Document:

Exhibit 10.25

 Exhibit 10.25 

EXECUTION VERSION 

INCREMENTAL AMENDMENT, dated as of March 31, 2010 (this “Incremental Amendment”), to the Second Lien Credit
Agreement dated as of April 12, 2007 (as amended prior to the date hereof, the “Credit Agreement”), among SAFENET, INC., a Delaware corporation (as successor to STEALTH ACQUISITION CORP., a Delaware corporation)
(“Company”), VECTOR STEALTH HOLDINGS II, L.L.C., a Delaware limited liability company, the financial institutions from lime to time party thereto in the capacity of lenders (the “Lenders”), DEUTSCHE BANK TRUST
COMPANY AMERICAS, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent, CITIBANK, N.A., as syndication agent, and DEUTSCHE BANK SECURITIES INC. and CITIGROUP GLOBAL MARKETS INC., as joint
lead arrangers and joint bookrunners. 
 A. Pursuant to subsection 2.10 of the Credit Agreement, Company may from time to time
request Incremental Loans, subject to the terms and conditions set forth therein. 
 B. Company has requested that Lenders
provide Incremental Loans in an aggregate amount of $10,989,011.00, the proceeds of which will be used to finance the Aladdin Conveyance and to pay related fees and expenses. 

C. Each existing Lender or Additional Lender set forth on Annex I attached hereto (collectively, the “Incremental
Lenders”) are willing, subject to the terms and conditions set forth herein and in the Credit Agreement, to make to Company the Incremental Loan set forth opposite its name on Annex I attached hereto. 

D. Pursuant to subsection 2.10 of the Credit Agreement, Company, the Incremental Lenders and Administrative Agent may enter into an
Incremental Amendment without the consent of any other Lenders to effect such amendments to the Credit Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Administrative Agent and Company, to
effect the provisions of subsection 2.10 of the Credit Agreement. 
 E. Capitalized terms used but not defined herein have the
meanings assigned to them in the Credit Agreement. 
 Accordingly, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows: 

ARTICLE I 

Incremental Amendment 

This Incremental Amendment is an Incremental Amendment referred to in subsection 2.10 of the Credit Agreement, and Company, Incremental
Lenders and Administrative Agent hereby agree that: 
 A. Each Incremental Lender hereby severally agrees to provide the
Incremental Loans set forth opposite its name on Annex I attached hereto (for each such 

 
Incremental Lender, its “Incremental Commitment”) at 91% of the principal face amount thereof (i.e. 9.0% of the principal amount of the Incremental Loans will be withheld by the
Incremental Lenders upon the funding thereof). Each Incremental Commitment provided pursuant to this Incremental Amendment shall be subject to all of the terms and conditions set forth herein and in the Credit Agreement. 

B. The aggregate Incremental Commitment of the Incremental Lenders is $10,989,011.00. 

C. Subject to the satisfaction of the conditions to the making of Loans set forth in subsection 4.2 of the Credit Agreement and to the
satisfaction of the conditions set forth in Article III below, the funding of the Incremental Loans will occur in one drawing on the date hereof upon Company’s request in accordance with subsections 2.1B and 4.2 of the Credit Agreement. In the
event that all or any portion of the Incremental Loans is not borrowed on or before the date hereof, the unborrowed portion of the Incremental Commitments shall automatically terminate on such date unless each Incremental Lender shall, in its sole
discretion, agree to an extension. 
 D. The Incremental Commitments provided pursuant to this Incremental Amendment shall
constitute Commitments and, upon the Effective Date (as hereinafter defined), the Incremental Commitment of each Incremental Lender shall become the Incremental Loans of such Incremental Lender. 

E. The Incremental Loans shall have the same terms as the Loans borrowed on the Closing Dale and shall be deemed to be Loans for all
purposes under the Credit Agreement and each other Loan Document; provided, however, that (i) Company covenants and agrees that the proceeds of the Incremental Loans made pursuant to this Incremental Amendment shall be used by
Company to finance the Aladdin Conveyance and to pay related fees and expenses and (ii) the Incremental Loans shall have a separate CUSIP number from the Loans. Each Incremental Lender shall be deemed to be a Lender for all purposes under the
Credit Agreement and each other Loan Document. 
 ARTICLE II 

Representations and Warranties 

Each Loan Party represents and warrants, as of the Effective Date, to Administrative Agent and to each of the Incremental Lenders that:

 A. This Incremental Amendment has been duly executed and delivered by such Loan Party and constitutes its legal, valid and
binding obligation enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
  

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 B. The representations and warranties of each Loan Party set forth in the Loan Documents are
true and correct in all material respects on and as of the date such representation and warranty is made, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
were true and correct in all material respects as of such earlier date). 
 C. At the time of the request of this Incremental
Amendment no Potential Event of Default or Event of Default had occurred and was continuing and, upon the effectiveness of this Incremental Amendment and at the time that any such Incremental Loan is made (and after giving effect thereto), no
Potential Event of Default or Event of Default has occurred and is continuing, 
 D. After giving effect on a pro forma basis in
accordance with subsection 1.2B of the Credit Agreement to the incurrence of the Incremental Loans, the Consolidated Leverage Ratio as of the end of the most recently ended Fiscal Quarter is less than 5.00 to 1.00. 

ARTICLE III 

Conditions to Effectiveness 

This Incremental Amendment shall become effective on the date (the “Effective Date”) on which each of the following
conditions is satisfied: 
 A. Administrative Agent (or its counsel) shall have received a counterpart of this Incremental
Amendment from the Incremental Lenders and each Loan Party signed on behalf of such party; 
 B. Company shall have paid all
fees and reasonable out-of-pocket costs and expenses of Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Incremental Amendment (including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for Administrative Agent with respect thereto) pursuant to the terms of the Credit Agreement; 
 C. The
representations and warranties in Article II hereto shall be true and correct as of the Effective Date and after giving effect on a pro forma basis in accordance with subsection 1.2B of the Credit Agreement to the incurrence of the Incremental
Loans; 
 D. The conditions to closing the Aladdin Conveyance shall have been satisfied or waived and such closing shall occur
substantially concurrently with the making of the Incremental Loan; 
 E. Company shall have delivered to Administrative Agent
and the Incremental Lenders an Officer’s Certificate, dated the date of borrowing, in form and substance reasonably satisfactory to Administrative Agent, certifying as of the date of borrowing to clauses (B), (C) and (D) of Article II
above; and 
  

 -3- 

 F. The Agents and the Incremental Lenders shall have received such opinions of Wilson
Sonsini, Goodrich and Rosati, counsel to Company and the Guarantors (which shall cover, among other things, authority, legality, validity, binding effect and enforceability of the documents for the Incremental Amendment and creation and perfection
of liens on the Collateral) and such corporate resolutions, certificates and other closing documents as the Incremental Lenders shall reasonably require. 

ARTICLE IV 

Further Acknowledgments 

A. Company acknowledges and agrees that (i) it shall be liable for all Obligations with respect to the Incremental Commitments
provided hereby including, without limitation, all Incremental Loans made pursuant hereto and (ii) all such Obligations (including all such Incremental Loans) shall be entitled to the benefits of the Collateral Documents and the Guaranty.

 B. Each Guarantor acknowledges and agrees to each the provisions of this Incremental Amendment and to the incurrence of the
Incremental Loans to be made pursuant thereto. Each Guarantor acknowledges and agrees that all Obligations with respect to the Incremental Commitments provided hereby and all Incremental Loans made pursuant hereto shall (i) be fully guaranteed
pursuant to the Guaranty as, and to the extent, provided herein and in the Credit Agreement and (ii) be entitled to the benefits of the Loan Documents as, and to the extent, provided herein and in the Credit Agreement. 

C. Each Incremental Lender party to this Incremental Amendment, to the extent not already a party to the Credit Agreement as a Lender
thereunder, (i) confirms that it is an Eligible Assignee, (ii) confirms that it has experience and expertise in the making of or purchasing loans such as the Incremental Loans, (iii) confirms that it has received a copy of the Credit
Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Incremental Amendment and to become an Incremental Lender, (iv) confirms that it will make its Incremental Loans for its own account in the ordinary course and without a view to distribution of such Incremental Loans within the meaning of the
Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of subsection 10.1 of the Credit Agreement, the disposition of such Incremental Loans or any interests therein shall at all
times remain within its exclusive control), (v) appoints and authorizes Administrative Agent and Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as
are delegated to Administrative Agent and Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto and (vi) agrees that it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender. 

D. REFERENCE IS MADE TO THE INTERCREDITOR AGREEMENT. EACH INCREMENTAL LENDER HEREUNDER (A) ACKNOWLEDGES THAT IT HAS

  

 -4- 

 
RECEIVED A COPY OF THE INTERCREDITOR AGREEMENT, (B) CONSENTS TO THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (C) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE
NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND (D) AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT TO BE BOUND BY THE INTERCREDITOR AGREEMENT AS COLLATERAL AGENT AND ON BEHALF OF SUCH INCREMENTAL LENDER. THE FOREGOING
PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE LENDERS UNDER THE FIRST LIEN CREDIT AGREEMENT TO EXTEND CREDIT TO COMPANY AND SUCH LENDERS ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS. 

ARTICLE V 

Miscellaneous 

A. Credit Agreement. Except as expressly set forth herein, this Incremental Amendment shall not by implication or otherwise limit,
impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, Administrative Agent, Company or any other Loan Party under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. After the
Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby; provided that any reference in the Credit Agreement to the date of the Credit Agreement, as modified hereby shall in all instances
remain as of April 12, 2007, and references in the Credit Agreement to “the date hereof” and “the date of this Agreement,” and phrases of similar import, shall in all instances be and continue to refer to April 12,
2007, and not the date of this Incremental Amendment. This Incremental Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

B. Successors and Assigns. This Incremental Amendment shall be binding upon the parties hereto and their respective successors and
assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Incremental Lenders (it being understood that rights of assignment of the parties hereto are subject to the further provisions of subsection 10.1 of
the Credit Agreement). 
 C. Governing Law. THIS INCREMENTAL AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS INCREMENTAL AMENDMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED
STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS INCREMENTAL AMENDMENT, COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. 
  

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 D. Counterparts. This Incremental Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by
all the parties hereto shall be lodged with Company and Administrative Agent. 
 E. Headings. The headings of the several
sections and subsections of this Incremental Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Incremental Amendment. 

F. Severability. Any provision of this Incremental Amendment held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 -6- 

 IN WITNESS WHEREOF, the parties hereto have caused this Incremental Amendment to be duly
executed by their respective authorized officers as of the day and year first written above. 
  

			
	SAFENET, INC., as Company
		
	By:	 	 /s/ Charles Neral

		 	Name:    Charles Neral
		 	Title:      Chief Financial Officer
	
	 VECTOR STEALTH HOLDINGS II, L.L.C., as Holdings

		
	By:	 	 Vector SA Holdings, LLC, its Managing Member

		
	By:	 	 Vector Capital Partners III, LLC, its General Partner

		
	By:	 	 /s/ Alexander R. Slusky

		 	Name:    Alexander R. Slusky
		 	Title:      Managing Member

[Incremental Amendment] 

 IN WITNESS WHEREOF, the parties hereto have caused this Incremental Amendment to be duly
executed by their respective authorized officers as of the day and year first written above. 
  

			
	SAFENET, INC., as Company
		
	By:	 	 /s/ Charles Neral

		 	Name:    Charles Neral
		 	Title:      Chief Financial Officer
	
	 VECTOR STEALTH HOLDINGS II, L.L.C., as Holdings

		
	By:	 	 Vector SA Holdings, LLC, its Managing Member

		
	By:	 	 Vector Capital Partners III, LLC, its General Partner

		
	By:	 	 /s/ Alexander R. Slusky

		 	Name:    Alexander R. Slusky
		 	Title:      Managing Member

[Incremental Amendment] 

			
	INGRIAN NETWORKS, LLC, as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name:    Chris Fedde
		 	Title:      President
	
	MEDIA SENTRY, INC., as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name:    Chris Fedde
		 	Title:      President
	
	RNBO CORPORATION, as a Guarantor
		
	By:	 	 /s/ Chris Fedde

		 	Name:    Chris Fedde
		 	Title:      President
	
	 SAFENET ASSURED DECISIONS, LLC, as a Guarantor

		
	By:	 	SafeNet, Inc., its Managing Member
		
	By:	 	 /s/ Charles Neral

		 	Name:    Charles Neral
		 	Title:      Chief Financial Officer
	
	 SAFENET GOVERNMENT SOLUTIONS, LLC, as a Guarantor

		
	By:	 	SafeNet, Inc., its Managing Member
		
	By:	 	 /s/ Charles Neral

		 	Name:    Charles Neral
		 	Title:      Chief Financial Officer

[Incremental Amendment] 

			
	 Agreed and Accepted

this      day of
                    , 2010:

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS as Administrative Agent and an Incremental
Lender

		
	By:	 	 /s/ Paul O’Leary

		 	Name:    Paul O’Leary
		 	Title:      Director
		
	By:	 	 /s/ Omayra Laucella

		 	Name:    Omayra Laucella
		 	Title:      Vice President

[Incremental Amendment] 

 ANNEX I 

INCREMENTAL COMMITMENT AMOUNTS 

(as of the Effective Date) 
  

				
	 Names of Incremental Lenders
	  	Amount of Incremental Commitment
	 Deutsche Bank Trust Company Americas
	  	$	10,989,011.00
	Total:	  	$	10,989,011.00

  

 A-1Form of Stock Option Agreement under the 2010 Equity Incentive Plan

 Exhibit 10.20 

STOCK OPTION AGREEMENT 

THIS AGREEMENT dated ______________, _______. 

BETWEEN: 
 SMART
TECHNOLOGIES INC., a body corporate amalgamated under the laws of the Province of Alberta (the “Corporation”) 
 AND:

 ____________________, an individual, residing in the [Province of Alberta] (the “Optionee”)

 WHEREAS: 
  

	A.	The Corporation has adopted a 2010 Equity Incentive Plan (which equity incentive plan, as may be amended from time to time, is referred to herein as the
“Plan”); and 

  

	B.	The Board of Directors of the Corporation has approved the granting to the Optionee of a stock option to purchase shares of the Corporation under the Plan;

 IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED IN THIS AGREEMENT, THE PARTIES AGREE AS FOLLOWS:

  

	1.	Pursuant to the provisions of the Plan, the Corporation hereby grants to the Optionee, on the terms and conditions contained herein, an irrevocable right (the
“Option”) to purchase from the Corporation an aggregate of ___________ Class A Subordinate Voting Shares in the capital of the Corporation (the “Shares”), at the price of $________ per share (the
“Exercise Price”) exercisable as to the number of Shares and within the periods of time set forth in Section 3 of this Agreement. 

  

	2.	The Option granted hereby is subject to the terms and conditions of this Agreement and as contained in the Plan. The Plan is incorporated into and made a part of this
Agreement. Unless there is something inconsistent in the subject or context, or unless otherwise provided in this Agreement, each of the capitalized expressions used in the Agreement has the same meaning ascribed to it in the Plan. A copy of the
current form of the Plan is annexed to this Agreement as Exhibit “A”. 

  

	3.	Subject to the limitations on exercise and termination contained in the Plan, the Optionee may exercise the Option at any time after the date of this Agreement and
before 5:00 p.m. (Calgary time) on ________________ (the “Normal Expiry Date”), subject to the vesting conditions below. At 5:00 p.m. (Calgary time) on the Normal Expiry Date, the Option terminates and is of no further force or
effect in respect of those Shares for which the Option has not been exercised. The Option will vest as follows: 

[Insert Vesting Schedule] 
  

 - 2 - 

 

	4.	Subject to the provisions of the Plan, the Optionee or his legal personal representative may exercise the Option for vested Shares by giving a written notice (the
“Notice”) to the Corporation substantially in the form of Exhibit “B”. In the Notice, the Optionee will specify the number of Shares being purchased. Concurrently, the Optionee will deliver payment, by cash, certified
cheque or bank draft, in the full amount of the Exercise Price for the number of Shares specified in the Notice. Within 10 days after the Corporation’s receipt of the Notice and the Exercise Price, the Corporation will deliver (or cause to be
delivered) to the Optionee or his legal personal representatives, or as the Optionee or his legal personal representatives may otherwise direct in the Notice, one or more certificates in the name of the Optionee or his legal personal representative,
representing the aggregate number of Shares for which the Optionee or his legal personal representatives have paid the Exercise Price. 

  

	5.	Nothing contained in the Plan or this Agreement requires the Optionee to purchase any Shares except those Shares in respect of which the Optionee has exercised his
Option in the manner provided in Section 4 of this Agreement. 

  

	6.	The Optionee has no rights as a shareholder for any of the Shares, including without limitation, the right to receive dividends or other distributions thereon, other
than in respect of those Shares for which the Optionee has exercised this Option and for which the Corporation has issued certificates, both in the manner provided in Section 4 of this Agreement. 

 

	7.	If a conflict arises between the Plan and this Agreement, the terms and conditions of the Plan shall prevail. The Corporation and the Optionee will refer to the
Committee any question, conflicts or disputes arising under the Plan or this Agreement as to the interpretation, construction or enforcement of the Option and agree that the Committee’s decision is final and binding on the parties.

  

	8.	All notices and other communications under this Agreement or the Plan are deemed to have been sufficiently given if personally delivered, if given by facsimile at the
number indicated below or if mailed by registered prepaid post addressed as follows: 

  

	 	(a)	If to the Corporation, to 3636 Research Road NW, Calgary, Alberta, T2L 1Y1 or to fax number (403) 407-5201, Attention:
                                    .

  

	 	(b)	If to the Optionee, at the address specified on the signature page of this Agreement or, if no such address is provided, at the address specified for the Optionee in
the records of the Corporation. 

 A notice or other communication delivered personally is deemed to have been
received as soon as actual delivery has been made at the address above. A notice or other communication given by facsimile is deemed to have been given on the date that confirmation of transmission is received by the sender. A notice or other
communication mailed is deemed to have been given on the third business day after the day it is posted in any post office in the Province of Alberta. Either party to this Agreement may, at any time, change its address for service by notice given in
the manner set out in this Agreement. 
  

	9.	This Agreement enures to the benefit of and is binding upon the Corporation, its successors and assigns, and the Optionee and his legal personal representatives to the
extent provided in the Plan. Neither the Option nor this Agreement is assignable by the Optionee or his legal personal representatives. 

 - 3 - 

 

	10.	Time is of the essence of this Agreement. 

  

	11.	In this Agreement words importing the masculine gender include feminine and vise versa. Similarly, words importing the singular include the plural and vise versa.

  

	12.	This Agreement and the Option are subject to and are to be construed in accordance with the laws of the Province of Alberta. 

 

	13.	The Optionee acknowledges and agrees that the granting of these Options is governed by applicable securities laws which may require the Optionee to file an insider
report on SEDI within the applicable time frame. The Optionee further acknowledges that the filing of an insider report is his or her personal responsibility. 

 

	14.	This Agreement constitutes the whole and entire agreement between the parties in connection with the subject matter hereof and cancels and supersedes any prior
agreements, undertakings, declarations, commitments, representations, written or oral, in respect thereof, and, other than as set forth in the Plan, there are no express or implied terms, conditions, agreements, undertakings, declarations,
commitments, representations or warranties or other duties (legal, equitable, fiduciary, in tort or under general principles of civil law) whatsoever between the parties not expressly provided for in this Agreement. 

IN WITNESS WHEREOF the parties hereto have signed and delivered the Agreement as of the date first above written. 

 

					
	SIGNED AND DELIVERED	 	)	 	
	In the presence of	 	)	 	
		 	)	 	
		 	)	 	
	 	 	)	 	 
	Witness	 		 	

  
 Address for service of the Optionee:

  

							
	 	 		 	SMART TECHNOLOGIES INC.
				
	 	 		 		 	
				
		 		 	Per:	 	 
	 	 		 		 	Name:
		 		 		 	Title:
				
	Facsimile
No.:                                        
                                         
    	 		 		 	

  

 EXHIBIT “A” 

 
  

2010 EQUITY INCENTIVE PLAN 
  

 EXHIBIT “B” 

 
  

SMART TECHNOLOGIES INC. 

(the “Corporation”) 

NOTICE OF EXERCISE OF OPTION 

This is the Notice referred to in a Stock Option Agreement between the Corporation and ________________ (the “Optionee”) dated
____________ (the “Agreement”). Capitalized terms used herein shall have the meanings ascribed thereto in the Agreement. 
 The
undersigned Optionee (or his legal representative(s) permitted under the Plan) hereby irrevocably elects to exercise his Option for the number and class of Shares (or other property or securities subject thereto) as set forth below: 

 

					
	(a)	    	Number of Shares to be Acquired:	 	                             
           0
			
	(b)	    	Class of Shares:	 	 ClassA Subordinate Voting Shares

			
	(c)	    	Exercise Price Per Share:	 	$                             
         
			
	(d)	    	Aggregate Exercise Price:	 	$                             
         

 And hereby tenders either cash, a certified cheque or a bank draft for
the aggregate Exercise Price, and directs that the Shares be registered and a certificate therefor to be issued and delivered as directed below. 

DATED THIS __________ day of__________________ (month), ___________ (year) 

 

					
	WITNESS TO EXECUTION	 	)	 	
		 	)	 	
		 	)	 	
	 	 	)	 	 
		 	)	 	Name of Optionee
		 	)	 	
		 	)	 	
		 	)	 	 
		 	)	 	Signature of Optionee
		 		 	
	Direction as to Registration of Shares	 		 	
			
	 	 		 	
	Name of Registered Holder	 		 	
			
	 	 		 	
	Address of Registered Holder

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