Document:

EX-10.1

 Exhibit 10.1 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF
PUBLICLY DISCLOSED. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [***]. 
 Execution Copy 

CREDIT AGREEMENT 
 BETWEEN 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 
 as
Borrower 
 AND 
 DIRTT ENVIRONMENTAL
SOLUTIONS, INC. 
 as Guarantor 
 AND

 ROYAL BANK OF CANADA 
 as Lender

  
 MADE AS OF 

JULY 19, 2019 
 McCarthy
Tétrault LLP 

 TABLE OF CONTENTS 
  

									
		  		  		  	 	Page	 
		
	 ARTICLE 1 - INTERPRETATION
	  	 	1	 
				
	    1.01	  		  	 Definitions
	  	 	1	 
	    1.02	  		  	 Extended Meanings
	  	 	24	 
	    1.03	  		  	 Accounting Principles
	  	 	24	 
	    1.04	  		  	 Interest Calculations and Payments
	  	 	25	 
	    1.05	  		  	 Interest Act (Canada)
	  	 	25	 
	    1.06	  		  	 Permitted Encumbrances
	  	 	25	 
	    1.07	  		  	 Currency
	  	 	25	 
	    1.08	  		  	 Conflicts
	  	 	25	 
	    1.09	  		  	 Schedules
	  	 	26	 
		
	 ARTICLE 2 - THE CREDIT FACILITY
	  	 	26	 
				
	    2.01	  		  	 Borrower Facilities
	  	 	26	 
	    2.02	  		  	 Extension of the Credit Facility
	  	 	26	 
	    2.03	  		  	 Purpose of Credit Facility
	  	 	27	 
	    2.04	  		  	 Manner of Borrowing
	  	 	27	 
	    2.05	  		  	 Revolving Nature of Credit Facility
	  	 	27	 
	    2.06	  		  	 Drawdowns, Conversions and Rollovers
	  	 	27	 
	    2.07	  		  	 Drawdowns of Overdraft Loans
	  	 	28	 
	    2.08	  		  	 General Account
	  	 	28	 
	    2.09	  		  	 Irrevocability
	  	 	28	 
	    2.10	  		  	 Cancellation or Reduction of Credit Facility
	  	 	28	 
	    2.11	  		  	 Account of Record
	  	 	29	 
	    2.12	  		  	 Termination of LIBOR Loans
	  	 	29	 
	    2.13	  		  	 Increase of Credit Facility
	  	 	30	 
	    2.14	  		  	 Decrease of Credit Facility
	  	 	31	 
		
	 ARTICLE 3 - DISBURSEMENT CONDITIONS
	  	 	31	 
				
	    3.01	  		  	 Conditions Precedent to Effective Date
	  	 	31	 
	    3.02	  		  	 Conditions Precedent to all Advances
	  	 	33	 
	    3.03	  		  	 Waiver
	  	 	33	 
		
	 ARTICLE 4 - PAYMENTS OF INTEREST AND STANDBY FEES
	  	 	33	 
				
	    4.01	  		  	 Interest on Prime Rate Loans
	  	 	33	 
	    4.02	  		  	 Interest on Base Rate Loans
	  	 	34	 
	    4.03	  		  	 Interest on CDOR Loans
	  	 	34	 
	    4.04	  		  	 Interest on LIBOR Loans
	  	 	34	 
	    4.05	  		  	 Adjustment of Applicable Margin
	  	 	35	 
	    4.06	  		  	 Standby Fees
	  	 	35	 
	    4.07	  		  	 Commitment Fee
	  	 	35	 
	    4.08	  		  	 Maximum Rate of Interest
	  	 	35	 
		
	 ARTICLE 5 - BANKERS’ ACCEPTANCES AND LETTERS OF CREDIT
	  	 	35	 
				
	    5.01	  		  	 Bankers’ Acceptances
	  	 	35	 
	    5.02	  		  	 Letters of Credit
	  	 	37	 

  
 - ii - 

 

									
	 ARTICLE 6 - REPAYMENT
	  	 	39	 
				
	    6.01	  		  	 Mandatory Repayment - Credit Facility
	  	 	39	 
	    6.02	  		  	 Excess Over the Maximum Amounts
	  	 	39	 
	    6.03	  		  	 Repayment Compensation
	  	 	39	 
		
	 ARTICLE 7 - PLACE AND APPLICATION OF PAYMENTS
	  	 	39	 
				
	    7.01	  		  	 Place of Payment of Principal, Interest and Fees
	  	 	39	 
	    7.02	  		  	 Netting of Payments
	  	 	40	 
		
	 ARTICLE 8 - REPRESENTATIONS AND WARRANTIES
	  	 	40	 
				
	    8.01	  		  	 Representations and Warranties
	  	 	40	 
	    8.02	  		  	 Survival and Repetition of Representations and Warranties
	  	 	45	 
		
	 ARTICLE 9 - COVENANTS
	  	 	46	 
				
	    9.01	  		  	 Positive Covenants
	  	 	46	 
	    9.02	  		  	 Financial Covenants
	  	 	48	 
	    9.03	  		  	 Reporting Requirements
	  	 	48	 
	    9.04	  		  	 Negative Covenants
	  	 	49	 
		
	 ARTICLE 10 - SECURITY
	  	 	51	 
				
	    10.01	  		  	 Security
	  	 	51	 
	    10.02	  		  	 After Acquired Property and Further Assurances
	  	 	53	 
	    10.03	  		  	 Form of Security
	  	 	53	 
		
	 ARTICLE 11 - DEFAULT
	  	 	53	 
				
	    11.01	  		  	 Events of Default
	  	 	53	 
	    11.02	  		  	 Acceleration and Enforcement
	  	 	56	 
	    11.03	  		  	 Payment of Bankers’ Acceptances and Letters of Credit
	  	 	56	 
	    11.04	  		  	 Remedies Cumulative
	  	 	57	 
	    11.05	  		  	 Perform Obligations
	  	 	57	 
	    11.06	  		  	 Third Parties
	  	 	57	 
	    11.07	  		  	 Application of Payments
	  	 	57	 
	    11.08	  		  	 Right of Set-off
	  	 	57	 
		
	 ARTICLE 12 – CHANGE IN CIRCUMSTANCES AND INDEMNITIES
	  	 	58	 
				
	    12.01	  		  	 Increased Costs
	  	 	58	 
	    12.02	  		  	 Taxes
	  	 	59	 
	    12.03	  		  	 Illegality
	  	 	60	 
	    12.04	  		  	 Inability to Determine Rates, Etc.
	  	 	60	 
	    12.05	  		  	 Indemnity by the Borrower
	  	 	61	 
		
	 ARTICLE 13 - GUARANTEE
	  	 	62	 
				
	    13.01	  		  	 Guarantees and Indemnity
	  	 	62	 
	    13.02	  		  	 Obligations Absolute
	  	 	62	 
	    13.03	  		  	 No Release
	  	 	63	 
	    13.04	  		  	 No Exhaustion of Remedies
	  	 	63	 
	    13.05	  		  	 Prima facie Evidence
	  	 	63	 

  
 - iii - 

 

									
	    13.06	  		  	 No Set-Off
	  	 	64	 
	    13.07	  		  	 Continuing Guarantee
	  	 	64	 
	    13.08	  		  	 Waivers by Guarantors
	  	 	64	 
	    13.09	  		  	 Demand
	  	 	64	 
	    13.10	  		  	 Interest
	  	 	64	 
	    13.11	  		  	 Subrogation; Contribution
	  	 	64	 
	    13.12	  		  	 Stay of Acceleration
	  	 	65	 
	    13.13	  		  	 Limitation on Obligations of Subsidiary Guarantors
	  	 	65	 
		
	 ARTICLE 14 - GENERAL
	  	 	65	 
				
	    14.01	  		  	 Costs and Expenses
	  	 	65	 
	    14.02	  		  	 Governing Law, Jurisdiction, Etc.
	  	 	65	 
	    14.03	  		  	 Judgment Currency
	  	 	66	 
	    14.04	  		  	 Confidentiality
	  	 	67	 
	    14.05	  		  	 Benefit and Burden of Agreement
	  	 	67	 
	    14.06	  		  	 No Assignment by the Borrower
	  	 	68	 
	    14.07	  		  	 Assignment or Participation by Lender
	  	 	68	 
	    14.08	  		  	 Notices
	  	 	68	 
	    14.09	  		  	 Effect of Assignment
	  	 	69	 
	    14.10	  		  	 Survival
	  	 	69	 
	    14.11	  		  	 Severability
	  	 	69	 
	    14.12	  		  	 Further Assurances
	  	 	69	 
	    14.13	  		  	 Amendments and Waivers
	  	 	69	 
	    14.14	  		  	 Time of the Essence
	  	 	70	 

 CREDIT AGREEMENT 

THIS AGREEMENT is made as of July 19, 2019 

BETWEEN: 
 DIRTT Environmental Solutions Ltd., a corporation
incorporated under the laws of the Province of Alberta (the “Borrower”), 
 - and - 

Royal Bank of Canada, a Canadian chartered bank (the “Lender”). 

WHEREAS the Borrower has requested the Credit Facility and the Lender has agreed to provide the Credit Facility to the Borrower upon and subject
to the terms and conditions set out in this Agreement; 
 NOW THEREFORE, in consideration of the covenants and agreements herein contained,
the parties agree as follows: 
 ARTICLE 1 - INTERPRETATION 
  

	1.01	 Definitions  

In this Agreement, unless something in the subject matter or context is inconsistent therewith: 

“Adjusted EBITDA” means, with respect to any Person for any period, the Net Income of such Person for such period plus, without duplication and to the
extent reflected as a charge in the statement of income included in the financial statements of such Person: 
  

	(i)	 all amounts deducted in the calculation thereof in respect of Depreciation Expense, and current and deferred taxes, net
losses of Subsidiaries and any other losses incurred in respect of investments that are in each case accounted for on an equity basis; 

  

	(ii)	 Total Interest Expense; 

  

	(iii)	 all unrealized hedging losses; and 

 

	(iv)	 non-cash stock-based compensation expenses (options, performance stock units,
deferred stock units) and any extraordinary, non-recurring or unusual expenses or losses (including, whether or not otherwise includable as a separate item in such statement of income, losses on sales outside
of the ordinary course of business or on sales of Property of a Restricted Party which is leased back to any Restricted Party); 

 less, without
duplication and to the extent reflected as a credit in such statement of net income: 
  

	(v)	 any reduction of income taxes; 

 

	(vi)	 all unrealized hedging gains; 

	(vii)	 amounts included in the calculation thereof in respect of net profits of Subsidiaries and any other profits in respect of
investments that are in each case accounted for on an equity basis; and 

 any extraordinary, non-recurring
or unusual income or gains (including, whether or not otherwise includable as a separate item in such statement of income, gains on sales outside of the ordinary course of business or on sales of Property by a Restricted Party that are leased back
to any Restricted Party). 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” means this credit agreement,
including its recitals and schedules. 
 “Applicable Accounting Standards” means IFRS for so long as the Borrower is not listed on an accredited U.S.
exchange and commencing the first Fiscal Quarter after such listing and thereafter, U.S. GAAP. 
 “Applicable Laws” means, in relation to any Person,
property, transaction or event:  
  

	(i)	 the common law and all applicable provisions of laws, statutes, rules, policies having the force of law and regulations
of any Governmental Authority in effect from time to time; and 

  

	(ii)	 all judgments, orders, awards, decrees, official directives, writs and injunctions from time to time in effect of any
Governmental Authority in an action, proceeding or matter in which the Person is a party or by which it or its property is bound or having application to the transaction or event, 

provided however, for purposes of this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Lender for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, are deemed to have gone into effect and adopted after the date of this Agreement, regardless of the date enacted, adopted or issued. 

“Applicable Margin” means the percentage rate per annum, in the case of Loans other than LIBOR Loans, or a rate for a period of 360 days, in the
case of LIBOR Loans, determined in accordance with the applicable table below and adjusted in accordance with Section 4.05: 
  

									
	 Prime Rate

Margin
	 	 BA
Stamping/
 Letter of Credit
 Fee
Rate
	 	
Standby
 Fee Rate
	 	 Base
Rate
 Margin
	 	
LIBOR
 Margin/CDOR

Loan Margin

	
[***]%
	 	[***]%	 	[***]%	 	[***]%	 	[***]%

 After the occurrence and during the continuance of a Default or an Event of Default (each an “Effective
Increase Date”), each Applicable Margin shall, increase by an additional 200 bps per annum until such Default or Event of Default, as the case may be, has been remedied 

“Assignment” has the meaning set out in Section 14.07(1). 

“BA Discount Proceeds” means, with respect to a particular Bankers’ Acceptance, the following amount: 

 

			
	 F

	     
 1+
	 	D×T
	 	   Y

 where: 
  

	 	F	 means the face amount of such Bankers’ Acceptance; 

 

	 	D	 means the applicable BA Discount Rate for such Bankers’ Acceptance; 

 

	 	T	 means the number of days to maturity of such Bankers’ Acceptance; and 

 

	 	Y	 means the number of days in the applicable calendar year, 

with the amount as so determined being rounded to the nearest whole cent, with one-half of one cent being rounded up. 

“BA Discount Rate” means, for any Drawdown Date in respect of any Bankers’ Acceptances to be purchased pursuant to Article 5, the CDOR Rate
(calculated on an annual basis). 
 “BA Stamping Fee” means the amount calculated by multiplying the face amount of a Bankers’ Acceptance by the
BA Stamping Fee Rate and then multiplying the result by a fraction, the numerator of which is the number of days to elapse from and including the date of acceptance of such Bankers’ Acceptance up to but excluding the maturity date of such
Bankers’ Acceptance, and the denominator of which is the number of days in the calendar year in question. 
 “BA Stamping Fee Rate” means, with
respect to a Bankers’ Acceptance, the applicable percentage rate per annum indicated below the reference to “BA Stamping Fee/Letter of Credit Rate” in the definition of “Applicable Margin”. 

“Bankers’ Acceptance” means a depository bill, as defined in the Depository Bills and Notes Act (Canada), in Canadian dollars that is in
the form of a Draft signed by the Borrower and accepted by the Lender as contemplated under Section 5.01. 
 “Bank Product Documents” means all
present and future agreements, documents, certificates and instruments delivered by a Restricted Party to the Lender creating, evidencing, governing, securing or otherwise related to any of the Bank Product Obligations, including documents relating
to any credit card facility that may be provided from time to time by the Lender. 
 “Bank Product Obligations” means all indebtedness, obligations
and liabilities of the Borrower or any other Restricted Party to the Lender under any (a) credit card facility (including, without limitation, any credit card facility that may be provided from time to time by the Lender); and (b) 

 other bank products and cash management facilities (including, without limitation, electronic funds transfer
facilities) established in favour of the Borrower or any other Restricted Party. 
 “Base Rate” means the greater of (i) the variable per
annum rate of interest announced and adjusted by the Lender from time to time, as its reference rate of interest for United States Dollar loans in Canada and designated as its “base rate”, and (ii) the sum of (A) the Federal
Funds Effective Rate, and (B) 1.00% per annum. 
 “Base Rate Loan” means a Loan in, or Conversion into, United States Dollars with respect to
which the Borrower has specified that interest is to be calculated by reference to the Base Rate. 
 “Base Rate Margin” means, the applicable
percentage rate per annum as set out below the heading “Base Rate Margin” in the table in the definition of “Applicable Margin”. 

“Basis Points” or “bps” means one one-hundredth of one percent. 

“Borrower’s Accounts” means the accounts maintained from time to time by the Borrower with the Lender. 

“Borrower’s Counsel” means Bennett Jones LLP or such other firm of legal counsel as the Borrower may from time to time designate and that is
acceptable to the Lender, acting reasonably. 
 “Business Day” means a day of the year, other than a Saturday, Sunday or statutory holiday, on which
the Lender is open for business at its main branch in Calgary, Alberta, and in respect of United States Dollar Loans, at its agency in New York, New York, and, in respect of LIBOR Loans, at is principal office in London, England. 

“Canadian Dollars” and “Cdn. $” and “$” mean the lawful money of Canada. 

“Capital Expenditures” means any expenditure made by any Person (i) for the purchase or acquisition or replacement of capital assets, net of
proceeds of disposition of capital assets (other than proceeds received on a sale-leaseback transaction), (ii) for the repair of capital assets that are required to be capitalized in accordance with Applicable Accounting Standards, (iii) any
expenditure related to a Capital Lease and (iv) any expenditure relating to an Operating Lease in respect of which such Person has guaranteed the residual value to the lessor (in which case the amount of the Capital Expenditure will be the
amount of residual value guaranteed), but for certainty excluding the amount expended on replacement of Property to the extent of insurance proceeds, condemnations, expropriation or third party funding received by such Person on account of damage or
destruction, all as determined in accordance with Applicable Accounting Standards. 
 “Capital Lease” means with respect to any Person, all leases
and other agreements for Right of Use Assets that are capitalized on the balance sheet of such Person pursuant to Applicable Accounting Standards excluding any Operating Leases. 

“Cash Equivalents” means: 
  

	(i)	 marketable direct obligations issued by, or unconditionally guaranteed by, the Government of Canada or the Government of
the United States or any agency or instrumentality of either of them, and backed by the full faith and credit of Canada or the 

 United States, as the case may be, in each case maturing within one year from the date of acquisition;

  

	(ii)	 term deposits, certificates of deposit or overnight bank deposits having maturities of six months or less from the date
of acquisition issued by any Lender or by any commercial bank organized under the laws of Canada or the United States or any state thereof having combined capital and surplus of not less than $300,000,000; and 

 

	(iii)	 commercial paper of an issuer rated at least A-1+ or the equivalent thereof by
Standard & Poor’s Ratings Services or at least P-1 or the equivalent thereof by Moody’s Investor Service Inc. or at least R-1 (High) or the equivalent
thereof by Dominion Bond Rating Service Limited, and in each case maturing within six months from the date of acquisition. 

 “Cash
Taxes” means for any Person for any period, the amount of all income Taxes (including federal and provincial income Taxes) and other Taxes payable by such Person on its net taxable income or its capital for such period (which for greater
certainty, does not include deferred Taxes or refundable Taxes). 
 “CDOR Loan” means as Loan in Canadian Dollars which bears interest at a
rate based on the CDOR Rate plus the Applicable Margin. 
 “CDOR Margin” means, the applicable percentage rate per annum as set out
below the heading “CDOR Loan Margin” in the definition of “Applicable Margin”. 
 “CDOR Rate” means for any day and
relative to Bankers’ Acceptances having any specified term and face amount or a CDOR Loan having a specified term and principal amount, the average of the annual rates applicable to Canadian Dollar Bankers’ Acceptances having such
specified term and face amount (or a term and face amount as closely as possible comparable to such specified term and face amount or principal amount) quoted daily by the banks listed in Schedule 1 of the Bank Act (Canada) that appears on the
Reuters Screen CDOR page at approximately 10:00 a.m. EST on such day (or, if such day is not a Business Day, as of approximately 10:00 a.m. EST on the preceding Business Day); provided however at no time shall the CDOR Rate be less than 0%. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: 

 

	(i)	 the adoption or taking effect of any Applicable Law; 

 

	(ii)	 any change in any Applicable Law or in the administration, interpretation or application thereof by any Governmental
Authority; or 

  

	(iii)	 the making or issuance of any Applicable Law by any Governmental Authority. 

“Change of Control” means the occurrence of any of the following events: 
  

	(i)	 one or more Persons, acting jointly or in concert (within the meaning of the Securities Act (Alberta)), shall
acquire more than 50% of the interests in the Equity of the Borrower; or 

	(ii)	 the Borrower or any other Restricted Party shall cease to own, control or direct 100% of the voting Equity of any
Subsidiary of the Borrower. 

 “Chicago Collateral Mortgage” means the mortgage, security agreement, financing statement, fixture
fling and assignment of rents to be granted by DIRTT Colorado in favour of the Lender with respect to the property known municipally as 325 North Wells St. Unit 1000 Chicago, Illinois Cook County, with a Tax Parcel No. 17-09-405-007-1002. 

“Closing Date” means July 24, 2019. 
 “Code”
means the United States Internal Revenue Code of 1986. 
 “Commitment” means the amount specified in Schedule A, being the maximum aggregate
amount of Loans that the Lender is obliged to make, as such amount may be reduced from time to time by the amount of any permanent repayments, reductions or prepayments required or made hereunder, or may be cancelled or terminated pursuant to this
Agreement. 
 “Compliance Certificate” means the certificate required pursuant to Section 9.03(3), substantially in the form attached as
Schedule 1.01(A), signed by any one of the President and Chief Executive Officer, the Chief Financial Officer or a Vice-President Finance of the Borrower. 

“Computer Equipment” means all computers, software or other equipment that includes computing technology or embedded logic such as microchips and
sensors, whether owned or leased. 
 “Consolidated Assets” means the total assets of the Borrower, as determined on a consolidated basis and as shown
on the most recent financial statements of the Borrower delivered to the Lender pursuant to Section 9.03(1) and Section 9.03(2). 
 “Contingent
Obligation” means, with respect to any Person, any obligation, whether secured or unsecured, of such Person guaranteeing or indemnifying, or in effect guaranteeing or indemnifying, any indebtedness, leases, dividends, letters of credit or
other monetary obligations (the “primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person as an account party in
respect of a letter of credit or letter of guarantee issued to assure payment by the primary obligor of any such primary obligation and any obligations of such Person, whether or not contingent, (i) to purchase any such primary obligation or
any Property constituting direct or indirect security therefor, (ii) to advance or supply funds for the purchase or payment of any such primary obligation or to maintain working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the obligee under any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation, or (iv) otherwise to assure or hold harmless the obligee under such primary obligation against loss in respect of such primary obligation; provided, however, that the term Contingent Obligation does not
include endorsements of instruments for deposit or collection in the ordinary course of business. 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise 

 
voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings. 

“Conversion” means a conversion of a Loan pursuant to Section 2.06. 

“Conversion Date” means the Business Day specified by the Borrower in a Conversion Notice as being the date on which the Borrower has elected to
convert one type of Loan into another type of Loan. 
 “Conversion Notice” means a Notice, substantially in the form set out in Schedule 1.01(B), to
be given to the Lender by the Borrower pursuant to Section 2.06. 
 “CPA Canada” means Chartered Professional Accountants Canada. 

“Credit Facility” has the meaning set out in Section 2.01. 

“Current Final Maturity Date” has the meaning set out in Section 2.02. 

“Debt” means Funded Debt of a Person and the aggregate amount at which any shares or other capital of such Person that are redeemable or retractable at
the option of the holder of such shares or capital may be redeemed or retracted for cash or obligations constituting Funded Debt or any combination thereof. 

“Default” means any event or condition that would constitute an Event of Default except for satisfaction of any condition subsequent required to make
the event or condition an Event of Default, including giving of any notice, passage of time, a determination being made or any combination thereof. 

“Depreciation Expense” means, for any period with respect to any Person, depreciation, amortization, depletion and other like reductions to income of
such Person for such period not involving any outlay of cash. 
 “DIRTT Colorado” means DIRTT Environmental Solutions, Inc., a corporation organized
under the laws of the State of Colorado, together with its successors and assigns. 
 “Disposition” means, with respect to a Person, any sale,
assignment, transfer, conveyance, lease, licence, sale and lease back, securitization or other disposition of any nature or kind whatsoever of any Property or of any right, title or interest in or to any Property, and “Dispose” has
a corresponding meaning. 
 “Distribution” means (i) any payment, declaration of dividend or other distribution, whether in cash or Property,
(but expressly excluding any distribution by way of the payment of dividends by the issuance of equity securities of an issuer) to any holder of shares of any class of the Borrower or any other Restricted Party, (ii) any repurchase, redemption,
retraction or other retirement or purchase for cancellation of shares or capital of the Borrower or any other Restricted Party, or of any options, warrants or other rights to acquire any of such shares or capital, or (iii) any payment on
account of principal, interest or fees on any loans or advances owing to any shareholder of the Borrower or to an Affiliate of the Borrower . 

“Draft” has the meaning set out in Section 5.01. 

 “Drawdown” means: 
  

	(i)	 the advance of a Prime Rate Loan, a Base Rate Loan or one or more CDOR Loans or LIBOR Loans; 

 

	(ii)	 the issue of one or more Bankers’ Acceptances; or 

 

	(iii)	 the issue of one or more Letters of Credit. 

“Drawdown Date” means the date on which a Drawdown is made by the Borrower pursuant to the provisions hereof. 

“Drawdown Notice” means a notice, substantially in the form set out in Schedule 1.01(C), to be given to the Lender by the Borrower pursuant to
Section 2.06. 
 “Effective Date” means the date all of the conditions in Section 3.01 are satisfied or waived. 

“Encumbrance” means, with respect to any Person, any mortgage, debenture, pledge, hypothec, lien, charge, assignment by way of security, right of set-off, title retention, hypothecation or security interest granted or permitted by such Person or arising by operation of law, in respect of any of such Person’s Property, or any consignment by way of
security or Capital Lease of Property by such Person as consignee or lessee, as the case may be, or any other security agreement, trust or arrangement having the effect of security for the payment of any debt, liability or other obligation, and
“Encumbrances”, “Encumbrancer”, “Encumber” and “Encumbered” have corresponding meanings. 

“Environmental Law” means any Applicable Law relating to the environment including those pertaining to: 

 

	(i)	 reporting, licensing, permitting, investigating, remediating and cleaning up in connection with any presence or Release,
or the threat of the same, of Hazardous Substances; and 

  

	(ii)	 the manufacture, processing, distribution, use, treatment, storage, disposal, transport, handling and the like of
Hazardous Substances, including those pertaining to occupational health and safety. 

 “Equity” means, with respect to any Person
at any time, the aggregate of all common, preferred and other share capital of any corporation or limited liability company or any other ownership interests in a partnership, trust or other Person, including without limitation, shares, units or
other interests which carry a residual right to participate in the earnings of such corporation, limited liability company, partnership, trust or other Person or, upon the liquidation or winding up of such corporation, limited liability company,
partnership, trust or other Person, to share in its assets, and all warrants of, that Person that would be reflected as equity on the balance sheet of that Person at that time, together with retained earnings and contributed surplus of that Person,
that would be reflected on the balance sheet of that Person at that time. 
 “Equivalent Amount” means, on any day, the equivalent amount in Canadian
Dollars or United States Dollars, as the case may be, after giving effect to a conversion of a specified amount of United States Dollars to Canadian Dollars or of Canadian Dollars to United States Dollars , as the case may be, at the rate of
exchange quoted by the Bank of Canada at 4:30 P.M. (Toronto time) on the Business Day preceding the day as of which any determination of such rate is 

 required to be made, for the conversion of United States Dollars to Canadian Dollars or at the rate that is the
reciprocal thereof for the conversion of Canadian Dollars to United States Dollars, as the case may be, or, if such rate is not so published by the Bank of Canada for any such day, then at the spot rate quoted by the Lender at approximately noon
(Toronto time) on that day in accordance with its normal practice for the applicable currency conversion in the wholesale market. 
 “ERISA” means
the Employee Retirement Income Security Act of 1974 of the United States, together with the regulations thereunder, as the same may be amended from time to time. 

“Event of Default” has the meaning set out in Section 11.01. 

“Excluded Taxes” means, any of the following Taxes imposed on or with respect to the Lender or any other recipient of any payment to be made by or on
account of any Obligation or required to be withheld or deducted from a payment to the Lender or any other recipient of any payment to be made by or on account of any Obligation hereunder or under any other Loan Document, (a) Taxes imposed on
or measured by net income (however denominated), franchise Taxes, Canadian capital Taxes and branch profits Taxes, in each case, (i) imposed as a result of such recipient being organized under the laws of, or having its principal office or, in
the case of the Lender, its applicable lending office located in, the applicable jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes, (b) in the case of the Lender (or its
assignor, if any), any Canadian withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to Applicable Laws in effect on the date on which such Lender
(or its assignor, if any) (i) acquires such interest in such Loan or Commitment or (ii) designates a new Lending Office, except in each case to the extent that the Lender (or its assignor, if any) was entitled, immediately prior to the
designation of a new Lending Office (or assignment), to receive additional amounts from any Restricted Party with respect to such withholding Tax pursuant to Section 12.02, (c) any Canadian Tax that would not have been imposed but for a
recipient (i) not dealing at arm’s length for purposes of the ITA with a Restricted Party, or (ii) being a “specified shareholder” (as defined in subsection 18(5) of the ITA) of a Restricted Party or not dealing at
arm’s length for purposes of the ITA with any such specified shareholder, and (d) any withholding tax imposed under FATCA or Taxes imposed pursuant to Part XVIII of the ITA. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities entered into in connection with the implementation of the foregoing. 

“Federal Funds Effective Rate” means, for any day, a fluctuating rate of interest expressed as a percentage rate per annum equal to the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers as published for such day (or, if such day is not a Business Day, for the preceding Business Day) by the
Federal Reserve Bank of New York or, for any day on which that rate is not published for that day by the Federal Reserve Bank of New York, the simple average of the quotations for that day for such transactions received by the Lender from three
federal funds brokers of recognized standing selected by it. 

 “Final Maturity Date” has the meaning set out in Section 2.02. 

“Financial Assistance” means, without duplication and with respect to any Person, all loans granted by that Person and guarantees or Contingent
Obligations incurred by that Person for the purpose of or having the effect of providing financial assistance to another Person or Persons, including letters of guarantee, letters of credit, legally binding comfort letters or indemnities issued in
connection therewith, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business), obligations to purchase assets regardless of the delivery or non-delivery
thereof and obligations to make advances or otherwise provide financial assistance to any other Person. 
 “Fixed Charge Coverage Ratio” means, with
respect to the Borrower on a consolidated basis, the ratio of (i) Adjusted EBITDA for the most recently completed twelve month period less Cash Taxes actually paid during such twelve month period, Unfunded Capital Expenditures actually paid in
such twelve month period, and Distributions (excluding Permitted Special Distributions paid by the Borrower), actually made in such twelve month period, plus, in each case without duplication, operating leases and rent, to (ii) Fixed Charges
for the same period. 
 “Fixed Charges” means, with respect to any Person for any period and on a consolidated basis, the sum of (in each case,
without duplication) (i) Total Interest Expense, (ii) all Debt repayments required to be paid by such Person during such period, (iii) all amounts actually paid by such Person in respect of Capital Leases during such period, and
(iv) all rent and other charges actually paid by such Person during such period with respect to all operating leases. 
 “Free Operating Cash
Flow” means at any time, the amount of cash flow of the Borrower and its Subsidiaries from operations, determined on a consolidated basis, for the most recently completed fiscal year, less repayment of Capital Lease liabilities, scheduled
payment of Funded Debt, and the amount of Capital Expenditures of the Borrower and its Subsidiaries for such fiscal year. 
 “Funded Debt”
means, with respect to any Person, all obligations that, in accordance with Applicable Accounting Standards, would then be classified as a liability of such Person, and, without duplication, includes, with respect to such Person: 

 

	(i)	 an obligation in respect of borrowed money or for the deferred purchase price of Property or services or an obligation
that is evidenced by a note, bond, debenture or any other similar instrument; 

  

	(ii)	 a transfer with recourse or with an obligation to repurchase, to the extent of the liability of such Person with respect
thereto; 

  

	(iii)	 an obligation under a Capital Lease; 

 

	(iv)	 an obligation under a residual value guarantee made with respect to an Operating Lease in which such Person is the
lessee; 

  

	(v)	 a reimbursement obligation or other obligation in connection with a bankers’ acceptance or any similar instrument,
or letter of credit or letter of guarantee issued by or for the account of such Person; 

	(vi)	 all outstanding obligations secured by an Encumbrance on any Property of such Person, whether or not assumed by them;

  

	(vii)	 all obligations of such Person created or arising under any conditional sales agreement or other title retention
agreement; or 

  

	(viii)	 a Contingent Obligation to the extent that the primary obligation so guaranteed would be classified as “Funded
Debt” (within the meaning of this definition) of such Person, 

 provided, however, that there will not be included for the purpose of this
definition any obligation that is on account of (A) reserves for deferred income taxes, (B) minority interests in Subsidiaries, or (C) trade accounts payable incurred in the ordinary course of business. 

“Funded Debt to Adjusted EBITDA Ratio” means, at any time, with respect to the Borrower on a consolidated basis, the ratio of (i) Funded Debt at
such time, to (ii) Adjusted EBITDA for the four most recently completed fiscal quarters. 
 “GFP Landlord Consent” means the landlord consent to
be executed by GFP Alliance Phoenix LLC in favour of the Lender in connection with the lease by the Borrower of the premises known municipally as 824 East University Drive, Phoenix, Arizona providing for, among other things, the consent of GFP
Alliance Phoenix LLC to the Borrower granting to the Lender a mortgage and charge over the interest of the Borrower in and to such lease, which landlord consent agreement shall be in form and substance satisfactory to the Lender. 

“Governmental Authority” means the government of Canada or any other nation, or of any political subdivision thereof, whether state, provincial or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including
any supra-national bodies such as the European Union or the European Central Bank and including a Minister of the Crown, the Superintendent of Financial Institutions or other comparable authority or agency. 

“Guaranteed Obligations” means, with respect to each Guarantor, the Obligations of each Restricted Party (other than such Guarantor). 

“Guarantors” means each Person identified on the signature pages hereto as a Guarantor and each other Subsidiary of the Borrower that may from time to
time become a party hereto in accordance with Section 9.04(15) and their successors and assigns, and “Guarantor” means any one of them. 

“Hazardous Substance” means any substance or material that is prohibited, controlled or regulated by any Governmental Authority pursuant to
Environmental Laws, including pollutants, contaminants, dangerous goods or substances, toxic or hazardous substances or materials, wastes (including solid non-hazardous wastes and subject wastes), petroleum
and its derivatives and by-products and other hydrocarbons, all as defined in or pursuant to any Environmental Law. 

“Hedge Arrangement” means, with respect to any Person, any arrangement or transaction between such Person and any other Person other than another
Restricted Party that is a rate swap transaction, basis swap, forward rate transaction, commodity swap, interest rate option, forward foreign exchange transaction, cap transaction, floor transaction, collar transaction, 

 currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction
(including any option with respect to any of such transactions or arrangements) designed to manage or to protect or mitigate against risks in interest, currency exchange or commodity price fluctuations. 

“Hoopp Landlord Consent” means the landlord consent to be executed by Hoopp Realty Inc. in favour of the Lender in connection with the HOOPP Lease
providing for, among other things, the consent of Hoopp Realty Inc./Immeubles Hoopp Inc. to the Borrower granting to the Lender a mortgage and charge over the interest of the Borrower in and to the Hoopp Lease and a subordination and postponement of
the Encumbrances contained in the Hoopp Lease in favour of the Security held by the Lender, which landlord consent shall be in form and substance satisfactory to the Lender. 

“Hoopp Lease” means the lease of industrial space entered into between the Borrower and Hoopp Realty Inc./Immeubles Hoopp Inc. dated as of
February 12, 2015 and relating to the lands municipally known as Unit 1, 6335 57th Street SE, Calgary, Alberta, as amended by an amendment of lease dated April 16, 2015, a lease modification agreement dated October 27, 2015, a third
amendment of lease dated November 12, 2015 and a fourth amendment of lease dated January 8, 2016 and as further amended, modified, supplemented, restated or replaced from time to time. 

“Hostile Acquisition” means an unsolicited acquisition of the Equity of any Person that is publicly traded, or otherwise to facilitate, assist or
participate in an acquisition of the voting Equity of any Person that is publicly traded, where the board of directors or the equivalent of such Person has not approved such acquisition nor recommended the approval of such acquisition to the holders
of such voting Equity. 
 “IFRS” means International Financial Reporting Standards, including International Accounting Standards and Interpretations
together with their accompanying documents which are set by the IFRS Foundation, and the IFRS Interpretations Committee, the interpretative body of the IFRS Foundation, but only to the extent the same are adopted by CPA Canada as generally accepted
accounting principles in Canada and then subject to such modifications thereto as are agreed by CPA Canada, applied on a consistent basis. 
 “IFRS
16” means the International Financial Reporting Standard 16: Leases. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes.

 “Intellectual Property” means any and all intellectual and industrial property, whether recorded or not and regardless of form or method of
recording, including all works in which copyright subsists or may subsist (such as computer software), data bases (whether or not protected by copyright), designs, documentation, manuals, specifications, industrial designs, trade secrets,
confidential information, ideas, concepts, know-how, trade-marks, service marks, trade names, domain names, discoveries, inventions, formulae, recipes, product formulations, processes and processing methods,
technology and techniques, improvements and modifications, integrated circuit topographies and mask works. 
 “Intellectual Property Rights” includes
all intellectual and industrial and other proprietary rights in any Intellectual Property. 

 “Interest Payment Date” means: 

 

	(i)	 with respect to each Prime Rate Loan and each Base Rate Loan, the last Business Day of each calendar month, and

  

	(ii)	 with respect to each LIBOR Loan and CDOR Loan, the last Business Day of each applicable Interest Period, and, if any
Interest Period is longer than three months, the last Business Day of each successive three month period during such Interest Period. 

“Interest Period” means: 
  

	(i)	 with respect to each Prime Rate Loan and each Base Rate Loan, the period commencing on the applicable Drawdown Date or
Conversion Date, as the case may be, and ending on the date selected by the Borrower for the Conversion of such Loan into another type of Loan or for the repayment of such Loan; 

 

	(ii)	 with respect to each Bankers’ Acceptance, the period selected by the Borrower hereunder and being of one, two, three
or six months duration commencing on the Drawdown Date, Rollover Date or Conversion Date of such Loan; 

  

	(iii)	 with respect to each CDOR Loan, the period selected by the Borrower and being of one, two, three or six months duration
commencing on the applicable Drawdown Date, Rollover Date or Conversion Date, as the case may be; and 

  

	(iv)	 with respect to each LIBOR Loan, the period selected by the Borrower and being of one, two, three or six months duration
commencing on the applicable Drawdown Date, Rollover Date or Conversion Date, as the case may be; 

 provided that in any case the last day of each
Interest Period will be also the first day of the next Interest Period and further provided that the last day of each Interest Period will be a Business Day. If the last day of an Interest Period selected by the Borrower is not a Business Day the
Borrower will be deemed to have selected an Interest Period the last day of which is the Business Day next following the last day of the Interest Period otherwise selected unless such next following Business Day falls in the next calendar month in
which event the Borrower will be deemed to have selected an Interest Period the last day of which is the Business Day immediately preceding the last day of the Interest Period otherwise selected and further provided that the last Interest Period
hereunder must expire on or prior to the Final Maturity Date. 
 “Investment” in any Person means any direct or indirect (i) acquisition of any
shares, partnership interests, participation interests in any arrangement, options or warrants, or any indebtedness, whether or not evidenced by any bond, debenture or other written evidence of such Person, or (ii) acquisition, by purchase or
otherwise, of all or substantially all of the business, assets or stock or other evidence of beneficial ownership of such Person. The amount of any Investment will be the original cost of such Investment, plus the cost of all additions thereto and
minus the amount of any portion of such Investment repaid to such Person in cash as a return of capital, or repayment of the principal amount of indebtedness, as the case may be, but without any other adjustments for increases or decreases in value,
or write-ups, write-downs or write-offs with respect to such Investment. In determining the amount of any Investment involving a transfer of any Property other than cash, such Property will be valued at its
fair market value at the time of such transfer. 

 “ITA” means the Income Tax Act (Canada), as amended. 

“Judgment Conversion Date” has the meaning set out in Section 14.03(1). 

“Judgment Currency” has the meaning set out in Section 14.03(1). 

“Lease Agreements” means those lease agreements identified in Schedule 1.01 (D) and “Lease Agreement” means any one of them. 

“Lender’s Counsel” means the firm of McCarthy Tétrault LLP or such other firm of legal counsel as the Lender may from time to time
designate. 
 “Lending Office” means the office of the Lender located at Suite 2300 335 8th Avenue S.W., Calgary, Alberta, or at such other office as
the Lender may designate in writing. 
 “Letter of Credit” means a standby letter of credit or a commercial letter of credit issued or deemed to be
issued pursuant to the Credit Facility at the request and for the account of the Borrower. 
 “Letter of Credit Fee Rate” means, with respect to a
Letter of Credit, the percentage rate per annum as set out below the heading “BA Stamping/Letter of Credit Fee Rate” in the definition of “Applicable Margin”. 

“LIBOR” means, for each Interest Period for a LIBOR Loan, the interest rate, expressed as a percentage rate per annum on the basis of a 360 day
year, equal to: 
  

	(i)	 the average annual rate of interest (based on a 360-day year in accordance with
market convention) at which major banks in the London interbank market are offering deposits in U.S. Dollars for a period equal to the relevant Interest Period and for an amount equal to the LIBOR Loan, by reference to the rate set by ICE Benchmark
Administration for deposits in U.S. Dollars (as set forth by any service selected by the Lender that has been nominated by ICE Benchmark Administration as an authorized information vendor for the purpose of displaying such rates (which at the date
hereof is LIBOR 01 Page of Reuters Limited)) at or about 11:00 A.M. London, England time on the second Business Day prior to the first day of such Interest Period; or 

 

	(ii)	 if a rate is not determinable pursuant to clause (i) of this definition at the relevant time, the rate of interest,
expressed as a rate of interest per annum on the basis of a year of 360 days, at which deposits in U.S. Dollars are offered by the principal lending office in London, England of the Lender to prime banks in the London inter-bank market at
approximately 11:00 a.m. (London, England time) on the second Business Day preceding the first day of such Interest Period for a period comparable to the Interest Period and in an amount comparable to the amount of the LIBOR Loan to be outstanding
during such Interest Period. 

 “LIBOR Loan” means a Loan in or Conversion into United States Dollars made by the Lender to the
Borrower with respect to which the Borrower has specified that interest is to be calculated by reference to LIBOR. 
 “LIBOR Margin” means, the
applicable percentage rate per annum as set out below the heading “LIBOR Margin” in the definition of “Applicable Margin”. 

 “Loan” means any extension of credit by the Lender under this Agreement. 

“Loan Documents” means (a) this Agreement, (b) the Security, (c) the Bank Product Documents, and (d) all present and future
agreements, documents, certificates and instruments delivered by any Restricted Party to the Lender pursuant to or in respect of this Agreement or the Security (but expressly excluding any Hedge Arrangement (including, without limitation, any
Qualifying Hedge Arrangement)), in each case as the same may from time to time be amended, modified, varied, restated or replaced, and “Loan Document” means any one of the Loan Documents. 

“Material Adverse Change” means a material adverse effect on: 
  

	(i)	 the financial condition of the Borrower and the other Restricted Parties, taken as a whole; 

 

	(ii)	 the Borrower’s and the other Restricted Parties’ ability taken as a whole to perform their respective
obligations under the Loan Documents; 

  

	(iii)	 the property, business, operations, corporate governance or liabilities of the Borrower and the other Restricted Parties,
taken as a whole; or 

  

	(iv)	 the priority ranking of any Security, or the rights or remedies intended or purported to be granted to the Lender under
or pursuant to this Agreement or any other Loan Documents. 

 “Material Acquisition” means one or more acquisitions by a Restricted
Party of the Equity of, or other assets from, a third party (other than a Restricted Party) completed in the immediately preceding fiscal quarter for net consideration in the aggregate excess of 20% of the Consolidated Assets. 

“Material Contracts” means, with respect to a particular Restricted Party, the contracts set out under such Restricted Party’s name in Schedule
1.01(D) and all other contracts to which such Person is a party or by which it is bound or may hereafter become a party or be bound, the breach or default of which would result in a Material Adverse Change, and “Material Contract”
means any one thereof. 
 “Material Licences” means all licences, permits or approvals issued by any Governmental Authority, or any applicable stock
exchange or securities commission, to any Restricted Party, and which are at any time on or after the date of this Agreement: 
  

	(i)	 necessary or material to the business and operations of such Restricted Party or to the listing of its securities, the
breach or default of which would result in a Material Adverse Change; or 

  

	(ii)	 designated by the Lender, in the sole discretion of the Lender, as a Material Licence, provided that the Lender has
notified the Borrower of such designation. 

 “Net Income” means, with respect to any Person for any period, the net revenue of
such Person for such period on a consolidated basis, less all expenses and other charges not otherwise deducted in computing such net revenue for such period, determined in accordance with Applicable Accounting Standards, but excluding extraordinary
items as determined in 

 accordance with Applicable Accounting Standards, earnings resulting from any reappraisal, revaluation or other write-up of assets and gains arising from the repurchase of any equity security of such Person or any Subsidiary. 

“Obligations” means all indebtedness, liabilities and obligations, present or future, direct or indirect, absolute or contingent, matured or not, at
any time owing by the Restricted Parties, or any of them, to the Lender or any Affiliate of the Lender, in any currency or remaining unpaid by the Restricted Parties, or any of them, to the Lender or any Affiliate of the Lender, under or in
connection with this Agreement, the other Loan Documents (or any of them), the Bank Product Documents, or the Qualifying Hedge Arrangements (or any of them), whether arising from dealings between the Lender or any of its Affiliates and any of the
Restricted Parties or from any other dealings or proceedings by which the Lender or any of its Affiliates may be or become in any manner whatever a creditor of a Restricted Party pursuant to this Agreement, the other Loan Documents (or any of them),
the Bank Product Documents or the Qualifying Hedge Arrangements (or any of them), and wherever incurred, and whether incurred by a Restricted Party alone or with another or others and whether as principal or surety, and all interest, fees, legal and
other costs, charges and expenses relating thereto. 
 “Operating Lease” means: 

 

	(i)	 For so long as the Applicable Accounting Standard is IFRS, all leases and other agreements (regardless of whether such
lease or agreement is entered into or assumed before or after December 31, 2018) for Right of Use Assets that were not or would not be capitalized on the balance sheet of the issuer under IFRS as it existed on December 31, 2018 and, for
greater certainty, prior to giving effect to IFRS 16; and 

  

	(ii)	 For so long as the Applicable Accounting Standard is U.S. GAAP, “operating leases” as defined under U.S. GAAP.

 “Organizational Documents” means, with respect to any Person, such Person’s articles, memorandum or other charter
documents, partnership agreement, joint venture agreement, declaration of trust, trust agreement, by-laws, unanimous shareholder agreement, or any and all other similar agreements, documents and instruments
pursuant to which such Person is constituted, organized or governed. 
 “Other Connection Taxes” means, with respect to the Lender or any other
recipient of any payment to be made by or on account of any Obligation hereunder or under any other Loan Document, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than
connections arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or
enforced any Loan Document or sold or assigned an interest in any Loan or any Loan Document). 
 “Other Taxes” means all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document. 
 “Overdraft Loans” means loans made by way of creating or increasing overdrafts in a Borrower’s Account.

 “Participant” has the meaning set out in Section 14.07(1). 

“Pension Plan” means (i) a “pension plan” or “plan” which is a “registered pension plan” as
defined in the Income Tax Act (Canada) or is subject to the funding requirements of applicable pension benefits legislation in any Canadian jurisdiction and is applicable to employees resident in Canada of a Restricted Party, (ii) a
“pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA (other than a multi-employer plan as defined in Section 4001(a)(3) of ERISA), and to which a Restricted Party may
reasonably be expected to have liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a
contributing sponsor under Section 4069 of ERISA, or (iii) any other pension benefit plan or similar arrangement applicable to employees of a Restricted Party. 

“Permitted Debt” means: 
  

	(i)	 Funded Debt under this Agreement; 

 

	(ii)	 Funded Debt in respect of Bank Product Obligations; 

 

	(iii)	 Debt between Restricted Parties; 

 

	(iv)	 Funded Debt in an amount not to exceed Cdn. $5,000,000 in the aggregate: (a) in respect of Purchase Money Security
Interests granted by a Restricted Party; and (b) incurred by a Restricted Party in the ordinary course of business and for the purpose of carrying on the same, with a third party; 

 

	(v)	 Debt in the aggregate amount of up to $1,000,000 in respect of corporate credit cards for the Borrower and the other
Restricted Parties; and 

  

	(vi)	 Qualifying Hedge Arrangements. 

“Permitted Dispositions” means: 
  

	(i)	 a sale or disposition of an interest in machinery, equipment or other tangible personal property for which Purchase Money
Obligations were incurred and which obligations are fully repaid concurrently with such sale or disposition; 

  

	(ii)	 a disposition from one Restricted Party to another Restricted Party; 

 

	(iii)	 a sale or disposition of inventory in the ordinary course of business and for the purpose of carrying on the same, for
fair market value, and in accordance with customary trade terms; and 

  

	(iv)	 a sale or disposition of machinery, equipment or other tangible personal property, provided that the proceeds of sale of
such machinery, equipment or other tangible personal property shall not in any consecutive 12 month period exceed an amount equal to 10% of the Consolidated Assets, 

provided however that at the time of any such sale or disposition, no Default or Event of Default shall have occurred and be continuing and no Default or Event of
Default shall result therefrom. 

 “Permitted Distributions” means (i) any distribution from a Restricted Party to the Borrower,
and (ii) the declaration and payment of dividends to the shareholders of Borrower, not to exceed in any fiscal year, 50% of the Free Operating Cash Flow for the most recently completed fiscal year, provided however that at the time of the
declaration and payment of such dividends, no Default or Event of Default shall have occurred and be continuing, and no Default or Event of Default shall result therefrom and the Lender shall be provided with confirmation (in form and substance
satisfactory to the Lender, acting reasonably) that the Borrower will continue to comply with the financial covenants set out in Section 9.02 for at least the next two fiscal quarters. 

“Permitted Encumbrances” means, with respect to any Person, the following: 
  

	(i)	 liens for Taxes, rates, assessments or other governmental charges or levies not yet due, or for which instalments have
been paid based on reasonable estimates pending final assessments, or if due, the validity of which is being contested diligently and in good faith by appropriate proceedings by that Person and in respect of which an adequate reserve in accordance
with Applicable Accounting Standards has been established; 

  

	(ii)	 undetermined or inchoate liens, rights of distress and charges incidental to current operations that have not at such
time been filed or exercised and of which the Lender has been given notice, or that relate to obligations not due or payable, or if due, the validity of which is being contested diligently and in good faith by appropriate proceedings by that Person
and in respect of which an adequate reserve in accordance with Applicable Accounting Standards has been established; 

  

	(iii)	 reservations, limitations, provisos and conditions expressed in any original grant from the Crown or other grants of real
or immovable Property, or interests therein, that do not materially affect the use of the affected land for the purpose for which it is used by that Person; 

  

	(iv)	 licences, easements, rights-of-way and
rights in the nature of easements (including licences, easements, rights-of-way and rights in the nature of easements for railways, sidewalks, public ways, sewers,
drains, gas, steam and water mains or electric light and power, or telephone and telegraph conduits, poles, wires and cables and for other means of electronic, data and related technologies) that do not materially impair the use of the affected land
for the purpose for which it is used by that Person; 

  

	(v)	 title defects, irregularities or other matters relating to title that are of a minor nature and that in the aggregate do
not materially impair the use of the affected Property for the purpose for which it is used by that Person; 

  

	(vi)	 the right reserved to or vested in any Governmental Authority by the terms of any lease, licence, franchise, grant or
permit acquired by that Person or by any statutory provision to terminate any such lease, licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof; 

 

	(vii)	 the Encumbrance resulting from the deposit of cash or securities to an aggregate maximum amount for all Restricted
Parties of Cdn. $5,000,000 at any time in connection with contracts, tenders or expropriation proceedings, or to secure worker’s compensation, unemployment insurance, surety or appeal bonds, costs of litigation when required by law, liens and
claims incidental to current construction, mechanics’, 

	 	
warehousemen’s, carriers’ and other similar liens, and public, statutory and other like obligations incurred in the ordinary course of business; 

 

	(viii)	 security given to a public utility or any Governmental Authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of its business; 

  

	(ix)	 the Encumbrance created by a judgement of a court of competent jurisdiction, as long as the judgement is being contested
diligently and in good faith by appropriate proceedings by that Person and does not result in an Event of Default; 

  

	(x)	 the Security; 

  

	(xi)	 any Encumbrance securing Permitted Debt; 

 

	(xii)	 Encumbrances granted by the Borrower to Upper Canada Forrest Products Ltd. that secure indebtedness owing by the Borrower
to Upper Canada Forest Products Ltd. for the supply of goods, which Encumbrances are subject to a subordination and postponement agreement, in form and substance satisfactory to the Lender; 

 

	(xiii)	 any Encumbrance described in Schedule 1.01(E); 

 

	(xiv)	 security in cash collateral in the aggregate amount of up to $1,000,000 granted to the issuer of credit cards in respect
of corporate credit cards for the Borrower and the other Restricted Parties; and 

  

	(xv)	 such other Encumbrances as are agreed to in writing by the Lender. 

“Permitted Financial Assistance” means, with respect to any Person, the following: 

 

	(i)	 Financial Assistance given by one Restricted Party to or for the benefit of another Restricted Party;

  

	(ii)	 Financial Assistance given by a Restricted Party to or for the benefit of another Person, provided that the aggregate of
all such Financial Assistance outstanding at any time, shall not exceed $5,000,000; and 

  

	(iii)	 Financial Assistance that the Lender has consented to in writing; 

provided however that at the time of advance of any such Financial Assistance, no Default or Event of Default shall have occurred and be continuing and no Default or
Event of Default shall result therefrom. 
 “Permitted Investments” means the following means: 

 

	(i)	 Cash Equivalents; 

  

	(ii)	 Investments made by the Borrower or any other Restricted Party, provided that the aggregate amount of all such
Investments outstanding at any time shall not exceed the lesser of Cdn. $5,000,000 and 10% of the Adjusted EBITDA of the Borrower for the most recently completed twelve month period; and 

	(iii)	 Investments made by the Borrower in or to any other Restricted Party or made by any Restricted Party (other than the
Borrower) in or to the Borrower or any other Restricted Party, 

 provided however that at the time of any such Investment, no Default or Event of
Default shall have occurred and be continuing and no Default or Event of Default shall result therefrom. 
 “Permitted Special Distributions” means
in addition to any Permitted Distribution, a one time Distribution by the Borrower to its shareholders by way of dividends, provided however that at the time of the declaration and payment of such dividends, (i) no Default or Event of Default
shall have occurred and be continuing, and no Default or Event of Default shall result therefrom, (ii) following the payment of such dividends, the Borrower shall maintain a minimum cash balance of not less than $20,000,000 in the
Borrower’s Account, (iii) the Borrower shall maintain the Credit Facility undrawn for a minimum of 10 Business Days prior to and following the payment of such dividends, and (iv) the Lender shall be provided with confirmation (in form
and substance satisfactory to the Lender, acting reasonably) that the Borrower will continue to comply with the financial covenants set out in Section 9.02 for at least the next two fiscal quarters. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity. 
 “Piret Landlord Consent” means the three party consent agreement to be executed by Piret (7303 – 30th Street SE) Holdings Inc., the Borrower and the Lender in connection with the lease by the Borrower of the land and building known municipally as 7303 and 7403 30th Street S.E. Calgary, Alberta providing for, among other things, the consent of Piret (7303 – 30th Street SE) Holdings Inc. to the Borrower
granting to the Lender a mortgage and charge over the interest of the Borrower in and to such lease, which three party consent agreement shall be in form and substance satisfactory to the Lender. 

“Prime Rate” means, on any day, the greater of (i) the variable per annum rate of interest announced and adjusted by the Lender from time
to time as its reference rate of interest for Canadian Dollar loans in Canada and designated as its “prime rate”, and (ii) the rate of interest per annum that is equal to the sum of (A) the rate of the Lender for one month
bankers’ acceptances that appears on the Reuters Screen CDOR Page at 10:00 a.m. (Toronto time) on that day, and (B) 1.00% per annum. 
 “Prime
Rate Loan” means a Loan in or a Conversion into Canadian Dollars with respect to which the Borrower has specified that interest is to be calculated by reference to the Prime Rate. 

“Prime Rate Margin” means, the applicable percentage rate per annum as set out below the heading “Prime Rate Margin” in the definition
of “Applicable Margin”. 
 “Priority Payables” means those amounts owing by the Borrower or a Restricted Party that: 

 

	(i)	 rank in priority to the Security held by the Lender in respect of (i) employee source deductions, (ii) workers
compensation claims, and (iii) other claims secured by statutory liens or deemed trusts including, without limitation, repairer liens, warehousing liens and storage liens; and 

	(ii)	 are in respect of arrears of rent and other amounts payable under a lease or rental agreement for real Property at which
inventory of a Borrower or another Restricted Party is located, 

 provided however, in determining the amount of “Priority Payables” with
respect to warehousing liens, storage liens and similar liens and for arrears of rent, there shall only be included amounts in respect thereof that are 30 days or more passed their stated due date. 

“Property” means, with respect to any Person, all or any portion of that Person’s undertaking and property, both real and personal. 

“Purchase Money Security Interest” means an Encumbrance created or incurred by a Restricted Party securing Funded Debt incurred to finance the
acquisition of Property (including the cost of installation thereof), provided that (i) such Encumbrance is created substantially simultaneously with the acquisition of such Property, (ii) such Encumbrance does not at any time encumber any
Property other than the Property financed by such Funded Debt (iii) the amount of Funded Debt secured thereby is not increased subsequent to such acquisition, and (iv) the principal amount of Funded Debt secured by any such Encumbrance at
no time exceeds 100% of the original purchase price of such Property and the cost of installation thereof, and for the purposes of this definition the term “acquisition” includes a Capital Lease. 

“Qualifying Hedge Arrangements” means Hedge Arrangements entered into by a Restricted Party and the Lender (or an Affiliate of the Lender). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees, agents and advisors of such
Person or of such Person’s Affiliates. 
 “Release” means any release or discharge of any Hazardous Substance including any discharge, spray,
injection, inoculation, abandonment, deposit, spillage, leakage, seepage, pouring, emission, emptying, throwing, dumping, placing, exhausting, escape, leach, migration, dispersal, dispensing or disposal. 

“Relevant Jurisdiction” means, from time to time, with respect to a Person that is granting Security hereunder, any province or territory of Canada,
any state of the United States or any other country or political subdivision thereof in which such Person has its chief executive office or chief place of business, carries on business or has Property and, for greater certainty, includes the
provinces and states set out in Schedule 1.01(F). 
 “Repayment Notice” means the notice substantially in the form set out in Schedule 1.01(G). 

“Requirements of Environmental Law” means all requirements of the common law or of statutes, regulations,
by-laws, ordinances, treaties, judgments and decrees, and (to the extent that they have the force of law) rules, policies, guidelines, orders, approvals, notices, permits, directives, and the like, of any
federal, territorial, provincial, state, regional, municipal or local judicial, regulatory or administrative agency, board or governmental authority in Canada, the United States and any other jurisdiction in which any Restricted Party has operations
or assets relating to environmental or occupational health and safety matters (as they relate to exposure to a Hazardous Substance) and the assets and undertaking of any Restricted Party and the intended uses thereof in connection with such matters,
including all such requirements relating to: (a) the protection, preservation or remediation of the natural environment (the air, land, surface water or groundwater); (b) solid, gaseous or liquid waste generation, handling,

 
treatment, storage, disposal or transportation; (c) consumer, occupational or public safety and health (as they relate to exposure to a Hazardous Substance); and (d) Hazardous
Substances or conditions (matters that are prohibited, controlled or otherwise regulated, such as contaminants, pollutants, toxic substances, dangerous goods, wastes, hazardous wastes, liquid industrial wastes, hazardous materials, petroleum and
other materials such as urea formaldehyde and polyurethane foam insulation, asbestos or asbestos-containing materials, polychlorinated biphenyls (PCBs) or PCB contaminated fluids or equipment, lead based paint, explosives, radioactive substances,
petroleum and associated products, above ground and underground storage tanks or surface impoundments). 
 “Requirements of Law” means, with respect
to any Person, the Organizational Documents of such Person and any Applicable Law, in each case applicable to or binding upon such Person or any of its business or Property or to which such Person or any of its business or Property is subject. 

“Restricted Parties” means the Borrower, the Guarantors and any person that hereafter becomes a Subsidiary of the Borrower, and their respective
successors and assigns permitted by this Agreement, and “Restricted Party” means any one of them. 
 “Revolving Period” means, in
relation to the Credit Facility, the period commencing on the Closing Date and ending on the Current Final Maturity Date. 
 “Right of Use Asset”
means a “right of use asset” as defined under Applicable Accounting Standards. 
 “Rollover” means the acceptance of a Bankers’
Acceptance in like face amount upon the maturity of a Bankers’ Acceptance or the extension of a CDOR Loan or a LIBOR Loan for an additional Interest Period. 

“Rollover Date” means the date of commencement of a new Interest Period applicable to a Bankers’ Acceptance, CDOR Loan or LIBOR Loan that is being
rolled over. 
 “Rollover Notice” means the notice, substantially in the form set out in Schedule 1.01(H), to be given to the Lender by the Borrower
in connection with the Rollover of a Bankers’ Acceptance, CDOR Loan or LIBOR Loan. 
 “Security” means the documents creating an Encumbrance in
favour of, or any collateral held from time to time by, the Lender securing or intended to secure payment or performance of the Obligations or any of them, including all security described in Article 10. 

“SH7 Landlord Consent” means the landlord consent to be executed by SH7-Savannah, LLC in favour of the Lender
in connection with the lease by the Borrower of the premises known municipally as 155 Knowlton Way, Suite 100, Savannah Georgia, Chatham County, Georgia providing for, among other things, the consent of
SH7-Savannah, LLC to the Borrower granting to the Lender a mortgage and charge over the interest of the Borrower in and to such lease, which landlord consent agreement shall be in form and substance
satisfactory to the Lender. 
 “Software” means all software relating to the business of the Restricted Parties, including the computer programs
known by the names as set out in Schedule 1.01(I), including all versions thereof, and all related documentation, manuals, source code and object code, program files, data files, computer related data, field and data definitions and relationships,
data definition 

 
specifications, data models, program and system logic, interfaces, program modules, routines, sub-routines, algorithms, program architecture, design
concepts, system designs, program structure, sequence and organization, screen displays and report layouts, and all other material related to such software. 

“Subsidiary” means, at any time, with respect to any Person, any other Person, if at such time the first mentioned Person (i) owns, directly or
indirectly, securities or other ownership interests in such other Person, having ordinary voting power to elect a majority of the board of directors or persons performing similar functions for such other Person, and (ii) directly or indirectly,
through the operation of any agreement or otherwise, the ability to elect or cause the election of a majority of the board of directors or other persons performing similar functions for such other Person or otherwise exercise control over the
management and policies of such other Person, and in either case will include any other Person in like relationship to a Subsidiary of such first mentioned Person and “Subsidiary” includes a trust, if (a) 50% or more interest in the
profits or capital thereof is owned by such Person and/or one or more of its Subsidiaries, (b) if such Person and/or one or more of its Subsidiaries, owns, directly or indirectly, sufficient voting Equity to enable it or them (as a group) to
elect a majority of the directors (or persons performing similar functions) of the trustee, or (c) if such Person and/or one or more of its Subsidiaries is the trustee of such trust, and includes any partnership if (x) 50% or more of the
interest in the profits or capital thereof is owned by such Person and/or one or more of its Subsidiaries, (b) if such Person and/or one or more of its Subsidiaries, owns, directly or indirectly, sufficient voting Equity to enable it or them
(as a group) to elect a majority of the directors (or persons performing similar functions) of the general partner (in the case of a limited partnership) or a managing partner (in the case of a general partnership), or (z) if such Person and/or
one or more of its Subsidiaries is the general partner (in the case of a limited partnership) or a managing partner (in the case of a general partnership) of such partnership. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Total Interest Expense” means, with respect to
any Person for any period, without duplication, the aggregate amount of interest and other financing charges expensed by such Person on account of such period with respect to Funded Debt including interest, discount financing fees, commissions,
discounts, the interest or time value of money component of costs related to factoring or securitizing receivables or monetizing inventory and other fees and charges payable with respect to letters of credit, letters of guarantee and bankers’
acceptance financing, standby fees, the interest component of Capital Leases and net payments (if any) pursuant to Hedge Arrangements involving interest, but excluding any amount, such as amortization of debt discount and expenses, that would
qualify as Depreciation Expense and the amount reflected in Net Income for such period in respect of gains (or losses) attributable to translation of Funded Debt from one currency to another currency, all as determined on a consolidated basis in
accordance with Applicable Accounting Standards. 
 “Unfunded Capital Expenditures” means the amount of all Capital Expenditures of the Borrower and
its Subsidiaries for the immediately preceding twelve month period, less any Capital Expenditures during such twelve month period that are funded by cash reserves identified by the Borrower for such purpose from the incurrence of Funded Debt (other
than advances under the Credit Facility) or the issuance of Equity in the immediately prior twenty four month period. 

 “United States Dollars” and “U.S. $” means the lawful money of the United States of
America. 
 “U.S. GAAP” means United States generally accepted accounting principles adopted by the United States Securities and Exchange Commission,
including United States Accounting Standards and interpretations together with their accompanying documents which are set by the Financial Accounting Standards Board and the Emerging Issues Task Force, but only to the extend the same are adopted by
the American Institute of Certified Public Accountants as generally accepted accounting principles in the United States and then subject top such modifications thereto as are agreed by the American Institute of Certified Public Accountants on a
consistent basis. For greater certainty, for the purposes of this Agreement, including all financial calculations to be made hereunder, any lease defined as an “operating lease” as defined under U.S. GAAP shall be excluded from Capital
Lease calculations. 
 “Welfare Plan” means (i) a “welfare plan”, as such term is defined in Section 3(1) of ERISA, and
(ii) any other medical, health, hospitalization, insurance or other employee benefit or welfare plan, agreement or arrangement applicable to employees of a Restricted Party. 

 

	1.02	 Extended Meanings  

In this Agreement words importing the singular number include the plural and vice versa, words importing any gender include all genders and
words importing persons include individuals, corporations, limited and unlimited liability companies, general and limited partnerships, associations, trusts, unincorporated organizations, joint ventures and Governmental Authorities. The term
“including” means “including without limiting the generality of the foregoing” and the term “third party” means any person other than a person a party to this Agreement. 

 

	1.03	 Accounting Principles  

(1)     Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any
consolidation or other accounting computation is required to be made, for the purpose of this Agreement or any Loan Document, such determination or calculation will, to the extent applicable and except as otherwise specified herein or as otherwise
agreed in writing by the parties, be made in accordance with Applicable Accounting Standards. 
 (2)     All calculations
for the purposes of determining compliance with the financial ratios and financial covenants contained in this Agreement will, for fiscal quarters prior to the first full fiscal quarter the Borrower is listed on an accredited U.S. exchange, be made
on a basis consistent with IFRS as it exists on December 31, 2018 and used in the preparation of the consolidated financial statements of the Borrower for its financial year ended December 31, 2018, and thereafter be made on the basis
consistent with U.S. GAAP. 
 (3)     Notwithstanding any other provision and for greater certainty, for so long as the Acceptable
Accounting Standard is IFRS, for purposes of this Agreement, including all financial calculations to be made hereunder, any lease which would be accounted for as an operating lease under IFRS as in effect on December 31, 2018 shall be,
notwithstanding IFRS 16, deemed to be accounted for as an operating lease and not as a capital lease or a financial lease (regardless of whether such lease is entered into or assumed before or after December 31, 2018). 

 (4)     In the event of a change in either IFRS or U.S. GAAP, the Borrower and the
Lender will negotiate in good faith to revise (if appropriate) such ratios and covenants to reflect IFRS or U.S. GAAP as then in effect, as applicable. For greater certainty, the change from IFRS to U.S. GAAP shall not require a revision of the
ratios and covenants except with respect to any change in US GAAP from the date hereof. 
  

	1.04	 Interest Calculations and Payments  

Unless otherwise stated, wherever in this Agreement reference is made to a rate of interest “per annum” or a similar expression is
used, such interest will be calculated on the basis of a calendar year of 365 days or 366 days, as the case may be, and using the nominal rate method of calculation and not the effective rate method of calculation or on any other basis that gives
effect to the principle of deemed reinvestment of interest. Interest will continue to accrue after maturity and default and/or judgment, if any, until payment thereof, and interest will accrue on overdue interest, if any. 

 

	1.05	 Interest Act (Canada)  

For the purposes of this Agreement, whenever interest to be paid hereunder is to be calculated on the basis of 360 days or any other period of time
that is less than a calendar year, the yearly rate of interest to which the rate determined pursuant to such calculation is equivalent is the rate so determined multiplied by the actual number of days in the calendar year in which the same is to be
ascertained and divided by 360 or such other number of days in such period, as the case may be. 
  

	1.06	 Permitted Encumbrances  

The inclusion of reference to Permitted Encumbrances in any Loan Document is not intended to subordinate and will not subordinate, any Encumbrance
created by any of the Security to any Permitted Encumbrance. 
  

	1.07	 Currency  

Unless otherwise specified in this Agreement, all references to currency (without further description) are to lawful money of Canada. 

 

	1.08	 Conflicts  

In the event of a conflict between the provisions of this Agreement and the provisions of any other Loan Document, then, unless such Loan Document or
an acknowledgement from the Restricted Party and the Lender relative to such Loan Document expressly states that this Section 1.08 is not applicable to such Loan Document, notwithstanding anything else contained in such other Loan Document, the
provisions of this Agreement will prevail and the provisions of such other Loan Document will be deemed to be amended to the extent necessary to eliminate such conflict; provided however a conflict shall not occur or be deemed to occur as a result
of a Loan Document providing for a matter that is not provided for in this Agreement. 

	1.09	 Schedules  

The following are the Schedules attached hereto and incorporated by reference and deemed to be part hereof: 

 

							
	 Schedule A
	 	-	  		  	 Commitments

				
	 Schedule 1.01(A)
	 	-	  		  	 Compliance Certificate

				
	 Schedule 1.01(B)
	 	-	  		  	 Conversion Notice

				
	 Schedule 1.01(C)
	 	-	  		  	 Drawdown Notice

				
	 Schedule 1.01(D)
	 	-	  		  	 Material Contracts

				
	 Schedule 1.01(E)
	 	-	  		  	 Additional Permitted Encumbrances

				
	 Schedule 1.01(F)
	 	-	  	     
	  	 Relevant Jurisdictions

				
	 Schedule 1.01(G)
	 		  		  	 Repayment Notice

				
	 Schedule 1.01(H)
	 	-	  		  	 Rollover Notice

				
	 Schedule 1.01(I)
	 	-	  		  	 Software

				
	 Schedule 8.01(14)
	 	-	  		  	 Ownership Structure

				
	 Schedule 8.01(18)
	 	-	  		  	 Intellectual Property Rights

				
	 Schedule 8.01(23)
	 	-	  		  	 Pension Plan Disclosure

 ARTICLE 2 - THE CREDIT FACILITY 
  

	2.01	 Borrower Facilities  

Subject to the terms and conditions of this Agreement, the Lender establishes in favour of the Borrower a revolving term facility (the “Credit
Facility”) in an amount up to Cdn. $50,000,000 or the Equivalent Amount in United States Dollars, which facility will be available only during the Revolving Period. 
  

	2.02	 Extension of the Credit Facility  

The Credit Facility will expire on July 24, 2022 unless extended by the Lender in its sole discretion at the request of the Borrower for a further
period of one year in accordance with this Section 2.02. Such expiry date, as extended from time to time in accordance with this Section 2.02, is referred to herein as the “Final Maturity Date”. If the Borrower wishes to
extend the Final Maturity Date, the Borrower will deliver to the Lender, at least 60 but not more than 90 days in advance of any Final Maturity Date (the “Current Final Maturity Date”), a notice in which the Borrower requests the
Lender to extend the Credit Facility for an additional one year period after the Current Final Maturity Date. The Lender must provide notice to the Borrower, not more than 30 days after receipt of such notice from the Borrower either (a) that
it wishes to make an irrevocable offer to the Borrower (which may be accepted within the time and on the terms set out in such offer and with effect on the Current Final Maturity Date) to extend the Credit Facility for an additional 364 day period,
with effect from the Current Final Maturity Date, or (b) that it declines to approve the requested extension. If the Lender makes an offer to the Borrower that is not accepted by the Borrower, the Borrower will repay all amounts outstanding

 under the Credit Facility on the Final Maturity Date. The Borrower may request two extensions of the Final Maturity
Date pursuant to this Section 2.02.     
  

	2.03	 Purpose of Credit Facility  

Loans under the Credit Facility will only be used for working capital and general corporate purposes in the ordinary course of business of the Borrower
and the other Restricted Parties. 
  

	2.04	 Manner of Borrowing  

The Borrower may (a) in Canadian Dollars, make Drawdowns, Conversions and Rollovers under the Credit Facility of Prime Rate Loans, Overdraft Loans,
Bankers’ Acceptances and CDOR Loans, (b) in United States Dollars, make Drawdowns, Conversions and Rollovers of Base Rate Loans, Overdraft Loans and LIBOR Loans, and (c) in either Canadian Dollars or United States Dollars, make
Drawdowns and Conversions of Letters of Credit, provided that the face amount of all outstanding Letters of Credit may not exceed Cdn. $10,000,000 or the Equivalent Amount in United States Dollars. 

 

	2.05	 Revolving Nature of Credit Facility  

Subject to the terms and conditions hereof, the Borrower may increase or decrease the amount of Obligations outstanding under the Credit Facility by
making Drawdowns, repayments and further Drawdowns. 
  

	2.06	 Drawdowns, Conversions and Rollovers  

(1)     Subject to the provisions of this Agreement, the Borrower may (a) make Drawdowns hereunder, (b) convert the whole
or any part of any type of Loan into any other type of Loan, or rollover any Bankers’ Acceptances, CDOR Loan or LIBOR Loan on the last day of the applicable Interest Period therefor, by giving the Lender a Drawdown Notice, Conversion Notice or
Rollover Notice, as the case may be. 
 (2)     The Borrower must give the Lender a Drawdown Notice, Conversion Notice or Rollover
Notice, as the case may be, three Business Days (in the cases of LIBOR Loans) and two Business Days (in the case of all other Loans) prior to the proposed Drawdown Date, Conversion Date or Rollover Date, as the case may be. A Drawdown Date,
Conversion Date and Rollover Date must be a Business Day. 
 (3)     Each Drawdown Notice, Conversion Notice or Rollover Notice,
as the case may be, must be delivered to the Lender by the Borrower on or prior to 1:00 p.m. (Toronto time) on a Business Day. 
 (4)
    Each Drawdown, Conversion or Rollover must: 
  

	 	(a)	 in the case of Prime Rate Loans, be in a minimum principal amount of Cdn. $500,000 and increments of Cdn. $100,000;

  

	 	(b)	 in the case of Base Rate Loans, be in a minimum principal amount of U.S. $500,000 and increments of U.S. $100,000;

	 	(c)	 in the case of Banker’s Acceptances and CDOR Loans, be in a minimum face amount of Cdn. $1,000,000 and increments of
Cdn. $100,000; and 

  

	 	(d)	 in the case of LIBOR Loans, be in a minimum principal amount of U.S. $1,000,000 and increments of U.S. $100,000.

  

	 	(5)	 The provisions of this Section 2.06 do not apply to Overdraft Loans. 

 

	2.07	 Drawdowns of Overdraft Loans  

The Lender will make Overdraft Loans under the Credit Facility by honouring cheques drawn by the Borrower in Canadian Dollars or United States Dollars
on the appropriate Borrower’s Account. Overdraft Loans will, for the purpose of determining the rate of interest payable thereon, be deemed to be Prime Rate Loans if made in Canadian Dollars or Base Rate Loans if made in United States Dollars.

  

	2.08	 General Account  

The Borrower shall establish a current account with the Lender in each of Canadian currency and US currency (each a “General Account”)
for the conduct of the Borrower’s day-to-day banking business. The Borrower authorizes the Lender daily or otherwise as and when determined by the Lender, to
ascertain the balance of each General Account and: 
 (a) if such position is a debit balance the Lender may, subject to the revolving increment
amount of $0.01 and minimum retained balance of zero specified in this Agreement, make available a Loan by way of Prime Rate Loans, or Base Rate Loans as applicable, under the Credit Facility; and 

(b) if such position is a credit balance, where the Credit Facility is indicated to be Lender revolved, the Lender may, subject to the revolving
increment amount and minimum retained balance specified in this Agreement, apply the amount of such credit balance or any part as a repayment of any Loans outstanding by way of Prime Rate Loans, or Base Rate Loans as applicable, under the Credit
Facility. 
  

	2.09	 Irrevocability  

Each Drawdown Notice, Conversion Notice and Rollover Notice given by the Borrower hereunder is irrevocable and will oblige the Borrower to take the
action contemplated on the date specified therein. 
  

	2.10	 Cancellation or Reduction of Credit Facility  

The Borrower may, at any time, upon giving at least two Business Days’ prior notice to the Lender, cancel in full or, from time to time, reduce in
part the Credit Facility; provided, however, that any reduction will be in a minimum amount of Cdn. $500,000 and increments of Cdn. $100,000. If as a result of such reduction the aggregate amount of Loans 

 outstanding under the Credit Facility exceeds the Commitment of the Lender thereunder, the Borrower will, upon notice
from the Lender, repay Loans in an aggregate amount equal to such excess. The Borrower will not be entitled to cancel the Credit Facility or reduce it in part if as a result thereof it would be required to repay Bankers’ Acceptances with a
maturity date falling subsequent to the effective date of such cancellation or reduction, as the case may be. 
  

	2.11	 Account of Record  

The Lender will open and maintain books of account evidencing all Loans and all other amounts owing by the Borrower to the Lender hereunder. The Lender
will enter in the foregoing accounts details of all amounts from time to time owing, paid or repaid by the Borrower hereunder. The information entered in the foregoing accounts will, in the absence of manifest error, constitute prima facie
evidence of the obligations of the Borrower to the Lender hereunder with respect to all Loans and all other amounts owing by the Borrower to the Lender hereunder. 
  

	2.12	 Termination of LIBOR Loans  

If at any time the Lender determines, acting reasonably, (which determination shall be conclusive and binding on the Borrower) that: 

 

	 	(a)	 adequate and reasonable means do not exist for ascertaining LIBOR applicable to a LIBOR Loan; 

 

	 	(b)	 LIBOR does not adequately reflect the effective cost to the Lender of making or maintaining a LIBOR Loan; or

  

	 	(c)	 it cannot readily obtain or retain funds in the London interbank market in order to fund or maintain any LIBOR Loan;

 then upon at least four Business Days’ written notice by the Lender to the Borrower, 

 

	 	(d)	 the right of the Borrower to request LIBOR Loans from the Lender shall be and remain suspended until the Lender notifies
the Borrower that any condition causing such determination no longer exists; and 

  

	 	(e)	 if the Lender is prevented from maintaining a LIBOR Loan, the Borrower shall, at its option, either repay the relevant
Drawdown to the Lender or convert the LIBOR Loan into other forms of Drawdown which are permitted by this Agreement, and the Borrower shall not be responsible for any loss or expense that the Lender incurs as a result, including breakage costs,
notwithstanding that such repayment or conversion does not occur on the last day of an Interest Period. 

 If at any time the Lender
determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Sections 2.12(a) or (b) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set
forth in Sections 1.1(1)(a) or (b) have not arisen but the supervisor for the administrator of the LIBOR or a Governmental Authority having jurisdiction over the Lender has made a public statement identifying a specific date after which the
LIBOR shall no longer be used for determining interest rates for loans, then the Lender and the Borrower shall 

 endeavor to establish an alternate rate of interest to the LIBOR that gives due consideration to the
then prevailing market convention for determining a rate of interest for U.S. Dollar loans in Canada at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest agreed to by the Borrower and the
Lender and such other related changes to this Agreement as may be applicable. Until an alternate rate of interest shall be determined in accordance with this Section 2.12, any Drawdown Notice, Rollover Notice or Conversion Notice that requests
a LIBOR Loan shall be ineffective and such Drawdown shall be made as a Base Rate Loan; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

 

	2.13	 Increase of Credit Facility  

The Borrower may, at any time and from time to time, upon at least 30 days prior written notice to the Lender, request the Lender to increase its
Commitment (the “Additional Commitment”) available under the Credit Facility by an additional amount up to Cdn. $30,000,000 . The right to increase the maximum principal amount of the Credit Facility by Additional Commitments shall
be subject to the following conditions: 
  

	 	(a)	 no Default or Event of Default shall have occurred and be continuing or would result from the proposed increase in the
Commitment and the Borrower shall have delivered to the Lender an officer’s certificate confirming the same and confirming (i) its corporate authorization to make such increase, (ii) the truth and accuracy of its representations and
warranties contained in this Agreement, and (iii) that no consents, approvals or authorizations are required for such increase (except as have been unconditionally obtained and are in full force and effect, unamended), each as at the effective
date of such increase; 

  

	 	(b)	 the Borrower shall deliver to the Lender a pro forma Compliance Certificate evidencing its compliance with
Section 9.02 after giving effect to the Additional Commitments; 

  

	 	(c)	 the Lender shall have received an acknowledgement executed by each Restricted Party in favour of the Lender confirming
that each Loan Document to which the Restricted Party is a party continues to be enforceable in accordance with its terms; 

  

	 	(d)	 the Lender shall have received an opinion of counsel to the Borrower (in form and substance satisfactory to the Lender,
acting reasonably) confirming the enforceability of this Agreement (as amended by the increase in the Commitment by the Additional Commitments) and any Loan Documents executed and delivered in connection therewith by the Restricted Parties;

  

	 	(e)	 the Lender shall have obtained internal approval to provide the Additional Commitments; and 

 

	 	(f)	 the Borrower and the Lender shall execute and deliver such documentation as is required by the Lender, acting reasonably,
to effect the increase in question (including an amending agreement). 

 For greater certainty, the Lender shall not be required to increase the Commitment unless the Lender,
in its discretion, agrees to do so. 
  

	2.14	 Decrease of Credit Facility  

In the event the Hoopp Landlord Consent, the GFP Landlord Consent, the Piret Landlord Consent or the SH7 Landlord Consent is not executed and delivered
to the Lender on or before the Closing Date, the Commitment available under the Credit Facility shall be decreased to $40,000,000 until such time as the Hoopp Landlord Consent, the GFP Landlord Consent, the Piret Landlord Consent and the SH7
Landlord Consent are executed and delivered to the Lender. If any of the Hoopp Landlord Consent, the GFP Landlord Consent, the Piret Landlord Consent or the SH7 Landlord Consent are not executed and delivered to the Lender within sixty
(60) days after the Closing Date, the Lender and the Borrower shall in good faith negotiate such other terms and conditions as are acceptable to the Lender and the Borrower, both acting reasonably, to address the
non-delivery of the Hoopp Landlord Consent, the GFP Landlord Consent, the Piret Landlord Consent and/or the SH7 Landlord Consent. For greater certainty, unless the Lender and the Borrower agree otherwise, the
reduction of the Commitment available under the Credit Facility to $40,000,000 shall continue until the Hoopp Landlord Consent, the GFP Landlord Consent, the Piret Landlord Consent and the SH7 Landlord Consent are executed and delivered to the
Lender or other arrangements satisfactory to the Lender are executed and delivered. 
 ARTICLE 3 - DISBURSEMENT CONDITIONS 

 

	3.01	 Conditions Precedent to Effective Date  

The obligation of the Lender to make the first advance hereunder by way of a Loan or the issuance of a Letter of Credit is subject to and conditional
upon the prior satisfaction of the following conditions precedent: 
  

	 	(a)	 the Lender shall have received all applicable internal approvals for the Credit Facility; 

 

	 	(b)	 the Lender will have received certified copies of the Organizational Documents of each Restricted Party, the resolutions
authorizing the execution and delivery of, and performance of each Restricted Party’s respective obligations under, the Loan Documents and the transactions contemplated herein, and a certificate as to the incumbency of the officers of the
Restricted Parties executing the Loan Documents and any other documents to be provided pursuant to the provisions hereof; 

  

	 	(c)	 except as otherwise agreed by the Lender, certificates of status or comparable certificates will have been delivered to
the Lender for each Restricted Party in each jurisdiction in which the Restricted Party is organized or has material assets; 

  

	 	(d)	 the Lender will have completed its due diligence with respect to the Restricted Parties, including a review of:

  

	 	(i)	 the organizational structure of the Borrower; 

	 	(ii)	 the documents necessary for the Lender’s Know-Your-Client and Anti-Money Laundering requirements;

  

	 	(iii)	 environmental reports, if any, and due diligence with respect to each real Property owned or leased by a Restricted
Party; 

  

	 	(iv)	 the most recent financial statements and other financial information of the Restricted Parties; and

  

	 	(v)	 all Material Contracts and Material Licences of the Restricted Parties; 

 

	 	and	 the results of such due diligence will be satisfactory to the Lender in its sole discretion; 

 

	 	(e)	 except as otherwise agreed by the Lender, the Lender will have received certified copies of all shareholder, regulatory,
governmental and other approvals required in order for the Borrower to enter into this Agreement and to perform its obligations hereunder; 

  

	 	(f)	 releases, discharges, subordinations and postponements that are required in the discretion of the Lender (in registerable
form where necessary) with respect to all Encumbrances affecting the collateral Encumbered by the Security that are not Permitted Encumbrances, if any, will have been delivered to the Lender; 

 

	 	(g)	 certified copies of all Material Contracts of the Restricted Parties will have been delivered to the Lender;

  

	 	(h)	 the Lender will have received payment of all fees payable to the Lender that are due and payable at such time;

  

	 	(i)	 duly executed copies of the Security will have been delivered to the Lender, certificates representing all shares or
other securities pledged (along with stock powers duly executed in blank) by the Restricted Parties will have been delivered to the Lender and all such Security will have been duly registered, filed and recorded in all Relevant Jurisdictions where
required by Applicable Law or where the Lender considers it necessary, in its sole discretion, to do so; 

  

	 	(j)	 a currently dated letter of opinion of Borrower’s Counsel as to such matters and in such form as Lender’s
Counsel deems appropriate addressed to the Lender and to Lender’s Counsel will have been delivered to the Lender; 

  

	 	(k)	 currently dated letters of opinion of local counsel for the Borrower as to such matters and in such form as Lender’s
Counsel deems appropriate addressed to the Lender and to Lender’s Counsel will have been delivered to the Lender; 

  

	 	(l)	 the Restricted Parties will have delivered to the Lender certificates of insurance acceptable to the Lender showing the
Lender as additional insured and a loss payee as its interest may appear on all insurance policies that insure the assets to be secured by the Security; 

	 	(m)	 all representations and warranties contained in the Loan Documents shall be true and correct in all material respects as
if made on such date; 

  

	 	(n)	 no Default or Event of Default shall have occurred and be continuing; and 

 

	 	(o)	 no Material Adverse Change shall have occurred and be continuing; 

provided that all documents and information delivered pursuant to this Section 3.01 must be in full force and effect, and in form and substance satisfactory to the
Lender, acting reasonably. 
  

	3.02	 Conditions Precedent to all Advances  

The obligation of the Lender to make any advance hereunder by way of a Loan or the issuance of a Letter of Credit is subject to and conditional upon
the prior satisfaction of the following additional conditions precedent: 
  

	 	(a)	 the Lender will have received a Drawdown Notice as required under Sections 2.06(2) and 2.06(3); 

 

	 	(b)	 the representations and warranties deemed to be repeated pursuant to Section 8.02 will continue to be true and
correct as of the Drawdown Date; 

  

	 	(c)	 no Default or Event of Default will have occurred and be continuing on the Drawdown Date, or would result from making the
requested advance; 

  

	 	(d)	 a Material Adverse Change will not have occurred and be existing; and 

 

	 	(e)	 all other terms and conditions of this Agreement upon which the Borrower may obtain a Loan or require the issuance of a
Letter of Credit that have not been waived will have been fulfilled. 

  

	3.03	 Waiver  

The conditions set forth in Sections 3.01 and 3.02 are inserted for the sole benefit of the Lender and may be waived by the Lender, in whole or in part
(with or without terms or conditions), in respect of any Drawdown without prejudicing the right of the Lender at any time to assert such conditions in respect of any subsequent Drawdown. 

ARTICLE 4 - PAYMENTS OF INTEREST AND STANDBY FEES 
  

	4.01	 Interest on Prime Rate Loans  

The Borrower will pay interest on each Prime Rate Loan during each Interest Period applicable thereto in Canadian Dollars at a rate per annum
equal to the sum of (a) the Prime Rate plus (b) the Prime Rate Margin in effect, in each case, from time to time during such Interest Period. Each determination by the Lender of the Prime Rate and the Prime Rate Margin applicable from time
to time during an Interest Period will, in the absence of manifest error, be binding upon the Borrower. Such interest will be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown Date,
Conversion Date or preceding Interest Payment Date, as the case may be, for such Loan to but excluding such Interest Payment Date (or, if such Interest Payment Date follows the repayment of such Loan or 

 the Conversion of such Loan, to but excluding the date of such repayment or Conversion) and will be calculated on the
principal amount of the Prime Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 days or 366 days, as the case may be. Changes in the Prime Rate and the Prime Rate Margin will cause an
immediate adjustment of the interest rate applicable to such Loan without the necessity of any notice to the Borrower. 
  

	4.02	 Interest on Base Rate Loans  

The Borrower will pay interest on each Base Rate Loan during each Interest Period applicable thereto in United States Dollars at a rate per
annum equal to the sum of (a) the Base Rate plus (b) the Base Rate Margin in effect, in each case, from time to time during such Interest Period. Each determination by the Lender of the Base Rate and the Base Rate Margin applicable
from time to time during an Interest Period will, in the absence of manifest error, be binding upon the Borrower. Such interest will be payable in arrears on each Interest Payment Date for such Loan for the period from and including the Drawdown
Date, Conversion Date or preceding Interest Payment Date, as the case may be, for such Loan to but excluding such Interest Payment Date (or, if such Interest Payment Date follows the repayment of such Loan or the Conversion of such Loan, to but
excluding the date of such repayment or Conversion) and will be calculated on the principal amount of the Base Rate Loan outstanding during such period and on the basis of the actual number of days elapsed in a year of 365 or 366 days, as the case
may be. Changes in the Base Rate and the Base Rate Margin will cause an immediate adjustment of the interest rate applicable to such Loan without the necessity of any notice to the Borrower. 

 

	4.03	 Interest on CDOR Loans  

The Borrower will pay interest on each CDOR Loan during each Interest Period applicable thereto in Canadian Dollars at a rate per annum
(expressed on the basis of a 365 or 366 day year, as the case may be) equal to the sum of (a) CDOR Rate plus (b) the CDOR Margin in effect, in each case, from time to time in such Interest Period. Each determination by the Lender of the
CDOR Rate with respect to an Interest Period and the CDOR Margin applicable from time to time during an Interest Period will, in the absence of manifest error, be binding upon the Borrower. Such interest will be payable in arrears on each Interest
Payment Date for such Loan for the period from and including the Drawdown Date, Conversion Date, Rollover Date or preceding Interest Payment Date, as the case may be, for such Loan to but excluding such Interest Payment Date and will be calculated
on the principal amount of the CDOR Loan outstanding during such period and on the basis of the actual number of days elapsed divided by 365 or 366, in the case of a leap year. Changes in the CDOR Margin will result in an immediate adjustment of the
interest rate. 
  

	4.04	 Interest on LIBOR Loans  

The Borrower will pay interest on each LIBOR Loan during each Interest Period applicable thereto in United States Dollars at a rate per annum
(expressed on the basis of a 360 day year) equal to the sum of (a) LIBOR plus (b) the LIBOR Margin in effect, in each case, from time to time in such Interest Period. Each determination by the Lender of LIBOR with respect to an Interest
Period and the LIBOR Margin applicable from time to time during an Interest Period will, in the absence of manifest error, be binding upon the Borrower. Such interest will be payable in arrears on each Interest Payment Date for such Loan for the
period from and including the Drawdown Date, Conversion Date, Rollover Date or preceding Interest 

 Payment Date, as the case may be, for such Loan to but excluding such Interest Payment Date and will be calculated on
the principal amount of the LIBOR Loan outstanding during such period and on the basis of the actual number of days elapsed divided by 360. Changes in the LIBOR Margin will result in an immediate adjustment of the interest rate. 

 

	4.05	 Adjustment of Applicable Margin  

Upon the occurrence of, and during the continuance of a Default or an Event of Default, the Applicable Margin will be the rate set forth in the table
in the definition of Applicable Margin for the applicable type of Loan plus 2.00% per annum. 
  

	4.06	 Standby Fees  

The Borrower will pay to the Lender a standby fee in Canadian Dollars calculated at the rate per annum specified as the applicable “Standby
Fee Rate” in the table contained in the definition of “Applicable Margin” on the daily unadvanced portion of the Credit Facility during each fiscal quarter. The standby fee will be determined daily beginning on the date hereof and
will be calculated on the basis of a calendar year of 365 or 366 days, as the case may be, and will be payable by the Borrower quarterly in arrears on the first Business Day following the end of each quarter. 

 

	4.07	 Commitment Fee  

In consideration of the Lender structuring the Credit Facility, the Borrower will pay to the Lender a commitment fee in an amount, and on the terms and
conditions, agreed to in writing by the Lender (or any of its Affiliates) and the Borrower (or any of its Affiliates). All such written arrangements will constitute Loan Documents. 

 

	4.08	 Maximum Rate of Interest  

Notwithstanding anything contained herein to the contrary, the Borrower will not be obliged to make any payment of interest or other amounts payable to
the Lender hereunder in excess of the amount or rate that would be permitted by Applicable Law or would result in the receipt by the Lender of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)). If the
making of any payment by the Borrower would result in a payment being made that is in excess of such amount or rate, the Lender will determine the payment or payments that are to be reduced or refunded, as the case may be, so that such result does
not occur. 
 ARTICLE 5 - BANKERS’ ACCEPTANCES AND LETTERS OF CREDIT 

 

	5.01	 Bankers’ Acceptances  

(1)     To facilitate the issuance of Bankers’ Acceptances pursuant to this Agreement, the Borrower irrevocably appoints the
Lender as the attorney-in-fact of the Borrower to execute, endorse and deliver on behalf of the Borrower drafts in the forms prescribed by the Lender for bankers’
acceptances denominated in Canadian Dollars (each such executed draft that has not yet been accepted by the Lender being referred to as a “Draft”). Each Bankers’ Acceptance executed and delivered by the Lender on behalf of the
Borrower as provided for in this Section 5.01 will be as binding upon the Borrower as if it had been executed and delivered by a duly authorized officer of the Borrower. 

 (2)     Notwithstanding the provisions of Section 5.01(1), the Borrower will
from time to time as required by the Lender provide to the Lender an appropriate number of Drafts drawn by the Borrower upon the Lender and payable to the clearing service designated by the Lender. The dates, maturity dates and face amounts of all
Drafts delivered by the Borrower must be left blank, to be completed by the Lender as required by this Agreement. The Lender will exercise the same degree of care in the custody of such Draft as the Lender would exercise with respect to its own
property kept at the place at which the Drafts are ordinarily kept by the Lender. The Lender, upon the written request of the Borrower, will promptly advise the Borrower of the number and designation, if any, of the Drafts then held by it. The
Lender will not be liable for its failure to accept a Draft as required by this Agreement if the cause of such failure is, in whole or in part, due to the failure of the Borrower to provide on a timely basis appropriate Drafts as requested by the
Lender. 
 (3)     The term of all Bankers’ Acceptances issued pursuant to any Drawdown Notice must be identical. Each
Bankers’ Acceptance must be dated the Drawdown Date on which it is issued and will be for a term of one, two, three or six months, provided that in no event will the term of a Bankers’ Acceptance extend beyond the Final Maturity Date. 

(4)     The Lender will complete and accept on the applicable Drawdown Date a Draft having a face amount (or Drafts having the
aggregate face amount) and term specified in the Drawdown Notice. The Lender will purchase on the applicable Drawdown Date all Bankers’ Acceptances accepted by it, for an aggregate price equal to the BA Discount Proceeds of such Bankers’
Acceptances. The Lender is hereby authorized to release the Bankers’ Acceptance accepted by it to the applicable clearing service upon receipt of confirmation that such clearing service holds such Bankers’ Acceptance for the account of
such the Lender. 
 (5)     The Borrower will pay to the Lender in respect of each Draft tendered by the Borrower to and accepted
by the Lender as a condition of such acceptance or purchase, the BA Stamping Fee. The Lender is entitled to deduct and retain for its own account the amount of such fee from the amount to be deposited by the Lender to the applicable Borrower’s
Account pursuant to this Agreement in respect of the sale of the related Bankers’ Acceptance. 
 (6)     On the date of
maturity of each Bankers’ Acceptance, the Borrower will pay to the Lender in Canadian Dollars an amount equal to the face amount of such Bankers’ Acceptance. The obligation of the Borrower to make such payment will not be prejudiced by the
fact that the holder of such Bankers’ Acceptance is the Lender. No days of grace may be claimed by the Borrower for the payment at maturity of any Bankers’ Acceptance. If the Borrower does not make such payment from the proceeds of a Loan
obtained under this Agreement or otherwise, the amount of such required payment will be deemed to be a Prime Rate Loan to the Borrower. 
 (7)
    The signature of any duly authorized officer of the Borrower on a Draft may be mechanically reproduced in facsimile, and all Drafts bearing such facsimile signature will be as binding upon the Borrower as if they had been
manually signed by such officer, notwithstanding that such Person whose manual or facsimile signature appears on such Draft may no longer hold office at the date of such Draft or at the date of acceptance of such Draft by the Lender or at any time
thereafter. 
 (8)     The Lender may at any time and from time to time, hold, sell, rediscount or otherwise dispose of any or all
Bankers’ Acceptances accepted and purchased by it. 

	5.02	 Letters of Credit  

(1)     If the Borrower wishes to request that a Letter of Credit be issued under the Credit Facility, the Borrower will, at the
time it delivers a Drawdown Notice pursuant to Section 2.06, execute and deliver to the Lender the Lender’s usual documentation relating to the issuance and administration of letters of credit. In the event of any inconsistency between the
terms of such documentation and this Agreement, the terms of this Agreement will prevail. 
 (2)     Each Letter of Credit will be
in a form and on such terms as determined by the Lender in its sole and unfettered discretion. 
 (3)     Except as otherwise
agree to by the Lender, no Letter of Credit may be issued for a period in excess of one year or beyond the Final Maturity Date. 
 (4)
    If, at any time, a demand for payment is made under any Letter of Credit, the Borrower will be deemed to have requested a Prime Rate Loan in an amount equal to the sum of the Canadian Dollar Equivalent Amount demanded from
the Lender under the Letter of Credit and all charges and expenses incurred by the Lender in connection with payment under the Letter of Credit. 

(5)     The Borrower hereby undertakes to indemnify and hold harmless the Lender from and against all liabilities and costs
(including any costs incurred in funding any amount that falls due from the Lender under any Letter of Credit hereunder) to the extent that such liabilities and costs are not satisfied or compensated by the payment of interest on sums due pursuant
to this Agreement in connection with any Letter of Credit except where such liabilities or costs result from the gross negligence or wilful misconduct of the Person claiming indemnification. 

(6)     The Lender will at all times be entitled, and is irrevocably authorized by the Borrower, to make any payment under a Letter
of Credit for which a request or demand has been made in the required form without any further reference to the Borrower and any investigation or enquiry, need not concern itself with the propriety or validity of any claim made or purported to be
made under the terms of such Letter of Credit (except as to compliance with the payment conditions of such Letters of Credit) and will be entitled to assume that any Person expressed in such Letter of Credit as being entitled to make demand or
receive payments thereunder is so entitled. Accordingly, so long as a request or demand has been made as aforementioned, it will not be a defence to any demand made of the Borrower hereunder, nor will the obligations of the Borrower hereunder be
impaired by the fact (if it be the case) that the Lender was or might have been justified in refusing payment, in whole or in part, of the amounts so claimed. 

(7)     A certificate of the Lender as to the Canadian Dollar Equivalent Amounts paid by the Lender under any Letter of Credit will,
in the absence of manifest error, be prima facie evidence of the existence and amount of such payment in any legal action or proceeding arising out of or in connection herewith. 

(8)     Upon the issuance of the Letter of Credit or any extension thereof, the Borrower will pay to the Lender a fee at the Letter
of Credit Fee Rate calculated on the amount of the Letter of Credit in Canadian Dollars on the basis of a calendar year for the number of days from the date of issuance or extension of the Letter of Credit until its expiry date. 

 (9)     The obligations of the Borrower with respect to Letters of Credit will be
unconditional and irrevocable, and must be paid or performed strictly in accordance with the terms of this Agreement under all circumstances, including the following circumstances: 

 

	 	(a)	 any lack of validity or enforceability of any Loan Document or the applicable Letter of Credit; 

 

	 	(b)	 any amendment or waiver of or any consent to or actual departure from this Agreement; 

 

	 	(c)	 the existence of any claim, set-off, defence or other right which the Borrower
may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), the Lender or any other Person or entity, whether in connection with this
Agreement, the transactions contemplated herein or in any other agreements or any unrelated transactions; 

  

	 	(d)	 any document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect except for non-compliance with the payment conditions of such Letter of Credit; or 

 

	 	(e)	 any other circumstance whatsoever, whether or not similar to any of the foregoing. 

At the option of the Lender, the Uniform Customs and Practice for documentary credits, the International Standby Practices or the Uniform Rules for
Demand Guarantees, each published by the International Chamber of Commerce, current on the issue of each Letter of Credit will be binding on the Borrower and the Lender with respect to each such Letter of Credit. The Borrower assumes all risks
of the acts or omissions of the beneficiary of each Letter of Credit with respect to such Letter of Credit. In furtherance of, and not in limitation of, the Lender’s rights and powers under such Uniform Customs and Practice or International
Standby Practices, as applicable, but subject to all other provisions of this Section 5.02, it is agreed that the Lender will not have any liability for, and that the Borrower assumes all responsibility for: (a) the genuineness of any
signature, (b) the form, validity, genuineness, falsification and legal effect of any draft, certification or other document required by a Letter of Credit or the authority of the Person signing the same, (c) the failure of any instrument
to bear any reference or adequate reference to a Letter of Credit or the failure of any Person to note the amount of any instrument on the reverse of a Letter of Credit or to surrender a Letter of Credit, (d) the good faith or acts of any
Person other than the Lender and its agents and employees, (e) the existence, form or sufficiency or breach or default under any agreement or instrument of any nature whatsoever, (f) any delay in giving or failure to give any notice,
demand or protest, and (g) any error, omission, delay in or nondelivery of any notice or other communication, however sent. The determination as to whether the required documents are presented prior to the expiration of a Letter of Credit and
whether such other documents are in proper and sufficient form for compliance with a Letter of Credit will be made by the Lender in its sole discretion, which determination will be conclusive and binding upon the Borrower absent manifest error. It
is agreed that the Lender may honour, as complying with the terms of a Letter of Credit and this Agreement, any documents appearing to be in order and appearing to be signed or issued by the beneficiary thereof. Any action, inaction or omission on
the part of the Lender under or in connection with any Letter of Credit or any related instrument or document, if in good faith and 

 in conformity with such laws, regulations or commercial or banking customs as the Lender may reasonably deem to be
applicable, will be binding upon the Borrower, and will not affect, impair or prevent the vesting of any of the Lender’s rights or powers hereunder or the Borrower’s obligation to make full reimbursement of amounts drawn under the Letters
of Credit. Notwithstanding the provisions of this Section 5.02(9), the Borrower will not be responsible, and no Person will be relieved of responsibility under this Article 5, for any gross negligence or wilful misconduct of such Person. 

ARTICLE 6 - REPAYMENT 
  

	6.01	 Mandatory Repayment - Credit Facility  

The Borrower will repay in full the outstanding principal amount of all Loans and other Obligations under the Credit Facility on or before the then
Current Final Maturity Date. 
  

	6.02	 Excess Over the Maximum Amounts  

If the Lender determines that on any day as a result of currency fluctuations the aggregate of (a) Loans in Canadian Dollars then outstanding
under the Credit Facility, and (b) the Equivalent Amount in Canadian Dollars of Loans in United States Dollars then outstanding under the Credit Facility on such day exceeds the aggregate Commitment then in effect in respect of the Credit
Facility, the Lender will notify the Borrower that such an event has occurred, and the Borrower will within three Business Days following receipt of such notice, (i) repay Loans under the Credit Facility in an amount equal to such excess, or
(ii) deposit with the Lender cash or Cash Equivalents in the amount of such excess, provided that if it is determined on any subsequent day that the amount of the deposited amounts exceeds the amount of such excess, the Borrower may withdraw
the amount by which such excess has been reduced. 
  

	6.03	 Repayment Compensation  

(1)      If the Borrower by reason of any repayment hereunder, whether mandatory or voluntary, (a) pays any CDOR
Loans or any LIBOR Loans prior to the end of the applicable Interest Period, the Borrower will compensate the Lender for any loss or expense that the Lender incurs as a result thereof, including any breakage costs, or (b) is obliged to pay any
Bankers’ Acceptances prior to their respective maturity dates or discharges its obligation to the Lender in respect of outstanding Letters of Credit, the Borrower will deposit collateral with the Lender equal to the full face amount at maturity
of such Bankers’ Acceptances or 103% of the undrawn face amount of such Letters of Credit, as applicable. 
 ARTICLE 7 - PLACE AND
APPLICATION OF PAYMENTS 
  

	7.01	 Place of Payment of Principal, Interest and Fees  

All payments of principal, interest, fees and other amounts to be made by the Borrower to the Lender pursuant to this Agreement will be made in the
currency in which a Loan is outstanding for value on the day such amount is due or, if such day is not a Business Day, on the Business Day next following with interest, by deposit or transfer thereof to the account designated from time to time in
writing by the Lender at the Lending Office, or at such other place as the Borrower and the Lender may from time to time agree. 

	7.02	 Netting of Payments  

If, on any date, amounts would be due and payable under this Agreement in the same currency by a Restricted Party to the Lender, and by the Lender to a
Restricted Party, then, on such date, the obligations of each such party to make payment of any such amount will be automatically satisfied and discharged if the amounts payable are the same. If the aggregate amount that would otherwise have been
payable by a Restricted Party to the Lender exceeds the aggregate amount that would otherwise have been payable by the Lender to a Restricted Party or vice versa, such obligations will be replaced by an obligation upon whichever of the
Restricted Party or the Lender would have had to pay the larger aggregate amount, to pay to the other the excess of the larger aggregate amount over the smaller aggregate amount. For greater certainty, prior to acceleration of repayment pursuant to
Section 11.02, this Section 7.02 will not permit the Lender to exercise a right of set-off, combination or similar right against any amount which a Restricted Party may have on deposit with the
Lender in respect of any amount to which netting is to apply pursuant to this Section 7.02, but will apply only to determine the net amount to be payable by the Lender to a Restricted Party, or by a Restricted Party to the Lender. 

ARTICLE 8 - REPRESENTATIONS AND WARRANTIES 
  

	8.01	 Representations and Warranties  

The Borrower and each other Restricted Party represents and warrants to the Lender as follows, and acknowledges and confirms that the Lender is relying
upon such representations and warranties: 
 (1)      Existence and Qualification. Each Restricted Party
(a) that is a corporation or company has been duly incorporated, amalgamated or continued, as the case may be, and is validly subsisting as a corporation or company under the laws of its jurisdiction of incorporation, amalgamation, or
continuance, as the case may, (b) that is not a corporation or company has been duly created or established as a partnership or other entity and validly exists under the laws of the jurisdiction in which it has been created or established, and
(c) is duly qualified to carry on business in all jurisdictions in which it carries on business and has all Material Licences. 

(2)      Power and Authority. Each Restricted Party has the power, capacity, authority and right (a) to enter
into and deliver, and to exercise its rights and perform its obligations under, the Loan Documents to which it is a party and all other instruments and agreements delivered by it pursuant to any of the Loan Documents, and (b) to own its
Property and carry on its business as currently conducted and as currently proposed to be conducted by it. 

(3)      Execution, Delivery, Performance and Enforceability of Documents. The execution, delivery and performance
of each of the Loan Documents to which a Restricted Party is a party, and every other instrument or agreement delivered by it pursuant to any Loan Document, has been duly authorized by all actions, if any, required on its part and by its
shareholders and directors (or where applicable partners, members or managers), and each of the Loan Documents and such other instruments and agreements has been duly executed and delivered and constitutes a valid and legally binding obligation of
the particular Restricted Party enforceable against it in accordance with its terms subject to bankruptcy, insolvency, reorganization, arrangement, winding-up, moratorium and other similar laws of general 

 
application limiting the enforcement of creditors’ rights generally and to general equitable principles. 

(4)      Loan Documents Comply with Applicable Laws, Organizational Documents and Contractual Obligations. Neither
the entering into nor the delivery of, and neither the consummation of the transactions contemplated in nor compliance with the terms, conditions and provisions of, the Loan Documents by any Restricted Party conflicts with or will conflict with, or
results or will result in any breach of, or constitutes a default under or contravention of, any Requirement of Law applicable to it or any of its Organizational Documents (except, in each case, where such conflict, breach, default, or contravention
would not, individually or in the aggregate, constitute, or be reasonably likely to result in, a Material Adverse Change), or results or will result in the creation or imposition of any Encumbrance upon any of its Property, other than the
Encumbrances constituted by the Loan Documents. 
 (5)      Consents Respecting Loan Documents. Each of the
Restricted Parties has obtained, made or taken all consents, approvals, authorizations, declarations, registrations, filings, notices and other actions whatsoever required as to the date hereof in connection with the execution and delivery by it of
each of the Loan Documents to which it is a party and the consummation of the transactions contemplated in the Loan Documents. 

(6)      Priority Payables and Taxes. Each of the Restricted Parties has paid or made adequate provision for the
payment of all Priority Payables and Taxes levied on it or on its Property or income that are due and payable, including interest and penalties, or has accrued such amounts in its financial statements for the payment of such Priority Payables and
Taxes except Priority Payables and Taxes that are not material in amount, that are not delinquent or if delinquent are being contested, and in respect of which non-payment would not individually or in the
aggregate constitute, or be reasonably likely to cause, a Material Adverse Change, and there is no material action, suit, proceeding, investigation, audit or claim now pending, or to its knowledge threatened, by any Governmental Authority regarding
any Priority Payables or Taxes nor has it agreed to waive or extend any statute of limitations with respect to the payment or collection of Priority Payables or Taxes. 

(7)      Judgments, Etc.. None of the Restricted Parties is subject to any judgment, order, writ, injunction,
decree or award, or to any restriction, rule or regulation (other than customary or ordinary course restrictions, rules and regulations consistent or similar with those imposed on other Persons engaged in similar businesses) that has not been stayed
or of which enforcement has not been suspended and that individually or in the aggregate constitutes, or is reasonably likely to cause, a Material Adverse Change. 

(8)      Absence of Litigation. There are no actions, suits or proceedings pending or, to the best of the
Borrower’s knowledge and belief, after due inquiry, threatened against or affecting any Restricted Party that are reasonably likely to cause, either separately or in the aggregate, a Material Adverse Change. 

(9)      Title to Assets. Each of the Restricted Parties has good title to its Property, free and clear of all
Encumbrances except Permitted Encumbrances and no Person has any agreement or right to acquire an interest in such Property other than inventory sold by a Restricted Party in the ordinary course of the business of the applicable Restricted Party and
any assets sold in accordance with section 9.04(1). 

 (10)      Use of Real Property. All real property owned or leased
by each of the Restricted Parties may be used in all material respects by it pursuant to Applicable Law for the present use and operation of the material elements of the business conducted, or intended to be conducted, on such real property by it
except where non-compliance with any such Applicable Law could not constitute, or be reasonably be expected, individually or in the aggregate, to constitute, or cause, a Material Adverse Change. 

(11)      Labour Relations. None of the Restricted Parties is engaged in any unfair labour practice that could
reasonably be expected to cause a Material Adverse Change; and, to the knowledge of the Borrower after due inquiry, there is no unfair labour practice complaint pending against any of the Restricted Parties, or threatened against any of them, before
any Governmental Authority that if adversely determined could reasonably be expected to cause a Material Adverse Change. No grievance or arbitration arising out of or under any collective bargaining agreement is pending against any of the Restricted
Parties or, to the knowledge of the Borrower after due inquiry, threatened against any of them. No strike, labour dispute, slowdown or stoppage is pending against any of the Restricted Parties or, to the knowledge of the Borrower after due inquiry,
threatened against any of them and no union representation proceeding is pending with respect to any employees of the Restricted Parties, except (with respect to any matter specified in this sentence, either individually or in the aggregate) such as
could not reasonably be expected to cause a Material Adverse Change. 
 (12)      Compliance with Laws. None of
the Restricted Parties is in default under any Applicable Law where such default could reasonably be expected to cause a Material Adverse Change or affect its ability to perform any of its obligations under any Loan Document to which it is a party.

 (13)      No Default or Event of Default. No Default or Event of Default has occurred. None of the Restricted
Parties is in default under any agreement, guarantee, indenture or instrument to which it is a party or by which it is bound: (i) in respect of which Debt outstanding thereunder is in excess of the lesser of Cdn. $5,000,000 and 5% of
Consolidated Assets or (ii) the breach of which could reasonably be expected to cause a Material Adverse Change or affect its ability to perform any of its obligations under any Loan Document to which it is a party. 

(14)      Ownership Structure. The ownership structure of the Borrower and its Subsidiaries is as set out in
Schedule 8.01(14), which contains: 
  

	 	(a)	 a list of all Restricted Parties; and 

 

	 	(b)	 complete and accurate information respecting: 

 

	 	(i)	 each such Restricted Party’s name (including any French and English forms of name) and the jurisdiction in which
each Restricted Party was formed; 

  

	 	(ii)	 the address (including postal code or zip code) of each Restricted Party’s chief executive office and chief place of
business and if different, the address at which the books and records of such Restricted Party are located, the address at which senior management of such Restricted Party are located and conduct their deliberations and make their decisions with
respect to the business of such Restricted Party and the 

	 	
address from which the invoices and accounts of such Restricted Party are issued; and 

  

	 	(iii)	 the authorized capital of the Borrower and each other Restricted Party, the issued and outstanding shares and other
Equity of each such Person and the beneficial owners thereof. 

 (15)      Relevant
Jurisdictions. The Relevant Jurisdictions for each Restricted Party are set forth on Schedule 1.01(F). 

(16)      Security. The Security is effective to create in favour of the Bank, as security for the Obligations
described therein, a legal, valid, binding and enforceable security interest in the collateral described therein and proceeds thereof, except to the extent that the enforcement thereof may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditors’ rights generally and the discretion exercisable by courts of competent jurisdiction in respect of the availability of equitable remedies. 

(17)      Computer Software. Each of the Restricted Parties owns or has licensed for use all of the material
Software necessary to conduct its businesses. All Computer Equipment owned or used by each of the Restricted Parties has been properly maintained and is in good working order for the purposes of on-going
operation, subject to ordinary wear and tear for Computer Equipment of comparable age and use. 

(18)      Intellectual Property Rights. Each of the Restricted Parties has sufficient Intellectual Property Rights
reasonably necessary for the conduct of its businesses as it is currently conducted. To the Borrower’s knowledge, none of the Restricted Parties is infringing or is alleged to be infringing the Intellectual Property Rights of any other Person
in a manner that could reasonably be expected to cause, or if any allegation is determined adversely could reasonably be expected to cause, a Material Adverse Change other than as disclosed in Schedule 8.01(18). 

(19)      Material Contracts and Material Licences. No event has occurred and is continuing that would constitute a
breach of or a default under any Material Contract or Material Licence and each Material Contract to which a Restricted Party is a party is binding upon it and, to the Borrower’s knowledge, is a binding agreement of each other Person who is a
party thereto. 
 (20)      Lease Agreements. All rent, base rent, additional rent, participating rent, operating
expenses and all other amounts due and payable to each landlord under and pursuant to each Lease Agreement are current and have been paid in full. 

(21)      Financial Statements. All of the quarterly and annual financial statements and other financial
information that has been furnished to the Lender is complete in all material respects and such financial statements fairly present the financial position of the Borrower or other Restricted Party, as the case maybe, as of the dates referred to
therein and have been prepared in accordance with Applicable Accounting Standards. None of the Restricted Parties has any liabilities (contingent or other) or other obligations of the type required to be disclosed in accordance with Applicable
Accounting Standards that are not fully disclosed on the consolidated financial statements of the Borrower provided to the Lender for the fiscal period ended March 31, 2019, other than liabilities and obligations incurred in the ordinary course
of business, and the Obligations. 

 (22)      No Material Adverse Change. Since the date of the
Borrower’s most recent annual audited financial statements provided to the Lender, there has been no condition (financial or otherwise), event or change in any Restricted Party’s business, liabilities, operations, results of operations,
assets or prospects which constitutes, or could reasonably be expected to constitute, or cause, a Material Adverse Change. 

(23)      Environmental Matters. 
  

	 	(a)	 The assets of each Restricted Party and its operations are in full compliance in all respects with all Environmental
Laws; the Borrower is not aware of, nor has it received notice of, any past, present or future condition, event, activity, practice or incident that may interfere with or prevent the compliance or continued compliance of it or any other Restricted
Party in all respects with all Environmental Laws; and each Restricted Party has obtained all licences, permits and approvals that are currently required under all Environmental Laws and is in full compliance with the provisions of such licences,
permits and approvals, in each case except to the extent that the non-compliance would not or could not reasonably be expected to cause a Material Adverse Change. 

 

	 	(b)	 The Borrower is not aware that any Hazardous Substances exist on, about or within or have been used, generated, stored,
transported, disposed of on, or released from any of its Property or the Property of any other Restricted Party other than in material accordance and compliance with all Environmental Laws, except to the extent that the non-compliance would not or could not reasonably be expected to cause a Material Adverse Change. 

  

	 	(c)	 The use which each Restricted Party has made and intends to make of its Property will not result in the use, generation,
storage, transportation, accumulation, disposal, or release of any Hazardous Substances on, in or from any such property except in accordance and compliance with all Environmental Laws, except to the extent that the
non-compliance would not or could not reasonably be expected to cause a Material Adverse Change. 

  

	 	(d)	 There is no action, suit or proceeding, or, to its knowledge, any investigation or inquiry, before any Governmental
Authority pending or, to its knowledge, threatened against any Restricted Party relating in any way to any Environmental Law that would or could reasonably be expected to cause a Material Adverse Change. 

 

	 	(e)	 No Restricted Party has (i) incurred any current and outstanding liability for any
clean-up or remedial action under any Environmental Law with respect to current or past operations, events, activities, practices, incidents or the condition or use of any Property owned currently or in the
past, (ii) received any outstanding written request for information (other than information to be provided in the normal course in connection with applications for licences, permits or approvals) by any Person under any Environmental Law with
respect to the condition, use or operation of its Property, or (iii) received any outstanding written notice or claim under any Environmental Law with respect to any material violation of or liability under any Environmental Law or relating to
the presence of Hazardous Substance on or originating from its Property, that, in any such case, would or could reasonably be expected to cause a Material Adverse Change. 

 (24)      CERCLA. No portion of any Property of any Restricted
Party has been listed, designated or identified in the National Priorities List or the CERCLA Information System both as published by the United States Environmental Protection Agency, or any similar list of sites published by any federal, state or
local authority proposed for requiring clean up or remedial or corrective action under any Requirements of Environmental Laws. 

(25)      Pension Plans. With respect to Pension Plans, except as disclosed on Schedule 8.01(23), (a) no steps have
been taken to terminate any Pension Plan (wholly or in part) that could result in any of the Restricted Parties being required to make an additional contribution to the Pension Plan in excess of $500,000, (b) no contribution failure has occurred
with respect to any Pension Plan of a Restricted Party (for this purpose as provided in clause (ii) of the definition of “Pension Plan”) sufficient to give rise to a lien or charge under Section 302(f) of ERISA or any
applicable pension benefits laws of any other jurisdiction,(c) no condition exists and no event or transaction has occurred with respect to any Pension Plan that is reasonably likely to result in any Restricted Party incurring any material
liability, fine or penalty; and (d) no Restricted Party has any contingent liability with respect to any post-retirement benefit under a Welfare Plan that is material to the Borrower on a consolidated basis. Except as disclosed on Schedule
8.01(23), (i) each Pension Plan of each Restricted Party is in compliance in all material respects with all Applicable Laws, (ii) all contributions (including employee contributions made by authorized payroll deductions or other withholdings)
required to be made to the appropriate funding agency in accordance with all Applicable Laws and the terms of each such Pension Plan have been made in accordance with all Applicable Laws and the terms of each such Pension Plan, (iii) all
liabilities under each such Pension Plan are funded, on a going concern and (to the extent required by applicable pension benefits law) solvency basis, in accordance with the terms of the respective Pension Plans, the requirements of applicable
pension benefits laws and of applicable regulatory authorities and the most recent actuarial report filed with respect to the Pension Plan, and (iv) no event has occurred and no conditions exist with respect to any Pension Plan that have
resulted or could reasonably be expected to result in any Pension Plan having its registration revoked or refused by any applicable Governmental Authority or being required to pay any Taxes under any Applicable Laws, except for any exceptions to
clauses (ii) through (iv) above that, individually or in the aggregate, could not reasonably be expected to cause a Material Adverse Change. 

(26)      Full Disclosure. All information provided or to be provided to the Lender in connection with the Credit
Facility is, to the Borrower’s knowledge, true and correct and none of the documentation furnished to the Lender by or on behalf of it, to its knowledge, omits or will omit as of such time, a material fact necessary to make the statements
contained therein not misleading in any material way, and all forecasts, and expressions of expectation, intention, belief and opinion contained therein were honestly made on reasonable grounds after due and careful inquiry by it (and any other
Person who furnished such material on behalf of it). 
 (27)      Solvency. Each of the Restricted Parties is
able to pay its respective obligations generally as they become due and the fair market value of the property and assets of the Restricted Parties, taken and a whole, exceeds the indebtedness, labilities and obligations of the Restricted Parties,
taken as a whole. 
  

	8.02	 Survival and Repetition of Representations and Warranties  

The representations and warranties set out in Section 8.01 survive the execution and delivery of this Agreement and all other Loan Documents and
will be deemed to be repeated by the Borrower as of each Drawdown Date (other than with respect to Overdraft 

 Loans). To the extent that on or prior to such date(a) the Borrower has advised the Lender in writing of a variation
in any such representation or warranty, and (b) if such variation, in the opinion of the Lender, acting reasonably, is material to the Property, liabilities, affairs, business, operations, prospects or condition (financial or otherwise) of any
Restricted Party considered as a whole or could have, or be reasonably likely to result in, a Material Adverse Change, the Lender has approved such variation, then such representation and warranty will thereafter be deemed to be varied as approved
by the Lender. 
 ARTICLE 9 - COVENANTS 
  

	9.01	 Positive Covenants  

So long as this Agreement is in force and except as otherwise permitted by the prior written consent of the Lender, the Borrower will, and will cause
each other Restricted Party to: 
 (1)      Timely payment. Make due and timely payment of the Obligations
required to be paid by it hereunder. 
 (2)      Conduct of Business, Maintenance of Existence, Compliance with
Laws. Engage in business of the same general type as now conducted by it; carry on and conduct its business and operations in a proper, efficient and businesslike manner, in accordance with good business practice; preserve, renew and keep in
full force and effect its existence; and take all reasonable action to maintain all rights, privileges and franchises necessary in the normal conduct of its business and to comply in all material respects with all Material Contracts, Material
Licences and Requirements of Law, including Requirements of Environmental Law. 
 (3)      Further Assurances.
Use reasonable efforts to provide the Lender with such other documents, opinions, consents, acknowledgments and agreements as are reasonably requested by the Lender to implement this Agreement and the other Loan Documents from time to time. 

(4)      Access to Information. Promptly provide the Lender with all information reasonably requested by the Lender
from time to time concerning its financial condition and Property, and during normal business hours and from time to time upon reasonable notice, permit representatives of the Lender to inspect any of its Property and to examine and take extracts
from its financial records, including records stored on Computer Equipment and Software systems, and to discuss its financial condition with its senior officers and (in the presence of such of its representatives as it may designate) its auditors,
the reasonable expense of all of which will be paid by the Borrower. 
 (5)      Obligations and Taxes. Pay or
discharge, or cause to be paid or discharged, before the same will become delinquent (i) all Taxes imposed upon it or upon its income or profits or in respect of its business or Property and file all tax returns in respect thereof,
(ii) all lawful claims for labour, materials and supplies, (iii) all required payments under any of its Debt, and (iv) all other obligations; provided, however that it will not be required to pay or discharge or to cause to be paid or
discharged any such amount so long as the validity or amount thereof is being contested in good faith by appropriate proceedings and an appropriate financial reserve in accordance with Applicable Accounting Standards and satisfactory to the Lender
has been established. 

 (6)      Use of Credit Facility. Use the proceeds of the Credit
Facility only for the purposes specified in Section 2.03. 
 (7)      Insurance. Maintain insurance on all
its Property (showing the Lender as the loss payee as its interests may appear) with financially sound and reputable insurance companies or associations including all-risk property insurance, comprehensive
general liability insurance and business interruption insurance, in amounts and against risks that are determined by it to be appropriate and that are prudent in the circumstances; furnish to the Lender, on written request, but in any event
annually, satisfactory evidence of the insurance carried and notify the Lender of any claim it makes under the foregoing insurance policies that is in excess of $1,000,000. 

(8)      Notice of Default. Promptly notify the Lender of any Default or any Event of Default that would apply to
it of which it becomes aware. 
 (9)      Notice of Material Adverse Change. Promptly notify the Lender of any
Material Adverse Change that would apply to it of which it becomes aware. 
 (10)    Notice of Litigation. Promptly notify
the Lender on becoming aware of the occurrence of any litigation, dispute, arbitration or other proceeding the result of which if determined adversely would be a judgement or award against it (a) in excess of $2,500,000, or
(b) would result in a Material Adverse Change to it, and from time to time provide the Lender with all reasonable information requested by the Lender concerning the status of any such litigation, dispute, arbitration or other proceeding. 

(11)    Environmental Compliance. Operate all Property owned, leased or otherwise used by it in a manner such that no
obligation, including a clean-up or remedial obligation, will arise under any Environmental Law, which obligations individually or in the aggregate would have, or would be reasonably likely to cause, a
Material Adverse Change; provided, however, that if any such claim is made or any such obligation arises, it will or will cause the applicable Restricted Party to immediately satisfy or contest such claim or obligation at its own cost and expense,
and promptly notify the Lender upon learning of (a) the existence of Hazardous Substances located on, above or below the surface of any land that it occupies or controls (except those being stored, used or otherwise handled in substantial
compliance with Environmental Law), or contained in the soil or water constituting such land, or (b) the occurrence of any reportable release of Hazardous Substances into the air, land surface water or ground water that has occurred on or from
such land that, as to either (a) or (b), would be reasonably likely to result in a Material Adverse Change. 

(12)    Security. Provide the Lender with the Security required from time to time pursuant to Article 10 in accordance with
the provisions of such Article, accompanied by supporting resolutions, certificates and opinions in form and substance satisfactory to the Lender, acting reasonably, and do all such further acts and execute and deliver all such documents and
instruments as may from time to time be requested by the Lender, acting reasonably, to ensure that the Security constitutes at all times valid, enforceable, and perfected first priority Encumbrances (subject only to Permitted Encumbrances). 

(13)    Maintenance of Property. Keep all Property useful and necessary for its business in good working order and condition,
normal wear and tear excepted, except to the extent that the failure to do so would not individually or in the aggregate be reasonably likely to cause a Material Adverse Change. 

 (14)    Lease Agreements. At all times comply with and perform all
covenants, agreements and obligations under each Lease Agreement, including without limitation, the payment of all base rent, additional rent, participating rent, operating expenses and all other amounts due and payable to each landlord under and
pursuant to each Lease Agreement and promptly give written notice to the Lender of any notice of breach or default it receives under each Lease Agreement. 

(15)    Hedge Arrangements. At the reasonable request of the Lender, review its hedge program with the Lender (it being
acknowledged and agreed that, at a minimum, it shall be reasonable for the Lender to make such a request on an annual basis). 

(16)    Pension and ERISA Matters. Promptly notify the Lender on becoming aware of (a) the institution of any steps by
any Person to terminate or effect a partial wind-up of any Pension Plan, (b) the failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to an Encumbrance
under Section 302(f) of ERISA or under any other Applicable Law, (c) the taking of any action with respect to a Pension Plan that is reasonably likely to result in the requirement that any Restricted Party furnish a bond or other security
to such Pension Plan or the Pension Benefit Guaranty Corporation under ERISA or any other applicable Governmental Authority, or (d) the occurrence of any event with respect to any Pension Plan that has not been disclosed on Schedule 8.01(23)
and that is reasonably likely to result in the incurrence by any Restricted Party of any material liability, fine or penalty, and in the notice to the Lender thereof, provide copies of all documentation relating thereto. 

 

	9.02	 Financial Covenants  

So long as this Agreement is in force and except as otherwise permitted by the prior written consent of the Lender, the Borrower will ensure that at
the end of each fiscal quarter: 
 (1)      Funded Debt to Adjusted EBITDA Ratio. The Funded Debt to Adjusted
EBITDA Ratio is less than 3.0:1.00; provided however that for the first two fiscal quarters immediately following a Material Acquisition, the Borrower will ensure that the Funded Debt to Adjusted EBITDA Ratio is less than 3.5:1.00 at the end of each
such fiscal quarter. 
 (2)      Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio is not less than
1.15:1.00. 
  

	9.03	 Reporting Requirements  

So long as this Agreement is in force, the Borrower will deliver to the Lender: 

(1)      Quarterly Reports. As soon as available and in any event within 45 days after the end of each of its
fiscal quarters (not including the fourth quarter), the interim unaudited consolidated financial statements of the Borrower, including, in each case, balance sheet, statement of income and retained earnings, statement of changes in financial
position and source and application of funds, or such other similar statements as required by Applicable Accounting Standards, which will be prepared in accordance with Applicable Accounting Standards. 

(2)      Annual Reports. As soon as available and in any event within 90 days after the end of each of its fiscal
years, the annual audited financial statements of the Borrower prepared 

 
on a consolidated basis, including, in each case, balance sheet, statement of income and retained earnings, statement of changes in financial position and source and application of funds for such
fiscal year or such other similar statements as required by Applicable Accounting Standards, which will be reviewed by an internationally recognized accounting firm, and will be prepared in accordance with Applicable Accounting Standards and
certified by an officer of the Borrower. 
 (3)      Compliance Certificate. A Compliance Certificate
concurrently with the delivery of the financial statements referred to in Sections 9.03(1) and (2), commencing with the fiscal quarter ending June 30, 2019. 

(4)      Annual Budget. As soon as available and in any event no later than 10 days prior to the end of each fiscal
year (or such other date as may be agreed to by the Lender, acting reasonably), a budget in a form satisfactory to the Lender, acting reasonably, that has been approved by the Borrower’s board of directors for the forthcoming fiscal year. 

(5)      Other Information. Such other information as it may reasonably request respecting the Restricted Parties,
including documents necessary for the Lender’s Know-Your-Client and Anti-Money Laundering requirements. 

(6)      Notice of Material Adverse Change. Notice of any Material Adverse Change to a Restricted Party promptly
upon learning of the circumstances giving rise thereto. 
  

	9.04	 Negative Covenants  

So long as this Agreement is in force the Borrower will not, and will ensure that each Restricted Party will not: 

(1)      Disposition of Property. Dispose of, in one transaction or a series of transactions, all or any part of
its Property, whether now owned or hereafter acquired, except for Permitted Dispositions. 
 (2)      No
Consolidation, Amalgamation, etc.. Consolidate, amalgamate or merge with any other Person, enter into any corporate reorganization or other transaction intended to effect or otherwise permit a material change in its existing corporate or capital
structure, liquidate, wind-up or dissolve itself, or permit any liquidation, winding up or dissolution, provided that any Restricted Subsidiary may consolidate, amalgamate or merge with any other Restricted
Subsidiary or any of its subsidiaries. 
 (3)      No Change of Name. Change its name without providing the
Lender with 30 days’ prior written notice thereof. 
 (4)      No Debt. Create, incur, assume or permit any
Debt to remain outstanding, other than Permitted Debt. 
 (5)      No Investments. Make, directly or indirectly,
any Investment, except for Permitted Investments. 
 (6)      No Financial Assistance. Give any Financial
Assistance, except for Permitted Financial Assistance. 

 (7)      No Distributions. Make any Distribution except Permitted
Distributions or Special Distributions. 
 (8)      No Encumbrances. Create, incur, assume or permit to exist any
Encumbrance upon any of its Property except Permitted Encumbrances. 
 (9)      No Change to Year End. Make any
change to its fiscal year end from December 31. 
 (10)    No Continuance. Continue into any other jurisdiction. 

(11)    Hedge Arrangements. Enter into any Hedge Arrangement other than any Hedge Arrangement that is, at the time it is
entered, a Qualifying Hedge Arrangement. 
 (12)    Location of Assets in Other Jurisdictions. Except for any Property
being delivered to a customer in the ordinary course of business of such Restricted Party as part of the performance of its obligations, or the provision of its services, to such customer under a contract entered into with such customer in the
ordinary course of business of such Restricted Party, move any Property from a jurisdiction in which the Encumbrance of the Security over such Property is perfected to a jurisdiction where such Encumbrance is not perfected or where, after a
temporary period allowing for registration in such other jurisdiction, such Encumbrance could become unperfected, or suffer or permit in any other manner any of its Property to not be subject to the Encumbrance of the Security or to be or become
located in a jurisdiction in which the Encumbrance of the Security over such Property is not perfected, unless the applicable Restricted Party has first (a) given prior written notice thereof to the Lender, and (b) executed and delivered
to the Lender all Security and all financing or registration statements in form and substance satisfactory to the Lender that the Lender or its counsel, acting reasonably, from time to time deem necessary or advisable to ensure that the Security at
all times constitutes a perfected first priority Encumbrance (subject only to Permitted Encumbrances) over such Property in such jurisdiction together with such supporting certificates, resolutions, opinions and other documents as the Lender, acting
reasonably, may deem necessary or desirable in connection with such security and registrations. 
 (13)    Amendments to
Organizational Documents. Amend any of its Organizational Documents in a manner that would be prejudicial in any material respect to the interests of the Lender under the Loan Documents. 

(14)    Amendments to other Documents. Amend, vary or alter in any way, consent to any assignment or transfer of, or waive or
surrender any of its rights or entitlements under, any Material Contracts, unless such amendment, variation, alteration, waive or surrender would not cause or would not reasonably be expected to cause a Material Adverse Change. 

(15)    No New Subsidiaries. Create any Subsidiary after the date of this Agreement unless the Lender is provided with the
acknowledgement of such Subsidiary that it has become a party to this Agreement as a Guarantor as if it had executed this Agreement on the date hereof and such new Subsidiary provides security on the same basis as if it were providing Security on
the date of this Agreement. 
 (16)    Hostile Acquisitions. The Borrower shall not, and shall not permit any other
Restricted Party to, use the Loans or any part thereof to finance a Hostile Acquisition. 

 (17)      Account Deposits. The Borrower shall not, and shall not
permit any other Restricted party to establish or maintain any operating accounts, deposit accounts, investment accounts or other bank accounts or securities accounts at any financial institution (other than with the Lender), other than: 

 

	 	(a)	 the deposit account maintained by DIRTT Colorado with Comerica Bank, which deposit account shall not at any time have
more than U.S. $ 17,000,000 on deposit, any deposits in such account shall within 120 days after the Closing Date, be transferred by DIRTT Colorado to the deposit account of DIRTT Colorado with City National Bank designated in the control agreement
dated on or about the date hereof entered into by the Lender, DIRTT Colorado and City National Bank and which Comerica Bank deposit account shall be closed within 120 days after the Closing Date; and 

 

	 	(b)	 deposit accounts of the Restricted parties that have in the aggregate less than U.S. $5,000,000 on deposit; provided
however, the Restricted Parties may maintain other deposit accounts and investments accounts if a control agreement is entered into with respect to such deposit accounts or investment accounts among the Lender, the deposit-taking institution and the
applicable Restricted Party, with such control agreement to be in form and substance satisfactory to the Lender, acting reasonably. 

 The Borrower
shall use reasonable commercial efforts to assist the Lender in entering into a deposit account control agreement with Comerica Bank, in form and substance satisfactory to the Lender, within 15 Business Days after the Closing Date. 

ARTICLE 10 - SECURITY 
  

	10.01	 Security  

As general and continuing security for the payment and performance of the Obligations the Borrower will grant, and will ensure that each Restricted
Party grants, to the Lender the security described below: 
  

	 	(a)	 a general security agreement or debenture from each Restricted Party creating a first priority ranking security interest
(subject only to Permitted Encumbrances) over all of the present and future Property of such Restricted Party, and in the case of a demand debenture, such debenture will be in the in the principal amount of $250,000,000 secured by a first fixed and
specific mortgage and charge of all present and after acquired real and immoveable property and the equipment described in the schedules thereto and a floating charge over all Property not subject to such fixed and specific mortgages and charges;

  

	 	(b)	 a collateral mortgage from DIRTT Colorado and each other Restricted Party that holds an interest in real or immoveable
property located in the United States, creating a first fixed and specific mortgage and charge in and to the real and immoveable property of DIRTT Colorado and such other Restricted Party. Provided, however, in the event that DIRTT Colorado does not
execute and deliver the Chicago Collateral Mortgage to the Lender on the Closing Date DIRTT Colorado shall have the Chicago Collateral Mortgage executed and delivered within 10 Business Days following the Closing Date; 

	 	(c)	 a pledge by the Borrower of all shares of DIRTT Colorado; 

 

	 	(d)	 an assignment by each Restricted Party of all policies of insurance and all proceeds thereunder with respect to all
Property that is subject to the foregoing security and all other security hereafter granted by a Restricted Party pursuant to this Agreement, including any policies providing business interruption insurance, with the Lender named as first loss
payee, with a standard mortgage clause endorsement, and certificates evidencing all such insurance; and 

  

	 	(e)	 a duly executed landlord consent and non-disturbance agreement from each landlord
of each Restricted Party as listed below: 

  

					
	 	 	 
	 Location

 
	  	 Property Address

 
	  	 Landlord

 

	 	 	 
	Alberta, CANADA	  	 7303-30th Street
SE,
 Calgary, AB
	  	PIRET Holdings Inc.
	 	 	 
	 	  	 7403-30th Street SE,
 Calgary, AB
  
	  	 
	 	 	 
	 	  	 7504-30th Street SE,
 Calgary, AB
  
	  	 Dream Industrial Twofer

(GP) Inc.
  

	 	 	 
	 	  	 6335-57th Street SE,
 Calgary, AB
  
	  	 HOOPP Realty Inc./ Les

Immeubles HOOPP Inc.
  

	 	 	 
	Arizona, USA	  	 836 East University

Drive, Pheonix, AZ
  
	  	 East Group Properties LP

 

	 	 	 
	 	  	 824 East University

Drive, Phoenix, AZ
  
	  	 GFP Alliance Phoenix LLC

 

	 	 	 
	Georgia, USA	  	 155 Knowlton Way,

Suite 100, Savannah,
 Georgia

 
	  	 141 Knowlton Way, LLC

 

 Provided, however, in the event any of the Hoopp Landlord Consent, the GFP landlord Consent, the Piret Landlord Consent or the SH7
Landlord Consent is not executed and delivered to the Lender on the Closing Date, the Borrower shall use commercially reasonable efforts to have the Hoopp Landlord Consent, the GFP landlord Consent, the Piret Landlord Consent and the SH7 Landlord
Consent executed and delivered as soon as possible following the Closing Date. 

	10.02	 After Acquired Property and Further Assurances  

Each Restricted Party will from time to time execute and deliver all such further deeds or other instruments of conveyance, assignment, transfer,
mortgage, pledge or charge in connection with all Property acquired by any Restricted Party after the date hereof, or as may be required to properly perfect the security interest of the Lender in any Property, including applicable consents, a
control agreement and a separate security agreement applicable to Intellectual Property in a form suitable for filing with the appropriate federal filing office. Without limiting the generality of the foregoing, if at any time after the Closing Date
any patent, trademark, copyright or other Intellectual Property becomes material to the business or operations of the Borrower or any other Restricted Party taken as a whole, the Borrower shall and shall cause each other Restricted Party to advise
the Lender as such and provide to the Lender all such additional information and security that the Lender may reasonably require to permit the Lender to fully perfect and protect the interest of the Lender in such patent, trade-mark, copyright or
other Intellectual Property. 
  

	10.03	 Form of Security  

The Security will be in form satisfactory to the Lender, acting reasonably. 

ARTICLE 11 - DEFAULT 
  

	11.01	 Events of Default  

The occurrence of any one or more of the following events (each such event being referred to as an “Event of Default”) will constitute
a default under this Agreement: 
  

	 	(a)	 if the Borrower fails to pay any amount of principal of any Loan when due; 

 

	 	(b)	 if the Borrower fails to pay any interest or, fees or any Restricted Party fails to pay any other Obligations when due
and such default continues for five Business Days after notice of such default has been given by the Lender to the Borrower; 

  

	 	(c)	 if the Borrower breaches any of the covenants in Section 9.02; 

 

	 	(d)	 if any Restricted Party neglects to observe or perform any covenant or obligation herein contained on its part to be
observed or performed (other than a covenant or condition whose breach or default in performance is specifically dealt with elsewhere in this Section 11.01) and such Restricted Party fails to remedy such default within 20 days from the earlier
of (i) the date such Restricted Party becomes aware of such default, and (ii) the date the Lender delivers written notice of the default to such Restricted Party; 

 

	 	(e)	 if any representation or warranty made by any Restricted Party in this Agreement, any Loan Document or in any certificate
or other document at any time delivered hereunder to the Lender proves to have been incorrect or misleading in any material respect on and as of the date that it was made or was deemed to have been made and such Restricted Party fails to remedy such
default within 20 days from the earlier of (i) the date such Restricted Party 

	 	becomes aware of such default, and (ii) the date the Lender delivers written notice of the default to such Restricted Party; 

  

	 	(f)	 if any Restricted Party ceases or threatens to cease to carry on business generally or admits its inability or fails to
pay its Debts generally; 

  

	 	(g)	 if any Restricted Party (i) fails to make any payment when such payment is due and payable to any Person in relation
to any Debt (other than Obligations) that in the aggregate principal amount then outstanding is in excess of the lesser of Cdn.$5,000,000 and 5% of Consolidated Assets and any applicable grace period in relation thereto has expired, or
(ii) defaults in the observance or performance of any other agreement or condition in relation to any Debt (other than Obligations) to any Person that in the aggregate principal amount then outstanding is in excess of the lesser of
Cdn.$5,000,000 and 5% of Consolidated Assets or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs or condition exists, the effect of which default or other condition permits
the holder of such Debt then to declare such Debt to become due prior to its stated maturity date; 

  

	 	(h)	 if any Restricted Party denies, to any material extent, its obligations under any Loan Document or claims any of the Loan
Documents to be invalid or withdrawn in whole or in part; 

  

	 	(i)	 any of the Loan Documents or any material provision of any of them: (i) becomes unlawful or (ii) is changed by
virtue of legislation or by a Governmental Authority and which is not returned to its prior state to the satisfaction of the Lender, acting reasonably, within 10 days after notice of such change is provided to the Borrower by the Lender;

  

	 	(j)	 if a decree or order of a court of competent jurisdiction is entered adjudging a Restricted Party a bankrupt or insolvent
or approving as properly filed a petition seeking the winding up of a Restricted Party under the Companies’ Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), the United States Bankruptcy
Code or the Winding-up and Restructuring Act (Canada) or any other bankruptcy, insolvency or analogous laws or issuing sequestration or process of execution against any substantial part of the assets of a
Restricted Party or ordering the winding up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period of 20 days; 

 

	 	(k)	 if any Restricted Party becomes insolvent, makes any assignment in bankruptcy or makes any other assignment for the
benefit of creditors, makes any proposal under the Bankruptcy and Insolvency Act (Canada) or any comparable law, seeks relief under the Companies’ Creditors Arrangement Act (Canada), the United States Bankruptcy Code, the
Winding-up and Restructuring Act (Canada) or any other bankruptcy, insolvency or analogous law, is adjudged bankrupt, files a petition or proposal to take advantage of any act of insolvency, consents to
or acquiesces in the appointment of a trustee, receiver, receiver and manager, interim receiver, custodian, sequestrator or other Person with similar powers of itself or of all or any substantial portion of its assets, or files a petition or
otherwise commences any proceeding seeking any reorganization, arrangement, 

	 	composition or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors’ rights or consents to, or acquiesces in, the filing of such a petition;

  

	 	(l)	 if an Encumbrancer takes possession, by appointment of a receiver, receiver and manager or otherwise, of any Property of
any Restricted Party which property has a fair market value in excess of the lesser of Cdn. $5,000,000 and 5% of Consolidated Assets and such Encumbrancer remains in possession for any period of 20 days; 

 

	 	(m)	 if proceedings are commenced by a third party for the dissolution, liquidation or voluntary winding up of any Restricted
Party, or for the suspension of the operations of any Restricted Party or in respect of any of the proceedings described in Section 11.01(k) above unless such proceedings are being actively and diligently contested in good faith and such
proceedings are not withdrawn, stayed or fully dismissed within 30 days after such proceedings have been commenced; 

  

	 	(n)	 if a final judgment or decree for the payment of money due has been obtained or entered against the Borrower or against
any other Restricted Party in an amount in excess of the lesser of Cdn. $5,000,000 and 5% of Consolidated Assets, and such judgment or decree has not been and remained vacated, discharged or dismissed within 30 days of such judgement;

  

	 	(o)	 if any Security ceases to constitute a valid and perfected first priority security interest (subject only to Permitted
Encumbrances that are entitled to priority thereto in accordance with Applicable Law) and the applicable Restricted Party has failed to remedy such default within 10 days of becoming aware of such fact; 

 

	 	(p)	 if an event of default occurs under any Material Contract of any Restricted Party (other than an event of default
specifically dealt with in this Section 11.01) resulting in, or which would reasonable be expected to result in, a Material Adverse Change to a Restricted Party and such event of default is not remedied within 20 days after such Restricted
Party becomes aware of such event of default; 

  

	 	(q)	 any Material Contract to which a Restricted Party is a party or any Loan Document or any material provision of any of
them, cease to be legal, valid, binding and enforceable obligations of each Restricted Party that is a party thereto provided that in the case of a Material Contract, such Restricted Party has not replaced such Material Contract with a replacement
contract acceptable to the Lender acting reasonably, within 20 days; 

  

	 	(r)	 a Material Adverse Change has occurred; or 

 

	 	(s)	 a Change of Control occurs and the Lender has not provided its prior written consented to the same.

	11.02	 Acceleration and Enforcement  

 

	 	(1)	 If any Event of Default occurs: 

 

	 	(a)	 the Lender will have no further obligation to make Loans or issue Letters of Credit hereunder, and the outstanding
principal amount or face amount, as the case may be, of all Loans, Letters of Credit and all other Obligations will, at the option of the Lender, become immediately due and payable with interest thereon, at the rate or rates determined as herein
provided, to the date of actual payment thereof, all without notice, presentment, protest, demand, notice of dishonour or any other demand or notice whatsoever, all of which are hereby expressly waived by each Restricted Party; provided, if any
Event of Default described in Section 11.01(j) or (k) with respect to the Borrower occurs, the Commitments (if not theretofore terminated) will automatically terminate and the outstanding principal amount or face amount, as the case may
be, of all Loans, Letters of Credit and all other Obligations will automatically be and become immediately due and payable; and 

  

	 	(b)	 the Lender may, in its discretion, exercise any right or recourse and proceed by any action, suit, remedy or proceeding
against any Restricted Party authorized or permitted by Applicable Law for the recovery of all the Obligations to the Lender (or its Affiliate, as applicable) and, whether or not the Lender has exercised any of its rights under the foregoing clause
(a), proceed to exercise any and all rights hereunder and under the Security. 

 (2)      The Lender
is not under any obligation to the Restricted Parties or any other Person to realize upon any collateral or enforce the Security or any part thereof or to allow any of the collateral to be sold, dealt with or otherwise disposed of. The Lender is
neither responsible nor liable to the Restricted Parties (or any of them) or any other Person for any loss or damage arising from such realization or enforcement or the failure to do so or for any act or omission on its part or on the part of any
director, officer, employee, agent or adviser of the Lender in connection with any of the foregoing. 
  

	11.03	 Payment of Bankers’ Acceptances and Letters of Credit  

(1)      If any Bankers’ Acceptance or Letter of Credit is outstanding upon the occurrence of an Event of Default or
on the Final Maturity Date, the Borrower will forthwith pay to the Lender an amount (the “deposit amount”) equal to the face amount of each outstanding Bankers’ Acceptance or 103% of the undrawn face amount of each outstanding
Letter of Credit, which deposit amount will be held by the Lender in a non-interest bearing cash collateral account for application against the indebtedness owing by the Borrower to the Lender in respect of
any outstanding Bankers’ Acceptance or any draw on any outstanding Letter of Credit. In the event that the Lender is not called upon to make full payment on any outstanding Letter of Credit prior to its expiry date, the deposit amount, or any
part thereof that has not been paid out, that is attributable to such Letter of Credit, will, so long as no Event of Default then exists, be returned to the Borrower, and if an Event of Default exists shall be applied in accordance with
Section 11.07. The Borrower will execute and deliver all such security as the Lender may deem necessary or advisable in connection with the deposit amount, including an assignment of the credit balance in respect of such cash collateral
account. 

 (2)      If the Borrower does not pay to the Lender the face amount of
any unmatured Bankers’ Acceptance or 103% of the undrawn face amount of any unexpired Letter of Credit required to be paid pursuant to Section 11.03(1) the Lender may at its option at any time without notice to the Borrower make a Prime
Rate Loan to the Borrower equal to the face amount of all unmatured Bankers’ Acceptances and 103% of the undrawn face amount of all unexpired Letters of Credit, such Prime Rate Loan not to bear interest until the maturity date of the particular
Bankers’ Acceptance or Letter of Credit. The proceeds of such Loan will be held by the Lender in accordance with Section 11.03(1). 
  

	11.04	 Remedies Cumulative  

For greater certainty, it is expressly understood that the respective rights and remedies of the Lender hereunder or under any other Loan Document or
instrument executed pursuant to this Agreement are cumulative and are in addition to and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lender of any right or remedy for a
default or breach of any term, covenant, condition or agreement contained in this Agreement or any other Loan Document will not be deemed to be a waiver of or to alter, affect or prejudice any other right or remedy or other rights or remedies to
which the Lender may be lawfully entitled in connection with such default or breach. 
  

	11.05	 Perform Obligations  

If an Event of Default has occurred and is continuing and if any Restricted Party has failed to perform any of its covenants or agreements in the Loan
Documents, the Lender, may, but will be under no obligation to, perform any such covenants or agreements in any manner deemed fit by the Lender without thereby waiving any rights to enforce the Loan Documents. The reasonable expenses (including any
legal costs) paid by the Lender in respect of the foregoing will be an Obligation and will be secured by the Security. 
  

	11.06	 Third Parties  

It is not necessary for any Person dealing with the Lender to inquire whether the Security has become enforceable, or whether the powers that the
Lender is purporting to exercise may be exercised, or whether any Obligations remain outstanding upon the security thereof, or as to the necessity or expediency of the stipulations and conditions subject to which any sale is to be made, or otherwise
as to the propriety or regularity of any sale or other disposition or any other dealing with the collateral charged by such Security or any part thereof. 
  

	11.07	 Application of Payments  

All payments made by the Borrower hereunder or received from proceeds of the enforcement or realization of any Security will be applied to amounts due
under the Obligations, as determined by the Lender. 
  

	11.08	 Right of Set-off  

If an Event of Default has occurred and is continuing, the Lender and each of its Affiliates is hereby authorized at any time and from time to time,
without notice to the Borrower, any other Restricted Party or any other Person, to set-off and apply any and all deposits (general or special, time or demand, matured or unmatured, in whatever currency) at any
time held and other obligations (in whatever currency) at any time owing by the Lender or any such 

 Affiliate to or for the credit or the account of any Restricted Party against any and all of the Obligations,
irrespective of whether or not the Lender has made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of the Lender or any such Affiliate
different from the branch or office holding such deposit or obligated on such indebtedness. The rights of the Lender and its Affiliates under this Section 11.08 are in addition to other rights and remedies (including other rights of set-off, consolidation of accounts and bankers’ lien) that the Lender or its Affiliates may have. The Lender agrees to promptly notify the Borrower after any such set-off
and application, but the failure to give such notice will not affect the validity of such set-off and application. 

ARTICLE 12 – CHANGE IN CIRCUMSTANCES AND INDEMNITIES 
  

	12.01	 Increased Costs  

 

	 	(1)	 If any Change in Law will: 

  

	 	(a)	 impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, the Lender; 

  

	 	(b)	 subject the Lender to any Tax of any kind whatsoever with respect to this Agreement, or any Loan or Letter of Credit, or
change the basis of taxation of payments to the Lender in respect thereof, except for (i) Indemnified Taxes or Other Taxes covered by Section 12.02 and (ii) the imposition, or any change in the rate, of any Excluded Tax payable by the
Lender; or 

  

	 	(c)	 impose on the Lender or any applicable interbank market any other condition, cost or expense affecting this Agreement or
Loans made by the Lender or any Letter of Credit; 

 and the result of any of the foregoing will be to increase the cost to the Lender of making or
maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to the Lender of issuing or maintaining any Letter of Credit (or of maintaining its obligation to issue any Letter of Credit), or to reduce the
amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount), then upon request of the Lender the Borrower will pay to the Lender such additional amount or amounts as will compensate the
Lender for such additional costs incurred or reduction suffered. 
 (2)      If the Lender determines that any Change in
Law affecting the Lender or any lending office of the Lender or the Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of
the Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of the Lender or the Loans made by, or the Letters of Credit issued by the Lender, to a level below that which the Lender or its holding company could
have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of its holding company with respect to capital adequacy), then from time to time the Borrower will pay to the Lender such additional
amount or amounts as will compensate the Lender or its holding company for any such reduction suffered. 

 (3)      A certificate of the Lender setting forth the amount or amounts
necessary to compensate the Lender or its holding company, as the case may be, as specified in Section 12.01(1) or 12.01(2), including reasonable detail of the basis of calculation of the amount or amounts, that is delivered to the Borrower
will be conclusive absent manifest error. The Borrower will pay the Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

(4)      Failure or delay on the part of the Lender to demand compensation pursuant to this Section 12.01 will not
constitute a waiver of the Lender’s right to demand such compensation, except that the Borrower will not be required to compensate the Lender pursuant to this Section 12.01 for any increased costs incurred or reductions suffered more than
180 days prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor, unless the Change in Law giving rise to such
increased costs or reductions is retroactive, in which case the 180-day period referred to above will be extended to include the period of retroactive effect thereof. 

 

	12.02	 Taxes  

(1)      If any Restricted Party or the Lender is required by Applicable Law to deduct or pay any Indemnified Taxes
(including any Other Taxes) in respect of any payment by or on account of any obligation of an Restricted Party hereunder or under any other Loan Document, then (i) the sum payable will be increased, and paid as additional interest, by that
Restricted Party when payable as necessary so that after making or allowing for all required deductions and payments (including deductions and payments applicable to additional sums payable under this Section) the Lender receives an amount equal to
the sum it would have received had no such deductions or payments been required, (ii) the Restricted Party will make any such deductions required to be made by it under Applicable Law and (iii) the Restricted Party will pay when due the
full amount required to be deducted to the relevant Governmental Authority in accordance with Applicable Law. 

(2)      Without limiting the provisions of Section 12.02(1), the Borrower will timely pay any Other Taxes to the
relevant Governmental Authority in accordance with Applicable Law. 
 (3)      Without duplication of
Section 12.01(1) or 12.01(2) the Borrower will indemnify the Lender, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) paid by the Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the Lender will be conclusive absent manifest error. 

(4)      As soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Restricted Party to a
Governmental Authority, the Restricted Party will deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Lender. 
 (5)      If the Lender determines, in its sole discretion, that
it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect 

 to which an Restricted Party has paid additional amounts pursuant to this Section 12.02 or that, because of the
payment of such Taxes or Other Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it will pay to the Borrower or other Restricted Party, as applicable, an amount equal to such refund or reduction (but only to the
extent of indemnity payments made, or additional amounts paid, by the Borrower or Restricted Party under this Section with respect to the Taxes or Other Taxes giving rise to such refund or reduction), net of all out-of-pocket expenses of the Lender and without interest (other than any net after-Tax interest paid by the relevant Governmental Authority with respect to such
refund). The Borrower or other Restricted Party as applicable, upon the request of the Lender, agrees to repay the amount paid over to the Borrower or other Restricted Party (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Lender if the Lender is required to repay such refund or reduction to such Governmental Authority. This paragraph will not be construed to require the Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrower or any other Person, to arrange its affairs in any particular manner or to claim any available refund or reduction. 

 

	12.03	 Illegality  

If the Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the
Lender to make or maintain any Loan (or to maintain its obligation to make any Loan), or to issue or maintain any Letter of Credit (or to maintain its obligation to issue any Letter of Credit), or to determine or charge interest rates based upon any
particular rate, then, on notice thereof by the Lender to the Borrower, any obligation of the Lender with respect to the activity that is unlawful will be suspended until the Lender notifies the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower will, upon demand from the Lender, prepay or, if Conversion would avoid the activity that is unlawful, convert any Loans, or take any necessary steps with respect to any Letter
of Credit in order to avoid the activity that is unlawful. Upon any such prepayment or conversion, the Borrower will also pay accrued interest on the amount so prepaid or converted. 

 

	12.04	 Inability to Determine Rates, Etc.  

If the Lender determines that for any reason a market for bankers’ acceptances does not exist at any time or the Lender cannot for other reasons,
after reasonable efforts, readily sell bankers’ acceptances or perform its other obligations under this Agreement with respect to Bankers’ Acceptances, the Lender will promptly so notify the Borrower. Thereafter, the Borrower’s right
to request the acceptance of Drafts and CDOR Loans will be and remain suspended until the Lender determines and notifies the Borrower that the condition causing such determination no longer exists. 

If the Lender determines that for any reason adequate and reasonable means do not exist for determining the CDOR Rate for any requested Interest Period
with respect to a proposed Bankers’ Acceptance or CDOR Loan, or that the CDOR Rate for any requested Interest Period with respect to a proposed Bankers’ Acceptance or CDOR Loan does not adequately and fairly reflect the cost to the Lender
of funding such Loan, the Lender will promptly so notify the Borrower. Thereafter, the obligation of the Lender to accept Bankers’ Acceptances or make or maintain CDOR Loans will be suspended until the Lender revokes such notice. Upon receipt
of such notice, the Borrower may revoke any pending Drawdown Notice as it relates to a Drawdown or Rollover of, or Conversion to, a Bankers’ Acceptance or a 

 CDOR Loan or, failing that, will be deemed to have substituted in such Drawdown Notice a Drawdown of or Conversion to
Prime Rate Loans in the amount specified therein. 
 If the Lender determines that for any reason adequate and reasonable means do not exist for
determining LIBOR for any requested Interest Period with respect to a proposed LIBOR Loan, or that LIBOR for any requested Interest Period with respect to a proposed LIBOR Loan does not adequately and fairly reflect the cost to the Lender of funding
such Loan, the Lender will promptly so notify the Borrower. Thereafter, the obligation of the Lender to make or maintain LIBOR Loans will be suspended until the Lender revokes such notice. Upon receipt of such notice, the Borrower may revoke any
pending Drawdown Notice as it relates to a Drawdown or Rollover of, or Conversion to, a LIBOR Loan or, failing that, will be deemed to have substituted in such Drawdown Notice a Drawdown of or Conversion to Base Rate Loans in the amount specified
therein. 
  

	12.05	 Indemnity by the Borrower  

(1)      The Borrower will indemnify the Lender and each Related Party of any the Lender (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by any
Indemnitee or asserted against any Indemnitee by any third party or by any Restricted Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance or non-performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation or
non-consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Lender to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any Default or Event of Default, (iv) any actual or alleged presence or
Release of Hazardous Substance on or from any property owned or operated by any Restricted Party, or any liability under any Environmental Law related in any way to any Restricted Party, or (v) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by a Restricted Party and regardless of whether any Indemnitee is a party thereto, provided that
such indemnity will not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Restricted Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Loan Document, if the Restricted Party has obtained a final and nonappealable judgment in its favour on such claim as determined by a court of competent jurisdiction, nor will an indemnity be available in respect of
matters specifically addressed in Sections 12.01, 12.02 or 14.01. 
 (2)      To the fullest extent permitted by
Applicable Law, the Restricted Party will not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising out
of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use
of the proceeds thereof. No Indemnitee will be liable for any damages arising from the use by 

 unintended recipients of any information or other materials distributed by it through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(3)      All amounts due under Section 12.05(1) will be payable promptly after demand therefor. A certificate of the
Lender setting forth the amount or amounts owing to the Lender or Related Party, as the case may be, as specified in Section 12.05(1), including reasonable detail of the basis of calculation of the amount or amounts, that is delivered to the
Borrower will be conclusive absent manifest error. 
 ARTICLE 13 - GUARANTEE 

 

	13.01	 Guarantees and Indemnity  

(1)      Each of the Guarantors hereby jointly and severally, unconditionally and irrevocably, guarantees payment of the
Guaranteed Obligations. 
 (2)      If any or all of the Guaranteed Obligations are not duly paid and are not
recoverable under Section 13.01(1) for any reason whatsoever, each of the Guarantors hereby jointly and severally, unconditionally and irrevocably, will, as a separate and distinct obligation, indemnify and save harmless the Lender and each of
them from and against any losses resulting from the failure of any Restricted Party to pay the Guaranteed Obligations. 

(3)      If any or all of the Guaranteed Obligations are not duly paid and are not recoverable under Section 13.01(1)
or the Lender is not indemnified under Section 13.01(2), in each case, for any reason whatsoever, the Guaranteed Obligations will be recoverable jointly and severally from each of the Guarantors as primary obligor. 

 

	13.02	 Obligations Absolute  

The liability of each Guarantor hereunder is absolute and unconditional and is not affected by: 

 

	 	(a)	 any lack of validity or enforceability of this Agreement or any other Loan Document; 

 

	 	(b)	 any impossibility, impracticability, frustration of purpose, illegality, force majeure or act of Governmental
Authority; 

  

	 	(c)	 the bankruptcy, winding up, liquidation, dissolution, arrangement, insolvency or other similar proceeding affecting any
Restricted Party or any other Person, the amalgamation of or any change in the status, function, control or ownership of any Restricted Party, any Guarantor or any other Person; 

 

	 	(d)	 any lack or limitation of power, incapacity or disability on the part of any Restricted Party or of the directors,
partners or agents thereof or any other irregularity, defect or informality on the part of any Restricted Party in its Guaranteed Obligations; or 

	 	(e)	 any other law, regulation or other circumstance that might otherwise constitute a defence available to, or a discharge
of, any Restricted Party in respect of any or all of the Guaranteed Obligations. 

  

	13.03	 No Release  

The liability of each Guarantor hereunder is not released, discharged, limited or in any way affected by anything done, suffered or permitted by the
Lender or any other Person in connection with any duties or liabilities of any Restricted Party to the Lender or any Security, including any loss of or in respect of any Security. Without limiting the generality of the foregoing and without
releasing, discharging, limiting or otherwise affecting in whole or in part the liability of any Guarantor hereunder, without obtaining the consent of or giving notice to any Guarantor, the Lender may: 

 

	 	(a)	 discontinue, reduce, increase or otherwise vary the credit of the Borrower in any manner whatsoever;

  

	 	(b)	 make any change in the time, manner or place of payment under, or in any other term of, any Loan Document or the failure
on the part of any Restricted Party to carry out any of its obligations under any Loan Document; 

  

	 	(c)	 grant time, renewals, extensions, indulgences, releases and discharges to any Restricted Party; 

 

	 	(d)	 take or abstain from taking or enforcing the Security or from perfecting Security; 

 

	 	(e)	 accept compromises from any Restricted Party; 

 

	 	(f)	 apply all money at any time received from any Restricted Party or from the Security upon such part of the Obligations as
the Lender may see fit or change any such application in whole or in part from time to time as each of them may see fit; and 

  

	 	(g)	 otherwise deal with each Restricted Party and all other Persons and the Security as the Lender may see fit.

  

	13.04	 No Exhaustion of Remedies  

The Lender is not bound or obligated to exhaust its recourse against any Restricted Party or other Person or any Security it may hold, or take any
other action before being entitled to demand payment from any Guarantor hereunder. 
  

	13.05	 Prima facie Evidence  

Any account settled or stated in writing by or between the Lender and each Restricted Party will be, in the absence of manifest error, prima
facie evidence that the balance or amount thereof appearing due to the Lender is so due. 

	13.06	 No Set-Off  

In any claim by the Lender against any Guarantor, such Guarantor may not assert any set-off or counterclaim
that either such Guarantor or any other Restricted Party may have against the Lender. 
  

	13.07	 Continuing Guarantee  

The Obligations of each Guarantor hereunder will constitute and be continuing obligations and will apply to and guarantee and secure any ultimate
balance due or remaining due to the Lender and will not be considered as wholly or partially satisfied by the payment or liquidation at any time of any sum of money for the time being due or remaining unpaid to any such Person. The Obligations of
each Guarantor hereunder will continue to be effective even if at any time any payment of any of the Guaranteed Obligations is rendered unenforceable or is rescinded or must otherwise be returned by the recipient of such payment upon the occurrence
of any action or event including the insolvency, bankruptcy or reorganization of any Restricted Party or otherwise, all as though such payment had not been made. 
  

	13.08	 Waivers by Guarantors  

Each Guarantor hereby irrevocably waives acceptance hereof, presentation, demand, protest and any notice, as well as any requirement that at any time
any action be taken by any Person against such Guarantor, any other Restricted Party or any other Person. 
  

	13.09	 Demand  

Each Guarantor will make payment to the Lender of the full amount of the Guaranteed Obligations and all other amounts payable by it hereunder forthwith
after demand therefor is made to it. Each Guarantor will also make payment to the Lender of all costs and expenses incurred by the Lender in enforcing the provisions of this Article 13. 

 

	13.10	 Interest  

Each Guarantor will pay interest to the Lender at the Prime Rate plus 2% per annum for amounts payable in Canadian Dollars and at the Base Rate
plus 2% per annum for amounts payable in United States Dollars on the unpaid portion of all amounts payable by such Guarantor hereunder, such interest to accrue from and including the date of demand on the Guarantor, and will be compounded
monthly. 
  

	13.11	 Subrogation; Contribution  

No Guarantor will be entitled to subrogation or to contribution from any Restricted Party by reason of any payment hereunder until indefeasible payment
in full of all Guaranteed Obligations of all Guarantors, and the termination of the Commitments. Thereafter, the Lender, at each Guarantor’s request and expense, will execute and deliver to such Guarantor appropriate documents, without recourse
and without representation and warranty, except as to the amount owing, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations and any Security held therefor resulting from such payment by
such Guarantors. 

	13.12	 Stay of Acceleration  

If acceleration of the payment of any Guaranteed Obligations payable by any Guarantor is stayed upon the insolvency, bankruptcy or reorganization of
such Guarantor or otherwise, all such Guaranteed Obligations otherwise subject to acceleration under the provisions of any Loan Document will nonetheless be payable by each other Guarantor herewith in accordance with the terms hereof. 

 

	13.13	 Limitation on Obligations of Subsidiary Guarantors  

The Obligation under this Article 13 of each Guarantor that is a Subsidiary of the Borrower and that is subject to the provisions of the United States
Bankruptcy Code will be limited to an aggregate amount that is equal to the largest amount that would not render the obligations of such Guarantor subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable
provisions of Applicable Law. 
 ARTICLE 14 - GENERAL 
  

	14.01	 Costs and Expenses  

The Borrower will pay (i) all reasonable out-of-pocket expenses
incurred by the Lender, including the reasonable fees, charges and disbursements of Lender’s Counsel, in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby will be consummated), (ii) all reasonable
out-of-pocket expenses incurred by the Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Lender including the reasonable fees, charges and disbursements of Lender’s Counsel,
in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section 14.01, or in connection with the Loans made or Letters of Credit issued
hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

 

	14.02	 Governing Law, Jurisdiction, Etc.  

(1)      This Agreement and each other Loan Document (unless otherwise specified in such Loan Document) will be governed
by, and construed in accordance with, the laws of the Province of Alberta and the laws of Canada applicable therein. 

(2)      Each Restricted Party irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the courts of the Province of Alberta and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment,
and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each Restricted Party agrees that a final judgment in any such action or
proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document will affect any right that the Lender may otherwise have
to bring any action or proceeding relating to this Agreement or any 

 other Loan Document against any Restricted Party or its properties in the courts of any jurisdiction. 

(3)      Each Restricted Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law,
any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in Section 14.02(2). Each Restricted Party
hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

 

	14.03	 Judgment Currency  

(1)      If for the purpose of obtaining or enforcing judgement against a Restricted Party in any court in any
jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 14.03 referred to as the “Judgment Currency”) an amount due in Canadian Dollars or United States
Dollars under this Agreement, the conversion will be made at the rate of exchange prevailing on the Business Day immediately preceding: 
  

	 	(a)	 the date of actual payment of the amount due, in the case of any proceeding in the courts of any jurisdiction that will
give effect to such conversion being made on such date; or 

  

	 	(b)	 the date on which the judgement is given, in the case of any proceeding in the courts of any other jurisdiction (the date
as of which such conversion is made pursuant to this Section 14.03(1)(b) being hereinafter in this Section 14.03 referred to as the “Judgment Conversion Date”). 

(2)      If, in the case of any proceeding in the court of any jurisdiction referred to in Section 14.03(1)(b), there
is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the Borrower or other Restricted Party will pay such additional amount (if any, but in any event not a lesser
amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of Canadian Dollars or United States Dollars, as the case may be,
which could have been purchased with the amount of Judgment Currency stipulated in the judgement or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. 

(3)      Any amount due from a Restricted Party under the provisions of Section 14.03(2) will be due as a separate
debt and will not be affected by judgement being obtained for any other amounts due under or in respect of this Agreement. 

(4)      The term “rate of exchange” in this Section 14.03 means: 

 

	 	(a)	 for a conversion of Canadian Dollars to the Judgment Currency, the reciprocal of the official rate of exchange published
by the Bank of Canada at 4:30 pm (Toronto time) for the day prior to the date in question for the conversion of the Judgment Currency to Canadian Dollars; 

  

	 	(b)	 for a conversion of United States Dollars to the Judgment Currency when the Judgment Currency is Canadian Dollars, the
official rate of exchange published 

	 	by the Bank of Canada at 4:30 pm (Toronto time) for the day prior to the date in question for the conversion of United States Dollars to Canadian Dollars; 

 

	 	(c)	 for a conversion of United States Dollars to the Judgment Currency when the Judgment Currency is not Canadian Dollars,
the effective rate obtained when a given amount of United States Dollars is converted to Canadian Dollars at the rate determined pursuant to Section 14.03(4)(b) and the result thereof is then converted to the Judgment Currency pursuant to
Section 14.03(4)(a); or 

  

	 	(d)	 if a required rate is not so published by the Bank of Canada for any such date, the spot rate quoted by the Lender at
approximately noon (Toronto time) on that date in accordance with its normal practice for the applicable currency conversion in the wholesale market. 

  

	14.04	 Confidentiality  

(1)      The Lender agrees to maintain the confidentiality of the Information (as defined in Section 14.04(2) below),
except that Information may be disclosed (a) to its Affiliates and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority), (c) to the extent required by Applicable Law or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 14.04(1), to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors)
to any swap, derivative, credit-linked note or similar transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a
result of a breach of this Section 14.04(1) or (y) becomes available to the Lender on a non-confidential basis from a source other than a Restricted Party who, to the knowledge of the Lender, was not
under an obligation of confidentiality to the applicable Restricted Party at the time such Confidential Information was provided to the Lender. 

(2)      For purposes of this Section, “Information” means all information received in connection with
this Agreement from any Restricted Party relating to any Restricted Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Lender on a
non-confidential basis prior to such receipt. Any Person required to maintain the confidentiality of Information as provided in Section 14.04(1) will be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

 

	14.05	 Benefit and Burden of Agreement  

This Agreement will be binding upon the Borrower and each other Restricted Party and their respective successors. This Agreement will enure to the
benefit of and will be binding upon the Lender and its successors and assigns. 

	14.06	 No Assignment by the Borrower  

The rights and benefits of the Borrower hereunder may not be assigned by the Borrower. 

 

	14.07	 Assignment or Participation by Lender  

(1)      The rights, benefits and obligations of the Lender under or in respect of this Agreement (the
“Rights”) may, in whole or in part (subject to, prior to the occurrence of an Event of Default, a minimum amount of $5,000,000), be assigned (“Assign”, “Assigned” or an
“Assignment”) or participated (“Participated” or a “Participation”) by the Lender with one or more Persons (each an “Assignee” or a “Participant”, as the case may
be), subject to the prior written consent of the Borrower, which consent will not be unreasonably withheld or delayed. Prior to the occurrence of an Event of Default, the Lender will not Assign to a Person that is not an Affiliate of the Lender, a
Schedule I, Schedule II or Schedule III bank as identified in the Bank Act (Canada). Notwithstanding the foregoing, the Rights may, in whole or in part, be Participated or Assigned by the Lender with one or more Participants or Assignees
without notice to or the consent of the Borrower if an Event of Default has occurred and is continuing. An Assignment or Participation hereunder that requires the consent of the Borrower will become effective upon receipt by the Lender of the
written consent of the Borrower. An Assignment or Participation that does not require the consent of or notice to the Borrower will become effective upon execution of the applicable documentation by the Lender, as applicable, and the Participant or
Assignee, as the case may be. The Borrower will execute all such further documentation as the Lender may request with respect to any Assignment or Participation and any prospective Assignee will execute such documentation as the Borrower may
reasonably request for the purpose of ensuring that the Assignee is bound by the terms of this Agreement. 

(2)      Any Assignee of Rights will be and be treated in respect of such Rights as if it were the Lender for all purposes
of this Agreement, will be entitled to the benefit hereof, and will be subject to the obligations of the Lender in respect of such Rights, to the same extent as if it were an original party in respect of the Rights and the Lender assigning such
Rights will be released and discharged from its obligations hereunder in respect of such Rights. To the extent that the Rights are the subject of a Participation, all references in this Agreement to the Lender will, with respect to such Rights that
are subject to the Participation, continue to be construed as a reference to the Lender, and the Borrower will be entitled to deal with the Lender as if it were the sole owner of the Rights and the Lender will not be released from obligations
hereunder by virtue of the Participation. The Borrower acknowledges and agrees that the Lender will be entitled, in its own name, to enforce for the benefit of, or as agent for, any Participants, any and all rights, claims and interests of such
Participants, in respect of the Rights and that Participants will not be entitled to demand payment or exercise any other right or remedy pursuant hereto. 

(3)      For the purposes of any Assignment or Participation hereunder, the Lender may disclose on a confidential basis to
a potential Assignee or Participant such information about the Borrower as the Lender may see fit, provided that such potential Assignee or Participant has executed a confidentiality agreement in favour of the Lender. 

 

	14.08	 Notices  

Any demand, notice or other communication to be given in connection with this Agreement must be given in writing and will be given by personal
delivery, by registered mail or by electronic means of communication addressed to the recipient at the address or telecopier 

 number set forth on the signature pages to this Agreement, or to such other street address, individual or electronic
communication number or address as may be designated by notice given by either party to the other. Any demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery
thereof or, if given by registered mail, on the third Business Day following the deposit thereof in the mail or, if given by electronic communication, on the day of transmittal thereof if given during the normal business hours of the recipient and
on the Business Day during which such normal business hours next occur if not given during such hours on any day. If the party giving any demand, notice or other communication knows or ought reasonably to know of any difficulties with the postal
system that might affect the delivery of mail, any such demand, notice or other communication may not be mailed but must be given by personal delivery or by electronic communication. 

 

	14.09	 Effect of Assignment  

For greater certainty, an assignment by the Lender of its rights hereunder will not constitute a repayment, discharge, rescission, extinguishment or
novation of any Loan or interest therein, and the obligations so assigned shall continue to be the same obligations and not new obligations. 
  

	14.10	 Survival  

The provisions of Section 12.05 and 14.01 will survive the repayment of all Loans and all obligations with respect to Letters of Credit, whether
on account of principal, interest or fees, and the termination of this Agreement, unless a specific release of such provisions by the Lender is delivered to the Borrower. 
  

	14.11	 Severability  

If any provision of this Agreement is determined by any court of competent jurisdiction to be illegal or unenforceable, that provision will be severed
from this Agreement and the remaining provisions will continue in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either of the parties.

  

	14.12	 Further Assurances  

Each Restricted Party and the Lender will promptly cure any default by it in the execution and delivery of this Agreement, the Loan Documents or of any
agreements provided for hereunder to which it is a party. Each Restricted Party, at its expense, will promptly execute and deliver to the Lender, upon request by the Lender, all such other and further documents, agreements, opinions, certificates
and instruments in compliance with, or accomplishment of the covenants and agreements of such Restricted Party hereunder or more fully to state the obligations of such Restricted Party as set forth herein or to make any recording, file any notice or
obtain any consent, all as may be reasonably necessary or appropriate in connection therewith. 
  

	14.13	 Amendments and Waivers  

No amendment to this Agreement will be valid or binding unless set forth in writing and duly executed by the Borrower and the Lender. No waiver of any
breach of any 

 provision of this Agreement and no consent required hereunder will be effective or binding unless made in writing and
signed by the party purporting to give the same. Unless otherwise provided, any waiver or consent given hereunder will be limited to the specific breach waived or matter consented to, as the case may be, and may be subject to such conditions as the
party giving such waiver or consent considers appropriate. 
  

	14.14	 Time of the Essence  

Time is of the essence of this Agreement. 

[Signature pages follow] 

 IN WITNESS WHEREOF the parties have executed this Agreement. 

 

									
	BORROWER:	 		  	DIRTT ENVIRONMENTAL SOLUTIONS LTD.	 	
	Address:	 	7303 30th Street SE	  		 		 	            
		 	Calgary, Alberta	  		 		 	
		 	T2C 1N6	  		 	
                /s/ Geoff Krause
	 	
	Attention:	 	Chief Financial Officer	  	By:
	Facsimile No.:	 		  		 	  Name:  Geoff Krause	 	
		 		  		 	  Title:     Chief Financial Officer	 	
					
		 		  	By:	 	 	 	
		 		  		 	  Name:	 	
		 		  		 	  Title:	 	

  
 [Signature page to Credit Agreement –
Borrower] 

									
	GUARANTOR:	 		  	DIRTT ENVIRONMENTAL SOLUTIONS, INC.	 	
	Address:	 	C/O DIRTT	  		 		 	
	 Attention:	 	 Environmental Solutions Ltd.
 7303 30th Street
SE
 Calgary, Alberta
 T2C 1N6

Chief Financial Officer
	  	By:	 	                /s/ Geoff Krause	 	                

	Facsimile No.:	 		  		 	  Name:  Geoff Krause	 	
		 		  		 	  Title:     Chief Financial Officer	 	
					
		 		  	By:	 	 	 	
		 		  		 	  Name:	 	
		 		  		 	  Title:	 	

  
 [Signature page to Credit Agreement –
Guarantor] 

									
	LENDER:	 		  	ROYAL BANK OF CANADA	 	
	Address:	 		  		 		 	
	 Attention:
	 	 Vice President, National
 Client Group
	  	 By:
	 	                /s/ Jennifer Guo	 	
	Facsimile No.:	 		  		 	  Name:  Jennifer Guo	 	
		 		  		 	  Title:     Vice President, NCG Finance	 	
					
		 		  	By:	 	 	 	            
		 		  		 	  Name:	 	
		 		  		 	  Title:	 	

  
 [Signature page to Credit Agreement –
Lender] 

 Schedule A 

Commitments 
  

			
	 
	
Commitments
  

	 	 
	 Credit
Facility
  
	  	 Total Commitment

 

	 	 
	 Cdn.
$50,000,000
  
	  	
Cdn. $50,000,000

 

 Schedule 1.01(A) 

Compliance Certificate 
  

			
	TO:	    	Royal Bank of Canada
		    	(the “Lender”)
		
	FROM:	    	DIRTT Environmental Solutions Ltd.
		    	(the “Borrower”)
		
	DATE:	    	●
	 	    	 

 This Compliance Certificate is delivered to you pursuant to Section 9.03(3) of the credit agreement made as of
July 19, 2019 between the Borrower, the Lender and others, as amended to the date hereof (the “Credit Agreement”). All terms used in this Compliance Certificate that are defined in the Credit Agreement have the same meanings
herein. 
 I, [name], the [title] of the Borrower, certify for and on behalf of the Borrower, and not in my personal capacity and
without personal liability, that: 
  

	1.	 Representations and Warranties. All of the representations and warranties of the Borrower contained in
Section 8.01 of the Credit Agreement are true and correct on and as of the date hereof as though made on and as of the date hereof unless varied as contemplated in Section 8.02. 

 

	2.	 Terms, Covenants and Conditions. All of the terms, covenants and conditions of the Credit Agreement and each of
the other Loan Documents to be performed or complied with by the Borrower at or prior to the date hereof have been performed or complied with. 

  

	3.	 Default. No Default or Event of Default has occurred and is continuing on the date hereof. 

 

	4.	 Lease Agreements. All rent, base rent, additional rent, participating rent, operating expenses and all other
amounts due and payable to each landlord under and pursuant to each Lease Agreement are current and have been paid in full. 

  

	5.	 Financial Statements. Attached hereto are the financial statements of most recent date referred to in Sections
9.03(1) or (2), as applicable, of the Credit Agreement. 

  

	6.	 Funded Debt. Funded Debt as at
                                         
    is 

	    	 Cdn.
$                                         
   . 

  

	7.	 Adjusted EBITDA. Adjusted EBITDA for the four fiscal quarters ended 

	    	
                         
            is Cdn.
$                                    . 

 

	8.	 Fixed Charges. Fixed Charges for the four fiscal quarters ended
                                     is 

	    	 Cdn
$                    . 

	9.	 Attached hereto as Exhibit I is a detailed calculation of the Funded Debt, Adjusted EBITDA and Fixed Charges.

  

	10.	 Financial Covenant Compliance. 

 

	 	A.	 Funded Debt to Adjusted EBITDA Ratio 

 

							
	 	 	Quarter Ending	  	 Maximum
Permitted
 Ratio
	  	Actual Ratio
	 	 	 	 
	 	 	 ●

 
	  	 ●

 
	  	
●
  

  

	 	B.	 Fixed Charge Coverage Ratio 

  

							
	 	 	Quarter Ending	  	 Maximum
Permitted
 Ratio
	  	Actual Ratio
	 	 	 	 
	 	 	 ●

 
	  	 ●

 
	  	
●
  

  

	
	  

	  Name:

 EXHIBIT I 

(Detailed Calculation of Funded Debt Adjusted EBITDA and Fixed Charges) 

 Schedule 1.01(B) 

Conversion Notice 
  

			
	TO:	    	Royal Bank of Canada
		    	(the “Lender”)
		
	FROM:	    	DIRTT Environmental Solutions Ltd.
		    	(the “Borrower”)
		
	DATE:	    	●
	     
	    	 

  

	1.	 This Conversion Notice is delivered pursuant to the credit agreement made as of July 19, 2019 between the Borrower,
the Lender and others, as amended to the date hereof (the “Credit Agreement”). All terms used in this Conversion Notice that are defined in the Credit Agreement have the same meanings herein. 

 

	2.	 The Borrower hereby requests a Conversion under the Credit Facility as follows: 

 

	 	(a)	 Type and amount of each Loan to be converted (check appropriate boxes): 

 

															
		 		 		 		 		  	            Amount
							
	     
	 	 (  )
	 	 Prime Rate Loan:
	 		 		  	 Cdn. $
	 	
                     
       

							
		 	 (  )
	 	 Base Rate Loan:
	 		 		  	 U.S. $
	 	
                     
       

							
		 	 (  )
	 	 Bankers’ Acceptances:
	 		 		  		 	            
						
	 	 	 	 	                Amount	 	    Term in Months	  	 	 	 
								
		 		 	 Cdn. $
	 	
                     
       
	 		 	
                     
       
	  		 	
								
		 		 		 	
                     
       
	 		 	
                     
       
	  		 	
								
		 		 		 	
                     
       
	 		 	
                     
       
	  		 	
							
		 	 (  )
	 	 CDOR Loan:
	 		 		  		 	
						
		 		 	
                Amount
	 	     Term in Months
	  		 	
								
		 		 	 CDN. $
	 	
                     
       
	 		 	
                     
       
	  		 	
		 		 		 	
                     
       
	 		 	
                     
       
	  		 	
		 		 		 	
                     
       
	 		 	
                     
       
	  		 	

															
		 	(  )	 	LIBOR Loan:	 		 		 		 	
						
	 	 	 	 	                Amount	 	    Term in Months	 	    	 	 
								
	 	 	 	 	U.S. $	 	                	 	 	 	                	 	 	 	 
	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 
	 	 	 	 	 	 	  	 	 	 	  	 	 	 	 

  

	 	(b)	 Type and amount of each Loan resulting from Conversion (check appropriate boxes): 

 

																	
		 		 		 		 		 		 	            Amount
							
		 	(  )	 	Prime Rate Loan:	 		 		 	Cdn. $	 	 
							
		 	(  )	 	Base Rate Loan:	 		 		 	U.S. $	 	 
							
		 	(  )	 	Bankers’ Acceptances :	 		 		 		 	 
						
		 		 	                Amount	 	    Term in Months	 		 	        Rollover Amount
								
		 		 	Cdn. $	 	            	 		 	                	 	    Cdn. $	 	                
		 		 		 	 	 		 	 	 		 	 
		 		 		 	 	 		 	 	 		 	 
								
		 	(  )	 	CDOR Loan:	 		 		 		 		 	
							
		 		 	                Amount	 	    Term in Months	 		 		 	
									
		 		 	CDN. $	 	            	 		 	            	 		 		 	
									
		 		 		 	 	 		 	 	 		 		 	
									
		 		 		 	 	 		 	 	 		 		 	
								
		 	(  )	 	LIBOR Loan:	 		 		 		 		 	
							
		 		 	                Amount	 	    Term in Months	 		 		 	
									
		 		 	U.S. $	 	            	 		 	            	 		 		 	
									
		 		 		 	 	 		 	 	 		 		 	
									
		 		 		 	 	 		 	 	 		 		 	

  

	3.	 No Default or Event of Default has occurred and is continuing or will have occurred and be continuing on the date of the
above Conversion(s), or will result from the above Conversion(s). 

			
	DIRTT Environmental Solutions Ltd.
		
	 By:
	 	  

		 	  Name:
		 	  Title:

 Schedule 1.01(C) 

Drawdown Notice 
  

			
	TO:	    	Royal Bank of Canada
		    	(the “Lender”)
		
	FROM:	    	DIRTT Environmental Solutions Ltd.
		    	(the “Borrower”)
		
	DATE:	    	●
	    	    	 

  

	1.	 This Drawdown Notice is delivered pursuant to the credit agreement made as of July 19, 2019, between the Borrower,
the Lender and others, as amended to the date hereof (the “Credit Agreement”). All terms used in this Drawdown Notice that are defined in the Credit Agreement have the same meanings herein. 

 

	2.	 The Borrower hereby requests the following Loan(s) and Letter(s) of Credit: 

 

	 	(a)	 Drawdown Date:
                                         
                                         
                                      

  

	 	(b)	 Type and Amount of each Loan or Letter of Credit (check appropriate boxes): 

 

															
		 		 		 		 		 	            Amount
							
	     
	 	 (  )
	 	 Prime Rate Loan:
	 		 		 	 Cdn. $
	 	
                     
       

							
		 	 (  )
	 	 Base Rate Loan:
	 		 		 	 U.S. $
	 	
                     
       

							
		 	 (  )
	 	 Bankers’ Acceptances:
	 		 		 		 	 
						
	 	 	 	 	                Amount	 	    Term in Months	 	 	 	 
								
		 		 	 Cdn. $
	 	
                     
       
	 		 	
                     
       
	 		 	
								
		 		 		 	
                     
       
	 		 	
                     
       
	 		 	
								
		 		 		 	
                     
       
	 		 	
                     
       
	 		 	
							
		 	 (  )
	 	 CDOR Loan:
	 		 		 		 	
					
		 		 	
                Amount
	 	     Term in Months
	 	            Maturity Date
								
		 		 	 CDN. $
	 	
                     
       
	 		 	
                     
       
	 		 	        
		 		 		 	
                     
       
	 		 	
                     
       
	 		 	 

															
		 	(  )	 	LIBOR Loan:	 		 		 		 	
					
		 		 	                  Amount	 	    Term in Months	 	    Maturity Date
								
		 		 	 U.S. $
	 	            	 		 	                	 		 	                
		 		 		 	 	 		 	 	 		 	 
		 		 		 	 	 		 	 	 		 	 
							
		 	(  )	 	Letter of Credit:	 		 		 		 	
						
		 		 	                  Amount	 	    Expiry Date	 		 	
								
		 		 	Cdn. $	 	            	 		 	            	 		 	
								
		 		 	 U.S. $
	 	 	 		 	 	 		 	
							
		 	 Total Cdn. $
	 	            	 		 	            	 		 	
							
		 	 Total U.S. $
	 	 	 		 		 		 	

  

	3.	 Representations and Warranties. All of the representations and warranties of the Borrower contained in
Section 8.01 of the Credit Agreement are true and correct on and as of the date hereof as though made on and as of the date hereof unless varied as contemplated in Section 8.02. 

 

	4.	 All of the conditions precedent to the Loan(s) and Letter(s) of Credit requested hereby that have not been properly
waived in writing by the Lender has been satisfied. 

  

	5.	 No Default or Event of Default has occurred and is continuing or will have occurred and be continuing on the Drawdown
Date, or will result from the Loan(s) and Letter(s) of Credit requested hereby. 

  

			
	DIRTT Environmental Solutions Ltd.
		
	By:	 	  

		 	  Name:
		 	  Title:

 Schedule 1.01(G) 

Repayment Notice 
  

	TO:	 Royal Bank of Canada  

(the “Lender”) 
  

	FROM:	 DIRTT Environmental Solutions Ltd. 

(the “Borrower”) 
  

	DATE:	 ● 

 
  
  

	1.	 This Repayment Notice is delivered pursuant to the credit agreement made as of July, 19, 2019, between the Borrower, the
Lender and others, as amended to the date hereof (the “Credit Agreement”). All terms used in this Repayment Notice that are defined in the Credit Agreement have the same meanings herein. 

 

	2.	 The Borrower hereby advises of the following repayments: 

 

	 	(a)	
Repayment Date:                     
                                         
                                         
                                      

 

	 	(b)	 Type and Amount of each Loan being repaid (check appropriate boxes): 

 

															
		  		  		  		  		  		  		 	 Amount

					
	 (  )
	  	    Prime Rate Loan:
	  	Cdn. $	  		 	                                      
  
					
	 (  )
	  	    Base Rate Loan:
	  	U.S. $	  		 	                                      
  
				
	 (  )
	  	    Bankers’ Acceptances:
	  		 	 

 
																			
									
		  				  		 	Amount	 		 	Maturity Date	  		  		  	
									
		  	 	     Cdn. $	 	  		 	                                     
   	 		 	                                     
   	  		  		  	
									
		  				  		 	                                     
   	 		 	                                     
   	  		  		  	
									
		  				  		 	                                     
   	 		 	                                     
   	  		  		  	
									
		  				  		 		 		 		  		  		  	

 
															
	 (  )
	  	 CDOR Loan:
	  		  		  		  		  		  	

 
																			
									
		  				  		 	Amount	 		 	Maturity Date	  		  		  	
									
		  	 	    CDN.$	 	  		 	                                 
       	 		 	                                 
                   	  		  		  	
									
		  				  		 	                                 
       	 		 	                                 
                   	  		  		  	

 
															
	 (  )
	  	 LIBOR Loan:
	  		  		  		  		  		  	

  

																			
		  		  		 	Amount	 		 		 	Maturity Date	  		  		  	
										
		  	 U.S. $
	  		 	                                     
   	 		 		 	                                     
   	  		  		  	
										
		  		  		 	                                     
   	 		 		 	                                     
   	  		  		  	
										
		  		  		 	                                     
   	 		 		 	                                     
   	  		  		  	

  

			
	DIRTT Environmental Solutions Ltd.
		
	By:	 	  

		 	  Name:
		 	  Title:

 Schedule 1.01(H) 

Rollover Notice 
  

	TO:	 Royal Bank of Canada 

(the “Lender”) 
  

	FROM:	 DIRTT Environmental Solutions Ltd. 

(the “Borrower”) 
  

	DATE:	 ● 

 
  
  

	1.	 This Rollover Notice is delivered pursuant to the credit agreement made as of July 19, 2019, between the Borrower
the Lender and others, as amended to the date hereof (the “Credit Agreement”). All capitalized terms used in this Rollover Notice that are defined in the Credit Agreement have the same meanings herein. 

 

	2.	 The Borrower hereby requests the Rollover of the following Loan(s): 

 

	 	(a)	
Rollover Date:                     
                                         
                                         
                                      

 

	 	(b)	 Type and Amount of each Loan (check appropriate boxes): 

 

																	
	 (  )
	  	  Bankers’ Acceptances:
	  		  		  		  		  		  		  	

  

																					
		 				 	 Amount
	  		 	 Term in Days
	  		 	 Maturity Date
	  				  	
									
		 	 	   Cdn. $	 	 	                                     
   	  		 	                                     
   	  		 	                                     
   	  				  	
									
		 				 	                                     
   	  		 	                                     
   	  		 	                                     
   	  				  	
									
		 				 	                                     
   	  		 	                                     
   	  		 	                                     
   	  				  	

 
																							
									
	 (  )
	  	 	    CDOR Loan:
	  		 		  		 		  				  		  	
										
		  				 	 Amount
	  		 	 Term in Months
	  		 		  				  		  	
										
		  	 	   CDN. $	 	 	                                     
   	  		 	                                     
   	  		 		  				  		  	
										
		  				 	                                     
   	  		 	                                     
   	  		 		  				  		  	
										
		  				 	                                     
   	  		 	                                     
   	  		 		  				  		  	

 
															
	 (  )
	  	 LIBOR Loan:
	  		  		  		  		  		  	

 
																	
									
		  		  		 	 Amount
	 		 	 Interest Period
	  		  		  	
									
		  	 U.S. $
	  		 	                                     
   	 		 	                                     
   	  		  		  	
									
		  		  		 	                                     
   	 		 	                                     
   	  		  		  	
									
		  		  		 	                                     
   	 		 	                                     
   	  		  		  	

  

			
	DIRTT Environmental Solutions Ltd.
		
	By:	 	  

		 	  Name:
		 	  Title:EX-10.2

 Exhibit 10.2 
  

 
  
  

 
 DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

Amended and Restated Incentive Stock Option Plan 

Amended and restated on August 2, 2017 

 AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN 

PART 1 
 DEFINITIONS AND
INTERPRETATION 
  

	1.1	 Definitions 

As used herein, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the meanings
set forth below: 
  

	 	(a)	 “Administrator” means such employee or agent of the Corporation as may be designated as
Administrator by the Committee from time to time, if any; 

  

	 	(b)	 “Affiliate” has the meaning set forth in the Business Corporations Act (Alberta);

  

	 	(c)	 “Agent” means any employee, consultant, director, shareholder or beneficiary of an Option
Holder; 

  

	 	(d)	 “Applicable Withholding Taxes” means any and all taxes and other source deductions or other
amounts which the Corporation is required by law to withhold from any amounts to be paid or credited hereunder; 

  

	 	(e)	 “Blackout Period” means any period imposed by the Corporation, during which
specified individuals, including insiders of the Corporation, may not trade in the Corporation’s securities (including for greater certainty any period during which specified individuals are restricted from trading because they have material non-public information), but does not include any period when a Regulatory Authority has halted trading in the Corporation’s securities; 

 

	 	(f)	 “Board” means the board of directors of the Corporation as constituted from time to time;

  

	 	(g)	 “Business Day” means a day other than a Saturday, Sunday or other day when the banks
in the city of Calgary, Alberta are not generally open for business; 

  

	 	(h)	 “Cause” means: 

 

	 	(i)	 fraud, misappropriation of the property or funds of the Corporation, embezzlement, malfeasance, misfeasance
or nonfeasance in office, engagement or employment which is willfully or grossly negligent on the part of the Option Holder; 

  

	 	(ii)	 the willful allowance by the Option Holder of the Option Holder’s duty to the Corporation and his or
her personal interests to come into conflict in a material way in relation to any transaction or matter that is of a substantial nature; 

  
 2 

 

	 	(iii)	 the breach by the Option Holder of any non-competition, non-solicitation or confidentiality covenant contained in his or her employment or service agreement; or 

  

	 	(iv)	 any other reason which would be concluded by a court of competent jurisdiction to amount to just cause at
common law; 

  

	 	(i)	 “Cessation Date” means the last day of active employment of the employee with, or the
provision of services to, the Corporation or an Affiliate, as the case may be, regardless of the reason for the termination of employment or provision of services or whether it was lawful, and does not include any period of statutory, contractual or
reasonable notice of termination of employment or any period of salary continuance or deemed employment. A transfer of employment or engagement between the Corporation and an Affiliate or between Affiliates of the Corporation shall not be considered
an interruption or termination of the employment of an employee or engagement for any purpose of this Plan; 

  

	 	(j)	 “Change of Control” means the occurrence of any of the following: 

 

	 	(i)	 the acquisition by any Person or any Persons acting jointly or in concert, whether directly or indirectly,
of voting securities of the Corporation which together with all other voting securities of the Corporation held by such Persons, constitute, in the aggregate, fifty percent (50%) or more of the votes attached to all outstanding voting securities of
the Corporation; 

  

	 	(ii)	 a merger, amalgamation, arrangement or other form of business combination of the Corporation with another
Person which results in the holders of voting securities of that other Person holding, in the aggregate, fifty percent (50%) or more of the votes attached to all outstanding voting securities of the Corporation; 

 

	 	(iii)	 the sale, lease or exchange of all or substantially all of the assets of the Corporation to another Person,
other than in the ordinary course of business of the Corporation or to any Person that controls or is controlled by the Corporation or that is controlled by the same Person as the Corporation; or 

 

	 	(iv)	 a majority of the members of the Board are replaced during any twelve (12) month period by directors
whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; 

  

	 	(k)	 “Committee” means a committee of the Board appointed in accordance with the Plan or if no
such committee is appointed, the Board itself; 

  

	 	(l)	 “Common Share” or “Common Shares” means, as the case may be, one
(1) or more common shares in the capital of the Corporation; 

  
 3 

 

	 	(m)	 “Corporation” means DIRTT Environmental Solutions Ltd., including any successor corporation
thereof, and any reference in this Plan to action by the Corporation means action by or under the authority of the Board or the Committee, as the case may be; 

 

	 	(n)	 “Disability” means a medically determinable physical or mental impairment expected to
result in death or to last for a continuous period of not less than twelve (12) months and which causes an individual to be unable to engage in any substantial gainful employment-related activity, or any other condition of impairment that the
Committee, acting reasonably, determines constitutes a disability; 

  

	 	(o)	 “Exercise Notice” means the written notice of the exercise of an Option, in the form set
out as Schedule “B”, duly executed by the Option Holder; 

  

	 	(p)	 “Exercise Period” means the period during which a particular Option may be exercised and is
the period from and including the Grant Date through to and including the Expiry Time on the Expiry Date provided, however, that no Option can be exercised unless and until any necessary approvals of the Regulatory Authorities have been obtained;

  

	 	(q)	 “Exercise Price” means the price at which an Option is exercisable as determined in
accordance with section 4.3; 

  

	 	(r)	 “Expiry Date” means the date the Option expires as determined in accordance with section
4.4; 

  

	 	(s)	 “Expiry Time” means the time the Option expires on the Expiry Date, which is 5:00 p.m.
local time in Calgary, Alberta on the Expiry Date; 

  

	 	(t)	 “Good Reason” means any one or more of the following: 

 

	 	(i)	 without the express written consent of the employee, any material change or diminution of the
employee’s title, authority, status, duties, reporting relationship or responsibilities. 

  

	 	(ii)	 any material reduction in the employee’s total compensation, including his or her salary, benefits,
pensions, variable and incentive compensation (including discretionary bonus), perquisites and allowances; 

  

	 	(iii)	 the requirement that the employee be based anywhere other than at the principal location to which he or she
is based as provided in his or her employment agreement; 

  

	 	(iv)	 any material breach by the Corporation of the employee’s employment agreement; or

  
 4 

 

	 	(v)	 any other reason which would be concluded by a court of competent jurisdiction to amount to a constructive
dismissal at common law; 

 provided that the employee has provided the Corporation with written notice
of the acts or omissions constituting grounds for Good Reason and the Corporation shall have failed to rectify, as determined by the Corporation acting reasonably, any such acts or omissions within thirty (30) days of the Corporation’s
receipt of such notice; 
  

	 	(u)	 “Grant Date” means the date on which the Committee grants a particular Option, which is the
date the Option comes into effect; 

  

	 	(v)	 “Market Value” means: (i) the volume weighted average price of a Common Share on the
Toronto Stock Exchange for the five (5) trading days on which the Common Shares were trading occurring immediately prior to the applicable date; or (ii) if the Common Shares are listed on more than one stock exchange, the volume weighted
average price of a Common Share for the five trading days on which the Common Shares were trading on the stock exchange with the higher average trading volume over the twenty (20) trading days immediately prior to the applicable date; or
(iii) if the Common Shares are not then traded on any stock exchange, the fair market value per Common Share as determined by the Committee in its discretion; 

 

	 	(w)	 “Option” means an incentive stock option granted pursuant to the Plan entitling the Option
Holder to purchase Common Shares; 

  

	 	(x)	 “Option Certificate” means the certificate, in the form set out as Schedule
“A”, evidencing the Option; 

  

	 	(y)	 “Option Holder” means a Person who holds an unexercised and unexpired Option or, where
applicable, the Personal Representative of such Person; 

  

	 	(z)	 “Person” means an individual, natural person, corporation, government or political
subdivision or agency of a government, and where two or more Persons act as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of an issuer, such syndicate or group shall be
deemed to be a Person; 

  

	 	(aa)	 “Personal Representative” means: 

 

	 	(i)	 in the case of a deceased Option Holder, the executor or administrator of the deceased duly appointed by a
court or public authority having jurisdiction to do so; and 

  

	 	(ii)	 in the case of an Option Holder who, for any reason, is unable to manage his or her affairs, the person
entitled by law to act on behalf of such Option Holder; 

  
 5 

 

	 	(bb)	 “Plan” means this amended and restated incentive stock option plan, including all Schedules
hereto, as amended and restated from time to time in accordance with its terms; 

  

	 	(cc)	 “Regulatory Authorities” means all securities commissions, stock exchanges or
similar securities regulatory bodies having jurisdiction over the Corporation, the Plan or the Options granted from time to time hereunder; 

  

	 	(dd)	 “Regulatory Rules” means all corporate and securities laws, regulations, rules,
policies, notices, instruments and other orders of any kind whatsoever which may, from time to time, apply to the implementation, operation or amendment of the Plan or the Options granted from time to time hereunder including, without limitation,
those of the applicable Regulatory Authorities; 

  

	 	(ee)	 “Retirement” means a resignation from employment or engagement with the Corporation or an
Affiliate by an Option Holder in circumstances the Board or Committee, acting reasonably, deems to constitute retirement from employment or engagement, and not resignation to obtain alternate employment; 

 

	 	(ff)	 “Securities Act” means the Securities Act (Alberta), as amended from time to time;
and 

  

	 	(gg)	 “Subsidiary” has the meaning ascribed thereto in the Securities Act. 

 

	1.2	 Choice of Law 

The Plan is established under, and the provisions of the Plan shall be subject to and interpreted and construed in accordance with, the laws
of the Province of Alberta and the federal laws of Canada applicable therein. The Corporation and each Option Holder hereby attorn to the jurisdiction of the Courts of Alberta. 

 

	1.3	 Headings 

The headings used herein are for convenience only and are not to affect the interpretation of the Plan. 

PART 2 
 NUMBER OF COMMON
SHARES UNDER PLAN 
  

	2.1	 Number of Common Shares 

The number of Common Shares which may be purchased pursuant to an Option shall be determined by the Committee and shall be set out in the
Option Certificate issued in respect of the Option. 
 The grants of Options under this Plan are subject to the following limitations: 

  
 6 

 

	 	(a)	 no more than ten percent (10%) of the Corporation’s outstanding Common Shares, from time to time, may
be issued under this Plan or pursuant to any other security based compensation arrangements of the Corporation; 

  

	 	(b)	 no more than ten percent (10%) of the Corporation’s outstanding Common Shares may be issued under this
Plan or pursuant to any other security based compensation arrangements of the Corporation to any one Person; 

  

	 	(c)	 no more than ten percent (10%) of the Corporation’s outstanding Common Shares may be (i) issued to
insiders within any one (1) year period, or (ii) issuable to insiders at any time, in each case, under this Plan or pursuant to any other security based compensation arrangements of the Corporation; 

 

	 	(d)	 the aggregate value of all Options granted to any one non-employee
director of the Corporation in any one-year period under all security-based compensation arrangements of the Corporation may not exceed $100,000 based on the grant date fair value of the Options; and

  

	 	(e)	 for the purposes of this Plan, “insider” and “security based compensation arrangement”
have the meanings set out in the Toronto Stock Exchange Company Manual, 

 provided that any Common Shares subject to any
Option which expires or for any reason is cancelled or terminated without having been exercised in full, shall again be available for grant under the Plan. 
  

	2.2	 Board to Approve Issuance of Common Shares 

The Board shall approve by resolution the issuance of all Common Shares to be issued to Option Holders upon the exercise of Options. The Board
shall be entitled to approve the issuance of Common Shares in advance of the Grant Date, after the Grant Date, or by a general approval of the Plan. 
  

	2.3	 Fractional Common Shares 

No fractional Common Shares shall be issued upon the exercise of any Option and, if as a result of any adjustment, an Option Holder would
become entitled to a fractional share, such Option Holder shall have the right to purchase only the next lowest whole number of Common Shares and no payment or other adjustment will be made for the fractional interest. 

PART 3 
 PURPOSE AND
PARTICIPATION 
  

	3.2	 Purpose of Plan 

The purpose of the Plan is to provide the Corporation with a share-related mechanism to attract, retain and motivate qualified directors,
officers, employees, consultants and other similar 

  
 7 

 

 Persons, to incent them to contribute toward the long term goals of the Corporation, and to
encourage such Persons to acquire Common Shares as long term investments. 
  

	3.3	 Grant of Options 

The Committee shall, from time to time in its sole discretion, grant Options to directors, officers, employees, consultants and other similar
Persons and on such terms and conditions as are permitted under the Plan and the Regulatory Rules.  
  

	3.4	 Record of Option Grants 

The Committee shall maintain a record of all Options granted under the Plan (and complete all necessary filings pursuant to the Regulatory
Rules) and such record shall contain, in respect of each Option: 
  

	 	(a)	 the name, address, fax and email of the Option Holder; 

 

	 	(b)	 the Grant Date and Expiry Date; 

 

	 	(c)	 the number of Common Shares which may be acquired on the exercise of the Option and the Exercise Price;

  

	 	(d)	 the vesting and other additional terms, if any, attached to the Option; 

 

	 	(e)	 the provision of the Regulatory Rules under which the Option was granted; and 

 

	 	(f)	 the particulars of each and every time the Option is exercised. 

 

	3.5	 Effect of Plan 

All Options granted pursuant to the Plan shall be subject to the terms and conditions of the Plan notwithstanding the fact that the Option
Certificates issued in respect thereof do not expressly contain such terms and conditions but instead incorporate them by reference to the Plan. 
  

	3.6	 Notification of Grant 

Following the granting of an Option, the Administrator shall, within a reasonable period of time, notify the Option Holder in writing of the
grant and shall enclose with such notice the Option Certificate representing the Option so granted. In no case will the Corporation be required to deliver an Option Certificate to an Option Holder until such time as the Corporation has obtained any
necessary approvals of the Regulatory Authorities for the grant of the Option. 
  

	3.7	 Access to Plan 

Each Option Holder, concurrently with the notice of the grant of the Option, shall be provided with access to the Plan by the Administrator.
Access to any amendment to the Plan shall be promptly made available by the Administrator to each Option Holder. 

  
 8 

 

	3.8	 Limitation on Service 

The Plan does not give any Option Holder that is a director or officer the right to serve or continue to serve as a director or officer of the
Corporation or any Subsidiary, nor does it give any Option Holder that is an employee or consultant the right to be or to continue to be employed or engaged by the Corporation or any Subsidiary. 

 

	3.9	 Participation Voluntary; No Obligation to Exercise 

Participation in this Plan shall be voluntary on the part of any director, officer, employee or consultant of the Corporation or any
Subsidiary. Option Holders shall be under no obligation to exercise Options granted under the Plan. 
  

	3.10	 Agreement 

The Corporation and every Option Holder granted an Option hereunder shall be bound by and subject to the terms and conditions of the Plan. By
accepting an Option granted hereunder, the Option Holder has expressly agreed with the Corporation to be bound by the terms and conditions of the Plan. In the event that the Option Holder receives his, her or its Options pursuant to an oral or
written agreement with the Corporation or a Subsidiary, whether such agreement is an employment agreement, consulting agreement or any other kind of agreement of any kind whatsoever, the Option Holder acknowledges that in the event of any
inconsistency between the terms relating to the grant of such Options in that agreement and the terms attaching to the Options as provided for in the Plan, the terms provided for in the Plan shall prevail and the other agreement shall be deemed to
have been amended accordingly. 
  

	3.11	 Notice 

Any notice, delivery or other correspondence of any kind whatsoever to be provided by the Corporation to an Option Holder will be deemed to
have been provided if provided to the last home address, fax number or email address of the Option Holder in the records of the Corporation and the Corporation shall be under no obligation to confirm receipt or delivery. 

 

	3.12	 Non-Exclusivity 

Nothing contained herein shall prevent the Corporation from adopting other or additional compensation arrangements for the benefit of any
Person, subject to any required regulatory or shareholder approval. 
  

	3.13	 Other Employee Benefits 

The amount of any compensation deemed to be received by an Option Holder as a result of the exercise of any Option will not constitute
compensation with respect to which any other employee benefits of that Option Holder are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, insurance or salary continuation plan, except as otherwise
specifically determined by the Board. 

  
 9 

 

	3.14	 Unfunded and Unsecured Plan 

Unless otherwise determined by the Board, this Plan shall be unfunded and the Corporation will not secure its obligations under this Plan. To
the extent any Option Holder holds any rights by virtue of a grant of an Option under this Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Corporation. 

 

	3.15	 Market Fluctuations 

No amount will be paid to, or in respect of, an Option Holder under this Plan to compensate for a downward fluctuation in the price of the
Common Shares which impacts the Options, nor will any other form of benefit be conferred upon, or in respect of, an Option Holder for such purpose. The Corporation makes no representations or warranties to an Option Holder with respect to this Plan
or the Options whatsoever. In seeking the benefits of participation in this Plan, an Option Holder agrees to exclusively accept all risks associated with a decline in the market price of the Common Shares and all other risks associated with the
holding of Options. 
  

	3.16	 Currency 

All payments and benefits under this Plan shall be determined and be payable in the lawful currency of Canada. 

PART 4 
 TERMS AND
CONDITIONS OF OPTIONS 
  

	4.1	 Exercise Period of Option 

Subject to section 4.4, the Grant Date and the Expiry Date shall be the dates fixed by the Committee at the time the Option is granted and
shall be set out in the Option Certificate issued in respect of such Option, provided that the Expiry Date shall be no later than the fifth (5th) anniversary of the Grant Date of the Option. 

 

	4.2	 Taxes and Other Source Deductions 

It is the responsibility of the Option Holder to complete and file any tax returns which may be required under Canadian, U.S. or other
applicable jurisdiction’s tax laws within the periods specified in those laws as a result of the Option Holder’s participation in the Plan. Neither the Corporation nor any of its Affiliates shall be held responsible for any tax
consequences to an Option Holder as a result of the Option Holder’s participation in the Plan. 
 Notwithstanding any other provision
of this Plan, an Option Holder shall be solely responsible for all Applicable Withholding Taxes resulting from his or her receipt of Common Shares or other property pursuant to this Plan. In connection with the issuance of Common Shares pursuant to
this Plan, an Option Holder shall, at the Option Holder’s discretion: 
  

	 	(a)	 pay to the Corporation an amount as necessary so as to ensure that the Corporation is in compliance with the
applicable provisions of any federal, 

  
 10 

 

	 	 provincial, local or other law relating to the Applicable Withholding Taxes in connection with such issuance;

  

	 	(b)	 authorize a securities dealer designated by the Corporation, on behalf of the Option Holder, to sell in the
capital markets a portion of the Common Shares issued hereunder to realize cash proceeds to be used to satisfy the Applicable Withholding Taxes; or 

  

	 	(c)	 make other arrangements acceptable to the Corporation to fund the Applicable Withholding Taxes.

  

	4.3	 Exercise Price of Option 

The Exercise Price at which an Option Holder may purchase a Common Share upon the exercise of an Option shall be determined by the Committee
and shall be set out in the Option Certificate issued in respect of the Option but in any event may not be less than the Market Value of a Common Share at the Grant Date. 
  

	4.4	 Termination of Option 

Subject to such other terms or conditions that may be attached to Options granted hereunder, an Option Holder may exercise an Option in whole
or in part at any time and from time to time during the Exercise Period. Any Option or part thereof not exercised within the Exercise Period shall terminate and become null, void and of no effect as of the Expiry Time on the Expiry Date and no
Option may be exercisable later than the Expiry Date, subject only to the extension of the term of an Option that would otherwise expire during a Blackout Period pursuant to section 4.5. The Expiry Date of an Option shall be the earlier of the date
so fixed by the Committee at the time the Option is granted and the date established, if applicable, in this section 4.4 or sections 5.2 to 5.4 or 10.3 of the Plan: 
  

	 	(a)	 Ceasing to Hold Office - In the event that the Option Holder or any Agent of the Option Holder is a
director or officer of the Corporation, and such Option Holder or Agent ceases to hold such position other than by reason of death, Disability or Retirement, the Expiry Date of the Option shall be the ninetieth (90th) day following the date the
Option Holder or Agent ceases to hold such position, unless otherwise specifically provided for in the Option Certificate or the Option Holder or Agent ceases to hold such position as a result of: 

 

	 	(i)	 ceasing to meet the qualifications set forth in the corporate legislation applicable to the Corporation;

  

	 	(ii)	 a special resolution having been passed by the shareholders of the Corporation removing the Option Holder or
Agent as a director of the Corporation or any Subsidiary; or 

  

	 	(iii)	 an order made by any Regulatory Authority having jurisdiction to so order;

  
 11 

 

	 	 in which case the Expiry Date shall be the date the Option Holder or Agent ceases to hold such position; or

  

	 	(b)	 Ceasing to be Employed or Engaged - In the event that the Option Holder or any Agent of the Option
Holder is an employee or consultant of the Corporation, and such Option Holder or Agent ceases to hold such position other than by reason of death, Disability or Retirement, the Expiry Date of the Option shall be the sixtieth (60th) day following
the Option Holder or Agent’s Cessation Date, unless otherwise specifically provided for in the Option Certificate or the Option Holder or Agent ceases to hold such position as a result of: 

 

	 	(i)	 termination for Cause; 

 

	 	(ii)	 resigning or terminating his or her position without Good Reason (other than in circumstances constituting
Retirement); or 

  

	 	(iii)	 an order made by any Regulatory Authority having jurisdiction to so order; in which case the Expiry Date
shall be the Option Holder or Agent’s Cessation Date. 

  

	 	(c)	 Retirement - In the event that the Option Holder or any Agent of the Option Holder is an employee or
officer of the Corporation, and such Option Holder or Agent ceases to hold such position by reason of Retirement, the Expiry Date of the Option shall be the date which is six (6) months following the Option Holder or Agent’s Cessation
Date, unless otherwise specifically provided for in the Option Certificate.  

  

	 	(d)	 Termination Following a Change of Control - Notwithstanding anything in this Plan to the contrary, if
the employment or engagement of the Option Holder or Agent is terminated by the Corporation without Cause or if the Option Holder or Agent resigns with Good Reason, in each case, within twelve (12) months following a Change of Control, all
unvested Options held by the Option Holder or Agent on his or her Cessation Date shall immediately vest and the Expiry Date of the Options shall be the sixtieth (60th) day following the Option Holder or Agent’s Cessation Date.

  

	4.5	 Extension of Options that Expire During a Blackout Period 

If an Option would otherwise expire during a Blackout Period, the term of such Option shall automatically be extended until ten
(10) Business Days after the end of the Blackout Period. 
  

	4.6	 Vesting of Options and Acceleration 

The vesting schedule for an Option, if any, shall be determined by the Committee and shall be set out in a schedule attached to the Option
Certificate issued in respect of the Option. For greater certainty, an Option Holder shall not be entitled to exercise an Option for any Common 

  
 12 

 

 Shares which have not yet vested. The Committee may elect, at any time, to accelerate the vesting
schedule of one or more Options including, without limitation, on a Change of Control, and such acceleration will not be considered an amendment to the Option in question requiring the consent of the Option Holder under section 8.2 of the Plan. 

 

	4.7	 Additional Terms 

Subject to all applicable Regulatory Rules and any necessary approvals of the Regulatory Authorities, the Committee may attach additional
terms and conditions to the grant of a particular Option, such terms and conditions to be set out in a schedule attached to the Option Certificate. 

PART 5 
 TRANSFERABILITY
OF OPTIONS 
  

	5.1	 Non-transferable 

Except as provided otherwise in this Part, Options are non-assignable and non-transferable. 
  

	5.2	 Death of Option Holder 

In the event of the Option Holder’s death, any Options held by such Option Holder shall pass to the Personal Representative of the Option
Holder and shall be exercisable by the Personal Representative on or before the date which is the earlier of six (6) months following the date of death and the applicable Expiry Date. 

 

	5.3	 Disability of Option Holder 

If the employment or engagement of an Option Holder as an employee or consultant or the position of an Option Holder as a director or officer
of the Corporation or a Subsidiary is terminated by the Corporation by reason of such Option Holder’s Disability, any Options held by such Option Holder shall be exercisable by such Option Holder or by the Personal Representative on or before
the date which is the earlier of six (6) months following the Option Holder’s Cessation Date and the applicable Expiry Date. 
  

	5.4	 Disability and Death of Option Holder 

If an Option Holder who has ceased to be employed, engaged or appointed as a director or officer of the Corporation or a Subsidiary by reason
of such Option Holder’s Disability and such Option Holder dies within six (6) months after the Option Holder’s Cessation Date, any Options held by such Option Holder that could have been exercised immediately prior to his or her death
shall pass to the Personal Representative of such Option Holder and shall be exercisable by the Personal Representative on or before the date which is the earlier of six (6) months following the death of such Option Holder and the applicable
Expiry Date. 

  
 13 

 

	5.5	 Vesting 

Unless the Committee determines otherwise, Options held by or exercisable by a Personal Representative shall, during the period prior to their
termination, continue to vest in accordance with any vesting schedule to which such Options are subject. 
  

	5.6	 Deemed Non-Interruption of Engagement 

Employment or engagement by the Corporation shall be deemed to continue intact during any military or sick leave or other bona fide leave of
absence if the period of such leave does not exceed ninety (90) days or, if longer, for so long as the Option Holder’s right to re-employment or re-engagement
by the Corporation is guaranteed either by statute or by contract. If the period of such leave exceeds ninety (90) days and the Option Holder’s re-employment or
re-engagement is not so guaranteed, then his or her employment or engagement shall be deemed to have terminated on the ninety-first (91st) day of such leave. 

PART 6 
 EXERCISE OF
OPTION 
  

	6.1	 Exercise of Option 

An Option may be exercised only by the Option Holder or the Personal Representative of any Option Holder. An Option Holder or the Personal
Representative of any Option Holder may exercise an Option in whole or in part at any time and from time to time during the Exercise Period up to the Expiry Time on the Expiry Date. An Option exercise shall be executed by delivering to the
Administrator the required Exercise Notice, the applicable Option Certificate and a certified cheque or bank draft payable to the Corporation in an amount equal to the aggregate Exercise Price of the Common Shares then being purchased pursuant to
the exercise of the Option.  
  

	6.2	 Issue of Common Share Certificates 

As soon as reasonably practicable following the receipt of the Exercise Notice, the Administrator shall cause to be delivered to the Option
Holder a certificate for the Common Shares so purchased. If the number of Common Shares so purchased is less than the number of Common Shares subject to the Option Certificate surrendered, the Administrator shall also provide a new Option
Certificate for the balance of Common Shares available under the Option to the Option Holder concurrent with delivery of the Common Share Certificate. 
  

	6.3	 No Rights as Shareholder of the Corporation 

Until the date of the issuance of the certificate for the Common Shares purchased pursuant to the exercise of an Option, no right to vote or
receive dividends or any other rights as a shareholder of the Corporation shall exist with respect to such Common Shares, notwithstanding the exercise of the Option, unless the Committee determines otherwise. In the event of any dispute over the
date of the issuance of the certificates, the decision of the Committee shall be final, conclusive and binding. 

  
 14 

 

 PART 7 

ADMINISTRATION 
  

	7.1	 Board or Committee 

The Plan shall be administered by the Board, by a Committee of the Board appointed in accordance with section 7.2, or by an Administrator
appointed in accordance with subsection 7.4(b). 
  

	7.2	 Appointment of Committee 

The Board may at any time appoint a Committee, consisting of not less than two (2) of its members, to administer the Plan on behalf of
the Board in accordance with such terms and conditions as the Board may prescribe, consistent with the Plan. Once appointed, the Committee shall continue to serve until otherwise directed by the Board. From time to time, the Board may change the
size of the Committee and appoint additional members, remove members (with or without cause) and appoint new members in their place, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan.

  

	7.3	 Quorum and Voting 

A majority of the members of the Committee shall constitute a quorum and, subject to the limitations in this Part, all actions of the
Committee shall require the affirmative vote of members who constitute a majority of such quorum. Members of the Committee may vote on any matters affecting the administration of the Plan or the grant of Options pursuant to the Plan, except that no
such member shall act upon the granting of an Option to himself or herself (but any such member may be counted in determining the existence of a quorum at any meeting of the Committee during which action is taken with respect to the granting of
Options to that member). The Committee may approve matters by written resolution signed by a majority of the Committee. 
  

	7.4	 Powers of Committee 

The Committee (and for greater certainty, the Board if no Committee is in place) shall have the authority to do the following: 

 

	 	(a)	 administer the Plan in accordance with its terms; 

 

	 	(b)	 appoint or replace the Administrator from time to time; 

 

	 	(c)	 determine all questions arising in connection with the administration, interpretation and application of the
Plan, including all questions relating to the Market Value of the Common Shares; 

  

	 	(d)	 correct any defect, supply any information or reconcile any inconsistency in the Plan in such manner and to
such extent as shall be deemed necessary or advisable to carry out the purposes of the Plan; 

  
 15 

 

	 	(e)	 prescribe, amend, and rescind rules and regulations relating to the administration of the Plan;

  

	 	(f)	 determine the duration and purposes of leaves of absence from employment or engagement by the Corporation
which may be granted to Option Holders without constituting a termination of employment or engagement for purposes of the Plan; 

  

	 	(g)	 do the following with respect to the granting of Options: 

 

	 	(i)	 determine the Persons to whom Options shall be granted; 

 

	 	(ii)	 subject to the terms of the Plan, determine the terms of the Option to be granted to an Option Holder
including, without limitation, the Grant Date, Expiry Date, Exercise Price and vesting schedule (which need not be identical to the terms of any other Option); 

 

	 	(iii)	 subject to any necessary approvals of the Regulatory Authorities and section 8.2, amend the terms of any
Options; 

  

	 	(iv)	 determine when Options shall be granted; and 

 

	 	(v)	 determine the number of Common Shares subject to each Option; 

 

	 	(h)	 accelerate the vesting schedule of any Option previously granted; and 

 

	 	(i)	 make all other determinations necessary or advisable, in its sole discretion, for the administration of the
Plan. 

  

	7.5	 Interpretation 

The interpretation by the Committee of any of the provisions of the Plan and any determination by it pursuant thereto shall be final,
conclusive and binding and shall not be subject to dispute by any Option Holder. No member of the Committee or any Person acting pursuant to authority delegated by it hereunder shall be personally liable for any action or determination in connection
with the Plan made or taken in good faith and each member of the Committee and each such Person shall be entitled to indemnification with respect to any such action or determination in the manner provided for by the Corporation. 

  
 16 

 

 PART 8 

APPROVALS AND AMENDMENT 
  

	8.1	 Shareholder Approval of Plan 

If required by a Regulatory Authority or by the Committee, the Plan may be made subject to the approval of a majority of the shareholders of
the Corporation. If shareholder approval is required or is being sought by the Committee, any Options granted under the Plan will not be exercisable or binding on the Corporation unless and until such shareholder approval is obtained. 

 

	8.2	 Amendment of Option or Plan 

The Committee may amend, suspend or terminate this Plan, or any portion thereof, at any time, subject to those provisions of applicable law
(including, without limitation, the applicable Regulatory Rules) that require the approval of shareholders or any governmental or Regulatory Authority. The Committee may make amendments to this Plan or to any Option outstanding thereunder without
seeking shareholder approval, such changes include, without limitation: 
  

	 	(a)	 minor changes of a “housekeeping nature”; 

 

	 	(b)	 amending the vesting provisions of existing Options; and 

 

	 	(c)	 a change to the termination provisions of any Option provided it does not entail an extension beyond the
original Expiry Date or beyond five years from its Grant Date. 

 In addition to any amendments that require shareholder
approval pursuant to the applicable Regulatory Rules, shareholder approval will be required in the case of the following types of amendments to the Plan: 
  

	 	(a)	 increasing the number of Common Shares reserved for issuance under this Plan; 

 

	 	(b)	 reducing the Exercise Price of an Option, except pursuant to Section 10.2; and 

 

	 	(c)	 any amendment to the amendment provisions of the Plan. 

Except as expressly set forth in this Plan, no action of the Committee may adversely alter or impair the rights of an Option Holder under any
Option previously granted to the Option Holder without the consent of the affected Option Holder. 
 PART 9 

CONDITIONS PRECEDENT TO ISSUANCE OF OPTIONS AND COMMON SHARES 
  

	9.1	 Compliance with Laws 

An Option shall not be granted or exercised, and Common Shares shall not be issued pursuant to the exercise of any Option, unless the grant
and exercise of such Option and the issuance and delivery of such Common Shares comply with all applicable Regulatory Rules, and such Options 

  
 17 

 

 and Common Shares will be subject to all applicable trading restrictions in effect pursuant to
such Regulatory Rules and the Corporation shall be entitled to legend the Option Certificates and the certificates representing such Common Shares accordingly. 
  

	9.2	 Obligation to Obtain Regulatory Approvals 

In administering the Plan, the Committee will seek any approvals of the Regulatory Authorities which may be required. The Committee will not
permit any Options to be granted without first obtaining the necessary approvals of the Regulatory Authorities unless such Options are granted conditional upon such approvals being obtained. The Committee will make all filings required with the
Regulatory Authorities in respect of the Plan and each grant of Options hereunder. No Option granted will be exercisable or binding on the Corporation unless and until any necessary approvals of the Regulatory Authorities have been obtained. 

 

	9.3	 Inability to Obtain Regulatory Approvals 

The Corporation’s inability to obtain approval from any applicable Regulatory Authority, which approval is deemed by the Committee to be
necessary to complete the grant of Options hereunder, the exercise of those Options or the lawful issuance and sale of any Common Shares pursuant to such Options, shall relieve the Corporation of any liability with respect to the failure to complete
such transaction. 
 PART 10 

ADJUSTMENTS 
  

	10.1	 No Grant During Suspension of Plan 

No Option may be granted during any suspension, or after termination, of the Plan. Suspension or termination of the Plan shall not, without
the consent of the Option Holder, alter or impair any rights or obligations under any Option previously granted, except as otherwise provided for in the Plan. 
  

	10.2	 Alteration in Capital Structure 

If there is a material alteration in the capital structure of the Corporation and the Common Shares are consolidated, subdivided, converted,
exchanged, reclassified or in any way substituted for, the Committee shall make such adjustments to the Plan and to the Options then outstanding under the Plan as the Committee determines to be appropriate and equitable under the circumstances, so
that the proportionate interest of each Option Holder shall, to the extent practicable, be maintained as before the occurrence of such event. Such adjustments may include, without limitation: 

 

	 	(a)	 a change in the number or kind of shares of the Corporation covered by such Options; and

  

	 	(b)	 a change in the Exercise Price provided, however, that the aggregate Exercise Price applicable to the
unexercised portion of existing Options shall not be altered, it being intended that any adjustments made with respect to such Options 

  
 18 

 

	 	 shall apply only to the Exercise Price and the number of Common Shares subject thereto. 

For purposes of this section 10.2, and without limitation, neither: 
  

	 	(c)	 the issuance of additional securities of the Corporation in exchange for adequate consideration (including
services); nor 

  

	 	(d)	 the conversion of outstanding securities of the Corporation into Common Shares shall be deemed to be
material alterations of the capital structure of the Corporation. 

 Any adjustment made to any Options pursuant to this
section 10.2 shall not be considered an amendment requiring the Option Holder’s consent for the purposes of section 8.2 of the Plan. 
  

	10.3	 Effect of a Change of Control 

Notwithstanding any other provision of this Plan, in the event of a Change of Control, any surviving, successor or acquiring entity shall
assume any outstanding Options or shall substitute similar options for the outstanding Options. If the surviving, successor or acquiring entity does not assume the outstanding Options or substitute similar options for the outstanding Options, or if
the Board or the Committee otherwise determines in its sole discretion, the Corporation shall give written notice to all Option Holders advising that this Plan shall be terminated effective immediately prior to the Change of Control and all
outstanding Options shall be deemed to be vested and, unless otherwise exercised, forfeited or cancelled prior to the termination of the Plan, shall expire immediately prior to the termination date of this Plan. 

In the event of a Change of Control, the Board has the power to: (i) make such other changes to the terms of the Options as it considers
fair and appropriate in the circumstances, provided such changes are not adverse to the Option Holders; (ii) otherwise modify the terms of the Options to assist the Option Holders to tender into a takeover bid or other arrangement leading to a
Change of Control, and thereafter; and (iii) terminate, conditionally or otherwise, the Options not exercised following successful completion of such Change of Control. If the Change of Control is not completed within the time specified therein
(as the same may be extended), the Options which vest pursuant to this Section 10.3 shall be returned by the Corporation to the Option Holder and, if exercised, the Common Shares issued on such exercise shall be reinstated as authorized but
unissued Common Shares and the original terms applicable to such Options shall be reinstated.  
  

	10.4	 Determinations to be Made By Committee 

Adjustments and determinations under this Part shall be made by the Committee, whose decisions as to what adjustments or determination shall
be made, and the extent thereof, shall be final, binding, and conclusive. 

 SCHEDULE “A” 

FORM OF OPTION CERTIFICATE 

Capitalized terms used in this Option Certificate but not otherwise defined herein shall have the meanings ascribed thereto in the Amended
and Restated Incentive Stock Option Plan of DIRTT Environmental Solutions Ltd. to which this Schedule “A” is attached. 
 This
Option Certificate is issued pursuant to the provisions of the Plan and evidences that the undersigned is holder of an option (the “Option”) to purchase up to
                                        
(                            ) Common Shares at a purchase price of Cdn.
                                    
($                        ) per Common Share. This Option may be exercised at any time and from time to time from and
including the following Grant Date through to and including up to the Expiry Time on the following Expiry Date: 
  

	 	(a)	 the Grant Date of this Option is
                                    ; and

  

	 	(b)	 the Expiry Date of this Option is
                                    , subject to earlier
termination of the Option as set out in the Plan. 

 To exercise this Option, the undersigned must deliver to the
Administrator, prior to the Expiry Time, an Exercise Notice, in the form provided in the Plan, together with the original of this Option Certificate and a certified cheque or bank draft payable to the Corporation in an amount equal to the aggregate
of the Exercise Price in respect of which this Option is being exercised. 
 This Option Certificate and the Option evidenced hereby is not
assignable, transferable or negotiable and is subject to the detailed terms and conditions contained in the Plan. This Option Certificate is issued for convenience only and in the case of any dispute with regard to any matter in respect hereof, the
provisions of the Plan and the records of the Corporation shall prevail. This Option is also subject to the terms and conditions contained in the schedules, if any, attached hereto. 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 
 Per:
                                         
            
 The Option Holder acknowledges receiving access to the Plan and
represents to the Corporation that the Option Holder is familiar with the terms and conditions of the Plan, and hereby accepts this Option subject to all of the terms and conditions of the Plan. 

 

	
	 Date Signed:
                                      

	
	
                   
                                         

	 Signature of Option Holder

	
	
                   
                                         

	 [Print Name]

 OPTION CERTIFICATE - SCHEDULE 

The additional terms and conditions attached to the Option represented by this Option Certificate are as follows: 

 

	1.	 The vesting schedule for the option is as follows: 

 

	 	(a)	
                    
Common Shares on                     ; 

  

	 	(b)	
                    
Common Shares on                     ; 

  

	2.	
                      
                                         
                 . 

 SCHEDULE “B” 

NOTICE OF EXERCISE OF OPTION 

TO:             DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

4600, 525 – 8th Avenue S.W. 

Calgary, Alberta, T2P 1G1 

(or such other address as the Corporation may advise) 

Capitalized terms used in this Notice but not otherwise defined herein shall have the meanings ascribed thereto in the Amended and Restated
Incentive Stock Option Plan of DIRTT Environmental Solutions Ltd. to which this Schedule “B” is attached. 
 The undersigned
hereby notifies the Corporation of the undersigned’s irrevocable election to exercise the undersigned’s Option to acquire
                                 Common Shares at the price of
$                                 per Common Share. 

A certified cheque or bank draft in the amount of $
                                 being the aggregate amount payable for such
Common Shares is enclosed herewith for such payment. 
 The undersigned hereby directs that the Common Shares be issued and delivered as
follows: 
  

			
		
	 NAME
	  	     ADDRESS

		
	
                   
                                         
                                    
	  	
                   
                                         
                                        

		
		  	
                   
                                         
                                        

		
		  	
                   
                                         
                                        

 The undersigned hereby acknowledges the Option is not validly exercised unless this Notice is completed in
strict compliance with this form and delivered to the required address with the required payment prior to the Expiry Date of the Option. 
  

	
	
	 DATE:
                                         
       

	
	
                   
                                         

	 Signature of Option Holder

	
	
                   
                                         

	 [Print Name]

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