Document:

Post Holdings, Inc. Deferred Compensation Plan

 Exhibit 10.11 
 POST HOLDINGS, INC. 
 DEFERRED COMPENSATION PLAN 

FOR NON-MANAGEMENT DIRECTORS 
 (Effective January 1, 2012) 

 POST HOLDINGS, INC. 

DEFERRED COMPENSATION PLAN 
 FOR NON-MANAGEMENT DIRECTORS 
 (Effective as of January 1, 2012)

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 PREAMBLE
	  	 	1	  
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
	 1.1   “Account”
	  	 	2	  
	 1.2   “Acquiring Person”
	  	 	2	  
	 1.3   “Affiliate” or “Associate”
	  	 	2	  
	 1.4   “Allocation Date”
	  	 	2	  
	 1.5   “Beneficiary”
	  	 	2	  
	 1.6   “Board”
	  	 	2	  
	 1.7   “Change in Control”
	  	 	2	  
	 1.8   “Code”
	  	 	2	  
	 1.9   “Committee”
	  	 	2	  
	 1.10 “Company”
	  	 	3	  
	 1.11 “Company Matching Contributions”
	  	 	3	  
	 1.12 “Compensation”
	  	 	3	  
	 1.13 “Continuing Director”
	  	 	3	  
	 1.14 “Deferral Account”
	  	 	3	  
	 1.15 “Deferral Election”
	  	 	3	  
	 1.16 “Effective Date”
	  	 	3	  
	 1.17 “Fund”
	  	 	3	  
	 1.18 “Matching Contributions Account”
	  	 	3	  
	 1.19 “Non-Management Director”
	  	 	3	  
	 1.20 “Participant”
	  	 	3	  
	 1.21 “Plan”
	  	 	4	  
	 1.22 “Plan Year”
	  	 	4	  
	 1.23 “Ralcorp Amounts”
	  	 	4	  
	 1.24 “Separation from Service”
	  	 	4	  
	 1.25 “SIP”
	  	 	4	  
	 1.26 “Stock”
	  	 	4	  
	 1.27 “Unforeseeable Emergency”
	  	 	4	  
	 1.28 “Rules of Construction”
	  	 	4	  
		
	 ARTICLE II PARTICIPATION IN THE PLAN
	  	 	6	  
	 2.1 Eligibility
	  	 	6	  
	 2.2 Commencement of Participation
	  	 	6	  
		
	 ARTICLE III ACCOUNTS
	  	 	7	  

  
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		 	 3.1
	  	Deferral Election	  	 	7	  
		 	 3.2
	  	Account Reflecting Deferred Compensation	  	 	7	  
		 	 3.3
	  	Credits or Charges.	  	 	7	  
		 	 3.4
	  	Company Matching Deferral.	  	 	8	  
		 	 3.5
	  	Investment, Management and Use	  	 	8	  
		 	 3.6
	  	Valuation of Stock	  	 	8	  
		
	 ARTICLE IV FUNDS
	  	 	10	  
		 	 4.1
	  	Fund Selection	  	 	10	  
		 	 4.2
	  	Exchange	  	 	10	  
		
	 ARTICLE V DISTRIBUTION OF ACCOUNT
	  	 	11	  
		 	 5.1
	  	Time of Distribution.	  	 	11	  
		 	 5.2
	  	Amount Distributed	  	 	12	  
		 	 5.3
	  	Method of Distribution	  	 	12	  
		 	 5.4
	  	Form of Payment	  	 	13	  
		 	 5.5
	  	Distribution Upon Death	  	 	13	  
		 	 5.6
	  	Designation of Beneficiary	  	 	13	  
		
	 ARTICLE VI NON-ASSIGNABILITY
	  	 	14	  
		 	 6.1
	  	Non-Assignability	  	 	14	  
		
	 ARTICLE VII VESTING
	  	 	15	  
		 	 7.1
	  	Vesting	  	 	15	  
		
	 ARTICLE VIII AMENDMENT OR TERMINATION OF THE PLAN
	  	 	16	  
		 	 8.1
	  	Power to Amend Plan	  	 	16	  
		 	 8.2
	  	Distribution of Plan Benefits Upon Termination	  	 	16	  
		 	 8.3
	  	When Amendments Take Effect	  	 	16	  
		 	 8.4
	  	Restriction on Retroactive Amendments	  	 	16	  
		
	 ARTICLE IX PLAN ADMINISTRATION
	  	 	17	  
		 	 9.1
	  	Powers of the Committee	  	 	17	  
		 	 9.2
	  	Indemnification.	  	 	17	  
		 	 9.3
	  	Claims Procedure	  	 	18	  
		 	 9.4
	  	Expenses	  	 	19	  
		 	 9.5
	  	Conclusiveness of Action	  	 	19	  
		 	 9.6
	  	Release of Liability	  	 	20	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	21	  
		 	 10.1
	  	Plan Not a Contract of Employment	  	 	21	  
		 	 10.2
	  	No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status	  	 	21	  
		 	 10.3
	  	Rules	  	 	21	  
		 	 10.4
	  	Withholding of Taxes	  	 	21	  
		 	 10.5
	  	Severability	  	 	21	  
		 	 10.6
	  	409A Compliance	  	 	21	  

  
 ii 

  

							
	  	 	10.7	  	Participant Responsibility	  	22

  
 iii

 POST HOLDINGS, INC. 

DEFERRED COMPENSATION PLAN 
 FOR NON-MANAGEMENT DIRECTORS 
 (Effective as of January 1, 2012)

 PREAMBLE 
 Ralcorp Holdings, Inc. (“Ralcorp”) adopted the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors (“Ralcorp Plan”) effective December 15, 1999.

 Ralcorp intends to distribute on a pro rata basis to the holders of Ralcorp’s common stock at least 80% of the outstanding shares of
Post Holdings, Inc. (the “Company”) common stock owned by Ralcorp (“Spin-Off”). The Company hereby adopts the Post Holdings, Inc. Deferred Compensation Plan for Non-Management Directors effective January 1, 2012
(“Effective Date”), subject to the completion of the Spin-Off. 
 As of the Spin-Off, account balances of the Company’s
non-management directors and any other individuals listed on Appendix I hereto under the Ralcorp Plan are hereby converted into account balances under this Plan upon terms and conditions approved by the Committee, and the Company is responsible
under this Plan for the payment of all liabilities and obligations for benefits unpaid with respect to all such transferred accounts. This Plan is not intended to be a material modification of the Ralcorp Plan with respect to deferrals prior to
January 1, 2005. 
 The purpose of the Plan is to enhance the profitability and value of the Company for the benefit of its shareholders by
providing a supplemental retirement program to attract and retain qualified Non-Management Directors who have made or will make important contributions to the success of the Company. 

 ARTICLE I 
 DEFINITIONS 
 As used in this Plan, the following capitalized words and phrases have the
meanings indicated, unless the context requires a different meaning: 
 1.1 “Account” means the
bookkeeping account established for each Participant to reflect amounts credited to such Participant under the Plan. A separate bookkeeping account will be maintained with respect to deferrals attributable to periods ending on or before
December 31, 2004 and related hypothetical investment earnings. 
 1.2 “Acquiring Person” means any
person or group of Affiliates or Associates who is or becomes the beneficial owner, directly or indirectly, of 20% or more of the outstanding Stock. 
 1.3 “Affiliate” or “Associate” shall have the meanings set forth as of March 1, 1994 in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended. 
 1.4 “Allocation Date” means each day the New York
Stock Exchange is open for business. 
 1.5 “Beneficiary” means the person or persons designated by a
Participant, or otherwise entitled, to receive any amount credited to his Account that remains undistributed at his death. 

1.6 “Board” means the Board of Directors of the Company. 

1.7 “Change in Control” means the time when (i) any person, either individually or together with such
person’s Affiliates or Associates, shall become the beneficial owner, directly or indirectly, of more than 50% of the outstanding Stock and there shall have been a public announcement of such occurrence by the Company or such person or
(ii) during any twelve (12) month period individuals who shall qualify as Continuing Directors shall have ceased for any reason to constitute at least a majority of the Board; provided, however, that in the case of either clause
(i) or clause (ii), a Change in Control shall not be deemed to have occurred if the event shall have been approved prior to the occurrence thereof by a majority of the Continuing Directors who shall then be members of the Board. Notwithstanding
anything to the contract, an event shall not be a Change in Control if it is not a change in control as that term is used in Section 409A of the Code. 
 1.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 1.9 “Committee” means the Corporate Governance and Compensation Committee of the Board. 

  
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 1.10 “Company” means Post Holdings, Inc., a Missouri corporation,
and any successor thereto. 
 1.11 “Company Matching Contributions” means the Company contributions
described in Section 3.4. 
 1.12 “Compensation” means a Participant’s annual retainer and
fees from the Company for service on the Board. 
 1.13 “Continuing Director” means any member of the
Board, while such person is a member of the Board, who is not an Affiliate or Associate of an Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and was a member of the Board prior to the time when such Acquiring Person
became an Acquiring Person, and any successor of a Continuing Director, while such successor is a member of the Board, who is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person or a representative or nominee of an Acquiring
Person or of any Affiliate or Associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. 
 1.14 “Deferral Account” means the Account established pursuant to Section 3.2. 
 1.15 “Deferral Election” means an agreement between a Participant and the Company under which the Participant agrees to a deferral of his Compensation in accordance with
Section 3.1 as follows: 
 (a) a specified percentage (from 0% to 100%) of a Participant’s
Compensation; 
 (b) all of a Participant’s Compensation to up to a specified dollar amount; or 

(c) all of a Participant’s Compensation in excess of a specified dollar amount. 

1.16 “Effective Date” means January 1, 2012. 

1.17 “Fund” means one or more of the measurement investment funds available under the Plan for purposes of
crediting or debiting hypothetical investment gains and losses to the Accounts of Participants. The investment funds available under the Plan shall be identical to the extent possible to those approved by the Employee Benefit Trustees Committee
under the SIP. Each Fund shall be subject to all terms, conditions and fees established from time to time by the Fund sponsor. 

1.18 “Matching Contributions Account” means the Account established pursuant to Section 3.4(a). 

1.19 “Non-Management Director” means a member of the Board who is not an officer or an employee of the Company,
or a subsidiary or affiliate of the Company. 
 1.20 “Participant” means any Non-Management Director who
participates in the Plan. In addition, Participant means any individual whose name is listed on Appendix I hereto to 

  
 3 

 
the extent an Account is credited with Ralcorp Amounts on behalf of such individual under this Plan. 
 1.21 “Plan” means the Post Holdings, Inc. Deferred Compensation Plan for Non-Management Directors, as originally adopted and as from time to time amended. 

1.22 “Plan Year” means the accounting year of the Plan, which ends on December 31. 

1.23 “Ralcorp Amounts” means amounts credited to the Plan in accordance with Section 3.2. 

1.24 “Separation from Service” means a separation from service with the Company within the meaning of
Section 409A of the Code. For the avoidance of doubt, no Participant shall be treated as incurring a Separation from Service or other similar event for purposes of determining the right to distribution, vesting, benefits, or any other purpose
under the Plan as a result of the Spin-Off (as defined in the Preamble). 
 1.25 “SIP” means the Post
Holdings, Inc. Savings Investment Plan. 
 1.26 “Stock” means the Company’s $.01 par value common
stock or any such other security outstanding upon the reclassification of the Company’s common stock, including, without limitation, any Stock, split-up, Stock dividend, or other distributions of stock in respect of Stock, or any reverse Stock
split-up, or recapitalization of the Company or any merger or consolidation of the Company with any Affiliate, or any other transaction, whether or not with or into or otherwise involving an Acquiring Person. 

1.27 “Unforeseeable Emergency” means a severe financial hardship to a Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152 (without regard to 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant, loss of the Participant’s property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The Committee will determine the existence of an Unforeseeable Emergency, based on the supporting facts, circumstances, and
documentation provided by the Participant. 
 1.28 “Rules of Construction” 

(a) Governing law. The construction and operation of this Plan are governed by the laws of the State of Missouri.

 (b) Headings. The headings of Articles, Sections and Subsections are for reference only and are not to
be utilized in construing the Plan. 
 (c) Gender. Unless clearly inappropriate, all pronouns of whatever
gender refer indifferently to persons or objects of any gender. 
 (d) Singular and plural. Unless clearly
inappropriate, singular items refer also to the plural and vice versa. 

  
 4 

 (e) Severability. If any provision of this Plan is held illegal or
invalid for any reason, the remaining provisions are to remain in full force and effect and to be construed and enforced in accordance with the purposes of the Plan as if the illegal or invalid provision did not exist. 

  
 5 

 ARTICLE II 
 PARTICIPATION IN THE PLAN 
 2.1 Eligibility .
Participation in the Plan shall be limited to Non-Management Directors. 
 2.2 Commencement of
Participation . To participate in the Plan, a Non-Management Director shall defer Compensation earned during a Plan Year by making a Deferral Election with respect to such Compensation, in the manner set forth in
Section 3.1. 

  
 6 

 ARTICLE III 
 ACCOUNTS 
 3.1 Deferral Election . Each Plan Year, a
Participant may execute a Deferral Election under which he may elect to defer all or a portion of his Compensation earned during such Plan Year until his Separation from Service. A Deferral Election is irrevocable upon the beginning of the Plan Year
to which it applies. Any Deferral Election shall be made prior to the commencement of the Plan Year in which the Compensation that is the subject of the Deferral Election will be earned. Notwithstanding the foregoing, an individual who first becomes
a Non-Management Director subsequent to the first day of any Plan Year (and was not previously eligible to participate in a plan which is treated with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2)) may make a Deferral
Election, applicable to the period from the Non-Management Director’s initial entry date to the end of the Plan Year, provided the Deferral Election is made within 30 days of becoming a Non-Management Director and prior to the performance of
services by a Participant for the period covered by the election. Each Deferral Election shall be in a form designated by the Committee. On the date of the Spin-Off, each deferral election in effect under the Ralcorp Holdings, Inc. Deferred
Compensation Plan for Non-Management Directors with respect to Participants listed on Appendix I hereto shall transfer to, be recognized as a Deferral Election by, and remain in effect for the year or other applicable period to which it relates
under this Plan. 
 3.2 Account Reflecting Deferred Compensation . The Committee shall establish and maintain a
separate Account for each Participant which shall reflect the amount of the Participant’s total contributions under this Plan and all credits or charges under Section 3.3 from time to time. All amounts credited or charged to a
Participant’s Account hereunder shall be in a manner and form determined within the sole discretion of the Committee. The amount of a Participant’s Compensation deferred by a Deferral Election and all earnings thereon shall be credited to
the Participant’s Deferral Account as soon as administratively practicable. The amount credited to an account under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors as of the Spin-Off with respect to a
Participant listed on Appendix I shall be credited to such Participant’s Account as Ralcorp Amounts under this Plan in a separate bookkeeping sub-account and shall include earnings and losses credited pursuant to Section 3.3. Ralcorp
Amounts shall be invested in accordance with Section 3.5 and Article IV and distributed in accordance with Article V. On and after the Spin-Off, the Company shall assume all liabilities relating to the Ralcorp Amounts, and Ralcorp Holdings,
Inc. and its affiliates shall have no liability therefor. 
 3.3 Credits or Charges. 

(a) Earnings or Losses . As of each Allocation Date during a Plan Year, a Participant’s Account shall
be credited or debited with earnings or losses approximately equal to the earnings, gain or loss on the Funds indicated as preferred by a Participant for the Plan Year or for the portion of such Plan Year in which the Account is deemed to be
invested. 

  
 7 

 (b) Balance of Account . As of each Allocation Date, the amount
credited to a Participant’s Account shall be the amount credited to his Account as of the immediately preceding Allocation Date, plus the Participant’s contribution credits since the immediately preceding Allocation Date, minus any amount
that is paid to or on behalf of a Participant pursuant to this Plan subsequent to the immediately preceding Allocation Date, plus or minus any hypothetical investment gains or losses determined pursuant to Section 3.3(a) above. 

(c) Change in Control . Upon a Change in Control, all amounts deemed to be invested in the Post Holdings, Inc.
Common Stock Fund shall be immediately converted to the Fund that is a money market fund. 
 3.4 Company Matching
Deferral. 
 (a) Company Matching Deferral . Upon a Participant’s deferral credited to the
Post Holdings, Inc. Common Stock Fund, the Company shall credit the Participant’s Account with an additional amount credited to the Post Holdings, Inc. Common Stock Fund equal to 33 1/3% of the Participant’s deferral. Such Company matching
contributions and all earnings thereon are hereinafter referred to as “Company Matching Contributions.” Company Matching Contributions for a Participant shall be credited to the Participant’s Matching Contributions Account at the same
time as the related Participant’s Deferral Election amounts are credited pursuant to Section 3.2. 

(b) Investment of Company Matching Contributions . All Company Matching Contributions credited to a Participant
shall be deemed to be invested in the Post Holdings, Inc. Common Stock Fund. 
 (c) Form of Distribution
.. Any distribution with respect to Company Matching Contributions that remain invested in the Common Stock Fund shall be in Stock, with cash for any fractional shares, unless the Committee in its discretion changes the form of distribution to all
cash or any other combination of Stock and cash. 
 3.5 Investment, Management and Use . The Company shall have
sole control and discretion over the investment, management and use of all amounts credited to a Participant’s Account until such amounts are distributed pursuant to Article V. Notwithstanding any other provision of this Plan or any notice,
statement, summary or other communication provided to a Participant that may be interpreted to the contrary, the Funds are to be used for measurement purposes only, and a Participant’s election of any such Fund, the determination of credits and
debits to his Account based on such Funds, the Company’s actual ownership of such Funds, and any authority granted under this Plan to a Participant to change the investment of the Company’s assets, if any, may not be considered or
construed in any manner as an actual investment of the Account in any such Fund or to constitute a funding of this Plan. 
 3.6
Valuation of Stock . In any situation in which it is necessary to value Stock, the value of the Stock shall be the closing price as reported by the New York Stock Exchange—Composite Transactions on the date in question, or, if the
Stock is not quoted on such composite tape or if the Stock is not listed on such exchange, on the principal United States securities 

  
 8 

 
exchange registered under the Securities Exchange Act of 1934, as amended, on which the Stock is listed, or if the Stock is not listed on any such exchange, the average of the closing bid
quotations with respect to a share of the Stock during the ten (10) days immediately preceding the date in question on the National Association of Securities Dealers, Inc. Automated Quotations System or any system then in use, or if no such
quotations are available, the fair market value on the date in question of a share of the Stock as determined by a majority of the Continuing Directors in good faith. 

  
 9 

 ARTICLE IV 
 FUNDS 
 4.1 Fund Selection. Except for Company Matching
Contributions described in Section 3.4, the rate at which earnings and losses shall be credited to a Participant’s Account shall be determined in accordance with one or more Funds selected by the Participant; if a Participant does not
select a Fund the Fund applicable for that Participant shall be the Fund that is a money market fund. Fund selections recognized under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors immediately prior to the
Spin-Off shall be recognized under this Plan until superseded or otherwise changed in accordance with this Plan; provided however, that Ralcorp Amounts deemed invested in the Ralcorp Holdings, Inc. stock fund immediately prior to the Spin-Off shall
be deemed invested in a Fund selected by the Committee until the Participant elects a replacement Fund (if and to the extent permitted by the Committee). 
 If a Fund elected by a Participant is removed, a Fund selected by the Employee Benefit Trustees Committee under the SIP shall apply in its place until the Participant elects a replacement Fund. For
purposes of calculating earnings and losses attributable to a Fund, any amount shall be deemed to be invested in the Fund as of the date determined appropriate by the Committee. 

4.2 Exchange. Subject to the next sentence and any limitations established by the Committee, including the timeliness of a
request, a Participant may exchange Funds as of the close of each business day. An amount attributable to an investment in the Common Stock Fund may not be exchanged for another Fund until the earlier of (a) the beginning of the calendar year
in which the fifth anniversary of such investment occurs, or (b) the Participant’s Separation from Service. 

  
 10 

 ARTICLE V 
 DISTRIBUTION OF ACCOUNT 
 5.1 Time of Distribution.

 (a) General. Payment of the amount credited to a Participant’s Account shall be made or commence
as soon as administratively practicable following the earlier of the following: 
 (i) the occurrence of an
Unforeseeable Emergency; provided that a withdrawal with respect to an Unforeseeable Emergency may not exceed the amount necessary to satisfy the emergency need, plus amounts necessary to pay taxes reasonably anticipated as a result of the
distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such
assets itself would not cause severe financial hardship); or 
 (ii) the Participant’s Separation from
Service. 
 (b) Specified Employee. Notwithstanding any provision of the Plan to the contrary, if a
Participant is a “specified employee” within the meaning of Section 409A of the Code, no portion of his or her Account shall be distributed on account of a Separation of Service before the earlier of (a) the date which is six
(6) months following the date of the Participant’s Separation of Service, or (b) the date of death of the Participant. Amounts that would have been paid during the delay will be paid on the first business day following the end of the
six month delay. The Company’s specified employees shall be determined in accordance with the special rules for spin-offs under Treas. Reg. Section 1.409A-1(i)(6)(iii), or any successor thereto, for the period indicated in such regulation.

 (c) Deferred Time of Payment. In the discretion of the Committee, a Participant may elect to modify
the form and time at which payment of his benefit shall be paid, in accordance with the following: 
 (i) For
deferrals not subject to Section 409A of the Code (i.e., Compensation with respect to services performed prior to January 1, 2005) and related hypothetical earnings, at any time at least six months prior to the start of the calendar year
in which the Participant’s scheduled payment date otherwise would have occurred; 
 (ii) For deferrals that
are subject to Section 409A of the Code and related hypothetical earnings: 
 (1) any such election must be
received by the Committee or its designee no less than twelve (12) months prior to the Participant’s scheduled payment date (or, in the case of annual installments pursuant to 

  
 11 

 
Section 5.3(b) or 5.3(c) twelve (12) months prior to the date the first amount was scheduled to be paid), if applicable; 

(2) the election shall not take effect until twelve (12) months after the date on which the new election is made;
and 
 (3) the payment with respect to which such election is made is deferred for a period of not less than 5
years from the date the payment otherwise would have been made (or, in the case of annual installments pursuant to Section 5.3(b) or 5.3(c), 5 years from the date the first amount was schedule to be paid). 

(d) Ralcorp Elections. Notwithstanding anything to the contrary, but subject to Section 5.1(b), Ralcorp
Amounts shall be distributed at the time determined in accordance with the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors as of the Spin-Off. Distribution elections effective under such plan as of the Spin-Off with
respect to Participants listed on Appendix I shall be recognized under this Plan, subject to permitted modifications as described herein. 
 The
Committee, in its discretion, may limit the number of times a Participant may modify his elected time of payment and establish such other limitations as it deems advisable for the proper administration of the Plan. With respect to deferrals
attributable to periods after December 31, 2004, and related hypothetical earnings, the time or schedule of any payment under the Plan may not be accelerated except as permitted pursuant to Section 409A of the Code. 

5.2 Amount Distributed. The amount distributed to a Participant shall be determined as of the Allocation Date as of which
distribution is made, or as of the most recent Allocation Date preceding the date as of which distribution is made, pursuant to the Committee’s practice for different methods of distributions, with actual payment occurring as soon as
practicable thereafter. 
 5.3 Method of Distribution. Distribution under this Plan may be made in any of the
following forms elected by the Participant on his Deferral Election, subject to change pursuant to Section 5.1: 
 (a) Single payment in the form(s) determined pursuant to Section 5.4; 
 (b) Annual installments over five years; or 
 (c) Annual
installments over ten years. 
 If a Participant does not make a timely election for the method of distribution, his method of distribution shall
be a single payment in the form(s) determined pursuant to Section 5.4. Notwithstanding anything to the contrary, a Participant’s Account shall be paid in a lump sum if the balance does not exceed the dollar amount under Code section
402(g)(1)(B) ($17,000 for 2012), and if the payment results in the termination and liquidation of the Participant’s entire interest under the Plan, and any other plans that are treated with this Plan as one plan under Treasury Regulation
section 4.409A-1 (c)(2). Distribution election forms in effect under the 

  
 12 

 
Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors immediately prior to the Spin-Off for Participants listed on Appendix I shall be recognized under this Plan, subject
to permitted modifications as described herein. 
 5.4 Form of Payment. All payments made pursuant to this Plan
shall be in cash, subject to the Committee’s discretion to make payment with respect to any Participant in whole or in part in Stock. The amount payable with respect to the Post Holdings, Inc. Common Stock Fund shall be the amount of Post
Holdings, Inc. Common Stock Fund units credited to the Participant’s Account multiplied by the per unit fair market value, as determined by the Committee, on the date of the Participant’s Separation from Service or Unforeseeable Emergency,
with interest accruing at the rate of the Fund that is a money market fund from such date of Separation from Service or Unforeseeable Emergency until the time of distribution. 
 5.5 Distribution Upon Death. If a Participant dies before commencing the payment of his Account, the unpaid Account balance shall be paid to a Participant’s designated Beneficiary in a
single payment in the forms) determined pursuant to Section 5.4 within sixty (60) days following the Participant’s date of death. 
 5.6 Designation of Beneficiary. A Participant shall designate a Beneficiary on a form to be supplied by the Committee. The Beneficiary designation may be changed by the Participant at any
time, but any such change shall not be effective until the Beneficiary designation form completed by the Participant is delivered to and received by the Committee. In the event that the Committee receives more than one Beneficiary designation form
from the Participant, the form bearing the most recent date shall be controlling. If the Committee does not have a valid Beneficiary designation of a Participant at the time of the Participant’s death, then the Participant’s Beneficiary
shall be the Participant’s surviving spouse, or if none, the Participant’s estate. The beneficiary designation, if any, in effect under the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors immediately prior to
the Spin-Off with respect to Participants listed on Appendix I shall be recognized under this Plan and shall be deemed the Participant’s valid Beneficiary designation hereunder, subject to permitted changes as described herein. 

  
 13 

 ARTICLE VI 
 NON-ASSIGNABILITY 
 6.1 Non-Assignability. Neither a
Participant nor any Beneficiary of a Participant shall have any right to commute, sell, assign, pledge, transfer or otherwise convey the right to receive his Account until his Account is actually distributed to a Participant or his Beneficiary. The
portion of the Account which has not been distributed shall not be subject to attachment, garnishment or execution for the payment of any debts, judgments, alimony or separate maintenance and shall not be transferable by operation of law in the
event of bankruptcy or insolvency of a Participant or a Participant’s Beneficiary. 

  
 14 

 ARTICLE VII 
 VESTING 
 7.1 Vesting. Each Participant shall be fully
(100%) vested in his entire Account balance at all times. 

  
 15 

 ARTICLE VIII 
 AMENDMENT OR TERMINATION OF THE PLAN 
 8.1 Power to Amend
Plan. The power to amend, modify or terminate this Plan at any time is reserved to the Committee, except that a Chief Executive Officer of the Company may make amendments to resolve ambiguities, supply omissions and cure defects, any
amendments deemed necessary or desirable to comply with federal tax law or regulations to avoid adverse tax consequences, and any other amendments deemed necessary or desirable, which shall be reported to the Committee. Notwithstanding the
foregoing, no amendment, modification or termination which would reasonably be considered to be adverse to a Participant or Beneficiary may apply to or affect the terms of any deferral of Compensation prior to the effective date of such amendment,
modification or termination, without the consent of the Participant or Beneficiary affected thereby. Any amendment made to this Plan shall be in accordance with Code section 409A and the regulations thereunder, and may not materially modify the Plan
with respect to deferrals made prior to January 1, 2005. Any amendment made in accordance with this Section 8.1 is binding upon all Participants and their Beneficiaries, the Committee and all other parties in interest. 

8.2 Distribution of Plan Benefits Upon Termination. Upon the full termination of the Plan, the Committee shall direct the
distribution of the benefits of the Plan to the Participants in a manner that is consistent with and satisfies the provisions of Article V and Section 409A of the Code to the extent applicable. 

8.3 When Amendments Take Effect. A resolution amending or terminating the Plan becomes effective as of the date specified
therein. 
 8.4 Restriction on Retroactive Amendments. No amendment may be made that retroactively deprives a
Participant of any benefit accrued before the date of the amendment. 

  
 16 

 ARTICLE IX 
 PLAN ADMINISTRATION 
 9.1 Powers of the Committee. In
carrying out its duties with respect to the general administration of the Plan, the Committee has, in addition to any other powers conferred by the Plan or by law, the following powers: 

(a) to determine all questions relating to eligibility to participate in the Plan; 

(b) to compute and certify to an appropriate party the amount and kind of distributions payable to Participants and their
Beneficiaries; 
 (c) to maintain all records necessary for the administration of the Plan that are not
maintained by any record keeper; 
 (d) to interpret the provisions of the Plan and to make and publish such
rules for the administration of the Plan as are not inconsistent with the terms thereof; 
 (e) to establish and
modify the method of accounting for the Plan; 
 (f) to employ counsel, accountants and other consultants to aid
in exercising its powers and carrying out its duties hereunder; and 
 (g) to perform any other acts necessary
and proper for the administration of the Plan. 
 9.2 Indemnification. 

(a) Indemnification of Members of the Committee by the Company. The Company agrees to indemnify and hold harmless
each member of the Committee against any and all expenses and liabilities arising out of his action or failure to act in such capacity, excepting only expenses and liabilities arising out of his own willful misconduct or gross negligence. This right
of indemnification is in addition to any other rights to which any member of the Committee may be entitled. 

(b) Liabilities for Which Members of the Committee are Indemnified. Liabilities and expenses against which a member
of the Committee is indemnified hereunder include, without limitation, the amount of any settlement or judgment, costs, counsel fees and related charges reasonably incurred in connection with a claim asserted or a proceeding brought against him or
the settlement thereof. 
 (c) Company’s Right to Settle Claims. The Company may, at its own expense,
settle any claim asserted or proceeding brought against any member of the Committee when such settlement appears to be in the best interests of the Company. 

  
 17 

 9.3 Claims Procedure. A Participant or Beneficiary or other person who feels
he is entitled to a benefit or right provided under the Plan (hereinafter referred to as “Claimant”) may make a claim, i.e., a request for benefits under this Plan, pursuant to the Committee’s procedures. 

(a) Company Action. The Company shall, within 90 days after its receipt of such claim, make its determination.
However, if special circumstances require an extension of time for processing the claim, the Company shall furnish the Claimant, within 90 days after its receipt of such claim, written notification of the extension explaining the circumstances
requiring such extension and the date that it is anticipated that such written statement will be furnished, and shall provide such Claimant with its determination not later than 180 days after receipt of the Claimant’s claim. 

In the event the claim is denied, the Company shall provide such Claimant a written statement of the Adverse Benefit Determination, as
defined in Subsection (d) below. The notice of Adverse Benefit Determination shall be delivered or mailed to the Claimant by certified or registered mail to his last known address, which statement shall contain the following: 

(i) the specific reason or reasons for Adverse Benefit Determination; 

(ii) a reference to the specific provisions of the Plan upon which the Adverse Benefit Determination is based; 

(iii) a description of any additional material or information that is necessary for the Claimant to perfect the claim;

 (iv) an explanation of why that material or information is necessary; and 

(v) an explanation of the review procedure provided below. 

(b) Procedures for Appealing an Adverse Benefit Determination. Within 60 days after receipt of a notice of an
Adverse Benefit Determination as provided above, if the Claimant disagrees with the Adverse Benefit Determination, the Claimant, or his authorized representative, may request, in writing, that the Committee review his claim and may request to appear
before the Committee for such review. If the Claimant does not request a review of the Adverse Benefit Determination within such 60 day period, he shall be barred and estopped from appealing the Company’s Adverse Benefit Determination. Any
appeal shall be filed with the Committee at the address prescribed by the Committee, and it shall be considered filed on the date it is received by the addressee. In deciding any appeal, the Committee shall act in its capacity as a named Fiduciary.

 The Claimant shall have the rights to: 

(i) submit written comments, documents, records and other information relating to the claim for benefits; 

  
 18 

 (ii) request, free of charge, reasonable access to, and copies of all
documents, records and other information relevant to his claim for benefits. 
 (c) Response on Appeal.
Within 60 days after receipt by the Committee of a written application for review of a Claimant’s claim, the Committee shall notify the Claimant of its decision by delivery or by certified or registered mail to his last known address; provided,
however, in the event that special circumstances require an extension of time for processing such application, the Committee shall so notify the Claimant of its decision not later than 120 days after receipt of such application. 

In the event the Committee’s decision on appeal is adverse to the Claimant, the Committee shall issue a written notice of an Adverse
Benefit Determination on Appeal that will contain all of the following information, in a manner calculated to be understood by the Claimant: 
 (i) the specific reason(s) for the Adverse Benefit Determination on Appeal; 
 (ii) reference to specific plan provisions on which the benefit determination is based; 
 (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s
claim for benefits. 
 (d) Definition. As used herein, the term “Adverse Benefit Determination”
shall mean a determination that results in any of the following: the denial, reduction, or termination of, or a failure to provide or make payment (in whole or in part) for, a benefit, including any such denial, reduction, termination, or failure to
provide or make payment that is based on a determination of the Claimant’s eligibility to participate in the Plan. 
 (e) A Claimant may bring a legal action with respect to a claim only if (i) all procedures described above have been exhausted, and (ii) the action is commenced within ninety (90) days
after a decision on review is furnished. In light of the Company’s substantial contacts with the State of Missouri, the fact that the Company is headquartered in St. Louis, Missouri, and the Company’s establishment of, and the
Committee’s maintenance of, this Plan in Missouri, any legal action brought by a Claimant shall be filed and conducted exclusively in the federal courts in the Eastern District of Missouri. 

9.4 Expenses. All expenses of the Committee with respect to the Plan shall be paid by the Company. 

9.5 Conclusiveness of Action. Any action on matters within the discretion of the Committee will be conclusive, final and
binding upon all Participants and upon all persons claiming any rights under the Plan, including Beneficiaries. 

  
 19 

 9.6 Release of Liability. By participating in the Plan, each Participant and
Beneficiary automatically releases the Company, its employees, the Committee, the Board and each member of the Board from any liability due to any failure to follow the requirements of Code section 409A, unless such failure was the result of an
action or failure to act that was undertaking by the Company in bad faith. Further by participating in the Plan, each Participant and Beneficiary automatically (1) releases Ralcorp Holdings, Inc., its employees, the Corporate Governance and
Compensation Committee of the Board of Directors of Ralcorp Holdings, Inc., the Board of Directors of Ralcorp Holdings, Inc. and each member of such Board of Directors, and each of their affiliates, successors, predecessors, assigns, transferees,
agents, counsel, plans, and insurers, from any and all liabilities in connection with the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors and this Plan, (2) agrees to the assignment and transfer of the rights,
benefits, obligations, and other liabilities pursuant to the Ralcorp Holdings, Inc. Deferred Compensation Plan for Non-Management Directors to the Company and this Plan, and (3) agrees that Ralcorp Holdings, Inc. shall not guarantee the payment
of such transferred rights, benefits, obligations, and other liabilities in the event that the Plan and the Company fail to pay them or otherwise. 

  
 20 

 ARTICLE X 
 MISCELLANEOUS 
 10.1 Plan Not a Contract of Employment. The
adoption and maintenance of the Plan does not constitute a contract between the Company and any Participant or to be a consideration for the employment or retention as a member of the Board of any person. Nothing herein contained gives any
Participant the right to be retained in the employ of the Company or derogates from the right of the Company to discharge any Participant at any time without regard to the effect of such discharge upon his rights as a Participant in the Plan.

 10.2 No Rights Under Plan Except as Set Forth Herein; Unsecured General Creditor Status. Nothing in this Plan,
express or implied, is intended, or shall be construed, to confer upon or give to any person, firm, association, or corporation, other than the parties hereto and their successors in interest, any right, remedy, or claim under or by reason of this
Plan or any covenant, condition, or stipulation hereof, and all covenants, conditions and stipulations in this Plan, by or on behalf of any party, are for the sole and exclusive benefit of the parties hereto. The obligations of the Company under the
Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. The benefits paid under the Plan shall be paid from the general assets of the Company, and the Participants and any Beneficiary or their heirs or successors
shall be unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. Notwithstanding the foregoing, nothing in this Section shall preclude the Company, in its sole
discretion, from establishing a “rabbi trust” or other vehicle in connection with the operation of this Plan, provided that no such action shall cause the Plan to fail to be an unfunded plan. 

10.3 Rules. The Committee shall have full and complete discretionary authority to construe and interpret provisions of the
Plan and to determine a Participant’s eligibility for benefits on a uniform, nondiscriminatory basis in similar fact situations. The Committee may adopt such rules as it deems necessary, desirable or appropriate. All rules and decisions shall
be uniformly applied to all Participants in similar circumstances. 
 10.4 Withholding of Taxes. The Committee
shall cause taxes to be withheld from an Account distributed hereunder as required by law, and shall comply with all reporting requirements applicable to amounts deferred and distributed under this Plan. 

10.5 Severability. If any provision of this Agreement is determined to be invalid or illegal, the remaining provisions
shall be effective and shall be interpreted as if the invalid or illegal provision did not exist, unless the illegal or invalid provision is of such materiality that its omission defeats the purposes of the parties in entering into this Agreement.

 10.6 409A Compliance. If any provision of the Plan is determined not to comply with Code section 409A, the non
compliant provisions shall be interpreted and applied in a manner that complies with Code section 409A and implements the intent of the Plan as closely as possible. 

  
 21 

 10.7 Participant Responsibility. Each Participant is responsible for reviewing
the accuracy of the Company’s implementation of Deferral Elections and investment allocations. If a Participant fails to notify the Company of an improper implementation of a Deferral Election or investment allocation within thirty-one
(31) days after receiving the first statement or other communications implementing the election or allocation, the Participant is deemed to have elected the implemented Deferral Election or investment allocation. 

  
 22 

 FIRST AMENDMENT TO THE 

POST HOLDINGS, INC. DEFERRED COMPENSATION PLAN FOR 
 NON-MANAGEMENT DIRECTORS 
 (amended and restated effective January 1, 2011)

 WHEREAS, Post Holdings, Inc. (“Company”) previously adopted the Post Holdings, Inc. Deferred Compensation Plan for
Non-Management Directors (“Plan”); 
 WHEREAS, the Corporate Governance and Compensation Committee of the Board of
Directors of the Company (“Committee”) reserved the right to amend the Plan pursuant to Article VIII of the Plan; 

WHEREAS, Section 5.4 of the Plan provides that amounts deferred under the Plan are to be paid in cash subject to the
Committee’s discretion to make payment with respect to any participant in whole or in part in shares of Company common stock; and 
 WHEREAS, the Company desires to specify the number of shares of Company common stock reserved for issuance under the Plan. 
 NOW, THEREFORE, effective immediately, the Plan is amended by adding a new Section 5.7 to the Plan as follows: 
 “5.7 Shares Available. Subject to the provisions of this section, the maximum number of shares of Stock that may be delivered to Participants and beneficiaries under the Plan shall be
1,000,000. The shares of Stock with respect to which distributions may be made under the Plan shall be shares of Stock currently authorized but unissued or currently held or subsequently acquired by the Company as treasury shares of Stock, including
shares of Stock purchased in the open market or in private transactions. The Company shall make automatic and appropriate adjustments in the aggregate number and type of securities that may be issued, represented, and available for delivery to
Participants and beneficiaries under the Plan to give effect to adjustments made in the number or type of shares through a dissolution or liquidation of the Company, a sale of substantially all of the assets of the Company, a merger or consolidation
of the Company with or into any other corporation, regardless of whether the Company is the surviving corporation, a statutory share exchange involving capital stock of the Company, a divestiture, distribution of assets to shareholders (other than
ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock compensation or exchange, rights offering, spin-off or other relevant change, provided that fractional shares of
Stock shall be rounded to the nearest whole share of Stock, for which purpose one-half share shall be rounded down to the nearest whole share.” 
 [the remainder of this blank is left intentionally blank] 

  
 23 

 IN WITNESS WHEREOF, this amendment has been executed this 1st day of February, 2012. 

POST HOLDINGS, INC. 
  

			
	
		
	By:	 	/s/ Robert Vitale
		
		 	Name: Robert V. Vitale
		
		 	Title: Chief Financial Officer

  
 242Catalyze, Inc. Amended 2008 Stock Option Plan

 Exhibit 4.1 
 2Catalyze, Inc. 
 SECOND AMENDED 2008 STOCK OPTION PLAN 

September 6, 2008 

 2Catalyze, Inc. 

SECOND AMENDED 2008 STOCK OPTION PLAN 
 ARTICLE 1. 
 PURPOSE AND ADMINISTRATION 

1.1. Purpose of the Plan 

The purpose of this Plan is to advance the interests of the Corporation by 

 

	 	•	 	 providing Eligible Persons with additional incentive; 

 

	 	•	 	 increasing the proprietary interest of Eligible Persons in the success of the Corporation; 

 

	 	•	 	 encouraging Eligible Persons to remain with the Corporation; and 

 

	 	•	 	 attracting new employees, officers, Directors and Consultants. 

 1.2. Definitions 
 For the purposes of this Plan, the terms set out in the
attached Schedule of Definitions will have the meanings set out in that schedule. 
 1.3. Administration by the Board of Directors

 This Plan will be administered by the Board. All of the powers exercisable hereunder by the Board may, to the extent
permitted by applicable law and as determined by resolution of the Directors, be exercised by a committee of the Directors, in which case all references to the term “Board” will be deemed to be references to the committee. The Board will
have full authority to administer this plan including the authority to interpret and construe any provision of this plan and to adopt, amend and rescind such rules and regulations for administering this plan as the Board may deem necessary in order
to comply with the requirements of this plan. All actions taken and all interpretations and determinations made by the Board in good faith will be final and conclusive and will be binding on the Eligible Persons and the Corporation. No member of the
Board will be personally liable for any action taken or determination or interpretation made in good faith in connection with this plan and all members of the Board will, in addition to their rights as Directors, be fully protected, indemnified and
held harmless by the Corporation with respect to any such action taken or determination or interpretation made. The appropriate officers of the Corporation are hereby authorized and empowered to do all things and execute and deliver all instruments,
undertakings and applications and writings as they, in their absolute discretion, consider necessary for the implementation of this plan and of the rules and regulations established for administering this plan. All costs incurred in connection with
administration of this plan will be for the account of the Corporation. 

 - 2 - 

 

 1.4. Authority of the Board of Directors 

Subject to this Plan, the Board has the authority to: 
  

	 	•	 	 grant Options to Eligible Persons; 

  

	 	•	 	 determine the Eligible Persons to whom Options may be granted; 

 

	 	•	 	 determine the terms of Option grants, including any limitations, restrictions and conditions upon those grants, which terms need not be identical
including, without limitation, the exercise price of Options, the time or times at which Options may be granted, and the time or times at which each Option may be exercisable and the duration of the exercise period; 

 

	 	•	 	 issue Shares upon the exercise of Options; 

  

	 	•	 	 effect any repurchase of Shares, Options or other rights contemplated by this Plan; 

 

	 	•	 	 lower the exercise price of an Option after it has been granted, cancel an Option in exchange for a new Option or security, or take any other action
that would be considered repricing of an Option under GAAP; 

  

	 	•	 	 interpret this Plan and adopt, amend or rescind any administrative guideline and other rule or Regulation relating to this Plan as it may from time to
time consider advisable, subject to any required approval by an applicable regulatory authority; and 

  

	 	•	 	 make all other determinations and take all other actions in connection with the implementation and administration of this Plan as it may consider
necessary or advisable. 

 The Board’s guidelines, rules, Regulations, interpretations and determinations will be
conclusive and binding upon all parties. 
 1.5. Shares Reserved 
 The Corporation hereby reserves an aggregate of 7,854,898 Common Shares (the “Shares”), for issuance under this Plan. No Option may be granted if such grant would have the effect of causing the
total number of Shares subject to Options to exceed the above-noted total number of Shares reserved for issuance pursuant to the exercise of Options. Subject to applicable law and any shareholder or other approval which may be required including
pursuant to the Shareholders’ Agreement, the Board may, in its discretion ,amend the Plan to increase such number of Shares without notice to any Optionees. Any Share subject to an Option that, for any reason, has been cancelled or terminated
without having been exercised, will again be available under this Plan. 

  

 - 3 - 

 

 1.6. Restrictions on Issuances 

The following restrictions shall apply to this Plan: 
 1.6.1. the number of Shares reserved for issuance pursuant to Options granted to Related Persons may not exceed 12.5% of the Outstanding Issue; 

1.6.2. Related Persons may not, within a 12 month period, be issued a number of Shares under the Plan exceeding 12.5% of the Outstanding
Issue; 
 1.6.3. any one Related Person and that Related Person’s Associates may not, within a one-year period, be issued a
number of Shares under the Plan exceeding 12.5% of the Outstanding Issue; and 
 1.6.4. the number of Shares reserved for
issuance to any one Related Persons pursuant to Options within a 12 month period must not exceed 12.5% of the Outstanding Issue. 
 1.7.
Ceasing to be an Eligible Person 
 1.7.1. A Participant will cease to be an Eligible Person on the earliest of: 

1.7.1.1 the end of the notice period if the Corporation gives the Participant notice of termination of employment or the Participant gives
the Corporation notice of resignation and the Participant continues to work during the notice period; 
 1.7.1.2 the date on
which the Corporation gives the Participant notice of termination of employment (with or without cause) and not the date on which any period of notice of termination, (whether statutory, common law or contractual) expires, if the Participant does
not work during the notice period; 
 1.7.1.3 the date on which the Participant gives the Corporation notice of resignation, if
the Participant does not work during the notice period; 
 1.7.1.4 the date of the Participant’s retirement; 

1.7.1.5 the date of the Participant’s death; 
 1.7.1.6 the date of the Participant’s Disability; 
 1.7.1.7 the date on which
the Participant otherwise fails to meet the criteria set out under the definition of an Eligible Person; and 
 1.7.1.8 in any
other case, the actual date on which both the Participant and the Corporation had actual notice that the Participant’s employment would cease on a particular date. 

For greater certainty, the above dates will apply whether or not the Participant receives or is entitled to receive any
payment in lieu of notice, 

  

 - 4 - 

 

 1.7.2. A Consultant will cease to be an Eligible Person on the earliest
of: 
 1.7.2.1 the expiration of the Consultant’s written contract with the Corporation or any Affiliate of the
Corporation; or 
 1.7.2.2 the termination by the Corporation or its Affiliates, as applicable, of the Consultant’s
contract with the Corporation or any Affiliate of the Corporation whether with or without cause. 
 ARTICLE 2. 

FAIR VALUE 
 2.1. Fair
Value 
 2.1.1. So long as the Corporation is not a Public Company, the Board will, at least annually, determine the fair
market value of the Shares at that time, which fair market value will be the “Fair Value” for the purposes of this Plan. The Board may consider any evidence that it determines to be helpful to it in determining Fair Value. The Board
may determine a new Fair Value from time to time as is reasonably warranted by the circumstances. 
 2.1.2. If the Corporation is
a Public Company, “Fair Value” for the purposes of this Plan will be equal to the weighted average of the closing prices of the Shares on The Toronto Stock Exchange or other relevant stock exchange (as determined by the Board) for the five
trading days ending on the last trading date preceding the date on which the calculation of Fair Value is to be made. 

ARTICLE 3. 

GRANTS OF OPTIONS 

3.1. Grants 
 3.1.1. The
Board may grant Options to Eligible Persons. An Eligible Person may receive Options on more than one occasion under this Plan and may receive differing Options on any one occasion. 

3.1.2. If the Corporation is a Public Company, the Chief Executive Officer and the Chief Financial Officer of the Corporation and any
other officer of the Corporation designated by the Board (each, a “Designated Officer”) is authorized to grant Options from time to time to Eligible Persons between meetings of the Board, subject to the ratification and approval of
those grants by the Board at its next meeting; provided that those grants are otherwise made in accordance with the terms of the Plan and any guidelines set out by the Board. Any grants of Options that are not in accordance with those guidelines
(but are otherwise in accordance with the terms of the Plan) may be made by a Designated Officer between meetings of the Board, subject to the approval of the Chair of the committee of the Board appointed to administer the Plan and the ratification
and approval of those grants by the Board, at its next meeting. In all circumstances, the exercise price of Options granted in this manner will be established on the date of grant by the Designated Officer, in accordance with section 3.3 of the
Plan. 

  

 - 5 - 

 

 3.2. Option Term 
 3.2.1. Options granted must be exercised within such period of time as shall be determined by the Board, provided that no Option may be exercised later than Seven (7) years after the date of grant
(or within any lesser period that the applicable grant, this Plan, Regulations or any applicable regulatory authority may require). No Option may be exercised after its stated expiration. 

3.2.2. The Board will determine when any Option will become exercisable and may determine that an Option will be exercisable in
instalments. If not otherwise determined by the Board, Options will vest as to 25% of the Options on the first anniversary of the grant and thereafter as to 2.08% of the Options on the last day of each monthly period thereafter until such time as
the total number of Options shall cease to vest on the Termination Date. Options shall have vested, subject to the Participant’s continuing to be an Eligible Person. 
 3.2.3. If a Participant ceases to be an Eligible Person as a result of: 
 3.2.3.1.
the termination of the Participant’s employment or engagement by the Corporation without cause; 
 3.2.3.2. the retirement
of the Participant; 
 3.2.3.3. the resignation of the Participant; or 

3.2.3.4. the expiration of a Consultant’s contract, 
 each Option held by the Participant which has vested on or prior to the Termination Date will cease to be exercisable ninety (90) days after the Termination Date unless otherwise determined by the
Board. 
 3.2.4. If a Participant ceases to be an Eligible Person as a result of the termination of the Participant’s
employment or engagement by the Corporation for cause, each Option held by the Participant which has vested on or prior to the Termination Date will cease to be exercisable immediately upon the Corporation’s notice of termination, unless
otherwise determined by the Board. 
 3.2.5. On the death of the Participant, the Participant or the legal representatives of the
Participant, as the case may be, may exercise the Participant’s Options pursuant to section 4.1 within 180 days after the date of the Participant’s death, but only to the extent that the Options were, by their terms, vested on the date of
death. 
 3.2.6. On the Disability of the Participant, the Participant may exercise the Participant’s Options, pursuant to
Section 4.1 at any time up to the end of the time prescribed by Section 3.2.1, but only to the extent that the Options were, by their terms, vested on the date of Disability. 

  

 - 6 - 

 

 3.2.7. Effective the Termination Date, any portion of an Option that has not vested on
or prior to the Termination Date will no longer be exercisable. 
 3.2.8. Leave of absence—In the event a Participant takes
an approved leave of absence (whether with or without pay), for more than thirty (30) days, but where the Participant returns to its employment, the vesting of the Options shall be deferred by the length of the absence (i.e. tolled), but the
term of the Options will not be extended. 
 3.2.9. Notwithstanding the provisions of Sections 3.2.3 to 3.2.8 inclusive, the
Board may, in its discretion, at any time prior to or following the events contemplated in such sections, permit the exercise of any or all Options held by the Participant in the manner and on the terms authorized by the Board, provided that the
Board will not, in any case, authorize the exercise of an Option pursuant to this section beyond the expiration of the term of exercise of the particular Option as contemplated in the Option Agreement in respect of such Option. 

3.3. Option Exercise Price 
 3.3.1. If the Corporation is not a Public Company, the Board will establish the exercise price of an Option at the Fair Value when the Option is granted. 

3.3.2. If the Corporation is a Public Company, the Board will, in accordance with Applicable Rules, establish the exercise price of an
Option when each Option is granted on the basis of the closing market price of the Shares on The Toronto Stock Exchange or other relevant stock exchange (as determined by the Board) on the last trading date preceding the date of the grant. If there
is no trading on that date, the exercise price will be the average of the bid and ask on the last trading date preceding the date of the grant. 

3.4. Option Agreement 
 Every Participant
will, as a pre-condition to any entitlement to any Shares, execute and be bound by the Option Agreement substantially in the form set out in Schedule “A”. Any one officer of the Corporation is authorized and empowered to execute and
deliver, for and on behalf of the Corporation, an Option Agreement to each Participant. 
 3.5. Prohibition on Transfer or Pledge of Options

 Options are personal to the Participant. No Participant may deal with any Options or any interest in them or Transfer any
Options except in accordance with this Plan. A purported Transfer of any Options in violation of this Plan will not be valid and the Corporation will not issue any Share upon the attempted exercise of those Options. Subject to Applicable Rules, the
Board may establish rules, regulations and procedures permitting the Transfer of Options in circumstances and on terms determined by the Board, including but not limited to the Transfer of Options to Related Persons if permitted under the Applicable
Rules. 

  

 - 7 - 

 

 3.6. Amendment of Option Terms 

With the consent of the affected Participant, the Board may amend or modify any outstanding Option in any manner to the extent that the
Board would have had the initial authority to grant the Option as so modified or amended, including without limitation, to change the date or the price at which an Option becomes exercisable, subject to any required approval by an applicable
regulatory authority. 
 ARTICLE 4. 
 EXERCISE OF OPTIONS 
 4.1. Payment of Option Price 

The purchase price of each Share purchased under an Option shall, at the option of the Participant, be by bank draft or certified cheque.
Upon receipt of payment in full, but subject to this Plan, the number of Shares in respect of which the Option is exercised will be issued as fully paid and non-assessable. 
 4.2 Shareholders Agreements and Voting Agreements 
 Each Participant must,
at the time of and as a condition to the exercising an Option, sign and deliver all such documents relating to the granting or exercise of Options which the Corporation deems necessary or desirable including, without limitation, a Voting Trust
Agreement in substantially the form attached hereto as Schedule “B” or in such other form as required by the Board and/or any assumption agreement relating to any voting or shareholders agreement in effect among all or any of the
shareholders and/or optionholders of the Corporation from time to time. 
 ARTICLE 5 

GENERAL 
 5.1 Merger or
Sale 
 If there is: 
 5.1.1 a consolidation or merger in which the Corporation is not the surviving corporation, or that results in the acquisition of substantially all of the Corporation’s outstanding Shares by a single
person, entity or group of persons or entities acting in concert (a “combination”); 
 5.1.2 the sale or transfer of
all or substantially all of the assets of the Corporation; or 

  

 - 8 - 

 

 5.1.3 a reorganization or liquidation of the Corporation, the Board, or the Board of any
corporation assuming the obligations of the Corporation, will, having regard to its fiduciary duties and the best interests of the Corporation, as to outstanding Options either: 

5.1.4 provide that the Options are assumed, or rights equivalent to the Options are substituted, by the acquiring or succeeding
corporation (or an affiliate); 
 5.1.5 upon written notice to Participants, provide that all unexercised Options (both vested
and unvested) will terminate immediately prior to the consummation of the merger, consolidation, acquisition, reorganization, liquidation, sale or transfer unless those Options which have vested are exercised by respective Participants within a
specified number of days following the date of the notice; 
 5.1.6 in case of a combination under the terms of which holders of
Shares will receive cash and/or other consideration for each Share surrendered in the combination, provide for the delivery to each Participant of the cash and/or other consideration that the Participant would have received had the Participant
exercised all of the Participant’s outstanding vested Options immediately prior to the combination (less the amount the Participant would have been required to pay to the Corporation on that exercise, in cash and/or in a portion of any other
consideration having a fair value equal to the amount), in exchange for the termination of all of the Participant’s vested and unvested Options; or 
 5.1.7 take such other actions and combinations of the foregoing actions as it deems fair and reasonable under the circumstances. 
 In any case, the Board may, in its discretion, advance any waiting, vesting or instalment period and exercise date. 
 5.2 Substitute Options 
 The Corporation may grant Options under the Plan in
substitution for options held by employees or directors or consultants of another corporation who become Eligible Persons as the result of a merger or consolidation of the employing corporation with the Corporation, or as a result of the acquisition
by the Corporation of property or securities of the employing corporation. The Corporation may direct that substitute Options be granted on terms and conditions that the Board considers appropriate in the circumstances and subject to Applicable
Rules. 
 5.3 Notation on Share Certificates 
 So long as the Corporation is not a Public Company, all Share certificates issued subsequently will have the following statement conspicuously noted on them: 

“There are restrictions on the right to transfer the shares represented by this certificate as set out in the Second Amended 2008
2Catalyze, Inc. Stock Option Plan, as the same may be amended from time to time, and the provisions of the shareholders’ agreement of 2Catalyze, Inc. amongst 2Catalyze, Inc. and its 

  

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shareholders, as the same may be amended from time to time, and such shares may not be pledged, sold or otherwise transferred except in accordance with that the Second Amended 2008 2Catalyze,
Inc. Stock Option Plan and 2Catalyze, Inc.’s shareholders’ agreement.” 
 5.4 Beneficial Ownership 

Notwithstanding the deposit of the Shares with the Corporation, the Shares will continue to be beneficially owned by the Participant in
respect of whom the Shares were issued. The Corporation will hold the Shares as custodian for that Participant in accordance with this Agreement, and that Participant will, except as otherwise expressly provided in this Agreement, continue to enjoy
all the rights of beneficial ownership relating to the Shares. 
 5.5 Dividends, Changes in Shares, etc. 

5.5.1. If the Corporation receives any certificates for securities issued by way of stock split or stock dividend upon or in exchange for
any Shares held by it under this Agreement, the Corporation will hold the certificates in accordance with the terms of this Agreement or any other agreement entered into by a Participant pursuant to Section 4.2. 

5.5.2. All cash dividends and all other monies that may become due and payable to the Participant, whether by reason of dissolution,
liquidation, disposition or otherwise, will be paid directly to the Participant, according to their respective interests as shown on the securities register of the Corporation. 
 5.6. Capital Adjustments 
 If there is any change in the outstanding Shares
by reason of a stock dividend or split, recapitalization, consolidation, combination or exchange of shares, or other fundamental corporate change, other than the issuance of Shares by the Corporation for consideration, the Board will, subject to any
prior approval required of any applicable regulatory authority, make an appropriate substitution or adjustment in 
 5.6.1. the
exercise price of any unexercised Options; 
 5.6.2. the number or kind of Shares reserved for issuance pursuant to this Plan; or

 5.6.3. the number and kind of Shares subject to unexercised Options previously granted and in the exercise price of those
unexercised Options; 
 provided, however, that no substitution or adjustment will obligate the Corporation to issue or sell fractional Shares.
The determination of the Board, as to any adjustment or as to there being no need for adjustment, will be final and binding on all parties. 

The existence of any Options does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any
adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation, to create or issue any bonds,

  

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debentures, Common Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any
sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this section would have an adverse effect
on this Plan or any Option granted hereunder. 
 5.7 No Special Employment Rights 

Nothing contained in the Plan or in any Option will confer upon any Participant any right with respect to the continuation of the
Participant’s employment by the Corporation or interfere in any way with the right of the Corporation at any time to terminate that employment or to increase or decrease the compensation of the Participant. 

5.8. Other Employee Benefits 
 The amount of any compensation deemed to be received by a Participant as a result of the exercise of an Option or the sale of Shares received upon an exercise of an Option will not constitute compensation
with respect to which any other employee benefits of that Participant are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically
determined by the Board. 
 5.9. Non-Exclusivity 
 Nothing contained in this Plan will prevent the Board from adopting other or additional compensation arrangements for the benefit of any Eligible Person or Participant, subject to any required regulatory
or shareholder approval. 
 5.10. Authorization of Sub-Plans 
 The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish
such sub plans by adopting supplements to this Plan containing (a) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable or (b) such additional terms and conditions not otherwise
inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the
Company shall not be required to provide copies of any supplement to Participants in any jurisdiction which is not the subject of such supplement. 
 5.11. Amendment and Termination 
 6.8.1. The Board may amend, suspend or
terminate this Plan or any portion of it at any time in accordance with applicable legislation, and subject to any required regulatory, shareholder approval and subject to the provisions of the Shareholders’ Agreement. 

5.11.2. Subject to section 3.4 and 5.11.1 hereof, no amendment, suspension or termination may, without the consent of the affected
Participant, alter or impair any Option, or any right pursuant to an Option, granted previously to any Participant. 

  

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 5.11.3. If this Plan is terminated, the provisions of this Plan, the Regulations and any
administrative guidelines and other rules adopted by the Board and in force when this Plan is terminated, will continue in effect as long as any Option, or any right pursuant to an Option, remains outstanding. However, notwithstanding the
termination of this Plan, the Board may make any amendments to this Plan, or to any outstanding Option, that it would be entitled to make if this Plan were still in effect. 
 5.12. Compliance with Applicable Legislation and Other Requirements 

5.12.1. The Corporation is not obligated by this Plan or any grant under it to, and will not, take any action required, permitted or
otherwise contemplated by this Plan except in accordance with Applicable Rules. The Board may postpone or adjust any exercise of any Option or the issue of any Shares pursuant to this Plan or refrain from taking any action or exercising any right
required, permitted or contemplated by the Plan as the Board in its discretion may deem necessary in order to permit the Corporation to ensure compliance of this Plan or the issuance of Shares pursuant to it with Applicable Rules. 

5.12.2. If the Shares are listed on a stock exchange, the Corporation will have no obligation to issue any Shares pursuant to this Plan
unless the Shares have been duly listed, upon official notice of issuance, on that stock exchange. 
 5.12.3. If Applicable Rules
prevent the exercise of an Option or the issue of a Share, the Board may, in addition to the rights referred to above, choose to address the economic value of a Participant’s rights in whatever manner it deems to be reasonable in the
circumstances, and action taken by the Corporation in consequence of that determination will be deemed to have satisfied the Corporation’s obligations as they would otherwise have existed. 

5.12.4. Neither the Options which may be granted pursuant to the provisions of the Plan nor the Shares which may be acquired pursuant to
the exercise of Options have been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or under any securities law of any state of the United States of America. Accordingly, any Participant who
is a U.S. citizen or resident and is issued Shares or granted an Option in a transaction which is subject to the U.S. Securities Act or the securities laws of any state of the United States of America may be required to represent, warrant,
acknowledge and agree that: 
 (a) the Participant is acquiring the Option and/or any Shares as principal and for he account of
the Participant; 
 (b) in granting the Option and/or issuing the Shares to the Participant, the Corporation is relying on the
representations and warranties of the Participant to support the conclusion of the Corporation that the granting of the Option and/or the issue of Shares do not require registration under the U.S. Securities Act or to be qualified under the
securities laws of any state of the United States of America; 
 (c) each certificate representing Shares issued may be required
to have the following legend: 

  

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 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO
THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATIONS UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF
AVAILABLE, OR (D) IN COMPLIANCE WITH CERTAIN OTHER PROCEDURES SATISFACTORY TO THE CORPORATION.” 
 provided that if
such Shares are being sold outside the United States of America in compliance with the requirements of Rule 904 of Regulation S under the U.S. Securities Act, and in compliance with applicable local laws and regulations, the foregoing legend may be
removed by providing a declaration addressed to the Corporation and the registrar and transfer agent for the Shares to the following effect: 
 “The undersigned (a) acknowledges that the sale of the              Shares, represented by certificate numbers
                    , to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), and (b) certifies that (1) it is not an “affiliate” (as defined in Rule 405 under the U.S. Securities Act) of the Corporation, (2) the offer of such Shares was not
made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believe that the buyer was outside the United
States or (b) the transaction was executed on or through facilities of The Toronto Stock Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States, and
(3) neither the seller nor any person acting on its behalf engaged in any directed selling efforts in connection with the offer and sale of such Shares. Terms used herein have the meanings given to them by Regulation S” 

and provided further that if such Shares are being sold pursuant to an exemption from registration under the U.S. Securities Act provided
by Rule 144 thereunder, the foregoing legend may be removed by delivery to the registrar and transfer agent for the Shares of an opinion of counsel, of recognized standing reasonably satisfactory to the Corporation, to the effect that such legend is
no longer required under applicable requirement of the U.S. Securities Act or state securities laws; 
 (d) other than as
contemplated by Subsection 4.03(c) hereof, prior to making any disposition of any Shares acquired pursuant to the Plan which might be subject to the registration requirements of the U.S. Securities Act, the Participant shall give written notice to
the Corporation describing the manner of the proposed disposition and containing such other information as is necessary to enable counsel for the Corporation to determine whether registration under the U.S. Securities Act or qualification under any
securities laws of any state of the United States of America is required in connection with the proposed disposition and whether the proposed disposition is otherwise in compliance with such legislation and the regulations thereto; 

  

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 (e) other than as contemplated by Subsection 4.03(c) hereof, the Participant will not
attempt to effect any disposition of the Shares owned by the Participant and acquired pursuant to the Plan or of any interest therein which might be subject to the registration requirements of the U.S. Securities Act in the absence of an effective
registration statement relating thereto under the U.S. Securities Act or an opinion of counsel satisfactory in form and substance to counsel for the Corporation that such disposition would not constitute a violation of the U.S. Securities Act and
then will only dispose of such Shares in the manner so proposed; 
  

	 	(f)	the Corporation may place a notation on the records of the Corporation to the effect that none of the Shares acquired by the Participant pursuant to the Plan shall be
transferred unless the provisions of the Plan and the Shareholders’ Agreement have been complied with; and 

  

	 	(g)	the effect of these restrictions on the disposition of the Shares acquired by the Participant pursuant to the Plan is such that the Participant may not be able to sell
or otherwise dispose of such Shares for a considerable length of time in a transaction which is subject to the provisions of the U.S. Securities Act other than as contemplated by Subsection (c) hereof. 

5.13. Rights as a Shareholder 
 No Participant shall have any rights as a shareholder of the Corporation with respect to any Shares that are the subject of an Option. No Participant shall be entitled to receive, and no adjustment shall
be made for, any dividends, distributions or other rights declared for shareholders of the Corporation for which the record date is prior to the date of exercise of any Option. 
 5.14. No Representation or Warranty 
 The Corporation makes no
representation or warranty as to the future market value of any Shares issued in accordance with the provisions of this Plan. 
 5.15.
Participation in the Plan 
 The participation of any Participant in the Plan is entirely voluntary and not obligatory and
shall not be interpreted as conferring upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment nor a
commitment on the part of the Corporation to ensure the continued employment of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not
assume responsibility for the income or other tax consequences for the Participants and they are advised to consult with their own tax advisors. 

  

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 5.16. Compliance with Applicable Law 

If any provision of this Plan or any Option contravenes any law or any order, policy, by-law or regulation of any regulatory body having
jurisdiction, then such provision shall be deemed to be amended to the extent necessary to bring such provision into compliance therewith. 

5.17. Withholding Taxes 

The exercise of each Option granted under this Plan is subject to the condition that if at any time the Corporation determines, in its
discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such exercise, such exercise is not effective unless such withholding has been effected to the satisfaction of the
Corporation. In such circumstances, the Corporation may require that a Participant pay to the Corporation, in addition to and in the same manner as the Exercise Price for the Shares, such amount as the Corporation is obliged to remit to the relevant
taxing authority in respect of the exercise of the Option. Any such additional payment is due no later than the date as of which any amount with respect to the Option exercised first becomes includable in the gross income of the Participant for tax
purposes. 
 5.18. Rights of Participant/Optionee 
 No Participant has any claim or right to be granted an Option (including, without limitation, an Option granted in substitution for any Option that has expired pursuant to the terms of this Plan), and the
granting of any Option is not to be construed as giving a Participant a right to remain in the employ of the Corporation or any Affiliate. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable on the
exercise of rights to acquire Shares under any Option until the allotment and issuance to the Participant of certificates representing such Shares. 
 5.19. Indemnification 
 Every Director will at all times be indemnified and
saved harmless by the Corporation from and against all costs, charges and expenses whatsoever including any income tax liability arising from any such indemnification, that such Director may sustain or incur by reason of any action, suit or
proceeding, taken or threatened against the Director, otherwise than by the Corporation, for or in respect of any act done or omitted by the Director in respect of this Plan, such costs, charges and expenses to include any amount paid to settle such
action, suit or proceeding or in satisfaction of any judgement rendered therein. 
 5.21. Governing Law 

This Plan is to be governed by and construed in accordance with the laws of the Province of Ontario, Canada. 

5.22. Effective Date 

This Plan is effective as of September 6, 2008. 

  

 2Catalyze, Inc. 

SECOND AMENDED 2008 STOCK OPTION PLAN 
 REGULATIONS 
  

	1.	In these Regulations, words defined in the Plan and not otherwise defined in these Regulations will have the same meaning as set out in the Plan.

  

	2.	The date of a Participant’s Disability will be the last day of the applicable period during which the Participant is able to fulfill the Participant’s
obligations to the Corporation. 

  

	3.	If the legal representative of a Participant who has died purports to exercise any Options of the Participant, the Corporation will have no obligation to issue the
Shares until evidence satisfactory to the Corporation has been provided that the legal representative is entitled to exercise the Options. 

  

	4.	No fractional Share may be issued and the Board may determine the manner in which fractional Share value will be treated. 

 

	5.	Not less than 100 Shares subject to Options may be purchased by a Participant at any one time except where the remainder totals less than 100. 

 

	6.	Options granted to Directors of the Corporation must be approved by the Chair of the Compensation Committee, should one exist. 

 

	7.	Options granted to the Chair of the Compensation Committee, should one exist, must be approved by the rest of the Compensation Committee, should one exist.

 2Catalyze, Inc. 

SECOND AMENDED 2008 STOCK OPTION PLAN 
 SCHEDULE OF DEFINITIONS 
 For the purposes of this Plan, the following
terms will have the following meanings: 
  

	1.	“Affiliate” means any entity that is an affiliate of the Corporation as defined under the Business Corporations Act (Ontario).

  

	2.	“Applicable Rules” means the securities laws of any applicable jurisdiction or the rules applicable to any stock exchange or quotation system on which
the Corporation’s Shares are listed or quoted or on which the Corporation wishes to list or quote its Shares, including any required prior regulatory or shareholder consent; 

 

	3.	“Associate” has the meaning given to that term in the Securities Act (Ontario); 

 

	4.	“Board” means the Board of Directors of the Corporation or a committee of the Board of Directors appointed in accordance with the Plan;

  

	5.	“Business Day” means any day other than a statutory holiday in the Province of Ontario, Canada; 

 

	6.	“Consultant” means an individual that: 

  

	 	6.1.	is engaged to provide on a bona fide basis consulting, technical, management or other services to the Corporation or an Affiliate under a written contract between the
Corporation or the Affiliate and the individual, or a company or partnership of which that individual is an employee, shareholder or partner; and 

  

	 	6.2.	in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention on the affairs and business of the Corporation or an
Affiliate; 

  

	7.	“Corporation” means 2Catalyze, Inc. and, except where the context otherwise requires, the term “Corporation” includes Affiliates of the
Corporation; 

  

	8.	“Director” means a member of the board of directors of the Corporation; 

 

	9.	“Disability” either 

  

	 	9.1.	has the meaning given to that term in any written employment or consulting agreement between the Corporation and the Eligible Person or in any written employment
policy, manual or insurance policy of the Corporation, or 

  

	 	9.2.	if there is no applicable written definition of this term, means the mental or physical state of the Eligible Person resulting in the Eligible Person being unable as a
result of illness, disease, mental or physical disability or similar cause, as determined by a legally qualified medical practitioner selected by the Corporation, to fulfill the Eligible Person’s obligations to the Corporation either for any
consecutive 180-day period or for any period of 180 days (whether or not consecutive) in any consecutive 365-day period; 

  

	10.	“Eligible Person”, subject to the Regulations and to all applicable law, means any employee, officer, director (other than a director who is a nominee
of an investor of the Corporation, but including a corporation all of the voting stock of which is controlled by the employee, officer or director, as the case may be) or Consultant of the Corporation or any Affiliate of the Corporation (and
includes any of these persons who are on an approved leave of absence authorized by the Board or the board of directors of any Affiliate), or who is a person, or belongs to a class of person, designated as an “Eligible Person” by the
Board; 

	11.	“Fair Value” has the meaning given to that term in section 2.1; 

 

	12.	“OSC Rule” means Ontario Securities Commission Rule 45-503—Trades to Employees, Executives and Consultants, as may be amended from time to time;

  

	13.	“Option” means a right granted to an Eligible Person to purchase Shares of the Corporation on the terms of this Plan; 

 

	14.	“Outstanding Issue” has the meaning given to that term in the OSC Rule; 

 

	15.	“Participant” means an Eligible Person to whom an Option has been granted; 

 

	16.	“Participant Family Law Application” means that an application or proceeding is brought under the Family Law Act (Ontario) by a Participant or
the spouse or former spouse of a Participant to determine the entitlement of the Participant or the spouse or former spouse to the net family property of the Participant; 

 

	17.	“Plan” means this Second Amended 2008 Stock Option Plan; 

  

	18.	“Public Company” means a corporation any portion of the shares of which is freely tradeable to and between members of the public without the
requirement of filing a prospectus or similar document and the shares of which are traded on a published market (being any market on which shares are traded if the prices at which they have been traded on that market are regularly published in a
newspaper or business or financial publication of general and regular paid circulation); 

  

	19.	“Purchase” means a purchase by the Corporation, or by a Participant selected by the Corporation, or by an Offeror, of Shares or Options;

  

	20.	“Regulations” means the regulations made pursuant to this Plan, as the same may be amended from time to time; 

 

	21.	“Related Person” has the meaning given to that term in the OSC Rule; 

 

	22.	“Share” means a common share of the Corporation; 

  

	23.	“Termination Date” means the date on which a Participant ceases to be an Eligible Person; 

 

	24.	“Transfer” includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, hypothecation, charge, pledge, encumbrance, grant of security
interest or other arrangement by which possession, legal title or beneficial ownership passes from one person to another, or to the same person in a different capacity, whether or not voluntary and whether or not for value, and any agreement to
effect any of the foregoing; and 

 Schedule A—Form Of Option Agreement 

2Catalyze, Inc. 
 SECOND AMENDED 2008 STOCK OPTION PLAN 
 This Option Agreement is entered into between
2Catalyze, Inc. (the “Corporation”) and the Optionholder named below pursuant to the 2Catalyze, Inc. Second Amended 2008 Stock Option Plan (the “Plan”), a copy of which is attached hereto, and confirms that: 

on
                             (the “Grant Date”); 

                      
       (the “Optionholder”); 
 was granted a non-assignable option to purchase
                 Common Shares of the Corporation (the “Options”), exercisable as to 25% of the Options on the first anniversary of
             (the “Start Date”), and thereafter as to 2.08% of the Options on the last day of each monthly period thereafter until such time as the total number of Options
shall have vested; 
 at a price of $0.57 per Common Share; and 

for a term expiring at 5:00 p.m., on             , 2016; 

all on the terms and subject to the conditions set out in the Plan. By signing this agreement, the Optionholder acknowledges that he or she has read and
understands the Plan and agrees and accepts all the provisions thereof. Capitalized terms used herein, unless expressly defined I a different manner, shall have the meanings ascribed thereto in the Plan. 

The Optionholder acknowledges and agrees that as a condition to the exercise of each Option granted hereunder, the Optionholder shall be required to
execute and deliver to the Corporation all such documents relating to the exercise of Options which the Corporation deems necessary or desirable including, without limitation, any voting agreement required by the Board and/or any assumption
agreement relating to any voting or shareholders agreement in effect among all or any of the shareholders and/or optionholders of the Corporation from time to time. The Optionholder acknowledges that such agreements may provide for restrictions on
transfers of Common Shares and provides for requirements to sell such Common Shares in certain circumstances. 
 Nothing in the Plan or in this
Option Agreement will affect the Corporation’s right, or that of an Affiliate, to terminate the employment of, term of office of, or consulting agreement or arrangement with an Optionholder at any time for any reason whatsoever. Upon such
termination, an Optionholder’s rights to exercise Options will be subject to restrictions and time limits for the exercise of Options. Complete details of such restrictions are set out in the Plan. Each notice relating to the Option, including
the exercise thereof, must be in writing. All notices to the Corporation must be delivered personally or by prepaid registered mail and must be addressed to the President. All notices to the Optionholder will be addressed to the principal address of
the Optionholder on file with the Corporation. Either the Corporation or the 

 Optionholder may designate a different address by written notice to the other. Such notices are deemed to be
received, if delivered personally, on the date of delivery, and if sent by prepaid, registered mail, on the fifth business day following the date of mailing. Any notice given by either the Optionholder or the Corporation is not binding on the
recipient thereof until received. 
 When the issuance of Common Shares on the exercise of the Option may, in the opinion of the Corporation,
conflict or be inconsistent with any applicable law or regulation of any governmental agency having jurisdiction, the Corporation reserves the right to refuse to issue such Common Shares for so long as such conflict or inconsistency remains
outstanding. 
 This Option Agreement has been made in and is to be construed under and in accordance with the laws of the Province of Ontario
and the laws of Canada applicable therein. 
 The Optionholder represents and warrants to the Corporation that he/she has not been induced to
enter this Agreement either by the expectation of employment or continued employment with the Corporation or any Affiliate thereof. 
 IN
WITNESS WHEREOF the Corporation and the Optionholder have executed this Option Agreement as of             , 200_. 

 

			
	2Catalyze, Inc.
		
	By:  	 	 
	
	 
	Name of Optionholder
	
	 
	Signature of Optionholder

 Schedule B—Voting Trust Agreement 

2Catalyze, Inc. 
 THIS AGREEMENT made as of the _ day of                 , 201_ by and between 2Catalyze, Inc. (the
“Company”) and                  (the “Shareholder”). 
 WHEREAS the Company has issued common shares in the capital of the Company to and may in the future issue additional shares (collectively, the “Shares”) to the Shareholder;

 AND WHEREAS the Company and the Shareholder wish to grant certain rights to the Chief Executive Officer (or Co-Chief
Executive Officer) of the Corporation appointed from time to time, or such other person as designated under the terms of this Agreement (the “Officer”); 
 NOW THEREFORE in consideration of the foregoing and of the mutual covenants and agreements herein contained, the parties agree as follows: 
 1. Term of Agreement 
 This Agreement shall take effect on the date hereof
and shall remain in full force and effect until the earlier of: (a) the termination of this Agreement by written agreement; (b) the dissolution or bankruptcy of the Company or the Company’s assignment in bankruptcy; and (c) the
completion of any distribution of any securities convertible of the Company to the public pursuant to a registration statement and/or prospectus or equivalent document registered or filed with applicable regulatory authorities resulting in a listing
of such securities on The Toronto Stock Exchange, the New York Stock Exchange or the Nasdaq National Market. 
 2. Share Certificates Held in
Trust 
 The certificates representing the Shares shall be held in trust by the Officer until the termination of this
Agreement. Copies of the share certificates shall be provided to the Shareholder. 
 3. Power of Attorney 

The Shareholder will deliver to the Officer an irrevocable power of attorney (the “Power of Attorney”) in the form
annexed hereto as Exhibit “A”, and the Shareholder shall cause to be delivered to the Officer, by any transferee of the Shareholder that acquires Shares (in accordance with the provisions hereof), an irrevocable power of attorney in
substantially the same form as that annexed hereto as Exhibit “A”. 
 4. Voting of Shares 

The Officer shall be entitled to deliver to the chairman of any meeting of shareholders of the Company, a proxy or proxies executed by the
Officer voting the Shares pursuant to the Power of Attorney, If the Officer delivers a proxy or proxies executed in accordance with the Power of Attorney before the commencement of any such meeting, such proxy shall revoke any proxies otherwise
executed and delivered by or on behalf of the shareholder, or any other registered holder of the Shares in respect of such meeting. The Officer shall be further entitled to execute on behalf of the Shareholder pursuant to the Power of Attorney, any
resolution or other instrument in writing to be executed by the voting shareholders of the Company, including any agreement among the shareholders of the Company, provided that the Power of Attorney shall not extend to amendments of this Agreement
or to the Power of Attorney. 

 5. Subdivision, Consolidation, etc. of Shares 

The provisions of this Agreement relating to the Shares shall apply mutatis mutandis to any securities into which the Shares or any
of them may be converted or changed, to any securities of the Company resulting from a reclassification, subdivision or consolidation of any Shares, to any securities of the Company which are received by the Shareholder as a dividend in kind, and to
any securities of the Company or of any successor body corporate which may be received by the Shareholder on an amalgamation, reorganization, merger or combination of the Company. 
 6. Agreement of Officer 
 The Officer agrees to act as the Officer pursuant
to this Agreement and to undertake all acts required of the Officer pursuant to this Agreement. 
 7. Replacement of Officer 

At any time and from time to time, the Officer may be replaced by resolution of the board of directors of the Company. Upon the
replacement of the Officer in accordance with this Agreement, and the consent of such replacement to act as the Officer under this Agreement, such replacement will be deemed to be the Officer for all purposes of this Agreement. 

7. General 
 This
Agreement may be amended at any time by written instrument executed and delivered by each of the parties hereto. The parties hereto shall sign such further and other documents, cause such meetings to be held, resolutions passed and by-laws enacted,
exercise their votes and influence, do and perform and cause to be done and performed such further and other acts and things as may be necessary or desirable in order to give full effect to this Agreement throughout the term of this Agreement. Time
shall be of the essence of this Agreement and of every part hereof and no extension or variation of this Agreement shall operate as a waiver of this provision. This Agreement and the terms hereof shall constitute the entire agreement between the
parties hereto with respect to all of the matters herein and its execution has not been induced by, nor do any of the parties hereto rely upon or regard as material, any representations or writings whatsoever not incorporated herein and made a part
hereof. This Agreement terminates and supercedes any previous agreements between the parties hereto relating to the subject matter hereof, and for greater certainty, terminates and supercedes any previously existing service provider shareholder
agreement between the Company and the undersigned Shareholder. If any article, section or portion of any section of this Agreement is determined to be unenforceable or invalid for any reason whatsoever, that unenforceability or invalidity shall not
affect the enforceability or validity of the remaining portions of this Agreement and such unenforceable or invalid article, section or portion thereof shall be deemed to be severed from the remainder of this Agreement. This Agreement shall enure to
the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument. Counterparts may be executed either in original
or faxed form and the parties adopt any signatures received by a receiving fax machine as original signatures of the parties; provided, however, that any party providing its signature in such manner shall promptly forward to the other party an
original of the signed copy of this Agreement which was so faxed. 
 8. Governing Law 

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

9. Independent Legal Advice 
 The Shareholder acknowledges that the Shareholder has either obtained independent legal advice with respect to the terms of this Agreement or that the Shareholder has, despite having been given the
opportunity to do so, and appreciating the importance of so doing, declined to seek independent legal advice with respect to the terms of this Agreement; and the Shareholder understands the terms of, and such party’s rights and obligations
under, this Agreement. 

 10. Rights Under Stock Option Plan 

The terms of this Agreement are in addition to, and do not terminate or supercede, any rights or obligations of the Company or the
Shareholder under the employee stock option plan of the Company, as amended from time to time. 
 11. Confidentiality of Financial
Information 
 The Shareholder agrees at all times to maintain financial information in respect of the Corporation, disclosed
to the Shareholder in consequence of his or her ownership of Shares, including annual financial statements, in strict confidence. The Shareholder agrees not to disclose any such financial information to any third party, other than professional
advisors to the Shareholder who have been informed of the provisions hereof and who have undertaken an obligation of confidence, without first having received the consent of the Board. The obligations of confidence and non-disclosure contained
herein shall continue in full force and effect following the termination of this Agreement, provided that nothing herein shall be construed to limit or amend confidentiality obligations otherwise applicable in law or by contract as between the
Shareholder and the Corporation or to authorize disclosure that may otherwise be prohibited or restrained thereunder. The Shareholder acknowledges and agrees that this confidentiality obligations set forth herein are in addition to, and do not
supercede, any of the Shareholder’s other confidentiality obligations to the Company pursuant to any other agreement between the Shareholder and the Company or otherwise in accordance with applicable law. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the day
and year first above written. 
  

									
	SIGNED, SEALED AND DELIVERED	 		 		  		  	
	in the presence of	 	 )
 )

)
 )

)
 )
	 		  		  	
	  	 		 		  		  	
	   
	 		 		  	 	  	
	Witness	 	)	 		  	SHAREHOLDER (signature)	  	
		 	 )
 )

)
 )
	 		  	  

Print Name:                      
                                    
	  	

  

			
	2CATALYZE, INC.
		
	By:  	 	 
		 	Name:
		 	Title:

 Exhibit “A” 

POWER OF ATTORNEY 

KNOW ALL MEN BY THESE PRESENT THAT: 
 WHEREAS the undersigned (the “Shareholder”) has entered into an agreement (the “Voting Trust Agreement”) dated as of
                , 201_ between the Shareholder and 2Catalyze, Inc. (the “Company”); 

AND WHEREAS pursuant to the Voting Trust Agreement, the Shareholder has agreed to deliver a power of attorney to enable the
Officer (as defined in the Voting Trust Agreement) to execute the voting rights attached to all securities in the capital of the Company currently owned by the Shareholder or which the Shareholder may from time to time own (collectively, the
“Shares”); 
 NOW THEREFORE, in consideration of the premises and other valuable consideration, the
Shareholder does hereby constitute and appoint the Officer as the true and lawful attorney for the Shareholder, and in the name, place and stead of the Shareholder, to (i) vote at and to execute and deliver any and all proxies relating to any
meeting of shareholders of the Company, or any adjournments thereof, and (ii) to execute on behalf of the Shareholder, any resolution or other document, agreement or other instrument in writing to be executed by the shareholders of the Company
(except any amendment to the Voting Trust Agreement or this power of attorney), with respect to the Shares. 
 The provisions of
this Power of Attorney relating to the Shares shall apply, mutatis mutandis, to any shares or securities into which the Shares may be converted, exchanged, changed, reclassified, redesignated, subdivided or consolidated, any shares or
securities which entitle the holder thereof to vote at any meeting of shareholders of the Company which may be distributed on the Shares as a stock dividend or otherwise and any shares or securities of the Company or of any successor corporation
which may be received on or in respect of the Shares on a reorganization, amalgamation, consolidation or merger, statutory or otherwise. 
 This Power of Attorney shall be governed by and construed in accordance with the laws of the Province of Ontario. This Power of Attorney is not intended to be a continuing power of attorney within the
meaning of and governed by the Substitute Decisions Act (Ontario), or any similar power of attorney under equivalent legislation in any of the provinces or territories of Canada (a “CPOA”). The execution of this Power of
Attorney does not terminate any CPOA granted previously and this Power of Attorney is not terminated by the execution by the Shareholder in the future of a CPOA, and the Shareholder hereby agrees not to take any action that results in the
termination of this Power of Attorney prior to the termination of the Voting Trust Agreement. Any proxy executed and delivered pursuant hereto relating to any meeting of shareholders or any adjournments thereof shall revoke any proxy otherwise
executed and delivered by or on behalf of the Shareholder with respect to such meeting or any adjournments thereof, regardless of the respective dates thereof. 
 IN WITNESS WHEREOF the undersigned has executed this Power of Attorney as of the
                     day of             , 201_. 

 

							
	 SIGNED, SEALED AND DELIVERED
 in the presence of:
	 	 )
 )
	  	 	  	 
	  
	 	 )
 )
	  	  
	  	 
	Witness	 	)	  	Shareholder (signature)	  	
	  	 	 )
 )

)
	  	Print Name:	  	
		 	  	  
	  	
	 	 	  	 	  	
	Witness

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