately before the event; or 

  

	 	(iv)	SMART INC.’s shareholders approve a plan of complete liquidation or winding-up of SMART INC., or the sale or disposition of all or substantially all SMART INC.’s assets (other than a transfer to an Affiliate
of SMART INC.), 

 provided that the following shall not constitute a Change of Control: 

 

	 	(A)	 any person, or group of persons, acting jointly or in concert, becoming the beneficial owner of the threshold of
securities 

	 	
specified in (a) as a result of the acquisition of securities by SMART INC. or an Affiliate of SMART INC. or a subsidiary which, by reducing the number of securities outstanding, increases
the proportional number of securities beneficially held by that person or group of persons; 

  

	 	(B)	any acquisition of securities directly from SMART INC. in connection with a bona fide financing or series of financings by SMART INC.; 

 

	 	(C)	any acquisition by an employee benefit plan (or related trust) sponsored or maintained by SMART INC. and/or its Affiliates; or 

  

	 	(D)	beneficial ownership by SMART INC. or its Affiliates or any increased ownership by any of them; 

  

	 	(c)	“Going Private Transaction” shall mean a transaction or series of transactions which has the effect of transforming SMART INC. into a private company (a company whose shares or securities are not listed
and posted for trading on the TSX or other recognized stock exchange) and thereby eliminating the public shareholders; 

  

	 	(d)	“Good Reason” shall mean: (i) any adverse change, by SMART INC. and without the agreement of the Executive following a Change of Control, in any of the duties, powers, rights, discretions, salary,
bonus, benefits, existing Awards (as defined in SMART INC.’s Amended and Restated Equity Incentive Plan), title or lines of reporting, such that immediately after such change or series of changes, the responsibilities and status of the
Executive, taken as a whole, are not at least substantially equivalent to those assigned to the Executive immediately prior to such change or series of changes; (ii) the requirement that the Executive be based anywhere other than the
Corporation’s Calgary executive office on a normal and regular basis; or (iii) any reason which would be constructive dismissal by a court of competent jurisdiction; and 

 

	 	(e)	“SMART INC.” means SMART TECHNOLOGIES INC. 

  

	2.	In order to properly incorporate the above definitions and to reflect the intentions of the parties, 

  

	 	(a)	all references to the “Board of Directors of the Corporation” or to “the Board of Directors” shall be amended to read “the Board of Directors of SMART INC.”; 

 

	 	(b)	all references to “the Compensation Committee”, if any, shall be amended to read “the compensation Committee of the Board of Directors of SMART INC.”; and 

 

	 	(c)	the parties acknowledge that references to the Amended and Restated Equity Incentive Plan are to the plan implemented by SMART INC.. 

 

	3.	All other provisions and terms and conditions of the Agreement remain unamended and in full force and effect. 

  
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	4.	This Agreement shall be governed by and construed in accordance with the laws in force in the Province of Alberta. 

IN WITNESS WHEREOF, the parties have executed this Amendment by persons duly authorized as of the Effective Date and effective as of the
Effective Date. 
  

							
		 		 	SMART TECHNOLOGIES CORPORATION
				
		 		 	Per:	 	 /s/ Matt Sudak

		 		 		 	 Matt Sudak
 VP, Legal, General Counsel &
Corporate Secretary

			
		 		 	 /s/ Greg Estell

		 		 	GREG ESTELL

  
 3EX-4.21

 Exhibit 4.21 

NOVEMBER 20, 2015 AMENDING AGREEMENT 

to EXECUTIVE EMPLOYMENT AGREEMENT 

This 2015 Amending Agreement (the “2015 Amendment”) amends the Executive Employment Agreement (November 2013) between SMART
Technologies Corporation and Greg Estell made effective February 7, 2014, as amended effective May 16, 2014 and November 5, 2015 (the “Agreement”). 

This 2015 Amendment is effective as of November 20, 2015 (the “Effective Date”). 

Capitalized terms not defined herein will have the meaning ascribed to them under the Agreement. 

For good and valuable consideration, including the Executive’s participation in the Corporation’s Executive Team Retention Plan as
described under this 2015 Amendment (the “ETR Plan”), the sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	1.	The second sentence in Article 3.4 shall be deleted and replaced with: 

 The Corporation
confirms that in addition to other awards under the Amended and Restated Equity Plan the Executive was on May 16, 2013 granted 250,000 performance restricted share units (the “2013 PRS Units”). 

 

	2.	The following Articles 3.8 and 3.9 shall be inserted in Article 3: 

 3.8 The Executive
shall, as of the Effective Date, participate in the ETR Plan and be eligible for a retention payment under the ETR Plan in an amount and in accordance with the terms outlined in this Agreement. The Executive’s participation in the ETR Plan
shall terminate on the earlier of: 
  

	 	(a)	the Executive’s voluntary resignation from the Executive’s employment for a reason other than Good Reason following a Change of Control or Going Private Transaction; 

 

	 	(b)	one (1) year after the effective date of a Change of Control or Going Private Transaction; or 

  

	 	(c)	December 31, 2016, if the Corporation (or its affiliates) have not, on or before December 31, 2016, entered into a binding letter of intent or a definitive agreement or similar document with respect to a
transaction or series of transactions that upon closing shall be a Change of Control or Going Private Transaction. 

 3.9 Upon
the occurrence of a Change of Control or Going Private Transaction and within one (1) year of the effective date of the Change of Control or Going Private Transaction there is an event or events which constitute Good Reason (as defined in
Schedule “B”) then, as of the date of the event or events that constitute Good Reason and in addition to any other entitlements under this Agreement, the Executive shall be entitled to the ETR Plan Payment. 

	3.	The following Article 4.5.1 shall be inserted after Article 4.5: 

 4.5.1 If the Corporation
terminates this Agreement and the Executive’s employment, for any reason other than the reasons in Articles 4.1, 4.2 and 4.3, within twelve (12) months following a Change of Control or a Going Private Transaction, the Corporation shall
within five (5) business days of the Termination Date, pay or provide to the Executive, subject to the condition in Article 4.10, in addition to the payments provided for in Article 4.4 or otherwise under this Agreement, the ETR Plan Payment.

  

	4.	The following shall be added to the end of Article 4.6: 

 If the Executive elects to terminate
this Agreement pursuant to this Article 4.6, then in addition to the payments provided for above, the Executive shall also be entitled to, in addition to any other entitlements under this Agreement, the ETR Plan Payment. 

 

	5.	The following Article 4.7.1 shall be inserted after Article 4.7: 

 4.7.1 If the Corporation
terminates this Agreement and the Executive’s employment pursuant to Article 4.4, and either (i) the Corporation (or its affiliate) enters into a binding letter of intent or a definitive agreement or similar document in respect of a Change
of Control or a Going Private Transaction prior to December 31, 2016 and within six (6) months of such Termination Date, or (ii) the Termination Date is after the Corporation (or its affiliate) enters into a binding letter of intent
or a definitive agreement or similar document in respect of a Change of Control or a Going Private Transaction, but prior to the effective date of such Change of Control or Going Private Transaction, then, in addition to the payments provided for in
Article 4.4 or otherwise under this Agreement, on the effective date of a Change of Control or a Going Private Transaction the Executive shall be entitled to the ETR Plan Payment. The Board of SMART Technologies Inc. has the discretion, at the time
of termination of the Executive’s employment pursuant to Article 4.4, to extend the length of the six (6) month period referenced above. For the avoidance of doubt, no payment is due to the Executive under this Article 4.7.1 in the event a
Change of Control or a Going Private Transaction does not ultimately close. 
  

	6.	The following Articles 4.12, 4.13, 4.14 and 4.15 shall be inserted in the Agreement after Article 4.11: 

4.12 The “ETR Plan Payment” is a cash payment, calculated as follows: 

A. [the number of 2013 PRS Units (whether or not the 2013 PRS Units have expired or vested), such amount being 250,000] 

x 
 B. [the highest
performance multiplier applicable to the 2013 PRS Units, such amount being 2.5] 
 x 

C. [the Fair Market Value (as defined in the Amended and Restated Equity Incentive Plan)] 

less 

  
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 D. [the gross amount of cash, if any, paid by the Corporation, or cash value of shares provided
by the Corporation, to the Executive prior to such date in respect of the 2013 PRS Units], 
 such ETR Plan Payment shall be less required
withholdings. 
 4.13 The parties agree that any payment of the ETR Plan Payment to the Executive under this Agreement shall be in addition
to the retiring allowance and termination entitlements provided for in Article 4 of the Agreement, and the payment of any such ETR Plan Payment is conditional on the Executive signing a full and final release in favour of the SMART Group, in a form
satisfactory to the Corporation, acting reasonably. 
 4.14 The parties agree that the Executive shall not be paid any amounts due under the
ETR Plan, even where otherwise entitled to such payment pursuant to this Agreement, until May 17, 2016 (such date being the day after the 2013 PRS Units are set to expire). 

4.15 The Executive understands and agrees that the Executive may be required by the Board of SMART Technologies Inc. to forfeit the
Executive’s participation in the ETR Plan, in order to receive future grants of long term incentives or equity compensation during the term of the ETR Plan. 
  

	7.	All other provisions and terms and conditions of the Agreement remain unamended and in full force and effect. 

  

	8.	The Agreement and this 2015 Amendment shall be governed by and construed in accordance with the laws in force in the Province of Alberta. 

IN WITNESS WHEREOF, the parties have executed this 2015 Amendment by persons duly authorized as of the Effective Date. 

 

							
		 		 	SMART TECHNOLOGIES CORPORATION
				
		 		 	Per:	 	 /s/ Matt Sudak

		 		 		 	 Matt Sudak
 VP, Legal, General Counsel &
Corporate Secretary

			
		 		 	 /s/ Greg Estell

		 		 	Greg Estell

  
 3

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