Document:

EX-10.(a)

 Exhibit 10(a) 
 [Note: Text in [    ] is only included in agreements with individuals employed by U.S. subsidiaries of Tim Hortons Inc., with the exception that text in [    ] in
Section 9 is not included in such agreements, but has been included in all other agreements.] 
  

					
		  		 	 Form of Restricted Stock Unit Award Agreement

(2011 Award – NEOs, VPs and Up)

 Participant Name (“Grantee”): 
 Employee Number: 
 Grant Name: 
 Date of
Grant:                                        
May 17, 2011 
 Total Award: 
  

			
	 Vest Schedule – RSUs

	Vest Date	 	Vest Quantity
	November 15, 2013	 	100%

 RESTRICTED STOCK UNIT AWARD AGREEMENT 

(with related Dividend Equivalent Rights) 
 Tim Hortons Inc. 
 Grant Year: 2011 

May 17, 2011 
 THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) is made effective as of the 17th day of May, 2011 (the “Date of Grant”), [by and among/between] Tim Hortons Inc., a corporation incorporated
under the Canada Business Corporations Act (the “Company”), [the below noted Employer,] and the above-noted Grantee (collectively, the “Parties”). 
 WHEREAS, the Company has adopted the Tim Hortons Inc. 2006 Stock Incentive Plan, as amended from time to time (the “Plan”), in order to provide additional incentive compensation to certain
employees and directors of the Company and its Subsidiaries (as defined in the Plan); and 
 WHEREAS, pursuant to
Section 4.2 of the Plan, the Human Resource and Compensation Committee (“Committee”) of the Board of Directors of the Company (“Board”) has determined to grant to the Grantee on the Date of Grant an Award of Restricted Stock
Units with related Dividend Equivalent Rights as provided herein to encourage the Grantee’s efforts toward the continuing success of the Company and its Subsidiaries; and 
 WHEREAS, the Award is evidenced by this Agreement, which (together with the Plan), describes all the terms and conditions of the Award. 

 NOW, THEREFORE, the Parties agree as follows: 

 

	1.	Award. 

  

	1.1	The Company (or in the case of a Grantee employed by a Subsidiary [(the “Employer”)], the Employer) hereby grants to the Grantee in respect of employment
services provided by the Grantee an award of the above-noted number of Restricted Stock Units (the “Award”) with an equal number of related Dividend Equivalent Rights (as defined in the Plan). Subject to Section 6 hereof, each
Restricted Stock Unit represents the right to receive, at the absolute discretion of the Company, (i) one (1) Share (as defined in the Plan) from the Company, (ii) cash delivered to a broker to acquire one (1) Share on the
Grantee’s behalf, or (iii) one (1) Share delivered by the Trustee (as defined in Section 7), in any case at the time and in the manner set forth in Section 7 hereof. 

 

	1.2	Each Dividend Equivalent Right represents the right to receive the equivalent of all of the cash dividends that would be payable with respect to the Share represented
by the Restricted Stock Unit to which the Dividend Equivalent Right relates. With respect to each Dividend Equivalent Right, any amount related to cash dividends shall be converted into additional Restricted Stock Units based on the Fair Market
Value of a Share on the date such dividend is made. Any additional Restricted Stock Units granted pursuant to this Section shall be subject to the same terms and conditions applicable to the Restricted Stock Unit to which the Dividend Equivalent
Right relates, including, without limitation, the restrictions on transfer, forfeiture, vesting and payment provisions contained in Sections 2 through 7, inclusive, of this Agreement. In the event that a Restricted Stock Unit is forfeited pursuant
to Section 6 hereof, the related Dividend Equivalent Right shall also be forfeited. Fractional Restricted Stock Units may be generated upon the automatic settlement of Dividend Equivalent Rights into additional Restricted Stock Units and upon
the vesting of a portion of a Restricted Stock Unit award (see Section 3). These fractional Restricted Stock Units continue to accrue additional Dividend Equivalent Rights and accumulate until the fractional interest is of sufficient value to
acquire an additional Restricted Stock Unit as a result of the settlement of future Dividend Equivalent Rights, subject to adjustment upon the vesting of a portion of the underlying Restricted Stock Unit award (see Section 3). The Committee
shall determine appropriate administration for the tracking and settlement of Dividend Equivalent Rights, including with respect to fractional interests, and the Committee’s determination in this regard shall be final and binding upon all
Parties. 

  

	1.3	This Agreement shall be construed in accordance and consistent with, and is subject to, the provisions of the Plan (the provisions of which are hereby incorporated by
reference), as well as any and all determinations, policies, instructions, interpretations, rules, etc., of the Committee in connection with the Plan. 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. 

  
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	2.	Restrictions on Transfer. 

 The Restricted Stock Units 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. 

 Except
as otherwise provided in this Agreement, Restricted Stock Units granted hereunder shall vest in their entirety on November 15, 2013. Fractional Restricted Stock Units may be generated and/or adjusted upon the vesting of the Restricted Stock
Units awarded under this Agreement. See Section 7 regarding settlement of fractional Restricted Stock Units. 
  

	4.	Effect of Terminations of Employment. 

  

	4.1	Death or Disability. If Grantee’s employment terminates as a result of Grantee’s death or becoming Disabled (as defined in the Plan), or if the Grantee
is terminated without Cause in connection with the sale or disposition of a Subsidiary, in each case if such termination occurs on or after the Date of Grant, all Restricted Stock Units which have not become vested in accordance with Section 3
or 5 hereof shall vest as of the date of such termination. 

  

	4.2	Retirement. If Grantee’s employment terminates as a result of the Grantee’s Retirement, and if such termination occurs on or after the Date of Grant,
any unvested Restricted Stock Units will remain outstanding and will continue to vest in accordance with the vesting schedule described in Section 3 of this Agreement. 

 

	4.3	Definitions. For purposes of this Agreement, (a) “Retirement” shall mean termination of employment after attaining age 60 with at least ten
(10) years of service (as defined in the Company’s qualified retirement plans) other than by death, Disability or for Cause and (b) the word “terminate” or “termination” in connection with the Grantee’s
employment shall mean the Grantee’s “separation from service,” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and Treasury Regulation Section 1.409A-1(h).

  

	4.4	 Trading Policies and Transfer of Shares. For a period of six (6) months following a termination of employment, whether under
Section 4, 5, or 6 of this Agreement, Grantee shall continue to be subject to the Company’s insider trading and window trading policies and must follow all pre-clearance procedures, and all other requirements, included in those policies.
In the case of Retirement, a termination due to Disability, or death, Grantee or Grantee’s estate or legal representative, as the case may be, shall take all reasonable steps to transfer all Shares received under this Agreement (and all other
Shares that have vested and are maintained by the Plan Administrator (as defined in Section 7) in a brokerage account for the benefit of Grantee) from the Plan Administrator within five (5) years following the Grantee’s termination of
employment. For terminations arising for any reason other than death, Disability or Retirement, Grantee shall transfer all Shares received under this 

  
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Agreement (and all other Shares that have vested and are maintained by the Plan Administrator in a brokerage account for the benefit of Grantee) from the Plan Administrator within one
(1) year following the Grantee’s termination of employment. 

  

	5.	Effect of Change in Control. 

 Subject to Section 6 hereof, in the event of a Change in Control, Section 11.6 of the Plan will apply to the unvested portion of the Award. 

 

	6.	Forfeiture of Award. 

 Except as otherwise provided in this Agreement, any and all Restricted Stock Units which have not become vested in accordance with Section 3, 4 or 5 hereof shall be forfeited upon: 

 

	 	(a)	the termination of the Grantee’s employment with the Company or any Subsidiary for any reason other than those set forth in Section 4 hereof prior to such
vesting; or 

  

	 	(b)	the commission by the Grantee of an Act of Misconduct prior to such vesting. 

 For purposes of this Agreement, an “Act of Misconduct” shall mean the occurrence of one or more of the following events: (x) the Grantee uses for profit or discloses to unauthorized
persons, confidential information or trade secrets of the Company or any of its Subsidiaries, (y) the Grantee breaches any contract with or violates any fiduciary obligation to the Company or any of its Subsidiaries, or (z) the Grantee
engages in unlawful trading in the securities of the Company or any of its Subsidiaries or of another company based on information gained as a result of the Grantee’s employment with, or status as a director to, the Company or any of its
Subsidiaries. 
  

	7.	Satisfaction of Award. 

 In order to satisfy Restricted Stock Units after vesting pursuant to this Agreement, the Company (or in the case of a Grantee employed by a Subsidiary, the Employer) shall, at its election either
(i) deliver authorized but unissued Shares; (ii) deliver cash to a broker designated by the Company who, as agent for the Grantee, shall purchase the appropriate number of Shares on the open market; (iii) contribute cash to a trust
fund (the “Trust”) to be used by the trustee thereof (the “Trustee”) to purchase Shares for the purpose of satisfying the Grantee’s entitlements under this Agreement, which Shares shall be held by the Trustee, and the
Trustee, upon direction, shall deliver such Shares to the Grantee; or, (iv) any combination of the above. 
 The aggregate
number of Shares issued by the Company, purchased by a broker for the Grantee or delivered by the Trustee to a Grantee at any particular time pursuant to this Section 7 shall correspond to the number of Restricted Stock Units that become vested
on the vesting date, with one (1) Restricted Stock Unit corresponding to one (1) Share, subject to any withholding as may be required under Section 9 of this Agreement, notwithstanding any

  
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delay between a vesting date and the settlement date. Fractional Shares may be issued or delivered upon settlement of vested Restricted Stock Units. All parties understand, acknowledge and agree
that fractional Shares cannot be traded in the public markets, and therefore, any fractional Share issued or delivered to Grantee upon settlement of a vested Restricted Stock Unit, after taking into account the reduction to the number of Shares as
required under Section 9 of this Agreement, if applicable, will ultimately be settled in cash when the Grantee sells Shares through the Plan Administrator or transfers Shares out of the Plan Administrator’s system. The Committee shall
determine appropriate administration for the settling of vested Restricted Stock Units, including with respect to fractional interests, and the Committee’s determination in this regard shall be final and binding upon all Parties. As used
herein, “Plan Administrator” shall mean the party engaged by the Company to administratively track awards and accompanying Dividend Equivalent Rights granted under the Plan, as well as handle the process of vesting and settlement of such
awards. 
 The Company will satisfy its obligations in this Section 7 on each vesting date or as soon as administratively
practicable but no later than the later of (a) December 31 of the year in which such vesting date occurs, or (b) sixty (60) days after such vesting date. Notwithstanding the foregoing, with respect to Restricted Stock Units that
become vested pursuant to Section 4 (other than as a result of the Grantee’s death), if the Grantee is a “specified employee” within the meaning of Section 409A of the Code as of the date the Grantee’s employment
terminates and settlement of such Restricted Stock Units is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then the Company shall satisfy its obligations in this Section 7 by the later of (i) the date
otherwise required by this Section 7 or (ii) the first business day of the calendar month following the date which is six (6) months after the Grantee’s employment terminates. 

Any of the Company’s obligations in this Section 7 may be satisfied by the Company or the Employer. 

 

	8.	No Right to Continued Employment. 

 Nothing in this Agreement or the Plan shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Grantee’s employment, nor confer upon the Grantee any
right to continuance of employment by the Company or any of its Subsidiaries or continuance of service as a Board member. 
  

	9.	Withholding of Taxes. 

 Upon (i) the delivery to the Grantee (or the Grantee’s estate, if applicable) of authorized and unissued Shares; (ii) the delivery of cash to a broker to purchase and deliver Shares; or
(iii) the delivery by the Trustee of Shares pursuant to the Trust Agreement, in each case pursuant to Sections 1 and 7 hereof, the Company [(or in the case of a Grantee employed by a Subsidiary)], the Employer or the Trust, as applicable, shall
require payment of or other provision for, as determined by the Company, an amount equal to the federal, state, provincial and local income taxes and other amounts required by law to be withheld or determined to be necessary or appropriate to be
withheld by the Company, the Employer or the Trust, as applicable, in connection with such delivery. In its sole discretion, the 

  
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Company, the Employer or the Trust, as applicable, may require or permit payment of or provision for such withholding taxes through one or more of the following methods: (a) in cash, bank
draft, certified cheque, personal cheque or other manner acceptable to the Committee and/or set forth in the relevant exercise procedures; (b) by withholding such amount from other amounts due to the Grantee; (c) by withholding a portion
of the Shares then issuable or deliverable to the Grantee having an aggregate fair market value equal to such withholding taxes and, at the Company’s election, either (I) canceling the equivalent portion of the underlying Award and the
Company or the Trust paying the withholding taxes on behalf of the Grantee in cash, or (II) selling such Shares on the Grantee’s behalf; or (d) by withholding such amount from the cash then issuable in connection with the Award.

 Fractional Shares may be issued or delivered and/or adjusted upon the withholding of taxes in accordance with this
Section 9, and the settlement of the Restricted Stock Units into Shares will be adjusted by the amount of the withholding, including by the fractional Shares generated and/or adjusted upon the withholding transaction. Any fractional Shares will
ultimately be paid or settled in cash in accordance with Section 7 of this Agreement. Additional fractional Shares may continue to accrue and be added to existing fractional Shares upon future vesting and settlement of Restricted Stock Units
(in accordance with the terms of this Agreement) if vested Shares remain in the Plan Administrator’s system. 
  

	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. This Agreement shall be construed in accordance and consistent with, and is
subject to, the provisions of the Plan (the provisions of which are hereby incorporated by reference), as well as any and all determinations, policies, instructions, interpretations and rules of the Committee in connection with the Plan. 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. 
  

	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. 
  

	12.	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. 
  

	13.	Governing Law. 

The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Province of Ontario and
the federal laws of Canada applicable therein. 

  
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	14.	Successors in Interest and Assigns. 

 The Company and the Employer may assign any of their respective rights and obligations under this Agreement without the consent of the Grantee. This Agreement shall inure to the benefit of and be binding
upon any successors and assigns of the Company and the Employer. This Agreement shall inure to the benefit of the successors of the Grantee including, without limitation, the estate of the Grantee and the executor, administrator or trustee of such
estate. All obligations imposed upon the Grantee and all rights granted to the Company and the Employer under this Agreement shall be binding upon the successors of the Grantee including, without limitation, the estate of the Grantee and the
executor, administrator or trustee of such estate. 
  

	15.	Language. 

 The
Parties hereto acknowledge that they have requested that this Agreement and all documents ancillary thereto, including all the documentation provided to the Grantee in respect of the Award, be drafted in the English language only. Les parties aux
présentes reconnaissent qu’elles ont exigé que la présente convention et tous les documents y afférents, y compris toute la documentation transmise au bénéficiaire relativement à l’octroi
des droits prévu aux présentes, soient rédigés en langue anglaise seulement. 
  

	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. 

 

	17.	Entire Agreement. 

This Agreement and the terms and conditions of the Plan 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. 

  
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	20.	Compliance with Section 409A. 

 This Agreement is intended to satisfy the requirements of Section 409A of the Code and is intended not to be a “salary deferral arrangement” (a “SDA”) within the meaning of
the Income Tax Act (Canada) (“Canadian Tax Act”), and shall be interpreted and administered consistent with such intent. To the extent that the interpretation and administration of this Agreement in accordance with Section 409A
of the Code would cause any of the arrangements contemplated herein to be a SDA, then for any Grantee who is subject to the Canadian Tax Act and not subject to Section 409A of the Code, the Agreement shall be interpreted and administered
with respect to such Grantee so that the arrangements are not SDAs. For Grantees subject to both Section 409A of the Code and the Canadian Tax Act, the terms of this Award shall be interpreted, construed, and given effect to achieve compliance
with both Section 409A of the Code and the Canadian Tax Act, to the extent practicable. If compliance with both Section 409A of the Code and the Canadian Tax Act is not practicable in connection with the Award covered by this Agreement,
the terms of this Award and this Agreement remain subject to amendment at the sole discretion of the Committee to reach a resolution of the conflict as it shall determine in its sole discretion. 

 

	21.	Recoupment Policy upon Restatement of Financial Results. 

 The Award, and any proceeds therefrom, is subject to the Company’s right to reclaim its benefits in the event of a financial restatement pursuant to the Recoupment Policy Relating to
Performance-Based Compensation (the “Recoupment Policy”) adopted by the Board, as may be amended from time to time. If the Company’s financial statements are required to be restated for any reason (other than restatements due to
changes in accounting policy with retroactive effect), the Board will review the Award earned by the Grantee. If the Board determines that, after a review of all of the relevant facts and circumstances, the grant of the Award was predicated upon the
achievement of certain financial results that were subsequently corrected as part of a restatement and a lower Award would have been made to the Grantee based upon the restated financial results; then, the Board will seek recoupment of the Award to
the extent that the Board deems appropriate and as provided by applicable law. 
  

	22.	Accessing Information. 

 A
copy of the Plan and prospectus for the Plan, as may be amended, can be found by the Grantee by accessing his/her Solium Shareworks account at www.solium.com. That site also contains other general information about the Award. 

 

	23.	Confirming Information. 

By accepting this Agreement, either through electronic means or by providing a signed copy, the Grantee (i) acknowledges and confirms
that he/she has read and understood the Plan, the related prospectus, this Agreement and all information about the Award available at the Solium website, and that he/she has had an opportunity to seek separate fiscal, legal and taxation advice in
relation thereto; (ii) acknowledges that he/she has been provided with a copy of the Annual Report on Form 10-K for the most recently completed fiscal year of the Company; (iii) agrees to be bound by the terms and conditions stated in this

  
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Agreement, including without limitation the terms and conditions of the Plan, incorporated by reference herein; and (iv) acknowledges and agrees that acceptance through electronic means is
equivalent to doing so by providing a signed copy. 
  

			
	 TIM HORTONS INC.

		
	 by
	 	
		 	  

		 	Name:
		 	Title:
	
	[(“Employer”)]

  
 - 9 -EX-10.(b)

 Exhibit 10(b) 
 [Note: Text in [    ] is only included in agreements with individuals employed by U.S. subsidiaries of Tim Hortons Inc., with the exception that text in [    ] in
Section 8 is not included in such agreements, but has been included in all other agreements.] 
  

					
		  		 	 Form of Nonqualified Stock Option Award
 Agreement (2011 Award – NEOs, VPs and Up)

 Participant Name (“Grantee”): 
 Employee Number: 
 Grant Name: 
 Date of
Grant:                                May 17, 2011 

Expiration
Date:                            May 15, 2018 
 Option
Price:                                 Cdn.$      
               
 Total Award: 

 

			
	 Vest Schedule – Options

	Vest Date	 	Vest Quantity
	May 15, 2012	 	1/3
	May 15, 2013	 	1/3
	May 15, 2014	 	1/3

 TIM HORTONS INC. 
 2006 STOCK INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AWARD AGREEMENT

 (with related Stock Appreciation Right) 
 Grant Year: 2011 
 THIS NONQUALIFIED STOCK OPTION AWARD
AGREEMENT (this “Agreement”) is made effective as of the 17th day of May, 2011 (the “Date of Grant”), [by and among/between] Tim Hortons Inc., a corporation incorporated under the Canada Business Corporations Act (the “Company”), [the
below-noted Employer,] and the above-noted Grantee (collectively, the “Parties”). 
 WHEREAS, the Company has adopted
the Tim Hortons Inc. 2006 Stock Incentive Plan, as amended from time to time (the “Plan”), in order to provide additional incentive compensation to certain employees and directors of the Company and its Subsidiaries; 

WHEREAS, pursuant to Sections 6 and 7 of the Plan, the Human Resource and Compensation Committee (the “Committee”) of the Board
of Directors of the Company (the “Board”) has determined to grant to the Grantee on the Date of Grant a Nonqualified Stock Option and a related Stock Appreciation Right (“SAR”), each as provided herein, to encourage the
Grantee’s efforts toward the continuing success of the Company and its Subsidiaries; and 

 WHEREAS, the Award is evidenced by this Agreement, which (together with the Plan) describes
all the terms and conditions of the Award. 
 NOW, THEREFORE, the Parties agree as follows: 

1. Grant of Award. The Company (or in the case of a Grantee employed by a Subsidiary [(the “Employer”)], the Employer)
hereby grants to the Grantee, on the Date of Grant, a Nonqualified Stock Option (the “Option”) with a related SAR to purchase the above-noted number of Shares at the above-noted exercise price per Share (the “Option Price”),
subject to the terms and conditions of this Agreement and the Plan (the “Award”). The Option is not intended to be treated as an option that complies with Section 422 of the Internal Revenue Code of 1986, as amended. 

2. Vesting; Term of Award. Except as otherwise provided in this Agreement, the Award shall vest as follows: 

(a) One-third (1/3) of the total Shares covered by the Award shall vest on May 15, 2012, subject to rounding down the Award to
the nearest whole Share as of the vesting date; 
 (b) One-third (1/3) of the total Shares covered by the Award shall vest
on May 15, 2013, subject to rounding down the Award to the nearest whole Share as of the vesting date; and 
 (c) One-third
(1/3) of the total Shares covered by the Award shall vest on May 15, 2014, subject to rounding down the Award to the nearest whole Share as of the vesting date. 
 The Award shall expire May 15, 2018 (the “Expiration Date”), whether or not the Award (or any portion thereof) has been exercised, unless sooner terminated as provided in Section 4 of
this Agreement. Notwithstanding anything to the contrary contained in this Agreement, if the Award expires outside of a Trading Window, then the expiration of the term of the Award shall be the later of: (i) the date the Award would have
expired by its original terms (including the terms set forth in Section 4 of this Agreement), or (ii) the end of the tenth trading day of the immediately succeeding Trading Window during which the Company would allow the Grantee to trade
in its securities; provided, however, that in no event shall the Award expire beyond the tenth anniversary of the Date of Grant. 
 3. Exercise of Award. Subject to the limitations set forth in this Agreement and in the Plan, the vested portion of the Award may be exercised in whole or in part by providing to the Company or its
designee written notice of exercise; provided that the Award may be exercised with respect to whole Shares only. Such notice shall specify (i) whether the Grantee intends to exercise the Option or the SAR and (ii) the number of Shares with
respect to which the Award is to be exercised. 

  
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 (a) Exercise of SAR. If the Grantee desires to receive cash, as opposed to Shares,
upon exercise of all or a portion of the vested amount of the Award, the Grantee will exercise the SAR. Upon the exercise of the SAR, the Grantee shall be entitled to receive a cash amount from the Company or the Employer equal to the product of:
(i) the excess of the Fair Market Value of a Share on the date of exercise of the SAR over the Option Price; multiplied by (ii) the number of Shares as to which the SAR is being exercised. 

(b) Exercise of Option. If the Grantee desires to receive Shares, as opposed to cash, upon exercise of all or a portion of the
vested amount of the Award, the Grantee will exercise the Option. If the Option is exercised, payment of the Option Price for the number of Shares specified in the notice of exercise shall accompany the written notice of exercise. The payment of the
Option Price may be made, as determined by the Committee in its sole discretion as of the time of exercise, as follows: (i) in cash, personal or certified cheque, bank draft or other property acceptable to the Committee; or (ii) through a
cashless exercise, including through a registered broker-dealer. The Committee shall determine the means and manner by which Shares to be delivered upon exercise of the Option shall be settled and/or satisfied, in its sole and absolute discretion.

 (c) Tandem Nature of Award. Upon the exercise of the SAR, the Option shall be canceled (i.e., surrendered to
the Company) to the extent of the number of Shares as to which the SAR is exercised. Upon the exercise of the Option, the SAR shall be canceled (i.e., surrendered to the Company) to the extent of the number of Shares as to which the Option is
exercised or surrendered. 
 4. Termination of Employment. 

(a) Death or Disability. Upon termination of the Grantee’s employment with the Company and its Subsidiaries as a result of
the Grantee’s death or the Grantee becoming Disabled, the Award shall become immediately exercisable as of the Termination Date, and the Grantee (or, to the extent applicable, the Grantee’s legal guardian, legal representative or estate)
shall have the right to exercise the Award for a period of four (4) years after the date of such termination or, if earlier, until the Expiration Date. 
 (b) Retirement. Upon termination of the Grantee’s employment with the Company and its Subsidiaries by reason of the Grantee’s Retirement (as defined below), for a period of four
(4) years following the date of such Retirement (but in no event beyond the Expiration Date), the Award shall remain outstanding and (i) to the extent not then fully vested, shall continue to vest in accordance with the vesting schedule
set forth in Section 2 of this Agreement, and (ii) the Grantee shall have the right to exercise the vested portion of the Award. For purposes of this Agreement, “Retirement” shall mean termination of employment after attaining
age sixty (60) with at least ten (10) years of service other than by death, Disability or for Cause. 

  
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 (c) Termination in Connection with Certain Dispositions. In the event the
Grantee’s employment with the Company and its Subsidiaries is terminated without Cause in connection with a sale or other disposition of a Subsidiary, the Award shall remain outstanding and (i) to the extent not then fully vested, will
become immediately vested on the Termination Date, and (ii) the Grantee will have the right to exercise such vested portion of the Award for a period of one (1) year following the Termination Date or, if earlier, until the Expiration Date.

 (d) Termination for Cause. For greater clarity, upon the termination of the Grantee’s employment with the Company
and its Subsidiaries for Cause, the portion of the Award that has not been exercised shall be forfeited (whether or not then vested and exercisable) on the Termination Date. 
 (e) Termination for Any Other Reason. Upon the termination of the Grantee’s employment with the Company and its Subsidiaries for any reason not described in Section 4(a), 4(b), 4(c), or
4(d) of this Agreement, the Award shall (i) to the extent not vested and exercisable as of the Termination Date, terminate as of the Termination Date, and (ii) to the extent vested and exercisable as of the Termination Date, remain
exercisable for a period of ninety (90) days following the Termination Date or, in the event of the Grantee’s death during such ninety (90) day period, remain exercisable by the Grantee’s estate until the end of one (1) year
period following the Termination Date; provided, however, that, in either case, the Award shall not remain exercisable beyond the Expiration Date. 
 5. Effect of Change in Control. In the event of a Change in Control, Section 11.6 of the Plan will apply to the unvested portion of the Award. 

6. Non-Transferability of Award. Except to the extent that the Grantee’s legal representative or estate is permitted to
exercise the Award pursuant to the terms of the Plan or in accordance with a determination of the Committee, the Award is exercisable only during the Grantee’s lifetime and only by the Grantee. Unless otherwise provided for by a determination
of the Committee, the Award shall not be transferable except by will or the laws of descent and distribution. 
 7. No Right
to Continued Employment. Nothing in this Agreement or the Plan shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Grantee’s employment, nor be construed as giving the Grantee any right to
continuance of employment by the Company or any of its Subsidiaries or continuance of service to the Company or any of its Subsidiaries. 
 8. Withholding of Taxes. Upon the exercise of the Award, the Company or the Employer[, as applicable,] shall require payment of or other provision for, as determined by the Company, an amount equal
to the federal, state, provincial and local income taxes and other amounts required by law to be withheld or determined to be 

  
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necessary or appropriate to be withheld by the Company or the Employer, as applicable, in connection with such exercise. In its sole discretion, the Company or the Employer, as applicable, may
require or permit payment of or provision for such withholding taxes through one or more of the following methods: (a) in cash, bank draft, certified cheque, personal cheque or other manner acceptable to the Committee and/or set forth in the
relevant exercise procedures; (b) by withholding such amount from other amounts due to the Grantee; (c) by withholding a portion of the Shares then issuable or deliverable to the Grantee having an aggregate fair market value equal to such
withholding taxes and, at the Company’s election, either (I) canceling the equivalent portion of the underlying Award and the Company or the Employer paying the withholding taxes on behalf of the Grantee in cash, or (II) selling such
Shares on the Grantee’s behalf; or (d) by withholding such amount from the cash then issuable in connection with the Award. [The Grantee acknowledges and agrees that, notwithstanding that the Employer is not a party to this Agreement, the
Employer, if applicable, shall be entitled to take such actions provided for in this Section as the Employer shall deem appropriate.] 
 9. Grantee Bound by Plan; Award Subject to Terms of Plan. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. This
Agreement shall be construed in accordance and consistent with, and is subject to, the provisions of the Plan (the provisions of which are hereby incorporated by reference), as well as any and all determinations, policies, instructions,
interpretations and rules of the Committee in connection with the Plan, including the Option/SAR Exercise and Settlement Policy and related procedures adopted by the Committee. 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. 
 10. Modification of Agreement. The
Board or Committee may make amendments or changes to this Award, subject to the terms and conditions of Section 22 of the Plan. 
 11. 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. 
 12. Governing Law.
The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

13. Successors in Interest and Assigns. The Company and the Employer may assign any of their respective rights and obligations
under this Agreement without the consent of the Grantee. This Agreement shall inure to the benefit of and be binding upon any successors and assigns of the Company and the Employer. This Agreement shall inure to the benefit of the successors of the
Grantee including, without limitation, the estate of the Grantee and the executor, administrator or trustee of such estate. All 

  
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obligations imposed upon the Grantee and all rights granted to the Company and the Employer under this Agreement shall be binding upon the successors of the Grantee including, without limitation,
the estate of the Grantee and the executor, administrator or trustee of such estate. 
 14. 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. 
 15. Entire Agreement. This Agreement and the terms and conditions of the Plan 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. 
 16. Headings. The headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement. 
 17. 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. 
 18. Recoupment Policy upon Restatement of Financial Results. The Award, and any proceeds therefrom, is subject to the Company’s right to reclaim its benefits in the event of a financial
restatement pursuant to the Recoupment Policy Relating to Performance-Based Compensation (the “Recoupment Policy”) adopted by the Board, as may be amended from time to time. If the Company’s financial statements are required to be
restated for any reason (other than restatements due to changes in accounting policy with retroactive effect), the Board will review the Award earned by the Grantee. If the Board determines that, after a review of all of the relevant facts and
circumstances, the grant of the Award was predicated upon the achievement of certain financial results that were subsequently corrected as part of a restatement and a lower Award would have been made to the Grantee based upon the restated financial
results; then, the Board will seek recoupment of the Award to the extent that the Board deems appropriate. 
 19.
Language. The Parties hereto acknowledge that they have requested that this Agreement and all documents ancillary thereto, including all the documentation provided to the Grantee in respect of the Award, be drafted in the English language
only. Les parties aux présentes reconnaissent qu’elles ont exigé que la présente convention et tous les documents y afférents, y compris toute la documentation transmise au bénéficiaire relativement
à l’octroi des droits prévu aux présentes, soient rédigés en langue anglaise seulement. 

  
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 20. Accessing Information. A copy of the Plan and prospectus for the Plan, as may be
amended, can be found by the Grantee by accessing his/her Solium Shareworks account at www.solium.com. That site also contains other general information about the Award. 

21. Confirming Information. By accepting this Agreement, either through electronic means or by providing a signed copy, the
Grantee (i) acknowledges and confirms that he/she has read and understood the Plan, the related prospectus, this Agreement and all information about the Award available at the Solium website, and that he/she has had an opportunity to seek
separate fiscal, legal and taxation advice in relation thereto; (ii) acknowledges that he/she has been provided with a copy of the Annual Report on Form 10-K for the most recently completed fiscal year of the Company; (iii) agrees to be
bound by the terms and conditions stated in this Agreement, including without limitation the terms and conditions of the Plan, incorporated by reference herein; and (iv) acknowledges and agrees that acceptance through electronic means is
equivalent to doing so by providing a signed copy. 
  

			
	TIM HORTONS INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	  

[(“Employer”)]

  
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