Document:

EX-10.4

 Exhibit 10.4 

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT (the “Agreement”) dated [●], between The Lion Electric Company
(the “Corporation”), a corporation continued under the Business Corporations Act (Quebec) and [●] (the “Indemnified Party” and, together with the Corporation, the “Parties”). 

RECITALS: 
  

	 	(a)	 The Indemnified Party is a [director/officer] of the Corporation. 

 

	 	(b)	 On the basis of the terms and conditions set out in this Agreement, the Indemnified Party has consented to act
as a director and/or officer of the Corporation, or, at the Corporation’s request, as a director and/or officer of, or in a similar capacity for, any subsidiary of the Corporation (each a “Subsidiary”). 

 

	 	(c)	 The Corporation considers it desirable and in the best interests of the Corporation to enter into this
Agreement to set out the circumstances and manner in which the Indemnified Party may be indemnified in respect of certain liabilities or expenses which the Indemnified Party may incur as a result of acting as a director or officer of the Corporation
or any Subsidiary. 

 In consideration of the foregoing and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the Parties agree as follows:  
  

	1.	 Indemnity 

Subject to Section 6 of this Agreement, the Corporation agrees to indemnify and save the Indemnified Party harmless, to the fullest extent
permitted by law, against all Liabilities (as defined below). 
 “Liabilities” means all losses, liabilities, claims, damages, costs,
charges, fees or expenses which the Indemnified Party reasonably incurs, whether incurred alone or jointly with others, as a result of and/or in the exercise of the Indemnified Party’s functions as described above, including: 

 

	 	(a)	 an amount paid to settle an action or satisfy a judgment or arising from any investigative or other Proceeding
(as defined below); 

  

	 	(b)	 all legal and other professional fees and disbursements incurred in connection with any Proceeding or the
appeal of a judgment or decision rendered pursuant to a Proceeding; 

  

	 	(c)	 all reasonable out-of-pocket
expenses incurred by the Indemnified Party to prepare for and attend to any Proceeding, including out-of-pocket expenses for attending discoveries, trials, hearings, and
meetings; 

  

	 	(d)	 any fines or other financial penalties imposed against the Indemnified Party in connection with any Proceeding
as a result of a conviction or reprimand under the law because of the Indemnified Party’s position as director or officer of the Corporation, or because the Indemnified Party acted as director or officer of, or in a similar capacity for, any
Subsidiary at the request of the Corporation; and 

  

	 	(e)	 a fine, penalty, levy or charge paid to any domestic or foreign government (federal, provincial, municipal or
otherwise) or to any regulatory authority, agency, commission or board of any domestic or foreign government, or imposed by any court, tribunal or any other law, regulation or rule-making entity having jurisdiction in the relevant circumstances
(collectively, a “Governmental Authority”), including as a result of a breach or alleged breach of any statutory duty imposed on directors or officers or of any law, statute, rule or regulation or of any provision of the articles, by-laws or any resolution of the Corporation or any Subsidiary. 

 “Proceeding” means any civil, criminal, administrative, investigative or other proceeding
(i) in which the Indemnified Party is involved or made a party to, or threatened to be made a party to, and (ii) which arises by reason of being or having been a director or officer of the Corporation or by reason of being or having been a
director or officer of, or serving or having served in a similar capacity for, any Subsidiary at the request of the Corporation. 
  

	2.	 Indemnification Procedure 

In the event the Indemnified Party is, was, or becomes a party to or witness or otherwise a participant in or are threatened to be made a party
to or witness or otherwise a participant in a Proceeding, for any reason, the Corporation shall indemnify the Indemnified Party to the fullest extent permitted by law as soon as practicable, but in any event no later than ten (10) business days
after a written demand is presented to the Corporation, against any and all Liabilities paid or incurred (including all penalties, interest, assessments, and other charges paid or payable in connection with or in respect of such Liabilities, or
amounts paid in settlement) on account of such Proceeding. 
  

	3.	 Partial Indemnity 

If the Indemnified Party is determined to be entitled under any provision of this Agreement or any applicable law to indemnification by the
Corporation for some or a portion of the Liabilities or amounts paid in settlement of a Proceeding, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify the Indemnified Party for the portion thereof to which
the Indemnified Party is entitled. 
  

	4.	 Advance of Costs 

Subject to Section 6 of this Agreement, the Corporation shall promptly advance monies to the Indemnified Party for the costs, fees,
advances, disbursements, charges, retainers, bonds, and expenses stemming from any of the Liabilities or arising from the Indemnified Party’s involvement or participation in any Proceeding, including costs, charges and expenses incurred by the
Indemnified Party in the monitoring, investigation or defense of any Proceeding; provided, however, that, the Indemnified Party shall provide the Corporation with a written affirmation of the Indemnified Party’s good faith belief that the
Indemnified Party has (i) acted with honesty and loyalty in the interest of the Corporation, or, as the case may be, in the interest of any Subsidiary, (ii) in the case of a Proceeding that is enforced by a monetary penalty, had reasonable
grounds for believing that the Indemnified Party’s conduct was lawful and (iii) has not committed an intentional or gross fault, along with sufficient particulars of the costs, fees, advances, disbursements, charges, retainers, bonds and
expenses to be covered by the proposed advance to enable the Corporation to make an assessment of its reasonableness. The Corporation undertakes to advance the amounts hereunder by no later than ten (10) business days following a written
request made by the Indemnified Party, provided that such request contains the information and affirmations required hereunder. 
 If,
pursuant to Section 6 of this Agreement, the Corporation has no obligation or liability to indemnify the Indemnified Party under this Agreement or any applicable laws, the Indemnified Party shall repay promptly any monies that have been
advanced to the Indemnified Party by the Corporation pursuant to this Agreement. 

	5.	 Derivative Actions 

In respect of an action by or on behalf of the Corporation (or by or on behalf of any Subsidiary for which the Indemnified Party has acted or
is acting as director or officer or in a similar capacity at the request of the Corporation) to procure a judgement in its favour against the Indemnified Party, in respect of which the Indemnified Party is made a party by reason of being or having
been a director or officer of the Corporation (or by reason of being or having been a director or officer of, or serving or having served in a similar capacity for, a Subsidiary at the request of the Corporation), the Corporation will, upon request
of the Indemnified Party, make an application, at its expense, for the approval of a court of competent jurisdiction to advance monies to the Indemnified Party for costs, charges and expenses reasonably incurred by the Indemnified Party in
connection with such action and to indemnify and save harmless the Indemnified Party for such costs, charges and expenses of such action, in accordance with section 161 of the Business Corporations Act (Quebec). 

 

	6.	 Limitation 

Except to the extent required by law, the indemnity described in this Agreement will not apply to: 

 

	 	(a)	 claims initiated by the Indemnified Party against the Corporation except for claims relating to the enforcement
of this Agreement, or 

  

	 	(b)	 claims initiated by the Indemnified Party against any other person or entity unless the Corporation has joined
with the Indemnified Party in, or has consented to the initiation of that Proceeding. This exception shall not apply to counter claims initiated by the Indemnified Party, which claims shall be covered by this Agreement. 

Furthermore, the Corporation will have no obligation or liability to indemnify the Indemnified Party under this Agreement if a court or other
competent authority concludes, by way of a final judgment, that: 
  

	 	(a)	 the Indemnified Party has not acted with honesty and loyalty in the interest of the Corporation, or, as the
case may be, in the interest of any Subsidiary for which the Indemnified Party acted as director or officer or in a similar capacity at the request of the Corporation; or 

 

	 	(b)	 in the case of a Proceeding that is enforced by a monetary penalty, the Indemnified Party did not have
reasonable grounds for believing that the Indemnified Party’s conduct was lawful. 

 Likewise, the Corporation will
have no obligation or liability to indemnify the Indemnified Party under this Agreement if a court determines, by way of a final judgment, that the Indemnified Party has committed an intentional or gross fault. 

 

	7.	 Other Remedies Unaffected 

The rights to indemnification and advancement provided in this Agreement shall not exclude any other rights to which the Indemnified Party may
be entitled under any provision of the Business Corporations Act (Quebec) or otherwise at law, the articles or by-laws of the Corporation, the constating documents of any Subsidiary, any other contract,
any applicable policy of insurance, guarantee or third party indemnity, any vote of shareholders of the Corporation, or otherwise, both as to matters arising out of the Indemnified Party’s capacity as a director or officer of the Corporation or
Subsidiary, or as to matters arising out of any other capacity in which the Indemnified Party may act for or on behalf of the Corporation or Subsidiary. To the extent that a change in the Business Corporations Act (Quebec), whether by statute
or judicial decision, permits greater indemnification by contract than would be afforded currently under this Agreement, it is the intent of the Parties that the Indemnified Party shall enjoy by this Agreement the greater benefits so afforded by
that change. 

	8.	 Notice 

The Indemnified Party shall as soon as practicable notify the Corporation in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document commencing any Proceeding which may be subject to indemnification or advances under this Agreement, but no delay in providing such notice will in any way limit or affect the Indemnified
Party’s rights or the Corporation’s obligations under this Agreement or pursuant to the Business Corporations Act (Quebec). 

The Indemnified Party shall instruct his or her counsel to (i) keep the Corporation reasonably informed of its conduct of the defence of
any such Proceeding, except that in any such derivative Proceeding under Section 5, neither the Indemnified Party, nor its counsel, shall be required to inform the 

Corporation of its conduct of the defence, and (ii) to provide the Corporation with copies of any documents served on the Indemnified
Party in connection with such Proceeding or any other relevant documents in the possession of the Indemnified Party, as soon as is practicable. The Indemnified Party shall cooperate fully in any investigation by the Corporation, including acting as
a witness at the Corporation’s request, provided it does not prejudice the Indemnified Party. 
 Any notice, consent or approval
required or permitted to be given in connection with this Agreement (in this Section referred to as a “Notice”) shall be in writing and shall be sufficiently given if delivered (whether in person, by courier service or other
personal method of delivery), or if transmitted by facsimile or e-mail: 
 (a) in the case of a
Notice to the Indemnified Party at: 
 [●] 

Fax:     [●] 

E-mail: [●] 

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

The Lion Electric Company 

921, chemin de la Rivière-du-Nord 

Saint-Jérôme (Québec) J7Y 5G2 

Attention: [●] 

E-mail:    [●] 

Any Notice delivered or transmitted to a party as provided above shall be deemed to have been given and received on the day it is delivered or
transmitted, provided that it is delivered or transmitted on a business day prior to 5:00 p.m. local time in the place of delivery or receipt. If the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a business day,
then the Notice shall be deemed to have been given and received on the next business day. 
 Any party may, from time to time, change its
address by giving Notice to the other party in accordance with the provisions of this Section. 
  

	9.	 Independent Counsel 

Upon becoming aware of any Proceeding or Liabilities, the Indemnified Party will be entitled to retain independent legal counsel of the
Indemnified Party’s choosing until such time as it is determined that the Indemnified Party is not subject to any conflict of interest against the Corporation; provided, however, that the fees and disbursements of such counsel shall be at the
Indemnified Party’s expense unless engagement of such other counsel has been authorized by the Corporation (such authorization not to be unreasonably withheld), or judged by the court or other competent authority to be necessary to protect the
interests of the Indemnified Party, in which event, the fees and disbursements of such counsel shall be paid by the Corporation. 

	10.	 Absence of Presumption 

For purposes of Section 6 of this Agreement, the termination of any Proceeding, claim by judgment, order, settlement (whether with or
without court approval), or conviction, will not, of itself, create a presumption that the Indemnified Party did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not
permitted by applicable law. 
  

	11.	 Duplication of Payments 

The Corporation will not be liable under this Agreement to make any payment in connection with any claim made against the Indemnified Party to
the extent the Indemnified Party has otherwise actually received payment from any third party (under any insurance policy, including the directors’ and officers’ liability insurance policy described in Section 13 below, by law, or
otherwise) of the amounts otherwise subject to indemnification under this Agreement, unless such amounts have then subsequently been reimbursed by the Indemnified Party to the third party. 

 

	12.	 Settlement 

The Parties will act reasonably in pursuing the settlement of any Proceeding. The Corporation may not negotiate or effect a settlement of
claims against the Indemnified Party without the Indemnified Party’s consent, which may not be unreasonably withheld. The Indemnified Party may negotiate and effect a settlement without the consent of the Corporation but the Corporation will
not be liable for any settlement negotiated without its prior written consent, which may not be unreasonably withheld. No admission of liability shall be made by the Indemnified Party without the consent of the Corporation. 

 

	13.	 Directors’ & Officers’ Insurance 

The Corporation shall ensure that its liabilities under this Agreement are at all times supported by a directors’ and officers’
liability insurance policy, with a responsible insurer, that has been approved by the board of directors of the Corporation. At the request of the Indemnified Party, the Corporation shall provide the Indemnified Party with a copy of each policy of
insurance providing the coverages contemplated by this Section promptly after coverage is obtained, and shall promptly notify the Indemnified Party in writing if the insurer cancels, makes material changes to coverage or refuses to renew coverage
(or any part of the coverage).The Corporation shall not do any act or thing (including changing insurers) or fail to do any act or thing, that could cause or result in a denial of insurance coverage or of any claim under such coverage; without
limiting the generality of the foregoing, the Corporation shall give prompt and proper notice to the insurer of any claim against the Indemnified Party that it becomes aware of. 

 

	14.	 Insolvency 

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

	15.	 Survival 

This Agreement shall continue in full force and effect after the Indemnified Party has ceased to be a director or officer (or serving in a
similar capacity) of the Corporation, or being a director or officer of (or serving in a similar capacity for) a Subsidiary at the request of the Corporation, as applicable, and shall survive until thirty (30) days following the expiration of
the statute of limitations applicable to any and all Proceeding. 

	16.	 Deeming Provision 

The Indemnified Party shall be deemed to have acted or be acting at the specific request of the Corporation upon the Indemnified Party’s
being appointed or elected as a director or officer of the Corporation or any Subsidiary. 
  

	17.	 Subrogation 

To the extent permitted by law, the Corporation will be subrogated to all rights which the Indemnified Party may have under all policies of
insurance or other contracts pursuant to which the Indemnified Party may be entitled to reimbursement of, or indemnification in respect of, any Liabilities borne by the Corporation pursuant to this Agreement. 

 

	18.	 Waiver 

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar) or be deemed to
be a waiver with respect to any other future instance involving the same provisions. No waiver will be binding unless executed in writing by the party to be bound by the waiver. A party’s failure or delay in exercising any right under this
Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right it may have. 

 

	19.	 Successors and Assigns 

This Agreement is binding upon and enures to the benefit of the Indemnified Party and the Indemnified Party’s successors, heirs,
liquidators, executors, administrators and permitted assigns. 
 Neither this Agreement nor any of the rights or obligations under this
Agreement may be assigned, transferred, or delegated, in whole or in part, by the Indemnified Party without the prior written consent of the Corporation. Any purported assignment, transfer or delegation without such written consent will be null and
void and of no effect. The Corporation may assign, transfer or delegate, as applicable, its obligations under this Agreement in whole or in part to any one of its affiliates, subsidiaries or successors without the Indemnified Party’s consent.

  

	20.	 Severability 

If, in any jurisdiction, any provision of this Agreement is determined to be illegal, invalid or unenforceable, in whole or in part, by an
arbitrator or any court or other competent authority from which no appeal exists or is taken, that provision or part thereof will be severed from this Agreement and the remaining part of the provision and all other provisions will remain in full
force and effect. 
  

	21.	 Governing Law 

This Agreement is governed by, and is to be interpreted and enforced in accordance with, the laws of the province of Quebec and the federal
laws of Canada applicable therein. The Parties agree that the courts of the District of Montréal, province of Quebec, Canada, will have exclusive jurisdiction for the adjudication of any and all disputes or controversies arising out of or
relating directly or indirectly to this Agreement and waive any objections to the assertion or exercise of jurisdiction by such courts, including any objection based on forum non conveniens. 

	22.	 Entire Agreement 

This Agreement shall constitute the entire agreement between the Parties with respect to the matters contemplated herein and shall supersede
all prior agreements, understandings, negotiations, correspondence and discussions, whether oral or written, entered into between the Indemnified Party and the Corporation providing for indemnification or similar rights in relation to the
Indemnified Party acting as a director or officer of the Corporation or as a director or officer of another Group, or serving in a similar capacity, at the request of the Corporation. Notwithstanding the foregoing, if a signatory hereto has an
employment agreement with the Corporation that provides additional indemnification protection not provided herein (“Additional Indemnity”), such Additional Indemnity shall remain in full force and effect. 

The indemnities provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnified Party may be entitled under
the Corporation’s constating documents or the Business Corporations Act (Québec) or any insurance policy or any contract with the Corporation. 
  

	23.	 Further Assurances 

The Corporation and the Indemnified Party shall, with reasonable diligence, do all things and execute and deliver all such further documents or
instruments as may be necessary or desirable for the purpose of assuring and conferring on the Indemnified Party the rights created or intended by this Agreement and giving effect to and carrying out intention or facilitating the performance of the
terms of this Agreement. 
  

	24.	 Independent Legal Advice 

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

	25.	 Counterparts 

This Agreement may be signed and delivered in any number of counterparts (including by facsimile, email or other electronic means), each of
which is deemed to be an original, and such counterparts together constitute one and the same agreement. 
  

	26.	 English Language 

The Parties have agreed that this Agreement as well as any notice, document or instrument relating to it be drawn up in English only but
without prejudice to any such notice, document or instrument which may from time to time be drawn up in French only or in both French and English. Les parties aux présentes ont convenu que la présente convention ainsi que tout autre
avis, acte ou document s’y rattachant soient rédigés en anglais seulement mais sans préjudice à tout tel avis, acte ou document qui pourrait à l’occasion être rédigé en français
seulement ou à la fois en anglais et en français. 
 [Signature page follows] 

 IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first
above written. 
  

			
	THE LION ELECTRIC COMPANY
		
	By:	 	  

		 	 Name:
 Title:

	
	  

	Signature of Indemnified Party
	
	  

	Print or Type Name of Indemnified PartyEX-10.6

 Exhibit 10.6 

CONTRACT OF EMPLOYMENT 
  

			
	BETWEEN:	  	AUTOBUS LION INC., a corporation governed by the Business Corporations Act (Quebec), having its head office at 921 chemin de la
Rivière-du-Nord, St-Jérôme, Quebec, J7Y 5G2;
		
		  	(Hereinafter referred to as “Autobus Lion” or the “Employer”)
		
	AND:	  	MARC BEDARD, a businessman domiciled and residing at 1027, chemin Dunant Nord, Sainte-Anne-des-Lacs, Quebec, J0R 1B0;
		
		  	(Hereinafter referred to as the “Officer”)

 Preamble 

WHEREAS the Employer intends to continue to retain the services of the Officer for the purposes of serving as President of Autobus Lion; 

WHEREAS the Officer represents that he is familiar with the Employer’s policies and hiring conditions and that he is satisfied with the employment
conditions set out herein; 
 WHEREAS the Officer shall report to the Employer’s Board of Directors. 

GIVEN THE FOREGOING, THE PARTIES AGREE AS FOLLOWS: 
  

	 	1.	 PREAMBLE 

The preamble forms an integral part of this agreement. 

	 	2.	 EMPLOYMENT AND FUNCTIONS OF OFFICER 

 

	 	2.1	 The Employer continues to employ and retain the Officer’s services as President of Autobus Lion on an
exclusive and full-time basis. As such, the Officer reports directly to the Employer’s Board of Directors. 

  

	 	2.2	 The Officer’s functions shall be those generally assigned to a President of an business similar to the
Employer’s, the whole subject to instructions remitted to him from time to time by the members of the Employer’s Board of Directors. 

  

	 	3.	 INDEFINITE TERM CONTRACT 

 

	 	3.1	 Subject to the provisions of section 10 herein, this contract of employment is for an indefinite term.

  

	 	4.	 REMUNERATION 

  

	 	4.1	 In consideration of the services which the Officer shall render to the Employer pursuant to this agreement, the
Employer undertakes to pay him gross annual base wages of $200,000 as of June 1, 2015, subject to the adjustment under sub-section 4.2. 

 

	 	4.2	 The base wages shall be adjusted annually on November 1st
of each year, effective November 1, 2016 as follows, the whole as determined by the Employer’s Audit Committee: 

  

	 	4.2.1	 the base wages shall be adjusted to correspond to 0.6% of Autobus Lion’s previous financial year revenue,
but shall not under any circumstances be less than $200,000 (for instance, in the event Autobus Lion’s financial year revenue is $50,000,000, the base wages shall be adjusted to $300,000 for the subsequent year) and; 

 

	 	4.2.2	 the base wages shall be limited to $400,000 per year, in 2015 dollars (as at December 31, 2015); this
maximum amount shall be adjusted annually according to the CPI. This maximum amount also includes the discretionary expenses and car allowance set out under section 6. 

 

	 	5.	 BONUS 

The Officer shall be entitled to a yearly bonus equal to 2% of the annual earnings before interest, taxes, depreciation and amortization
(“EBITDA”), if it is positive, the whole as determined by the Employer’s Audit Committee. The yearly bonus amount shall be limited to $400,000 per year, in 2015 dollars (as at December 31, 2015). This maximum amount shall
be adjusted annually according to the CPI. It is understood that in calculating the EBITDA, the inclusion of any EBITDA amount coming from a merger or acquisition shall be negotiated in good faith by the parties at the time of any such merger or
acquisition. 

	 	6.	 DISCRETIONARY EXPENSES AND CAR ALLOWANCE 

The Officer shall be entitled to a yearly allowance for expenses and costs incurred in the performance of his duties, provided the Employer can
deduct such expenses and costs for tax purposes, including expenses relating to the lease and maintenance of an automobile of his choice. This allowance shall be $30,000 per year, in 2015 dollars (as at December 31, 2015), such amount being
adjusted annually according to the CPI. 
  

	 	7.	 VACATION 

  

	 	7.1	 The Officer shall be entitled to four (4) weeks of paid annual vacation effective the employment start
date. The Officer shall take his vacation at a time mutually acceptable to him and the Employer. Vacation days shall accrue if they are not taken in the year in which they are earned, up to a maximum of eight (8) weeks. 

 

	 	8.	 OFFICER’S OBLIGATIONS 

 

	 	8.1	 Throughout the term of his employment, the Officer undertakes to expend his best efforts and devote all his
attention and all his energy to his functions and to always act in the best interests of the Employer and to discharge his duties with dedication, honesty and loyalty. 

 

	 	8.2	 The Officer undertakes to avoid any situation that might result in a conflict between his personal interests
and the Employer’s interests and undertakes to notify the Employer’s Board of Directors in writing of the occurrence of any such situation as soon as he has knowledge thereof. 

 

	 	9.	 NO EMPLOYMENT RESTRICTION 

The Officer hereby represents and warrants to the Employer that he is not subject to any employment restriction clause, such as a non-compete, non-solicitation or non-disclosure clause in favor of another employer or any person, barring him from holding the
position with the Employer as determined by this agreement. 
  

	 	10.	 TERMINATION OF EMPLOYMENT 

 

	 	10.1	 The Employer may terminate this agreement and end the Officer’s employment without notice or obligation to
pay any indemnity whatsoever, in any of the following cases: 

  

	 	10.1.1	 upon the Officer’s death; 

 

	 	10.1.2	 if the Officer becomes insolvent or goes bankrupt within the meaning of the Bankruptcy and Insolvency
Act; 

	 	10.1.3	 if the Officer sustains a permanent disability or any other disability preventing the Officer from discharging
his customary duties and assuming his normal functions, tasks and responsibilities for the Employer and the subsidiary or subsidiaries under his purview for a consecutive period of at least nine (9) months or a cumulative duration of at least
twelve (12) months over a consecutive period of three (3) years; 

  

	 	10.1.4	 in the event of serious reasons as defined in the Civil Code of Québec and, without limiting the
generality of the foregoing, in the event of fraud, theft, breach of his duty of honesty, loyalty or fiduciary care to the Employer, failure to meet his commitments under sections 11 to 14 herein or his breach of any other obligation herein that is
not remedied within a period of thirty (30) days following receipt of a written notice to this effect; 

  

	 	10.1.5	 if the termination results from the Officer’s free and voluntary resignation or retirement.

  

	 	10.2	 In the event of termination of employment, the Officer undertakes (i) to return to the Employer all files
and documents in his possession pertaining to the Employer’s business and (ii) to also remit keys, credit cards and any other work-related hardware, devices and tools as well as any written, printed or recorded document including all data
stored in digital format, supplied by the Employer or regarding the Employer or all its affiliates; 

  

	 	10.3	 Upon termination of the Officer’s employment during the term of this contract and for a reason other than
those referred to under 10.1.1, 10.1.2, 10.1.3, 10.1.4 and 10.1.5, the Employer undertakes to pay the Officer a lump sum amount equal to the last twenty-four (24) months of his annual base wages as defined in section 4 in effect on the date of
the notice of termination of employment and the Officer shall not be entitled to any bonus for the year then in progress and shall lose all other benefits set out in this contract of employment. The Officer acknowledges that this lump sum amount in
lieu of notice is fair and sufficient. 

  

	 	11.	 INTELLECTUAL PROPERTY 

 

	 	11.1	 For the purposes of this agreement and any renewal hereof, as the case may be, the term (“Intellectual
Property”) includes works, discoveries, ideas, concepts, processes, know-how, technical information, technologies, prototypes, research findings, formulae, plans, algorithms, diagrams, designs, data,
research, methods, innovations, inventions, improvements or upgrades, whether or not patentable, technologies, source codes, object codes and programing, integrated circuits, trade secrets related to the Employer’s activities, as well as all
rights, titles or interests in the foregoing and includes copyright on any work, patents, patent applications, licences, trademarks and trade names, corporate or firm names, domain names and other intellectual property rights related to the
Employer’s activities. Any and all Intellectual Property is deemed related to the Employer’s activities (i) if it was 

	 	
designed, created or developed with the Employer’s hardware, supplies, equipment or Confidential Information, (ii) if it is the product of work carried out or services rendered by the
Officer for the Employer, or (iii) if it is related to the Employer’s current or expected activities, including the development, manufacture and sale of traditional engine, electric or alternative energy school and commercial buses.

  

	 	11.2	 The Officer acknowledges that the Employer is and will be the exclusive owner of all the rights, titles and
interests in any Intellectual Property and the Officer assigns and transfers all his rights, titles and interests in the Intellectual Property to the Employer, (i) from the moment of its creation, development or design and (ii) without any
restrictions whatsoever (the “Assignment”), with the Employer accepting such Assignment. The Officer waives all the moral rights he may hold with regard to any Intellectual Property in favour of the Employer. The Officer undertakes
to immediately, freely and openly, convey any Intellectual Property to the Employer, without any cost to the latter. The Officer further undertakes to never challenge the Employer’s or any affiliate’s ownership of the Intellectual
Property. 

  

	 	11.3	 The Officer agrees that he shall undertake all requisite measures to ensure the protection of and compliance
with any Intellectual Property owned by the Employer or any affiliate. He must further notify the Employer’s Board of Directors of any situation he is aware of and that might constitute an infringement of the Employer’s or an
affiliate’s Intellectual Property rights. The Officer further undertakes to assist the Employer or any affiliate and to sign any necessary document and complete any formality required by the Employer, at the latter’s expense, in any action
undertaken by the Employer or an affiliate to register or publish any Intellectual Property, to publicize or record its rights to or in any Intellectual Property, or in the event of challenge of the Employer’s or an affiliate’s
Intellectual Property rights or a third person infringement of the Employer’s or an affiliate’s Intellectual Property rights, either during his employment or at any time after the end of his employment with the Employer, regardless of the
reason for such termination of employment. 

  

	 	11.4	 The Officer hereby informs the Employer and attests that, at this time, no Intellectual Property whatsoever
exists, not protected by a patent or patent application, which the Officer designed, manufactured, invented or discovered before the start of his employment with the Employer and that he wishes to be exempted from the application of this commitment.

  

	 	11.5	 The parties acknowledge that the commitments undertaken pursuant to this section 11 shall survive the end of
this agreement. 

  

	 	12.	 CONFIDENTIALITY 

 

	 	12.1	 For the purposes hereof, the term (“Confidential Information”) means any and all

	 	information or data, verbal or written, stored on any medium or disseminated by any media of any nature whatsoever, having been marked as confidential or not confidential, including, in particular: 

 

	 	12.1.1	 the Intellectual Property, with the exception of information accessible through public records;

  

	 	12.1.2	 financial information, the nature, progress and results of research projects, marketing strategies, lists of
supplier, providers and business relations, e-mails as well as information related thereto, techniques and sales policies, including pricing policies, sales and distribution data, contracts and, generally
speaking, all information relating to the Employer’s operations; 

  

	 	12.1.3	 products and the specifications relating to such products. 

 

	 	12.2	 The Officer acknowledges that, prior to signing this agreement, he may have received, and that effective his
signing hereof, he shall receive certain Confidential Information pertaining to the Employer or to an affiliate, to the operations or business affairs of the Employer or an affiliate and that such Confidential Information constitutes a special,
irreplaceable and high-value asset for the Employer. Consequently, while he shall be employed by the Employer, the Officer shall, at all times, comply with the confidential nature of such Confidential Information and shall not use or disclose it,
shall not give access or communicate such Confidential Information to any person, natural or legal, corporation or entity, except in the normal exercise of his functions for the Employer. In the event he ceases to be employed by the Employer,
regardless of the reason for the termination of his employment, the Officer undertakes to remit any Confidential Information in his possession to the Employer and to not use any such Confidential Information for any purpose whatsoever and he shall
not, directly or indirectly, give access or communicate or disclose the Confidential Information or aspects thereof to which he may have had access during the term of his employment with the Employer, either before or as of the signing of this
agreement, to any person, natural or legal, corporation or entity. 

  

	 	13.	 NON-COMPETE UNDERTAKING 

 

	 	13.1	 Throughout his employment with the Employer and for a period of two (2) years immediately following the
date on which he shall no longer be employed by the Employer for any reason whatsoever, the Officer undertakes to not, directly or indirectly, in any capacity whatsoever, including without limitation, as shareholder, partner, consultant, employer,
employee, principal, agent, franchisee, franchisor, distributor, adviser or lender, perform duties, carry on activities or enter into business in the Employer’s industry, i.e. the development, manufacture and sale of traditional engine,
electric or alternative energy school and commercial buses (the “Prohibited Activities”), in Canada and the United States (the “Target Territory”). 

	 	13.2	 Should the Officer fail to fully comply with this non-compete clause
and with the following non-solicitation clause, he shall pay as penalty for liquidated damages and interest an initial sum of fifty thousand dollars ($50,000) for the first offence plus five thousand dollars
($5,000) per additional day of offence payable to the Employer upon demand without the need for legal proceedings and without the need to show proof of the damages, the whole without prejudice to the Employer’s rights to ask for a provisional,
interlocutory and permanent injunction or any other relevant remedy to preserve the Employer’s rights and to prevent the Officer from continuing to take any additional action in breach of the undertakings contained herein. Furthermore, the
Officer shall be liable for all the judicial and extra-judicial costs and disbursements of the Company’s attorneys. 

  

	 	13.3	 It is understood that the goal of this undertaking by the Officer is to protect the Employer’s legitimate
interests, without depriving the Officer of his right to earn a living by practicing his profession or plying his trade. For this reason, the provisions of this non-compete undertaking are limited in time,
place and type of prohibited work to what is necessary to achieve this goal. However, if a court of competent jurisdiction finds that this undertaking is unreasonable given particular circumstances, the parties give such court jurisdiction to reduce
the scope of this undertaking until it would be reasonable. 

  

	 	14.	 NON-SOLICITATION UNDERTAKING 

 

	 	14.1	 During his employment with the Employer and for a period of three (3) years following the end of his
employment, the Officer expressly undertakes as follows across the territory of the Province of Quebec: 

  

	 	14.1.1	 not to employ or obtain the services or attempt to employ or obtain the services or assist any person who
wishes to employ or obtain the services of any person who is an employee of the Employer or of an affiliate, as employee, consultant, representative, partner or in any other capacity whatsoever; 

 

	 	14.1.2	 not to propose or make any representation whatsoever to any employee of the Employer or of an affiliate
enticing such employee to leave his or her employment with the Employer or an affiliate; 

  

	 	14.2	 It is understood that the goal of this undertaking by the Officer is to protect the Employer’s legitimate
interests, without depriving the Officer of his right to earn a living by practicing his profession or plying his trade. For this reason, the provisions of this non-solicitation undertaking are limited, in
particular, in terms of the time necessary to achieve this goal. However, if a court of competent jurisdiction finds that this undertaking is unreasonable given particular circumstances, the parties give such court jurisdiction to reduce the scope
of this undertaking until it would be reasonable. 

	 	15.	 ACKNOWLEDGEMENT AND DECLARATION 

 

	 	15.1	 The Officer acknowledges that any breach of the undertakings set out in sections 11, 12, 13 and 14 herein shall
cause serious and irreparable harm to the Employer. Consequently, in the event of any such breach, the Officer acknowledges that the Employer may ask for an injunction in addition to any other proceedings for damages against the Officer, as the case
may be. 

  

	 	15.2	 The Officer acknowledges that the provisions of sections 11, 12, 13 and 14 are reasonable, in particular with
regard to the duration, the territory as well as the targeted activities, and that these provisions are necessary to protect the Employer’s legitimate interests and that they are reasonable with regard to the nature of the Employer’s
activities; the Officer acknowledges and agrees that these provisions are not intended to unduly restrict his ability to practice his profession or earn his living. 

 

	 	15.3	 The Officer represents and warrants to the Employer that he is not bound by any confidentiality, non-compete or non-solicitation undertaking or by any other undertaking of any nature whatsoever, contracted toward any person, likely to limit the Officer’s ability or
right to exercise each and every one of his functions on behalf of the Employer or likely to limit the Employer’s right or ability to use the Officer’s services as provided in this agreement. 

 

	 	16.	 OTHER PROVISIONS 

 

	 	16.1	 Headings The headings of the sections of this agreement are inserted solely to facilitate reading and
cannot be used to interpret it. 

  

	 	16.2	 Inclusion As the context requires, the singular includes the plural, the masculine gender includes the
feminine and vice versa. 

  

	 	16.3	 Contract by mutual agreement The parties acknowledge that they freely discussed the provisions of this
agreement. This agreement is not a contract of adhesion and the Officer acknowledges that he had sufficient time to study this agreement and that he understands the terms, conditions and obligations hereof. 

 

	 	16.4	 Amendment This agreement may only be amended or otherwise modified by a written instrument signed by the
parties. 

  

	 	16.5	 Notice Any communication pursuant to this agreement shall be in writing and may be sent to the addressee
by delivering it in any manner providing proof of receipt to the address indicated on the front page of this agreement. Any communication thus addressed and delivered as mentioned above is deemed to have been sufficiently given or delivered on the
date on which it is delivered. 

	 	16.6	 Entire agreement This agreement constitutes the one and only agreement between the parties with regard
to the Officer’s employment and supersedes any prior, verbal or written, agreement or undertaking. 

  

	 	16.7	 Assignment The parties agree that the Employer may assign this agreement in favour of any affiliate by
simple notice to the Officer. As for the Officer, he cannot assign his rights and obligations under this agreement. 

  

	 	16.8	 Annulment of a provision Any decision by a court to the effect that one of the provisions of this
agreement is null and void or unenforceable shall not affect the other provisions or their validity or enforceability. 

  

	 	16.9	 No waiver The fact that one of the parties has not insisted on the full performance of one of the
undertakings contained in this agreement and any renewal hereof, as the case may be, or has not exercised one of its or his rights must not be considered as a future waiver of this right or the full performance of this undertaking. Unless provided
otherwise, no waiver by one of the parties to one of its or his rights shall be valid unless evidenced in writing and only with regard to the rights and circumstances expressly covered by this agreement. 

 

	 	16.10	 Applicable laws and jurisdiction This agreement and any renewal hereof, as the case may be, is governed
in all respects by the laws in force in the Province of Quebec, in particular but without restricting the generality of the foregoing, with regard to its validity, interpretation and execution. In the event of dispute regarding the interpretation,
validity, application or enforcement of this agreement and any renewal hereof, as the case may be, the parties defer to the jurisdiction of the competent courts of the Province of Quebec, Canada. 

[signatures are on the next page] 

 IN WITNESS WHEREOF, the parties have signed this agreement
in                    , on
this                     day of
                    2015 
  

			
	AUTOBUS LION INC.
		
	 Per:
	 	 
		 	 Name:

		 	 Function:

		
	 Per:
	 	 
		 	 Name:

		 	 Function:

	
	  

		 	 MARC BEDARD

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