Document:

Non-Employee Director Deferred Stock Unit Plan

 Exhibit 10(f) 
 TIM HORTONS INC. 
 NON-EMPLOYEE DIRECTOR DEFERRED STOCK UNIT PLAN 
 EFFECTIVE 12/05/2006 AND AMENDED EFFECTIVE MARCH 6, 2007 
 Section 1. Purpose. The purpose of the Tim Hortons Inc. Non-employee Director Deferred Stock Unit Plan (the “Plan”) is to strengthen Tim Hortons Inc. (the “Company”) and
its subsidiaries (the “Subsidiaries”) by providing a long-term incentive to non-employee directors (“Eligible Directors”) of the Company and thereby encouraging them to devote their abilities and industry to the
success of the Company and that of its Subsidiaries’ business enterprises. It is intended that this purpose be achieved by extending to Eligible Directors an added long-term incentive through the grant of Deferred Stock Units
(“DSUs”) and by enabling Eligible Directors to achieve the required Share Ownership Guidelines (the “Guidelines”) as established by the Company’s Board of Directors (“Board”) through the
holding of DSUs. 
 Section 2. Administration of the Plan. 
 2.1. Committee. The Plan shall be administered by the Human Resource and Compensation Committee (the “Committee”) of the Board,
unless the Board otherwise directs from time to time. The Committee shall construe and interpret the Plan, establish such operating guidelines and rules as it deems necessary for the proper administration of the Plan and make such determinations and
take such other action in connection with the Plan as it deems necessary and advisable. It shall determine the Eligible Directors to whom and the time or times at which awards shall be granted, the number of DSUs to be subject to each award, the
terms and conditions of each award (and amendments thereto) and the duration of leaves of absence which may be granted to Eligible Directors without constituting a termination of status as a director for purposes of the Plan. Any such construction,
interpretation, rule, determination or other action taken by the Committee pursuant to the Plan shall be final, binding and conclusive on all interested parties, including without limitation the Company and all Eligible Directors. 
 2.2. Committee Action. Actions by a majority of the Committee at a meeting at which a quorum is present, or actions approved in writing by all of
the members of the Committee, shall be the valid acts of the Committee. Subject to applicable law, prior Board action, and the Committee’s Charter, the Committee may delegate its authority under the Plan to any other person or persons. No
member of the Board or the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any award granted under it. 
 2.3. Accounts. The DSUs and Dividend Equivalent Rights (as defined below) granted under the Plan will be noted in a bookkeeping account (“Account”) established for each Eligible Director.

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

 Section 4. Eligible Director DSU Grants. 
 4.1. DSUs, Dividend Equivalent Rights. One DSU shall have the value of one share of Company common stock, par value U.S.$.001 per share and any
other securities into which such share is changed or for which such share is exchanged (“Share”). A “Dividend Equivalent Right” means a right to receive the cash dividends or other distributions that are or would be
payable with respect to the number of DSUs held by an Eligible Director if the DSUs were Shares. Each DSU shall be accompanied by one (1) related Dividend Equivalent Right. The cash value attributable to Dividend Equivalent Rights will be
deferred and converted into additional DSUs based on the Fair Market Value (as defined below) of a Share on the date such dividend is paid (with the number of DSUs being granted rounded to the fourth decimal place). “Fair Market
Value” or “FMV” on any date shall be equal to the mean of the high and low prices at which Shares are traded on the Toronto Stock Exchange on such date or the mean of the high and low prices at which the Shares are traded
on the New York Stock Exchange, as designated by the Committee. 
 4.2. Formula DSUs. Beginning in 2007, and each year thereafter,
each Eligible Director shall be granted an aggregate number of DSUs equal at that time to the value of the equity retainer payable to Eligible Directors for acting on the Board as set forth in the then-applicable policy outline of director
compensation (“Equity Retainer” or “ER”) divided by the FMV of a Share on the date of grant (i.e., ER/FMV = DSUs), rounded to the fourth decimal place, until the Eligible Director holds a total number of Shares
and/or DSUs required by the Guidelines. The DSUs that are required to be granted under this Section 4.2 shall be referred to as Formula DSUs. After the ownership requirements of the Guidelines have been met for a particular Eligible Director,
the Eligible Director shall continue to receive Formula DSUs as described in this Section 4.2 for each year of continuing service unless the Eligible Director makes an election in the year before the year in which the grant is made, to have all
or any part of such amount paid to him or her in cash. The Formula DSUs that are granted under the immediately preceding sentence shall be referred to herein as “Voluntary Formula DSUs,” and shall not be subject to the forfeiture
provisions set forth in Sections 4.6 and 4.7. 
 4.3. Elective DSUs. In addition, each Eligible Director may, to the extent permitted
by the then-applicable director compensation policy outline, elect to receive all or a portion of his or her cash retainer payable to an Eligible Director for acting on the Board, as well as any other cash compensation payable to the Eligible
Director for acting as the Chair of a Committee of the Board, acting as a member of a Committee of the Board or attending meetings of the Board or any Committee thereof, in the form of DSUs by filing an election with the Company prior to the year in
which such payments are to be made. Any DSUs granted under this Section 4.3 shall be referred to as Elective DSUs. The number of Elective DSUs to be granted shall be equal to the cash compensation being deferred divided by the FMV of a Share on
the date of grant, rounded to the fourth decimal place. Elective DSUs shall not be subject to the forfeiture provisions set forth in Sections 4.6 and 4.7. 
 4.4. Special Awards. Subject to the approval of the entire Board of Directors, the Committee may also grant DSUs on a discretionary basis from time to time (“Discretionary DSUs”) with such
terms and conditions set forth in an applicable award agreement referred to in Section 4.8 and that are not inconsistent with the Plan. 
  

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 4.5. Payment. All DSUs shall be paid in cash based on the Fair Market Value of a Share on the date
of the Eligible Director’s separation from service. Notwithstanding the foregoing, the Company shall be entitled to withhold and/or deduct any and all amounts required to be withheld from any payment hereunder on account of taxes or other
governmental charges. 
 4.6. Distributions to U.S. Directors. Unless an Eligible Director who is resident in the United States or is
otherwise subject to the tax laws of the United States at the time of grant, has made a valid election under the Company’s U.S. Non-Employee Directors’ Deferred Compensation Plan (the “NQDC Plan”) no later than the date permitted
under the NQDC Plan, all DSUs granted to such director shall be paid out in a lump sum, as soon as administratively possible, after separation from service. If an Eligible Director who is resident in the United States has made a valid election under
the NQDC Plan with respect to some or all of the DSUs granted under this Plan, the DSUs shall be paid in accordance with the terms of the NQDC Plan. Notwithstanding the foregoing, all Formula DSUs (not including Voluntary Formula DSUs or Elective
DSUs), and, unless otherwise provided in the agreement evidencing the grant, Discretionary DSUs, shall be forfeited if a director is removed from service due to the commission of an act of fraud or intentional misrepresentation or an act of
embezzlement, misappropriation or conversion of assets or opportunities of the Company or any of its Subsidiaries (“Cause”). The Committee reserves the right to limit the length of time that DSUs may be deferred beyond separation
from service under the NQDC Plan, and reserves the right to permit or limit the right to make additional deferrals with respect to DSUs that have been previously deferred. Where appropriate, the application of this Section 4.6 is subject to the
provisions of Section 13 hereof, and for such purpose may be limited in any particular award agreement granting DSUs. 
 4.7.
Distributions to Canadian Directors. All DSUs granted to Eligible Directors to which Section 13 of this Plan applies shall be paid out as soon as administratively possible following separation from service (and in any event no later than
December 31 of the year following the year in which the Eligible Director’s separation from service occurs), unless the director has filed an election no later than December 31 of the year before the year in which a particular grant
is made, to have such payment made at the end of the first calendar year commencing after the director’s separation from service. Notwithstanding the foregoing, and for greater certainty, Formula DSUs (not including Voluntary Formula DSUs or
Elective DSUs) and, as applicable, Discretionary DSUs, shall be forfeited and no payment shall be made in respect thereof if an Eligible Director’s separation from service is as a result of a termination for Cause. To the extent Section 12
is applicable to an award under Section 4.7, the terms of this Section 4.7 may be limited in an award agreement granting the DSUs. 
 4.8. Agreements. All DSUs shall be evidenced by an agreement, which shall include the following terms and conditions: 
 (i)
Eligible Director and Number of Units. Each agreement shall state the name of the Eligible Director to whom the DSUs have been granted and shall state the number of DSUs granted. 
  

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 (ii) Non-Transferability. No DSUs awarded to the Eligible Director may be sold, transferred or
otherwise disposed of and shall not be pledged or otherwise hypothecated. 
 (iii) Vesting. Unless otherwise set forth in an
applicable award agreement, all DSUs and accompanying Dividend Equivalent Rights shall vest upon separation from service. 
 4.9.
Separation from Service. For the purposes of this Plan, “separation from service” shall be the earliest date on which both of the following conditions are met: (i) the Eligible Director has ceased to be employed by the Company
or any of its Subsidiaries for any reason whatsoever, and (ii) the Eligible Director is not a member of the Board of Directors of the Company or any of its Subsidiaries. 
 Section 5. Effect of Change in Shares Subject to the Plan. In the event of a Change in Capitalization (as defined in the Tim Hortons Inc.
2006 Stock Incentive Plan (the “2006 Stock Plan”)), the Committee shall conclusively determine the appropriate adjustments, if any, to outstanding DSUs. These adjustments shall be made in the same manner as adjustments are made to
awards that are outstanding under the 2006 Stock Plan. Adjusted DSUs shall remain subject to the same conditions which were applicable to the DSUs prior to the adjustments, provided that, notwithstanding the foregoing, any adjustment to a DSU to
which Section 13 of this Agreement applies shall be on the basis that the amounts payable under such DSU shall continue to depend on the FMV of the Shares of the Company, or a corporation related thereto, at a time within the period beginning
one year before the Eligible Director’s separation from service and ending at the time of receipt of payment. 
 Section 6.
Multiple agreements. The terms of each award of DSUs may differ from other awards granted under the Plan at the same time, or at some other time. 
 Section 7. Amendment or Termination; Duration. Subject to applicable regulatory requirements, the Board may amend or terminate the Plan at any time, provided that the Board shall not make any change to
outstanding DSUs that will impair the rights of the Eligible Director without the consent of the Eligible Director. The Plan shall continue until terminated by the Board. 
 Section 8. Other Actions. The adoption of the Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive arrangement or as creating any limitations on
the power of the Board to adopt such other incentive arrangements as it may deem desirable. 
 Section 9. Costs and Expenses. The
costs and expenses of administering the Plan shall be borne by the Company. 
 Section 10. Plan Unfunded. The Plan shall be
unfunded. 
 Section 11. Laws Governing Plan. The Plan shall be construed under and governed by the laws of the State of Delaware
and to the extent applicable to the Internal Revenue Code of 1986, as amended (the “Code”). 
  

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 Section 12. Section 409A. To the extent applicable, it is intended that this Plan and
the DSUs granted hereunder comply with Code Section 409A in accordance with Internal Revenue Service Notice 2005-1 and proposed regulations promulgated thereunder (and any subsequent IRS notices or guidance), and this Plan will be interpreted,
administered and operated in good faith accordingly. In the event that any provision of this Plan is inconsistent with Code Section 409A or such guidance, then the applicable provisions of Code Section 409A shall supersede such provision.
Nothing herein shall be construed as an entitlement to or guarantee of any particular tax treatment to an Eligible Director. 
 Section 13. Regulation 6801(d). Where a particular Eligible Director is resident in Canada for purposes of the Income Tax Act (Canada) (“ITA”) at the time of a particular grant of DSUs to such Eligible Director or
otherwise is or is expected to be subject to tax under the ITA in accordance with any relevant Canadian income tax convention in respect of his or her remuneration as a director of the Company at the time of a particular grant of DSUs hereunder, it
is intended that this Plan comply with Regulation 6801(d) under the Income Tax Act (Canada) with respect to such a grant, and this Plan and the DSUs granted by such a grant will be interpreted, administered and operated in good faith accordingly. In
the event that any provision of or action pursuant to this Plan is inconsistent with Regulation 6801(d), then the applicable provisions of Regulation 6801(d) shall supersede such provision or action for the purposes of such a grant. For greater
certainty, and without limiting the generality of the foregoing, no amount will be paid to, or in respect of, an Eligible Director under the Plan or pursuant to any other arrangement, and no DSUs will be granted to such Eligible Director to
compensate for a downward fluctuation in the price of Shares, nor will any other form of benefit be conferred upon, or in respect of, an Eligible Director for such purpose. Nothing herein shall be construed as an entitlement to or guarantee of any
particular tax treatment to an Eligible Director. The provisions of any agreement granting DSUs may contain such additional provisions as are necessary or appropriate to give effect to the foregoing. 
 Section 14. Non-U.S. Eligible Directors. Without amending the Plan, the Committee may grant DSUs to Eligible Directors who are nationals or
residents of a jurisdiction other than the United States of America on such terms and conditions different from those specified in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the
purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, and the like as may be necessary or advisable to comply with provisions of laws of other countries, and the individual
award agreements may reflect such amendments and modifications. 
 Section 15. Captions. The captions to the several sections
hereof are not a part of the Plan, but are merely guides or labels to assist in locating and reading the several sections hereof. 
 Section 16. Effective Date. The effective date of the Plan is December 5, 2006, as amended effective March 6, 2007. 
  

 Page 5 of 5Form of Canadian Director Deferred Stock Unit Plan Award Agreement

 Exhibit 10(g) 
 DEFERRED STOCK UNIT AWARD AGREEMENT 
 (with related Dividend Equivalent Rights) 
 (Canadian Directors) 
 Tim Hortons
Inc. 
 [Date] 
 THIS
AGREEMENT, made effective as of the      day of             , 20     (the “Effective Date”), is between Tim
Hortons Inc., a Delaware corporation (the “Company”), and                      (the “Grantee”)
(collectively, the “Parties”). 
 WHEREAS, the Company has adopted the Tim Hortons Inc. Non-Employee Director Deferred Stock Unit
Plan (the “Plan”) in order to provide an additional incentive to non-employee directors of the Company; and 
 WHEREAS,
pursuant to Section 4 of the Plan, the Company may grant, from time-to-time, to the Grantee Elective DSUs, Formula DSUs, Voluntary Formula DSUs and Discretionary DSUs (all as defined in the Plan and collectively referred to herein as
“DSUs” or, individually, a “DSU”) with related Dividend Equivalent Rights; and 
 WHEREAS, each grant of DSUs shall be
evidenced by this Agreement, which (together with the Plan), describes all the terms and conditions of the respective DSU grant. 
 NOW,
THEREFORE, the Parties agree as follows: 
  

	1	Award. 

 1.1 The Company hereby grants to the
Grantee awards (the “Awards”) of the number of Formula DSUs, Voluntary Formula DSUs, Elective DSUs and Discretionary DSUs as set out on Schedule A hereto with an equal number of related Dividend Equivalent Rights on the date(s) of
grant (each, a “Grant Date”) set forth on Schedule A. Grants of DSUs are subject to certain administrative determinations to be made by the Human Resource and Compensation Committee of the Company (the “Committee”) from
time-to-time, which are described on Schedule A and which, unless otherwise specified on Schedule A, shall apply in respect of all existing and future Awards; provided that no such administrative determination will impair the rights of the Grantee
without the consent of the Grantee, except as may be permitted pursuant to Section 11 of this Agreement. Each DSU shall have the value of one share of Company’s common stock, par value U.S.$0.001 per share and any other securities into
which such share is changed or for which such share is exchanged (“Share”). Distributions and payments for DSUs and Dividend Equivalent Rights shall be made in accordance with the terms of Section 5 and 6 hereof, respectively.
The DSUs and related Dividend Equivalent Rights granted pursuant to the Awards shall be subject to the execution and return of this Agreement by the Grantee. On a quarterly basis, the Company will deliver to the Grantee an updated Schedule A setting
out the total number of DSUs that have been granted to the Grantee under the Plan and pursuant to this Agreement from the Effective Date to the date of such Schedule. Grantee shall be deemed to have (i) accepted and agreed to the terms and
conditions of the Awards and other information described on the Schedule and (ii)

 
confirmed their agreement and acknowledgment that the terms of this Agreement continue to comply in full force and effect to all such future Awards, unless
Grantee notifies the Company within 15 business days after receipt of the respective quarterly Schedule A. 
 1.2 Each Dividend Equivalent
Right represents the right to receive an amount in respect of all of the cash dividends or other distributions that are or would be payable with respect to the number of DSUs held by the Grantee if the DSUs were Shares. The cash value attributable
to Dividend Equivalent Rights shall be deferred and converted into additional DSUs based on the Fair Market Value of a Share on the date such dividend is paid. “Fair Market Value” or “FMV” on any date shall be equal
to the mean of the high and low prices at which Shares are traded on the Toronto Stock Exchange on such date or the mean of the high and low prices at which the Shares are traded on the New York Stock Exchange, as designated by the Committee and set
out on Schedule A hereto. Any additional DSUs granted pursuant to this Section shall be subject to the same terms and conditions applicable to the DSU to which the Dividend Equivalent Right relates, including, without limitation, the restrictions on
transfer, forfeiture, vesting and payment provisions contained in Sections 2 through 5, inclusive, of this Agreement. In the event that a DSU is forfeited pursuant to Section 5 hereof, the related Dividend Equivalent Right shall also be
forfeited. 
 1.3 This Agreement shall be construed in accordance and consistent with, and subject to, the provisions of the Plan (the
provisions of which are hereby incorporated by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
  

	2	Restrictions on Transfer. 

 The DSUs and Dividend
Equivalent Rights granted pursuant to this Agreement may not be sold, transferred or otherwise disposed of and may not be pledged or otherwise hypothecated. 
  

	3	Vesting. 

 All DSUs and accompanying Dividend
Equivalents Rights granted hereunder shall vest upon the Grantee’s separation from service. “Separation from service” shall occur on the earliest date on which both the following conditions have been met: (i) the Grantee has
ceased to be employed by the Company or any of its Subsidiaries for any reason whatsoever and (ii) the Grantee is not a member of the Board of Directors of the Company or any of its Subsidiaries. 
  

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	4	Effect of Change of Shares Subject to the Plan 

 In
the event of a Change in Capitalization (as defined in the Tim Hortons Inc. 2006 Stock Incentive Plan (the “2006 Stock Plan”)), the Committee shall conclusively determine the appropriate adjustments, if any, to the Grantee’s
outstanding DSUs. If adjustments are to be made, they shall be made in the same manner as adjustments are made to awards that are outstanding under the 2006 Stock Plan. Adjusted DSUs shall remain subject to the same conditions that were applicable
to the DSUs prior to the adjustments, provided that, notwithstanding the foregoing, any adjustment to a DSU shall be on the basis that the amounts payable under such DSU shall continue to depend on the FMV of the Shares of the Company, or a
corporation related thereto, at a time within the period beginning one year before the Grantee’s separation from service and ending at the time of receipt of payment. 
  

	5	Distributions. 

 All DSUs granted to Grantee under
the Agreement shall be paid out as soon as administratively possible following separation from service (and in any event no later than December 31 of the year following the year in which the Grantee’s separation from service occurs),
unless the Grantee has filed an election no later than December 31 of the year before the year in which a particular grant is made, to have such payment made at the end of the first calendar year commencing after the Grantee’s separation
from service. Notwithstanding the foregoing, and for greater certainty, Formula DSUs (not including Voluntary Formula DSUs or Elective DSUs) and, unless otherwise set out on Schedule A hereto with respect to a specific Award, Discretionary DSUs,
shall be forfeited and no payment shall be made in respect thereof if the Grantee’s separation from service is as a result of a termination due to the commission of an act of fraud or intentional misrepresentation or an act of embezzlement,
misappropriation or conversion of assets or opportunities of the Company or any of its Subsidiaries. 
  

	6	Payment. 

 All DSUs shall be paid in cash based on
the Fair Market Value of a Share on the date of the Grantee’s separation from service in accordance with the administrative determinations made by the Committee from time-to-time regarding the payments of DSUs upon settlement, which shall be
noted on Schedule A from time-to-time, as applicable. Notwithstanding the foregoing, the Company shall be entitled to withhold and/or deduct any and all amounts required to be withheld from any payment hereunder on account of taxes or other
governmental charges. 
  

	7	Execution of the Award 

 The grant of the DSUs and
Dividend Equivalent Rights to the Grantee pursuant to the Awards shall be conditional upon the Grantee’s execution and return of this Agreement to the Company or its designee (including by electronic means, if so provided) no later than
                    . 
  

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	8	No Right to Continued Service. 

 Nothing in this
Agreement or the Plan shall confer upon the Grantee any right to continuance of service as a Board member or otherwise as an employee of the Company or any of its Subsidiaries. 
  

	9	Residency of Grantee 

 The Grantee represents and
warrants to the Company that the Grantee is a resident of Canada for Canadian and U.S. income tax purposes and the Grantee hereby agrees to notify the Company within 15 business days of any change in the Grantee’s residency for such purposes.

  

	10	Grantee Bound by the Plan. 

 The Grantee hereby
acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan will govern. 
 In the event of a separation of service as a result of the death or disability of the Grantee, the payment in respect of the DSUs held by the Grantee
shall be made to the Grantee’s estate or legal representatives, as applicable. 
  

	11	Modification of Agreement. 

 This Agreement may be
modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the Parties hereto; provided, however, that (a) Grantee shall be deemed to have accepted, without signature
required, the terms and conditions of this Agreement applicable to future grants, unless notice of objection is made, as described in Section 1 hereof and (b) nothing herein shall restrict the Committee’s right to amend this Agreement
without the Grantee’s consent and without additional consideration to the Grantee to the extent necessary to avoid penalties arising under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or to comply
with the requirements of Regulation 6801(d) under the Income Tax Act (Canada) (the “ITA”), even if those amendments reduce, restrict or eliminate rights granted under this Agreement before those amendments are adopted. 

 

	12	Notice 

 All notices and other communications
hereunder shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed duly given if (and then three business days after) it is sent by registered or certified mail, return receipt requested, postage
prepaid, and addressed to the intended recipient as set forth below: 
 If to the Company: 
 Tim Hortons Inc. 
 874 Sinclair Road 
 Oakville, Ontario L6K 2Y1 
  

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 Attn: General Counsel 
 Fax: (905) 845-1458 
 If to Grantee: 
 Name:
                     
 Address:                      
 Tel:                      
 Fax:                     

 Email:
                     
 Either
party may send any notice or other communication hereunder to the intended recipient at the address, facsimile number or electronic mail address set forth above using any other means (including personal delivery, expedited courier, messenger
service, telecopy, telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient. Either party
may change the address, facsimile number or electronic mail address to which notices and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set forth. 
  

	13	Severability. 

 Should any provision of this
Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

  

	14	Governing Law. 

 The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof and, to the extent applicable, the Code and ITA. 
  

	15	Successors in Interest. 

 This Agreement shall inure
to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this
Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors. 
  

	16	Resolution of Disputes. 

 Any dispute or
disagreement which may arise under, or as a result of, or in any way relate to, the interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and
conclusive on the Grantee, the Grantee’s heirs, executors, administrators and successors, and the Company and its Subsidiaries for all purposes. 
  

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	17	Entire Agreement. 

 This Agreement and the terms and
conditions of the Plan, including the provisions of the 2006 Stock Plan to the extent specifically referred to herein or directly applicable to the terms hereof, constitute the entire understanding between the Grantee and the Company and its
Subsidiaries, and supersede all other agreements, whether written or oral, with respect to the Award. 
  

	18	Headings. 

 The headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement. 
  

	19	Counterparts. 

 This Agreement may be executed
simultaneously in two or more counterparts, each of which shall constitute an original, but all of which taken together shall constitute one and the same agreement. 
  

			
	TIM HORTONS INC.
		
	 By:
	 	  

	Name:	 	  

	Title:	 	  

	
	GRANTEE
		
	By:	 	  

	Print Name:	 	  

  

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 SCHEDULE A 
  

							
	 Grant Date
	 	 Cash Value (Cdn.$)
	 	 # and Type of DSUs*
	  	Director Residency
	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	  
	 	  
	 	  
	  	  

	*	Specify Formula DSUs, Voluntary Formula DSUs, Elective DSUs or Discretionary DSUs. 

 Notice Regarding Administrative Decisions made by the Committee 
  

	 	•	 	 The number of DSUs to be awarded will be based on the FMV of the Company’s common shares on the Toronto Stock Exchange (instead of the New York Stock
Exchange). 

  

	 	•	 	 The number of DSUs to be awarded (dollar amount divided by FMV) will be based on the FMV of the first day of the next trading window. In other words, even though
the cash being deferred would have otherwise been payable at the quarterly board meetings, the DSU grant will only occur on the first day of the next trading window once the Company’s quarterly earnings release is made public. In addition, no
interest will accrue on the compensation being deferred between the date of the board meeting and the actual grant date.

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