Document:

Amended and Restated Personal Supplemental Executive Retirement Savings Plan

 EXHIBIT 10.9 
 THE TDL GROUP CORP. 
 AMENDED AND RESTATED PERSONAL SUPPLEMENTAL EXECUTIVE 
 RETIREMENT SAVINGS PLAN 
 ADOPTED TO
BE EFFECTIVE JANUARY 1, 2009 
 FIRST AMENDED AND RESTATED: SEPTEMBER 28, 2009 

 Table of Contents 
  
  

			
		
	 Section 1 - Establishment and Purpose
	  	1
		
	 Section 2 - Definitions
	  	1
		
	 Section 3 - Participation
	  	6
		
	 Section 4 - Payments To Vested Accounts
	  	7
		
	 Section 5 - Vested Accounts and Tax Free Savings Accounts
	  	9
		
	 Section 6 - Bonuses to Non-Vested Participants; Notional Accounts
	  	11
		
	 Section 7 - Termination and Retirement
	  	13
		
	 Section 8 - Total Disability
	  	15
		
	 Section 9 - Administration of the Savings Plan
	  	16
		
	 Section 10 - General Provisions
	  	17
		
	 Section 11 - Amendment To or Termination of the Savings Plan
	  	18
		
	 Appendix “A” - List of Participants as of the Effective Date
	  	20
		
	 Appendix “B” - List of Permitted Investments
	  	21
		
	 Schedule “A” - Acknowledgment and Direction
	  	22
		
	 Schedule “B” - Tax Free Savings Account – Acknowledgment and Direction
	  	24

 Section 1 - Establishment and Purpose 
  
  

	1.01	Effective January 1, 2009, The TDL Group Corp. establishes The TDL Group Corp. Personal Supplemental Executive Retirement Savings Plan (the “Savings Plan”), as
amended and restated effective September 28, 2009, the terms and conditions of which are contained in this document. 

  

	1.02	The purpose of the Savings Plan is to provide designated employees of THI, TDL and/or Participating Affiliates (as defined below) with additional compensation to be saved for their
retirements in accordance with and subject to the provisions and limitations of this Savings Plan. 

  

	1.03	In connection with the reorganization of THI USA as a Canada Business Corporations Act incorporated public company, THI has assumed all the rights and obligations of THI USA under
this Savings Plan, effective upon the Merger Date. 

 Section 2 - Definitions 
  
  

	2.01	“Administration Agreement” means the agreement between the Corporation and the Administrative Agent to be entered into on or prior to the Effective
Date relating to the Administrative Agent’s responsibilities in connection with this Savings Plan. 

  

	2.02	“Administrative Agent” means the financial, or other institution selected by the Corporation to act as Administrative Agent for this Savings Plan.

  

	2.03	“Affiliate” means any Person which is subsidiary to, or associated or affiliated with, THI where: 

  

	 	(a)	in the case of a Person that is a corporation, THI and/or its Affiliates beneficially own, directly or indirectly, shares representing 50% or more of the votes that may be cast to
elect directors of such corporation; 

  

	 	(b)	in the case of a Person that is a limited partnership, the general partner of such limited partnership is an Affiliate of THI; 

  

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	 	(c)	in the case of a Person that is a trust where the trustees have discretionary powers in respect of the trust assets, THI and/or its Affiliates have the right to elect or appoint a
majority of the trustees of such trust; and 

  

	 	(d)	in the case of a Person other than a corporation, limited partnership or trust, THI and/or its Affiliates possess, directly or indirectly, at least a majority ownership interest in
such Person and have the power to determine the policies and conduct of the management of such Person; 

  

	2.04	“Acknowledgment and Direction” means an irrevocable Acknowledgment and Direction executed by a Participant in the form attached hereto as Schedule A.

  

	2.05	“Board” means the Board of Directors of THI, a committee thereof, including the HRCC, or any person authorized by the Board to act on its behalf.

  

	2.06	“Business Day” means a day on which banks are open for business in the City of Toronto. 

  

	2.07	“CEO” means the Chief Executive Officer of the Corporation. 

  

	2.08	“Change in Control” means: 

  

	 	(a)	the direct or indirect acquisition of a majority of the voting shares of TDL or THI by any unaffiliated entity after the Effective Date; 

  

	 	(b)	the merger or amalgamation of TDL or THI into an unaffiliated entity the effect of which is that a majority of the voting shares of TDL or THI are acquired, directly or indirectly,
by any unaffiliated entity after the Effective Date; 

  

	 	(c)	the acquisition of all or substantially all of the assets of TDL or THI by any unaffiliated entity after the Effective Date; or 

  

	 	(d)	with respect to any Participant who is and continues to be employed by an Affiliate other than THI or TDL, such employer ceasing to be an Affiliate of THI for any reason whatsoever;

 provided that the following events shall be deemed not to constitute a Change in Control: 
  

	 	(e)	the amalgamation or merger of TDL, THI or an Affiliate with TDL, THI or an Affiliate; 

  

	 	(f)	the dissolution of TDL, THI or an Affiliate into TDL, THI or an Affiliate; or 

  

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	 	(g)	the acquisition of all or substantially all of the assets or voting shares of TDL, THI or an Affiliate by an Affiliate. 

  

	2.09	“Corporation” means THI, TDL and any Affiliate, and their successors and assigns so long as such entities remain Affiliates; provided that, where any action
is to be taken or decision to be made, “Corporation” shall mean only TDL. 

  

	2.10	“Earnings” means the aggregate of each Participant’s base salary and short-term incentive compensation (i.e., annual bonus) received during the
Plan Year from the Corporation, excluding special bonuses and allowances, as these terms are used by the Corporation in the ordinary course of its business and also excluding any amount paid or credited to the Participant’s Vested Account, Tax
Free Savings Account or Notional Account pursuant to this Savings Plan during the Plan Year. For sake of greater clarity, “Earnings” does not include stock-based incentives granted to Participants or disability benefits paid to a
Participant under the TDL Group Benefit Program or a similar program maintained for the benefit of employees of one or more Participating Affiliates. 

  

	2.11	“Effective Date” means January 1, 2009. 

  

	2.12	“Employee” means an employee of the Corporation or a Participating Affiliate who is a Canadian resident for purposes of the Tax Act.

  

	2.13	“HRCC” means the Human Resource and Compensation Committee. 

  

	2.14	“Merger Date” means September 28, 2009. 

  

	2.15	“Non-Vested Participant” means an Employee who has satisfied the eligibility conditions in Section 3.02 but has not yet completed three years of
Service. 

  

	2.16	“Notional Account” means the notional account established by the Corporation or the Administrative Agent for a Non-Vested Participant pursuant to Section
6.01. 

  

	2.17	“Participant” means both a Vested Participant and a Non-Vested Participant. 

  

	2.18	“Participating Affiliate” means an Affiliate established or continued under Canadian law that has employees meeting the eligibility requirements to be able
to participate in this Savings Plan. 

  

	2.19	“Permitted Investment” means one of the investments or portfolios that is listed in Appendix B or designated by the Corporation and the Administrative Agent
pursuant to Section 5.02. 

  

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	2.20	“Person” means an individual, partnership, limited partnership, general partnership, joint stock company, joint venture, association, company, trust, pension
fund, bank, trust company, loan company, insurance company, land trust, business trust or other organization, whether or not legal entities, and government and agency and any political subdivision thereof. 

  

	2.21	“Plan Year” means the calendar year. 

  

	2.22	“Recoupment Policy Relating to Performance-Based Compensation” means the recoupment policy originally adopted by the approval of the board of directors of
Tim Hortons Inc., a Delaware corporation, on February 19, 2009 and adopted by the Board of New THI to be effective on September 28, 2009. 

  

	2.23	“Registered Plan” means the defined contribution pension plan for, as the case may be, the employees of THI, TDL and certain other Participating Affiliates
registered under the Pension Benefits Act of Ontario and the Tax Act. 

  

	2.24	“Savings Plan” has the meaning set forth in Section 1.01. 

  

	2.25	“Service” means a Participant’s period of employment with the Corporation commencing on the Participant’s date of hire. Service will not be
considered to be broken by periods of absence (with or without pay), granted by the Corporation in accordance with its regular and established practices or by periods of absence while benefits are being paid to the Participant under the
Corporation’s salary continuance or long term disability plan. For any Participant for whom a prior period of employment would be disregarded following a prior termination of such employment, the Corporation may, in its sole discretion, treat
such prior and current periods of employment as Service. 

  

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

  

	2.27	“Tax Free Savings Account” means the account established for a Vested Participant pursuant to Section 5.01 on terms acceptable to the Corporation that
is a “qualifying arrangement” for purposes of subsection 146.2(1) of the Tax Act. 

  

	2.28	“TDL” means The TDL Group Corp., a Nova Scotia unlimited liability company and its successors and assigns. 

  

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	2.29	“TDL Group Benefit Program” means the TDL group benefits program G001 16072 issued by Manulife Financial, or such replacement policy or policies that the
Corporation may arrange. 

  

	2.30	“TDL Supplemental Plan” means The TDL Group Corp. Amended and Restated Supplementary Retirement Plan, established effective November 1, 2006.

  

	2.31	“THI” means Tim Hortons Inc., a Canada Business Corporations Act corporation, and its successors and assigns. 

  

	2.32	“THI Mergeco” means THI Mergeco Inc., a Delaware corporation. 

  

	2.33	“THI USA” means Tim Hortons Inc., a Delaware corporation. 

  

	2.34	“Total Disability” (or “Totally Disabled”) means a disability that qualifies a Participant for disability benefits under the TDL Group
Benefit Program or a similar program maintained for the benefit of employees of one or more Participating Affiliates. 

  

	2.35	“Vested Account” means the account established for a Vested Participant pursuant to Section 5.01 on terms acceptable to the Corporation.

  

	2.36	“Vested Participant” means an Employee who has satisfied: 

  

	 	(a)	the eligibility requirements of Section 3.01; or 

  

	 	(b)	the eligibility requirements of Section 3.03. 

  

	2.37	“Withholding Tax” means all taxes, charges, fees, levies and other amounts (whether federal, provincial, local or foreign), including Canada Pension
Plan and Employment Insurance premiums or similar amounts, required to be deducted and withheld and remitted to the Canada Revenue Agency, any federal, provincial, local or foreign governmental authority in respect of any payment paid to a
Participant or his or her estate. 

  

	2.38	“Yearly Amount” means: 

  

	 	(a)	for the 2009 Plan Year of a Participant whose contribution rate for 2008 under the TDL Supplemental Plan (as determined pursuant to Section 4.02(a) thereof) was at either 6% or
8% of Earnings, an amount equal to 10% of the Participant’s Earnings, less the amount of the Corporation’s contribution on the Participant’s behalf to the Registered Plan in the 2009 Plan Year; 

  

	 	(b)	 for the 2009 Plan Year of a Participant whose contribution rate for 2008 under the TDL Supplemental Plan (as determined pursuant to Section 4.02(a) thereof)
was 

  

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at 22% of Earnings, an amount equal to 18% of the Participant’s Earnings, less the amount of the Corporation’s contribution on the
Participant’s behalf to the Registered Plan in the 2009 Plan Year; 

  

	 	(c)	for the 2010 Plan Year of a Participant whose contribution rate for 2008 under the TDL Supplemental Plan (as determined pursuant to Section 4.02(a) thereof) was at 22% of
Earnings, an amount equal to 15% of the Participant’s Earnings, less the amount of the Corporation’s contribution on the Participant’s behalf to the Registered Plan in the 2010 Plan Year; and 

  

	 	(d)	in all other cases, an amount equal to 12% of the Participant’s Earnings, less the amount of the Corporation’s contribution on the Participant’s behalf to the
Registered Plan in the applicable Plan Year. 

 In this Savings Plan, words importing the singular number include the plural and vice versa;
and, references to a Section or Sections means a Section or Sections in this Savings Plan. 
 Section 3 - Participation 
  
  

	3.01	Participants on the Effective Date 

 Each
Employee of the Corporation who was an active member of the TDL Supplemental Plan immediately before the Effective Date and who has delivered an Acknowledgment and Direction to the Corporation with effect from the Effective Date: 
  

	 	(a)	shall become a Vested Participant in the Savings Plan on the Effective Date, provided that such Employee has completed three years of Service; or 

  

	 	(b)	shall become a Non-Vested Participant in the Savings Plan on the Effective Date, where such Employee has not completed three years of Service. 

 Appendix A to the Savings Plan lists the Participants as of the Effective Date. 
  

	3.02	Participants After the Effective Date 

 Each
Employee of the Corporation who after the Effective Date: 
  

	 	(a)	is an individual who is promoted to or hired at the Vice President officer level or above for the Corporation or a Participating Affiliate, or who is otherwise designated as a
Participant by the HRCC as eligible for participation in the Savings Plan; 

  

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	 	(b)	is a member of the Registered Plan; and 

  

	 	(c)	has delivered an Acknowledgment and Direction to the Corporation, 

 shall become a Non-Vested Participant in the Savings Plan on the first day of the month coincident with or next following the month in which the Employee becomes eligible for participation in the Savings Plan in accordance with this
Section 3.02. 
  

	3.03	Becoming a Vested Participant  

 Each
Non-Vested Participant shall become a Vested Participant on the earlier of: 
  

	 	(a)	the day that the Non-Vested Participant has completed three years of Service; or 

  

	 	(b)	a Change of Control, 

 provided that, in each case, the
Participant has delivered a signed Acknowledgement and Direction to the Corporation. 
  

	3.04	Other Employee Plans  

 Notwithstanding
anything to the contrary herein, an Employee is not eligible to participate in the Savings Plan during any period of employment in which the Employee is a participant of a plan or arrangement maintained by the Corporation or an Affiliate that
provides additional salary, wages or retirement benefits, which the Corporation designates as a plan or arrangement that precludes its participants from participating in the Savings Plan. 
 Section 4 - Payments To Vested Accounts 
  

 

	4.01	Participant Contributions 

 Subject to
Section 4.04, a Participant may only make contributions to the Savings Plan out of the additional compensation paid to the Participant by the Corporation pursuant to this Savings Plan, which the Participant directs to the Participant’s
Vested Account or Tax Free Savings Account in accordance with the Participant’s Acknowledgment and Direction and the provisions of this Savings Plan. 
  

	4.02	Corporation Payments to Vested Participants 

 Not later than 60 days after the end of each Plan Year, the Corporation shall, in accordance with the Vested Participant’s Acknowledgment and Direction and subject to Section 4.03, pay the Yearly Amount, less applicable
Withholding Taxes, to the Vested 

  

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Account of each Vested Participant who was actively employed as an Employee and who had not attained age 69 at the end of such Plan Year (including a Vested
Participant who became a Vested Participant in that Plan Year). 
  

	4.03	Tax Free Savings Account 

 In any Plan Year,
a Participant may direct the Corporation, as agent for the Participant, to pay all or a portion of any amount that would otherwise be paid to the Participant’s Vested Account pursuant to Sections 4.02 or Section 6.03 in a Plan Year to the
Participant’s Tax Free Savings Account, by providing direction to the Corporation on the form attached hereto as Schedule B; provided that the aggregate of all amounts paid to the Participant’s Tax Free Savings Account together with any
other contributions by the Participant to the Tax Free Savings Account or any other tax free savings account established by the Participant in a Plan Year may not exceed the “TFSA dollar limit” in subsection 207.01(1) of the Tax Act for
that Plan Year. For greater certainty, all amounts paid under this Savings Plan to a Participant’s Tax Free Savings Account are contributions of the Participant and not the Corporation to such Tax Free Savings Account. 
  

	4.04	Contribution of TDL Supplemental Plan Balances 

 Any Participant who was a Participant under the TDL Supplemental Plan and who received a cash distribution, net of any applicable Withholding Tax, on the liquidation and wind-up of the TDL Supplemental Plan (the “Wind-up
Funds”) may deposit all or a portion of the Wind-up Funds into his or her Vested Account and/or his or her Tax Free Savings Account within 30 days of the Effective Date in the manner determined by the Corporation, provided that the
Participant has given written notice to the Corporation of his or her intention to make such a deposit no later than 45 days after the Effective Date. Any funds so deposited to the Vested Account or the Tax Free Savings Account will be subject to
the provisions of this Savings Plan. 
  

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 Section 5 - Vested Accounts and Tax Free Savings Accounts 
  
  

	5.01	Vested Participant’s Account 

 Each
Vested Participant shall establish a Vested Account and, if desired, a Tax Free Savings Account with the Administrative Agent, into which payments under Sections 4.02 and 6.03 of this Savings Plan shall be made, Permitted Investments acquired
pursuant to Section 5.02 shall be held, and that shall otherwise be subject to the terms of this Savings Plan. 
  

	5.02	Permitted Investments 

 Subject to the
Administration Agreement: 
  

	 	(a)	Appendix B sets forth the investments in which the Participants may invest the funds held in their Vested Accounts and Tax Free Savings Accounts (“Permitted Investments”);

  

	 	(b)	at any time and from time to time, the Corporation and the Administrative Agent may, in accordance with the Administration Agreement, designate one or more additional Permitted
Investments; and 

  

	 	(c)	the Corporation and the Administrative Agent may cause an investment to cease to be a Permitted Investment; however, unless otherwise required by the Administrative Agent, any
Vested Participant who holds such a Permitted Investment in his or her Vested Account and/or Tax Free Savings Account shall not be required to sell the investment because it ceases to be a Permitted Investment in accordance with this
Section 5.02(c). 

  

	5.03	Investment Elections 

 Subject to the
Administration Agreement: 
  

	 	(a)	each Vested Participant shall have the right and obligation to designate the Permitted Investments in which the funds in his or her Vested Account and Tax Free Savings Account will
be invested; 

  

	 	(b)	 a Vested Participant may change the designation made under Section 5.03(a) or transfer an amount invested in one Permitted Investment to another Permitted
Investment by filing an election with the Administrative Agent in a manner 

  

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prescribed by the Administration Agreement or which is otherwise acceptable to the Administrative Agent; 

  

	 	(c)	if a Vested Participant does not make an election with respect to the investment of the funds in his or her Vested Account and Tax Free Savings Account, the Vested Participant shall
be deemed to have elected a short-term interest fund or the Permitted Investment that is designated under Section 5.02 which, in the opinion of the Corporation, is most similar to a short-term interest fund; and 

  

	 	(d)	the Corporation may establish rules, regulations and procedures regarding the Permitted Investments as it deems appropriate in its sole discretion, provided that no such rule,
regulation or procedure may be enacted if it would cause a Tax Free Savings Account to cease to be a “qualifying arrangement” within the meaning of subsection 146.2(1) of the Tax Act or would cause this Savings Plan to be a “salary
deferral arrangement”, “employee benefit plan” or “retirement compensation arrangement” as defined in subsection 248(1) of the Tax Act. 

  

	5.04	Expenses 

  

	 	(a)	Participant Taxes: 

 Each Participant is
responsible for the payment and reporting of all taxes payable in respect of amounts paid or credited to the Participant under this Savings Plan, and any taxes payable in respect of the Participant’s Vested Account or Tax Free Savings Account,
provided that Withholding Taxes shall be withheld out of amounts payable to the Participants hereunder, and the Person making such Withholding Taxes will make any reporting in respect of such Withholding Taxes. 
  

	 	(b)	Account Expenses: 

 Each Participant shall be
responsible for the costs and expenses relating to the establishment, maintenance and operation of the Participant’s Vested Accounts and Tax Free Savings Accounts. 
  

	 	(c)	Corporation Expenses: 

 Subject to the foregoing,
the Corporation shall pay all other costs and expenses related to the establishment, maintenance and operation of the Savings Plan. 
  

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 Section 6 - Bonuses to Non-Vested Participants; Notional Accounts 
  
  

	6.01	Timing of Bonus 

  

	 	(a)	Not later than 60 days after the end of each Plan Year, the Corporation shall, in accordance with and subject to this Section 6, declare a bonus effective as of the last
Business Day of such Plan Year equal to the Yearly Amount to each Non-Vested Participant who was actively employed as an Employee and who had not attained age 69 at the end of such Plan Year. Any such bonus will be in respect of the services
rendered by such Participant during such Plan Year, provided that such bonus shall be subject to the provisions and limitations of this Savings Plan and, as such, shall be recorded in the Notional Account of the Non-Vested Participant.

  

	 	(b)	The CEO or the Board, in the case of the CEO, if applicable, has the sole and absolute discretion whether any bonus will be declared to a Non-Vested Participant pursuant to this
Savings Plan during any Plan Year and may further reduce the amount that would otherwise be credited to a Non-Vested Participant’s Notional Account if the Non-Vested Participant does not report for his or her employment for any reason or does
not perform to the Corporation’s expectations.  

  

	6.02	Notional Accounts 

 Either the Corporation or
the Administrative Agent shall establish and maintain in its records a Notional Account for each Non-Vested Participant that records the aggregate of all amounts recorded to the Notional Account pursuant to Section 6.01 or Section 8.01.

  

	6.03	Payments at Vesting 

  

	 	(a)	In addition to any payments made in accordance with Section 4.02, the Corporation shall, in accordance with the Participant’s Acknowledgment and Direction and subject to
Section 4.03, pay to the Vested Account of a Participant the total balance in that Participant’s Notional Account, less applicable Withholding Taxes, on or before the earlier of: (i) the last Business Day of the Plan Year in which the
Participant becomes a Vested Participant; and (ii) the last Business Day of the Plan Year that is three years after the Plan Year in respect of which an amount was first recorded in the Participant’s Notional Account; and

  

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	 	(b)	upon making the payment contemplated by Section 6.03(a), the Corporation shall notify the Administrative Agent, if applicable, and the balance in the Participant’s
Notional Account shall be reduced to nil and such Notional Account shall thereupon be terminated. 

  

	6.04	Payments Prior to Vesting 

  

	 	(a)	Triggering Event Payments 

 Notwithstanding any
other provision herein to the contrary, if any of the following events occur during any Plan Year (each a “Triggering Event”): 
  

	 	(i)	the Non-Vested Participant’s employment is terminated for any reason, including retirement, after the Participant attains age 65; 

  

	 	(ii)	the Non-Vested Participant’s employment is terminated following a period of Total Disability; 

  

	 	(iii)	the Non-Vested Participant’s employment is terminated by the Corporation without cause prior to the date of a Change in Control, a Change of Control occurs after the
termination, and the Non-Vested Participant reasonably demonstrates that the termination: (A) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control; or
(B) otherwise arose in connection with, or in anticipation of, a Change in Control which was threatened or proposed; 

  

	 	(iv)	the Non-Vested Participant dies; or 

  

	 	(v)	in such other circumstances as the HRCC may, in its sole discretion, determine; then, 

 the Corporation shall, on the last day of the first full month following the occurrence of the Triggering Event, notify the Administrative Agent, if applicable, and pay to the Non-Vested Participant, or, in the case
of the Triggering Event in Section 6.04(a)(iv), his or her estate, the total balance in that Participant’s Notional Account, less applicable Withholding Taxes. In addition to the foregoing, in the case of a Triggering Events other than the
Triggering Event in Section 6.04(a)(ii), the Corporation shall also, on the last day of the first full 

  

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month following the occurrence of the Triggering Event, pay to the Non-Vested Participant, or, in the case of the Triggering Event in
Section 6.04(a)(iv), his or her estate, an amount calculated in accordance with Subsection 4.02 as though the Participant was a Vested Participant who was actively employed by the Corporation at such time, based on the Participant’s
Earnings for the period from the commencement of the Plan Year in which the Triggering Event occurred to the date of the Triggering Event, less applicable Withholding Taxes. For greater certainty, in the case of a Triggering Event in
Section 6.04(a)(ii), the Corporation shall also make the payment to the Participant in accordance with Section 8.01(a)(i) (based on the Participant’s Earnings for periods of active employment), as though the Participant was a Vested
Participant at that time, provided that in the case of termination of employment due to Total Disability as described in Section 6.04(a)(ii), no return to active employment shall be required. 
  

	 	(b)	Termination 

 Except as otherwise provided in this
Section 6.04, a Non-Vested Participant whose employment is terminated for any reason is not entitled to any payment under the Savings Plan, and the balance in the Non-Vested Participant’s Notional Account as at the date of such termination
shall be reduced to nil without any payment. 
 Section 7 - Termination and Retirement 
  
  

	7.01	Vested Participant’s Accounts 

  

	 	(a)	In accordance with the Acknowledgment and Direction of the Participant, each Vested Participant will direct the Administrative Agent to hold the Permitted Investments in the Vested
Participant’s Vested Account or Tax Free Savings Account until such time as the Administrative Agent is notified by the Corporation that: 

  

	 	(i)	the Participant’s employment was terminated for any reason; 

  

	 	(ii)	the Participant’s employment is terminated following a period of Total Disability; 

  

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	 	(iii)	the Savings Plan is terminated; 

  

	 	(iv)	the Participant dies; or 

  

	 	(v)	in such other circumstances as the HRCC may, in its sole discretion, determine. 

  

	 	(b)	At any time and from time to time following the delivery of the notice described in Section 7.01(a) in respect of a Vested Participant, the Vested Participant may:

  

	 	(i)	direct the Administrative Agent to sell any of the Permitted Investments held in the Vested Participant’s Vested Account and/or Tax Free Savings Account;

  

	 	(ii)	pay any or all of the money in the Vested Participant’s Vested Account and/or Tax Free Savings Account to the Vested Participant or such other person as the Vested Participant
may direct; 

  

	 	(iii)	transfer the Permitted Investments in the Vested Participant’s Vested Account to the Vested Participant or such other person as the Vested Participant may direct; or

  

	 	(iv)	transfer the Permitted Investments in the Tax Free Savings Account to another tax free savings account designated by the Vested Participant. 

  

	7.02	Additional Payments During a Plan Year 

 Notwithstanding any other provision herein to the contrary, if a Vested Participant: 
  

	 	(a)	retires from employment after the Vested Participant has attained age 60 and has completed at least 10 years of Service with the Corporation or a Participating Affiliate;

  

	 	(b)	retires from employment after the Vested Participant has attained age 65; 

  

	 	(c)	is terminated following a Change in Control; 

  

	 	(d)	is terminated by the Corporation without cause prior to the date of a Change in Control, a Change of Control occurs after the termination, and the Vested Participant reasonably
demonstrates that the termination: (A) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control; or (B) otherwise arose in connection with, or in anticipation of,
a Change in Control which was threatened or proposed; or 

  

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	 	(e)	dies; then, 

 the Corporation shall, on the last day of the
first full month following the occurrence of an event described in paragraphs 7.02(a) to (e), pay to the Vested Participant, or his or her estate, as applicable, an amount that is equal to the payment calculated in accordance with
Subsection 4.02, based on the Vested Participant’s Earnings for the period from the commencement of the Plan Year in which such event occurred to the date of such event, less Withholding Tax. 
 Section 8 - Total Disability 
  
  

	8.01	Total Disability 

  

	 	(a)	If a Participant becomes Totally Disabled during a Plan Year and returns to active employment with the Corporation during that Plan Year or a subsequent Plan Year, then the
Corporation shall: 

  

	 	(i)	in the case of a Vested Participant, pay an amount to the Vested Participant’s Vested Account and/or Tax Free Savings Account in accordance with Section 4.02 or
Section 4.03, as applicable, based on the Vested Participant’s Earnings for the periods of his or her active employment with the Corporation during the Plan Year or Plan Years, as applicable, in which the Vested Participant became or
continued to be Totally Disabled, but nonetheless performed services for at least part of such Plan Year or Plan Years; and 

  

	 	(ii)	in the case of a Non-Vested Participant, declare a bonus to the Non-Vested Participant in accordance with Section 6.01 based on the Non-Vested Participant’s Earnings for
the periods of his or her active employment with the Corporation during the Plan Year or Plan Years, as applicable, in which the Non-Vested Participant became or continued to be Totally Disabled, but nonetheless performed services for at least part
of such Plan Year or Plan Years, which shall be recorded in the Non-Vested Participant’s Notional Account. 

  

 - 15 - 

	 	(b)	If a Vested Participant becomes Totally Disabled and their employment is terminated as a result of becoming Totally Disabled, then the Corporation shall notify the Administrative
Agent in accordance with Section 7.01, and the Corporation will pay an amount to the Participant in accordance with Section 8.01(a)(i) for periods of active employment with return to active service not required. If a Non-Vested Participant
becomes Totally Disabled and their employment is terminated as a result of becoming Totally Disabled, then the Corporation shall notify the Administrative Agent in accordance with Section 6.04, and the Corporation will pay an amount to the
Participant in accordance with Section 8.01(a)(i) for periods of active employment (as if the Participant were a Vested Participant) with return to active service not required. 

 Section 9 - Administration of the Savings Plan 
  
  

	9.01	Responsibility for Administration 

  

	 	(a)	The HRCC shall be responsible for the overall administration, interpretation and application of this Savings Plan, and all decisions of the HRCC in connection with the
administration of the Savings Plan shall be final and binding upon each Participant. The HRCC may enact such rules and regulations relating to the operation of the Savings Plan as it considers necessary for the carrying out of its provisions and may
amend or revoke such rules and regulations from time to time, provided that any such rules and regulations and amendments thereto will not: (A) be inconsistent with the terms of this Savings Plan; (B) cause a Tax Free Savings Account
established in connection with this Savings Plan to cease to be a “qualifying arrangement” within the meaning of subsection 146.2 of the Tax Act; or (C) cause this Savings Plan to be a “salary deferral arrangement”,
“employee benefit plan” or “retirement compensation arrangement” as defined in subsection 248(1) of the Tax Act. 

  

	 	(b)	 This Savings Plan is intended for Participants who are residents of Canada for purposes of the Tax Act and are not subject to the taxation laws of any other country
on amounts paid or credited in accordance with this Savings Plan. The 

  

 - 16 - 

	 	 
Corporation has the right to modify, amend, suspend or terminate this Savings Plan with respect to any Participant who becomes a non-resident of Canada for
purposes of the Tax Act or who, in its opinion, is subject to the taxation laws of a country other than Canada, including without limitation Section 409A of the Internal Revenue Code of 1986, on amounts paid or credited in accordance
with this Savings Plan. 

  

	9.02	Delegation of Duties 

 The HRCC may delegate
certain duties with respect to the administration of the Savings Plan to such committee or person or persons as it may determine, whether or not the member of the committee or the person or persons are employees, officers or directors of the
Corporation. The Corporation may authorize the committee, person or persons so determined by it to act on its behalf and to execute instruments on its behalf. 
 Section 10 - General Provisions 
  
  

	10.01	Rights of Employee 

 Participation in this
Savings Plan does not confer on the Participant any rights that the Participant did not otherwise possess as an Employee, except to such benefits as have specifically accrued to the Participant under the terms of the Savings Plan. Nothing contained
in the Savings Plan shall be deemed to give the Participant the right to be retained in the employ of the Corporation or to interfere with the right of the Corporation to discharge the Participant at any time without regard to the effect that such
discharge might have upon the Participant under the Savings Plan. 
  

	10.02	Non-Alienation 

 Except as otherwise provided
in this Savings Plan, all payments made under the terms of the Savings Plan are for the Participant’s own use and benefit, are not capable of assignment or alienation, and do not confer upon the Participant, the Participant’s personal
representative or dependent, or any other person, any right or interest in the benefit or deferred benefit that is capable of being assigned or otherwise alienated. 
  

 - 17 - 

	10.03	Recoupment Policy Relating to Performance-Based Compensation 

 Notwithstanding anything to the contrary contained herein, any payment made hereunder to, or to the benefit of, a Participant is subject to the Corporation’s right to reclaim any performance-based portion of such
payment in the event of a financial restatement in accordance with the Corporation’s Recoupment Policy Relating to Performance-Based Compensation adopted by the Board, as amended from time. 
  

	10.04	Records 

 Whenever used for the purposes of
the Savings Plan, the records of the Corporation will be deemed to be conclusive as to the facts with which they are concerned. 
  

	10.05	Applications, Notices and Elections 

 Any
application, notice, or election under the Savings Plan shall be made, given, or communicated, as the case may be, in such manner as the Corporation may determine. 
  

	10.06	Construction 

 The Savings Plan and all
rights thereunder will be governed, construed, and administered in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
 Section 11 - Amendment To or Termination of the Savings Plan 
  
  

	11.01	Amendment or Termination of the Savings Plan 

 Subject to the approval of THI, the Corporation intends to maintain the Savings Plan in force indefinitely, but, nevertheless, reserves the sole right to amend or terminate the Savings Plan in whole or in part at any time, provided,
however, that any amount that is payable to a Participant under the Savings Plan immediately prior to the date of the amendment or termination shall not be reduced by such amendment or termination. For greater certainty, the Vested Account and the
Tax Free Savings Account of each Vested Participant are the Participant’s accounts and, except as provided by Section 7.01, will not otherwise affected by such termination. 
  

	11.02	Notice of Termination  

 Should the Savings
Plan be terminated at any time, the Corporation shall immediately notify the Administrative Agent of such termination for purposes of Section 7.01. 
  

 - 18 - 

	11.03	Wind-Up or Bankruptcy of the Corporation 

 In
the event that THI or the Corporation at any time files an assignment in bankruptcy, has a petition into bankruptcy filed on its behalf, is in receivership or is wound-up (other than in a reorganization with or involving an Affiliate where all or
substantially all of its assets are transferred to an Affiliate or otherwise is effected for restructuring the group of companies of which THI is a part), the Savings Plan shall be deemed to be fully terminated and the Corporation shall be deemed to
have been given notice of the Savings Plan’s termination immediately prior to such time to the Administrative Agent. For greater certainty, the Vested Account and the Tax Free Savings Account of each Vested Participant are the
Participant’s accounts and are not to be subject to the claims of creditors of THI or the Corporation. 
  

 - 19 - 

 Appendix “A” - List of Participants as of the Effective Date 
  
  

	
	 Participant Name

	
	n

  

 - 20 - 

 Appendix “B” - List of Permitted Investments 
  
  

	
	 Permitted Investments

	
	n

  

 - 21 - 

 Schedule “A” - Acknowledgment and Direction 
  
  

			
	TO:	  	THE TDL GROUP CORP. (the “Corporation”)
	AND TO:	  	n (the “Administrative Agent”)

 WHEREAS, as of the date hereof, the undersigned qualifies under the Corporation’s Personal
Supplemental Executive Retirement Savings Plan (the “Plan”) as a Participant (as defined in the Plan); 
 AND WHEREAS the
undersigned has received and reviewed a copy of the Plan and desires to participate in the Plan as a Participant; 
 AND WHEREAS capitalized
terms used and not otherwise defined in this Acknowledgment and Direction have the meanings given to such terms in the Plan; 
 NOW
THEREFORE, 
 (a) The undersigned acknowledges that he or she will be receiving amounts under the Plan after he or she becomes Vested
Participant, and that he or she will direct such amounts be paid to the undersigned’s Vested Account and/or Tax Free Savings Account in accordance with the terms of this Acknowledgment and Direction and the Plan. 
 (b) The undersigned acknowledges that the Corporation will deduct and withhold all applicable Withholding Taxes from amounts directed to the
undersigned’s Vested Account and/or Tax Free Savings Account. 
 (c) Subject to Section 4.03 of the Plan, the undersigned hereby
directs the Corporation to pay any amounts payable to the undersigned under Sections 4.02 and 6.03of the Plan to the undersigned’s Vested Account. 
 (d) The undersigned acknowledges that he or she will cause all funds held in the undersigned’s Vested Account and/or Tax Free Savings Account to be invested exclusively in Permitted Investments. 
 (e) The undersigned directs the Administrative Agent not to disburse any amount from his or her Vested Account and/or Tax Free Savings Account until such
time as the Corporation gives notice to Administrative Agent in accordance with the Plan. 
 (f) This Acknowledgment and Direction is
irrevocable. 
 Dated as of the      day of             ,
        . 
  

 - 22 - 

							
	SIGNED, SEALED & DELIVERED	 	 }
	  		 	
	in the presence of:	 	  		 	
		 	  		 	
	  
	 	  	  
	 	(seal)
	Witness	 		  	Name	 	

  

 - 23 - 

 Schedule “B” - Tax Free Savings Account – Acknowledgment and Direction 
  
  

			
	TO:	  	THE TDL GROUP CORP. (THE “CORPORATION”)
	AND TO:	  	n (THE “ADMINISTRATIVE AGENT”)

 WHEREAS, the undersigned is entitled to receive
$             (the “Payment”) not later than 60 days after the end of the calendar year (the “Plan Year”) in accordance with the Personal Supplemental Executive
Retirement Savings Plan (the “Plan”); 
 AND WHEREAS, in accordance with Section 4.04 of the Plan, the undersigned wishes to
contribute $             of the Payment to the Tax Free Savings Account established for the undersigned in accordance with the Plan; 
 AND WHEREAS capitalized terms used and not otherwise defined in this Acknowledgment and Direction have the meanings given to such terms in the Plan;

 NOW THEREFORE: 
 (a) The
undersigned directs the Corporation to pay $             from the Payment to the undersigned’s Tax Free Savings Account. 
 (b) The undersigned certifies that the amount it directs the Corporation to pay to the undersigned’s Tax Free Savings Account together with any
other contributions from any source that have been or will be made by the undersigned to the Tax Free Savings Account or any other tax free savings account established by the undersigned during the Plan Year does not and will not exceed the TFSA
dollar limit as defined in subsection 207.01(1) of the Tax Act for the Plan Year. 
 (c) The undersigned acknowledges that any taxes or other
penalties that are assessed in the event that the amount paid to the undersigned’s Tax Free Savings Account exceeds the “TFSA dollar limit” for such Plan Year are the sole responsibility of the undersigned and not those of the
Corporation. 
 (d) This Acknowledgment and Direction is irrevocable. 
 Dated as of      day of             ,
        . 
  

							
	SIGNED, SEALED & DELIVERED	 	 }
	  		 	
	in the presence of:	 	  		 	
		 	  		 	
	  
	 	  	  
	 	(seal)
	Witness	 		  	Name	 	

  

 - 24 -Amended and Restated Non-Employee Director Deferred Stock Unit Plan

 EXHIBIT 10.10 
 TIM HORTONS INC. 
 AMENDED AND RESTATED 
 NON-EMPLOYEE DIRECTOR DEFERRED STOCK UNIT PLAN 
 September 28, 2009

 WHEREAS on September 25, 2009, Tim Hortons Inc., a Delaware corporation (“THI USA”) assigned all of its
rights under the Tim Hortons Inc. U.S. Non-Employee Directors’ Deferred Compensation Plan As Amended and Restated effective as of September 25, 2009 (the “U.S. Directors’ Deferred Compensation Plan”) to Tim Hortons USA Inc.,
a Delaware corporation (“THUSA”), and THUSA assumed all of THI USA’s obligations under the U.S. Directors’ Deferred Compensation Plan, including all obligations with respect to payments to settle Deferred Stock Units
(“DSUs”) awarded under this Tim Hortons Inc. Non-Employee Director Deferred Stock Unit Plan (the “Plan”) in respect of services rendered in 2009 and prior calendar years and for which a valid election was previously
made under the U.S. Directors’ Deferred Compensation Plan; 
 AND WHEREAS on September 28, 2009, as a result of a corporate
reorganization, Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act (the “Company”) assumed all of the obligations of THI USA under the Plan, other than those obligations assigned to and
assumed by THUSA on September 25, 2009; 
 AND WHEREAS this Plan is hereby amended and restated effective as of
September 28, 2009 to reflect, among other modifications, the assumption of the obligations assumed under this Plan by the Company. 
 Section 1. Purpose. The purpose of the Plan is to strengthen the Company and its subsidiaries (the “Subsidiaries”) by providing a long-term incentive to non-employee directors (“Eligible
Directors”) of the Company and thereby encouraging them to devote their abilities and industry to the success of the Company and that of its Subsidiaries’ business enterprises. It is intended that this purpose be achieved by extending
to Eligible Directors an added long-term incentive through the grant of DSUs and by enabling Eligible Directors to achieve the required Share Ownership Guidelines (the “Guidelines”) as established by the Company’s Board of
Directors (“Board”) through the holding of DSUs. 
 Section 2. Administration of the Plan. 
 2.1. Committee. The Plan shall be administered by the Human Resource and Compensation Committee (the “Committee”) of the Board,
unless the Board otherwise directs from time to time. The Committee shall construe and interpret the Plan, establish such operating guidelines and rules as it deems necessary for the proper administration of the Plan and make such determinations and
take such other action in connection with the Plan as it deems necessary and advisable. It shall determine the Eligible Directors to whom and the time or times at which awards shall be granted, the number of DSUs to be subject to each award, the
terms and conditions of each award (and amendments thereto), and the duration of leaves of absence which may be granted to Eligible Directors without constituting a “separation from service” for purposes of the Plan (the Committee shall
determine whether a leave of absence is appropriate on a case-by-case basis and in its sole discretion). Any such construction, interpretation, rule, determination or other action taken by the Committee pursuant to the Plan shall be final, binding

 
and conclusive on all interested parties, including without limitation the Company and all Eligible Directors. 
 2.2. Committee Action. Actions by a majority of the Committee at a meeting at which a quorum is present, or actions approved in writing by all of
the members of the Committee, shall be the valid acts of the Committee. Subject to applicable law, prior Board action, and the Committee’s Charter, the Committee may delegate its authority under the Plan to any other person or persons. No
member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any award granted under it. 
 2.3. Accounts. The DSUs and Dividend Equivalent Rights (as defined below) granted under the Plan will be noted in a bookkeeping account (“Account”) established for each Eligible Director.

 Section 3. Maximum Number of DSUs Subject to Plan. There will be no limit on the number of DSUs subject to the Plan.

 Section 4. Eligible Director DSU Grants. 
 4.1. DSUs, Dividend Equivalent Rights. A DSU is a bookkeeping entry, equivalent in value to one common share of the Company and any other securities into which such share is converted or for which such share is
exchanged (“Share”). A “Dividend Equivalent Right” is a bookkeeping entry, equivalent in value to the cash dividends or other distributions that are or would be payable with respect to the number of DSUs held by an
Eligible Director if the DSUs were Shares. Each DSU shall be accompanied by one (1) related Dividend Equivalent Right. The Dividend Equivalent Rights will be converted into additional DSUs based on the Fair Market Value (as defined below) of a
Share on the date such dividend is paid (with the number of DSUs being granted rounded to the fourth decimal place). “Fair Market Value” or “FMV” on any relevant date shall mean the closing price for Shares traded
on the Toronto Stock Exchange, or if the Committee elects on or prior to such date, the New York Stock Exchange, for the immediately preceding date on which the Toronto Stock Exchange or New York Stock Exchange, as applicable, is open for trading.

 4.2. Formula DSUs. 
 (i) Each Eligible Director shall be granted, on a quarterly basis, an aggregate number of DSUs equal at that time to twenty-five percent (25%) of the value of the annual equity retainer payable to Eligible Directors for acting on the
Board as set forth in the then-applicable policy outline of director compensation, subject to proration consistent with administrative determinations under the Plan (“Equity Retainer” or “ER”), divided by the FMV of
a Share on the date of grant (i.e., ((.25)(ER)/FMV = DSUs), rounded to the fourth decimal place. These quarterly grants shall continue until the Eligible Director holds a total number of Shares and/or DSUs required by the Guidelines.
The DSUs that are required to be granted under this Section 4.2 shall be referred to as “Formula DSUs.” 
 (ii) After
the ownership requirements of the Guidelines have been met for a particular Eligible Director, the Eligible Director shall continue to receive Formula DSUs as described in this Section 4.2 for each quarter of continuing service unless the
Eligible Director makes an election (described in Section 4.2(iii) below) to have all or any part of such amount paid to him or her in cash. The Formula DSUs that are granted under the immediately preceding 

  

 - 2 - 

 
sentence shall be referred to herein as “Voluntary Formula DSUs,” and shall not be subject to the forfeiture provisions set forth in
Section 4.6. 
 (iii) Any election made pursuant to Section 4.2(ii) shall be made no later than December 31 of the calendar
year immediately preceding the calendar year during which the Eligible Director will perform the services for which the grant would be made. After the beginning of a calendar year, an Eligible Director will not be permitted to change, terminate or
revoke the Eligible Director’s election for such calendar year. Notwithstanding the foregoing and in the discretion of the Committee, any election made pursuant to Section 4.2(ii) may be submitted within thirty (30) days after the
date on which the Eligible Director is first eligible to participate in this Plan, with respect to any grant to be made for services performed after such election is made. For purposes of the preceding sentence, an Eligible Director is first
eligible to participate in this Plan only if the Eligible Director is not a participant in any other agreement, method, program or arrangement that, along with this Plan, would be treated as a single nonqualified deferred compensation plan under
Treasury Regulation Section 1.409A-1(c)(2). 
 4.3. Elective DSUs. 
 (i) In addition, each Eligible Director may, to the extent permitted by the then-applicable director compensation policy outline, elect to receive all or
a portion of his or her cash retainer payable to an Eligible Director for acting on the Board, as well as any other cash compensation payable to the Eligible Director for acting as the Chair of a Committee of the Board, acting as a member of a
Committee of the Board or attending meetings of the Board or any Committee thereof, in the form of DSUs by filing an election with the Company no later than December 31 of the calendar year immediately preceding the calendar year during which
the Eligible Director will perform the services for which the payments are to be made. After the beginning of a calendar year, an Eligible Director will not be permitted to change, terminate or revoke the Eligible Director’s election for such
calendar year. Notwithstanding the foregoing and in the discretion of the Committee, any election made pursuant to this Section 4.3(i) may be submitted within thirty (30) days after the date on which the Eligible Director is first eligible
to participate in this Plan, with respect to the cash retainer to be paid for services performed after such election is made. For purposes of the preceding sentence, an Eligible Director is first eligible to participate in this Plan only if the
Eligible Director is not a participant in any other agreement, method, program or arrangement that, along with this Plan, would be treated as a single nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c)(2). Any
DSUs granted under this Section 4.3 shall be referred to as “Elective DSUs.” 
 (ii) The number of Elective DSUs to be
granted shall be equal to the cash compensation being deferred divided by the FMV of a Share on the date of grant, rounded to the fourth decimal place. Elective DSUs shall not be subject to the forfeiture provisions set forth in Section 4.6.

 4.4. Special Awards. Subject to the approval of the entire Board, the Committee may also grant DSUs on a discretionary basis from
time to time (“Discretionary DSUs”) with such terms and conditions set forth in an applicable award agreement referred to in Section 4.8 and that are not inconsistent with the Plan. 
 4.5. Payment. Subject to Section 4.6, all DSUs shall be paid in cash based on the Fair Market Value of a Share on the date of the Eligible
Director’s separation from service. 
  

 - 3 - 

 Notwithstanding the foregoing, the Company shall be entitled to withhold and/or deduct any and all amounts required to be
withheld from any payment hereunder on account of taxes or other governmental charges. 
 4.6. Distributions. All DSUs granted to an
Eligible Director shall be paid out in a lump sum as soon as administratively possible following his or her separation from service but no later than 90 days following the date of the Eligible Director’s separation from service, unless the
Eligible Director has filed a deferral election with the Company in respect of some or all of the DSUs to be distributed in accordance with: 
 (i) the provisions of Appendix A, in the case of Eligible Directors who are subject to U.S. taxation in respect of his or her DSUs; or 
 (ii) Section 4.7, in the case of Eligible Directors who are not subject to U.S. taxation in respect of his or her DSUs. 
 Notwithstanding the foregoing, and for greater certainty, all Formula DSUs (not including Voluntary Formula DSUs or Elective DSUs) and, unless otherwise provided in the agreement evidencing the grant, Discretionary DSUs, shall be forfeited,
and no payment shall be made in respect thereof, if a director is removed from service due to the commission of an act of fraud or intentional misrepresentation or an act of embezzlement, misappropriation or conversion of assets or opportunities of
the Company or any of its Subsidiaries. Where appropriate, the application of this Section 4.6 is subject to the provisions of Sections 12 and 13 hereof, and for such purpose may be limited in any particular award agreement granting DSUs.

 4.7. Non-U.S. Deferral Elections. 
 (i) An Eligible Director who is not subject to U.S. taxation may file a deferral election (a “Non-U.S. Deferral Election”) with the Company to defer the payment of the DSUs under Section 4.6, on such
form as may be prescribed by the Company, in respect of all of the DSUs to be granted to the Eligible Director for services performed in all future calendar years. A Non-U.S Deferral Election must be submitted no later December 31 of the
calendar year immediately preceding the first calendar year in which the applicable DSUs will be granted. Notwithstanding the foregoing, a Deferral Election may be submitted within thirty (30) days after the date on which the Eligible Director
is first eligible to participate in this Plan, with respect to DSUs to be granted for services performed after such Deferral Election is made. 
 (ii) Each Non-U.S. Deferral Election shall specify that the DSUs subject to such election shall be paid out in a single lump sum on December 15th of the year following the Eligible Director’s separation from service (or as soon as
administratively possible following December 15th and no later than December 31st of such year). 
 (iii) The Company may allow an
Eligible Director to cancel his or her Non-U.S. Deferral Election before January 1 of a particular calendar year in respect of DSUs to be granted to the Eligible Director for all subsequent calendar years. An Eligible Director is not entitled
to cancel, amend or revoke a Non-U.S. Deferral Election in respect of DSUs that have been, or will be granted, to such Eligible Director in respect of a current or prior calendar year. 
 4.8. Agreements. All DSUs shall be evidenced by an agreement, which shall include the following terms and conditions: 
  

 - 4 - 

 (i) Eligible Director and Number of Units. Each agreement shall state the name of the Eligible
Director to whom the DSUs have been granted and shall state the number of DSUs granted. 
 (ii) Non-Transferability. No DSUs awarded
to the Eligible Director may be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iii)
Vesting. Unless otherwise set forth in an applicable award agreement, all DSUs and accompanying Dividend Equivalent Rights shall vest upon separation from service. 
 4.9. Separation from Service. Subject to Section 14, for the purposes of this Plan, “separation from service” means a separation from service as defined under Code Section 409A and Treasury
Regulation Section 1.409A-1(h). 
 Section 5. Effect of Change in Shares Subject to the Plan. In the event of a Change in
Capitalization (as defined in the Tim Hortons Inc. 2006 Stock Incentive Plan (the “2006 Stock Plan”)), the Committee shall conclusively determine the appropriate adjustments, if any, to outstanding DSUs. These adjustments shall be
made in the same manner as adjustments are made to awards that are outstanding under the 2006 Stock Plan. Adjusted DSUs shall remain subject to the same conditions which were applicable to the DSUs prior to the adjustments, provided that,
notwithstanding the foregoing, any adjustment to a DSU shall be on the basis that the amounts payable under such DSU shall continue to depend on the FMV of the Shares of the Company, or a corporation related thereto, at a time within the period
beginning one year before the Eligible Director’s separation from service and ending at the time of receipt of payment. 
 Section 6. Multiple agreements. The terms of each award of DSUs may differ from other awards granted under the Plan at the same time, or at some other time. 
 Section 7. Amendment or Termination; Duration. Subject to applicable regulatory requirements, the Board may amend or terminate the Plan at
any time, provided that the Board shall not make any change to outstanding DSUs that will impair the rights of the Eligible Director without the consent of the Eligible Director. The Plan shall continue until terminated by the Board. Notwithstanding
anything to the contrary in this Plan, the Company, in its sole discretion, may terminate and liquidate the Plan in accordance with Treasury Regulation Section 1.409A(j)(4)(ix). 
 Section 8. Other Actions. The adoption of the Plan by the Board shall not be construed as amending, modifying or rescinding any previously
approved incentive arrangement or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable. 
 Section 9. Costs and Expenses. The costs and expenses of administering the Plan shall be borne by the Company. 
 Section 10. Plan Unfunded. The Plan shall be unfunded. 
 Section 11. Laws Governing
Plan. The Plan shall be construed under and governed by the laws of the province of Ontario and the federal laws of Canada applicable therein. 
 Section 12. Section 409A. To the extent applicable to certain Eligible Directors, it is intended that this Plan and the DSUs granted hereunder comply with Code Section 409A and the 

  

 - 5 - 

 
regulations promulgated thereunder, and this Plan will be interpreted, administered and operated accordingly with respect to such Eligible Directors. Nothing
herein shall be construed as an entitlement to or guarantee of any particular tax treatment to an Eligible Director. 
 Section 13.
Regulation 6801(d). It is intended that this Plan comply with Regulation 6801(d) under the Income Tax Act (Canada) (the “ITA”), and this Plan and the DSUs granted by such a grant will be interpreted, administered and operated in good
faith accordingly. In the event that any provision of or action pursuant to this Plan is inconsistent with Regulation 6801(d), then, subject to the following sentence, the applicable provisions of Regulation 6801(d) shall supersede such provision or
action for the purposes of such a grant. For Grantees subject to both Section 409A of the Code and the ITA, the terms of the Plan and DSUs granted hereunder shall be interpreted, construed, and given effect to achieve compliance with both
Section 409A of the Code and the ITA, to the extent practicable. If compliance with both Section 409A of the Code and the ITA is not practicable in connection with the Plan or the DSUs granted hereunder, the terms of the DSUs and this Plan
remain subject to amendment at the sole discretion of the Committee to reach a resolution of the conflict as it shall determine in its sole discretion. For greater certainty, and without limiting the generality of the foregoing, no amount will be
paid to, or in respect of, an Eligible Director under the Plan or pursuant to any other arrangement, and no DSUs will be granted to such Eligible Director to compensate for a downward fluctuation in the price of Shares, nor will any other form of
benefit be conferred upon, or in respect of, an Eligible Director for such purpose. Nothing herein shall be construed as an entitlement to or guarantee of any particular tax treatment to an Eligible Director. The provisions of any agreement granting
DSUs may contain such additional provisions as are necessary or appropriate to give effect to the foregoing. 
 Section 14. Directors
in Multiple Jurisdictions. Eligible Directors are or may be subject to taxation under the Code, the laws of Canada and/or the laws of other jurisdictions. Without amending the Plan, the Committee may grant, settle or administer DSUs on terms and
conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of the Plan given the limitations of applicable law, and the Committee may make
such modifications, amendments, procedures, and the like as may be necessary or advisable to comply with provisions of laws of the various countries in which the Eligible Directors are or may be subject to taxation. 
 Section 15. Captions. The captions to the several sections hereof are not a part of the Plan, but are merely guides or labels to assist in
locating and reading the several sections hereof. 
 Section 16. Effective Date. The effective date of the Plan is
December 5, 2006, as amended effective March 6, 2007, May 3, 2007 and January 1, 2008, and as amended and restated on September 28, 2009. 
  

 - 6 - 

 APPENDIX A 
 U.S. Deferral Election Procedures 
 An Eligible Director who is subject to U.S. taxation with
respect to his or her DSUs may submit a deferral election (“Deferral Election”) in accordance with the terms and conditions of this Appendix A, which forms a part of the Plan (as if fully set forth therein). All capitalized terms that are
used in this Appendix A but are not defined in this Appendix A shall have the meanings ascribed to such terms in the Plan. For greater clarity, DSUs subject to a Deferral Election under this Appendix A are subject to the terms and conditions of the
Plan. 
 A1.1. Deferral Elections. An Eligible Director may file a Deferral Election with the Company to defer the payment of the DSUs under
Section 4.6 of the Plan, on such form as may be prescribed by the Company, in respect of all of the DSUs to be granted to the Eligible Director for services performed in all future calendar years. Such Deferral Election must be submitted no
later December 31 of the calendar year immediately preceding the first calendar year in which the applicable DSUs will be granted. Notwithstanding the foregoing, a Deferral Election may be submitted within thirty (30) days after the date
on which the Eligible Director is first eligible to participate in this Plan, with respect to DSUs to be granted for services performed after such Deferral Election is made. For purposes of this Section A1.1, an Eligible Director is first
eligible to participate in this Plan only if the Eligible Director is not a participant in any other agreement, method, program or arrangement that, along with this Plan, would be treated as a single nonqualified deferred compensation plan under
Treasury Regulation Section 1.409A-1(c)(2). 
 A.1.2. Cancelling Deferral Elections. The Company may allow an Eligible Director to cancel his or
her Deferral Election before January 1 of a particular calendar year in respect of DSUs to be granted to the Eligible Director for all subsequent calendar years. An Eligible Director is not entitled to cancel, amend or revoke a Deferral
Election in respect of DSUs that have been, or will be granted, to such Eligible Director in respect of a current or prior calendar year. 
 A2.1.
Distributions. In the Deferral Election, each Eligible Director may make an election to receive the DSUs that otherwise would be taxable to the Eligible Director but for the election pursuant to Section A1.1 in a lump sum on
December 15th of the calendar year following the calendar year in which the Eligible Director’s separation from service (as defined in the Plan) occurs. 
 A3.1. Claims Administration. If a participant, beneficiary or his or her representative (the “claimant”) is denied all or a portion of an expected Plan benefit for any reason and the claimant desires to dispute the decision
of the Company, he or she must file a written notification of his or her claim with the Company. 
 A3.2. Claims Procedure. Upon receipt of any
written claim for benefits, the Company shall be notified and shall give due consideration to the claim presented. If any claimant claims to be entitled to benefits under the Plan and the Company determines that the claim should be denied in whole
or in part, the Company shall, in writing, notify such claimant within ninety (90) days 

 
of receipt of the claim, that the claim has been denied. The Company may extend the period of time for making a determination with respect to any claim for a
period of up to ninety (90) days, provided that the Company determines that such an extension is necessary because of special circumstances and notifies the claimant, prior to the expiration of the initial ninety (90) day period, of the
circumstances requiring the extension of time and the date by which the Company expects to render a decision. If the claim is denied to any extent by the Company, the Company shall furnish the claimant with a written notice setting forth:

 (a) the specific reason or reasons for denial of the claim; 
 (b) a specific reference to the Plan provisions on which the denial is based; 
 (c) a description of any
additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and 
 (d) an explanation of the Plan’s claims review procedure and the time limits applicable to such procedure; and a statement of the claimant’s right to bring a civil action under Section 502(a) of the
U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) following an adverse determination upon review. 
 Under no
circumstances shall any failure by the Company to comply with the provisions of this Section A3.2 be considered to constitute an allowance of the claimant’s claim. 
 A3.3. Right of Appeal. A claimant who has a claim denied wholly or partially under Section A3.2 may appeal to the Company for reconsideration of that claim. A request for reconsideration under this Section
A3.3 must be filed by written notice within sixty (60) days after receipt by the claimant of the notice of denial under Section A3.2. 
 A3.4.
Review of Appeal. Upon receipt of an appeal, the Company shall promptly take action to give due consideration to the appeal. Such consideration may include a hearing of the parties involved, if the Company feels such a hearing is necessary.
In preparing for this appeal, the claimant shall be given the right to review pertinent documents and the right to submit in writing a statement of issues and comments. After consideration of the merits of the appeal, the Company shall issue a
written decision which shall be binding on all parties. The decision shall specifically state its reasons and pertinent Plan provisions on which it relies. The Company’s decision shall be issued within sixty (60) days after the appeal is
filed, except that the Company may extend the period of time for making a determination with respect to any claim for a period of up to sixty (60) additional days, provided that the Company determines that such an extension is necessary because
of special circumstances and notifies the claimant, prior to the expiration of the initial sixty (60) day period, of the circumstances requiring the extension of time and the date by which the Company expects to render a decision. Under no
circumstances shall any failure by the Company to comply with the provisions of this Section A3.4 be considered to constitute an allowance of the claimant’s appeal. 
 To the extent permitted by law, the decision of the claims official (if no review is properly requested) or the decision of the review official on review, as the case may be, will be final and 

  

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binding on all parties. No legal action for benefits under the Plan will be brought unless and until the claimant has exhausted his or her remedies under
this Section A3. 
 A3.5. Designation. To the extent permitted by this Section A3, the Company may designate any other person of its choosing to make
any determination otherwise required under this Section A3. Any person so designated shall have the same authority and discretion granted to the Company hereunder. 
  

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