Document:

EX-4.12

 Exhibit 4.12 
 SMART TECHNOLOGIES INC. 
 PARTICIPANT EQUITY LOAN PLAN 

PLEDGE AGREEMENT 
 THIS AGREEMENT is amended and restated as of the 19th day of December, 2012. 
 BETWEEN: 

SMART TECHNOLOGIES INC., a corporation incorporated under the laws of the Province of Alberta 

(the “Pledgee” or “Smart Tech”) 

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[Insert name of Participant], an individual resident in the City of
            , Alberta 
 (the “Pledgor”).

 WHEREAS pursuant to a participation election dated as of —,
200    , the Pledgor elected to purchase — common shares in the capital of the Pledgee (the “Equity Plan Shares”) in accordance with the terms and conditions of
the Pledgee’s 2009 Participant Equity Loan Plan dated January 1, 2009, as amended and restated on December 19, 2012 (the “Plan”); 
 AND WHEREAS in accordance with the terms and conditions of the Plan and of a loan agreement entered into between the Pledgor, Smart Tech and others on
—, 20— , as amended and restated on December 19, 2012 (such loan agreement, including any amendment, replacement, restatement or other modified
version thereof, the “Loan Agreement”), Smart Tech has lent to the Pledgor an amount equal to all or a portion of the purchase price for the Equity Plan Shares; 

AND WHEREAS the Pledgor has agreed to pledge the Equity Plan Shares and other collateral to the Pledgee as general and continuing
collateral security for the due satisfaction and performance of all liabilities and obligations of the Pledgor to Smart Tech under the Loan Agreement and the Plan; 

 NOW THEREFORE in consideration of the mutual covenants in this Agreement and for
other consideration (the receipt and sufficiency of which are thereby acknowledged by the Pledgor), the parties agree as follows: 
 ARTICLE 1 
 INTERPRETATION 

 

	1.1	Definitions 

 In this
Agreement, capitalized terms used that are not otherwise defined shall have the same meanings as in the Plan and: 
  

	 	(a)	“Agreement” “this Agreement”, “hereof”, “herein”, “hereto”, “hereby”, “hereunder” and
similar expressions mean this Agreement including all instruments supplementing, amending or confirming this Agreement; 

  

	 	(b)	“Affiliate” has the meaning given to that term in the Canada Business Corporations Act, as the same may from time to time be amended;

  

	 	(c)	“Common Share” means a common share in the capital of Smart Tech and “Common Shares” means, collectively, all such issued and
outstanding Common Shares; 

  

	 	(d)	“Equity Plan Shares” has the meaning ascribed thereto in the recitals to this Agreement. 

 

	 	(e)	“Event of Default” has the meaning ascribed thereto in Article 4; 

 

	 	(f)	“Lien” means any lien, mortgage, pledge, charge, assignment, security interest, hypothec (if applicable) or other encumbrance, including, without
limitation, any agreement to give any of the foregoing, or any conditional or other title retention agreement or any contractual restriction which, if contravened, may give rise to an encumbrance; 

 

	 	(g)	“Loan Agreement” has the meaning ascribed thereto in the recitals to this Agreement; 

 

	 	(h)	“Obligations” means the aggregate of all indebtedness, obligations and liabilities, direct or indirect, absolute or contingent, matured or not, of the
Pledgor to the Pledgee, under the Loan Agreement and the Plan, whether incurred prior to, at the time of, or subsequent to the execution hereof, whether incurred alone or with another or others, including extensions and renewals, and including
without limitation all indebtedness, obligations and liabilities of the Pledgor to the Pledgee hereunder; 

  

	 	(i)	“Plan” has the meaning ascribed thereto in the recitals to this Agreement; 

 

	 	(j)	“Pledged Collateral” means collectively: 

  

	 	(i)	the Equity Plan Shares; 

  

	 	(ii)	all substitutions therefor, additions thereto and proceeds thereof; 

  
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	 	(iii)	all dividends, interest, income, revenue, return of capital or other distributions made or paid in respect of the Pledged Collateral to the extent provided for in
Section 3.1; and 

  

	 	(iv)	all rights and claims of the Pledgor in respect of the foregoing or evidenced thereby; 

 

	 	(k)	“PPSA” means the Personal Property Security Act (Alberta) as the same may from time to time hereafter be amended or any legislation that may be
substituted therefor as the same may from time to time be amended; and 

  

	 	(l)	“Security Interest” means the assignment, hypothecation and pledge of, and security interest in, the Pledged Collateral granted to the Pledgee by the
Pledgor pursuant to Section 2.1. 

  

	1.2	Terms Defined by the PPSA 

Unless there is something in the context or subject matter inconsistent therewith, words and phrases not otherwise herein defined that are
defined in the PPSA shall have the meanings ascribed thereto in the PPSA. 
  

	1.3	Headings 

 All reference
to “Articles” or “Sections” refer to the specified Article or Section of this Agreement. The descriptive headings preceding Articles and Sections of this Agreement are inserted solely for convenience of reference
and are not intended as complete or accurate descriptions of the content of such Articles or Sections. The division of this Agreement into Articles and Sections shall not affect the interpretation of this Agreement. 

 

	1.4	Number and Gender 

 Words
in the singular include the plural and vice versa and words in one gender include all genders. References to a “person” shall include individuals, partnerships, associations, trusts, unincorporated organizations and corporations.

  

	1.5	Currency 

 Unless
otherwise specified, all references to amounts of money in this Agreement refer to Canadian currency. 
 ARTICLE 2

 PLEDGE OF SHARES 
  

	2.1	Pledge of Collateral 

 The
Pledgor hereby deposits in pledge with Smart Tech, grants to Smart Tech a security interest in and assigns to Smart Tech all of the Pledgor’s right, title and interest in and to the Pledged Collateral and agrees that such Pledged Collateral and
any further Pledged Collateral which is hereafter deposited in pledge with Smart Tech shall be held for the benefit of Smart Tech as a continuing collateral security for the due and timely payment and performance by the Pledgor of the Obligations of
the Pledgor. 

  
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	2.2	Delivery of Pledged Collateral 

 The Pledgee hereby agrees, concurrently with the execution of this Agreement, to deliver to the Pledgor or its nominee the Pledged Collateral, any certificate representing or evidencing the Pledged
Collateral, and all appropriate transfer and other documents in such form as the Pledgor may request to enable the Pledgor to be registered as the owner thereof and to transfer and sell the Pledged Collateral. 

 

	2.3	Reclassification or Other Change in Equity Plan Shares 

 If any of the Equity Plan Shares are changed, classified, reclassified, subdivided or converted into a different number or class of securities or otherwise, or in the event of any consolidation,
reorganization, merger or amalgamation of the Pledgee, the securities resulting from any such change, classification, reclassification, subdivision conversion, consolidation, reorganization, merger or amalgamation and the certificates, and the
certificates representing the same (if any), shall be delivered by the Pledgee or its nominee to and held by the Pledgor or its nominee in place of or in addition to, as the case may be, the Equity Plan Shares and the provisions hereof relating to
the Equity Plan Shares shall, mutatis mutandis, apply to such securities and, for greater certainty, such securities shall form part of the Pledged Collateral. The provisions of this Section 2.3 shall similarly apply to successive
changes, classifications, reclassifications, subdivisions, conversions, consolidations, reorganizations, mergers, amalgamations and sales. 
  

	2.4	Transfer Agent Direction 

The Pledgor shall, if requested to do so by the Pledgee, sign, execute and deliver to the Pledgee an irrevocable direction with respect to
the payment or delivery of dividends, distributions, share certificates, notices and other communications in respect of the Pledged Collateral. 
  

	2.5	Attachment 

 The Pledgor
acknowledges that value has been given by the Pledgee for the granting of the Security Interest, that the Pledgor has rights in the Pledged Collateral (other than future and hereinafter acquired Pledged Collateral), and that the parties have agreed
not to postpone the time for attachment of the Security Interest. 
  

	2.6	Perfection of Security 

The Pledgor authorizes the Pledgee or its nominee to file such financing and other statements and documents, register such hypothecs and
do such acts, matters and things as the Pledgee or its nominee may consider appropriate to perfect and continue the Security Interest, to protect and preserve the interest of the Pledgee in the Pledged Collateral and to realize upon the Security
Interest. 

  
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	2.7	Representations, Warranties and Covenants 

 The Pledgor represents and warrants and covenants that: 
  

	 	(a)	he or she has good title to the Pledged Collateral; 

  

	 	(b)	his or her full legal name, his residential address and his or her date of birth are as set forth beneath his signature line on the signing pages of this Agreement;

  

	 	(c)	the Pledged Collateral is, and the Pledged Collateral will at all times be, free of any Lien, except in favour of the Pledgee or incurred with the Pledgee’s prior
written consent; 

  

	 	(d)	he or she has the right and all requisite power and authority to enter into this Agreement and perform his or her obligations under this Agreement, including to pledge,
assign, grant a security interest in, transfer and deliver the Pledged Collateral to the Pledgee as provided herein; 

  

	 	(e)	no consent, approval, authorization or order of, or filing with, any person or entity, governmental or otherwise, is required for his execution and delivery of this
Agreement or his or her delivery of the Pledged Collateral to the Pledgee; 

  

	 	(f)	which would delay or impede immediate sale of the Equity Plan Shares by the Pledgee; 

 

	 	(g)	upon the delivery of the Pledged Collateral to the Pledgee or its nominee pursuant to this Agreement, the Pledgee will have a valid Lien on, and a perfected Security
Interest in, the Pledged Collateral as security for the Obligations; and 

  

	 	(h)	he or she has not performed and will not perform any acts that might prevent the Pledgee from enforcing any of the terms of this Agreement. 

ARTICLE 3 

DEALINGS WITH PLEDGED SHARES 
  

	3.1	Rights, Dividends or Distributions 

 At any time during the term of this Agreement, regardless of any change in the registered holder of the Pledged Collateral: 
  

	 	(a)	the Pledgor shall not, without the prior written consent of the Pledgee, and subject to the applicable provisions of the Loan Agreement, retain or exercise any rights
of conversion or retraction or other similar rights with respect to the Pledged Collateral, provided that (i) no such exercise, in the opinion of the Pledgee, will have an adverse effect on the value of such Pledged Collateral and all expenses
of the Pledgee in connection therewith have been paid in full and (ii) upon the exercise of the conversion or retraction or other similar right, the additional Pledged Collateral resulting therefrom shall be paid or delivered to the Pledgee or
its nominee; 

  
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	 	(b)	all cash dividends and other cash distributions on the Pledged Collateral shall be applied, in accordance with the provisions of the Loan Agreement, in satisfaction of
the Obligations, and the Pledgor hereby irrevocably authorizes and directs the Pledgee to so apply all cash dividends and other cash received by the Pledgee or its nominee on the Pledged Collateral; and 

 

	 	(c)	the Pledgor shall be entitled to retain all non-cash dividends or distributions on the Pledged Collateral, provided, however, that any such non-cash dividends and
distributions shall be paid or delivered to the Pledgee or its nominee and shall form part of the Pledged Collateral. 

  

	3.2	Possession of Pledged Collateral 

  

	 	(a)	The Pledgor acknowledges that the Pledgee or its nominee may at any time take possession of any Pledged Collateral not in its possession, wherever it may be located and
by any method permitted by law after the occurrence of an Event of Default. Subject to Section 3.1(b), all other collateral received from time to time by or on behalf of the Pledgor, whether before or after the occurrence of an Event of
Default, shall be received and held by or on behalf of the Pledgor in trust for the Pledgee or its nominee and shall be delivered to the Pledgee or its nominee immediately upon such receipt. 

 

	 	(b)	The Pledgor shall have no right to assign, transfer, create a Lien upon or otherwise deal with any Pledged Collateral. 

ARTICLE 4 

DEFAULT AND ENFORCEMENT 
  

	4.1	Default and Enforcement 

In the event of any default in the due performance or payment of any of the Obligations (an “Event of Default”), the
Security Interest shall become immediately enforceable and the Pledgee or its nominee may, in its sole discretion, do any or all of the following: 
  

	 	(a)	take possession of all or any part of the Pledged Collateral that is not already in its possession and do all such acts as it considers advisable for the purpose of
being able to realize upon and otherwise deal with the Pledged Collateral; 

  

	 	(b)	vote any or all of the Pledged Collateral (whether or not transferred into the name of the Pledgee) and exercise all other rights and powers (including without
limitation any conversion, exchange or subscription rights) and perform all acts of ownership in respect thereof as the registered holder or the Pledgor might do; 

 

	 	(c)	 proceed to realize upon the Pledged Collateral or any of it by sale at public or private sale or otherwise realize upon any of the Pledged Collateral
for such price and money or other consideration and upon such terms and conditions as it deems best, the whole without advertisement or notice to the Pledgor or other persons (it being acknowledged and agreed by the Pledgor that the Pledged
Collateral is of such a nature that it may decline rapidly in value and is of a type customarily sold 

  
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on a recognized market), so long as every aspect of the disposition is commercially reasonable, and, where any such sale or realization is by way of public auction or tender, the Pledgee or any
of its affiliates may purchase the Pledged Collateral or such portion thereof free from any right or equity of redemption, and may, in paying the purchase price, apply any portion of the Obligations on account of the purchase price as may be
outstanding at the time of such sale or realization; 

  

	 	(d)	enjoy and exercise all of the rights and remedies of a secured party under the PPSA or under the laws of any other jurisdiction applicable to the Pledged Collateral
(including, without limitation, applicable personal property security laws); and 

  

	 	(e)	generally act in relation to the Pledged Collateral in such manner and on such terms as the Pledgee may deem expedient to its own interest. 

 

	4.2	Exclusion of Liability of Pledgee 

 The Pledgee shall not be liable for any exercise or any failure to exercise its rights, powers or remedies arising hereunder or otherwise, including, without limitation, taking possession of, collecting,
enforcing, realizing, selling or otherwise disposing of, preserving or protecting the Pledged Collateral, or taking any steps or proceedings for any such purpose or any failure to do any of the foregoing. The Pledgee shall not have any obligation to
examine any notices or other communications with respect to the Pledged Collateral or to advise the Pledgor of any other matter relating to the Pledgee, and the Pledgee shall not have any obligation to taken any steps or proceedings to preserve
rights against prior parties to or in respect of the Pledged Collateral, whether or not in the Pledgee’s possession. Subject to the foregoing, the Pledgee shall use reasonable care in the custody and preservation of the Pledged Collateral in
its possession. 
  

	4.3	Application of Proceeds 

In the event of any realization upon or sale or disposition of the Pledged Collateral or any portion thereof as hereinbefore provided, the
Pledgee shall apply the proceeds of any such realization, sale or disposition, together with any other moneys at the time held by it under the provisions of this Agreement, after deducting all costs and expenses of collection, sale and delivery
(including, without limitation, legal fees and disbursements on a solicitor-and-his-own-client basis) incurred by the Pledgee in connection therewith, to the payment of all amounts owing to persons having prior rights or Liens on the Pledged
Collateral (if any) and to the Pledgee in respect of the Obligations, in such manner and at such times as the Loan Agreement may prescribe or otherwise as the Pledgee in its sole discretion may determine, and the balance of such proceeds, if any,
shall be paid in accordance with the PPSA and any other applicable law. 
  

	4.4	Liability for Deficiency 

If the proceeds of realization received by or on behalf of the Pledgee from the disposition of the Pledged Collateral are not sufficient
to satisfy the Obligations in full, the Pledgor shall, subject to and in accordance with the terms of Loan Agreement, be liable to pay such deficiency to the Pledgee. 

  
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	4.5	Other Remedies Cumulative 

The remedies of the Pledgee set out in this Agreement are cumulative and in addition to (and not in substitution for, exclusive of or
dependent on) any other remedies contained in any existing or future security document granted by the Pledgor to the Pledgee and to all other remedies existing at law or in equity or by statute. 

 

	4.6	Indulgences and Releases 

The Pledgee may grant extensions of time and other indulgences, take and give up or abstain from perfecting or taking advantage of
security, accept compositions, compound, compromise, settle, grant releases and discharges, release any part of the Pledged Collateral to third parties and otherwise deal with the Pledgor, debtors of the Pledgor, sureties and others and with the
Pledged Collateral and other security as the Pledgee may see fit without prejudice to the liability of the Pledgor in respect of the Obligations or the right of the Pledgee to hold the Pledged Collateral and realize upon the Security Interest.

  

	4.7	Expenses of Enforcement 

The Pledgor agrees to indemnify and reimburse the Pledgee for all costs and expenses of the Pledgee, its agents, advisors and consultants
(including, without limitation, legal fees and disbursements on a solicitor-and-his-own-client basis) incurred with respect to the exercise by the Pledgee of any of its rights, remedies and powers under this Agreement (including, without limitation,
costs and expenses related to the custody, preservation and realization of the Pledged Collateral), and such costs and expenses shall be added to and shall form part of the Obligations. 

ARTICLE 5 

RELEASE OF COLLATERAL 
  

	5.1	Release of Pledged Collateral. 

 At such time as amounts payable by the Pledgor from time to time in respect of the Obligations have been paid to the Pledgee, and any indemnity obligations of the Pledgor pursuant to the Plan or the
Agreement, have been terminated or satisfied, the Pledgee shall, in the manner contemplated by the Plan, release any or all Pledged Collateral, as applicable, and all documents evidencing ownership of or title to such released Pledged Collateral
shall be returned to the Pledgor. 
  

	5.2	Non-Release. 

 The
Security Interest constituted hereby shall not be released, discharged or in any way affected by: 
  

	 	(a)	any increase or decrease in the amount of the Obligations; 

  

	 	(b)	any partial release of the Pledged Collateral; 

  

	 	(c)	an extension of time for payment of the Obligations; 

  
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	 	(d)	any modification of the Obligations; or 

  

	 	(e)	any forebearance whatsoever whether as to time, performance or otherwise. 

 ARTICLE 6 
 GENERAL PROVISIONS 

 

	6.1	Waiver 

 Except as
otherwise expressly set out herein, no waiver of any provision of this Agreement shall be binding unless it is in writing. No indulgence or forbearance by a party shall constitute a waiver of such party’s right to insist on performance in full
and in a timely manner of all covenants in this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter, or any other provision of this Agreement, at any other time. 

 

	6.2	Amendment 

 Subject to
Section 6.5 hereof and Section 8.2(c) of the Plan, this Agreement may only be amended, supplemented or terminated by a written agreement signed by the Pledgor and the Pledgee. 

 

	6.3	Further Assurances 

 The
Pledgor shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered, such further acts, deeds, mortgages, transfers, stock powers, assurances or other documents as the Pledgee shall reasonably require to give
effect to or to preserve and perfect the Security Interest in the Pledged Collateral intended to be granted to the Pledgee hereunder, or any security interest the Pledgor may hereafter grant or become bound to grant to the Pledgee, for the purpose
of accomplishing and effecting the intention of this Agreement. The Pledgor irrevocably appoints the Pledgee to be the attorney of the Pledgor, coupled with an interest, with full power of substitution, for and in the name of the Pledgor to execute
and to do any deeds, documents, transfers, demands, assignments, assurances, consents and things which the Pledgor is obliged to sign, execute or do hereunder. 
  

	6.4	Notices 

 All notices,
requests, demands or other communications required or permitted to be given by one party to another under this Agreement shall be given in writing and delivered by personal delivery or delivery by recognized commercial courier, sent by facsimile or
delivered by registered mail, postage prepaid, addressed as follows: 
  

			
	In the case of the Pledgee:	  	Smart Technologies Inc.
		  	3636 Research Road N.W.
		  	Calgary, Alberta T2L 1Y1
		
	Attention:	  	Jeff Losch, Vice President, Legal and General Counsel
	Facsimile:	  	(403) 407-4898
		
	In the case of the Pledgor:	  	[insert name and address of Pledgor]
		
	Facsimile:	  	—

  
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 or at such other address or fax number of which the addressee may from time to time notify the addressor.
Any notice delivered by personal delivery or by courier to the party to whom it is addressed as provided above shall be deemed to have been given and received on the day it is so delivered at such address. If such day is not a business day, or if
the notice is received after 4:00 p.m. (addressee’s local time), then the notice shall be deemed to have been given and received on the next business day. Any notice sent by prepaid registered mail shall be deemed to have been given and
received on the fourth business day following the date of its mailing. Any notice transmitted by facsimile shall be deemed to have been given and received on the day in which transmission is confirmed. If such day is not a business day or if the
facsimile transmission is received after 4:00 p.m. (addressee’s local time), then the notice shall be deemed to have been given and received on the first business day after its transmission. 

 

	6.5	Equitable Remedies 

 The
parties acknowledge that the covenants, provisions or restrictions contained in this Agreement are reasonable. In the event any party breaches any of the covenants, provisions or restrictions contained in this Agreement, the remaining parties’
remedy in the form of monetary damages may, therefore, be inadequate and, the remaining parties shall be and are hereby authorized and entitled, in addition to all other rights and remedies available to them, to apply for and obtain from any court
of competent jurisdiction, interim and permanent injunctive relief and an accounting of all profits and benefits arising out of such breach. 
  

	6.6	Time of Essence 

 Time
shall be of the essence of each provision of this Agreement. Any extension, waiver or variation of any provision of this Agreement shall not be deemed to affect this provision and there shall be no implied waiver of this provision. 

 

	6.7	Governing Law 

 This
Agreement and all documents delivered pursuant hereto shall be governed by and construed in accordance with the PPSA and other laws of the Province of Alberta and the federal laws of Canada applicable therein, and the parties submit to the
non-exclusive jurisdiction of the courts of such Province. 
  

	6.8	Successors and Assigns 

This Agreement and all its terms, conditions and provisions shall enure to the benefit of and be binding upon Smart Tech and its
successors and assigns and the Participant, his or her heirs, executors, administrators and legal personal representatives, respectively. 
  

	6.9	Term 

 This Agreement
shall become effective according to its terms immediately upon the execution hereof by the Pledgor and shall continue as security for the Obligations until all of the Obligations are paid and performed in full, at which time this Agreement shall
terminate. 

  
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	6.10	Non-substitution 

 This
Agreement and the Security Interest are in addition to and not in substitution for any other agreement made between the Pledgor and the Pledgee or any other security granted by the Pledgor to the Pledgee whether before or after the execution of this
Agreement. 
  

	6.11	No Merger 

 Neither the
taking of any action, suit or proceeding, judicial or extra-judicial, nor the exercise of any power of seizure or disposition shall extinguish the liability of the Pledgor to pay and perform the Obligations nor shall the acceptance of any payment or
alternate security constitute or create any novation. No covenant, representation or warranty of the Pledgor herein shall merge in any judgment. 
  

	6.12	Entire Agreement 

 There
are no representations, agreements, warranties, conditions, covenants or terms, express or implied, collateral or otherwise, affecting this Agreement, the Security Interest or the Pledgor’s obligations and liabilities hereunder other than as
expressed herein. 
  

	6.13	Enforcement and Severability 

 If any provisions of this Agreement as applied to any party or to any circumstance shall be adjudged by a court of competent jurisdiction to be void, voidable, invalid or unenforceable, in whole or in
part, the same shall not affect any other provision of this Agreement, the application of such provision in any other circumstances, or the validity or enforceability of this Agreement. The parties hereto agree that the provisions hereof are
reasonable and intend this Agreement to be enforced as written. 
  

	6.14	Disclosure of Information re: Pledgor 

 The Pledgor agrees that the Pledgee may provide from time to time such information concerning this Agreement, the Pledged Collateral and the Obligations to such persons as the Pledgee in good faith
believes are entitled to the same under the PPSA. 
  

	6.15	Copy Received 

 The
Pledgor hereby acknowledges receipt of a copy of this Agreement and a copy of the financing, verification or other statements registered under the PPSA and any other applicable legislation in respect of the Security Interest. 

 

	6.16	Counterparts 

 This
Agreement may be signed in one or more counterparts each of which so signed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument. Notwithstanding the date of execution or transmission of any
counterpart, each counterpart shall be deemed to have the effective date first written above. 

  
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	6.17	English Language 

 The
parties hereto confirm that they have expressly requested that this Agreement and all related documents be drafted in English. Les parties aux présentes confirment avoir expressément demandé que la présente convention
et tous les documents s’y rapportant soient rédigés en anglais 
 [This page is intentionally left
blank.] 

  
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 IN WITNESS WHEREOF the Pledgor and the Pledgee have executed this Agreement as of the
date first above written. 
  

			
	Per:	 	  

		 	[Pledgor], as Pledgor

  

					
		  	Full Legal Name:	  	—
			
		  	Residential Address:	  	 —
 —

			
		  	Date of Birth:	  	—

  

			
		 	SMART TECHNOLOGIES INC.
		
	Per:	 	  

		 	 Name:

Title:EX-4.13

 Exhibit 4.13 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT made as of the 12
day of October, 2012. 
 BETWEEN: 
 SMART TECHNOLOGIES INC., a body corporate, with its office in the Province of Alberta (the “Corporation”) 
 OF THE FIRST PART 
 AND 

Warren Barkley, of the United States of America (the “Executive”) 

OF THE SECOND PART 
 WHEREAS the parties wish to outline and confirm the terms and conditions of their employment relationship in this Executive Employment Agreement (this “Agreement”); 

NOW THEREFORE in consideration of the payment of the sum of ONE ($1.00) DOLLAR by each party to the other, the mutual covenants
and agreements hereinafter contained and other good and valuable consideration (the receipt and sufficiency which is hereby acknowledged) the parties have agreed and this Agreement witnesses as follows: 

ARTICLE 1 
 TERM OF EMPLOYMENT 
 1.1 The Corporation agrees to continue to employ the Executive in the
capacity of Chief Technology Officer (“CTO”), based in Calgary, Alberta, and reporting to the Chief Executive Officer (“CEO”), and the Executive agrees to continue to perform the duties required of the Executive in
accordance with this Agreement. 
 1.2 This Agreement shall be effective as of November 15, 2012 the (“Effective Date”)
and the Executive’s employment and this Agreement shall continue indefinitely thereafter until terminated in accordance with this Agreement. 
 ARTICLE 2 
 DUTIES 

2.1 The Executive shall continue to serve the Corporation in the capacity of CTO and shall continue to perform the duties, initially as outlined in
Schedule “A” and as determined from time to time by the CEO and/or the Board of Directors of the Corporation, to the best of the Executive’s ability and hereby covenants to continue to use the Executive’s best efforts to promote
the interests of the Corporation. 

 2.2 The Executive shall also continue to serve as CTO of the Corporation’s wholly owned subsidiary
SMART Technologies ULC (“SMART ULC”), and shall hold such other titles and positions with other subsidiaries and affiliates of the Corporation as may be reasonably requested by the Board of Directors of the Corporation from time to
time. 
 2.3 The Executive agrees to devote the Executive’s full time and attention to the business and affairs of the Corporation, SMART
ULC, and their affiliates and subsidiaries (the “SMART Group”) and shall not, without the consent of the Board of Directors of the Corporation, undertake during the course of the Executive’s employment any other business or
occupation or become a director, officer, consultant, advisor, employee, or agent of another company, firm or proprietorship. 

ARTICLE 3 
 REMUNERATION, BENEFITS AND OTHER 
 3.1 The Executive shall receive an annual salary
(“Annual Salary”) of CDN $400,000 less statutory deductions payable in equal instalments in arrears on a bi-weekly basis. The Annual Salary of the Executive will be reviewed on an annual basis, and may, in the absolute discretion of
the Compensation Committee of the Board of Directors of the Corporation, be increased from time to time. 
 3.2 In addition to the Annual Salary
provided for in Article 3.1, the Executive may also receive an annual bonus, the payment of terms and potential amount of up to 100% of salary are described in the Discretionary Bonus Plan and as approved by the CEO and/or Compensation Committee of
the Board of Directors. 
 3.3 In addition to the Annual Salary provided for in Article 3.1, the Executive shall be entitled to receive the
following perquisites and benefits as further described in the Corporation’s benefit material and Corporate policy documents (as amended from time to time): 
  

	 	(a)	participation in the group benefit plan adopted by the Corporation for all employees, and as amended from time to time; 

 

	 	(b)	participation in the Corporation’s Group RRSP in accordance with the terms and conditions of such plan; 

 

	 	(c)	paid vacation of three (3) weeks per year and additional time off in accordance with the Corporation’s Paid Time Off policy, as amended from time to time, and
in taking such time off the Executive shall have regard to the business of the Corporation; 

  

	 	(d)	eligibility to participate in an amended and restated equity incentive plan on the terms and conditions approved by the Corporation’s Board of Directors, as may be
further amended from time to time (the “Amended and Restated Equity Incentive Plan”); and 

  

	 	(e)	participation in such other plans as may be adopted by the Corporation for either all employees or executive management personnel and as amended from time to time.

  
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 3.4 The Executive shall be reimbursed for all reasonable out-of-pocket expenses actually and properly
incurred by the Executive in connection with the Executive’s duties hereunder. For all such expenses the Executive shall furnish to the Corporation statements and vouchers as and when required by it. 

3.5 Upon the occurrence of a Change of Control (as defined in Schedule “B”), and in the event that the Executive has been granted Restricted
Share Units and/or Performance Share Units (as each is respectively defined in the Amended and Restated Equity Incentive Plan): 
  

	 	(a)	all Restricted Share Units that would otherwise vest within the one (1) year period following the effective date of the Change of Control shall accelerate and vest
as of the effective date of the Change of Control and be paid by the Corporation in accordance with the Amended and Restated Equity Incentive Plan and the related restricted share unit agreement; and 

 

	 	(b)	all Performance Share Units outstanding as at the effective date of the Change of Control shall accelerate and vest as of the effective date of the Change of Control
and shall be redeemed and paid pursuant to the terms of the Amended and Restated Equity Incentive Plan and the relevant performance share unit agreements and the calculation of the Total Shareholder Return or other performance measures (as defined
in the relevant performance share unit agreements) shall be determined after giving effect to the transaction that constituted the Change of Control. 

 ARTICLE 4 
 TERMINATION OF THIS AGREEMENT 

4.1 The Corporation may terminate the Executive’s employment and this Agreement for just cause at any time without notice and without any payment to
the Executive whatsoever, save and except only for payment of the pro rata Annual Salary earned for services rendered up to and including the last day actually worked by the Executive, and any accrued and unused vacation pay. If the Executive’s
employment and this Agreement is terminated for just cause the Executive shall not be entitled to any bonus or pro rata bonus payment. 
 4.2
The Executive can resign from the Executive’s employment and terminate this Agreement by providing the Corporation with two (2) months’ written notice of the resignation date. If the Executive so resigns, the Executive is not entitled
to any severance compensation nor is the Executive entitled to any bonus or pro rata bonus payment. 
 4.3 The employment of the Executive and
the Corporation’s obligation to compensate the Executive with respect to employment will terminate: 
  

	 	(a)	upon mutual written agreement of the parties; or 

  

	 	(b)	upon the death of the Executive. 

  
 3 

 4.4 The Corporation may immediately terminate this Agreement and the Executive’s employment, for any
reason other than the reasons in Articles 4.1, 4.2 and 4.3, and the Corporation shall pay the Executive, subject to the condition in Article 4.8, within five (5) business days of the Executive’s last day actively at work (the
“Termination Date”) for the Corporation, the following: 
  

	 	(a)	the pro rata Annual Salary earned, but not yet paid, up to the Termination Date; 

 

	 	(b)	all vacation accrued and unused as of the Termination Date to be calculated in accordance with the Corporation’s policies and procedures; 

 

	 	(c)	a retiring allowance calculated on the following basis (the “Retiring Allowance”): 

 

	 	(i)	one and one half (1.5) times the Executive’s then Annual Salary, less required withholdings; plus 

 

	 	(ii)	one and one half (1.5) times the average of all Discretionary Bonus Plan bonus payments to the Executive by the Corporation in the three (3) fiscal years
prior to the Termination Date, less required withholdings; plus 

  

	 	(iii)	in consideration of the termination of all benefits and perquisites effective the Termination Date as contemplated in Article 4.7 hereof, an additional amount equal to
seven percent (7%) of the Executive’s then Annual Salary; and 

  

	 	(d)	a payment equal to the average of all Discretionary Bonus Plan bonus payments paid to the Executive by the Corporation in the three (3) fiscal years prior to the
Termination Date, prorated to reflect the period of time that the Executive was employed with the Corporation in the fiscal year in which the Termination Date occurred. 

 

	 	(e)	In calculating the three (3) year averages referenced in Articles 4.4(c)(ii) and 4.4(d), the bonus amounts actually earned shall be used for each of the years for
which they are available, if any, and seventy-five (75) percent of the target bonus amounts shall be used for each of the remaining years, if any. 

 4.5 Upon the occurrence of a Change of Control (as defined in Schedule “B”) and within one (1) year of the Change of Control an event or events that constitute Good Reason (as defined in
Schedule “B”), the Executive shall have the right, for a period of ninety (90) days following the event or events that constitute Good Reason, to elect to terminate this Agreement and employment with the Corporation upon providing the
Corporation with one 

  
 4 

 
(1) week advance notice. If the Executive so elects to terminate this Agreement and employment with the Corporation, the Corporation shall, subject to the conditions in Article 4.8, pay the
Executive within five (5) business days of the Termination Date the payment and Retiring Allowance provided for in Article 4.4, and in addition, any Awards (as defined in the Corporation’s Amended and Restated Equity Incentive Plan) not
accelerated and vested pursuant to the provisions of Article 3.5 shall continue to vest and be exercisable or issued in accordance with the terms of the Amended and Restated Equity Incentive Plan during the one and one half (1.5) years
following the Termination Date as if the Executive’s employment had continued with the Corporation during such time. 
 4.6 The parties
agree that because there can be no exact measure of the damages that the Executive would incur as a result of the termination of this Agreement and employment, the retiring allowance payment contemplated in Articles 4.4 and 4.5, would be deemed to
constitute a genuine pre-estimate of the loss that the Executive would suffer upon the termination of employment and the parties agree that this constitutes liquidated damages and not a penalty, and the Corporation agrees that the Executive will not
be required to mitigate the Executive’s damages. 
 4.7 The Executive understands and agrees that all benefits of employment, including
long-term disability coverage, will cease as of the Termination Date, and the Corporation has no liability for any damages caused by the cessation of such benefits regardless of the reason for termination or resignation. The Corporation has no
obligation to extend benefit coverage past the Termination Date. 
 4.8 The Executive agrees that, in exchange for the payments contemplated in
Articles 4.4 and 4.5, and the continued vesting under the Amended and Restated Equity Incentive Plan contemplated in Article 4.5, as the case may be, that the Executive shall sign a full and final release in favor of the SMART Group, in a form
satisfactory to the Corporation, acting reasonably, and provided such release shall not apply to any obligations of the Corporation to the Executive under indemnity agreement or directors’ and officers’ liability insurance contracts
providing coverage for claims made against directors and officers acting in their capacity as directors and officers of the Corporation. 
 4.9
Notwithstanding the cessation of the Executive’s employment and the termination of this Agreement, or the manner of termination, the provisions of Articles 5, 6, 7 and 8 of this Agreement shall survive such termination. 

ARTICLE 5 
 PERSONAL COVENANTS AND POST-TERMINATION OBLIGATIONS 
 5.1 The Executive has carefully read
and considered the provisions of this Article 5 and, having done so, agrees that the restrictions set forth in this Article are fair and reasonable, and are reasonably required for the protection of the interests of the Corporation. The Executive
recognizes and agrees that as an employee and executive of the Corporation, the Executive will become knowledgeable, aware and possessed of confidential 

  
 5 

 
information. The Executive acknowledges and agrees that the Corporation is the sole and exclusive owner and proprietor of all such confidential information, and that the Executive owes a
fiduciary duty to the Corporation that includes, without limitation, a duty to ensure that confidential information is and remains at all times confidential. 
 5.2 Non-Competition 
  

	 	(a)	The Executive further acknowledges that in the course of employment the Executive will be assigned duties that will give the Executive knowledge of confidential and
proprietary information which relates to the conduct and details of SMART Group’s business including SMART Group’s customers and marketing programs and which may result in irreparable injury to the Corporation if the Executive could enter
into the employment of a business which is the same as or similar to and which is competitive to the Business (as Business is hereinafter defined). The Executive agrees with, and for the benefit of, the Corporation that the Executive shall not
without the prior written approval of the Board of Directors of the Corporation during the term of the Executive’s employment with the Corporation or at any time within the period of one (1) year following the date of cessation of the
Executive’s employment with the Corporation, however caused, either as an individual or as a partner or joint venturer or otherwise in conjunction with any person or persons, firm, association, syndicate, company or corporation, as principal,
agent, consultant, director, officer, employee, investor or in any other manner whatsoever, directly or indirectly, carry on, be engaged in, be interested in, or be concerned with, or permit the Executive’s name or any part thereof to be used
or employed by any such person or persons, firm, association, syndicate, company or corporation, carrying on, engaged in, interested in or concerned with, a business which is the same as or similar to the business conducted by SMART Group as at the
date of cessation of the Executive’s employment (the “Business”) within Canada and the United States or anywhere in the world where the SMART Group undertakes business. 

 

	 	(b)	The Executive has the right to request the Corporation in advance for its agreement that a proposed business or position is not prohibited within the terms of this
Agreement. If the Executive receives written acknowledgment by the Corporation that the Corporation does not object to the Executive’s participation in any proposed business or position, then the Executive shall be allowed to so participate.

  

	 	(c)	This Article shall not prevent the Executive from purchasing as a passive investor up to two (2%) percent of the outstanding publicly traded shares or other
securities of any class of an issuer listed on a recognized stock exchange. 

  
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 5.3 Non-Disclosure 
 The Executive understands that the Corporation desires to keep its contractual relationship with SMART Group’s customers confidential. The Executive agrees not to disclose any customer relationships
unless authorized in writing by the Corporation or required by law other than pursuant to an agreement made by the Executive. 
 5.4
Confidential Information 
 The Executive will have access to SMART Group’s confidential information including, without limitation,
information and data of or relating to its customers. Such information and data is understood to include all information and data relating to SMART Group’s or the customer’s technology, know-how, products and technical and business data,
and marketing strategies. The Executive agrees to accept and retain such information and data in confidence and, at all times during or after the termination of employment, not to disclose or reveal such information and data to others and to refrain
from using such information and data for purposes other than those authorized by the Corporation. At the request of the Corporation, and upon cessation of employment, the Executive will promptly turn over to the Corporation all written or
descriptive matter containing confidential or proprietary information or data. 
 5.5 Patent-Copyright-Trademark 

 

	 	(a)	The Executive agrees to make prompt and complete disclosure to the Corporation of any (i) invention, discovery, or improvement (“Invention”),
whether patentable or not and (ii) copyrightable material, which relate to the Business of SMART Group and which is made, conceived, or authored by the Executive, alone or with others, during the term of employment and, with respect to an
Invention, for one (1) year following the cessation of employment. 

  

	 	(b)	The Executive agrees to and does hereby assign to the Corporation all of the Executive’s right, title and interest in any Invention(s) and copyrightable material.
At the request and expense of the Corporation, the Executive will render whatever assistance may be necessary for the Corporation to secure a patent or copyright for such Invention(s) or material. 

5.6 Non-Solicitation 
 The Executive
agrees that as a result of the Executive’s position with the Corporation, that the Executive has confidential information with respect to other employees, consultants and customers of SMART Group. The Executive agrees for a period of two
(2) years after cessation of the Executive’s employment with the Corporation, regardless of the reason for cessation, the Executive shall not, directly or indirectly: 

 

	 	(a)	solicit, induce, encourage or facilitate employees or consultants of SMART Group to leave the employment of, or consulting relationship with SMART Group; and

  

	 	(b)	solicit, induce, encourage or facilitate any customer the Executive knows to be a customer of SMART Group to alter, modify, vary, diminish, or cease such
customer’s relationship with SMART Group, including without limitation, in favor or for the benefit of the Executive. 

  
 7 

 5.7 Property 
 All reports, computer programs, manuals, listings (including customer listings) and any other documentation or data furnished to or prepared by the Executive in connection with the Executive’s
employment shall be the property of the Corporation. 
 5.8 Assistance in Litigation 

The Executive shall, after termination of this Agreement for any reason whatsoever, upon reasonable notice and upon payment of reasonable expenses and
reasonable compensation by the Corporation (but in no event shall such payment be at a rate less than what is specified in the indemnity agreement between the Corporation and the Executive in effect from time to time), furnish such information and
proper assistance to the Corporation as may be reasonably required by the Corporation in connection with any litigation in which it is or may become a party other than litigation by the Corporation against the Executive. 

5.9 The Executive acknowledges and agrees that the provisions of this Article 5 do not limit the fiduciary obligations that the Executive owes to
the Corporation, both during and after the cessation of the Executive’s employment and the termination of this Agreement. 

ARTICLE 6 
 PERSONAL DATA AND PRIVACY 
 6.1 The Executive acknowledges and agrees that the Corporation
has the right to collect, use and disclose the Executive’s personal information for purposes relating to the Executive’s employment with the Corporation, including: 

 

	 	(a)	ensuring that the Executive is paid for the services performed for the Corporation; 

 

	 	(b)	administering any benefits to which the Executive is or may become entitled to, including medical, dental, disability and life insurance benefits. This shall include
the disclosure of the Executive’s personal information to any insurance company and/or broker or to any entity that manages or administers the Corporation’s benefits on behalf of the Corporation; 

 

	 	(c)	compliance with any withholding requirements relating to the Executive’s employment; 

 

	 	(d)	conducting any compensation and benefit review; 

  
 8 

	 	(e)	enforcing the Corporation’s policies including those relating to the proper use of the electronic communications network and to comply with applicable laws; and

  

	 	(f)	in the event of a potential sale or transfer of all or part of the shares or assets of the Corporation or, disclosing to any potential acquiring organization the
Executive’s personal information for the purpose of determining the value of the Corporation and to evaluate the Executive’s position in the Corporation. If the Executive’s personal information is disclosed to any potential acquiring
organization, the Corporation will require the potential acquiring organization to agree to protect the privacy of the Executive’s personal information in a manner that is consistent with any policy of the Corporation dealing with privacy that
may be in effect from time to time and/or any applicable law that may be in effect from time to time. 

ARTICLE 7 
 NOTICE 
 7.1 Any notice required to be given hereunder shall be in writing and sufficiently
made if delivered personally or mailed by prepaid registered mail to the parties at their respective addresses herein. 
  

	 	(a)	The Executive: 

 c/o SMART
Technologies Inc. 
 3636 Research Road N.W. 
 Calgary, Alberta T2L 1Y1 
  

	 	(b)	The Corporation: 

 SMART
TECHNOLOGIES INC. 
 3636 Research Road N.W. 
 Calgary, Alberta T2L 1Y1 
 Attention: Vice President, People Services 

Any such notice shall be deemed to have been given on the date it is delivered if personally delivered or, if mailed, on the third business day following
the mailing thereof. Either party may change its address for service by giving written notice hereunder. 
 ARTICLE 8

 GENERAL PROVISIONS 
 8.1 Prior Employment Agreements 
 This Agreement supersedes and replaces any prior written
or unwritten employment agreements between the Executive and the Corporation, including the Former Agreement, with the exception of the Supplemental Letter (as defined in Schedule “B”) and that the Executive acknowledges that the Executive
continues to be bound by all earlier confidentiality, conflict of interest, fiduciary and intellectual property restrictions and obligations owed to the Corporation. 

  
 9 

 8.2 Waiver 
 Any waiver by a party of any breach of any provision of this Agreement by the other party shall not be binding unless in writing, and shall not operate or be construed as a waiver of any other or
subsequent breach by the Executive. 
 8.3 Headings 
 The headings used in this Agreement are for convenience only and are not to be construed in any way as additions to or limitations of the covenants and agreements contained in it. 

8.4 Enurement 
 The provisions of this
Agreement shall enure to the benefit of and shall be binding upon the parties hereto and their respective heirs, executors, administrators, other legal personal representatives, successors and permitted assigns. 

8.5 Governing Law 
 This Agreement shall
be governed by and construed in accordance with the laws in force in the Province of Alberta. 
 8.7 Jurisdiction and Arbitration

 The parties agree that any dispute or claim brought by the Corporation to enforce the covenants in Article 5 of this Agreement shall be
brought before the courts of the Province of Alberta and the parties irrevocably attorn to the jurisdiction of the courts of the Province of Alberta in relation to such disputes or claims. The parties agree that any other dispute regarding the
interpretation of this Agreement, including termination of this Agreement, and any damages for breach of this Agreement, will be resolved before a single Arbitrator pursuant to the Arbitration Act (Alberta). The decision of the Arbitration will be
final and binding on the parties. The arbitration will take place in Calgary, Alberta. In addition to the costs of the arbitration, the Arbitrator will award reasonable solicitor and own client costs and disbursements to the prevailing party in the
arbitration. 
 8.8 Time of the Essence 
 Time shall be of the essence of this Agreement. 

  
 10 

 8.9 Enforceability and Severability 
 If any paragraph, subparagraph or provision of this Agreement is determined to be unenforceable by a Court of competent jurisdiction then such provision shall be severable from the remainder of this
Agreement and the remainder of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
 IN
WITNESS WHEREOF the parties hereto have executed these presents as of the day and year first above written, and effective as of the Effective Date. 

 

			
	SMART TECHNOLOGIES INC.
		
	Per:	 	 /s/ Drew Fitch

		 	 Drew Fitch
 VP, Finance &
CFO

  

					
	  
	 		 	 /s/ Warren Barkley

	Witness	 		 	EXECUTIVE

  
 11 

 SCHEDULE “A” 
 The Executive’s duties and responsibilities shall include: 
  

	•	 	 Technology Leadership: 

 Responsible for the organization’s technology initiatives as they relate to research, software and hardware development, software architecture, and development activities. In guiding SMART’s
investment in technology, leads strategic investment and interfaces with other members of the senior management team to provide technical input on the feasibility of proposed additions, changes or directions to both SMART’s existing and future
products. Builds and grows relevant alliances with external technology partners both on the development side (OEMs, ODMs) and on the co-development and co-marketing of new products and services (e.g. Microsoft and CISCO). 

 

	•	 	 Innovation: 

 Establishes collaborative processes across the business to drive technology and product innovation to create transformative world-class products. 

 

	•	 	 Medium- and Long-Term Technology and Product Vision: 

Establishes the medium- and long-term technology and product strategy for the company based on the business strategy and trends. Actively
stimulates new product and technology ideas to help SMART maintain leadership in its technology and product areas. Understands both legacy and future technology trends to evolve SMART’s technology technical roadmap to achieve business
objectives. Communicates clearly the product and technology vision for both the short and longer term. 
  

	•	 	 Technology and Product Tactical Plan: 

 Within the context of the organization’s strategic plan and the long-term technology and product vision, and working with the Product Management group, formulates and recommends to the Chief
Executive Officer a tactical plan for SMART’s new product research and development functions. Maintains analysis on progress in achieving objectives, sets out a rationale for variances, and ensures corrective action is taken, where appropriate.

  

	•	 	 Market Understanding: 

 Through research, develops an understanding of the market segments to which SMART is selling, the direction in which it is heading, and SMART’s competitive advantage. In so doing, understands
pricing, product strategies, competition and other factors that influence behavioural decisions of customers and target audience. Understands the broad context in which SMART operates and contributes to SMART’s brand in the marketplace.

  

	•	 	 Senior Management Responsibility: 

 As a member of the senior management team, participates in the overall business of SMART. In so doing, works closely with other members of the senior management team in developing and implementing a
strategic plan that establishes goals, identifies key strategic issues that must be addressed, and sets objectives and medium- and long-term plans for SMART. Collaborates with members of the senior management team in translating goals and objectives
into departmental tactics and budget through the quarterly planning process. Supports other team members in the achievement of these goals. 
  

	•	 	 Staff Management and Leadership: 

 Plays a key part in attracting key innovative talent into the organization to help drive technology and product innovation. Through effective recruiting, training, development and performance management
programs, enhances the technical capabilities of SMART’s technology team in a manner that will deliver the desired staff performance. 

 SCHEDULE “B” 

DEFINITIONS 
 For the
purposes of this Agreement the following terms mean the following: 
  

	 	(a)	“Affiliate” means affiliates and associates as those terms are defined in the Business Corporations Act (Alberta), as amended from time to time;

  

	 	(b)	“Change of Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	a person, or group of persons, acting jointly and in concert, becomes the beneficial owner of securities of the Corporation constituting 50% or more of the voting power
of all outstanding voting securities of the Corporation, 

  

	 	(ii)	individuals who were proposed as nominees (but not including nominees under a shareholder proposal) to become directors of the Corporation immediately prior to a
meeting of the shareholders of the Corporation involving a contest for, or an item of business relating to, the election of directors of the Corporation, not constituting a majority of the directors of the Corporation following such election;

  

	 	(iii)	a merger, consolidation, amalgamation or arrangement of the Corporation (or a similar transaction) occurs, unless after the event, 50% or more of the voting power of
the combined corporation is beneficially owned by the same person or group of persons as immediately before the event; or 

  

	 	(iv)	the Corporation’s shareholders approve a plan of complete liquidation or winding-up of the Corporation, or the sale or disposition of all or substantially all the
Corporation’s assets (other than a transfer to an Affiliate of the Corporation); 

 provided that the
following shall not constitute a Change of Control: 
  

	 	(A)	any person, or group of persons, acting jointly or in concert, becoming the beneficial owner of the threshold of securities specified in (b) as a result of the
acquisition of securities by the Corporation or an Affiliate or a subsidiary which, by reducing the number of securities outstanding, increases the proportional number of securities beneficially held by that person or group of persons;

  

	 	(B)	any acquisition of securities directly from the Corporation in connection with a bona fide financing or series of financings by the Corporation;

	 	(C)	any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Corporation and/or its Affiliates; or 

 

	 	(D)	beneficial ownership by the Corporation or its Affiliates or any increased ownership by any of them; and 

 

	 	(c)	“Good Reason” shall mean: (i) any adverse change, by the Corporation and without the agreement of the Executive following a Change of Control, in
any of the duties, powers, rights, discretions, salary, bonus, benefits, existing Awards (as defined in the Corporation’s Amended and Restated Equity Incentive Plan), title or lines of reporting, such that immediately after such change or
series of changes, the responsibilities and status of the Executive, taken as a whole, are not at least substantially equivalent to those assigned to the Executive immediately prior to such change or series of changes; (ii) the requirement that
the Executive be based anywhere other than the Corporation’s Calgary executive office on a normal and regular basis; or (iii) any reason which would be constructive dismissal by a court of competent jurisdiction. 

 

	 	(d)	“Supplemental Letter” shall mean the supplemental letter agreement made between the Corporation and the Executive dated October 10, 2012.

  
 14

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