Document:

Mitel Networks Corporation

 

INDEMNITY AGREEMENT

THIS AGREEMENT is made l.

BETWEEN:

MITEL NETWORKS CORPORATION, a corporation governed by the laws of
Canada, (the “Corporation”)

- and -

l, an individual principally resident in the City of l, l
(the “Indemnified Party”)

RECITALS:

	A.	 	The Indemnified Party is or has been a duly elected or appointed director or officer of the
Corporation.
	 
	B.	 	The Corporation considers it desirable and in the best interests of the Corporation to enter
into this Agreement to set out the circumstances and manner in which the Indemnified Party may
be indemnified in respect of certain liabilities or expenses which the Indemnified Party may
incur as a result of acting as a director or officer of the Corporation.
	 
	C.	 	The Indemnified Party has agreed to serve or to continue to serve as a director or officer of
the Corporation subject to the Corporation providing the Indemnified Party with an indemnity
against certain liabilities.
	 
	D.	 	The by-laws of the Corporation contemplate that the Indemnified Party may be indemnified in
certain circumstances.

THEREFORE, the Parties agree as follows:

ARTICLE 1

DEFINITIONS AND PRINCIPLES OF INTERPRETATION

	1.1	 	Definitions

Whenever used in this Agreement, the following words and terms shall have the meanings set out
below:

	 	(a)	 	“Act” means the Canada Business Corporations Act, as the same exists on the
date hereof or may hereafter be amended;

 

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	 	(b)	 	“Agreement” means this agreement, including all schedules, and all amendments
or restatements as permitted, and references to “Article” or “Section” mean the
specified Article or Section of this Agreement;
	 
	 	(c)	 	“Business Day” means any day, other than a Saturday or a Sunday, on which
[Royal Bank of Canada] in Ottawa, Ontario is open for commercial banking business
during normal business hours;
	 
	 	(d)	 	“Claim” includes any civil, criminal, administrative or investigative or other
proceeding of any nature or kind in which the Indemnified Party is involved because of
the Indemnified Party’s association with the Corporation;
	 
	 	(e)	 	“Losses” includes all costs, charges, expenses, losses, damages, fees
(including any legal, professional or advisory fees or disbursements), liabilities,
amounts paid to settle or dispose of any Claim or satisfy any judgment, fines,
penalties or liabilities, without limitation, and whether incurred alone or jointly
with others, including any amounts which the Indemnified Party may reasonably suffer,
sustain, incur or be required to pay in respect of the investigation, defence,
settlement or appeal of or preparation for any Claim or with any action to establish a
right to indemnification under this Agreement;
	 
	 	(f)	 	“Parties” means the Corporation and the Indemnified Party collectively and
“Party” means any one of them; and
	 
	 	(g)	 	“Taxes” includes any assessment, reassessment, claim or other amount for taxes,
charges, duties, levies, imposts or similar amounts, including any interest and
penalties in respect thereof.

	1.2	 	Certain Rules of Interpretation

In this Agreement:

	 	(a)	 	Governing Law – This Agreement is a contract made under and shall be governed
by and construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable in the Province of Ontario. The Parties hereby irrevocably
submit and attorn to the jurisdiction of the courts of the Province of Ontario with
respect to all matters arising out of or relating to this Agreement and all matters,
agreements or documents contemplated by this Agreement. The Parties hereby waive any
objections they may have to the venue being in such courts including, without
limitation, any claim that any such venue is in an inconvenient forum.
	 
	 	(b)	 	Headings – Headings of Articles and Sections are inserted for convenience of
reference only and shall not affect the construction or interpretation of this
Agreement.
	 
	 	(c)	 	Number – Unless the context otherwise requires, words importing the singular
include the plural and vice versa.

 

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	 	(d)	 	Severability – If, in any jurisdiction, any provision of this Agreement or its
application to any Party or circumstance is restricted, prohibited or unenforceable,
such provision shall, as to such jurisdiction, be ineffective only to the extent of
such restriction, prohibition or unenforceability without invalidating the remaining
provisions of this Agreement and without affecting the validity or enforceability of
such provision in any other jurisdiction or without affecting its application to other
Parties or circumstances.
	 
	 	(e)	 	Entire Agreement – This Agreement constitutes the entire agreement between the
Parties and sets out all the covenants, promises, warranties, representations,
conditions, understandings and agreements between the Parties pertaining to the subject
matter of this Agreement and supersedes all prior agreements, understandings,
negotiations and discussions, oral or written. There are no covenants, promises,
warranties, representations, conditions, understandings or other agreements, oral or
written, between the Parties in connection with the subject matter of this Agreement
except as specifically set forth in this Agreement.

ARTICLE 2

OBLIGATIONS

	2.1	 	Obligations of the Corporation

	 	(a)	 	General Indemnity – Except in respect of an action by or on behalf of the
Corporation to procure a judgment in its favour against the Indemnified Party, or
except as otherwise provided herein, the Corporation agrees to indemnify and hold the
Indemnified Party harmless to the fullest extent permitted by law, including but not
limited to the indemnity under the Act, from and against any and all Losses which the
Indemnified Party may reasonably suffer, sustain, incur or be required to pay in
respect of any Claim, provided that the indemnity provided for in this Section 2.1(a)
will only be available if:

	 	(i)	 	the Indemnified Party was acting honestly and in good faith
with a view to the best interests of the Corporation;
	 
	 	(ii)	 	in the case of a criminal or administrative action or
proceeding that is enforced by monetary penalty, the Indemnified Party had
reasonable grounds for believing that the Indemnified Party’s conduct was
lawful; and
	 
	 	(iii)	 	in so acting, the Indemnified Party was not in breach of the
Indemnified Party’s obligations hereunder.

	 	(b)	 	Taxes – For greater certainty, a Claim subject to indemnification pursuant to
Section 2 of this Agreement shall include any Taxes which the Indemnified Party may be
subject to or suffer or incur as a result of, in respect of, arising out of or
referable to any indemnification of the Indemnified Party by the Corporation pursuant
to this Agreement, provided however that any amount required to be

 

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	 	 	 	paid with respect to
such Taxes shall be payable by the Corporation only upon the Indemnified Party
remitting or being required to remit any amount payable on account of such Taxes.

	 	(c)	 	Indemnity as of Right – Notwithstanding anything in this Agreement, the
Indemnified Party is entitled to an indemnity from the Corporation in respect of all
costs, charges and expenses reasonably incurred by the Indemnified Party in connection
with the defence of any Claim, if the Indemnified Party:

	 	(i)	 	was not judged by the court or other competent authority to
have committed any fault or omitted to do anything that the Indemnified Party
ought to have done; and
	 
	 	(ii)	 	fulfils the conditions set out in Sections 2.1(a)(i) and
2.1(a)(ii) above.

	 	(d)	 	Derivative Claims – In respect of any action by or on behalf of the Corporation
to procure a judgment in its favour against the Indemnified Party, in respect of which
the Indemnified Party is made a party because of the Indemnified Party’s association
with the Corporation, the Corporation shall make application, at its expense, for the
approval of a court of competent jurisdiction to advance monies to the Indemnified
Party for costs, charges and expenses reasonably incurred by the Indemnified Party in
connection with such action and to indemnify and save harmless the Indemnified Party
for such costs, charges and expenses of such action provided the Indemnified Party
fulfils the conditions set out in Sections 2.1(a)(i) and 2.1(a)(ii) above and provided
that such advance or indemnification is not prohibited under any applicable statute and
provided the Indemnified Party shall repay such funds advanced if the Indemnified Party
ultimately does not fulfil the conditions set out in Sections 2.1(a)(i) and 2.1(a)(ii)
above.
	 
	 	(e)	 	Advance of Expenses – Subject to Section 2.1(d) of this Agreement, the
Corporation may, at the request of the Indemnified Party, advance to the Indemnified
Party sufficient funds, or arrange to pay on behalf of or reimburse the Indemnified
Party for any costs, charges or expenses, reasonably incurred by the Indemnified Party
in investigating, defending, appealing, preparing for, providing evidence in or
instructing and receiving the advice of the Indemnified Party’s counsel or other
professional advisors in regard to any Claim or other matter for which the Indemnified
Party may be entitled to an indemnity or reimbursement hereunder, and such amounts
shall be treated as a non-interest bearing advance or loan to the Indemnified Party,
pending approval of the Corporation and a court of competent jurisdiction (if
required), to the payment thereof as an indemnity and provided that the Indemnified
Party fulfils the conditions set out in Sections 2.1(a)(i) and 2.1(a)(ii) above. In
the event it is ultimately determined by a court of competent jurisdiction that the Indemnified Party did not fulfil the conditions
set out in Sections 2.1(a)(i) and 2.1(a)(ii) above, or that the Indemnified Party
was not entitled to be fully so indemnified, such loan or advance, or the
appropriate portion thereof shall, upon written notice of such determination being
given by the Corporation to the Indemnified Party detailing the basis for such
determination, be repayable on demand and shall bear interest from the date of such
notice at the prime rate prescribed from time to time by Royal Bank of 

 

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	 	 	 	Canada.
Despite the above, any advances hereunder shall not be made if it is determined by a
majority vote of a quorum of disinterested directors (or by independent legal
counsel, if such a quorum is not obtainable) that the Indemnified Party acted in bad
faith or deliberately breached the Indemnified Party’s duty to the Corporation and,
as a result, it is more likely than not that the Indemnified Party will not be
entitled to indemnification under the terms of this Agreement. It is understood
that any such determination by the Corporation shall not create a presumption that
the Indemnified Party has not met the applicable standard of conduct for purposes of
a final determination of the issue by a court.

	2.2	 	Notice of Proceedings

The Indemnified Party shall, as a condition precedent to the Indemnified Party’s right to be
indemnified under this Agreement, give notice in writing to the Corporation as soon as practicable
upon being served with any statement of claim, writ, notice of motion, indictment, subpoena,
investigation order or other document commencing, threatening or continuing any Claim involving the
Corporation or the Indemnified Party which may result in a claim for indemnification under this
Agreement, and the Corporation agrees to give the Indemnified Party notice in writing as soon as
practicable upon it being served with any statement of claim, writ, notice of motion, indictment,
subpoena, investigation order or other document commencing or continuing any Claim involving the
Indemnified Party. Such notice shall include a description of the Claim or threatened Claim, a
summary of the facts giving rise to the Claim or threatened Claim and, if possible, an estimate of
any potential liability arising under the Claim or threatened Claim.

	2.3	 	Subrogation

Promptly after receiving written notice from the Indemnified Party of any Claim or threatened Claim
(other than a Claim by or on behalf of the Corporation to procure a judgment in its favour against
the Indemnified Party), the Corporation may, and upon the written request of the Indemnified Party
shall, by notice in writing to the Indemnified Party, in a timely manner assume conduct of the
defence thereof and retain counsel on behalf of the Indemnified Party who is reasonably
satisfactory to the Indemnified Party, to represent the Indemnified Party in respect of the Claim.
On delivery of such notice by the Corporation, the Corporation shall not be liable to the
Indemnified Party under this Agreement for any fees and disbursements of counsel the Indemnified
Party may subsequently incur with respect to the same matter. In the event the Corporation assumes
conduct of the defence on behalf of the Indemnified Party, the Indemnified Party hereby consents to
the conduct thereof and of any action taken by the Corporation, in good faith, in connection
therewith, and the Indemnified Party shall fully cooperate in such defence
including, without limitation, the provision of documents, attending examinations for discovery,
making affidavits, meeting with counsel, testifying and divulging to the Corporation all
information reasonably required to defend or prosecute the Claim.

 

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ARTICLE 3

MISCELLANEOUS

	3.1	 	Corporation and Indemnified Party to Cooperate

The Corporation and the Indemnified Party shall, from time to time, provide such information and
cooperate with the other, as the other may reasonably request, in respect of all matters under this
Agreement.

	3.2	 	Effective Time

This Agreement shall be deemed to have effect as and from the first date that the Indemnified Party
became a director or officer of the Corporation.

	3.3	 	Insolvency

The liability of the Corporation under this Agreement shall not be affected, discharged, impaired,
mitigated or released by reason of the discharge or release of the Indemnified Party in any
bankruptcy, insolvency, receivership or other similar proceeding of creditors.

	3.4	 	Multiple Proceedings

No action or proceeding brought or instituted under this Agreement and no recovery pursuant thereto
shall be a bar or defence to any further action or proceeding which may be brought under this
Agreement.

ARTICLE 4

GENERAL

	4.1	 	Term

This Agreement shall survive until two years after the Indemnified Party has ceased to act as a
director or officer of the Corporation.

	4.2	 	Assignment

Neither Party may assign this Agreement or any rights or obligations under this Agreement without
the prior written consent of the other Party. This Agreement shall enure to the benefit of and be
binding upon the Parties and the heirs, executors and administrators and other legal
representatives of the Indemnified Party and the successors and permitted assigns (including any
successor by reason of amalgamation) of the Corporation.

 

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	4.3	 	Amendments and Waivers

No supplement, modification, amendment or waiver or termination of this Agreement and, unless
otherwise specified, no consent or approval by any Party, shall be binding unless executed in
writing by the Party to be bound thereby. For greater certainty, the rights of the Indemnified
Party under this Agreement shall not be prejudiced or impaired by permitting or consenting to any
assignment in bankruptcy, receivership, insolvency or any other creditor’s proceedings of or
against the Corporation or by the winding-up or dissolution of the Corporation.

	4.4	 	Notices

Any notice, consent or approval required or permitted to be given in connection with this Agreement
(in this Section referred to as a “Notice”) shall be in writing and shall be sufficiently given if
delivered (whether in person, by courier service or other personal method of delivery), or if
transmitted by facsimile or e-mail:

	 	(a)	 	in the case of a Notice to the Indemnified Party at:

	 	 	 	 	 
	 

	 	l	 	 
	 
	 	 	 	 
	 

	 	Fax:
	 	l
	 

	 	E-mail:
	 	l

	 	(b)	 	in the case of a Notice to the Corporation at:

	 	 	 	 	 
	 	 	Mitel Networks Corporation
	 	 	350 Legget Drive
	 	 	Ottawa, Ontario Canada
	 	 	K2K 2W7
	 
	 	 	 	 
	 

	 	Attention:
	 	Steven W. Spooner
	 

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 

	 	Facsimile:
	 	(613) 592-7838
	 

	 	E-mail:
	 	steve_spooner@mitel.com

Any Notice delivered or transmitted to a Party as provided above shall be deemed to have been given
and received on the day it is delivered or transmitted, provided that it is delivered or
transmitted on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt.
However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not
a Business Day then the Notice shall be deemed to have been given and received on the next Business
Day.

Any Party may, from time to time, change its address by giving Notice to the other Party in
accordance with the provisions of this Section.

 

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	4.5	 	Further Assurances

The Corporation and the Indemnified Party shall, with reasonable diligence, do all such further
acts, deeds or things and execute and deliver all such further documents as may be necessary or
advisable for the purpose of assuring and conferring on the Indemnified Party the rights hereby
created or intended, and of giving effect to and carrying out the intention or facilitating the
performance of the terms of this Agreement or to evidence any loan or advance made pursuant to
Section 2.1(e) hereof.

	4.6	 	Independent Legal Advice

The Indemnified Party acknowledges that the Indemnified Party has been advised to obtain
independent legal advice with respect to entering into this Agreement, that he has obtained such
independent legal advice or has expressly deemed not to seek such advice, and that the Indemnified
Party is entering into this Agreement with full knowledge of the contents hereof, of the
Indemnified Party’s own free will and with full capacity and authority to do so.

	4.7	 	Execution and Delivery

This Agreement may be executed by the Parties in counterparts and may be executed and delivered by
facsimile and all such counterparts and facsimiles together shall constitute one and the same
agreement.

IN WITNESS OF WHICH the Parties have duly executed this Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	MITEL NETWORKS CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

Name: l
	 	 
	 

	 	 	 	 	 	Title: l	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 

Name: Witness to signature of l

	 	 
	 	 	 	 

[Indemnified Party]exv10w1

 

EXHIBIT 10.1

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Award Document

Performance Award — CEO

You have been selected to receive a Performance Award under the Hub International Limited
Amended and Restated 2005 Equity Incentive Plan (the “Plan”), as specified below:

     Name of Participant: [INSERT NAME]

     Address: [INSERT ADDRESS]

     SSN: [INSERT SSN]

     Performance Award: As set forth on the attached Exhibit A.

     Grant Date: [INSERT DATE]

     Vesting Date: As set forth on the attached Exhibit A

     THIS AWARD DOCUMENT represents the grant of a Performance Award by Hub International Limited,
a corporation organized under the laws of Canada (the “Company”), to the Participant named above,
in consideration of services provided and to be provided to the Company and/or its Subsidiaries
pursuant to the provisions of the Plan and Section 9 thereof. All capitalized terms shall have the
meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Exhibits A
and B of this Award Document (“Exhibit A” and “Exhibit “B”, respectively ) shall constitute an
integral part of this Award Document as though fully set out herein and is hereby incorporated
herein by reference in its entirety.

     1. Performance Period. The Performance Period shall commence and terminate as provided on
Exhibit A to this Award Document.

     2. Form of Performance Award. The Performance Award shall consist of cash or Restricted Share
Units, in the amount(s) as set forth on Exhibit A. If denominated as Restricted Share Units, each
Restricted Share Unit shall represent and have a value equal to one common share of the Company,
subject to adjustment as provided in Section 11(b) of the Plan.

     3. Achievement of Performance Condition(s). The amount of cash or the number of Restricted
Share Units to be earned under this Performance Award shall be based upon the performance
condition(s) set forth on Exhibit A, which in the case of a Performance Award to a Covered Employee
shall be one or more Performance Goals.

     4. Termination Provisions. Unless otherwise specified in Exhibit A, upon the Participant
ceasing to be an Eligible Individual for any reason whatsoever prior to the completion of the
Performance Period and any additional vesting period described in Exhibit A, the Participant’s
Performance Award shall be forfeited and cancelled without any payment to such Participant.

 

 

     5. Change in Control Provisions. In the event of a Change of Control prior to the completion
of the Performance Period and, if applicable, any additional vesting period described on Exhibit A,
the Restricted Share Units or the Target amount of cash set forth on Exhibit A for the Performance
Award, unless previously forfeited, shall automatically vest and become non-forfeitable, the
Performance Period shall be deemed to have ended as of the date of the Change of Control, and the
Participant shall be entitled to payment; provided that the Cash Annual incentive Award shall be
based on the increase, if any, in Adjusted EPS earned by the Company to and including the last day
of the fiscal quarter immediately preceding the fiscal quarter in which the Change in Control
occurs relative to Adjusted EPS for the same time frame for the prior year, as if such period
represented the full Performance Period for each respective year.

     6. Dividend Credits. No dividends shall be declared or paid or credits made in respect of
Restricted Share Units awarded pursuant to this Performance Award.

     7. Form and Timing of Payment of Performance Shares. Payment of the earned and vested portion
of the Performance Award shall be made in either Shares or cash or a combination of Shares and
cash, as provided on Exhibit A. The earned and vested Performance Award shall be paid as soon as
administratively practicable following the close of the Performance Period and the Committee’s
determination of the final amount payable under the Performance Award, but, in any event, no later
than March 15 of the year following the year in which the Performance Award vests.

     8. Tax Withholding. The Company shall have the power and the right to deduct or withhold, or
require the Participant or beneficiary to remit to the Company, an amount sufficient to satisfy
federal, state, provincial, and local taxes, domestic or foreign, required by law or regulation to
be withheld with respect to any taxable event arising as a result of this Performance Award.

     9. Nontransferability. Until actually delivered to the Participant in settlement of the
Performance Award, the Performance Award and any Shares or cash underlying such Performance Award
shall not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution.

     10. Administration. This Award Document and the rights of the Participant hereunder are
subject to all the terms and conditions of the Plan, as the same may be amended from time to time,
as well as to such rules and regulations as the Committee may adopt for administration of the Plan.
It is expressly understood that the Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the Plan and this Award Document,
all of which shall be binding upon the Participant.

     11. Specific Restrictions Upon Shares. If the Performance Award provides for the issuance of
Shares, the Participant hereby agrees with the Company as follows:

	 	(a)	 	the Participant shall acquire any Shares issuable with respect to the
Performance Award granted hereunder for investment purposes only and not with a
view to resale or other distribution thereof to the public in violation of the
Securities Act of 1933, as amended (the “1933 Act”), and shall not dispose of any
such Shares in transactions which, in the opinion of counsel to the Company,
violate the the1933 Act, or the rules and regulations thereunder, or any applicable
Canadian, state or provincial securities or “blue sky” laws.

2

 

	 	(b)	 	if any Shares acquired with respect to the Performance Award shall be
registered under the 1933 Act, no public offering (otherwise than on a national
securities exchange, as defined in the Exchange Act) of any such Shares shall be
made by the Participant under such circumstances that he or she (or such other
person) may be deemed an underwriter, as defined in the 1933 Act; and
	 
	 	(c)	 	the Company shall have the authority to endorse upon the certificate or
certificates representing the Shares acquired hereunder such legends referring to
the foregoing restrictions.

     12. Miscellaneous.

	 	(a)	 	Adjustments to Shares. If the Performance Award provides for
the issuance of Shares, subject to Section 11(b) of the Plan, if there is any
change in the outstanding Shares of the Company by reason of a stock dividend or
split, a recapitalization, or a consolidation, combination or exchange of shares,
or if there is any other change (including, possibly, an extraordinary dividend)
which the Committee in its sole discretion determines is a sufficiently fundamental
change to warrant the action hereinafter described, the Committee shall make,
subject to any prior approval required of relevant stock exchanges or other
applicable regulatory authorities, if any, an appropriate substitution or
adjustment in the number and kind of Shares subject to this Performance Award, and
if applicable, the limits described in Section 4 of the Plan to prevent dilution or
enlargement of rights; provided, however, that no substitution or adjustment shall
obligate the Company to transfer fractional Shares. In the event of the
reorganization or the amalgamation, merger or consolidation of the Company with
another corporation, the Committee may make such provision for the protection of
the rights of Eligible Individuals and Participants as the Committee in its
discretion deems appropriate to prevent dilution or enlargement of rights. The
determination of the Committee, as to any such substitution or adjustment or as to
there being no need for the same, will be final and binding on all parties.
	 
	 	(b)	 	Notices. Each notice relating to the Plan or this
Performance Award shall be in writing and delivered by recognized overnight
courier or certified mail to the proper address or, optionally, to any individual
personally. All notices to the Company or the Committee shall be addressed to the
Company at its registered office, Attn: Corporate Secretary. All notices to the
Participant, to his or her beneficiaries or to other persons acting for or on
behalf of such persons which are not delivered personally to an individual shall
be addressed to such person at the last address for such person maintained in the
records of the Committee or the Company.
	 
	 	(c)	 	Failure To Enforce Not a Waiver. The failure of the Company to
enforce at any time any provision of this Award Document shall in no way be
construed to be a waiver of such provision or of any other provision hereof.
	 
	 	(d)	 	Governing Law. All questions concerning the construction,
validity and interpretation of this Award Document shall be governed by and
determined in accordance with the laws of the Province of Ontario, Canada
applicable to

3

 

	 	 	 	contracts to be performed entirely within such province and without giving effect
to principles of conflicts of laws, except that questions concerning the relative
rights of the Company and the Participant with respect to Shares shall be
governed by the corporate law of Canada.
	 
	 	(e)	 	Provisions of Plan. The Performance Award provided for herein
is granted pursuant to the Plan and said Performance Award and this Award Document
are in all respects governed by the Plan and subject to all of the terms and
provisions thereof, whether such terms and provisions are incorporated in this
Award Document solely by reference or expressly cited herein. In the case of a
Performance Award denominated as one or more Restricted Share Units, the terms and
conditions of such Restricted Share Unit(s) shall be governed by Section 9 of the
Plan and not by Section 8 of the Plan. If there is any inconsistency between the
terms of this Award Document and the terms of the Plan, the Plan’s terms shall
completely supersede and replace the conflicting terms of this Award Document.
	 
	 	(f)	 	Code section 162(m). It is intended that payments pursuant to
this Award Document to a Participant who is a “Covered Employee” constitute
“qualified performance-based compensation” within the meaning of section
1.162.27(e) of the Income Tax Regulations. To the maximum extent possible, this
Award Document and the Plan shall be so interpreted and construed. Except in the
case of a Change of Control, and, if provided in Exhibit A, the Participant’s
death, disability or involuntary dismissal without Just Cause, no amounts in excess
of the number of Restricted Share Units or cash earned under this Award Document,
as provided on Exhibit A (determined at the end of the Performance Period and based
on actual, calculated results) shall be paid to the Participant. However, the
Committee may reduce the number of Restricted Share Units or cash paid to a Covered
Employee below the calculated amount earned under this Award Document or pay no
amount at all to the Participant.
	 
	 	(g)	 	Section 16 Compliance. If the Participant is subject to
Section 16 of the Exchange Act, except in the case of death or disability, at least
six months must elapse from the date of acquisition of the Performance Award
granted hereunder to the date of the Participant’s disposition of such Performance
Award or the underlying Shares.
	 
	 	(h)	 	No Right to Employment. As more particularly set forth in
Section 10(c) of the Plan, nothing in the Plan or this Award Document shall be
construed to give the Participant any right or claim to receive grants of Awards
under the Plan or to continue in the employ of the Company of any of its
Subsidiaries.
	 
	 	(i)	 	Code Section 409A. It is intended that this Performance Award
not provide for a “deferral of compensation” subject to Code Section 409A. The
Company reserves the right to make conforming amendments to the Plan and this Award
Document consistent with this intent.
	 
	 	(j)	 	Conditional Award. This Performance Award is made under the
Plan, subject to the approval of the Plan by the Company’s shareholders at the
Annual and Special Meeting of Shareholders to be held on May 4, 2006. If
shareholders do not approve the Plan, this Performance Award shall be deemed to
have been made

4

 

	 	 	 	under the Company’s existing 2005 Equity Incentive Plan (the “Existing Plan”) and
the provisions of the Existing Plan shall be applied accordingly.

Dated as of [INSERT DATE]

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

5

 

EXHIBIT A — Schedule I

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Cash Annual Incentive Award

Participant: [INSERT NAME]

Grant Date: [INSERT DATE]

Participant’s Annual Base Salary: $[INSERT SALARY]

Vesting Date: [INSERT DATE]

THIS EXHIBIT A, Schedule I to the Award Document dated [INSERT DATE] (the “Award Document”)
provides for a Performance Award that is an Annual Incentive Award as follows:

1. Performance Period: The Performance Period shall commence on [INSERT DATE] and terminate on
[INSERT DATE].

2. Form and Amount of Performance Award: A cash Annual Incentive Award shall be potentially
payable as follows:

	 	 	 
	 
	Increase in	 	Potential Percent of Annual
	Adjusted EPS over	 	Base Salary (shown above)
	Prior Year	 	That May Be Awarded
	Adjusted EPS	 	 
	(“Performance	 	 
	Goal”)	 	 
	 
	 	 	 
	20%
	 	200.0% (Maximum)
	15%
	 	150.0%
	10%
	 	100.0%
	5% (“Target”)
	 	50.0%
	Below 5%
	 	0.0%

In the event that the Company’s Increase in Adjusted EPS over Prior Year Adjusted EPS is:
(a) greater than 5% but less than or equal to 10%, the Potential Percent of Annual Base Salary That
May Be Awarded shall be increased ratably; (b) greater than 10% but less than 15%, the Potential
Percent

 

 

of Annual Base Salary That May Be Awarded shall not be increased from 100%; and (c) greater than
15% but less than or equal to 20%, the Potential Percent of Annual Base Salary That May Be Awarded
shall be increased ratably. Such ratable increase, if any, shall be by 5.0% of Annual Base Salary
with each incremental one-half of one percent (0.5%) increase in Adjusted EPS over Prior Year
Adjusted EPS (after rounding to the nearest one-half percentage point).

In determining the actual cash Annual Incentive Award earned by the Participant, the amount
calculated under this Paragraph 2 shall be subject to adjustment by the Committee, based upon the
Committee’s evaluation of the Participant’s performance with respect to the Participant’s
Individual Performance Criteria set forth in Paragraph 3 of this Schedule I to Exhibit A.

The percentage of Annual Base Salary payable as an Annual Incentive Award at a 5% Increase in
Adjusted EPS over Prior Fiscal Year shall constitute the Target for purposes of the Change of
Control provisions of Section 5 of the Award Document.

“Adjustable Item”, “Adjusted EPS”, “Adjustment Threshold”, “EPS”, “Extraordinary Item” and
“GAAP” have the meanings given thereto in Exhibit B attached to the Award Document.

3. Individual Performance Criteria: The Committee has established the following Individual
Performance Criteria for the Participant:

[INSERT INDIVIDUAL PERFORMANCE CRITERIA]

At its sole discretion, the Committee may adjust up to 20% of the calculated amount determined
under Paragraph 2 of this Schedule I to Exhibit A, based upon the Committee’s evaluation of the
Participant’s performance with respect to the Individual Performance Criteria set forth in
Paragraph 3 of this Schedule I. If the Participant is a Covered Employee, no such adjustment shall
result in the payment of an Award that exceeds the calculated amount determined under Paragraph 2,
above.

4. Vesting/Termination of Employment Provisions. Except as provided in Subparagraphs (i), (ii)
and (iii), below, the Annual Incentive Award shall be forfeited if the Participant has had a
Termination of Employment on or before the Vesting Date.

	 	(i)	 	In the event of the Participant’s Termination of Employment by reason of death
or Disability prior to the Vesting Date, the Participant shall be entitled to a
prorated Annual Incentive Award if the Target Performance Goal is attained. The
prorated Annual Incentive Award to which the Participant shall be entitled shall be an
amount determined by multiplying the Potential Percent of Annual Base Salary payable at
Target by a fraction, the numerator of which is the number of whole months during the
Performance Period that the Participant was an Eligible Individual and the denominator
of which is the number of whole months of the Performance Period. Payment of a prorated
Annual Incentive Award under this Section 4(i) shall be made as soon as
administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs).
	 
	 	(ii)	 	In the event of the Participant’s Termination of Employment by reason of
involuntary dismissal without Just Cause prior to the Vesting Date, the Participant
shall be

2

 

	 	 	 	entitled to a prorated Annual Incentive Award. The prorated Annual Incentive Award
to which the Participant shall be entitled shall be an amount determined by
multiplying the Potential Percent of Annual Base Salary payable at Target by a
fraction, the numerator of which is the number of whole months during the
Performance Period that the Participant was an Eligible Individual and the
denominator of which is the number of whole months of the Performance Period.
Payment of a prorated Annual Incentive Award under this Section 4(ii) shall be made
as soon as administratively practicable after the date of the Participant’s
Termination of Employment (but, in any event, no later than March 15 of the year
immediately following the year in which the Participant’s Termination of Employment
occurs).
	 
	 	(iii)	 	In the event of a Change of Control, the provisions of Section 5 of the Award
Document shall apply.

5. Form of Payment: Upon determining the final amount payable to the Participant under this
Annual Incentive Award, the Committee shall make a payment of such amount to the Participant in
cash.

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

3

 

EXHIBIT A — Schedule II

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Restricted Share Units — Long Term Incentive Award 

Participant: [INSERT NAME]

SSN: [INSERT SSN]

Grant Date: [INSERT DATE]

THIS EXHIBIT A, Schedule II to the Award Document dated [INSERT DATE] (the “Award Document”)
provides for a Performance Award that is a Long Term Incentive Award as follows:

1. Performance Period: The Performance Period shall commence on [INSERT DATE] and terminate on
[INSERT DATE, FIVE YEARS FROM COMMENCEMENT].

2. Form and Amount of Performance Award: [INSERT NUMBER, REPRESENTING 50% OF BASE SALARY]
Restricted Share Units (“RSUs”), each convertible into one share of Common Stock the Company,
without payment of cash consideration.

3. Performance and Vesting Conditions: Except as provided in Paragraph 5 of this Exhibit A, this
Long Term Incentive Award shall be forfeited unless:

	 	(i)	 	the Company achieves an average annual increase of at least 5% in Adjusted EPS over
fiscal [INSERT YEAR] , compounded over the period of five years from
[INSERT YEAR] to [INSERT YEAR, FIVE YEARS FROM COMMENCEMENT] (the
“Performance Goal”);
	 
	 	(ii)	 	the Participant has not had a Termination of Employment on or before [INSERT
DATE, FIVE YEARS FROM COMMENCEMENT] (the “Vesting Date”).

“Adjusted EPS” has the meaning given thereto and as determined by the Committee in Exhibit B
attached to this Performance Award.

“Performance Period” means the period commencing on the first day of the calendar year in which
this Long Term Incentive Award is granted and ending on the Vesting Date.

4. Individual Performance Criteria: None.

4

 

5. Termination of Employment Provisions:

	 	(i)	 	In the event of the Participant’s Termination of Employment by reason of death
or Disability prior to a Vesting Date, the Participant shall be entitled to a prorated
Long Term Incentive Award if the Performance Goal is attained. The prorated Long Term
Incentive Award to which the Participant shall be entitled shall be the whole number of
RSUs determined by multiplying the number of RSUs set forth in Paragraph 2 of this
Schedule II to Exhibit A by a fraction, the numerator of which is the number of whole
months during the Performance Period that the Participant was an Eligible Individual
and the denominator of which is the number of whole months of the Performance Period.
Payment of a prorated Performance Award under this Section 5(i) shall be made as soon
as administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs). For the purpose
of determining whether the Performance Goal has been attained under this Section 5(i),
Adjusted EPS shall be measured and compounded over the period from [INSERT
COMMENCEMENT YEAR] to the fiscal year in which the Participant’s
Termination of Employment occurred by reason of death or Disability. 

	 
	 	(ii)	 	In the event of the Participant’s Termination of Employment by reason of
involuntary dismissal without Just Cause prior to a Vesting Date, the Participant shall
be entitled to a prorated Long Term Incentive Award. The prorated Long Term Incentive
Award to which the Participant shall be entitled shall be the whole number of RSUs
determined by multiplying the number of RSUs set forth in Paragraph 2 of this Schedule
II to Exhibit A by a fraction, the numerator of which is the number of whole months
during the Performance Period that the Participant was an Eligible Individual and the
denominator of which is the number of whole months of the Performance Period. Payment
of a prorated Performance Award under this Section 5(ii) shall be made as soon as
administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs).
	 
	 	(iii)	 	In the event of a Change of Control, the provisions of Section 5 of the Award
Document) shall apply.

6. Dividend Credits: Dividend equivalents with respect to the RSUs contingently granted herein
shall not be credited under this Long Term Incentive Award.

7. Form of Payment: Upon determining the final amount payable to the Participant under this Long
Term Incentive Award, including any acceleration of such determination pursuant to Paragraph 5
hereof, within thirty (30) days thereafter the Committee shall cause the Company to deliver to the
Participant the number of Shares determined by the Committee to have been earned.

8. Reaffirmation of Covenants. The Participant acknowledges and agrees that this Long Term
Incentive Award is made, in part, by the Company in further consideration of any covenants to keep
information confidential, not to compete or not to solicit or accept business from clients or

5

 

employees made by the Participant in favour of the Company, its Subsidiaries or any of their
predecessors (the “Covenants”). The Participant agrees that if the Participant violates any of the
Covenants prior to or within thirty (30) days after the Vesting Date (or any earlier determination
of the amount payable as contemplated in Paragraph 5 of this Schedule II to Exhibit A), the
Participant shall forfeit any right to receive any further payment or other benefit (including, but
not limited to, any shares of Common Stock) under this Schedule II to Exhibit A.

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

6

 

EXHIBIT B 

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Adjusted EPS

Definitions 

	 	 	 	 	 	 	 
	Adjustable Item:	 	Unless otherwise determined by the Committee, any non-recurring or out-of-the-ordinary item that is
described and applied in normalizing the Company’s earnings in the Company’s press release for the
applicable fiscal year. In respect of [INSERT YEAR] through [INSERT YEAR, FIVE YEARS
AFTER COMMENCEMENT] , after such determinations by the Committee and in addition to any other items
subsequently determined by the Committee to be Adjustable Items, Adjustable Items includes only the
following as at the date of this Performance Award:
	 
	 	 	 	 	 	 
	 	 	[INSERT ITEMS]
	 
	 	 	 	 	 	 
	Adjusted EPS:	 	EPS, adjusted to reflect Extraordinary Items and rounded to the nearest one one-hundredth of a dollar per
share; and Adjusted EPS for [INSERT DATE] has been determined by the Committee to be
$ [INSERT AMOUNT] , calculated as follows:
	 
	 	 	 	 	 	 
	 

	 	[INSERT DATE] Item
	 	Net Earnings
	 	Diluted EPS
	 	 	 
	 
	 	 	 	 	 	 
	 	 	[INSERT DATA]
	 
	 	 	 	 	 	 
	Adjustment Threshold:	 	The amount of all Adjustable Item(s) that alone, or in combination with other Adjustable Items for the
same year on a net aggregate basis, before calculating Adjusted EPS, impacts the calculation of EPS by at
least $0.01
	 
	 	 	 	 	 	 
	EPS:	 	The Company’s reported earnings per share for the respective fiscal year(s) of reference, calculated in
accordance with GAAP.
	 
	 	 	 	 	 	 
	Extraordinary Items:	 	(a) Any “Extraordinary Item” as defined in accordance with GAAP; and (b) any other item that is an
“Adjustable Item” to the extent that it, either alone or together with other Adjustable Item(s), exceeds
the Adjustment Threshold.
	 
	 	 	 	 	 	 
	GAAP:	 	Generally accepted accounting principles in Canada.

1

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