Document:

EX-10.23

 Exhibit 10.23 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE
COMPANY IF PUBLICLY DISCLOSED. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [***]. 
 Page 

 
 INDUSTRIAL LEASE 

BETWEEN: 
 PIRET (7303-30TH STREET SE) HOLDINGS INC. 

– AND – 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 
  

			
	 Address:
	 	         7303   &    7403   30th 

		 	         Street   S.E.,   Calgary,

		 	         AB

	  
 Rentable   Area   of
  the   Building:

	 	 	                 [***]

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	 DEFINITIONS
	  	 	1	 
			
	 1.1
	  	 Definitions
	  	 	1	 
			
	 ARTICLE II
	  	 INTENT AND INTERPRETATION
	  	 	8	 
			
	 2.1
	  	 Net Lease
	  	 	8	 
			
	 2.2
	  	 Extended Meanings
	  	 	8	 
			
	             2.3
	  	 Entire Agreement
	  	 	8	 
			
	             2.4
	  	 Governing Law
	  	 	8	 
			
	             2.5
	  	 Time of the Essence
	  	 	8	 
			
	 ARTICLE III
	  	 GRANT AND TERM
	  	 	9	 
			
	             3.1
	  	 Leased Premises
	  	 	9	 
			
	             3.2
	  	 Commencement and Ending Date of Term
	  	 	9	 
			
	             3.3
	  	 Acceptance of Leased Premises
	  	 	11	 
			
	             3.4
	  	 Tenant’s Work – Intentionally Deleted
	  	 	11	 
			
	 ARTICLE IV
	  	 RENT
	  	 	11	 
			
	             4.1
	  	 Covenant to Pay
	  	 	11	 
			
	             4.2
	  	 Minimum Rent
	  	 	11	 
			
	 ARTICLE V
	  	 TAXES
	  	 	13	 
			
	             5.1
	  	 Taxes Payable by the Tenant
	  	 	13	 
			
	             5.2
	  	 Other Taxes of Tenant
	  	 	13	 
			
	             5.3
	  	 Tenant’s Responsibility
	  	 	14	 
			
	             5.4
	  	 Per Diem Adjustment
	  	 	15	 
			
	 ARTICLE VI
	  	 CONTROL OF THE LEASED PREMISES
	  	 	15	 
			
	             6.1
	  	 Control of the Leased Premises by the Landlord
	  	 	15	 
			
	             6.2
	  	 Tenant to Bear Expense
	  	 	15	 
			
	             6.3
	  	 Estimated Expenses- Intentionally Deleted
	  	 	17	 
			
	             6.4
	  	 Management Fee
	  	 	17	 
			
	 ARTICLE VII
	  	 UTILITIES
	  	 	18	 
			
	             7.1
	  	 Charges for Utilities
	  	 	18	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VIII
	  	 HVAC
	  	 	19	 
			
	             8.1
	  	 Heating, Ventilating and Air-Conditioning
	  	 	19	 
			
	 ARTICLE IX
	  	 USE OF THE LEASED PREMISES
	  	 	19	 
			
	             9.1
	  	 Use of the Leased Premises
	  	 	19	 
			
	             9.2
	  	 Conduct of Business
	  	 	20	 
			
	             9.3
	  	 Prohibited Uses
	  	 	20	 
			
	             9.4
	  	 Nuisance and Waste
	  	 	20	 
			
	             9.5
	  	 Observance of Law
	  	 	20	 
			
	             9.6
	  	 Energy Conservation
	  	 	21	 
			
	             9.7
	  	 Intentionally Deleted
	  	 	21	 
			
	             9.8
	  	 Tenant’s Environmental Covenants and Indemnity
	  	 	21	 
			
	             9.9
	  	 Survival of Obligations
	  	 	23	 
			
	 ARTICLE X
	  	 INSURANCE AND INDEMNITY
	  	 	24	 
			
	             10.1
	  	 Tenant’s Insurance
	  	 	24	 
			
	             10.2
	  	 Acts of Tenant
	  	 	27	 
			
	             10.3
	  	 Increase in Insurance Premiums
	  	 	27	 
			
	             10.4
	  	 Cancellation of Insurance
	  	 	27	 
			
	             10.5
	  	 Loss or Damage
	  	 	27	 
			
	             10.6
	  	 Indemnification of the Landlord
	  	 	28	 
			
	             10.7
	  	 Employees
	  	 	28	 
			
	             10.8
	  	 Landlord’s Insurance
	  	 	29	 
			
	 ARTICLE XI
	  	 MAINTENANCE, REPAIRS AND ALTERATIONS
	  	 	29	 
			
	             11.1
	  	 Maintenance, Repairs and Replacements by the Tenant
	  	 	29	 
			
	             11.2
	  	 Conduct of Work
	  	 	30	 
			
	             11.3
	  	 Surrender of the Leased Premises
	  	 	32	 
			
	             11.4
	  	 Tenant not to overload floors or other facilities
	  	 	33	 
			
	             11.5
	  	 Removal and Restoration by the Tenant
	  	 	33	 
			
	             11.6
	  	 Liens
	  	 	33	 
			
	             11.7
	  	 Signs and Advertising
	  	 	34	 
			
	             11.8
	  	 Pest Extermination
	  	 	34	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE XII
	  	 DAMAGE AND DESTRUCTION AND EXPROPRIATION
	  	 	34	 
			
	             12.1
	  	 Destruction of the Leased Premises
	  	 	34	 
			
	             12.2
	  	 Termination
	  	 	34	 
			
	             12.3
	  	 Expropriation
	  	 	35	 
			
	             12.4
	  	 Expert’s Certificate
	  	 	35	 
			
	 ARTICLE XIII
	  	 ASSIGNMENT, SUBLETTING, PARTING WITH POSSESSION AND CORPORATE CONTROL
	  	 	35	 
			
	             13.1
	  	 Consent Required
	  	 	35	 
			
	             13.2
	  	 Landlord’s Option
	  	 	38	 
			
	             13.3
	  	 No Advertising of the Leased Premises
	  	 	39	 
			
	             13.4
	  	 Corporate Ownership
	  	 	39	 
			
	             13.5
	  	 Assignment or Transfer by the Landlord
	  	 	39	 
			
	             13.6
	  	 Permitted Transfers
	  	 	39	 
			
	 ARTICLE XIV
	  	 ACCESS AND ALTERATIONS
	  	 	40	 
			
	             14.1
	  	 Right of Entry
	  	 	40	 
			
	 ARTICLE XV
	  	 STATUS STATEMENT, ATTORNMENT AND SUBORDINATION
	  	 	41	 
			
	             15.1
	  	 Status Statement
	  	 	41	 
			
	             15.2
	  	 Subordination and Attornment
	  	 	41	 
			
	             15.3
	  	 Attorney
	  	 	42	 
			
	             15.4
	  	 Financial Information
	  	 	42	 
			
	 ARTICLE XVI
	  	 DEFAULT
	  	 	42	 
			
	             16.1
	  	 Rights of the Landlord
	  	 	42	 
			
	             16.2
	  	 Expenses
	  	 	44	 
			
	             16.3
	  	 Removal of Chattels
	  	 	44	 
			
	             16.4
	  	 Waiver of Exemption from Distress
	  	 	44	 
			
	             16.5
	  	 Landlord’s Right to Cure the Tenant’s Default or Perform the Tenant’s
Covenants
	  	 	44	 
			
	             16.6
	  	 Remedies Generally
	  	 	44	 
			
	             16.7
	  	 Bankruptcy and Insolvency – Intentionally Deleted
	  	 	45	 
			
	 ARTICLE XVII
	  	 MISCELLANEOUS
	  	 	45	 
			
	             17.1
	  	 Overholding
	  	 	45	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	             17.2
	  	 Successors
	  	 	46	 
			
	             17.3
	  	 Tenant Partnership
	  	 	46	 
			
	             17.4
	  	 Waiver
	  	 	46	 
			
	             17.5
	  	 Accord and Satisfaction
	  	 	46	 
			
	             17.6
	  	 Notices
	  	 	47	 
			
	             17.7
	  	 Registration
	  	 	47	 
			
	             17.8
	  	 Quiet Enjoyment
	  	 	47	 
			
	             17.9
	  	 Landlord’s Consent — Intentionally Deleted
	  	 	48	 
			
	             17.10
	  	 Monetary Amounts
	  	 	48	 
			
	             17.11
	  	 Priority
	  	 	48	 
			
	             17.12
	  	 Intentionally Deleted
	  	 	48	 
			
	             17.13
	  	 Force Majeure
	  	 	48	 
			
	             17.14
	  	 Partial Invalidity
	  	 	48	 
			
	             17.15
	  	 Limited Recourse
	  	 	49	 
			
	             17.16
	  	 No Contra Proferentem
	  	 	49	 
			
	 ARTICLE XVIII
	  	 SPECIAL PROVISIONS
	  	 	49	 
			
	             18.1
	  	 Letter of Credit
	  	 	49	 
			
	             18.2
	  	 Brokerage Commissions
	  	 	51	 
			
	             18.3
	  	 Confidentiality
	  	 	51	 
			
	             18.4
	  	 Agreement of Purchase and Sale
	  	 	51	 

			
	SCHEDULES AND APPENDICES
		
	 Schedule “A”        
	  	 Legal Description of the Leased Premises

	 Schedule “B”
	  	 Reference Plan/Site Plan

	 Schedule “C”
	  	 Intentionally Deleted

	 Schedule “D”
	  	 Work Requirements

	 Schedule “E”
	  	 Intentionally Deleted

	 Schedule “F”
	  	 Letter of Credit Terms Summary

     THIS LEASE is dated the 15th day of September, 2012.

 BETWEEN: 

    PIRET (7303-30th STREET SE) HOLDINGS INC. 

    (the “Landlord”) 

OF THE FIRST PART 

    -and- 

    DIRTT Environmental Solutions Ltd. 

    (the “Tenant”) 

OF THE SECOND PART 
 ARTICLE I

 DEFINITIONS 
  

	1.1	 Definitions 

 

	  	 In this Lease and the schedules forming part of it, the following definitions apply: 

 

	 	(a)	 “Additional Rent” means the money or charges which the Tenant is required to pay under this
Lease (except Minimum Rent and goods and services tax) whether or not they are designated “Additional Rent” and whether they are payable to the Landlord or to third parties. 

 

	 	(b)	 “Agreement of Purchase and Sale” means that Agreement of Purchase and Sale executed by the
Landlord on September 25, 2012 and executed by the Tenant on September 27, 2012. 

  

	 	(c)	 “Authorities” means all federal, provincial, municipal and other governmental authorities
(including, without limitation, suppliers of public utilities), departments, boards and agencies having jurisdiction with respect to the Lease, the Leased Premises and/or the Landlord or the Tenant, and “Authority” shall have a
corresponding meaning. 

  

	 	(d)	 “Building” means the building constructed on the Lands, together with all fixtures
(excluding Tenant’s Trade Fixtures), and Leasehold Improvements located in, on or serving such building, and all alterations, additions and replacements thereto. 

 

	 	(e)	 “Business Day” means any day which is not a Saturday, Sunday or a statutory holiday
observed in Ontario or Alberta, and “Business Days” shall have a corresponding meaning. 

  
 - 2 - 

 

	(f)	 “Business Taxes” means all taxes, rates, duties, fees and assessments and other charges of
every nature and kind that may be levied, rated, charged or assessed by any Authority against or in respect of: 

  

	 	(i)	 all improvements, equipment and facilities of the Tenant on or in the Leased Premises or any part or parts
thereof or the Landlord on account of its ownership of the Leasehold Improvements or its interest in the Tenant’s property; 

  

	 	(ii)	 any and every business carried on or in the Leased Premises or in respect of the use or occupancy thereof by
the Tenant, any Transferee, or any other occupant; and 

  

	 	(iii)	 any and all taxes which may in future be levied in lieu of any of the foregoing, whether foreseen or
unforeseen. 

  

	(g)	 “Capital Tax” - Intentionally Deleted. 

 

	(h)	 “Charge” is as defined in Section 7.1 hereof. 

 

	(i)	 “Claims” means claims, losses, damages (but excluding consequential damages), suits,
judgements, causes of action, legal proceedings, executions, demands, penalties or other sanctions of every nature and kind whatsoever, whether accrued, actual, contingent or otherwise and any and all costs arising in connection therewith, including
without limitation, legal fees and disbursements on a substantial indemnity basis (including, without limitation, all such legal fees and disbursements in connection with any and all appeals). 

 

	(j)	 “Commencement Date” is as defined in Section 3.2 hereof. 

 

	(k)	 “CPI”- Intentionally Deleted. 

 

	(1)	 “declaration” is as defined in Schedule “D”, section 3 hereof.

  

	(m)	 “Deposit” – Intentionally Deleted 

 

	(n)	 “Environmental Laws” shall include any domestic Laws relating in any way to the natural or
human environment (including land, surface water, groundwater, and real, personal, moveable and immovable property), public or occupational health and safety, or the manufacture, importation, handling, use,
re-use, recycling, transportation, storage, disposal, elimination and treatment of a substance, hazardous or otherwise, which are applicable to the Leased Premises, the Tenant or the Landlord in respect of the
Leased Premises. 

  

	(o)	 “Event of Default” means any one or more of the following events: 

  
 - 3 - 

 

	 	(i)	 the Tenant fails, for any reason, to pay any Rent when it is due to be paid and the failure continues for
ten (10) days after written notice of such default is provided by the Landlord; 

  

	 	(ii)	 notwithstanding subsection (i) hereof, if the Tenant has been given notice of default under subsection
(i) on three (3) occasions in any twelve (12) month period, then thereafter if the Tenant fails, for any reason to pay any Rent when due and the failure continues for five (5) days after such payment was due, no notice shall
thereafter need to be given and an Event of Default shall have then occurred; 

  

	 	(iii)	 the Tenant fails to observe or perform any other of the terms, covenants, conditions or agreements contained
in this Lease (other than the non-payment of Rent and the defaults referred to in subsections (iv) through (xv) hereof, in respect of which notice shall be required only as specifically provided in those
subsections) and the failure is not cured within fifteen (15) days (or such shorter period as expressly provided in this Lease, or if such failure could not, using reasonable commercial efforts, be cured within fifteen (15) days, such
longer period of time as may be required to cure such failure, not to exceed thirty (30) days, provided that the Tenant has commenced to cure such failure within fifteen (15) days) after written notice from the Landlord to the Tenant
specifying the failure; 

  

	 	(iv)	 the Tenant fails to deliver any statement, certificate or report required by the terms of this Lease within
the time periods prescribed by this Lease; 

  

	 	(v)	 the Term or any of the goods, chattels, or Trade Fixtures of the Tenant on the Leased Premises are seized or
taken in execution or attached by any creditor which is not set aside within ten (10) days; 

  

	 	(vi)	 a writ of execution, sequestration or extent issues against the goods, chattels or Trade Fixtures of the
Tenant which is not set aside within ten (10) days; 

  

	 	(vii)	 the Tenant makes a bulk sale other than in conjunction with a Transfer approved by the Landlord;

  

	 	(viii)	 intentionally deleted; 

 

	 	(ix)	 the Leased Premises remain vacant for fifteen (15) consecutive days while they are suitable for use by
the Tenant; 

  

	 	(x)	 the Tenant shall purport to make a Transfer affecting the Leased Premises, or the Leased Premises are used
by any Person other than those Persons entitled to use them under this Lease or for any purpose not in compliance with this Lease; 

  
 - 4 - 

 

	 	(xi)	 the Tenant or any Transferee, makes an assignment for the benefit of creditors or commits any act of
bankruptcy as defined in the Bankruptcy and Insolvency Act (Canada) or any successor of it, or becomes bankrupt or insolvent or takes the benefit of any Law now or hereafter in force for bankrupt or insolvent debtors or makes any proposal or
arrangement with creditors, or steps are taken for the winding-up or other termination of the Tenant’s or a Transferee’s existence or liquidation of its assets; 

 

	 	(xii)	 an order is made for the winding up or liquidation of the Tenant, or a Transferee, or the Tenant or a
Transferee voluntarily commences winding-up or liquidation procedures; 

  

	 	(xiii)	 an order or appointment is made for a trustee, receiver, receiver and manager or similar person of the
Tenant’s business or assets or any part of them; 

  

	 	(xiv)	 termination or re-entry by the Landlord is permitted under any
provision of Law; and 

  

	 	(xv)	 intentionally deleted. 

 

	(p)	 “Expert” means the third party expert which the Landlord names from time to time, including
without limitation, an architect, engineer, land surveyor, chartered accountant or other professional consultant duly qualified to perform the specific function for which such person is named and in good standing with his/her/its applicable
governing body. 

  

	(q)	 “Expiry Date” has the meaning set out in Section 3.2. 

 

	(r)	 “Final Plans” – intentionally deleted. 

 

	(s)	 “Fixturing Period” – Intentionally Deleted 

 

	(t)	 “GST” means goods and services taxes, value-added taxes, harmonized sales taxes,
multi-stage taxes, business transfer taxes or other similar taxes however they are characterized. 

  

	(u)	 “Hazardous Substance” means a “contaminant” as defined by the Environmental
Protection and Enhancement Act(Alberta), as amended. 

  

	(v)	 “HVAC Costs” is as defined in Section 8.1 hereof. 

 

	(w)	 “HVAC System” is as defined in Section 8.1 hereof. 

 

	(x)	 “Indemnifier” – Intentionally Deleted 

 

	(y)	 “Injury” means, without limitation, bodily injury, personal injury, personal discomfort,
mental anguish, shock, sickness, disease, death, false arrest, detention 

  
 - 5 - 

 

	 	 or imprisonment, malicious prosecution, libel, slander, defamation of character, invasion of privacy, wrongful
entry or eviction and discrimination, or any of them, as the case may be, but does not include any such injury which is not generally protected pursuant to the standard liability policies of insurance required to be maintained by the parties
hereunder. 

  

	(z)	 “Landlord” means the party of the First Part, its successors and assigns.

  

	(aa)	 “Landlord Beneficiaries” is as defined in Section 10.7 hereof. 

 

	(bb)	 “Landlord’s Employees” means the Landlord’s directors, officers, employees,
servants, agents and those for whom the Landlord is responsible at Law. 

  

	(cc)	 “Landlord’s Work” – intentionally deleted. 

 

	(dd)	 “Lands” means the lands described in Schedule “A”, as those lands are altered,
expanded or reduced from time to time. 

  

	(ee)	 “Laws” means all applicable laws, statutes, ordinances, regulations, by-laws, directions, orders, rules, requirements, policies and enforceable guidelines, judge-made laws or common laws and any orders of a court or Authority, and “Law” shall have a corresponding
meaning. 

  

	(ff)	 “Leased Premises” means the Lands and the Building leased to the Tenant as described in
Section 3.1 and the Leasehold Improvements and other facilities of any kind erected therein or thereon from time to time (excluding only the property of the Tenant, its Trade Fixtures and equipment), as such Lands, Building, Leasehold
Improvements, and other facilities may be expanded, reduced or otherwise altered from time to time. 

  

	(gg)	 “Leasehold Improvements” means all items generally considered to be leasehold improvements,
including, without limitation, all fixtures, equipment, improvements, installations, alterations and additions from time to time made, erected or installed by or on behalf of the Tenant including, without limitation, the HVAC System, electrical,
mechanical, sprinkler and plumbing systems and facilities, any stairways, all washroom facilities and hot water tanks, all fixed partitions, light fixtures, plumbing fixtures, however affixed and whether or not movable, all other heating,
ventilating and air-conditioning equipment, all electrical equipment, electrical house service including transformer, all finished floors or
wall-to-wall carpeting, all water, gas and sewage facilities, all telephone and other communication wiring and cabling, all cabinets, cupboards, shelving, and all other
items which cannot be removed without damage to the Leased Premises, but excluding Trade Fixtures. 

  

	(hh)	 “Minimum Rent” means the rent payable by the Tenant under Section 4.2.

  
 - 6 - 

 

	(ii)	 “Mortgagee” means any mortgagee, chargee, secured party or hypothecary creditor (including
any trustee for bondholders) of the Landlord’s interest in the Leased Premises or any part of it. 

  

	(jj)	 “Operating Costs” is as defined in Section 6.2 hereof. 

 

	(kk)	 “Other Taxes” is as defined in Section 5.2 hereof. 

 

	(ll)	 “Person” if the context allows, includes any person, firm, partnership, Authority, trust,
joint venture, association, syndicate, bank, trust company, or corporation, or any group of persons, firms, partnerships, or corporations or any combination of them. 

 

	(mm)	 “Prime” means the annual rate of interest from time to time publicly quoted by any Canadian
Chartered bank designated by the Landlord as its reference rate of interest for determining rates of interest chargeable in Toronto on Canadian dollar demand loans to commercial customers. 

 

	(nn)	 “Rent” means the Minimum Rent, and Additional Rent payable under this Lease.

  

	(oo)	 “Rentable Area” means the area of the Building calculated in accordance with current SIOR
guidelines, the most recent version of which is attached as Schedule “E”. 

  

	(pp)	 “Rental Year” means a period of time, the first Rental Year commencing on the first day of
the Term, and ending on the last day of the month of December next following. After the first Rental Year each Rental Year consists of consecutive periods of twelve (12) calendar months, but the last Rental Year of the Term terminates on the
expiration of the Term or earlier termination of this Lease, as the case may be. 

  

	(qq)	 “Structure” means the foundations, the roof and roof membrane, steel structure, joists,
beams and structural columns of the Building and “Structural” shall have a corresponding meaning. 

  

	(rr)	 “Substantial Performance” – intentionally deleted. 

 

	(ss)	 “Taxes” means all real property taxes, rates, duties, fees, charges and assessments
(including local improvement taxes), impost charges or levies whatsoever, whether general or special, that are levied, rated, charged or assessed against or in respect of the Leased Premises or any part thereof, or any fixtures, equipment or
improvements therein, or against the Landlord in respect of any of the same from time to time, by any Authority, whether federal, provincial, municipal, school or otherwise and including any taxes or other amounts which are incurred by or imposed on
the Landlord or the Leased Premises in lieu of, as a substitute for or in addition to, any of the foregoing whether or not similar to or of the foregoing character or not and whether or not in existence at the Commencement Date or not, and any such
taxes or other amounts levied or assessed against the Landlord 

  
 - 7 - 

 

	 	 on account of its ownership of the Leased Premises or its interest in it, including taxes and any other
amounts levied on the Landlord on account of Rents or receipts as such (as opposed to a tax on such Rents as part of the income of the Landlord), and any licence fee measured by Rents or other charges payable by occupants of space in the Leased
Premises and all legal and other professional fees and expenses and interest and penalties on deferred payments incurred by the Landlord in an attempt to minimize or reduce Taxes, or in contesting, resisting or appealing any Taxes, but excluding
capital tax, income taxes and other like taxes personal to the Landlord. 

  

	(tt)	 “Tenant” means the party of the Second Part and every Person mentioned as Tenant in this
Lease. If there is more than one Tenant, any notice under this Lease may be given by or to any one of them and has the same force as if given by or to all of them. A reference to “Tenant” includes, where the context allows, the
Tenant’s Employees and Transferees, and those over whom the Tenant may reasonably be expected to exercise control. 

  

	(uu)	 “Tenant Partnership” is as defined in Section 17.3 hereof. 

 

	(vv)	 “Tenant’s Employees” means the Tenant’s directors, officers, employees, servants,
agents and those for whom the Tenant is responsible at Law. 

  

	(ww)	 “Tenant’s Work” – intentionally deleted. 

 

	(xx)	 “Term” is as defined in Section 3.2 hereof. 

 

	(yy)	 “Trade Fixtures” means all items generally considered to be trade fixtures, installed and
used by the Tenant in its business, but notwithstanding the foregoing, shall not include any Leasehold Improvements, whether or not installed by the Tenant or the Landlord, and Trade Fixtures shall include the “Excluded Chattels” as
defined in the Agreement of Purchase and Sale. 

  

	(zz)	 “Transfer” means any of: 

 

	 	(i)	 an assignment of this Lease by the Tenant in whole or in part; 

 

	 	(ii)	 any arrangement, written or oral, whether by sublease, licence or otherwise, whereby rights to use space
within the Leased Premises are granted to any Person (other than the Tenant) from time to time, which rights of occupancy are derived through or under the interest of the Tenant under this Lease; and 

 

	 	(iii)	 a mortgage or other encumbrance of this Lease or of all or any part of the Leased Premises, or any interest
therein by the Tenant; 

  

	  	 and “Transferee” means any Person to whom the Lease has been Transferred. 

 

	(aaa)	 “Trust” is as defined in Section 17.15 hereof. 

  
 - 8 - 

 

	 	(bbb)	 “Utilities” is as defined in Section 7.1 hereof. 

 

	 	(ccc)	 “Work” is as defined in Section 11.2(a) hereof. 

ARTICLE II 
 INTENT AND
INTERPRETATION 
  

	2.1	 Net Lease 

 

	  	 This Lease is a completely carefree triple net lease to the Landlord. Except as otherwise stated in this
Lease: 

  

	 	(a)	 the Landlord is not responsible for any costs, charges, expenses or outlays of any nature whatsoever arising
from or relating to the Leased Premises, or the use and occupancy thereof, or its contents or the business carried on therein; and 

  

	 	(b)	 the Tenant will pay all charges, impositions, costs and expenses of every nature relating to the Leased
Premises. 

  

	2.2	 Extended Meanings 

 

	  	 Use of the neuter singular pronoun to refer to the Landlord or the Tenant is considered a proper reference
even though the Landlord or the Tenant is an individual, a partnership, a corporation, or a group of two or more individuals, partnerships or corporations. The necessary grammatical changes required to make the provisions of this Lease apply in the
plural sense where there is more than one Landlord or Tenant and to either corporations, associations, partnerships, or individuals, males or females, will in all instances be assumed as though they were fully expressed. 

 

	2.3	 Entire Agreement 

 

	  	 This Lease is comprised of the main body of this document, as well as the schedules, appendices and riders,
if any, attached to it and sets out every covenant, promise, agreement, condition and understanding between the Landlord and the Tenant concerning the Leased Premises and there are no covenants, promises, agreements, conditions or understandings,
oral or written, between them other than those set out in this Lease. Except as may be expressly stated otherwise in this Lease, no subsequent alteration, amendment change or addition to this Lease will be binding upon the Landlord or the Tenant
unless in writing and signed by the Tenant and the Landlord. 

  

	2.4	 Governing Law 

 

	  	 This Lease will be construed in accordance with and governed by the Laws of the Province of Alberta.

  

	2.5	 Time of the Essence 

 

	  	 Time is of the essence of this Lease and each part of it. 

  
 - 9 - 

 

 ARTICLE III 

GRANT AND TERM 
  

	3.1	 Leased Premises 

 

	  	 The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the Leased Premises, as shown
outlined in red on Schedule “B” attached hereto upon which there is a Building, which shall be deemed to have a Rentable Area of [***] ([***]) square feet. 

 

	3.2	 Commencement and Ending Date of Term 

 

	  	 The Tenant will have and hold the Leased Premises for and during the term (the “Term”)
which will be, unless sooner terminated under other provisions of this Lease, the period of approximately ten (10) years commencing on the closing of the transaction set forth in the Agreement of Purchase and Sale (the “Commencement
Date”), and to be fully completed on the 30th day of September, 2022 (the “Expiry Date”), unless otherwise terminated, renewed or extended pursuant to the provisions of
this Lease. 

  

	  	 Subject to the following terms hereof, the Tenant shall be entitled to extend the Term of this Lease for
two(2) further periods of five(5) years each (commencing on the day after the expiry date of the original Term of this Lease or the expiry date of the first extension Term) (each an “Extension Term”), provided that, as preconditions
to the Tenant exercising such right, the Tenant shall: 

  

	 	(a)	 have duly and regularly performed all of the covenants, terms and conditions on its part to be performed in
this Lease; 

  

	 	(b)	 have given written notice to the Landlord of the exercise of this option at least nine
(9) months prior to the expiry of the original Term or first Extension Term as the case may be. 

  

	  	 Each Extension Term shall be on the terms and conditions set out in this Lease, save and except that:

  

	 	(i)	 there shall be no further or other right of extension or renewal after the second Extension Term;

  

	 	(ii)	 the Leased Premises shall be taken on an “as is” basis and there shall be no rent-free or
fixturing periods, and no allowances or inducements or maximums and no obligation of the Landlord to perform or complete any Landlord’s Work or other construction or renovations; 

 

	 	(iii)	 the Minimum Rent shall be in such amount as the Landlord and the Tenant may agree; and

  
 - 10 - 

 

	 	(iv)	 the Tenant shall enter into an agreement prepared by the Landlord at the Tenant’s expense to give
effect to the terms of this extension. 

  

	  	 In the event that the Landlord and the Tenant are unable to agree upon the Minimum Rent to be paid by the
Tenant during any Extension Term by a date which is ninety (90) days prior to the expiry of the original Term hereof or first Extension Term as the case may be, then the Minimum Rent shall be determined in accordance with the provisions
hereinafter provided. 

  

	  	 Provided the Tenant has given to the Landlord proper written notice of the Tenant’s intention to extend
this Lease as required above and provided the Landlord and Tenant do not agree in writing on the Minimum Rent for the relevant Extension Term on or before the date ninety (90) days prior to the date of completion of the original Term or the
first Extension Term as the case may be, then the Minimum Rent for such Extension Term shall be determined in accordance with the following additional terms and conditions: 

 

	 	(a)	 The Minimum Rent shall be determined by a single arbitrator. The Tenant shall by written notice to the
Landlord given not more than ninety (90) days and not less than sixty (60) days prior to the date of completion of the original Term, or the first Extension Term, as the case may be, of the Lease, propose the name of the person that it wishes
to be the single arbitrator. Within five (5) business days thereafter, the Landlord shall give notice to the Tenant advising whether the Landlord accepts the arbitrator proposed by the Tenant. If such notice is not given within such five
(5) business day period, the Landlord shall be deemed to have accepted the arbitrator proposed by the Tenant. If the parties cannot agree on a single arbitrator, then, upon the application of either party, a justice of the superior court of the
province in which the Leased Premises are situate shall forthwith appoint an arbitrator whose sole determination shall be final. The arbitrator shall be a disinterested person of recognized competence in the real estate business in the city in which
the Leased Premises are situated. The arbitrator shall determine the Minimum Rent for relevant Extension Term as soon as possible and prior to the date of completion of the original Term, or the first Extension Term, as the case may be.

  

	 	(b)	 The Minimum Rent for the Extension Term shall be the then current fair market rates at the time of
arbitration for uses the same as or similar to the Tenant’s use in similar locations and in premises similar to the Leased Premises taking into account the value of any leasehold improvements, but in no event shall the arbitrator’s
decision for any year of the Extension Term be for less than the Minimum Rent payable in the last year of the original Term, or the first Extension Term, as the case may be. 

 

	 	(c)	 The decision of the single arbitrator shall be final and binding upon the Landlord and the Tenant only with
respect to Minimum Rent. 

  
 - 11 - 

 

	 	(d)	 All documents and proceedings with respect to the arbitration are to be kept confidential.

  

	 	(e)	 The expense of the arbitration shall be borne equally between the parties hereto and the Tenant’s share
of such expense shall be due and payable immediately upon receipt and may be applied as Additional Rent or deducted from any deposit, letter of credit or other security as the Landlord so requires. 

 

	 	(f)	 If the Tenant fails to name its arbitrator and so notify the Landlord as required hereinbefore, the
Landlord’s named arbitrator shall be the sole arbitrator and may proceed with the arbitration immediately. 

  

	 	(g)	 The arbitration shall be conducted in accordance with the provisions of the relevant arbitration legislation
in the province in which the Leased Premises are situate and any amendments thereto, or of any successor statute thereof in force at the time of the arbitration. 

 

	3.3	 Acceptance of Leased Premises 

 

	  	 Except as otherwise provided elsewhere in this Lease requiring work to be done by the Landlord, the Tenant
acknowledges, agrees and confirms that it is taking the Leased Premises on an “as is” basis as of the Commencement Date and that the Landlord is not required to perform any work whatsoever in respect thereof. 

 

	3.4	 Tenant’s Work – Intentionally Deleted 

ARTICLE IV 
 RENT

  

	4.1	 Covenant to Pay 

 

	  	 The Tenant will pay Minimum Rent and Additional Rent as provided in this Lease, together with applicable
GST, without notice or demand (unless otherwise specifically provided for in this Lease) and without abatement, deduction or set-off whatsoever, including without limitation, by reason of the commercial
landlord and tenant legislation of the Province of Alberta (if any), the benefit of which is expressly waived by the Tenant. Unless expressly provided to the contrary, all Additional Rent shall be payable on demand or, at the Landlord’s option,
monthly based on estimates provided by it to the Tenant from time to time. 

  

	4.2	 Minimum Rent 

 

	 	(a)	 The Tenant will pay, beginning on the Commencement Date, to the Landlord at the office of the Landlord or
any other place designated by the Landlord, in Canadian money, without any previous demand, and without any deduction, abatement (except as indicated in Section 3.3), or set-off, as Minimum Rent, the
following: 

  
 - 12 - 

 

	 	(i)	 for the period from the Commencement Date to and including September 30, 2017, the annual sum of
[***] ($[***]) payable in equal consecutive monthly instalments of [***] ($[***]) being [***] ($[***]) per square foot of the Rentable Area of the Building; and 

 

	 	(ii)	 for the period from October 1, 2017 to and including September 30, 2022, the annual sum of
[***] ($[***]) payable in equal consecutive monthly instalments of [***] ($[***]) being [***] ($[***]) per square foot of the Rentable Area of the Building; 

 

	 	  	 on the first day of each and every month of the Term, together with Additional Rent as hereinafter provided.
The first of such payments is to be made on the Commencement Date. 

  

	 	(b)	 Intentionally Deleted. 

 

	 	(c)	 The Tenant will deliver to the Landlord at the beginning of each Rental Year a series of monthly post-dated
cheques for the Rental Year for the aggregate of the monthly payments of Minimum Rent, GST and any payments of Additional Rent estimated by the Landlord in advance as well as any payments required by this Lease to be paid monthly in advance. In the
alternative at the Landlord’s option, the Tenant shall participate in a pre-authorized payment plan whereby the Landlord will be authorized to debit the Tenant’s bank account each month or from time
to time during each Rental Year in an amount equal to the Minimum Rent, Additional Rent and GST payable on a monthly basis, and, if applicable, generally any amount payable provisionally pursuant to the provisions of this Lease on an estimated
basis. The Tenant shall sign a form of application on Landlord’s prescribed form to give full force and effect to the foregoing within five (5) days of presentation. Provided that so long as the Tenant is DIRTT Environmental Solutions Ltd.
it shall be entitled to pay Rent using pre-authorized payment plan. 

  

	 	(d)	 Intentionally Deleted. 

 

	 	(e)	 When any Rent, or any interest accrued thereon, or any other amount payable by the Tenant under this Lease,
is in arrears, it will bear interest at Prime plus five percent (5%) calculated and payable monthly from the due date thereof to and including the date of payment. The Landlord will have all remedies for its collection as it has for recovering
Minimum Rent in arrears. If any cheque of the 

  
 - 13 - 

 

	 	 Tenant is refused payment by the Tenant’s bank for any reason, Tenant shall immediately replace such
cheque with a certified cheque or bank draft and, in addition shall pay as Additional Rent, the sum of One Hundred Dollars ($100.00) (plus GST) as a service charge to Landlord. 

ARTICLE V 
 TAXES

  

	5.1	 Taxes Payable by the Tenant 

 

	 	(a)	 The Tenant will as Additional Rent, in each Rental Year included in the Term and within the times provided
for by the taxing Authorities, pay to the Landlord or the taxing Authorities as the Landlord may direct, and discharge all Taxes against the Leased Premises or any part thereof. To the extent that Taxes are received by the Landlord from the Tenant,
Landlord shall pay same to the taxing Authority. Provided that so long as the Tenant is not and has not been in default and provided that it provides to the Landlord contemporaneously with the payment of Taxes by it to the taxing Authorities with
evidence of such payment, then the Tenant shall be entitled to pay to the taxing Authorities directly all Taxes. 

  

	 	(b)	 The Tenant agrees to provide to the Landlord within ten (10) days after demand therefor by the
Landlord, a copy of any separate Tax bills, and separate notices of assessments for the Leased Premises. The Tenant will upon request, promptly deliver to the Landlord receipts for payment of all such Taxes paid to any such taxing Authorities and
will furnish such other information in connection therewith as the Landlord may require. 

  

	 	(c)	 Intentionally Deleted. 

 

	5.2	 Other Taxes of Tenant 

 

	  	 In addition to the Taxes payable by the Tenant under Section 5.1, the Tenant will pay to the proper
taxing Authorities or as Additional Rent to the Landlord, as it might direct, and will discharge from and after the Commencement Date and in each Rental Year when they become due and payable, the following (collectively called “Other
Taxes”): 

  

	 	(a)	 all Business Taxes; and 

 

	 	(b)	 all GST, sales taxes, excise taxes, place of business taxes, business transfer taxes, commercial
concentration taxes, and other taxes, whether by Law the responsibility of the Landlord or the Tenant, or both, and whether imposed by federal, provincial, municipal, school board, utility commission or other Authority and whether now or in the
future in existence (and including any other taxes, rates, duties, assessments, fees or levies which are imposed on the Landlord or the Tenant on account of or in lieu thereof, or as a substitute for or in addition thereto, or of a nature similar
thereto) and whether recurring annually, or at other intervals or on a special or single instance basis only. Provided that notwithstanding the foregoing, it is not intended that the Tenant shall be required to pay any taxes

  
 - 14 - 

 

	 	 which are personal to the Landlord such as the Landlord’s income taxes or capital taxes.

  

	  	 GST shall not be deemed to be Rent, provided however that such tax, if not paid when due, shall be
collectible in the same manner as Rent in arrears. 

  

	5.3	 Tenant’s Responsibility 

 

	  	 The Tenant will: 

 

	 	(a)	 upon request of the Landlord deliver to the Landlord for inspection, receipts for payment of all Taxes and
Other Taxes payable by the Tenant; 

  

	 	(b)	 promptly deliver to the Landlord at least ten (10) days before the last day for appeal or contestation,
notices of any Taxes or Other Taxes or other assessments received by the Tenant which relate to the Leased Premises; 

  

	 	(c)	 furnish such other information in connection with any such Taxes and any such Other Taxes as the Landlord
reasonably determines from time to time; 

  

	 	(d)	 promptly deliver to the Landlord notice of any appeal or contestation the Tenant intends to institute with
respect to any Taxes or any Other Taxes and consult with and obtain the prior written approval of the Landlord to the appeal or contestation. If the Tenant obtains that approval, the Tenant will deliver to the Landlord whatever security for the
payment of the Taxes and Other Taxes the Landlord considers advisable and the Tenant will diligently prosecute the appeal or contestation to a speedy resolution and will keep the Landlord informed of its progress from time to time. If the Tenant
fails to give notice to the Landlord as required in this subsection, then, without limiting the Landlord’s other remedies, the Tenant will be responsible during the Term, for payment to the Landlord of the difference between the Taxes and Other
Taxes which would have been payable had the appeal or contestation not been made and the Taxes and Other Taxes payable as the result of the appeal or contestation; and 

 

	 	(e)	 the Tenant will indemnify the Landlord against all Claims occasioned by or arising from all Taxes in respect
of the Leased Premises and all Other Taxes and any taxes which may in future be levied in lieu of Taxes or Other Taxes or which may be assessed against any rentals payable under this Lease in lieu of Taxes or Other Taxes, whether against the
Landlord or the Tenant including but not limited to any increase occurring in Taxes or Other Taxes arising directly or indirectly out of any appeal or contestation of the Tenant of the Taxes or Other Taxes relating to the Leased Premises or any part
of them. The Tenant will promptly deliver to the Landlord whatever security for any increase in Taxes and Other Taxes which the Landlord considers advisable. 

  
 - 15 - 

 

	5.4	 Per Diem Adjustment 

 

	  	 If any Rental Year is less than twelve (12) calendar months, the Taxes that the Tenant is required to
pay under Section 5.1 will be subject to a per diem adjustment on the basis of three hundred and sixty-five (365) days. 

ARTICLE VI 
 CONTROL OF
THE LEASED PREMISES 
  

	6.1	 Control of the Leased Premises by the Landlord 

 

	 	(a)	 The Landlord shall have, among its other rights, the right to: 

 

	 	(i)	 close all or any part of the Leased Premises to the extent which the Landlord’s counsel advises is
legally sufficient to prevent a dedication of or the accrual of any rights of any Person or the public in the Leased Premises; and 

  

	 	(ii)	 grant, modify and terminate easements and other agreements pertaining to the use and maintenance of all or
any part of the Leased Premises. 

  

	 	(b)	 Intentionally Deleted. 

 

	 	(c)	 If as the result of the exercise by the Landlord of its rights set out in this Section 6.1, the
exterior parking areas are diminished or altered, provided that such change is not material, the Landlord will not be subject to liability, nor will the Tenant be entitled to any compensation or abatement of Rent, nor is any alteration or diminution
of the exterior parking areas pursuant to the foregoing to be considered constructive or actual eviction, or a breach of quiet enjoyment. 

  

	 	(d)	 When any change or other event described in this section has been effected, the term “Leased
Premises” as used herein shall refer to the Leased Premises as altered by such change or event. 

  

	6.2	 Tenant to Bear Expense 

 

	 	(a)	 In each Rental Year, the Tenant will pay directly as Additional Rent all costs and expenses to repair,
replace, renovate, insure, maintain and operate the Leased Premises (the “Operating Costs”). Without limiting the generality of the forgoing, such costs and expenses include: 

 

	 	(i)	 landscaping, cleaning, snow and ice removal, garbage and waste collection and disposal, lighting, hydro,
policing, security, supervision and traffic control and monies (including contributions and premiums toward fringe benefits, unemployment and worker’s compensation insurance, pension plan contributions and similar premiums and contributions)
paid to Persons, employed or retained to carry out the maintenance and operation of the Leased Premises; 

  
 - 16 - 

 

	 	(ii)	 the costs of the rental of any equipment and signs, and the cost of building supplies used in the
maintenance and operation of the Leased Premises; 

  

	 	(iii)	 all repairs (including major repairs) and replacements to and maintenance and operation of the Leased
Premises and the systems, facilities and equipment serving the Leased Premises including, without limiting the generality of the foregoing, the roof, parking lot, heating, ventilating and air-conditioning and
utility systems and energy-saving and security devices, all replacements and modifications in order to comply with Laws or regulations affecting the Leased Premises, all HVAC Costs, elevators and escalators, and to the equipment and chattels used in
connection with the Leased Premises; and 

  

	 	(iv)	 all costs: (a) in repairing, operating and maintaining the Leased Premises and the systems, facilities
and equipment serving the Leased Premises and all replacements and modifications to the Leased Premises or such systems, facilities and equipment in order to comply with Laws affecting the Leased Premises; (b) incurred in providing and
installing energy conservation equipment or systems and life safety systems; (c) incurred to make alterations, replacements or additions to the Leased Premises intended to improve the operation of the Leased Premises or maintain its operations;
and (d) incurred to replace machinery or equipment which by its nature requires periodic replacement. 

It is understood and agreed that the Tenant shall provide to the Landlord on an annual basis and at any other time upon
receipt of written request evidence of the performance of and payment for the performance of all of its obligations under this Lease, including without limitation copies of maintenance, landscaping, snow and garbage removal contracts, HVAC related
contracts, roof maintenance contracts and the like. 
 With respect to all capital replacements required to be completed by
the Tenant, the determination that such are required (as opposed to completion by way of repair) shall be made based on the opinion of an Expert that repair is no longer commercially reasonable. 

In the event that at any time the Expert determines that any part of the Leased Premises is in need of maintenance, repair or
replacement, then the Landlord shall notify the Tenant and the Tenant shall forthwith complete such maintenance, repair or replacement, in default of which the Landlord may elect to do so, and the Tenant shall pay all costs and expenses of the
Landlord in connection with same, forthwith on demand as Additional Rent, together with an administration fee of 15% of such costs and expenses. 
  

	 	(b)	 In addition to the costs and expenses referred to subsection (a) hereof and without limiting the
generality of such subsection, the Tenant shall pay the following costs and expenses forthwith on demand as Additional Rent: 

  
 - 17 - 

 

	 	(i)	 the Landlord’s costs and expenses of insuring the Leased Premises, (if the Landlord’s policies are
issued on a blanket basis, then the costs of insurance shall be allocated to the Leased Premises based on the allocated value of the Leased Premises in relation to all other premises covered by the blanket insurance or on such other basis as the
Landlord determines is reasonable including the cost of any deductibles payable by it); 

  

	 	(ii)	 audit or accounting fees incurred by the Landlord in the preparation of statements delivered to the Tenant,
if any, and the cost of conducting environmental audits and consulting and other fees; 

  

	 	(iii)	 all Taxes and Other Taxes, if any, from time to time payable by the Landlord with respect to the Leased
Premises; 

  

	 	(iv)	 intentionally deleted; 

 

	 	(v)	 all costs of retaining consultants to satisfy the Landlord that the Tenant’s repair, maintenance and
replacement obligations are being performed, including without limitation, consultants to inspect the roof and as may be required in connection with any warranties affecting the Leased Premises; 

 

	 	(vi)	 all costs and expenses incurred by the Landlord in performing any of the Tenant’s obligations in this
Lease, including without limitation the costs and expenses referred to in Section 6.2(a), 7.1, 8.1, 9.8, 10.1 (e), 11.1, 11.2 and 16.5, together (without duplication) with an administrative fee equal to fifteen percent (15%) of such costs and
expenses. The parties confirm that it is not the intention that an administrative fee be paid in respect of those costs and expenses which the Tenant has properly paid directly to any Authority, utility or other payee, and that this subsection
(vi) only applies with respect to costs and expenses that the Landlord pays in circumstances in which the Tenant has failed to pay such amount directly or on a timely basis. 

 

	6.3	 Estimated Expenses- Intentionally Deleted 

 

	6.4	 Management Fee 

The Tenant shall pay to Landlord as Additional Rent on an annual basis a management fee equal to two and three-quarters
percent (2.75%) of the annual Minimum Rent, based on the Landlord’s estimates and subject to adjustment at the end of each year of the Term, payable monthly. 

  
 - 18 - 

 

 ARTICLE VII 

UTILITIES 
  

	7.1	 Charges for Utilities 

 

	 	(a)	 The Tenant will be responsible for and will promptly pay in the manner provided below, as a charge (the
“Charge”) the aggregate, without duplication, of: 

  

	 	(i)	 the total cost of supplying utilities (the “Utilities”) such as for example, water, fuel,
power and telephone used or consumed in or made available to or consumed in or made available to or consumed in or with respect to the Leased Premises; 

  

	 	(ii)	 the costs of all fittings, connections and meters and all work performed in connection with any services or
Utilities provided to the Leased Premises; 

  

	 	(iii)	 the cost of any letters of credit required by the supplier of any Utilities (and, for the sake of clarity,
the Tenant may be required to post such letters of credit directly at the option of the Landlord); 

  

	 	(iv)	 the cost of any other charges levied or assessed in lieu of, or in addition to, the Utilities; and

  

	 	(v)	 intentionally deleted. 

 

	 	(b)	 The following conditions apply to the Charge: 

 

	 	(i)	 the Tenant will enter into those contracts or other arrangements in connection with the Utilities and will
pay whatever deposits or other amounts are payable under those contracts or other arrangements; 

  

	 	(ii)	 if the Landlord is required by Authorities or the suppliers of the Utilities to supply the Utilities or any
of them for the Leased Premises, the Tenant will purchase the Utilities from the Landlord and pay for the Utilities as Additional Rent immediately on demand by the Landlord at rates which do not exceed appropriate rates for the Utilities, if
applicable; 

  

	 	(iii)	 the Tenant will pay to the Landlord, as Additional Rent, the Charge forthwith on demand.

  

	 	(iv)	 Intentionally deleted. 

 

	 	(c)	 The Landlord is not liable for, nor does it have any obligation with respect to an interruption or cessation
of or a failure in the supply of any Utilities, services or systems, in, to, or serving the Leased Premises, whether supplied by the Landlord or others. 

  
 - 19 - 

 

 ARTICLE VIII 

HVAC 
  

	8.1	 Heating, Ventilating and Air-Conditioning

  

	 	(a)	 The heating, ventilating and air-conditioning system (the
“HVAC System”) is composed of all heating, ventilating and air-conditioning equipment and facilities provided for or used by the Leased Premises and includes from time to time, but is not
limited to, any roof-top, ceiling or wall-mounted, or window heating, ventilating or air-conditioning units, the fuel and power facilities of the HVAC System, and
distribution piping, air-handling units and fan coil and ventilation units which form part of the HVAC System, and the monitoring, energy saving and control systems including the thermostat in the Leased
Premises. The HVAC System includes without limitation: 

  

	 	(i)	 the heating, ventilating and air-conditioning system;

  

	 	(ii)	 the distribution system within the Leased Premises, installed by or for the Tenant; and

  

	 	(iii)	 the ventilation ducts, make-up air facilities, or booster units
which are installed by or for the Tenant to satisfy requirements which are in excess of the standard maximum sensible cooling load established by the Landlord, or which result from the production of air which is not suitable for recirculation.

  

	 	(b)	 In each Rental Year, the total costs (the “HVAC Costs”) of operating, maintaining,
repairing and replacing the HVAC System, will be payable by the Tenant as Additional Rent (and if incurred by the Landlord forthwith on demand) including, but not limited to, costs for labour (including fringe benefits), domestic water, chemicals,
lubricants, and maintenance contracts, if any. 

  

	 	(c)	 Intentionally Deleted. 

 

	 	(d)	 The Tenant will operate and regulate the HVAC System serving the Leased Premises in order to maintain
reasonable conditions of temperature and humidity within the Leased Premises. The Tenant will comply with the stipulations of the Landlord, acting reasonably, pertaining to the operation and regulation of that equipment. 

ARTICLE IX 
 USE OF THE
LEASED PREMISES 
  

	9.1	 Use of the Leased Premises 

The Tenant will use the Building solely for the purpose of conducting the business of the manufacturing and sale of modular
wall systems and partitions, flooring and flooring systems, doors, cabinetry and the storage of such products and materials to make them 

  
 - 20 - 

 

 and will use the balance of the Leased Premises (save for landscaped areas,
driveways and sidewalks and areas for the purpose of access and egress to the Leased Premises) for parking for customers and the Tenant’s Employees and will not use or permit, the use of the Leased Premises or any part of them, for any other
purpose, without the prior written consent of the Landlord, which shall not be unreasonably withheld (provided that the Landlord may withhold consent to any change of use which will not be permitted by Law, or which will be of a more hazardous
nature or which will expose the Leased Premises or any part thereof to increased wear and tear. 
  

	9.2	 Conduct of Business 

During any period of time that the Tenant is not carrying on business on the Leased Premises, is shall comply with all of the
Landlord’s stipulations so as to secure the Leased Premises and to ensure that the same are being maintained, repaired and replaced in accordance with the Tenant’s obligations hereunder, and generally that all of the Tenant’s
obligations hereunder are continuing to be complied with. 
  

	9.3	 Prohibited Uses 

The Tenant shall not cause, suffer or permit the Leased Premises or any part thereof to be used at any time during the Term
for any business or activities not in compliance with all applicable Laws. 
  

	9.4	 Nuisance and Waste 

The Tenant will not cause, suffer, permit or commit any waste upon, or damage to the Leased Premises, or Leasehold
Improvements, fixtures or equipment therein, or any nuisance and will not perform any acts or carry on any practices which may damage the Leased Premises and will not use or permit to be used any part of the Leased Premises for any dangerous,
noxious or offensive activity or goods or any activity which will disturb or annoy the operations of adjoining properties. The Tenant will not permit any odours, vapours, steam, water, vibrations, noises or other undesirable effects to emanate from
the Leased Premises or any equipment or installation in them. The Tenant shall take every reasonable precaution to protect the Leased Premises from risk of damage by fire, water or the elements or any other cause. 

 

	9.5	 Observance of Law 

The Tenant will at its expense promptly: 
  

	 	(a)	 comply with the requirements of all Authorities, including all Laws now or subsequently in force which
pertain to the Leased Premises, the Tenant’s use of the Leased Premises, or the conduct of any business in the Leased Premises, the making of any repairs, replacements, alterations or changes to the Leased Premises and all Leasehold
Improvements, Trade Fixtures and contents therein; and 

  
 - 21 - 

 

	 	(b)	 comply with the police, fire and sanitary Laws imposed by any Authorities or made by fire insurance
underwriters; 

  

	 	(c)	 carry out all modifications or changes to the Leased Premises and the Tenant’s conduct of business in
or use of the Leased Premises which are required by any of those Authorities where such modifications or changes are the Tenant’s responsibility in accordance with the provisions of this Lease; and 

 

	 	(d)	 obtain from all Authorities having jurisdiction all necessary permits, licences or approvals as may be
necessary to permit the Tenant to occupy the Leased Premises and conduct its business thereon, as required by all applicable Laws of all Authorities having jurisdiction. 

 

	9.6	 Energy Conservation 

The Tenant will, at its cost: 
  

	 	(a)	 comply with all Laws relating to the conservation of energy affecting the Leased Premises; and

  

	 	(b)	 comply with all reasonable requests and demands of the Landlord made with a view to energy conservation.

  

	9.7	 Intentionally Deleted 

 

	9.8	 Tenant’s Environmental Covenants and Indemnity 

The Tenant covenants and agrees that: 
  

	 	(a)	 the Tenant shall not bring into or allow to be present on the Leased Premises any Hazardous Substances,
except in strict compliance by the Tenant with this Section 9.8. If the Tenant shall bring or create upon the Leased Premises, any Hazardous Substances, then such Hazardous Substances shall be and remain the sole property of the Tenant and the
Tenant shall remove same at its sole cost at the expiration of the Term or sooner if so directed by any Authority or if required to effect compliance with any Environmental Laws or if required by the Landlord; 

 

	 	(b)	 the Tenant shall comply in all respects with all Environmental Laws relating to the Leased Premises or the
use of the Leased Premises; 

  

	 	(c)	 the Leased Premises shall not be used for the purpose of a waste site other than waste from production which
shall be stored and disposed of pursuant to all Environmental Laws; 

  

	 	(d)	 no Hazardous Substance will be located or stored on the Leased Premises, except in accordance with all
Environmental Laws relating thereto, and the Tenant and all persons for whom the Tenant is in Law responsible shall comply with all Environmental Laws, including, but not limited to, matters related to air pollution,

  
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	 	 noise control, on-site or
off-site waste, Hazardous Substance handling, discharge, disposal or recovery, whether products or waste; 

  

	 	(e)	 the Tenant, and all Persons for whom the Tenant is in Law responsible shall comply in full with the
provisions and regulations of the Environmental Laws applicable to any and all “spills” which may occur on or about the Leased Premises during the course of the Term, with respect to the notification of any Authority and Claims for costs
of any clean-up, or for compensation for damage or injury suffered as a result of any such “spills”. The Tenant shall not allow any Hazardous Substances to migrate beyond the Leased Premises to any
adjacent lands. The Tenant covenants that it shall, at its own expense, remove or clean up any Hazardous Substances whether it be found on the Leased Premises or on any adjacent lands off the Leased Premises, as a result of any migration of
Hazardous Substances from the Leased Premises; 

  

	 	(f)	 all drums or containers containing Hazardous Substance waste products shall be removed from the Leased
Premises by means of delivery to a carrier licensed under the Laws of the Province of Alberta and disposed of to a waste disposal site licensed under the applicable Laws of the Province of Alberta; 

 

	 	(g)	 the processing, storage, and handling of chemicals or chemical wastes on the Leased Premises shall be
conducted in accordance with all Laws; 

  

	 	(h)	 if any Authority shall require the clean up of any Hazardous Substance: 

 

	 	(i)	 held in, released from, abandoned and placed upon the Leased Premises by the Tenant or the Tenant’s
Employees; or 

  

	 	(ii)	 released or disposed of by the Tenant or the Tenant’s Employees; 

then the Tenant shall at its own expense carry out all required work, including preparing all necessary studies, plans and
approvals and providing all bonds and other security required and shall provide full information with respect to all such work to the Landlord, provided that the Landlord, may at its option, perform any such work at the Tenant’s sole cost and
expense together with an administrative fee of fifteen percent (15%), payable on demand as Additional Rent; 
  

	 	(i)	 the Tenant shall promptly notify the Landlord in writing of any notice by any Authority alleging a possible
violation of or with respect to any matter involving any Environmental Laws relating to operations in the Leased Premises or relating to any person for whom it is in Law responsible or any notice from any other party concerning any release or
alleged release of any Hazardous Substance; 

  

	 	(j)	 the Tenant shall promptly notify the Landlord of the existence of any Hazardous Substance in or on the
Leased Premises in violation of Environmental Laws and provide to the Landlord a copy of any environmental site assessment of the Leased Premises conducted by or for the Tenant at any time during the Term within ten (10) days of the Tenant
receiving same; 

  
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	 	(k)	 the Tenant shall permit the Landlord to: 

 

	 	(i)	 enter to inspect the Leased Premises and operations conducted therein; 

 

	 	(ii)	 conduct tests and environmental assessments or appraisals; 

 

	 	(iii)	 remove samples from the Leased Premises; and 

 

	 	(iv)	 examine and make copies of any documents or records relating to the Leased Premises and interview the
Tenant’s Employees as necessary. 

  

	 	(l)	 the Landlord may at any time, acting reasonably, during or after the Term: 

 

	 	(i)	 require the Tenant to cause an environmental audit of the Leased Premises to be carried out; or

  

	 	(ii)	 enter the Leased Premises for the purpose of causing an environmental audit of the Leased Premises to be
carried out, the scope and extent of such audit to be determined by the Landlord in its sole discretion; 

and if any such audit reveals a breach by the Tenant of the Tenant’s covenants contained in this Lease or in the case of
any such audit done in the last year of the Term, the Tenant shall be responsible for the cost of such audit and shall immediately take such steps as are necessary so as to rectify the breach; 

 

	 	(m)	 any breach of any of the foregoing covenants and undertakings shall constitute a breach of this Lease by the
Tenant, entitling the Landlord to pursue its rights and remedies hereunder. In addition, the Tenant shall indemnify and save the Landlord harmless from and against any and all Claims, as a result of any such breach, which indemnity shall survive the
expiration or termination of this Lease; and 

  

	 	(n)	 in circumstances in which the Tenant is in default of any of its obligations hereunder, the Landlord may at
any time require the Tenant to post a bond in the name of the Landlord as security for the performance by the Tenant of its obligations in this Article. The amount of such bond shall be such amount as may be determined by the Landlord. If the Tenant
fails to comply with such obligations, the Landlord may, in its sole discretion, perform the necessary work to carry out such obligations and draw upon the bond to pay for the costs of such work. 

 

	9.9	 Survival of Obligations 

For greater certainty, the obligations of the Tenant under this Article shall survive the expiry, repudiation or earlier
termination of this Lease. The Landlord may undertake the performance of any necessary work in order to complete such obligations of the Tenant, and all costs incurred by the Landlord in undertaking such work, together with an

  
 - 24 - 

 

 administrative fee of fifteen percent (15%) shall be paid by the Tenant to the
Landlord within twenty (20) days following delivery to the Tenant of an invoice for such work. 
 ARTICLE X 

INSURANCE AND INDEMNITY 
  

	10.1	 Tenant’s Insurance 

 

	 	(a)	 The Tenant will, throughout the Term, and during such other times, if any, as the Tenant occupies the Leased
Premises or any portion thereof, at its sole expense, take out and maintain, in full force and effect at all times, at least the following insurance: 

  

	 	(i)	 “all-risks” insurance (including flood and
earthquake) upon all property owned by the Tenant or for which the Tenant is legally liable, or which is installed by or on behalf of the Tenant, and which is located within the Leased Premises including, but not limited to, fittings, installations,
alterations, additions, partitions, Trade Fixtures, and anything in the nature of a Leasehold Improvement (unless the Landlord has specifically insured therefor) as well as the Tenant’s stock-in-trade, furniture and personal property, in an amount of at least one hundred percent (100%) of the full replacement cost with coverage against at least the perils of fire and standard extended
coverage, including sprinkler leakages (where applicable), earthquake, flood and collapse. If there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord will be conclusive. The Landlord shall be named as
an additional named insured and the Mortgagee shall be named as a loss payee pursuant to the terms of the standard Insurance Bureau of Canada mortgage clause in such policies; 

 

	 	(ii)	 broad form boiler and machinery insurance on a blanket repair and replacement basis with limits for each
accident in an amount of at least one hundred percent (100%) of the full replacement cost of all Leasehold Improvements and of all boilers, pressure vessels, heating and air-conditioning equipment and
miscellaneous electrical apparatus owned or operated by the Tenant or by others on behalf of the Tenant in the Leased Premises or relating to or serving the Leased Premises. The Landlord shall be named as an additional named insured and the
Mortgagee shall be named as a loss payee pursuant to the terms of the standard Insurance Bureau of Canada mortgage clause in such insurance policies; 

  

	 	(iii)	 business interruption insurance in an amount which will fully reimburse the Tenant for direct or indirect
loss of earnings attributable to all perils insured against in Section 10.1 (a)(i) and Section 10.1(a) (ii) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as
the result of such perils, and which shall include provision for the payment of the Rent required 

  
 - 25 - 

 

	 	 hereunder and be in a profits form of coverage with an indemnity period of not less than twelve
(12) months; 

  

	 	(iv)	 commercial general liability insurance (IBC Form 2100 or better) on an occurrence basis including personal
injury liability, bodily injury liability, contractual liability, non-owned automobile liability, employers’ liability and owners’ and contractors’ protective insurance coverage with respect to
the Leased Premises and the Tenant’s use of same, coverage to include the activities and operations conducted by the Tenant and any other Person. Such policies shall: 

 

	 	(A)	 be written on a comprehensive basis with inclusive limits of not less than Five Million Dollars ($5,000,000)
for any one occurrence for bodily injury to any one or more Persons, or property damage, and such higher limits as the Landlord, acting reasonably, or the Mortgagee requires from time to time; 

 

	 	(B)	 contain a severability of interests clause and a cross-liability clause; and 

 

	 	(C)	 the Landlord and the Mortgagee shall be named as additional insureds in such insurance policies;

  

	 	(v)	 “all-risks” tenant’s legal liability insurance for
the actual cash value of the Leased Premises, including loss of use thereof; 

  

	 	(vi)	 standard owner’s form automobile policy providing third party liability insurance with Two Million
Dollars ($2,000,000) inclusive limits, and accident benefits insurance, covering all licensed vehicles owned or operated by or on behalf of the Tenant; 

  

	 	(vii)	 exterior glass insurance; and 

 

	 	(viii)	 any other form of insurance as the Tenant or the Landlord, acting reasonably, or the Mortgagee requires from
time to time in form, in amounts and for insurance risks against which a prudent tenant would insure. 

  

	 	(b)	 The policies mentioned in Sections 10.1 (a)(i), (ii) and (iii) will contain the Mortgagee’s
standard mortgage clause and the policies mentioned in Sections 10.1 (a) (i), (ii), (iii) and (iv) will contain a waiver of any subrogation rights which the Tenant’s insurers may have against the Landlord and the Landlord’s
Beneficiaries, whether the damage is caused by the act, omission or negligence of the Landlord or the Landlord’s Beneficiaries. All property damage and public liability insurance shall contain a severability of interest clause and cross
liability clause. All property, boiler and machinery and business interruption insurance shall contain a joint loss agreement endorsement. 

  
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	 	(c)	 All policies: 

  

	 	(i)	 will be taken out with insurers acceptable to the Landlord; 

 

	 	(ii)	 will be in a form and on terms satisfactory from time to time to the Landlord; 

 

	 	(iii)	 will be non-contributing with, and will apply only as primary and
not as excess to any other insurance available to the Landlord or the Mortgagee; 

  

	 	(iv)	 will contain a waiver in favour of the Landlord and any Mortgagee of any breach of warranty clause such that
the insurance policies in question shall not be invalidated as respects the interests of the Landlord and of the Mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies;
and 

  

	 	(v)	 will contain an undertaking by the insurers to notify the Landlord and the Mortgagee in writing by
registered mail at least thirty (30) days before any material change, cancellation or termination of them. 

  

	 	(d)	 Certificates of insurance or, if required by the Landlord or the Mortgagee, certified copies of each of the
insurance policies will be delivered to the Landlord as soon as possible after the placing of the required insurance (or within ten (10) days of the renewal thereof) but in any case before the Tenant obtains possession or use of the Leased
Premises for any purpose. No review or approval of any insurance certificate by the Landlord derogates from or diminishes the Landlord’s rights or the Tenant’s obligations in this Lease including, but not limited to, those contained in
this Article X. 

  

	 	(e)	 If the Tenant fails to take out or keep in force any insurance referred to in this Section 10.1, or
should any of that insurance not be approved by either the Landlord or the Mortgagee, and should the Tenant not commence to diligently rectify (and afterwards to proceed diligently to rectify) the situation within forty-eight (48) hours after
written notice by the Landlord to the Tenant (stating, if the Landlord or the Mortgagee does not approve of the insurance, the reasons) the Landlord may, without assuming any obligation in connection with its doing so, effect the insurance at the
Tenant’s cost and all costs and expenses of the Landlord will be immediately paid by the Tenant to the Landlord together with a fee of fifteen percent (15%) representing the Landlord’s overhead. This right is without prejudice to the other
rights and remedies of the Landlord under this Lease. 

  

	 	(f)	 In case of loss or damage, the proceeds of insurance for the Leasehold Improvements in the Leased Premises
shall be and are hereby assigned and made payable to the Landlord. If the Lease is terminated upon the happening of any damage or any destruction as provided for in Article XII or for any other reason, all such proceeds of insurance shall be
retained by the Landlord for the Landlord’s own use. 

  
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	10.2	 Acts of Tenant 

The Tenant shall not do or permit anywhere on the Leased Premises anything which might: 

 

	 	(a)	 result in any increase in the cost of any insurance policy on the Leased Premises; 

 

	 	(b)	 result in an actual or threatened cancellation of or adverse change in any insurance policy on the Leased
Premises; or 

  

	 	(c)	 be prohibited by any insurance policy on the Leased Premises. 

 

	10.3	 Increase in Insurance Premiums 

The Tenant will comply promptly with all requirements of each insurer pertaining to the Leased Premises. If the occupancy of
the Leased Premises, improvements made by the Tenant, the conduct of business in the Leased Premises, or any acts or omissions, or permitted acts or omissions, of the Tenant in the Leased Premises or any part of it cause an increase in premiums for
the insurance carried from time to time on the Leased Premises, the Tenant will pay the increase as Additional Rent. 
  

	10.4	 Cancellation of Insurance 

If any insurance policy on the Leased Premises or any part of it is cancelled or threatened by the insurer to be cancelled, or
if the coverage under it is reduced in any way by the insurer because of the use or occupation of any part of the Leased Premises by the Tenant or by any occupant of the Leased Premises, and if the Tenant fails to remedy the condition giving rise to
the cancellation, threatened cancellation or reduction of coverage within forty-eight (48) hours after notice by the Landlord, the Landlord may, either: 
  

	 	(a)	 re-enter and take possession of the Leased Premises immediately by
leaving upon the Leased Premises a notice of its intention to do so upon which the Landlord will have the same rights and remedies as are contained in Article XVI; or 

 

	 	(b)	 enter upon the Leased Premises and remedy the condition giving rise to the cancellation, threatened
cancellation or reduction of coverage, and the Tenant will immediately pay the reasonable costs and expenses to the Landlord, together with a fee of fifteen percent (15%) of such costs and expenses representing the Landlord’s overhead, which
costs and expenses may be collected by the Landlord as Additional Rent and the Landlord will not be liable for any Injury caused to any property of the Tenant or others located on the Leased Premises as the result of the entry. Such an entry by the
Landlord is not a re-entry or a breach of any covenant for quiet enjoyment. 

  

	10.5	 Loss or Damage 

The Landlord will not be liable for any Injury arising from or out of any occurrence in, upon, at, or relating to the Leased
Premises, or damage to property of the Tenant or of 

  
 - 28 - 

 

 others located on the Leased Premises, nor will it be responsible for any Injury
to any property of the Tenant or others from any cause whatsoever, unless the Injury results from the negligence of the Landlord or the Landlord’s Employees and is an Injury in respect of which the Landlord is, or by the terms of this Lease
ought, to have been insured. Without limiting the general nature of the previous sentence, the Landlord will not be liable for any Injury to Persons, or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain,
flood, snow or leaks from any part of the Leased Premises or from the pipes, appliances, plumbing works, roof, or subsurface of any floor or ceiling or from the street or any other place, or any dampness or by any other cause whatsoever. The
Landlord will not be liable for any Injury caused by other tenants or Persons in the Leased Premises or by occupants of adjacent property, or the public, or caused by construction or by any private, public or quasi public work. All of the property
of the Tenant kept or stored on the Leased Premises will be kept or stored at the risk of the Tenant only, and the Tenant will indemnify the Landlord and save it harmless from any Claims arising out of any Injury to that property including, but not
limited to, any subrogation Claims by the Tenant’s insurers. 
  

	10.6	 Indemnification of the Landlord 

Despite anything else in this Lease, the Tenant will indemnify the Landlord and save it harmless from and against any and all
loss (including loss of Rent, payable by the Tenant under this Lease) and Claims whatsoever due to, arising from or to the extent contributed to by any breach, violation or non-observance by the Tenant of any
of its obligations under this Lease and in connection with loss of life, Injury and/or damage to property arising from or out of any occurrence in, upon or at the Leased Premises, or the occupancy or use by the Tenant of the Leased Premises, or any
part thereof, or occasioned wholly or in part by any act or omission of the Tenant, its contractors, the Tenant’s Employees or by anyone permitted to be on the Leased Premises by the Tenant, unless such Claims are as a result of the negligence
of the Landlord or the Landlord’s Employees and are Claims in respect of which the Landlord is, or by the terms of this Lease ought, to have been insured. If the Landlord, without fault on its part, is made a party to any litigation commenced
by or against the Tenant, then the Tenant will protect, indemnify and hold the Landlord harmless and will pay all costs, expenses and reasonable legal fees incurred or paid by the Landlord in connection with that litigation. The Tenant will also pay
all costs, expenses and legal fees (on a substantial indemnity basis) that may be incurred or paid by the Landlord in enforcing the terms, covenants and conditions in this Lease, unless a court decides otherwise. 

 

	10.7	 Employees 

It is agreed that every indemnity, exclusion or release of liability and waiver of subrogation contained in this Lease or in
any of the Tenant’s insurance policies shall extend to and benefit each and every of the Landlord, the Landlord’s Mortgagee, any management company employed by the Landlord to manage the Leased Premises and all of their respective
servants, agents, directors, officers, employees and those for whom the Landlord is in Law responsible (collectively the “Landlord Beneficiaries”), it being understood and agreed that the Landlord is the agent or trustee of the
Landlord 

  
 - 29 - 

 

 Beneficiaries solely to the extent necessary for the Landlord Beneficiaries to
take the benefit of this Section. The Landlord shall be under no obligation whatsoever to take any steps or actions on behalf of the Landlord Beneficiaries to enable them to obtain the benefits of this section unless it chooses to do so in its sole
and absolute discretion. 
  

	10.8	 Landlord’s Insurance 

The Landlord will carry: 
  

	 	(a)	 insurance on the Building (excluding foundations and excavations) and the machinery, boilers, and equipment
contained in it and owned by the Landlord (excluding any property with respect to which the Tenant or other occupants are required to insure under Section 10.1 or similar Sections of their respective leases) against damage by fire and extended
perils coverage in those reasonable amounts and with those reasonable deductibles that would be carried by a prudent owner of a reasonably similar Building, having regard to size, age and location; 

 

	 	(b)	 public liability and property damage insurance with respect to the Landlord’s operations in the Leased
Premises, in those reasonable amounts and with those reasonable deductions that would be carried by a prudent owner of a reasonably similar Leased Premises, having regard to size, age and location, and 

 

	 	(c)	 those other forms of insurance which the Landlord or the Mortgagee consider advisable.

 Despite this Section 10.8, and regardless of any contribution by the Tenant to the costs of
insurance premiums: 
  

	 	(i)	 the Tenant is not relieved of any liability arising from or contributed to by its negligence or its wilful
acts or omissions; and 

  

	 	(ii)	 no insurable interest is conferred upon the Tenant under any policies of insurance carried by the Landlord
and the Tenant has no right to receive any proceeds of any such insurance policies. 

 ARTICLE XI 

MAINTENANCE, REPAIRS AND ALTERATIONS 
  

	11.1	 Maintenance, Repairs and Replacements by the Tenant 

The Tenant will, throughout the Term, pay all costs and expenses of every kind to or with respect to the complete maintenance,
repair, replacement, management, administration, enhancement, alteration to improvement and operation of the Leased Premises, so that the whole of the Leased Premises including, but not limited to: 

 

	 	(a)	 Building entrances, all the glass, the windows and doors as well as their frames and mouldings, it being
understood and agreed that the Landlord shall not be required to maintain, repair or replace the Leased Premises or any part thereof; 

  
 - 30 - 

 

	 	(b)	 all signs (both interior and exterior), partitions, and Trade Fixtures located in or upon the Leased
Premises; and 

  

	 	(c)	 all equipment and Leasehold Improvements in or benefiting the Leased Premises (including but not limited to,
lighting, wiring, plumbing, plumbing fixtures and equipment, and the HVAC System); 

 are maintained and
repaired by the Tenant in good order, condition and repair as would a prudent owner, and in accordance with all Laws, whether such maintenance, repairs and replacements are interior or exterior, capital or
no-capital, Structural or non-Structural, ordinary or extraordinary, foreseen or unforeseen, and so that upon the expiry or other termination of this Lease, the Leased
Premises is surrendered to the Landlord in such condition, subject only to force majeure and reasonable wear and tear that does not affect the operation or use of the Leased Premises or any of the Building’s systems or the Structural integrity
of the Building. 
 Without limiting the generality of the foregoing, the Tenant shall at its sole cost and expense, be
responsible for all landscaping and maintenance, repair and replacement of all outside areas, snow and ice clearing and removal, salting or sanding of driveways and parking areas and of sidewalks adjacent to the Leased Premises, garbage and waste
collection and disposal, cleaning, janitorial services, lighting, hydro, policing, security, supervision and traffic control and the costs of repairing, operating and maintaining the Leased Premises and equipment serving the Leased Premises and of
all replacements and modifications thereto of such equipment, including those made in order to comply with Laws affecting the Leased Premises or incurred to replace machinery or equipment which by its nature requires periodic replacement. The Tenant
shall be responsible for all costs in respect of areas, services and facilities outside the Leased Premises, such as sidewalks and boulevards, offsite utilities and other service connections, and in respect of areas, services and facilities shared
by users of the Leased Premises and users of any other property. 
 With respect to all capital replacements required to be
completed by the Tenant, the determination that such are required (as opposed to completion by way of repair) shall be made based on the opinion of an Expert that repair is no longer commercially reasonable. 

In the event that at any time the Expert determines that any part of the Leased Premises is in need of maintenance, repair or
replacement, then the Landlord shall notify the Tenant and the Tenant shall forthwith complete such maintenance, repair or replacement, in default of which the Landlord may elect to do so, and the Tenant shall pay all costs and expenses of the
Landlord in connection with same, forthwith on demand as Additional Rent, together with an administration fee of 15% of such costs and expenses. 
  

	11.2	 Conduct of Work 

 

	 	(a)	 The Tenant will not make any repairs, alterations, installations, replacements, or improvements which affect
the Structure or any of the HVAC, electrical, mechanical, plumbing or other base building systems, or which will affect any of 

  
 - 31 - 

 

	 	 the Landlord’s obligations hereunder or any warranty, or which depart from the Building’s standard
or which involve the use of materials not standard to the Building (collectively or individually called the “Work”), without the prior written approval of the Landlord, which approval may not, subject to subsection (c) hereof,
be unreasonably withheld, and otherwise in accordance with the provisions of Schedule “D”. Upon such request for approval being made, the Tenant shall provide to the Landlord, for its approval and to its reasonable satisfaction:

  

	 	(i)	 details of the proposed Work including drawings and specifications prepared by qualified designers and
conforming to good engineering practice; 

  

	 	(ii)	 intentionally deleted; and 

 

	 	(iii)	 upon such approval being obtained, shall thereafter provide evidence that the Tenant has obtained the
necessary consents, permits, licenses and inspections from all Authorities having jurisdiction. 

  

	 	(b)	 The Work will be performed: 

 

	 	(i)	 at the Tenant’s sole cost; 

 

	 	(ii)	 promptly and in a good and workmanlike manner using first class new materials; 

 

	 	(iii)	 in accordance with the drawings and specifications approved by the Landlord; 

 

	 	(iv)	 in accordance with all Laws and restrictive covenants; 

 

	 	(v)	 subject to the reasonable restrictions imposed by the Landlord and Schedule “D” hereof; and

  

	 	(vi)	 by Persons who are properly bonded. 

 

	 	(c)	 Despite anything else in this Lease, if maintenance or Work on the Leased Premises or any improvements
installed by or on behalf of the Tenant for the benefit of the Leased Premises may weaken or endanger the Structure or adversely affect the condition or operation of the Leased Premises or diminish the value thereof, or restrict the Landlord’s
coverage for municipal purposes, or increase any of the Landlord’s obligations hereunder or affect any warranty or is to be done outside of the Leased Premises, the Landlord’s consent to such maintenance or Work shall first be had or
obtained, which consent may be unreasonably withheld. 

  

	 	(d)	 The Tenant shall carry builder’s all risk insurance satisfactory to the Landlord, acting reasonably,
during the performance of the Work and the Tenant will 

  
 - 32 - 

 

	 	 provide the Landlord with a copy of such insurance policy for the Landlord’s approval prior to the
commencement of any Work and the Tenant shall not commence any Work until the Landlord has approved the said insurance and provided such evidence. 

  

	 	(e)	 Upon completion of the Work, the Tenant shall provide to the Landlord
as-built drawings for the Leased Premises and shall secure all applicable statutory declarations and certificates of inspection, approval and occupancy and provide evidence of same to the Landlord.

  

	 	(f)	 If Tenant performs such Work without compliance with all of the foregoing provisions of this
Section 11.2, the Landlord shall have the right to require the Tenant to remove such Work forthwith. 

  

	 	(g)	 The Tenant shall pay to the Landlord forthwith upon request all of the Landlord’s reasonable costs
including, without limitation, fees of the Expert, engineers and designers, incurred in dealing with the Tenant’s request for the Landlord’s consent to any Work, whether or not such consent is granted, and in inspecting and supervising any
such Work, and the Landlord shall have the right to require the Tenant to pay the Landlord a deposit on account of such costs as a pre-condition to the Landlord granting such consent. 

 

	 	(h)	 For the sake of clarity, any Work performed by the Tenant which affects the Structure, or any of the
Building’s systems, or any warranty or any of the Landlord’s other obligations under this Lease, shall be performed so as not to affect the same, and if any of same is affected, all costs and expenses incurred that would not have been
incurred but for the work performed by the Tenant, shall be considered exceptions to the Landlord’s obligations, the cost or expense in respect of which the Tenant shall be responsible and which shall be payable as Additional Rent hereunder. In
addition, the Landlord shall be entitled, at its option, and at the Tenant’s expense, at reasonable third party costs, to perform any such work and the costs and expenses thereof shall be paid by the Tenant on demand as Additional Rent.

  

	11.3	 Surrender of the Leased Premises 

On the expiry or earlier termination of the Term, the Tenant will peaceably surrender the Leased Premises to the Landlord in
the condition in which the Leased Premises are required to be maintained and repaired by the Tenant hereunder, subject only to reasonable wear and tear which does not affect the operation or use of the Leased Premises including the Building and all
of its systems (including without limitation, any modular demising wall systems that are installed in the Leased Premises (which may be replaced from time to time by the Tenant) will remain in place at the end of the Term), will deliver all the keys
for the Building to the Landlord at the place then fixed for the payment of Rent and will inform the Landlord of all combinations of locks, safes and vaults, if any, in the Leased Premises and will comply with all of its obligations as referred to
in Section 11.5 hereof. 

  
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 This obligation survives the expiration of the Term or earlier termination of
this Lease. If at the expiry or early termination of the Term, the Tenant does not remove its Trade Fixtures or any of its other property on the Leased Premises, the Landlord shall have no obligation in respect thereof and may sell or destroy the
same or have them removed or stored at the expense of the Tenant; at the option of the Landlord, such Trade Fixtures or property shall become the absolute property of the Landlord without any compensation to the Tenant. In the event that Tenant
fails to surrender the Leased Premises in the condition above referred to, then all costs and expenses of the Landlord in rectifying such default, including without limitation, lost Rent during any period of rectification, reasonable administrative
fees and interest on amounts payable, in accordance with Section 4.2 (d) shall be payable by the Tenant, without deduction, abatement, discount for betterment or reasonable wear and tear, set off or otherwise. 

 

	11.4	 Tenant not to overload floors or other facilities 

The Tenant will not install any equipment which overloads the capacity of any utility, electrical or mechanical facilities in
the Building or of which the Landlord does not approve, if Landlord’s approval is required under the terms of this Lease, and the Tenant will not bring upon the Leased Premises any machinery, equipment or thing which might, in the opinion of
the Landlord, damage the Building. 
  

	11.5	 Removal and Restoration by the Tenant 

The alterations, decorations, additions, and improvements made by the Tenant, immediately become the property of the Landlord,
but without the Landlord thereby accepting any responsibility in respect of the maintenance, repair or replacement thereof, and will not be removed from the Leased Premises except that the Tenant will, at the expiration of the Term, at its cost,
remove all the Trade Fixtures installed in the Leased Premises (other than modular demising wall systems that are installed in the Leased Premises (which may be replaced from time to time by the Tenant) will remain in place at the end of the Term),
its equipment and furniture, and those Leasehold Improvements installed in the Leased Premises which the Landlord requires to be removed and in any event, Tenant shall immediately repair any damage to the Leased Premises caused in any removal. 

 

	11.6	 Liens 

The Tenant will promptly pay its contractors, material men, suppliers and workmen and will do everything necessary to ensure
that no lien is registered against the Leased Premises or any part of it, or against the Landlord’s interest in the Leased Premises, or against the Tenant’s interest in the Leased Premises, and if such a lien is made, filed, or registered,
the Tenant will discharge it or cause it to be discharged immediately at the Tenant’s expense. If the Tenant fails to complete this obligation, the Landlord, in addition to its other remedies, may, but will not be required to, discharge the
lien by paying the amount claimed into court or directly to the lien claimant and the amount so paid together with the costs and expenses including solicitor’s fees (on a substantial 

  
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 indemnity basis) and a fee of fifteen percent (15%) of such costs and expenses
representing the Landlord’s overhead, will be payable as Additional Rent on demand. 
  

	11.7	 Signs and Advertising 

The Tenant will not paint, affix, or display any sign, picture, advertisement, notice, lettering or decoration on any part of
the exterior of the Building, without, in each case, the prior written approval of the Landlord, not to be unreasonably withheld or delayed. The cost of the sign and the installation of it will be paid by the Tenant as Additional Rent. 

 

	11.8	 Pest Extermination 

The Tenant will engage for the Leased Premises at its cost, at reasonable intervals pest extermination contractors as would a
prudent landlord. 
 ARTICLE XII 

DAMAGE AND DESTRUCTION AND EXPROPRIATION 
  

	12.1	 Destruction of the Leased Premises 

Subject to Section 12.2, if the Leased Premises are destroyed or damaged (including, but not limited to, smoke and water
damage) the Landlord will, to the extent of insurance proceeds received by it, complete all work of repair and reconstruction to base building standards and in a reasonable and diligent manner and the Rent shall not abate. In the event that the work
of repair or reconstruction is not completed within one (1) year of the date of damage or destruction, subject to force majeure, then either of the Landlord or the Tenant shall be entitled, on notice to the other, to terminate this Lease. 

 

	12.2	 Termination 

If there is damage or destruction of the Leased Premises, or any part thereof and if such damage or destruction: 

 

	 	(a)	 occurs within the last two (2) Rental Years of the Term and either the Tenant has no remaining rights
to renew or extend this Lease or, having the right to renew or extend this Lease fails to do so within fifteen (15) days after receipt of Landlord’s notice; 

 

	 	(b)	 if such damage or destruction would require greater than two hundred and forty (240) days to repair; or

  

	 	(c)	 if the cost of repairing any damage would exceed Landlord’s insurance proceeds; 

 

	 	then:	 

  

	 	(i)	 the Landlord, at its option to be exercised by written notice given to the Tenant within sixty
(60) days of the later of the date of such damage or destruction and 

  
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	 	 the date upon which the Landlord is notified by the Tenant of such damage or destruction, or in the case of
subsection (b) and (c) hereof, within sixty (60) days of the date on which the Expert provides to the Landlord its certificate of the time required to repair or the cost required to repair, as the case may be; or 

 

	 	(ii)	 the Tenant, in the circumstances in which both (a) and (b) hereof apply, at its option to be exercised
by written notice given to the Landlord within sixty (60) days of the date on which the Expert provides to the Landlord its certificate of the time required to complete such repair (which certificate the Landlord shall provide to the Tenant
forthwith upon receipt); 

 may terminate this Lease whereupon the Tenant shall immediately surrender
possession of the Leased Premises and Rent and all other payments for which the Tenant is liable hereunder shall be apportioned to the effective date of such termination. If this Lease is not terminated as aforesaid the Landlord shall repair as
provided in Section 12.1 hereof and there shall be no abatement of Rent. 
 If the Landlord does not elect to terminate
this Lease in accordance with Section 12.2, the Landlord will reconstruct or repair, if necessary in accordance with Section 12.1 hereof. If the Landlord reconstructs or rebuilds the Building or any part of it, the Landlord may use plans
and specifications and working drawings other than those used in the original construction of the Building or any part of it. 
  

	12.3	 Expropriation 

The Landlord and the Tenant will co-operate with each other in respect of any
expropriation of any part of the Leased Premises so that each receives the maximum award for which they are respectively entitled. 
  

	12.4	 Expert’s Certificate 

The certificate of the Expert binds the parties as to each of the matters for determination under this Article. 

ARTICLE XIII 

ASSIGNMENT, SUBLETTING, PARTING WITH 

POSSESSION AND CORPORATE CONTROL 
  

	13.1	 Consent Required 

 

	 	(a)	 The Tenant will not effect a Transfer without the prior written consent of the Landlord in each instance,
which consent, subject to Section 13.1(b), will not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, the Landlord shall be entitled to arbitrarily or unreasonably withhold its consent to any Transfer in respect
of which the Landlord exercises its right to terminate this Lease pursuant to Section 13.2. The consent by the Landlord to any Transfer, will not constitute a waiver of the necessity for the Landlord’s consent to any subsequent or other
Transfer. This restriction on Transfers applies also to any 

  
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 Transfer by inheritance or operation of Law and no Transfer will be considered
to take place by reason of the failure by the Landlord to give notice to the Tenant within thirty (30) days as required by Section 13.2. 
  

	 	(b)	 Despite any Law to the contrary, the Landlord will not be considered to be unreasonably withholding its
consent, and may, whether or not it would otherwise be considered unreasonable, refuse to give its consent if its reason or reasons for doing so is or are based upon all or any of the following factors: 

 

	 	(i)	 any factor which a court of Law would consider to be reasonable; 

 

	 	(ii)	 whether the Transferee has a good credit rating, is of substantial means, is capable of financing its
acquisition of the Tenant’s business and the Lease on terms and conditions at least as favourable as those originally obtained by the Tenant and whether the Transferee has a history of successful business operations in the business conducted on
the Leased Premises; 

  

	 	(iii)	 whether the Transferee or any partnership of which the Transferee was a member at the time or a corporation
of which the Tenant at the time was a shareholder, has become bankrupt or insolvent or has defaulted (other than by a minor technical default) under the terms of any lease for commercial, industrial or office premises whether leased from the
Landlord or other parties; and 

  

	 	(iv)	 whether any Mortgagee, whose consent is required, regardless of its reason for doing so, refuses to consent
to the Transfer. 

 All requests to the Landlord for any consent to any Transfer shall be made to the
Landlord in writing together with a copy of the agreement pursuant to which the Transfer will be made, accompanied by such information in writing as a landlord might reasonably require respecting a proposed Transferee including, without limitation,
name, business and home addresses and telephone numbers, business experience, credit information and rating, financial position and banking and personal references, description of business to be proposed to be conducted by the Transferee on the
Leased Premises and parking requirements for such business. The Tenant shall promptly pay all costs incurred by the Landlord in considering and processing the request for consent including legal costs and all costs of completing any documentation to
implement any Transfer which shall be prepared by the Landlord or its solicitor if required by the Landlord. 
  

	 	(c)	 Intentionally deleted. 

 

	 	(d)	 If there is a permitted Transfer of this Lease, the Landlord may collect Rent from the Transferee and apply
the net amount collected to the Rent required to be paid under this Lease, but no acceptance by the Landlord of any payments by a Transferee will be construed as a waiver of any right of the Landlord, or the acceptance of the Transferee as tenant or
a release of the Tenant from the performance of its obligations under this Lease. Any document effecting the 

  
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 Transfer of this Lease and every document consenting to the Transfer will be
prepared by the Landlord or its solicitors and the reasonable legal costs and other expenses in connection with the document will be paid to the Landlord by the Tenant as Additional Rent upon demand. Any consent by the Landlord will be subject to
the following conditions: 
  

	 	(i)	 the Transferee will promptly execute an agreement agreeing with the Landlord: 

 

	 	(A)	 to be bound by all the Tenant’s obligations under this Lease as if the Transferee had originally
executed this Lease as tenant; 

  

	 	(B)	 intentionally deleted; 

 

	 	(C)	 if the Transferee is a subtenant, agreeing that, at the Landlord’s option, all of the Transferee’s
right, title and interest in and to the Leased Premises absolutely terminates upon the surrender, release, disclaimer or merger of this Lease, notwithstanding the provisions of the commercial landlord and tenant legislation of the Province of
Alberta (if any); and 

  

	 	(ii)	 the Tenant will remain jointly and severally liable with the Transferee on this Lease and will not be
released from any obligations under this Lease as amended from time to time. If this Lease is renewed or extended by any Transferee pursuant to any option of the Tenant, each Transferor shall be liable for all of the obligations of the Tenant
throughout the Term as renewed or extended; 

  

	 	(iii)	 the Landlord may also require the Transferee to waive any rights, pursuant to any Law or other right to pay
any Rent less than any amount payable hereunder; 

  

	 	(iv)	 the Landlord may also require, if the Transfer is a sublease or other transaction, that upon notice from the
Landlord to the Transferee all amounts payable by the Transferee each month shall be paid directly to the Landlord who shall apply the same on account of the Tenant’s obligations under this Lease; 

 

	 	(v)	 if the Transferee agrees to pay to the Tenant a Rent or other amount, in respect of its use of the Leased
Premises or any part of it in excess of the Rent payable by the Tenant to the Landlord, the Rent under this Lease will be increased so that it equals the Rent or amount payable by the Transferee to the Tenant; 

 

	 	(vi)	 if the Transferee agrees to pay to the Tenant or party other than the Landlord in respect of a Transfer of
all or any part of this Lease, any amount, or any benefit, then it will pay to the Landlord as Additional Rent, on demand, an amount equal to the value of the amount or benefit. 

  
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	 	(e)	 No consent of the Landlord to a Transfer shall be effective unless given in writing and executed by the
Landlord and no such consent shall be presumed by any act or omission of the Landlord or by the Landlord failing to respond to any request for consent or by the Landlord accepting any payment of any amount payable hereunder from any party other than
the Tenant. No Transfer and no consent by the Landlord to any Transfer shall constitute a waiver of the necessity to obtain the Landlord’s consent to any subsequent or other Transfer. 

 

	 	(f)	 Every Transferee shall be obliged to comply with all of the obligations of the Tenant under this Lease and
any default of any Transferee shall also constitute a default of the Tenant hereunder. If this Lease is ever disclaimed, repudiated or terminated by or on behalf of a Transferee pursuant to any bankruptcy, insolvency,
winding-up or other creditors’ proceeding, including, without limitation, any proceeding under the Bankruptcy and Insolvency Act (Canada) or the Companies’ Creditors Arrangement Act
(Canada) or if this Lease is ever terminated by the Landlord as a result of any act or default of any Transferee, the Tenant shall nevertheless remain responsible for the fulfilment of all obligations of the Tenant hereunder for what would have been
the balance of the Term but for such disclaimer, repudiation or termination, and shall upon the Landlord’s request enter into a new lease of the Leased Premises for such balance of the Term and otherwise on the same terms and conditions as in
this Lease. 

  

	13.2	 Landlord’s Option 

If the Tenant intends to effect a Transfer, it will notify the Landlord and will provide with the notice full information
concerning the Transferee, including but not limited to, complete credit, financial, and business information. Within thirty (30) days after the date the Tenant gives to the Landlord the information mentioned above, the Landlord will notify the
Tenant in writing that: 
  

	 	(a)	 it consents to the Transfer; or 

 

	 	(b)	 that it does not consent to the Transfer; or 

 

	 	(c)	 that it elects to terminate this Lease. 

If the Landlord elects to terminate this Lease, the Tenant will, within fifteen (15) days after receipt of the
Landlord’s notice of its election to terminate, notify the Landlord whether it will: 
  

	 	(i)	 refrain from the Transfer; or 

 

	 	(ii)	 accept the termination of this Lease. 

If the Tenant fails to deliver its notice within the fifteen (15) day period, this Lease will be terminated upon the
expiration of that fifteen (15) day period. If the Tenant advises the Landlord that it intends to refrain from the Transfer, then the Landlord’s election to terminate this Lease will have no effect. 

  
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	13.3	 No Advertising of the Leased Premises 

The Tenant will not advertise the whole or any part of the Leased Premises or this Lease for the purpose of a Transfer and
will not permit any broker or other Person to do so on its behalf, unless the complete text and format of the advertisement is first approved in writing by the Landlord. 
  

	13.4	 Corporate Ownership 

 

	 	(a)	 If the Tenant is a corporation, any transfer or issue by sale, assignment, bequest, inheritance, operation
of law or other disposition, or by subscription from time to time of all or any part of the corporate shares of the Tenant, or of any parent or subsidiary corporation of the Tenant, or any corporation which is an associate or affiliate of the Tenant
(within the meaning of the Canada Business Corporations Act) which results in any change in the present effective voting control of the Tenant by the Person holding that voting control at the date of execution of this Lease (or at the date of
a Transfer to a corporation) will be considered for all purposes to be a Transfer to which Section 13.1 and Section 13.2 of this Lease apply. The Tenant will make available to the Landlord, all corporate books and records of the Tenant for
inspection at all reasonable times. 

  

	 	(b)	 Section 13.4 (a) does not apply to the Tenant as long as: 

 

	 	(i)	 the Tenant is a public corporation whose shares are traded and listed on any recognized stock exchange in
Canada or the United States; or 

  

	 	(ii)	 the Tenant is a private corporation and is controlled by a public corporation described above in subsection
(a). 

  

	13.5	 Assignment or Transfer by the Landlord 

If the Landlord sells, leases or otherwise disposes of the Leased Premises or any part of it, or if it assigns this Lease or
any interest of the Landlord in it, then, to the extent that the purchaser, transferee or assignee assumes the obligations of the Landlord under this Lease, the Landlord will, without further agreement, be released from all liability with respect to
the Landlord’s obligations under this Lease. Landlord agrees that it shall not sell the Leased Premises to a direct competitor of DIRTT Environmental Solutions Ltd. (as per the use described in section 9.1) so long as DIRTT Environmental
Solutions Ltd is carrying on business in the whole of the Leased Premises and is not in default hereunder. 
  

	13.6	 Permitted Transfers 

Notwithstanding Section 13.1 hereof, so long as the Tenant is DIRTT Environmental Solutions Ltd. and is itself in
occupation of the whole of the Leased Premises and has duly and regularly performed all of its covenants and obligations to be performed under this Lease, the Tenant shall have the right, without the consent of the Landlord but upon prior written
notice to the Landlord, and in accordance with the remaining provisions of Article XIII (excluding the requirement for consent and the Landlord’s right to terminate 

  
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 the Lease as provided for in section 13.2): (i) to assign this Lease, or sublet
the whole or part of the Leased Premises to its holding body corporate, subsidiary body corporate or affiliate (within the meaning of the Canada Business Corporations Act), partnerships and joint ventures which are controlled by the Tenant,
but only so long as such holding body corporate, subsidiary body corporate or affiliate remains its holding body corporate, subsidiary body corporate or affiliate, partnership or joint venture controlled by the Tenant (as the case may be); and
(ii) to complete an IPO (in either case a “Related Entity”). 
 The following additional provisions must also
be satisfied: 
  

	 	(i)	 such Related Entity, at the option of the Landlord, shall enter into an agreement with both the Landlord and
the Tenant agreeing to be bound by the Tenant’s obligations hereunder; and 

  

	 	(ii)	 such Related Entity shall carry on the same business as is permitted to be carried on by the Tenant pursuant
to this Lease; and 

  

	 	(iii)	 notwithstanding any such Transfer, the Tenant shall remain liable for performance of and compliance with all
of the terms, conditions and provisions of this Lease. 

 ARTICLE XIV 

ACCESS AND ALTERATIONS 
  

	14.1	 Right of Entry 

 

	 	(a)	 The Landlord and its agents may, on reasonable prior written notice (which shall not be required in the case
of an emergency), enter the Leased Premises at all reasonable times to examine them, to assure that the Tenant is complying with its obligations under this Lease, and to make repairs, alterations, changes, adjustments, improvements or additions to
the Leased Premises or any part of them or any adjacent property, and for that purpose, the Landlord may take material into the Leased Premises without it constituting a re-entry or a breach of covenant for
quiet enjoyment. The Rent will not abate or be reduced while the work is being done and the Landlord will not be liable for any Injury caused to any Person or to the property of the Tenant, or of others located on the Leased Premises, as the result
of the entry. 

  

	 	(b)	 The Landlord and its agents have the right, on reasonable prior written notice, to enter the Leased Premises
at all times to show them to prospective purchasers, tenants or mortgagees and during the twelve (12) months prior to the expiry of the Term, the Landlord may place upon the Leased Premises the usual “For Rent” or “For Sale”
notices. 

  

	 	(c)	 If the Tenant is not personally present to permit an entry into the Leased Premises at any time when for any
reason an entry is necessary or permitted, the Landlord or its agents may forcibly enter them without liability and without affecting this Lease. Any entry by the Landlord on the Leased Premises in accordance with this Section is not a re-entry or a breach of covenant for quiet enjoyment. 

  
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 ARTICLE XV 

STATUS STATEMENT, ATTORNMENT AND SUBORDINATION 
  

	15.1	 Status Statement 

Within ten (10) days after a written request by the Landlord, the Tenant will deliver, in a form supplied by the
Landlord, a status statement or certificate to any proposed mortgagee or purchaser of the Leased Premises, or to the Landlord, stating the following: 
  

	 	(a)	 that this Lease is unmodified and in full force and effect (or if there have been modifications, that this
Lease is in full force and effect as modified and identifying the modification agreements) or if the Lease is not in full force and effect, the certificate shall so state; 

 

	 	(b)	 the Commencement Date; 

 

	 	(c)	 the date to which Rent has been paid under this Lease; 

 

	 	(d)	 whether or not there is any existing default by the Tenant in the payment of any Rent or other sum of money
under this Lease, and whether or not there are any existing or alleged default by either party under this Lease with respect to which a notice of default has been served and if there is any such default, specifying the nature and extent of it;

  

	 	(e)	 whether there are any set-offs, defences or counter claims against
enforcement of the obligations to be performed by the Landlord or the Tenant under this Lease; 

  

	 	(f)	 with reasonable particularity, details respecting the Tenant’s financial standing and corporate
organization; and 

  

	 	(g)	 such other matters relating to the Lease as the requesting party may reasonably require.

  

	15.2	 Subordination and Attornment 

 

	 	(a)	 The Tenant’s rights under this Lease are subordinate to any instruments of financing, refinancing, or
collateral financing and renewals, extensions, modifications and replacements of them from time to time in existence against the Leased Premises. Upon request, the Tenant will subordinate this Lease and all of its rights under it, in the form the
Landlord requires, to the mortgages, trust deeds and the charge or lien resulting from them, and any instrument of financing, refinancing or collateral financing and to all advances made or to be made upon the security of them, and if requested, the
Tenant will attorn to the holder or holders of them. 

  

	 	(b)	 The Tenant will, if possession is taken under, or any proceedings are brought for the foreclosure of, or the
power of sale is exercised under any mortgage, charge, lease or sale and leaseback transaction, deed of trust, or the lien resulting from 

  
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	 	  	 any other method of financing, refinancing, or collateral financing made by the Landlord or otherwise in
existence against the Leased Premises, attorn to and become a tenant of the mortgagee, chargee, lessee, trustee or other encumbrancer or the purchaser upon any such foreclosure or sale on the same terms and conditions set out herein and recognize
the mortgagee, chargee, lessee, trustee or other encumbrancer or the purchaser as the Landlord under this Lease. 

  

	 	(c)	 The Landlord will provide to the Tenant its mortgagee’s standard
non-disturbance agreement in any circumstance in which the Tenant is requested to subordinate its rights under this Lease. 

 

	15.3	 Attorney 

The Tenant will, upon request of the Landlord or the Mortgagee or any Person having an interest in the Leased Premises,
execute and deliver promptly those instruments and certificates needed to carry out the intent of Sections 15.1 and 15.2 and which are requested by the Landlord. If ten (10) days after the date of request by the Landlord, the Tenant has not
executed and delivered them, the Tenant hereby irrevocably appoints the Landlord as the Tenant’s attorney with full power and authority to execute and deliver in the name of the Tenant the instruments and certificates or the Landlord may
terminate this Lease without incurring any liability. 
  

	15.4	 Financial Information 

The Tenant will, upon request, provide the Landlord with such information as to the Tenant’s financial standing and
corporate organization as the Landlord or the Mortgagee requires. Failure of the Tenant to comply with the Landlord’s request will be a default under this Lease. 

Without limiting the generality of the foregoing, the Landlord is to be provided with full financial statements pertaining to
the Tenant immediately upon request and in any event within one hundred and twenty (120) days of the end of each fiscal year of the Tenant. The Tenant acknowledges that such financial statements are being provided to the Landlord so that it may
determine whether or not the Tenant is insolvent within the meaning of the Bankruptcy and Insolvency Act. 
 The
Tenant agrees to provide to the Landlord prompt notice of any impending financial difficulties of it which could lead to a secured creditor’s exercising, or providing notice of an intention to exercise, its remedies, including a notice under
Section 244 of the Bankruptcy and Insolvency Act. 
 ARTICLE XVI 

DEFAULT 
  

	16.1	 Rights of the Landlord 

Upon the occurrence of any Event of Default the following provisions apply: 

  
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	 	(a)	 The Landlord will be entitled to re-enter the Leased Premises and
remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service
of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned. 

  

	 	(b)	 The Landlord may without notice re-enter and take possession of the
Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated. 

 

	 	(c)	 If the Landlord elects to re-enter the Leased Premises as provided
in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make
those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions
which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the
Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the
residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this
Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the
Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate
this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of
recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under
this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.

  

	 	(d)	 The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the
next three (3) months’ instalments of Minimum 

  
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	 	  	 Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears. 

 

	16.2	 Expenses 

If legal action is brought for recovery of possession of the Leased Premises, for the recovery of Rent or any other amount due
under this Lease, or because of the breach of any other terms, covenants or conditions contained in this Lease on the part of the Tenant to be kept or performed, and a breach is established, the Tenant will pay to the Landlord all the expenses
incurred in connection with it, including a solicitor’s fee (on a substantial indemnity basis), Unless a court otherwise awards. 
  

	16.3	 Removal of Chattels 

If the Tenant removes its goods and chattels from the Leased Premises, the Landlord may follow them for thirty (30) days.

  

	16.4	 Waiver of Exemption from Distress 

Despite anything contained in any Law, none of the goods and chattels of the Tenant at any time during the term, on the Leased
Premises, will be exempt from levy by distress for Rent in arrears and if any claim is made for such an exemption by the Tenant, or if distress is made by the Landlord, this Section may be pleaded as an estoppel against the Tenant in any action
brought to test the right of the levying upon any of those goods which are named as exempted in any Sections of that Act or any amendments of it. The Tenant waives the rights which it has or which it might have or which it might have had under and
sections of that Act, or any amendments of it, were it not for this provision. 
  

	16.5	 Landlord’s Right to Cure the Tenant’s Default or Perform the Tenant’s Covenants

 In addition to its other rights and remedies, the Landlord, if the Tenant defaults under this Lease,
may remedy or attempt to remedy the default of the Tenant and in so doing may make any payments due or alleged to be due by the Tenant to third parties and may enter upon the Leased Premises to do any work or other things on them in which case all
the Landlord’s reasonable costs and expenses will be payable together with a fee of fifteen percent (15%) of all those costs and expenses representing the Landlord’s overhead, as Additional Rent on demand. The Landlord will not be liable
for any Claims resulting from any action or entry by the Landlord under this Section and will not be considered to have breached any covenant for quiet enjoyment. 
  

	16.6	 Remedies Generally 

Mention in this Lease of any particular remedy of the Landlord for a default or Event of Default by the Tenant does not
preclude the Landlord from any other remedy in respect of it. No remedy will be exclusive or dependent upon any other remedy but the Landlord 

  
 - 45 - 

 

 may from time to time exercise one or more of its remedies generally or in
combination, those remedies being cumulative and not alternative. 
  

	16.7	 Bankruptcy and Insolvency – Intentionally Deleted 

ARTICLE XVII 

MISCELLANEOUS 
  

	17.1	 Overholding 

Upon the expiration of this Lease by the passage of time and the Tenant remaining in possession of the Leased Premises: 

 

	 	(a)	 there shall be no implied renewal or extension of this Lease; 

 

	 	(b)	 if the Landlord consents in writing to the Tenant remaining in possession, the Tenant shall be deemed
notwithstanding any statutory provision or legal assumption to the contrary, to be occupying the Leased Premises as a monthly tenant, which monthly tenancy may be terminated by either party on thirty (30) days written notice to the other, which
thirty (30) day period need not end on the last day of a calendar month; 

  

	 	(c)	 if the Landlord does not consent in writing to the Tenant remaining in possession, the Tenant shall be
deemed, notwithstanding any statutory provision or legal assumption to the contrary, to be occupying the Leased Premises as a tenant at the will of the Landlord, which tenancy may be terminated at any time by the Landlord without the necessity of
any notice to the Tenant; and 

  

	 	(d)	 the Tenant shall occupy the Leased Premises on the same terms and conditions as are contained in this Lease
(including without limitation, the obligation to pay Additional Rent), save and except that: 

  

	 	(i)	 the Term and the nature of the tenancy shall be as set out in Section 17.1 (b) or (c), as the case may
he; 

  

	 	(ii)	 the Minimum Rent payable by the Tenant shall be paid monthly at a rate equal to twice the amount of monthly
Minimum Rent which it was responsible for paying during the last twelve (12) months of the Term; and 

  

	 	(iii)	 the Tenant shall not be entitled to take the benefit of any rights of renewal, rights of first refusal,
options to purchase, rights granting the Tenant exclusive rights to carry on certain business activities in the Building, or any other rights personal to the Tenant and which may be contained in this Lease. 

The Tenant shall be stopped and forever barred from claiming any right to occupy the Leased Premises on terms other than as
set out in this section and the Landlord may plead this section in any court proceedings. The Tenant shall indemnify and save harmless the 

  
 - 46 - 

 

 Landlord from all Claims incurred by the Landlord as a result of the Tenant
remaining in possession of all or part of the Leased Premises following the expiry of the Term. Nothing in this section shall be interpreted as permitting or giving the Tenant an option to stay in possession of the Leased Premises following the
expiry of the Term and the Tenant shall surrender the Leased Premises to the Landlord on the expiry of the Term. 
  

	17.2	 Successors 

The rights and liabilities granted to or imposed upon the respective parties to this Lease, extend to and bind the successors
and assigns of the Landlord and the heirs, executors, administrators and permitted successors and assigns of the Tenant. No rights, however, enure to the benefit of any Transferee of the Tenant unless the Transfer to the Transferee has been approved
by the Landlord in writing in accordance with Section 13.1. If there is more than one Tenant, they are all bound jointly and severally by the terms, covenants and conditions in this Lease. 

 

	17.3	 Tenant Partnership 

If the Tenant is a partnership (the “Tenant Partnership”), each Person who is presently a member of the
Tenant Partnership, and each Person who becomes a member of any successor Tenant Partnership, will be and will continue to be liable jointly and severally for the full and complete performance of, and will be and continue to be subject to the terms,
covenants and conditions of this Lease, whether or not that Person ceases to be a member of the Tenant Partnership or successor Tenant Partnership. 
  

	17.4	 Waiver 

The waiver by the Landlord of any breach of an obligation by the Tenant is not to be considered a waiver or any subsequent
breach of the obligation or any other obligation. The subsequent acceptance of Rent by the Landlord is not to be construed as a waiver of any preceding breach by the Tenant of any obligation under this Lease, regardless of the Landlord’s
knowledge of the preceding breach at the same time of acceptance of that Rent. No obligation will be considered to have been waived by the Landlord unless the waiver is in writing by the Landlord. 

 

	17.5	 Accord and Satisfaction 

No payment by the Tenant or receipt by the Landlord of a lesser amount than the monthly payment of Minimum Rent is to be
construed as other than on account of the earliest stipulated Minimum Rent, nor is any endorsement or statement on any cheque or any letter accompanying any cheque or payment as Rent to be considered an acknowledgement of full payment or an accord
and satisfaction, and the Landlord may accept payment and cash cheques without prejudice to the Landlord’s right to recover the balance of the Rent or pursue its other remedies. 

  
 - 47 - 

 

	17.6	 Notices 

Any notice, demand, request or other instrument which may be or is required to be given under this Lease will be delivered in
person or sent by telecopy and will be addressed: 
  

	 	(a)	 if to the Landlord at 150 King Street West, Suite 2420, Toronto, ON, M5H 1J9, attention: Heidi Tibben, or to
such other person or at such other address as the Landlord designates by written notice; and 

  

	 	(b)	 if to the Tenant, at the Leased Premises, or, at the Landlord’s option, to the Tenant’s head
office. 

 Any-notice, demand, request or consent will be
conclusively deemed to have been given or made on the day upon which the notice, demand, request or consent is delivered, and the time period referred to in the notice begins to run from the time of delivery. Either party may at any time give notice
in writing to the other of any change of address of the party giving the notice and upon the giving of that notice, the address specified in it will be considered to be the address of the party for the giving of notices under this Lease. 

 

	17.7	 Registration 

The Tenant will not register this Lease, notice of this Lease, or any other document related to this Lease nor any notice of
those documents against the Lands or any part of them until it has obtained from the Landlord, its approval in writing concerning the form and content of the document to be registered, such approval not to be unreasonably withheld. The Tenant will
be responsible for payment to the Landlord of its expenses including legal fees and disbursements in connection with its review and approval. The Tenant will be required to discharge any notice of Lease registered by it and in any event, any
document requested or registered by the Tenant shall contain an irrevocable power of attorney by the Tenant in favour of the Landlord, which power of attorney shall survive and may be exercised during any subsequent legal incapacity of the Tenant,
authorizing the Landlord to execute on behalf of and in the name of the Tenant such notices, agreements and documents as shall be required or desired by the Landlord to expunge or discharge from the register for title of the Lands any interest of
the Tenant therein after the expiry or earlier termination of this Lease. The said power of attorney shall survive the expiry or earlier termination of this Lease. 
  

	17.8	 Quiet Enjoyment 

If the Tenant pays the Rent and other sums provided for under this Lease, and observes and performs all of the terms,
covenants, and conditions on its part to be observed and performed, the Landlord agrees that the Tenant may peaceably and quietly hold and enjoy the Leased Premises for the Term demised under this Lease, without hindrance or interruption by the
Landlord or any other Person lawfully claiming by, through or under the Landlord subject, however, to the terms, covenants and conditions of this Lease. 

  
 - 48 - 

 

	17.9	 Landlord’s Consent – Intentionally Deleted 

 

	17.10	 Monetary Amounts 

Except as may be otherwise expressly provided herein, all monetary amounts set out in the Lease are in Canadian currency and
are exclusive of GST and any other applicable sales taxes. 
  

	17.11	 Priority 

The Tenant acknowledges and agrees that it will not mortgage or otherwise encumber the Leased Premises or the property of the
Tenant therein without the consent of the Landlord unless the Landlord enters into an agreement ceding priority to a financing institution in a form reasonably acceptable to the Landlord. In no event shall the Landlord be in less than first priority
on terms satisfactory to the Landlord, unless the Landlord enters into an agreement ceding priority to a financing institution in a form reasonably acceptable to the Landlord. 

 

	17.12	 Intentionally Deleted 

 

	17.13	 Force Majeure 

In the event that either party hereto shall be delayed or hindered in or prevented from the performance of any act required
hereunder by reason of strikes, lock-outs, labour troubles, inability to procure materials, permits or licenses or unavailability of materials, failure of power, restrictive governmental laws or regulations, riots, insurrection, war, inclement
weather, or other reason of a like nature or beyond the reasonable control of the relevant party that is not the fault of the party delayed in performing work or doing acts required under the terms of this Lease, then performance of such act shall
be excused for the period of the delay and the period for the performance of any such act shall be extended for a period equivalent to the period of such delay. Notwithstanding anything herein contained, the provisions of this Section 17.13
shall not operate to excuse the Tenant from the prompt payment of Minimum Rent, Additional Rent or any other payments required by the terms of this Lease, nor entitle the Tenant to compensation for any inconvenience, nuisance or discomfort thereby
occasioned. 
  

	17.14	 Partial Invalidity 

If any term, covenant or condition of this Lease or the application thereof to any person or circumstance shall, to any
extent, be invalid or unenforceable, the remainder of this Lease and/or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby
and each term, covenant or condition of this Lease shall be separately valid and enforceable to the fullest extent permitted by law. 

  
 - 49 - 

 

	17.15	 Limited Recourse 

The recourse of the Tenant against the Landlord shall be limited to the Landlord’s interest in the Leased Premises. The
Tenant shall have no recourse to any other assets of the Landlord. 
 Notwithstanding anything else contained herein, the
Tenant acknowledges, covenants and agrees: 
  

	 	(a)	 that the Landlord named in this Lease is or may be a nominee on behalf of a Real Estate Investment Trust
(the “Trust”); and 

  

	 	(b)	 if and to the extent there are any obligations created by this Lease which may apply to the Trust (it being
the understanding and agreement of the parties that the provisions of this paragraph are not intended to, or be deemed to create or result in any such obligations in respect of the Trust) then, in such case, any obligations created by this Lease and
any liabilities arising in any manner whatsoever out of or in connection with this Lease in respect of the Trust, shall not be personally binding upon, nor shall resort be had to, nor shall recourse or satisfaction be sought from, the private
property of any of: 

  

	 	(i)	 the unit holders of the Trust; 

 

	 	(ii)	 the annuitants under a plan of which a unit holder of the Trust acts as trustee or carrier; and

  

	 	(iii)	 the officers, trustees, employees or agents of the Trust. 

 

	17.16	 No Contra Proferentem 

This Lease has been negotiated and approved by counsel on behalf of the Landlord and the Tenant and, notwithstanding any rule
or maxim of construction to the contrary, any ambiguity or uncertainty will not be construed against either the Landlord or the Tenant by reason of the authorship of any of the provisions hereof. 

ARTICLE XVIII 
 SPECIAL
PROVISIONS 
  

	18.1	 Letter of Credit 

The Tenant shall forthwith upon execution of this Lease provide to the Landlord an irrevocable demand letter of credit in the
amount of ONE MILLION DOLLARS ($1,000,000.00), in a form and on terms acceptable to the Landlord, from one of the five major Canadian chartered banks, Comerica Bank or HSBC (the “Letter of Credit”) and pursuant to which the
Landlord shall be entitled to draw on the Letter of Credit if an Event of Default occurs. The Letter of Credit shall be in a form and content satisfactory to the Landlord and approved in advance by the Landlord, and shall state that it is
transferable by the Landlord, as security or otherwise, which transfer shall be valid and 

  
 - 50 - 

 

 effective upon notice thereof to the issuer of the Letter of Credit and the term
“Landlord” shall be deemed to include any such transferee, from time to time. The Letter of Credit shall be held by the Landlord as security and indemnification in respect of any Claims of the Landlord arising out of any Event of Default
of the Tenant, including without limitation, any failure to pay any amounts payable under this Lease or resulting from any failure by the Tenant to observe or perform any obligations contained in this Lease or any default under this Lease or
resulting from any termination, surrender, disclaimer or repudiation of this Lease whether by the Landlord as a result of the default of the Tenant or in connection with any insolvency or bankruptcy of the Tenant or otherwise prior to such date. The
Letter of Credit will decline based on the Tenant achieving specific EBITA hurdles as detailed in the attached Schedule “F”. 

Without limiting the generality of the foregoing, it is understood and agreed that the rights of the Landlord hereunder, in
respect of the Letter of Credit, shall continue in full force and effect and shall not be waived, released, discharged, impaired or affected by reason of the release or discharge of the Tenant in any receivership, bankruptcy, insolvency, winding-up or other creditors’ proceedings including, without limitation, any proceedings under the Bankruptcy and Insolvency Act (Canada) or the Companies Creditors’ Arrangement Act (Canada),
or the surrender, disclaimer, repudiation or termination of this Lease in any such proceedings and shall continue with respect to the periods prior thereto and thereafter as if the Lease had not been surrendered, disclaimed, repudiated, or
terminated. The Letter of Credit shall stipulate that the Landlord is entitled to receive the amount upon receipt by the bank of a written demand for payment, signed by an officer of the Landlord, which demand the bank shall honour without inquiry.
Such demand shall stipulate that the moneys are to be drawn as a result of an Event of Default by the Tenant under the Lease, and that notice of the Event of Default, if any is required to be given under the terms of this Lease, has been given. Upon
any such Event of Default occurring, the Landlord shall be entitled to draw upon the Letter of Credit for the full amount, regardless of the amount in default and regardless of whether or not the Event of Default is financial in nature. Thereafter,
the Landlord shall apply the amount received to the amount of Rent then in default, together with any accrued interest thereon and any other costs incurred by the Landlord as a result of such default, or to any Claims of the Landlord in respect of
any other Event of Default, and the balance may be held by the Landlord, without interest, as security for any other Claims. The Letter of Credit shall be provided in addition and without prejudice to the right of the Landlord to exercise all of its
other rights and remedies under the Lease with respect to any Event of Default of the Tenant and in no event shall it be construed as being in substitution for such rights and remedies. Without limiting the generality of the foregoing, the Tenant
shall continue to be responsible for the fulfillment of all of its obligations under the Lease, notwithstanding that the Landlord has utilized said Letter of Credit. The Landlord shall have the right to transfer to any purchaser or transferee of the
Landlord’s interest in the Leased Premises or in this Lease the Letter of Credit and Landlord shall be relieved from any further liability to the Tenant with respect to the Letter of Credit. If the Term of this Lease is extended, then the face
amount of the Letter of Credit shall be increased to reflect the increased amount of Rent payable, as appropriate. At the expiry of the Term as same may be extended, if the Tenant is not in default, and there are no amounts owing 

  
 - 51 - 

 

 to the Landlord pursuant to the terms of the Lease, the Landlord shall provide
its release of the Letter of Credit. 
  

	18.2	 Brokerage Commissions 

The Tenant shall pay a commission payable to Cushman & Wakefield (the “Broker”), pursuant to a
separate written agreement between the Tenant and the Broker. 
  

	18.3	 Confidentiality 

Both the Landlord and the Tenant shall keep confidential the financial terms of this Lease (the “Confidential
Information”), and shall not release or disseminate any of the Confidential Information to any third party, other than to its attorneys, accountants, other professional advisors and corporate officers, and then only to the extent that such
attorneys, accountants, professional advisors, or corporate officers expressly agree to be bound by the terms of the confidentiality provisions of this Lease, or where disclosure is required by regularly issued judicial process or where disclosure
by either party is required by any governmental authority having jurisdiction or the Landlord or the Tenant, as the case may be, has consented to such disclosure. This obligation of confidentiality shall survive the expiration of this Lease. 

 

	18.4	 Agreement of Purchase and Sale 

Notwithstanding anything to the contrary herein contained: 

 

	 	(a)	 it is understood and agreed that the Tenant was the owner of the Leased Premises until the day immediately
preceding the Commencement Date, on which date the Landlord acquired the Leased Premises from the Tenant pursuant to an Agreement of Purchase and Sale; 

  

	 	(b)	 the Tenant is responsible for all obligations, covenants, costs and expenses described in this Lease
regardless of whether or not such obligations, costs or expenses arose prior to or after the Commencement Date, including without limitation, all Taxes, service contracts, and all environmental obligations, costs and expenses prior to the
Commencement Date. For the sake of clarity, such obligations, costs and expenses include without limitation any remediation obligations as a result of Hazardous Substances or non-compliance with Laws with
respect to the Leased Premises. To the extent applicable, all provisions of this Lease shall be read as though the Tenant’s obligations arose on the date the Tenant acquired the Leased Premises. 

  
 - 52 - 

 

 IN WITNESS WHEREOF the parties hereto have executed this
Lease on the day and year above written. 
  

											
	 SIGNED, SEALED AND DELIVERED
	 	 	)	 	  	 	PIRET (7303-30th STREET SE) HOLDINGS INC.
	 In the presence of
	 	 
 
 
	)
 )

)
	 
  
  
	  				  	 

		 	 
 
	)
 )
	 
  
	  	 	Per	 
		 	 	)	 	  				  	(Landlord)
		 	 
 
	)
 )
	 
  
	  				  	I have the authority to bind the Corporation
		 	 	)	 	  				  	
		 	 	)	 	  	 	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
		 	 	)	 	  				  	
		 	 
 
 
	)
 )

)
	 
  
  
	  	 	Per	 	  	

		 	 	)	 	  				  	(Tenant)
		 	 
 
	)
 )
	 
  
	  				  	I have the authority to bind the Corporation
		 	 	)	 	  				  	

 SCHEDULE “A” 

LEGAL DESCRIPTION OF THE LEASED PREMISES 
  

					
	
7303 30th Street SE

 
	 	 	 	
7403 30th Street SE

 

	 	 	 
	 Plan 751LK,
Block 10, Lot 13
  
	 	 	 	 Plan 751LK, Block 10, Lot 12

 

	 	 	 
	 Excepting
thereout all mines and minerals
  
	 	 	 	 Excepting thereout all mines and minerals

 

 SCHEDULE “B” 

REFERENCE PLAN/SITE PLAN 
  

 

 SCHEDULE “C” 

INTENTIONALLY DELETED 

 SCHEDULE “D” 

WORK REQUIREMENTS RELATING TO THE TENANT 
  

	1.	 Work 

 

	 	(a)	 All Work is subject to the Landlord’s prior written approval and shall be completed at the expense of
the Tenant. 

  

	 	(b)	 All permits necessary for the installation of any Work and approval of plans must be obtained from the
applicable Authorities prior to the commencement of installations by the Tenant, at its expense. 

  

	 	(c)	 The Tenant and its contractors are responsible to remove garbage and debris from the Leased Premises daily
and place same into garbage containers provided for that purpose. Any of the Tenant’s garbage or debris removed by the Landlord’s employees will be charged to the Tenant’s account and shall be payable as Additional Rent by the Tenant
forthwith upon demand. 

  

	 	(d)	 The Tenant will pay to the Landlord forthwith upon demand all reasonable costs incurred by the Landlord with
respect to supervision and administration during the installation of any of the Work, including without limitation, supervision by mechanical, engineering and other consultants. 

 

	2.	 Procedures 

The Tenant shall, prior to entering any portion of the Leased Premises for the commencement or performance of any Work,
complete each of the following obligations to the Landlord’s satisfaction: 
  

	 	(a)	 prepare and submit to the Landlord for approval (in triplicate) working drawings and specifications for any
Work as prepared by one or more qualified design engineers, each of whom to be approved by the Landlord. The Tenant’s submission shall include full architectural, mechanical, electrical and Structural drawings and specifications.

 The Landlord shall notify the Tenant either of its approval thereof or of all the specific changes
required by it and the Tenant shall then promptly prepare and submit to the Landlord within fifteen (15) days next following, complete drawings and specifications so amended. 

For the preparation of its mechanical and electrical plans and the specifications for the plumbing, heating, ventilating, air
conditioning, sprinklers and electrical systems, the Tenant shall employ persons suitably qualified in that field acceptable to the Landlord and such plans and specifications shall be subject to the prior written approval of the Landlord, the Expert
and the Landlord’s consultants; 

  
 - 2 - 

	 	(b)	 provide the Landlord with certificates of insurance in a form satisfactory to the Landlord, duly executed by
the Tenant’s insurers evidencing that the insurance required to be placed by the Tenant pursuant to the Lease has been obtained; 

  

	 	(c)	 ensure that all work on or in respect of the Leased Premises is performed by competent workmen in a good and
workmanlike manner. All contractors shall be subject to the prior reasonable approval of the Landlord; 

  

	 	(d)	 provide evidence satisfactory to the Landlord that the Tenant has obtained at its expense all necessary
consents, permits and licenses from all appropriate governmental and regulatory Authorities. Should the Tenant fail to obtain any such required consent, permit or license, the Landlord may, but shall not be obliged to, obtain same on behalf of the
Tenant, the cost or expense incurred by the Landlord shall be payable by the Tenant as Additional Rent forthwith on demand, and the Landlord shall be entitled to exercise all of the remedies contained in Article 16 hereof; and 

 

	 	(e)	 provide evidence satisfactory to the Landlord of the Tenant’s work schedule for completion of Work.

  

	3.	 Requirements after Performance of Work 

The Tenant shall, upon completion of any Work and if requested by the Landlord: 

 

	 	(a)	 Provide the Landlord with statutory declarations of the head contractor and one of the Tenant’s
officers (the “declaration”): 

  

	 	(i)	 stating that the Work has been performed in accordance with all of the provisions of the plans and
specifications approved by the Landlord and Schedule “D” and that all deficiencies (if any) which the Landlord has brought to the Tenant’s attention have been corrected; 

 

	 	(ii)	 stating that there are no construction lien or other liens or encumbrances registered or otherwise
outstanding against the Leased Premises in respect of work, services or materials relating to the Work and that all accounts for work, services or materials have been paid in full with respect to all of the Work; 

 

	 	(iii)	 listing each contractor and subcontractor who did work or provided materials in connection with the Work;

  

	 	(iv)	 confirming the date on which the last of the Work performed and materials were supplied;

  

	 	(v)	 provide to the Landlord an itemized list certified by the Tenant showing the costs actually expended by the
Tenant for the completion of the Work; 

  
 - 3 - 

	 	(b)	 provide to the Landlord a clearance certificate issued under the Workers’ Compensation Act in
respect of each contractor and subcontractor listed on the declaration; 

  

	 	(c)	 obtain and provide to the Landlord a copy of every occupancy and other permit which may be required by any
Authority having jurisdiction, to permit the Tenant to open for business; and 

  

	 	(d)	 provide the Landlord with a certificate of a professional engineer or architect acceptable to the Landlord,
certifying that the Work has been carried out in accordance with the plans and specifications as approved by the Landlord, the Expert and the Landlord’s engineering consultants. 

 

	4.	 General 

  

	 	(a)	 The opinion in writing of the Expert shall be binding on both the Landlord and the Tenant respecting all
matters of dispute regarding the Work including the state of completion and whether or not the work is completed in a good and workmanlike manner and in accordance with the approved plans. 

 

	 	(b)	 The Landlord or public utility companies, subject to the Landlord’s approval, shall have the right
prior to and throughout the Term of the Lease to install utility lines, drainage and other pipes, conduits, wires or ductwork where necessary through the ceiling space, column space or other parts of the Leased Premises and to maintain, repair or
replace same. The Tenant shall, prior to and throughout the Term of the Lease, provide the Landlord with free and uninterrupted access for such purpose as and when required. 

 

	 	(c)	 The Landlord, or the Expert, shall at all times have access to inspect the Work whenever it is in
preparation or progress. 

 SCHEDULE “E” 

INTENTIONALLY DELETED 

 SCHEDULE “F” 

LETTER OF CREDIT TERMS SUMMARY 
  

									
	 Letter of credit amount
	 				 		 	[***]
				
	 DIRTT year end
	 	 	annual EBITDA hurdle          	 	 	cummulative EBITDA hurdle    	 	L/C renewal amount    
	 September 30, 2011
	 	 	[***]	 	 		 	n/a
	 September 30, 2012
	 	 	[***]	 	 	[***]	 	[***]
	 September 30, 2013
	 	 	[***]	 	 	[***]	 	[***]
	 September 30, 2014
	 	 	[***]	 	 	[***]	 	[***]
	 September 30, 2015
	 	 	[***]	 	 	[***]	 	[***]
	 September 30, 2016
	 	 	[***]	 	 	[***]	 	[***]
	 September 30, 2017
	 	 	[***]	 	 	[***]	 	
	
	 Notes:

The L/C balance reduction is achieved by meeting either the annual or the cummulative hurdle in any given year.

The reduction at September 30, 2012 is only half the ongoing $[***] per year, as this is roughly half a year from inception.

		 				 		 	
	 EBITDA base line 2012
	 	 	$[***]	 
	 EBITDA growth rate
	 	 	[***]	% 
	 L/C deduct subs years
	 	 	[***]EX-10.24

 Exhibit 10.24 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE SUCH TERMS ARE BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF
PUBLICLY DISCLOSED. THESE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT WITH THREE ASTERISKS [***]. 
  

			
	 

	  	

 AGREEMENT OF LEASE 

BETWEEN 
 DUNDEE INDUSTRIAL TWOFER (GP) INC.

 AND 
 DIRTT ENVIRONMENTAL SOLUTIONS
LTD. 
 FOR LEASED PREMISES LOCATED AT 

Units B, E, F-H, 7504 – 30th Street SE 

Calgary, Alberta 

 AGREEMENT OF LEASE 

BASIC TERMS 
  

					
	 1.
	 	 LANDLORD:
	  	 Dundee Industrial Twofer (GP) Inc., by its manager, Dundee Realty Management Corp., having a place of business at 734
– 7th Avenue S.W., Suite 400, Calgary, AB T2P 3P8

			
	 2.
	 	 TENANT:
	  	 Dirtt Environmental Solutions Ltd.

7303 – 30th Street SE Calgary, Alberta T2C 1N6

			
	 3.
	 	 INDEMNIFIER:
	  	 Intentionally deleted

			
	 4.
	 	 LEASED PREMISES:
	  	 Units B, E, F-H in the Building located at 7504 – 30th Street SE, Calgary, Alberta T2C 1N6
  

Leasable Area: approximately [***] square feet, subject to adjustment in accordance with the provisions of section 4.3, as shown on Schedule
“A” attached and comprised of the following:
  
 (a)
Unit B contains approximately [***] square feet of Leasable Area;
  

(b) Unit E contains approximately [***] square feet of Leasable Area; and

 
 (c) Units F-H contains
approximately [***] square feet of Leasable Area.

			
	 5.
	 	 CONDITION OF LEASED PREMISES:
	  	 The Tenant shall accept the Leased Premises “as is, where is” in their state and condition existing at the Commencement
Date.

			
	 6.
	 	 TERM:
	  	 Five (5) years beginning on April 1, 2015 (the “Commencement
Date”) and ending on March 31, 2020 unless sooner terminated in the manner set forth in the Lease.

 -END OF TEXT ON THIS PAGE- 

  
 i 

											
	 7.
	 	 BASE RENT:
	  	 The Base Rent shall be paid monthly in advance by the Tenant on the Commencement Date and thereafter on the first day of
each month and computed at the rate of:

  

											
	 	 	Lease Years	  	 	  	Annual Rate
(per square foot of
Leasable Area of the
Premises) *	  	Annual Amount
(plus GST)	  	 Monthly
Amount

(plus GST)

		 	April 1, 2015 to and Including March 31, 2017	  		  	$[***]	  	$[***]	  	$[***]
						
		 	April 1, 2017 to and Including March 31, 2019	  		  	$[***]	  	$[***]	  	$[***]
						
		 	April 1, 2019 to and Including March 31, 2020	  		  	$[***]	  	$[***]	  	$[***]

  

					
	 8.
	 	 ADDITIONAL RENT:
	  	 For the calendar year 2013, Additional Rent is estimated at $[***] per square foot of the Leasable Area of the Leased
Premises, which amount excludes electricity, gas and waste removal/recycling, wherein the Tenant shall be required to pay for such to the respective service provider(s) directly.

			
	 9.
	 	 RENT PAYMENTS:
	  	 The Tenant agrees to make payments of all Rent payable pursuant to this Lease by way of
pre-authorized debit from the Tenant’s bank account and to execute and deliver, concurrently with this Lease, such documentation, Including that attached hereto as Schedule “D”, as may be
required by the Landlord and its bank in order to effect payment of such Rent by automatic debit.

			
	 10.
	 	 PRE-PAID RENT AND DEPOSIT:
	  	 a) Pre-Paid Rent: n/a

which equals payment of Rent for the months of n/a
  

b) Deposit: $35,000.00 to be held by the Landlord, without liability for interest, as security for the performance by the Tenant of its obligations
set out in the Lease.

			
	 11.
	 	 USE:
	  	 The Premises may not be used for any purpose other than for manufacturing, warehousing and distribution of office furniture
and shall be operated continuously throughout the Term by Tenant under the operating name of “Dirtt Environmental Solutions Ltd.”. Notwithstanding the above, Tenant acknowledges the permitted use as set out herein is compatible
with the existing zoning regulations which Tenant has Investigated.

			
	 12.
	 	 INSURANCE AMOUNTS:
	  	 a) General
liability:                        $5,000,000.00

b) Tenants’ legal liability:              As set forth in
Section 4.9(e)

  
 ii 

							
		 		  	c) Environmental Liability Insurance:	 	To be determined by Landlord (if applicable)
				
	 13.
	 	 SIGN FEE:
	  	 N/A
	 	
				
	 14.
	 	 OTHER SECURITY:
	  	 N/A
	 	
				
	 15.
	 	 BROKER:
	  	 N/A
	 	
				
	 16.
	 	 PARKING:
	  	 N/A
	 	

  
 iii 

 SPECIAL PROVISIONS: 
  

	17.1	 Tenant’s Work 

Prior to commencement of any Tenant leasehold improvements, Tenant shall submit all plans, drawings, and specifications to the Landlord
for approval. 
 Tenant shall pay the cost of the design, co-ordination and construction of all
leasehold improvements (and any special requirements beyond those existing in the Leased Premises) all in accordance with the provisions of the Lease. 

Tenant shall reimburse Landlord for any fees payable by Landlord to Landlord’s architect, engineers and consultants for examination
of Tenant’s plans and specifications and for inspection of Tenant’s Work. 
 All improvements completed by the Tenant shall
comply with all applicable building codes. 
  

	17.2	 Construction Management Fee 

At Tenant’s request and on its behalf, any work in respect of the Leased Premises to be completed by Landlord, including the
construction of Tenant’s Leasehold Improvements and the fixturing of the Leased Premises, Tenant shall pay to Landlord a construction management fee, of 10% of the full contract price, to a maximum of $100,000.00 and 5% of the full contract
price, on any amount over and above $100,000.00, excluding the cost of drapery, free-standing furniture, trade fixtures and equipment not in any way affixed or connected to the Leased Premises or to any utility systems. Such fee is entirely separate
from any amounts charged by the contractor and is to compensate Landlord for Landlord’s staff time and associated costs to approve plans, to supervise to ensure compliance with approved plans, to attend at site meetings, if necessary, and to
provide security and hoisting. 
  

	17.3	 Option to Extend: So long as: 

 

	 	a)	 the Lease has been executed and delivered by Tenant in form acceptable to Landlord; 

 

	 	b)	 Tenant is not and has not been in default under the Lease; 

 

	 	c)	 the Lease has not previously been terminated; 

 

	 	d)	 no Transfer affecting Tenant, the Premises or the Lease has occurred; 

 

	 	e)	 Tenant is itself occupying the entire Premises; 

 

	 	f)	 No prior rights of existing tenants in the Building exist; and 

 

	 	g)	 Tenant gives to Landlord written notice of its intention to extend the Term of the Lease not more than twelve
(12) months nor less than nine (9) months prior to the expiry of the Term. 

 Tenant shall have the right
to extend the Term of the Lease for a further 5 years upon the same terms and conditions as contained in the Lease except as otherwise expressly provided therein and except that there shall be no further right of extension or renewal, no rent
concessions, no Landlord’s Work required, no fixturing period and no tenant allowance or any other amount payable by Landlord to Tenant, the rates for any storage space and/or parking spaces used by Tenant shall be the Landlord’s then
applicable rates and annual Basic Rent shall be equal to: 
  

	 	(i)	 the fair market annual Basic Rent for the Premises as agreed upon by the parties having regard to the finished
condition of the Premises at the time of extension and having regard to then applicable basic rental levels for 

  
 iv 

	 	 
similar premises for a similar term in the Building. The parties shall make all reasonable efforts to reach agreement as to the fair market annual Basic Rent for the extension term not less than
three months prior to the commencement of the extension term, and failing such agreement, fair market annual Basic Rent for the extension term shall be fixed by an independent real estate appraiser appointed by Landlord and approved by Tenant acting
reasonably. 

 If Landlord so elects, Tenant shall execute Landlord’s then current form of lease amending
agreement or lease, as determined by Landlord, to give effect to such extension of the Term. 
  

	17.4	 The Lease shall be amended by adding the following to “Rules and Regulation” Schedule E-1 and E6: 

  

	 	a)	 Schedule E-1: “Notwithstanding the above, subject to Landlord approval,
Tenant shall be permitted the placement of waste and garbage refuse containers on the parking areas surrounding the Building.” 

  

	 	b)	 Schedule E-6: “Landlord and Tenant acknowledge the existing transmitting
antennae and satellite dishes currently located on the roof of the Building (used for wireless communications between Tenant’s manufacturing and office facilities), should be removed and restored at the expiry of the Lease Term at Tenant’s
cost.” 

  

	17.5	 Termination of Prior Lease 

The parties acknowledge that Tenant occupied the Leased Premises prior to the Commencement Date under a lease dated October 5, 2009
(the “Prior Lease”). The parties agree that the Prior Lease shall terminate and be of no further force or effect on the date (the “Termination Date”) which is the day before the Commencement Date, except that Tenant shall remain
liable for the payment of rents and other amounts accruing due thereunder and for the performance of its covenants thereunder up to and including the Termination Date. Any breach of the Prior Lease by Tenant which has not been cured shall, after the
Termination Date, be enforceable by Landlord in accordance with all applicable provisions of the Prior Lease. Tenant hereby represents and warrants that it has the full power and authority to surrender the Prior Lease and that it has not done any
act whereby any part of its right, title and interest as tenant under the Prior Lease, in the Leased Premises demised by the Prior Lease, and the unexpired residue of the said term is, has been or may be in any way assigned, transferred, charged,
encumbered or otherwise disposed of in whole or in part. 

  
 v 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 Page
  
	 
	 ARTICLE 1
	  	 	- 1 -	 
		
	 DEFINITIONS

 
	  	   
	- 1 -  
	   

	 ARTICLE 2
	  	 	- 6 -	 
		
	 GRANT
	  	 	- 6 -	 
			
	 2.1
	  	 The Leased Premises
	  	 	- 6 -	 
	 2.2
	  	 Use of Common Elements
	  	 	- 7 -	 
	 2.3
	  	 Quiet Enjoyment
	  	 	- 7 -	 
	 2.4
  
	  	 Basic Terms
  
	  	   
	 - 7 - 
	   

	 ARTICLE 3
	  	 	- 7 -	 
		
	 CONDITION OF THE LEASED PREMISES
	  	 	- 7 -	 
			
	 3.1
	  	 Condition of the Leased Premises
	  	 	- 7 -	 
	 3.2
  
	  	 Construction Delays
  
	  	   
	 - 7 - 
	   

	 ARTICLE 4
	  	 	- 7 -	 
		
	 TENANT’S COVENANTS
	  	 	- 7 -	 
			
	 4.1
	  	 Base Rent
	  	 	- 7 -	 
		  	        a)   Realty Taxes, Capital Tax and Business Taxes
	  	 	- 8 -	 
		  	               (i)   Realty Taxes
	  	 	- 8 -	 
		  	               (ii)   Capital Tax
	  	 	- 8 -	 
		  	        b)   Operating Costs and Utilities
	  	 	- 9 -	 
		  	        c)   Management Fee
	  	 	- 9 -	 
		  	        d)   Payment of Additional Rent
	  	 	- 9 -	 
	 4.3
	  	 Area Determination
	  	 	- 10 -	 
	 4.4
	  	 Payment of Rent and Overdue Rent
	  	 	- 10 -	 
	 4.5
	  	 Pre-Paid Rent and Deposit
	  	 	- 11 -	 
	 4.6
	  	 Use
	  	 	- 11 -	 
	 4.7
	  	 Conduct of Business
	  	 	- 11 -	 
	 4.8
	  	 Observance of Law
	  	 	- 12 -	 
	 4.9
	  	 Tenant’s Insurance
	  	 	- 12 -	 
	 4.10
	  	 Release
	  	 	- 13 -	 
	 4.11
	  	 Indemnity
	  	 	- 13 -	 
	 4.12
	  	 Maintenance of the Leased Premises
	  	 	- 14 -	 
	 4.13
	  	 Alterations
	  	 	- 14 -	 
	 4.14
	  	 Indemnity
	  	 	- 15 -	 
	 4.15
	  	 Removal of Alterations and Restoration of Leased Premises
	  	 	- 15 -	 
	 4.16
  
	  	 Signs and Advertising
  
	  	   
	 - 15 - 
	   

	 ARTICLE 5
	  	 	- 16 -	 
		
	 LANDLORD’S COVENANTS
	  	 	- 16 -	 
			
	 5.1
	  	 Realty Taxes
	  	 	- 16 -	 
	 5.2
	  	 Landlord’s Insurance
	  	 	- 16 -	 
	 5.3
	  	 Maintenance and Repairs
	  	 	- 17 -	 
	 5.4
	  	 Control of the Building by the Landlord
	  	 	- 17 -	 
	 5.5
	  	 Relocation
	  	 	- 17 -	 
	 5.6
	  	 Landlord’s Right of Entry
	  	 	- 18 -	 

  
 i 

							
	 ARTICLE 6
	  	 	- 19 -	 
		
	 DAMAGE AND DESTRUCTION AND EXPROPRIATION
	  	 	- 19 -	 
			
	 6.1
	  	 Damage and Destruction
	  	 	- 19 -	 
	 6.2
  
	  	 Expropriation
  
	  	   
	 - 20 - 
	   

	 ARTICLE 7
	  	 	- 20 -	 
		
	 TRANSFERS BY TENANT AND SALE AND FINANCING BY THE LANDLORD
	  	 	- 20 -	 
			
	 7.1
	  	 Consent to Transfer
	  	 	- 20 -	 
	 7.2
	  	 Transfer Conditions
	  	 	- 21 -	 
	 7.3
	  	 Additional Terms Respecting Transfers
	  	 	- 22 -	 
	 7.4
	  	 Sale by the Landlord
	  	 	- 22 -	 
	 7.5
	  	 Subordination and Attornment
	  	 	- 22 -	 
	 7.6
  
	  	 Status Statement 
  
	  	   
	 - 23 - 
	   

	 ARTICLE 8
	  	 	- 23 -	 
		
	 DEFAULT
	  	 	- 23 -	 
			
	 8.1
	  	 Right to Re-enter
	  	 	- 23 -	 
	 8.2
	  	 Landlord May Cure the Tenant’s Default
	  	 	- 24 -	 
	 8.3
	  	 Application of Money
	  	 	- 24 -	 
	 8.4
	  	 Remedies Generally
	  	 	- 24 -	 
	 8.5
  
	  	 Distress for Rent in Arrears 

 
	  	   
	 - 24 - 
	   

	 ARTICLE 9
	  	 	- 25 -	 
		
	 ENVIRONMENTAL MATTERS
	  	 	- 25 -	 
			
	 9.1
	  	 Definitions
	  	 	- 25 -	 
	 9.2
	  	 Covenants
	  	 	- 25 -	 
	  	        a)   Compliance with Environmental Laws
	  	 	- 25 -	 
		  	        b)   Inspection 
	  	 	- 25 -	 
		  	        c)   Use of Hazardous Substances
	  	 	- 26 -	 
		  	        d)   Notice to the Landlord
	  	 	- 26 -	 
		  	        e)   Removal of Hazardous Substances
	  	 	- 26 -	 
		  	         f)   List of Hazardous Substances
	  	 	- 26 -	 
		  	        g)   Audit Report

 
	  	   
	 - 26 - 
	   

	 ARTICLE 10
	  	 	- 27 -	 
		
	 GENERAL PROVISIONS
	  	 	- 27 -	 
			
	 10.1
	  	 Net Lease
	  	 	- 27 -	 
	 10.2
	  	 Landlord and Representatives to Act Reasonably and in Good Faith
	  	 	- 27 -	 
	 10.3
	  	 Entire Agreement and General Interpretation
	  	 	- 27 -	 
	 10.5
	  	 Overholding
	  	 	- 28 -	 
	 10.6
	  	 Successors
	  	 	- 28 -	 
	 10.8
	  	 Notices
	  	 	- 29 -	 
	 10.9
	  	 Registration
	  	 	- 29 -	 
	 10.10
	  	 Secured Claims
	  	 	- 29 -	 
	 10.11
	  	 Rules and Regulations
	  	 	- 30 -	 
	 10.12
	  	 Indemnifier
	  	 	- 30 -	 
	 10.13
	  	 Force Majeure
	  	 	- 30 -	 
	 10.14
	  	 Acceptance of Lease
	  	 	- 30 -	 
	 10.15
	  	 Broker
	  	 	- 30 -	 

  
 ii 

							
	 10.16
	  	 Limited Recourse
	  	 	- 30 -	 
	 10.17
	  	 Parking
	  	 	- 30 -	 
	 10.18
	  	 Confidentiality
	  	 	- 31 -	 

 LIST OF SCHEDULES 
  

	
	 SCHEDULE “A” – PLAN OF LEASED PREMISES

	
	 SCHEDULE “B” – DESCRIPTION OF LANDS

	
	 SCHEDULE “C” – LANDLORD’S WORK

	
	 SCHEDULE “D” – PRE-AUTHORIZED DEBIT (PAD) ENROLLMENT FORM

	
	 SCHEDULE “E” – RULES AND REGULATIONS

	
	 SCHEDULE “F” – TENANT’S LIST OF HAZARDOUS SUBSTANCES

	
	 SCHEDULE “G” – TENANT’S LEASEHOLD IMPROVEMENTS

  
 iii 

 THIS LEASE is dated the
5th day of November 2013 and is made between 
 DUNDEE INDUSTRIAL
TWOFER (GP) INC. 
 (the “Landlord”) 

-and- 
 DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

(the “Tenant”) 
  

	
	 ARTICLE
1

 DEFINITIONS 
  

	1.1	 “Additional Rent”: means the aggregate of (i) the Tenant’s Proportionate Share of Realty
Taxes, Operating Costs, Capital Tax and Business Taxes (if applicable), (ii) Utilities Charges (if applicable), (iii) the Management Fee, and (iv) any other money payable by the Tenant under this Lease other than Base Rent.

  

	1.2	 “Alterations”: means any repairs, alterations, replacements, decorations, or leasehold improvements
to the Leased Premises. For greater certainty, the Tenant’s trade fixtures shall not be considered as Alterations. 

  

	1.3	 “Base Rent”: means the amount described in Paragraph #7 of the Basic Terms.

  

	1.4	 “Basic Terms”: means the terms stipulated on pages i to v of the present Lease.

  

	1.5	 “Building”: means the property municipally described in Paragraph #4 of the Basic Terms, including
the Lands, the structures, and all leasable premises located therein on them from time to time, and the Common Elements. 

  

	1.6	 “Business Taxes”: means taxes imposed upon the Tenant or upon the business, activities, use,
occupancy, improvements, equipment, facilities in any part of the Leased Premises of the Tenant or its subtenants or licensees, and any substitute taxes and other charges whether imposed against the Landlord or the Tenant (this paragraph does not
apply in Ontario). 

  

	1.7	 “Capital Tax” means the tax on capital or the Federal tax on large corporations or any other similar
tax, calculated on the basis of a fully functional and entirely rented Property. if the taxation authorities assess the Capital Tax only in connection with the Property, the Landlord will charge the Tenant the amount of Capital Tax so
assessed on the Property. However, if the taxation authorities do not assess the Capital Tax only in connection with the Property, then the Capital Tax payable by the Tenant to the Landlord is the amount calculated by multiplying at the end of each
occupancy period: the higher of (i) the fair market value of the Property (which shall include, for the purposes of this definition, any equipment used in relation to the Property) as determined by the Landlord, (ii) the municipal
valuation of the Property used for municipal tax purposes and (iii) the aggregate cost of acquisition, 

  
 - 1 - 

	 	 
development, expansion and improvements (not taking into account any depreciation) to the Landlord of the Property; and by the applicable Capital Tax rate imposed from time to time by the tax
authorities having jurisdiction. If the rate or basis of calculation of Capital Tax, as currently defined by the governments, changes then the Landlord may adjust the rate or basis of such calculation to reasonably reflect such change.

  

	1.8	 “Commencement Date”: means the date referred to in Paragraph #6 of the Basic Terms.

  

	1.9	 “Common Elements”: means the structural elements and the areas, facilities, utilities, improvements,
equipment, fixtures and installations that are: (a) in the Building, from time to time, and are not designated or intended to be leased to tenants of the Building, (b) in leasable premises that and are provided for the benefit of the
tenants of the Building and their employees, customers and other invitees, in common with others, or (c) designated from time to time as Common Elements by the Landlord, including the HVAC System and any areas, facilities, utilities,
improvements, equipment, fixtures and installations on the Lands outside the Building that serve the Building. 

  

	1.10	 “Deposit”: means the sum of money set out in Paragraph #10(b) of the Basic Terms;

  

	1.11	 “Event of Default”: means whenever: 

 

	a)	 any Rent is not paid when due and the non-payment continues for five
(5) days after written notice from the Landlord to the Tenant; 

  

	b)	 any of the Tenant’s obligations under this Lease is breached (other than a breach specified in paragraph
c), and : (i) the breach is not remedied within ten (10) days after written notice from the Landlord to the Tenant specifying particulars of the breach, or (ii) if ten (10) days is not a reasonable time to remedy
the breach, the Tenant has not commenced diligently to remedy the breach within ten (10) days after the written notice or is not proceeding diligently to remedy the breach within a reasonable time; or 

 

	c)	 any of the following events occurs: 

(i) the Tenant or a Person carrying on business in any part of the Leased Premises, or an Indemnlfier becomes bankrupt or
insolvent or avails itself of the benefit of any statute respecting insolvency or bankruptcy or makes any proposal, assignment or arrangement with its creditors; (ii) a receiver or manager is appointed for all or any part of the
property of the Tenant or of another Person carrying on business in the Leased Premises, or of an Indemnlfier or any of the Tenant’s assets are taken or seized under a writ of execution, assignment, charge or other security instrument;
(iii) steps are taken for the dissolution, winding up or other termination of the Tenant’s or the Indemnifler’s existence or for the liquidation of their respective assets; (iv) the Tenant or the
Indemnlfier makes or attempts to make a bulk sale of assets regardless of where they are situated; (v) the Tenant abandons or attempts to abandon the Leased Premises; or (vi) the Tenant effects or attempts a Transfer
that is not permitted under this Lease. 
  

	1.12	 “Force Majeure”: means a strike, labor trouble, inability to get materials or services, power
failure, restrictive governmental laws or regulations, riots, 

  
 - 2 - 

	 	 
insurrection, sabotage, rebellion, war, act of God or any other similar reason, that is not the fault of the party asserting it. Force Majeure does not include inability to obtain funds.

  

	1.13	 “GST/HST”: means the goods and services tax (“GST”), and the harmonized sales tax
(“HST”) and any other similar tax which may be implemented during the Term, imposed by any fiscal authority and that the Landlord must collect or may be called upon to collect from the Tenant relating to the Lease, or any other
amount due to the Landlord or for the benefit of the Landlord under the Lease or relating to any goods, services or supplies which the Landlord may furnish to the Tenant under the terms of the Lease or otherwise. 

 

	1.14	 “HVAC System”: means the heating, ventilating and
air-conditioning facilities, if any, serving the Leased Premises. 

  

	1.15	 “Hazardous Substance” means any substance or material whose Release, transport, use, storage, or
handling is regulated or prohibited by any Governmental Authority under any Environmental Laws, including, without limiting the generality of the foregoing, any contaminant, pollutant, deleterious substance, inflammable liquid, chemical, explosive
material or material which may impair life or health, any petroleum or other hydrocarbon and any derivative or by-product thereof, any dangerous substance or goods, asbestos, any gaseous, solid or liquid
waste, any special waste, toxic or hazardous substance or chemical, any hazardous waste, material or substance, either in fact or as defined in or pursuant to any Environmental Laws; 

 

	1.16	 “Indemnifier”: means the Person, if any, who has executed or agreed to execute an indemnity agreement
in favour of the Landlord. 

  

	1.17	 “Landlord’s Work”: means the work described in Schedule “C” of the Lease.

  

	1.18	 “Lands”: means the lands described in Schedule “B”, as they may be expanded, reduced or
altered from time to time. 

  

	1.19	 “Leasable Area”: means the area of the Leased Premises expressed in square feet measured from
(a) the exterior face of exterior walls, doors, and windows; (b) the exterior face of interior walls, doors, and windows, separating the Leased Premises from Common Elements, if any; (c) the center line of interior partition walls
separating the Leased Premises from adjoining leasable premises, all as determined by the Landlord’s consultant. Leasable Area of the Leased Premises includes interior space even if it is occupied by projections, structures or columns (which
may even be Common Elements). Second story office or mezzanine area of the Leased Premises will be added to the Leasable Area of the Leased Premises. Leasable Area will include a proportionate share designated by the Landlord of the area of
electrical/utility closets/rooms in the Building. The Leasable Area of the Building will be equal to the aggregate of the Leasable Area of all leasable premises in the Building, calculated on the foregoing basis. The Leasable Area of the Park will
be equal to the aggregate of the Leasable Area of all buildings in the Park, calculated on the foregoing basis. 

  

	1.20	 “Leased Premises”: means those premises in the Building which are described and identified in
Paragraph #4 of the Basic Terms Sheet attached to this Lease and as more specifically shown in Schedule “A” hereto. 

  
 - 3 - 

	1.21	 “Lease Year”: means a period of twelve (12) consecutive calendar months commencing on the first
day of January and ending on the last day of December. The first Lease Year will commence on the Commencement Date and last Lease Year will expire on the last day of the Term or any extension thereof. 

 

	1.22	 “Management Fee”: means an amount equal to four percent (4%) of the aggregate of (i) Base Rent
and (ii) the Tenant’s Proportionate Share of Operating Costs, Realty Taxes and Capital Tax payable by the Tenant for each Lease Year. 

  

	1.23	 “Mortgagee”: means a creditor that holds all or part of the Building or the Lands as security, but a
creditor, chargee or security holder of a tenant is not a Mortgagee. 

  

	1.24	 “Operating Costs”: means any and all costs, charges, impositions, expenses and outlays incurred by or
on behalf of the Landlord or allocated by the Landlord, acting reasonably, in connection with the ownership, operation, maintenance, repair, replacement, insuring, management or administration of (i) the Lands and Building or, at the
Landlord’s option, (ii) the Park and, by way of example only, and without limiting the generality of the foregoing, shall include all costs, charges and expenses incurred or allocated by the Landlord, acting reasonably, with respect to the
following: 

 a) security personnel and systems; b) electricity, fuel, (other than where these
utilities are separately metered and consumed by tenants), water (including sewer rental) and other utilities and taxes; c) all premiums and deductibles relating to liability, property, boiler or pressure vessel and machinery, loss of rental,
environmental and such other forms of insurance as the Landlord may from time to time maintain with respect to either (i) the Lands and Building or (ii) the Park; d) cleaning, supervising, maintaining, operating and repairing either
(i) the Lands and Building or (ii) any land or building within the Park and making replacements therein; e) roof repairs and maintenance of a non-structural nature; f) supplies
necessary for the operation of the Building; g) an amount determined by the Landlord, acting reasonably, to be included in a reserve fund established towards the replacement of any part of the Building or building systems or any part of any
building or building systems located within the Park; h) cleaning exterior curtain walls; maintaining and painting the exterior surface of garage doors and back exit doors as well as repairing and maintaining the staircases and access ladders
giving access to back exit doors and roof; i) cleaning and maintaining the grounds (including snow removal and landscaping); j) any service contracts with independent contractors for maintenance, repairs, replacement and security
operations. Without limiting the generality of the foregoing, such contracts shall include those taken out for HVAC systems and life safety systems; k) audit, accounting, legal and other professional and consulting fees and disbursements
incurred; I) water and business taxes (except as charged to tenants), licenses and fees; and m) salaries, wages and benefits, uniforms, cost of vehicles’ leases and operation and communication devices for all personnel (whether on
or off-site and whether employed by the Landlord or a management company) engaged in the operation, management, maintenance and repair and accounting services provided in respect of the Lands and Building or,
at the Landlord’s option, the Park. 
 Operating Costs will be calculated as if the Building were fully leased and occupied and
will not include, or there will be deducted from Operating Costs: (i) net proceeds of insurances received by the Landlord from its insurers, to the extent that the proceeds relate to costs previously included in Operating Costs;
(ii) tenant improvements, tenant allowances and leasing commissions; (iii) income taxes (Business Taxes and Capital Taxes are not considered as income taxes); (iv) interest 

  
 - 4 - 

	 	 
on and capital retirement of debt; (v) ground rentals; (vi) expenses relating to the correction of initial construction defects or deficiencies or initial equipment modification or
adjustments; (vii) any costs resulting from any breach of the Landlord’s covenants under this Lease; and (viii) costs of remedying any non-compliance with laws in connection with the original
construction of the Building. 

  

	1.25	 “Park”: means a group of buildings that may be located solely on the Lands or on the Lands and
additional parcels of land as determined from time to time by the Landlord acting reasonably, within which the Building Is located. 

  

	1.26	 “Person”: means any person, firm, partnership, corporation or other legal entity, Including any
combination of them. 

  

	1.27	 “Pre-Paid Rent” means the sum of money set out in Paragraph
#10(a) of the Basic Terms; 

  

	1.28	 “Property” means the Lands and Building. 

 

	1.29	 “Proportionate Share”: means: (a) with respect to a cost related to the Property a fraction
which has as its numerator the Leasable Area of the Leased Premises and as its denominator the Leasable Area of the Building, or such portion or portions of the Leasable Area of the Building to which the Landlord, acting reasonably shall allocate
such cost of which the Tenant is to pay its Proportionate Share; and (b) with respect to a cost related to the Park a fraction which has as its numerator the Leasable Area of the Leased Premises and as its denominator the Leasable Area of the
Park or such portion or portions of the Leasable Area of the Park to which the Landlord, acting reasonably shall allocate such cost of which the Tenant is to pay its Proportionate Share. 

 

	1.30	 “Public Corporation”: means a corporation whose shares are traded and listed on a recognized stock
exchange In Canada or the United States. 

  

	1.31	 “Realty Taxes”: means the total of: (a) all real property taxes or charges (including local
improvements and commercial concentration taxes) from time to time imposed in respect of all or any part of the Building, Lands or Park by any taxing authority, and any other amounts that may be imposed instead of or in addition to them, whether
against the Landlord or the Tenant and whether or not similar to the foregoing, and whether in existence at the Commencement Date or not, and whether or not within the contemplation of the parties and (b) all consulting, appraisal, legal and
other costs reasonably incurred in attempting to minimize or reduce those amounts. Realty Taxes do not include corporate, income, profits or excess profits taxes assessed upon the income of the Landlord except those that may be imposed instead of or
(so long as they are based on real property) in addition to the taxes and charges described above. Realty Taxes shall in every instance be calculated on the basis of the total Leasable Area of the Building being assessed as fully leased and
operational. 

  

	1.32	 “Released Person”: means the Landlord, the Landlord’s asset managers, the Building property
manager, the freehold owner of the Park (if different from the Landlord), all Mortgagees, and each of their respective trustees, directors, officers, shareholders, employees (while in the ordinary course of their employment), agents and those for
whom the Landlord and such others are in law responsible. 

  
 - 5 - 

	1.33	 “Rent”: means the aggregate of Base Rent and Additional Rent. 

 

	1.34	 “Secured Claim”: means a hypothec or other lien or claim, a fixed or floating charge, mortgage,
security interest, debenture or other encumbrance, or a notice with respect to any of them. 

  

	1.35	 “Stipulated Rate”: means one percent (1%) per month which equals an annual interest rate of twelve
percent (12%), compounded monthly and not in advance. 

  

	1.36	 “Supervision Fee”: means fifteen percent (15%) of the amounts to which the fee is applied.

  

	1.37	 “Term”: means the period of time as described in Paragraph #6 of the Basic Terms.

  

	1.38	 “Transfer”: means (a) an assignment, sale, conveyance, sublease, licensing or other disposition,
a hypothec or a mortgage, charge or debenture (floating or otherwise) or other encumbrance of this Lease or any interest in it or of all or any part of the Leased Premises (whether by operation of law or otherwise), or of any interest in a
partnership that is a Tenant under this Lease; (b) a parting with or sharing of possession of all or part of the Leased Premises; (c) a transfer or issue by sale, subscription, assignment, bequest, inheritance, operation of law or other
disposition, of all or part of the shares of the Tenant or an “Affiliate” of the Tenant (as currently defined under the Canada Business Corporations Act) which results in a change in the effective voting control of the Tenant; or
(d) a merger, amalgamation, or other similar corporate reorganization involving the Tenant. “Transferor” and “Transferee” have corresponding meanings. 

 

	1.39	 “Utilities”: means the cost of water, fuel, power and any other utilities used in the Building
allocated to the Leased Premises by the Landlord and the Landlord’s costs of determining the Utilities Charge including professional, engineering and consulting fees. 

 

	1.40	 “Utilities Charges”: means the total, without duplication, of: (a) the Utilities, (b) the
Landlord’s costs of procuring any Utility Supply contract, including but not limited to, the amount of any security deposits, interest thereon (at the Stipulated Rate), cost of providing letters of credit and any other similar costs; and
(c) the Landlord’s costs of determining the Utilities Charge including professional, engineering and consulting fees, together with the Supervision Fee. 

 

	
	 ARTICLE
2

 GRANT 
  

	2.1	 The Leased Premises 

The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the Leased Premises, to have and to hold for the Term,
unless sooner terminated by the Landlord pursuant to the Lease. 

  
 - 6 - 

	2.2	 Use of Common Elements 

The Tenant has the non-exclusive and non-transferable
right (except in accordance with Article 7) to use the Common Elements for the purposes for which they are intended, subject to this Lease. 
  

	2.3	 Quiet Enjoyment 

If the Tenant performs its obligations under this Lease, it may hold and use the Leased Premises without interference by the Landlord or
any other person claiming through the Landlord subject to this Lease. 
  

	2.4	 Basic Terms 

The Basic Terms shall form an integral part of this Lease as though they were set forth herein in full. 

 

	
	 ARTICLE
3

 CONDITION OF THE LEASED PREMISES 
  

	3.1	 Condition of the Leased Premises 

The Tenant shall accept the Leased Premises in the condition described in Paragraph #5 of the Basic Terms. The Leased Premises
(including all building systems) and Landlord’s Work, if any, will be conclusively deemed to be in good order and to the Tenant’s satisfaction, subject only to latent defects and to those deficiencies (if any) listed in writing in a notice
delivered by the Tenant to the Landlord during the prepossession inspection to be carried out by the Landlord and the Tenant together on or before the date of Tenant taking possession. 

All Alterations in and to the Leased Premises (other than the Landlord’s Work if any) shall be the responsibility of the Tenant and
shall be performed at the Tenant’s sole cost and expense, the whole subject to the terms and conditions hereinafter set forth. 
  

	3.2	 Construction Delays 

The Tenant acknowledges that if there is a delay which results in any part of the Leased Premises or the Landlord’s Work not being
completed on schedule, the Landlord will not be responsible for any expenses or losses incurred as a result of the delay, even if caused or contributed to by the acts, omissions or negligence of the Landlord. 

 

	
	 ARTICLE
4

 TENANT’S COVENANTS 
  

	4.1	 Base Rent 

The Tenant will pay to the Landlord, without demand, abatement or set-off, the Base Rent,
calculated in accordance with Paragraph #7 of the Basic Terms, payable in 

  
 - 7 - 

 
advance in equal monthly installments, beginning on the Commencement Date and thereafter on the first day of every month of the Term. 

 

	4.2	 Additional Rent 

  

	a)	 Realty Taxes, Capital Tax and Business Taxes 

 

	 	(i)	 Realty Taxes 

The Tenant will pay its Proportionate Share of Realty Taxes as Additional Rent, in the manner set forth in this Lease. The Tenant shall
not appeal Realty Taxes. 
 Whether or not there is a separate bill for Realty Taxes charged against the Leased Premises or a separate
assessment, the Realty Taxes charged against the Leased Premises shall be determined by the Landlord acting reasonably, the cost of making such determination to be included in Realty Taxes. In making such determination the Landlord shall have the
right, without limiting its right to do otherwise, to establish separate assessments for the Leased Premises and all other portions of the Property by using such criteria as the Landlord, acting reasonably, shall determine to be relevant including,
without limitation: 
  

	 	1)	 the then current established principles of assessment used by the relevant assessing authorities and on the
same basis as the assessment actually obtained for the Property as a whole or the part thereof in which the Leased Premises are located; 

  

	 	2)	 assessments of the Leased Premises and any other portions of the Property in previous periods of time;

  

	 	3)	 the Proportionate Share; and 

 

	 	4)	 any act, religion or election of Tenant or any other occupant of the Property which results in an increase or
decrease in the amount of Realty Taxes which would otherwise have been charged against the Property or any portion thereof. 

The Tenant shall deliver to the Landlord forthwith upon the Tenant’s receiving the same copies of all assessment notices, tax
bills, receipts and other documents received by Tenant relating to Realty Taxes on the Leased Premises or the Property. 
 The
Landlord may contest any Realty Taxes and appeal any assessments related thereto and may withdraw any such contest or appeal or may agree with the relevant authorities on any settlement in respect thereof. The Tenant will co-operate with the Landlord in respect of any such contest and appeal and shall provide to the Landlord such information and execute such documents as the Landlord requests to give full effect to the foregoing. All
costs of any such contest and appeal by the Landlord shall be included in Realty Taxes. 
  

	 	(ii)	 Capital Tax 

The Tenant will pay its Proportionate Share of Capital Tax as Additional Rent, in the manner set forth in this Lease. 

  
 - 8 - 

	 	(iii)	 Business Taxes 

The Tenant will also promptly pay all Business Taxes for the Leased Premises: (i) to the taxing authorities and, in such case, the
Tenant will, on the Landlord’s request, promptly deliver to the Landlord receipts for payment of all its Business Taxes and any assessments or other information related to Business Taxes or (ii) at the Landlord’s option, to the
Landlord or as the Landlord directs. If a separate bill is not issued by the relevant authority for Business Taxes for the Leased Premises, the Tenant will pay its Proportionate Share of Business Taxes for the Building and same shall then be
considered as Additional Rent. (This paragraph does not apply in Ontario) 
  

	b)	 Operating Costs and Utilities 

The Tenant will pay to the Landlord its Proportionate Share of Operating Costs as Additional Rent, in the manner set forth in this
Lease. 
 The Tenant will also pay directly to the suppliers, before delinquency, any Utilities separately metered to the Leased
Premises which are billed directly to the Tenant by the supplier. The Tenant shall not enter into any arrangement with any independent Utility supplier without the prior written approval of the Landlord. The Landlord will have the right to approve
such arrangements, acting reasonably, and the Tenant will provide to the Landlord a copy of all Utility supply contracts entered into by the Tenant. The Landlord has no liability or responsibility for providing a means of access to any Utility
supplier but shall be free to exercise its own discretion in that regard in the best interests of the Building including the right to charge a fee for such access and to cover any costs incurred by the Landlord in connection therewith. The Tenant
will keep current on all of its obligations to any independent Utility supplier with which it contracts directly for its own supply of any Utilities. 

The Tenant will pay to the Landlord a Utilities Charge for the supply and the use of (i) any excess Utilities consumed in the
Leased Premises and (ii) any Utilities if separate meters are not installed, or if the Landlord elects to supply any Utility used or consumed in the Leased Premises. The Landlord will determine the Utilities Charges on an equitable basis. The
Tenant will pay the Utilities Charge to the Landlord as Additional Rent within ten (10) days after the delivery of a statement by the Landlord and same shall then be considered as Additional Rent. 

 

	c)	 Management Fee 

The Tenant will pay the Management Fee as Additional Rent, in the manner set forth in this Lease. 

 

	d)	 Payment of Additional Rent 

The Landlord shall estimate the amount of the Additional Rent payable by the Tenant at the commencement of each Lease Year, or fraction
of a Lease Year within the Term. The Tenant shall pay to the Landlord the Additional Rent in equal monthly installments in advance throughout the period for which the estimate is made. The Landlord may periodically revise its estimates and notify
the Tenant of the revised estimates, and the Tenant’s monthly payments will be adjusted accordingly. 

  
 - 9 - 

 Within 120 days after the end of a Lease Year and upon a reasonable period of time
after the expiry of the Lease, the Landlord will provide to the Tenant a statement of the actual amounts payable by the Tenant, showing in reasonable detail the determination of the costs and the calculation of the Tenant’s payment (the
“Statement”). Any amounts owing by the Tenant to the Landlord will be paid within thirty (30) days after the date of delivery of the Statement by the Landlord. Provided the Tenant is not in default under this Lease, any amounts
owing by the Landlord to the Tenant will be credited to the Tenant’s account, without interest. 
 The Landlord shall, within ten
(10) days of the Tenant’s request, provide reasonable access to the Tenant or the Tenant’s accountants or auditors to its books and records with respect to Operating Costs and Realty Taxes for examination by them, at the Tenant’s
cost, at the Landlord’s office or offices where such records and books are kept. Notwithstanding the Tenant’s right to question, it shall continue to pay the Rent as and when due. 

The Tenant shall not be entitled to dispute the accuracy of any statement provided by the Landlord in accordance with the foregoing or
claim any reimbursement or adjustment in respect of Additional Rent owing for a Lease Year after the expiry of six (6) months from the date of receipt by the Tenant of the Landlord’s statement for such Lease Year. 

 

	4.3	 Area Determination 

The Landlord may from time to time, as it deems necessary, cause the Leasable Area of the Leased Premises, the Building, the Park or any
part thereof to be recalculated or re-measured and the cost thereof shall be included in Operating Costs (except as otherwise provided in this section 4.3). If the initial certification of the Leasable Area of
the Leased Premises does not occur until after the Commencement Date, then Rent will be adjusted retroactively as calculated by the Landlord. Thereafter, if any calculation or determination by the Landlord of the leasable area of any premises
(including the Leased Premises) is disputed, it shall be calculated or determined by the Landlord’s consultant from time to time appointed for that purpose, whose certificate shall be conclusive and binding upon the parties hereto. The cost of
such calculation or determination shall be included in Operating Costs; provided that if the Tenant disputed the Landlord’s calculation or determination and the calculation or determination by the Landlord’s consultant agrees with the
Landlord’s calculation or determination within a two percent variance, the Tenant shall pay the full cost of such calculation or determination forthwith upon demand. 

If any error shall be found in the Leasable Area of the Leased Premises or in the calculation of the Tenant’s Proportionate Share,
Rent shall be adjusted for the Lease Year in which that error is discovered, if any, and thereafter but not for any prior period. 
  

	4.4	 Payment of Rent and Overdue Rent 

The Tenant agrees to make payments of all Rent payable pursuant this Lease in the manner described in Paragraph #9 of the Basic Terms.
Rent is payable in Canadian funds without any deduction, abatement or set-off. Rent payable to the Landlord will be paid to the address set out in Paragraph #1 of the Basic Terms or at any other place which
the Landlord designates in writing. Rent for any fractional month at the beginning or end of the Term will be pro-rated on a daily basis using a period of 365 

  
 - 10 - 

 
days. If the Tenant defaults in paying Rent, the unpaid Rent bears interest at the Stipulated Rate from the due date to the actual date of payment. Interest as aforesaid shall be deemed to be
Rent hereunder. 
  

	4.5	 Pre-Paid Rent and Deposit 

 

	a)	 The Landlord acknowledges receipt of the Pre-Paid rent from the Tenant.

  

	b)	 The Landlord acknowledges receipt of the Deposit from the Tenant. The Deposit shall be held by the Landlord in
a non-interest bearing account as security for the Rent payable hereunder and for the faithful performance by the Tenant of each and every one of the covenants, conditions and agreements herein stipulated. The
Deposit shall not be applicable by the Tenant to the payment of Rent or any other charges for which the Tenant may become liable under this Lease and the Deposit shall in no way relieve the Tenant from the faithful and punctual performance of all
covenants and conditions herein contained. If at any time during this Lease any sum owing by the Tenant hereunder is not paid when due, the Landlord may appropriate and apply all or such part of the Deposit as is necessary to compensate the Landlord
for the amount then owing by the Tenant, plus reasonable expenses incurred in connection therewith, and in such event the Tenant shall remit to the Landlord a sum sufficient to restore the Deposit to the original amount deposited within five
(5) days of the Landlord’s written demand therefore, the whole without prejudice to such other rights, remedies and recourses as avail to the Landlord as a consequence of the Tenant’s default. Thirty (30) days following the
expiry of this Lease or any renewal thereof, the said Deposit or the amount thereof then remaining unapplied shall be returned to the Tenant providing the Leased Premises have been vacated in the condition required by this Lease, and providing the
Tenant shall have complied in all respects with all terms, covenants and conditions herein contained in this Lease including, without limitation, the obligation to pay for final adjustments of Additional Rent, if any. The Landlord may deliver the
Deposit to any purchaser of the Landlord’s interest in the Building or any part thereof, and thereupon the Landlord will be discharged from any further liability with respect to the Deposit. 

 

	4.6	 Use 

The Tenant will operate its business in the Leased Premises only for the use set out in Paragraph #11 of the Basic Terms and for no
other purpose. The Tenant shall satisfy itself that such use is permissible pursuant to all applicable zoning and other municipal laws and regulations. The Tenant shall also be solely responsible for obtaining its own occupancy permit. 

 

	4.7	 Conduct of Business 

In the conduct of the Tenant’s business, the Tenant will: 

 

	a)	 not allow or cause any act to occur in or about the Building and the Lands which, in the Landlord’s
opinion, hinders or interrupts the flow of vehicular and pedestrian traffic to, in and from the Building and the Lands or in any way obstructs the free movement of persons doing business in the Building or on the Lands; 

 

	b)	 not create any obnoxious odours or improper noise and will not conduct its business in any way which would be
detrimental to the quiet enjoyment of any other tenants of the Building or the Park; 

  
 - 11 - 

	c)	 not allow or cause business to be solicited in any part of the Building or the Lands (other than the Leased
Premises), nor display any merchandise outside the Leased Premises at any time, without prior written consent of the Landlord. 

  

	4.8	 Observance of Law 

The Tenant will promptly comply, at its expense, with all governmental requirements from time to time in effect relating to its ability
to enter into and comply with this Lease or which pertain to the Leased Premises, the Tenant’s use of the Leased Premises, the conduct of business in the Leased Premises, or the doing of work in the Leased Premises. Without limiting the
generality of the foregoing, the Tenant shall also comply, at its expense, with any federal, provincial or municipal laws, by-laws or regulations applicable to workers’ health and safety in the Leased Premises. The Tenant is not required,
however, to remedy work done by the Landlord in contravention of any law. The Tenant will comply with any energy conservation measures required by the Landlord. 
  

	4.9	 Tenant’s Insurance 

Throughout the term of this Lease, the Tenant shall take out and keep in force: 

 

	a)	 comprehensive general liability Insurance with respect to the business carried on in or from the Leased
Premises and the use and occupancy thereof for bodily injury and death and damage to property of others in at least the amount described in Paragraph #12(a) of the Basic Terms for each occurrence or such greater amount as the Landlord may from time
to time reasonably require; 

  

	b)	 all risks (broad form) insurance, including flood and sewer back-up,
earthquake (for those tenants leasing space in British Columbia), collapse and flood in respect to furniture, equipment, inventory and stock-in-trade, fixtures and
leasehold improvements located within the Leased Premises, and such other property located in or forming part of the Leased Premises, including all mechanical or electrical systems (or portions thereof) installed by, or on behalf of the Tenant in
the Leased Premises, the whole for the full replacement cost (without depreciation) in each such instance; 

  

	c)	 if any boiler or pressure vessel is operated in the Leased Premises, boiler and pressure vessel insurance with
respect thereto; 

  

	d)	 business interruption insurance covering loss of earnings from all perils covered in policies obtained under
paragraphs b) and c) above for an indemnity period of at least twelve (12) months; 

  

	e)	 broad form tenant’s legal liability insurance for the replacement cost of the Leased Premises, including
loss of their use for a minimum period of twelve (12) months, with limits of at least One Million Dollars ($1,000,000.00) per occurrence; 

  

	f)	 environmental liability insurance, as the Landlord may from time to time reasonably require, of at least the
amount described in Paragraph #12(c) of the Basic Terms; 

  

	g)	 any other form of insurance, in such amounts and against such risks, as the Landlord, acting reasonably, or the
Mortgagee may from time to time require. 

  
 - 12 - 

 Each policy of insurance will name, as insured, the Tenant and the Released Persons,
each as their respective interests may appear. If there is a dispute as to the full replacement cost, the Landlord or its Mortgagee will determine it. The policies specified under subparagraphs b) and c) will contain the Mortgagee’s standard
mortgage clause and may have reasonable deductibles. The policies (other than the Tenant’s liability policy) will contain a waiver of any subrogation rights which the Tenant’s insurers may have against the Released Persons and those for
whom any of them is in law responsible, whether or not any loss or damage is caused or contributed to by the act, omission or negligence of any of them. All policies will (i) be non-contributing and apply
only as primary and not excess to any other insurance available to any of the Released Persons; (ii) not be invalidated (in relation to the interests of any of the Released Persons) by reason of any breach of warranties, representations,
declarations or conditions in the policies; and (iii) contain an undertaking by the insurers to notify the Landlord and each Mortgagee in writing not less than thirty (30) days before any material change, cancellation or termination. 

Prior to taking possession of the Leased Premises and on every renewal date of the insurance policy, the Tenant will deliver
certificates of insurance executed by the Tenant’s insurers. No review or approval of any insurance policy or certificate by the Landlord will in any way alter the Landlord rights under this Lease. In the event of loss or damage, the Tenant
will provide the Landlord or the Mortgagee with copies of the Tenant’s insurance policies. 
 The Tenant will not allow anything
to occur that results in (i) an increase in premiums for any insurance carried by the Landlord or (ii) the cancellation or threatened cancellation or a reduction of coverage under any of the Landlord’s insurance policies in respect of
any part of the Building. 
  

	4.10	 Release 

Except to the extent of its proven gross negligence or willful misconduct, none of the Released Persons, is liable for any death
or injury from any occurrence in, or relating to any part of the Building Lands or Park or for any damage to or loss of (or loss of use of) property of the Tenant or of others wherever located and however caused, including any failure in the supply
of any services or Utilities, the existence of any Hazardous Substances or the exercise by the Landlord of any of its rights under this Lease. 
  

	4.11	 Indemnity 

Unless arising from the proven gross negligence or willful misconduct of that Released Person, the Tenant will indemnify the
Released Persons and hold them harmless from and against all insured and uninsured losses, liabilities, damages, claims, demands, expenses and actions (including, without limitation, all claims for loss of life, personal injury, damage to property
or any other loss, injury or claim excluding consequential loss or damage) arising from a default of any of the Tenant’s obligations under this Lease, or from any occurrence in or relating to the Leased Premises, the Property or the Park, or
from the occupancy or use by the Tenant of all or any part of the Leased Premises, the Property or the Park, or occasioned wholly or in part by an act or omission of the Tenant or those for whom the Tenant is legally responsible or by anyone
permitted to be on the Leased Premises, the Property or the Park by the Tenant, and against and from all reasonable costs, expenses and liabilities incurred in or arising or resulting from any such claim or action or

  
 - 13 - 

 
proceeding brought thereon (such as, without limitation, legal fees and disbursements). 
  

	4.12	 Maintenance of the Leased Premises 

The Tenant will keep the Leased Premises and all the improvements, fixtures and equipment in the Leased Premises which are not part of
the Common Elements in a good condition and state of repair, subject to reasonable wear and tear. The Landlord shall have the right at all reasonable times and upon prior reasonable notice, to examine the condition of the Leased Premises and notify
the Tenant of deficiencies and the Tenant shall make good any deficiencies for which it is responsible within fifteen (15) days from the date of such notice. 

The Tenant shall use the HVAC System in and for the exclusive use of the Leased Premises. The Tenant shall operate, at its expense, all
portions of the HVAC System to the satisfaction of the Landlord. The Tenant will maintain the temperature in the Leased Premises at a reasonable standard of comfort for normal occupancy at all times. 

The Landlord will be responsible for the maintenance, repair and replacement of HVAC units, the cost of which shall be included in the
Operating Costs. 
  

	4.13	 Alterations 

The Tenant will not make any Alterations to the Leased Premises without the Landlord’s prior written approval, which will not be
unreasonably withheld if: (i) the Alterations meet or exceed the then current standard for the Building; (ii) adequate plans and specifications are produced; and (iii) the Tenant has obtained all requisite governmental approvals. If the
Landlord agrees to effect Alterations at the Tenant’s request, the Tenant will pay to the Landlord, on demand, all costs incurred by the Landlord in connection with the performance of such work and supervision of any Alterations, including
architectural and engineering consultant’s fees, plus the Supervision Fee calculated on the cost of the Alterations on account of the Landlord’s overhead and administration costs. The Tenant shall ensure that the changes required by the
Landlord to such plans and specifications are incorporated therein and the Tenant shall then resubmit them to the Landlord for approval. The Tenant shall pay, as Additional Rent, within thirty (30) days following the receipt of an invoice from
the Landlord, all of the costs incurred by the Landlord for the analysis and approval of the plans and specifications as well as the Supervision Fee calculated on the cost of the Alterations. 

All Alterations will be performed: (i) by competent workers whose labor union affiliations are compatible with others employed by
the Landlord and its contractors; (ii) in a good and skillful manner; (iii) in accordance with the approved plans and specifications and the Landlord’s reasonable requirements and (iv) builders risk insurance covering all work against all
risks of physical loss or damage. 
 The Landlord may require that any maintenance of or Alterations to the Leased Premises be
performed by the Landlord at the Tenant’s cost if they affect: (i) the structure of the Leased Premises, (ii) the Common Elements; or (iii) any part of the Building outside the Leased Premises. The Tenant will pay to the
Landlord, on demand, the Landlord’s costs of the maintenance or Alterations, including architectural and engineering consultants’ fees, plus the Supervision Fee. 

  
 - 14 - 

 If any part of the Building requires repairs, replacement or alteration because of
anything done or omitted to be done by the Tenant or its officers, directors, agents, employees, contractors, invitees or licensees then the Tenant will pay to the Landlord, on demand, the Landlord’s cost of repairs, replacements or
alterations, plus a Supervision Fee calculated on said costs. 
 The Tenant shall not be entitled to install upon the roof of the
Building any equipment except as consented to in writing by the Landlord, which consent may be arbitrarily withheld, but if given shall be subject to whatever conditions the Landlord, In its sole discretion, deems necessary in the circumstances.

  

	4.14	 Indemnity 

The Tenant covenants to indemnify the Landlord against and from all losses, costs, claims and demands in respect of any injury or damage
caused by or resulting from any work under Article 4.13 of this Lease. 
  

	4.15	 Removal of Alterations and Restoration of Leased Premises 

All Alterations, which exclude the Tenant’s trade fixtures, are the property of the Landlord. The Tenant will not, unless
authorized by the Landlord, remove any Alterations from the Leased Premises at any time prior to the expiry or earlier termination of this Lease. At that time, the Tenant will, at its own expense: 

 

	 	(i)	 remove its trade fixtures from the Leased Premises, failing which they will, at the Landlord’s option, either be
removed by the Landlord at the Tenant’s cost or become the property of the Landlord; and 

  

	 	(ii)	 at the Landlord’s option to be exercised by reasonable prior written notice to such effect, remove all (or part,
as designated by Landlord) Alterations, including all office and built out areas, regardless of the condition of the Leased Premises at the Commencement Date of the Term, failing which all Alterations will be removed by the Landlord at the
Tenant’s cost subject to a Supervision Fee. 

 The Tenant will repair any damage caused to any part of the
Building by such removal. Furthermore, the Tenant will replace any damaged ceiling tiles and burnt light bulbs, will make sure that the lighting system (including, without limitation, light bulbs, starters, ballasts and neon lights), electrical
system (including, without limitation, the electrical panel) plumbing system (including, without limitation, all toilets and sinks) and overhead doors (to the extent provided for in Section 5.3 hereof) are in good working order and will leave
the Leased Premises in a clean, broom swept condition and free of all rubbish. At the expiry or termination of this Lease, the Tenant will also deliver all keys and security cards for the Leased Premises to the Landlord. 

 

	4.16	 Signs and Advertising 

 

	a)	 The Tenant may at its expense, erect and maintain identification signage of a type and in a location specified in
writing by the Landlord, subject to the Landlord’s prior written approval of such signage and compliance with all governmental authorities and the Landlord’s sign policy for the Building. Any such sign shall remain the property of the
Tenant and shall be maintained by the Tenant at its sole cost and 

  
 - 15 - 

 
expense and the Tenant shall pay for the electricity consumed by such sign. If the electricity consumption for any of the Tenant’s signs is not separately metered, the Tenant shall pay, on
demand, such portion of the cost of such electricity as is equitably apportioned to the Leased Premises by the Landlord. At the expiration or earlier termination of this Lease, the Tenant will remove any such sign from the Leased Premises at its
expense and will promptly repair all damage caused by its installation or removal. 
  

	b)	 If the Landlord, acting reasonably, objects to any sign, picture, advertisement, notice, lettering or decoration which
may be affixed or displayed in any part of the interior of the Leased Premises and which is visible from the exterior thereof, the Tenant shall forthwith remove or replace same at the Tenant’s expense. 

If a free-standing pylon sign exists on the Lands and there is available space, the Tenant may, at its cost and subject to the
Landlord’s prior authorization and compliance by the Tenant with the requirements of all governmental authorities and the Landlord’s sign criteria for the Building, place a standard sign on such pylon in such location and of such
reasonable size as specified in writing by the Landlord. The Tenant shall pay the monthly fee set out in Paragraph #14 of the Basic Terms towards the maintenance and operation of the pylon sign. 

 

	
	 ARTICLE
5

 LANDLORD’S COVENANTS 
  

	5.1	 Realty Taxes 

The Landlord will pay Realty Taxes subject to the obligation of the Tenant to pay its Proportionate Share thereof. However, the Landlord
may defer payment of Realty Taxes, or defer compliance with laws in connection with the levying of Realty Taxes, to the extent legally permitted, if it diligently prosecutes a contest or appeal of the Realty Taxes. 

 

	5.2	 Landlord’s Insurance 

The Landlord will maintain: (a) all risks (broad form) insurance on the Building (excluding the foundations, excavations and any
property of the Tenant or any other persons on the Leased Premises); (b) public liability and property damage insurance with respect to the Landlord’s operations in the Building; and (c) whatever other forms of insurance the Landlord or
the Mortgagee reasonably consider advisable. The Landlord’s insurance will be in those reasonable amounts and with those reasonable deductibles that a prudent owner of a similar building would maintain, having regard to size, age and location.
Notwithstanding the Landlord’s covenant contained in this Article 5.2 and notwithstanding any contribution by the Tenant to the cost of the Landlord’s insurance premiums as part of Operating Costs or otherwise, the Tenant agrees that
(i) the Tenant is not relieved of any liability arising from or contributed to by its acts, fault, negligence or omissions; (ii) no insurable interest is conferred on the Tenant under any policies of insurance carried by the Landlord and
(iii) the Tenant has no right to receive any proceeds of any such insurance policies carried by the Landlord. 

  
 - 16 - 

	5.3	 Maintenance and Repairs 

Subject to Article 6, the Landlord will maintain and repair the Common Elements as would a prudent owner of a similar industrial
building, having regard to size, age and location, subject to the following exceptions: (a) any occurrence not covered by insurance required to be maintained by the Landlord under this Lease, or where the cost of repair exceeds the insurance
proceeds actually received by the Landlord (not taking into account deductibles); (b) normal wear and tear, and (c) damage or injury caused by or to the extent contributed to by anything done or omitted to be done by or the negligence of the
Tenant or those for whom it is legally responsible. 
 In the case of sub-paragraph
(c) above, but subject to Article 6, the Landlord shall repair and the cost thereof plus the Supervision Fee shall be charged to the Tenant and shall be payable by the Tenant to the Landlord upon demand. 

The Landlord shall maintain and repair the HVAC System serving the Leased Premises and the cost thereof shall be included in Operating
Costs. 
 The Landlord shall maintain and repair all pedestrian and garage doors in the loading dock area and such costs shall be
included in Operating Costs. Notwithstanding the foregoing, Landlord shall not be responsible for damages caused by the willful misconduct or negligence of the Tenant or those for whom it is responsible at law and the Tenant will remain responsible
to maintain and repair opening and closing mechanisms (such as, by way of example, locks and automatic door openers and dock levelers). 
  

	5.4	 Control of the Building by the Landlord 

 

	a)	 The Landlord has at all time exclusive control of the Building and the Park and their management and operation.
Without limiting the generality of the foregoing, the Landlord will have, among its other rights, the right to: (i) temporarily obstruct parts of the Building for necessary maintenance, repair or construction; (ii) employ managers for the
operation, maintenance and control of the Building; (iii) construct other buildings, structures or improvements in the Building or the Park; (iv) diminish, expand, or alter the Building and the Common Elements; and (v) perform any act as,
in the use of good business judgment, the Landlord determines to be advisable for the more efficient and proper operation of the Building and in such way as to minimize disruption of the Tenant’s enjoyment of the Leased Premises.

  

	b)	 Despite anything to the contrary in this Lease, the Landlord is not liable for and the Tenant will not be
entitled to any compensation or Rent reduction as a result of the Landlord’s exercise of its rights under subparagraph a). 

  

	5.5	 Relocation 

At any time prior to the Commencement Date and from time to time prior to the expiration of the Lease, the Landlord may substitute for
the Leased Premises other space (hereafter called “Substitute Premises”) located within the Building or the Park. Insofar as reasonably possible, the Substitute Premises shall be comparable and substantially similar to the
Leased Premises as to square footage, configuration, celling height, loading docks and stage area (if applicable) and located within a reasonable distance from the Leased Premises and the following shall apply: 

  
 - 17 - 

	a)	 Notice 

The Landlord shall give the Tenant at least ninety (90) days prior written notice of its intention to relocate the Tenant to the
Substitute Premises. 
  

	b)	 Construction 

The Landlord agrees to construct, at its own expense, the Substitute Premises as expeditiously as possible so that they are in
substantially the same state that the Leased Premises were in immediately prior to the relocation. The Landlord shall have the right to reuse the fixtures, improvements, and Alterations used in the Leased Premises. The Tenant agrees to occupy the
Substitute Premises after the Landlord’s work has been substantially completed. 
  

	c)	 Moving Costs 

The Landlord will reimburse the Tenant for: (i) the Tenant’s reasonable moving costs and the cost of installing permanent
improvements (as distinguished from trade fixtures, equipment, furniture, furnishings and other personal property belonging to the Tenant) in the Substitute Premises, so that the permanent improvements therein are substantially the same as those in
the Leased Premises; and (ii) the Tenant’s reasonable costs incurred in changing addresses on stationery, business cards and advertising, which shall be reimbursed to the Tenant by the Landlord upon presentation to the Landlord of paid bills
for said incurred indirect costs. 
  

	d)	 Lease obligations 

Subject to paragraph (e) below, the Tenant agrees that all of the obligations of this Lease, including the payment of Rent, will
continue despite the Tenant’s relocation to the Substitute Premises. Upon substantial completion of the Substitute Premises, this Lease will apply to the Substitute Premises as if it had been the space originally described in the Lease. 

 

	e)	 Landlord’s duty of diligence 

The Landlord shall use its commercially reasonable efforts to minimize any period when the Leased Premises shall be closed as a result
of relocation. 
  

	f)	 Landlord’s liability 

Except as provided above, the Landlord shall not be liable or responsible in any way for damages or injuries suffered by the Tenant
pursuant to a relocation in accordance with this provision including, but not limited to, loss of good-will, business, or profits. 
  

	5.6	 Landlord’s Right of Entry 

It is not a re-entry or a breach of quiet enjoyment if the Landlord enters the Leased Premises
at reasonable times after reasonable written notice (but if the Landlord determines there is an emergency, no notice is required): (i) to examine the Leased Premises, including an examination to ensure that there are no Hazardous Substances present
and there are appropriate safeguards in place to avoid the existence of any Hazardous Substances; (ii) to make permitted or required repairs, alterations, improvements or additions to the Leased Premises or the Building; or

  
 - 18 - 

 
(iii) to show them to prospective purchasers, tenants or Mortgagees, in each case (to the extent reasonably possible in the circumstances) without unreasonably interfering with the Tenant’s
business operations in the Leased Premises. The Landlord may take material onto the Leased Premises for these purposes. Rent will not abate or be reduced while the repairs, alterations, improvements or additions are being made. During the 6 months
prior to the expiry of the Term, the Landlord may place upon the Leased Premises “For Rent” notices of reasonable size and in reasonable locations. 
  

	
	 ARTICLE
6

 DAMAGE AND DESTRUCTION AND EXPROPRIATION 

 

	6.1	 Damage and Destruction 

The Landlord and the Tenant agree that, if during the Term, the Building or the Leased Premises are damaged or destroyed by fire,
lightning or any other peril in connection with which the Landlord is insured in relation to the Building (hereinafter called “Damage”) and such Damage, in the opinion of the Landlord acting reasonably, renders the Leased Premises or the
Building: 
  

	a)	 so substantially and severely damaged that they cannot with reasonable diligence be repaired or rebuilt within
180 days after the happening of Damage, then this Lease shall at the Landlord’s or the Tenant’s option (such option shall be exercised within sixty (60) days of the date of Damage) cease and become ended and terminated as of the date
of Damage and in the event of such termination as above mentioned, the Landlord may immediately on such termination re-enter and repossess the Leased Premises discharged from this Lease. In the event either
the Landlord or the Tenant exercises the said option to terminate this Lease as hereinbefore set out in this Article, then notice of exercise of such option to be valid and effective, shall be accompanied by a certificate from an architect or
engineer chosen by the Landlord, stating that the Leased Premises or the Building, cannot with reasonable diligence be repaired or rebuilt within 180 days of Damage; 

 

	b)	 in the event that neither the Landlord nor the Tenant shall elect to terminate this Lease by reason of Damage,
as set out in sub-paragraph a), or if the Building or the Leased Premises shall be reparable as aforesaid within 180 days from the happening of Damage, the Rent and all other sums payable by the Tenant to the
Landlord under this Lease, shall abate by the same proportion as the area of the part of the Leased Premises rendered unfit for occupancy bears to the whole of the Leased Premises but only to the extent of the monies actually received by the
Landlord from any company carrying rental income insurance on the Leased Premises and the Landlord covenants and agrees with the Tenant, if Damage is covered by the Landlord’s insurance, to forthwith proceed and carry on with all diligence, the
completion of such repairs and replacements as shall be necessary to repair the Leased Premises up to the amount of proceeds received; 

  

	c)	 provided further and notwithstanding what is hereinbefore set out in this Article, if the cost of making such repairs
would be in excess of seventy per cent (70%) of the amount of the full replacement cost at the time of Damage of (i) the Leased Premises if only the Leased Premises are damaged by Damage or (ii) of the Building, then even if such Leased
Premises or Building are reparable within 180 days after 

  
 - 19 - 

 
Damage, the Landlord shall have the right to terminate this Lease upon sixty (60) days notice to the Tenant following the date of Damage and the Tenant shall have no claim against the
Landlord as a result of the early termination. The Landlord’s notice shall be accompanied by a certificate of the Landlord’s duly qualified architect or engineer, certifying that in the opinion of such architect or engineer the cost of
making repairs would be in excess of seventy per cent (70%) of the full replacement cost of the Leased Premises or the said Building at the date of Damage; 
  

	d)	 Rent payable by the Tenant hereunder shall not be abated if the Damage is caused by any act or omission of the
Tenant, its agents, contractors, employees or any other person entering upon the Leased Premises under the invitation of the Tenant; 

  

	e)	 In the event of termination of the Lease in the aforementioned manner, all insurance benefits, other than those
sums relating to the property of the Tenant to the extent that the latter has no debts towards the Landlord hereunder, shall be and shall remain the absolute property of the Landlord; 

 

	f)	 Notwithstanding anything herein contained if any such damage or destruction results from the fault or
negligence of the Tenant or a person or persons for whom the Tenant is in law responsible, without prejudice to any other rights or remedies of the Landlord, the Tenant shall be liable for all costs and damages and the damages may be repaired by the
Landlord at the cost and expense of the Tenant. 

  

	6.2	 Expropriation 

If the Leased Premises, the Building or the Lands are expropriated by a governmental authority in a material or substantial manner, the
Landlord shall have the right to terminate this Lease upon at least thirty (30) days notice to the Tenant, all Rent will abate as of the effective date of the notice, and the Tenant will have no claim against the Landlord as a result of the
early termination of this Lease. 
  

	
	 ARTICLE
7

 TRANSFERS BY TENANT AND SALE AND FINANCING BY THE LANDLORD 

 

	7.1	 Consent to Transfer 

 

	a)	 The Tenant will not enter into a Transfer without the Landlord’s prior written consent. Notwithstanding
any statute or common law, such consent may be withheld if there is an Event of Default; but otherwise consent will not be unreasonably withheld. The Landlord will be deemed to be reasonable in withholding its consent to any Transfer if, among other
reasons: 

  

	 	(i)	 The Transfer is, contrary to any covenants or restrictions granted by the Landlord to other tenants or
occupants of the Building, or to the Mortgagee or any other parties; 

  

	 	(ii)	 in the Landlord’s reasonable opinion: (1) the financial background, business history and capability
of the Transferee is unsatisfactory; (2) the Transferee may not be able to pay the Rent in full when due and payable; or (3) the nature or character of the proposed business of the Transferee is such that it might harm the Landlord’s
business or reputation or reflect unfavorably on 

  
 - 20 - 

	 	 
the whole or any part of the Building, the Landlord, the other tenants of the Building or the image of any of them, or is unethical, immoral or illegal; 

 

	 	(iii)	 the Transferee pays or gives to the Transferor money or other value that is reasonably attributable to the
Alterations that are owned by the Landlord or that the Landlord has paid for in whole or in part; 

  

	 	(iv)	 the Transfer is a mortgage, charge or debenture in respect of this Lease or the Leased Premises; or

  

	 	(v)	 the Landlord does not receive sufficient information from the Tenant or the Transferee to enable it reasonably
to make a determination concerning the matters set out above. 

 This section does not apply to a Transfer that
occurs on the death of the Transferor, or a Transfer described in paragraph (c) of the definition of “Transfer”, where the Tenant occupies all of the Leased Premises and is either (A) a Public Corporation, or (B) a
subsidiary body corporate (as currently defined under the Canada Business Corporations Act) of a Public Corporation and the shares of the Public Corporation (and not of the Tenant) are transferred or issued. The Tenant will nevertheless
notify the Landlord if any exempt Transfer takes place. 
  

	b)	 If the Tenant Intends to effect a Transfer, then the Tenant will give prior written notice to the Landlord of
such intent, specifying the proposed Transferee and providing additional information including, without limitation, a copy of any bona fide written offer with respect to the proposed Transfer which the Tenant is prepared to accept, subject to
compliance with the provisions of this Lease and which must disclose any and all monetary payments or other consideration made or to be made by the proposed Transferees as consideration for such Transfer, and any other information concerning the
financial or business status of the Transferee that the Landlord requires. The Landlord will, within ten (10) days after having received notice and all necessary information, notify the Tenant in writing either that it consents or does not
consent to the Transfer. 

  

	c)	 Notwithstanding anything to the contrary contained in section 7.1a) and provided no Event of Default exists,
the Tenant shall have the right to effect a Transfer without the Landlord’s prior written consent to a holding or subsidiary body corporate or affiliate of the Tenant (as those terms are defined in the Canada Business Corporations Act)
(a “Related Company”), provided: (i) the Landlord receives prior written notice of the Transfer; (ii) the Transferee remains a Related Company of the Tenant; and (iii) all of the provisions of sections 7.2 and 7.3 shall
apply to such Transfer. 

  

	7.2	 Transfer Conditions 

The following conditions apply to Transfers and to consents given by the Landlord: (a) the Landlord’s consent is not a waiver
of the requirements for consent for subsequent Transfers; (b) the Transferor will remain liable for the Tenant’s obligations and indemnify the Landlord against the Transferee’s failure to perform the Tenant’s obligations after
the Transfer; (c) the Transferee will execute an agreement directly with the Landlord agreeing to be bound by this Lease as a Tenant; (d) the Landlord may apply amounts collected from the Transferee to any unpaid rent; (e) once the
Landlord’s consent is given, the Transfer must take place 

  
 - 21 - 

 
within sixty (60) days or the consent will expire and the Transfer may not take place unless the Tenant again complies with Article 7 and (f) the Tenant will reimburse any out of pocket
expenses incurred by the Landlord during its review of the Tenant’s request for a Transfer, including legal costs on a
solicitor-and-own-client basis and, in addition, will pay to the Landlord reasonable fees for the preparation of the legal
documentation evidencing the Landlord’s consent to the Transfer. 
  

	7.3	 Additional Terms Respecting Transfers 

 

	a)	 Acceptance by the Landlord of Rent or other payments by a Transferee is not, (i) a waiver of the
requirement for the Landlord to consent to the Transfer, (ii) the acceptance of the Transferee as Tenant, or (iii) a release of the Tenant from its obligations under this Lease. 

 

	b)	 No part of the Leased Premises or this Lease will be listed or advertised by the Tenant or any other Person for
the purpose of a Transfer, without the Landlord’s prior written consent. 

  

	c)	 Any documents evidencing the Landlord’s consent to the Transfer and the matters set out in
Section 7.2 will be prepared by the Landlord. 

  

	d)	 The Released Persons will not be liable for any claims, actions, damages, liabilities or expenses of the Tenant
or any Transferee arising out of the Landlord delaying or withholding its consent to any Transfer and the Tenant’s only recourse will be to bring an application for a declaration that the Landlord must grant its consent to the Transfer.

  

	e)	 In the event of any Transfer by the Tenant by virtue of which the Tenant receives a rent in the form of cash,
goods or services from the Transferee which is greater than the Rent payable hereunder to the Landlord, the Tenant will pay such excess to the Landlord in addition to all Rent payable under this Lease, and such excess rent shall be deemed to be
further Additional Rent payable hereunder. 

  

	7.4	 Sale by the Landlord 

If the Landlord transfers or disposes of any part of the Building or the Lands or all or part of the Landlord’s interest under this
Lease, then to the extent that the transferee or disposee agrees with the Landlord to assume the Landlord’s obligations under this Lease, the Landlord will be released from them, except for the existing defaults as of the date of the transfer
or disposition. 
  

	7.5	 Subordination and Attornment 

This Lease is subordinate to every existing and future mortgage, charge, trust deed, financing, refinancing or collateral financing
against the Leased Premises or the Building and any renewals or extensions of or advances under them (collectively “Encumbrances”). The Tenant will, on request, attorn to and recognize as landlord the holder of any such
Encumbrances or any transferee or disposee of the Building or of an ownership or equity interest in the Building. The Tenant shall not unduly delay the signing and delivery of any reasonably requested postponement, subordination or attornment
document. 

  
 - 22 - 

	7.6	 Status Statement 

Within ten (10) days after the request, the Tenant will sign and deliver to the Landlord or to any Person with or proposing to take
an interest in all or part of the Building, a status statement or certificate stating that this Lease is in full force and effect, any modification to this Lease, the commencement and expiry dates of this Lease, the date to which Rent has been paid,
the amount of any Pre-Paid Rent or Deposit, listing any alleged existing defaults by the Landlord or set-offs by the Tenant and the particulars thereof and any other
information reasonably required by the Person requesting the certificate. 
  

	
	 ARTICLE
8

 DEFAULT 
  

	8.1	 Right to Re-enter 

 

	a)	 If an Event of Default occurs, (i) the full amount of the current month’s and the next three
(3) months’ installments of Rent (calculated according to Section 8.1b)) and GST will immediately be due and payable, and (ii) the Landlord may without notice or any form of legal process whatsoever forthwith re-enter and repossess the Leased Premises. if the Landlord becomes entitled to re-enter then, at the Landlord’s option to be exercised by written notice to the Tenant,
the Landlord can forthwith terminate this Lease and all of the Tenant’s rights under it will terminate without prejudice to the Landlord’s right to recover any arrears of Rent and damages for any previous breach by the Tenant of this
Lease. Despite any termination for an Event of Default, the Landlord may sue the Tenant for damages, including loss of future Rent as a result of this Lease being prematurely terminated and the cost of recovering the Leased Premises. If any legal
proceedings are instituted because of an Event of Default, the Tenant will pay the Landlord’s expenses, including legal fees on a solicitor and client basis. 

Upon termination, the Tenant will promptly (and in any case within ten (10) days after written notice requiring it to do so) remove
all of its property from the Leased Premises, or the Landlord may at any time remove all or part of the property from the Leased Premises and store it in a public warehouse or elsewhere at the cost of the Tenant. Despite anything to the contrary,
the Landlord will not be responsible for loss or damage to any of the Tenant’s property regardless of how the loss or damage is caused, even if by negligence. If the Tenant fails to remove its property as required, or if it fails to pay the
Landlord’s costs of removal and storage within ten (10) days after written notice specifying those costs, the Tenant will be considered to have abandoned its property and the Landlord will be entitled to remove it at the Tenant’s cost
or retain or sell or dispose of it for the Landlord’s own benefit. 
  

	b)	 If the Landlord terminates this Lease for an Event of Default, then for the purpose of calculating future Rent,
the annual Rent will be calculated under this Lease over the balance of the Term, assuming a five (5%) percent increase in Additional Rent, year over year, for the remainder of the Term. 

  
 - 23 - 

	8.2	 Landlord May Cure the Tenant’s Default 

If the Tenant defaults in the payment of money that is required under this Lease to be paid to a third party, the Landlord may, after
five (5) days’ notice to the Tenant, pay all or part of the amount payable. If the Tenant otherwise defaults under this Lease the Landlord may give the Tenant at least ten (10) days’ prior notice (except that no notice will be
required in an emergency) and if the Tenant does not, within such a period, commence diligently and then proceed diligently to cure the default, the Landlord may perform or cause to be performed all or part of what the Tenant failed to perform. Then
Tenant will pay to the Landlord on demand, the Landlord’s expenses incurred under this Section 8.2, plus the Supervision Fee. 
  

	8.3	 Application of Money 

The Landlord may apply amounts received from or due to the Tenant against amounts due and payable under this Lease, even if otherwise
requested by the Tenant, unless the Tenant can satisfactorily demonstrate to the Landlord, acting reasonably, that an account is in fact not due and payable. Payment by the Tenant or receipt by the Landlord of less than the required monthly payment
of Rent is on account of the earliest stipulated Rent. An endorsement or statement on a cheque or letter accompanying a cheque or payment as Rent is not an acknowledgment of full payment, and the Landlord may accept and cash the cheque or payment
without prejudice to its right to recover the balance of the Rent or pursue its other remedies. 
  

	8.4	 Remedies Generally 

The remedies under this Lease are cumulative and may be exercised independently or in combination with others. No remedy is exclusive or
dependant on any other remedy. The specifying or use of a remedy under this Lease does not limit rights to use other remedies available at law generally. The Tenant agrees that any breach by the Landlord under this Lease can be adequately
compensated in damages. 
  

	8.5	 Distress for Rent in Arrears 

Notwithstanding any statute now or hereafter in force limiting or abrogating the right of distress, none of the Tenant’s goods,
chattels or trade fixtures on the Leased Premises at any time during the continuance of the Term shall be exempt from levy by distress for Rent in arrears, whether at that time on or off of the Leased Premises and, upon any claim being made for such
exemption by the Tenant or on distress being made by the Landlord, this agreement may be treated as an estoppel against the Tenant and any action brought to test the right to levying upon any such goods as are named as exempted in any such statute,
the Tenant hereby waiving all and every benefit it could or might have had under and by virtue of such statute but for this Lease. Any goods seized by distress may be sold by public or private sale. The Landlord shall have all of the same remedies,
including distress, for recovery of any amounts that become owing by the Tenant to the Landlord pursuant to this Lease in addition to Rent, all such amounts being deemed rent for this purpose. 

  
 - 24 - 

	
	 ARTICLE
9

 ENVIRONMENTAL MATTERS 
  

	9.1	 Definitions 

For the purpose of the Lease and, in particular, this Section: 

 

	a)	 “Environmental Laws” means all federal, provincial and municipal laws, regulations, by-laws, standards, requirements, ordinances, codes, policies, guidelines, Orders, Notices, Permits and directives pertaining to the protection, conservation, utilization, impairment or degradation of the
Environment in effect from time to time; 

  

	b)	 “Environment” includes air, land, groundwater and surface water; 

 

	c)	 “Governmental Authority” means any federal, provincial or municipal parliament, legislature, or any
regulatory body, agency, ministry, department, commission or board, or any court or any other law, regulation or rule-making entity, having or purporting to have jurisdiction, or any Person purporting to act under the authority of any of the
foregoing or any other authority charged with the administration or enforcement of Environmental Laws; 

  

	d)	 “Notice” means any citation, directive, Order, inspection, proceeding, judgment or other
communication, written or oral, actual or threatened; 

  

	e)	 “Order” means any order, decision, decree, judgment, ruling, claim or the like from or by any
Governmental Authority under any Environmental Laws; 

  

	f)	 “Permit” means any permit, certificate, authorization, licence, right or exemption or the like issued
or granted by any Governmental Authority pursuant to or under any Environmental Laws; 

  

	g)	 “Release” includes any release, discharge, emission, disposal or dumping into or within the
Environment. 

  

	9.2	 Covenants 

  

	a)	 Compliance with Environmental Laws 

The Tenant shall comply and cause its employees, agents, contractors and those for whom it is responsible to comply with all
Environmental Laws (including, without limiting the generality of the foregoing, obtaining any required Permits) relating to the Leased Premises and the Lands or the use thereof by the Tenant or those acting under its authority or control. 

 

	b)	 Inspection 

The Tenant shall permit the Landlord, its officers, employees, consultants, authorized representatives and agents to (i) inspect
the Leased Premises and the Tenant’s operations; (ii) conduct tests and environmental assessments; (iii) remove samples from the Leased Premises; (iv) examine and photocopy any documents or records relating to the Leased Premises; and
(v) interview the Tenant and its employees, 

  
 - 25 - 

 
agents, contractors and those for whom it is responsible; all at such reasonable times and intervals as the Landlord may desire. 

 

	c)	 Use of Hazardous Substances 

The Tenant shall not use the Leased Premises, or permit them to be used, to utilize, manufacture, store, produce or process any
Hazardous Substance with the exception of those listed in Schedule “F” and except as permitted in writing by the Landlord to be brought into the Leased Premises or onto the Lands or the Park and in compliance with all Environmental Laws.

  

	d)	 Notice to the Landlord 

The Tenant shall promptly notify in writing both the Landlord and the proper Governmental Authority, of any Release occurring upon the
Leased Premises, the Lands or the Park. 
  

	e)	 Removal of Hazardous Substances 

The Tenant shall, promptly on demand remove all non-permitted Hazardous Substances used or
Released by the Tenant or brought onto the Leased Premises, the Lands or the Park by the Tenant or those acting under its authority or control. For greater certainty, the foregoing obligation of the Tenant shall include, without limitation, the
responsibility to remove any Hazardous Substances which have, as a result of the operations of the Tenant or any other Person acting under its authority or control, become affixed to, permeated or accumulated on or within any structures forming part
of the Building or the Lands or the Park. 
  

	f)	 List of Hazardous Substances 

Attached as Schedule “F” is a list of all material Hazardous Substances that the Tenant will use at the Leased Premises. This
list will be updated and submitted to the Landlord annually on the anniversary date of the Commencement Date. 
  

	g)	 Audit Report 

Upon the request of the Landlord during the Term or any extension thereof or four (4) months preceding the calendar month in which
the Term or any extension thereof expires, as the case may be, the Tenant shall provide to the Landlord an independent audit report, in form and substance and from qualified experts approved by the Landlord, acting reasonably, regarding Hazardous
Substances on, under or about the Leased Premises and the Lands. Should such report reveal that no Hazardous Substances were found on, under or about the Leased Premises or the Lands that were Released by the Tenant or its employees, agents,
invitees or contractors, the costs of the report shall then be borne by the Landlord and, if the report reveals the presence of any Hazardous Substances on, under or about the Leased Premises or the Lands that were Released by the Tenant or its
employees, agents, invitees or contractors, the cost of the report shall then be borne by the Tenant. 
  

	h)	 Remedial Action 

Upon the demand by any Governmental Authority or the Landlord requiring that removal, cleanup, remedial or corrective action be
undertaken either because of the 

  
 - 26 - 

 presence, introduction, deposit, Release, emission, leak, spill or discharge of
Hazardous Substances at the Leased Premises, the Lands or the Park during the Term or which is otherwise caused by the Tenant’s operations, occupation or use of the Leased Premises, the Lands or the Park, the Tenant shall promptly at its own
expense take all action necessary to carry out a full and complete removal, cleanup, remedial or corrective action. No action by the Landlord and no attempt by the Landlord to mitigate its damages under any law shall constitute a waiver or release
of the Tenant’s obligations hereunder and the Tenant shall indemnify and save harmless the Landlord from all costs and expenses incurred by the Landlord pursuant to this Lease and in respect of the Hazardous Substances and from all other
damages suffered by the Landlord by reason of the Tenant’s actions or default hereunder. The Tenant’s obligations and liabilities hereunder shall survive the expiration or sooner termination of this Lease. 

 

	
	 ARTICLE
10

 GENERAL PROVISIONS 
  

	10.1	 Net Lease 

  

	a)	 This Lease is an absolutely Net Lease to the Landlord. Except as otherwise provided in this Lease, the Landlord
is not responsible for any costs relating to the Leased Premises, the Building, the Lands or the Park, or the Leased Premises’ use, occupancy or contents, or the business carried on in it, and the Tenant will pay all charges, impositions, costs
and expenses relating to the Leased Premises except as otherwise provided in this Lease. 

  

	b)	 The Tenant will pay GST on Rent and any other GST imposed by the applicable legislation on the Tenant in
respect of this Lease, in the manner and at the times directed by the applicable legislation. The Landlord will have all of the same remedies and right of recovery for it as it has for non-payment of Rent.

  

	10.2	 Landlord and Representatives to Act Reasonably and in Good Faith 

In making a determination, calculation, estimate or allocation or in granting any consent or approval under this Lease, the Landlord
will act reasonably and in good faith, subject to the specific provisions of this Lease. Each accountant, architect, engineer, surveyor or other professional Person employed or retained by the Landlord will act in accordance with the applicable
principles and standards of the Person’s profession. 
  

	10.3	 Entire Agreement and General Interpretation 

This Lease includes any Schedules and riders attached to it. There are no covenants, promises, agreements, representations, warranties,
conditions or understandings, either oral or written, between the parties concerning this Lease, the Leased Premises, the Building, the Lands or any other related matter, except those that are set out in this Lease. No amendment or addition to this
Lease is binding upon the Landlord or the Tenant unless it is in writing and signed by the Tenant and the Landlord. Each obligation under this Lease is a covenant. The captions, section numbers, article numbers and Table of Contents do not define,
limit, construe or describe the scope or intent of the sections or articles. The use of the neuter 

  
 - 27 - 

 
singular pronoun to refer to the Tenant is a proper reference even though the Tenant is an individual, a partnership, a Corporation or a group of two or more individuals, partnerships or
corporations. The grammatical changes needed to make the provisions of this Lease apply in the plural sense when there is more than one tenant and to corporations, associations, partnerships or individuals, males or females, are implied. Wherever
the word “including” is used it is intended to mean “including but not limited to”, and “includes” has a corresponding meaning. This Lease will be governed by the laws of Canada and the Province in which the Building is
located. Time is of the essence of this Lease. The Landlord and the Tenant agree that this Lease creates a relationship of landlord and tenant only and specifically does not create not constitute a partnership between them. 

 

	10.4	 Severability 

If a part of this Lease or the application of it is unenforceable or illegal to any extent, that part: (i) is independent of and
severable from the remainder of this Lease, and its unenforceability or illegality does not affect the remainder of this Lease; and (ii) continues to be enforceable to the fullest extent permitted by law. No part of this Lease will be enforced
against a Person, if, or to the extent that by doing so, the Person is made to breach the law, rule, regulation or enactment. 
  

	10.5	 Overholding 

The Lease shall automatically and without notice terminate on the last day of the Term or any extension thereof and the occupancy of the
Leased Premises by the Tenant after that date shall not have the effect of extending or renewing the Lease for any period of time, whether by way of tacit renewal or otherwise. The Tenant shall in such case be deemed to be occupying the Leased
Premises against the will of the Landlord, who shall have the right to avail itself of any and all recourses provided by law to evict the Tenant and claim for damages. 

Notwithstanding the foregoing, if the Tenant remains in possession of the Leased Premises after the Term, the Tenant will occupy the
Leased Premises as a month to month tenant. The monthly Rent, payable in advance on the first day of each month, will be equal to the total of: (a) twice the Base Rent payable for the last month of the Term and (b) the Additional Rent
payable for the last month of the Term. All of the other provisions of this Lease will apply as far as they can to a monthly tenancy, with any necessary modifications being assumed. 

 

	10.6	 Successors 

This Lease applies to the successors and assigns of the Landlord and the heirs, executors, administrators and permitted successors and
permitted assigns of the Tenant. If there is more than one Tenant, or more than one Person comprising the Tenant, each is bound jointly and severally by this Lease. 
  

	10.7	 Waiver 

The waiver by the Landlord or the Tenant of a default under this Lease is not a waiver of any subsequent default. The Landlord’s
acceptance of Rent after a default is not a waiver of any preceding default under this Lease even if the Landlord knows of the preceding default at the time of acceptance of the Rent. No obligation or term

  
 - 28 - 

 
of this Lease will be considered to have been waived by the Landlord or the Tenant unless the waiver is in writing. 
  

	10.8	 Notices 

Any notice, citation, directive, Order, inspection, proceeding, Judgment or other communication, written or oral, actual or threatened;
any demand, consent or request (a “Notice”) under this Lease will be in writing and will be delivered in person, by courier, or sent by registered mail postage prepaid and addressed: (a) if to the Landlord, at the address
specified in Paragraph #1 of the Basic Terms or to such other Person at any other address that the Landlord designates by Notice; and (b) if to the Tenant, at the Leased Premises or such other address otherwise specified in Paragraph #2
of the Basic Terms (if any), or, at the Landlord’s option, at the address of any designated agent of the Tenant (when Tenant is a Corporation). 

A Notice will be considered to have been given or made on the day that it is delivered, or, if mailed, provided postal service is not,
or is not expected to be interrupted, three (3) days after the date of mailing. If there is more than one Tenant, it will suffice if the Landlord delivers or mails a Notice to only one of them. Service by electronic means (such as e-mail or facsimile) is not deemed to be valid service of Notice. 
  

	10.9	 Registration 

This Lease or any assignment or sublease or other document evidencing an interest of the Tenant or any other party in this Lease or the
Leased Premises shall not be registered against title to the Lands. However, the Tenant may register a notice of lease or caveat describing the parties, the term, and options to renew, if any, but not the Rent or other financial details of this
Lease and then only after the form and terms of such notice of lease or caveat have been approved in writing by the Landlord, the whole at the cost of the Tenant, including the cost of registration and providing a copy of such registration to the
Landlord. The Tenant agrees that within thirty (30) days after the expiry of this Lease, the Tenant shall provide the Landlord with written proof that the notice of lease or caveat registered against title to the Lands has been removed. 

 

	10.10	 Secured Claims 

The Tenant will ensure that no Secured Claim is registered or filed against: (a) any part of the Building or the Lands;
(b) the Landlord’s or any Mortgagee’s interest in any part of the Building or the Lands; or (c) the Tenant’s interest in the Leased Premises or any of the leasehold improvements in the Leased Premises; by any Person claiming
by, through, under or against the Tenant or its contractors or subcontractors. If a Secured Claim is registered or filed and the Tenant falls to promptly discharge it after receipt of notice from the Landlord, the Landlord may discharge the Secured
Claim or notice of it by paying the amount claimed to be due into court (together with whatever additional amounts are required to be paid into court to obtain its removal) or directly to the holder of the Secured Claim and the Tenant will pay to
the Landlord on demand all costs (including legal fees) incurred by the Landlord in connection with the Secured Claim, plus the Supervision Fee. 

  
 - 29 - 

	10.11	 Rules and Regulations 

The Tenant will comply with the Rules and Regulations passed and revised by the Landlord from time to time (“Rules and
Regulations”). However, the Tenant will not be responsible for complying with any Rules and Regulations beyond those contained in Schedule “E”, unless notice of them is first given to the Tenant. No Rules and Regulations will be
enforced against the Tenant in a discriminatory manner or impose any charge or payment on the Tenant which is not expressly provided for in this Lease. 
  

	10.12	 Indemnifier 

The Tenant shall deliver to the Landlord, on or before the execution of this Lease by the Tenant, the Landlord’s standard form of
indemnity agreement duly executed by the Indemnifier, if any. 
  

	10.13	 Force Majeure 

Despite anything to the contrary, if the Landlord or the Tenant is, in good faith, prevented from doing anything required by this Lease
because of Force Majeure, the doing of the thing is excused for the period of the Force Majeure and the party prevented will do what was prevented within the required period after the Force Majeure, but this does not excuse either party from payment
of amounts they are required to pay at the times specified in this Lease. 
  

	10.14	 Acceptance of Lease 

The Tenant accepts this Lease of the Leased Premises to be held by it as Tenant, subject to the terms set out in this Lease. 

 

	10.15	 Broker 

The Tenant represents and warrants that no broker, agent or other intermediary introduced the parties or negotiated or was instrumental
in negotiating or consummating this Lease, with the exception of the broker, if any, indicated in Paragraph #16 of the Basic Terms, whose commission shall be paid by the Landlord, and the Tenant shall indemnify and hold the Landlord harmless from
and against any claim made by any other broker, agent or other intermediary. 
  

	10.16	 Limited Recourse 

The recourse of the Tenant against the Landlord shall be limited to the Landlord’s interest in the Lands and Building. The Tenant
shall have no recourse to any other assets of the Landlord, nor to any claim against any beneficial owner, limited partner or unit holder, directly or indirectly, of the Landlord. 

 

	10.17	 Parking 

The Tenant shall have the right to use the parking facilities located on the Lands in the manner described in Paragraph #16 of the Basic
Terms. 
 The Landlord and any Person authorized by the Landlord shall have the right without unduly interfering with the
Tenant’s business to relocate or alter parking areas, 

  
 - 30 - 

 
driveways and access ramps from time to time as the Landlord may desire including the reduction, increase or change of the size and location thereof provided always that access to and from the
Leased Premises are at all times available during the business hours of the Building established by the Landlord. 
 The Tenant
specifically covenants and agrees that the Landlord shall not be responsible for any damage whatsoever which may be caused to any vehicles or contents thereof belonging to the Tenant, its employees, invitees and guests while any such vehicle is in
or about the parking facilities. It is expressly agreed that the Tenant’s vehicle(s) is/are upon the parking facilities at the Tenant’s sole risk and that the Landlord shall not be responsible for any theft, loss or damage to any such
vehicles, accessories or equipment, or to any goods, merchandise, effects, or contents contained therein, nor for damage or destruction by fire in whole or in part howsoever caused. 

 

	10.18	 Confidentiality 

The Tenant shall not disclose to any Person, the financial or any other terms of this Lease, except to its professional advisers,
consultants and auditors, if any, and except as required by law. 
 THE PARTIES HAVE SIGNED BELOW to indicate their agreement. 

 

							
	 TENANT:
	 	 DIRTT ENVIRONMENTAL SOLUTIONS LTD.
	 	
                         
   

				
		 	 Per:
	 	 /s/ Miles Nixon
	 	
		 		 	 Name: Miles Nixon
	 	
		 		 	 Title: VP Finance
	 	
				
		 	 Per:
	 	  
	 	
		 		 	 Name:
	 	
		 		 	 Title:
	 	
			
		 	 I/We have the authority to bind the Corporation
	 	
			
	 LANDLORD:
	 	 DUNDEE INDUSTRIAL TWOFER (GP) INC.
	 	
		 	 by its manager
	 	
		 	 Dundee Realty Management Corp.
	 	
				
		 	 Per:
	 	 /s/ Yanick Frappier
	 	
		 		 	 Yanick Frappier
	 	
		 		 	 V.P. Western industrial
	 	
			
		 	 I have the authority to bind the Corporation
	 	

  
 - 31 - 

 SCHEDULE “A” 

PLAN OF LEASED PREMISES 
  

 
 

 

 SCHEDULE “B” 

DESCRIPTION OF LANDS 
 FIRST 

PLAN 751LK 
 BLOCK 4 

LOT 9 
 CONTAINING 0.902 HECTARES (2.23 ACRES)
MORE OR LESS 
 EXCEPTING THEREOUT ALL MINES AND MINERALS 

SECOND 
 PLAN 751LK 

BLOCK 4 
 LOT 10 

CONTAINING 0.874 HECTARES (2.16 ACRES) MORE OR LESS 

EXCEPTING THEREOUT ALL MINES AND MINERALS 

 SCHEDULE“C” 

LANDLORD’S WORK 
 The Landlord’s
Work, as set out below, shall be performed by Landlord at its cost in the Premises, on a “once only” basis. Such Landlord’s Work shall be completed on the later of: 30 business days after receipt by Landlord of the Lease duly
executed by Tenant in a form accepted by Landlord together with Tenant’s architectural plans and specifications, and October 31, 2013. 

The Landlord’s Work is as follows: 
  

	1.	 Install a new fire alarm system at the Building with an engineered design system to meet current code requirements as
per the PDS fire protection Inc. quote dated May 15, 2013. The fire alarm system will include but not limited to the following: 

  

	 	a)	 New notlfier 640 panel c/w 2 loops and additional power supply; 

	 	b)	 Manual pull stations at all exit doors and at the top of all stairs: 

	 	c)	 Horn and Strobes at all exits under mezzanines and in each 2nd
floor areas; 

	 	d)	 Connection of all sprinkler, existing paint booths, and kitchen hood systems; 

	 	e)	 Approximately 30 heat detectors in non-sprinkled area; and

	 	f)	 Approximately 30 horn and strobes in the centre of existing production area. 

 SCHEDULE “D” 

 

					
	 	 	 	 	 
	 	 	PRE-AUTHORIZED DEBIT (PAD) ENROLLMENT FORM 	 	 
	 		 
	 	 	    	 	 

 
     Tenant Information: 

 

					
	 Tenant Name:

 

	
Contact Person:
  

	
Address:
  

	 City:

 
	  	 Postal Code:

 
	  	 Telephone:

 

     Bank Account Information: 

 

					
	 Financial Institution:

 

	
Contact Person:
  

	
Address:
  

	 City:

 
	  	Postal Code:	  	Telephone:
	 Bank # (3
characters):
  
	  	Transit # (5 characters):	  	Account #:

 NOTE: Please enclose a blank cheque marked “VOID” with this form 

 

                         
                                         
                                         
                                         
                                         
                                        

TERMS AND CONDITIONS FOR PAD SERVICE 

Beneficial Owner shall be known as the “Payee”. The bank account holder(s) shall be known as “Payor”. The
“Processing Institution” shall be known as the financial institution listed by the Payor. 
 I/We acknowledge that this authorization
is provided for the benefit of the Payee and the Processing Institution and is provided in consideration of the Processing Institution agreeing to process debits against my account in accordance with the rules of the Canadian Payments Association.

	1.	 Valid Signing Authority 

I/We warrant and guarantee that all persons whose signatures are required to sign on this account have signed this agreement below. 

 

	2.	 Authority to Debit Account 

I/We hereby authorize the Payee to draw on the Payor’s account number with the Processing Institution for monthly charges as per
the rental invoice. 
  

	3.	 Cancellation of Authorization 

The Payor may cancel this authorization at any time upon notice. I/We acknowledge that in order to revoke this authorization, I/We must
provide notice of revocation to the Payee care of Triovest Realty Advisors Inc. 
  

	4.	 Acceptance of Delivery of Authorization 

I/We acknowledge that provision and delivery of this authorization to the Payee constitutes delivery by the Payor to the Processing
Institution. Any delivery of this authorization to you constitutes delivery by the Payor. 
  

	5.	 Processing Date 

The transaction will occur on the first business day of the month. 

Effective:        I        I    
    I        for the amount of $         
  

	6.	 Account Information 

The account that the Payee is authorized to draw upon is indicated on the front of this form. A specimen cheque for this account has
been marked “VOID” and attached to this authorization. I/We undertake to inform Triovest Realty Advisors Inc., in writing, of any change in the account information provided in this authorization prior to the next due date of the PAD. 

 

	7.	 Validation by Processing Institution 

I/We acknowledge that the Processing Institution is not required to verify that a PAD has been issued in accordance with the particulars
of the Payor’s authorization including, but not limited to, the amount. I/We acknowledge that the Processing Institution is not required to verify that any purpose of payment for which the PAD was issued has been fulfilled by the Payee as a
condition to honoring a PAD issued or caused to be issued by the Payee on the Payor’s account. 
  

	8.	 Contract for Goods or Services 

Revocation of this authorization does not terminate any contract for goods and services that exists between that Payor and the Payee.
The Payor’s Authorization applies only to the method of payment and does not otherwise have any bearing on the contract for goods or services exchanged. 

	9.	 Payor’s Right of Dispute 

A Payor under the following conditions may dispute a PAD: 

	 	(i)	 the PAD was not drawn in accordance with Payor’s Authorization; or 

	 	(ii)	 the authorization was revoked; or 

	 	(iii)	 pre-notification was not received. 

The Payor, in order to be reimbursed, acknowledges that a declaration to the effect that either (i), (ii) or (iii) took place, must be completed
and presented to the branch of the Processing Institution holding the Payor’s account up to and including 10 business days after the date on which the PAD in dispute was posted to the Payor’s account. 

I/We read and agree with Terms and Conditions for Pre-Authorized Debit. 

 

							
	 Authorized Signature:
  
	 		  	 Authorized Signature:
  
	  	
	  
  (Please print
name)
	 		  	  
  (Please print
name)
	  	
				
	
Date:                        
                                      
	 		  	
Date:                        
                                    
	  	

 SCHEDULE “E” 

RULES AND REGULATIONS 
  

	1.	 The Tenant shall not use the sidewalks, driveways and parking areas surrounding the Building for any other purpose
than for ingress and egress to the Leased Premises and for parking facilities. The Tenant shall not place or allow to be placed upon the Common Elements any waste paper, garbage or refuse or any other thing whatsoever that shall tend to make them
appear unclean, untidy or filthy, and no vehicle shall be repaired on or about the Common Elements or left overnight. 

  

	2.	 The water closets and other water apparatus shall not be used for any other purpose other than those for which they
were constructed, and no sweepings, rubbish, rags, ashes or other substances shall be thrown therein, and any damage resulting to them from misuse shall be borne by the Tenant by whom or by whose employee the damage was caused.

  

	3.	 In the event that the Landlord provides and installs a Public Directory Board inside and/or outside the main entrance
to the Building, the Tenant’s name or names shall be placed on the said Board at the expense of the Tenant, same to be charged to the Tenant in the month’s bill for Rent rendered, and shall be recoverable as Additional Rent.

  

	4.	 If any sign, advertisement or notice shall be inscribed, painted or affixed by the Tenant on or to any part of the
said Building whatsoever, then the Landlord shall be at liberty to enter on said Building and pull down and take away any such sign, advertisement or notice, and the expense thereof shall be payable by the Tenant. 

 

	5.	 No safes, machinery, equipment, heavy merchandise or anything liable to injure or destroy any part of the Building
shall be taken into it without the consent of the Landlord in writing, and the Landlord shall in all cases retain the power to limit the weight and indicate the place where such safe or the like is to stand, and the cost of repairing any and all
damage done to the Building by installing or removing such safe or the like, or during the time it is installed or on the Leased Premises shall be paid for on demand by the Tenant who so causes it. The Tenant shall not load any floor beyond its
reasonable weight carrying capacity as set forth in the municipal or other codes applicable to the Building. 

  

	6.	 The Tenant shall not install or erect any receiving or transmitting antennas, dish or similar devices on the roof or
any exterior walls of the Building or on the Lands without obtaining the prior written consent of the Landlord. 

  

	7.	 No animals shall be kept in or about the Leased Premises. 

 

	8.	 The Tenant shall maintain the Leased Premises free of insects, rodents, vermin and other pests. 

 

	9.	 If the Tenant desires facsimile or telephone, call bell or other private signal connections, the Landlord reserves the
right to direct the electricians or their workers as to where and how the wires are to be introduced and without such directions no boring or cutting for wires shall take place. No others wires of any kind shall be introduced without the prior
written consent of the Landlord. 

  

	10.	 No one shall use the Leased Premises for sleeping apartments or residential purposes. 

 

	11.	 The Tenant must observe strict care not to allow the windows or doors of the Leased Premises to remain open so as to
admit rain or snow, or so as to interfere with the 

  
 1 

	 	 
heating of the Building. If the Tenant neglects this rule, it will be responsible for any damage caused to the property of the other tenants or to the property of the Landlord. The Tenant, when
closing offices for business, day or evening, shall close all windows and lock all doors. 

  

	12.	 The Tenant shall give to the Landlord prompt written notice of any accident or any defect in the water pipes, gas
pipes, heating apparatus, or electric light, or other wires in any part of said Building. 

  

	13.	 No offensive odors shall be released by the Tenant’s operation so as to affect the enjoyment of any other tenants
in or around the Building. 

  

	14.	 Nothing shall be placed on the outside of windows or projections of the Leased Premises. No air-conditioning equipment shall be placed at the windows of the Leased Premises without the consent in writing of the Landlord. 

 

	15.	 All glass, locks and trimmings in or upon the doors or windows of the Leased Premises shall be kept whole and whenever
any part thereof shall become broken, the same shall be immediately replaced or repaired under the direction and to the satisfaction of the Landlord, and such replacements and repairs shall be paid for by the Tenant. 

 

	16.	 No heavy equipment of any kind shall be moved within the Building without skids being placed under the same, and
without the consent of the Landlord in writing. 

  

	17.	 No person may enter upon the roof of the Building and any person entering upon the roof does so at their own risk.

  

	18.	 The Tenant shall not install cooking apparatus except in a portion of the Building rented for that purpose.

  

	19.	 The Landlord shall have the right to make such other and further reasonable rules and regulations and to alter, amend
or cancel all rules and regulations as in its judgment may from time to time be needed for the safety, care and cleanliness of the Building and for the preservation of good order therein and the same shall be kept and observed by the Tenant, and its
employees. The Landlord may from time to time waive any of such rules and regulations as applied to particular tenants and is not liable to the Tenant for breaches thereof by other tenants. 

 

	20.	 There shall be no smoking permitted in the Leased Premises at any time. 

  
 2 

 SCHEDULE “F” 

TENANT’S LIST OF HAZARDOUS SUBSTANCES 
 To
be provided by Tenant and approved by Landlord prior to the Commencement Date, if any 

 SCHEDULE “G” 

TENANT’S LEASEHOLD IMPROVEMENTS 
 To be
provided by Tenant and approved by Landlord prior to the Commencement Date, if any 

 Extension 

LEASE AMENDING AGREEMENT 
 THIS AGREEMENT
made as of the 21st day of October 2016 
 B E T W E E N: 

 

			
		 	 DREAM INDUSTRIAL TWOFER (GP) INC.

		 	 (hereinafter called
“Landlord”)

		
		 	 - and -

		
		 	 DIRTT ENVIRONMENTAL SOLUTIONS LTD.

		 	 (hereinafter called “Tenant”)

 WHEREAS: 

A.        By a lease dated November 5, 2013 between Dundee Industrial Twofer (GP) Inc., as
landlord, and Tenant (the “Lease”), Dundee Industrial Twofer (GP) Inc. leased to Tenant for a term of five (5) years commencing April 1, 2015 and expiring March 31, 2020 (the “Term”) certain premises comprising an
area of approximately [***] square feet of Rentable Area, designated as Units B, E, & F – H (the “Premises”), as further described in the Lease, in the building municipally located at 7504 – 30 Street SE, Calgary, Alberta
(the “Building”); 
 B.        Effective August 14, 2014, Dundee Industrial Twofer (GP) Inc. changed
its name to Dream Industrial Twofer (GP) Inc.; and 
 C.        Landlord and Tenant have agreed to
extend the Term of the Lease for a further period of two (2) years and ten (10) months commencing on April 1, 2020 and expiring January 31, 2023, and to amend certain other provisions of the Lease. 

NOW THEREFORE this agreement witnesses that in consideration of the covenants and agreements herein contained (the receipt and sufficiency of which is hereby
acknowledged) the parties hereto covenant and agree with each other as follows: 
  

	1.	 Interpretation: The recitals are true in fact and in substance. Except as
otherwise expressly provided in this Agreement the terms used herein shall have the meanings attributed to them in the Lease. Terms defined herein, including in the recitals, will be incorporated by reference into the Lease unless there is something
in the subject matter or context inconsistent therewith. 

  

	2.	 Extended Term: The Term of the Lease shall be and is hereby extended for a
further period of two (2) years and ten (10) months (the “Extended Term”) commencing on April 1, 2020 and expiring on January 31, 2023.

  

	3.	 Use: Tenant shall use the Premises throughout the Extended Term only as provided
in the Lease. 

 2 
  

	4.	 Additional Rent: During the Extension Term, the Lease shall be fully net to
Landlord. In addition to the payment of Base Rent, Tenant shall pay to Landlord Additional Rent as provided for and in accordance with the Lease 

  

	5.	 Rent Payments: Tenant shall make all payments
of Base Rent and Additional Rent by way of pre-authorized debit (PAD) installments in advance on the first day of each month commencing on the Extended Term, in accordance with the Lease. Tenant shall complete
all forms requested by Landlord and shall provide any information required for such PAD payments, prior to the Extended Term. 

  

	6.	 Deposit: Landlord and Tenant acknowledge that Landlord holds a security deposit
of $35,000.00 which shall be held and applied by Landlord in accordance with the Lease. 

  

	7.	 Condition of Premises: The Premises will be in “as is” condition, with
the exception of the work to be completed by Landlord as outlined in Landlord’s work herein. Tenant shall be responsible at its own expense for any modifications or renovations within the Premises, subject to the prior approval of the Landlord
and the general procedures outlined in the Lease. 

  

	8.	 The Lease shall be amended by deleting section 1. Landlord, of Basic Terms, in its entirety and replacing
with the following: 

  

					
		 	 “1.             LANDLORD:
	    	 Dream Industrial Twofer (GP) Inc., by its manager, Dream Industrial Management Corp., having a place of business
at 734 – 7th Avenue S.W., Suite 400, Calgary, AB T2P 3P8”

  

	9.	 The Lease shall be amended by deleting section 7. Base Rent, of Basic Terms, in its entirety and replacing
with the following: 

  

					
		 	 “7.             BASE RENT:
	    	 The Base Rent shall be paid monthly in advance by the Tenant on the Commencement Date and thereafter on the first day of
each month and computed at the rate of:

  

							
	 Lease Years
	  	 Annual Rate

(per square foot of
 Leasable
Area of the 
 Leased Premises) *
	  	 Annual Amount

(plus GST)
	  	 Monthly

Amount
 (plus
GST)

				
	 April 1, 2015 to and including

March 31, 2019
	  	$[***]	  	$[***]	  	$[***]
				
	 April 1, 2019 to and including

March 31, 2022
	  	$[***]	  	$[***]	  	$[***]
				
	 April 1, 2022 to and including

January 31, 2023
	  	$[***]	  	$[***]	  	$[***]

  

	10.	 The Lease shall be amended by deleting section 17.1, Tenant’s Work, of Special Provisions of Basic
Terms in its entirety and replacing with the following: 

  

	 	“17.1.	 Tenant’s Work 

The Tenant’s Work (to be performed by Tenant at its sole risk and cost) shall consist of constructing the leasehold
improvements and doing all work required to open for 

 3 
  

business, all in accordance with the Lease, Landlord’s criteria and standards for the Building and in strict accordance
with plans and specifications to be approved by Landlord before the commencement of any the Tenant’s Work. Prior to commencing any the Tenant’s Work, Tenant shall provide Landlord with an insurance certificate from its contractor’s
insurer confirming builder’s risk and public liability coverage in an amount not less than $5,000,000 per occurrence and evidence that all required building and municipal permits and authorizations, if required, have been obtained. Tenant shall
reimburse Landlord for any fees payable to Landlord to Landlord’s architect, engineers, and consultants for examination of Tenant’s plans and specifications and for inspection of Tenant’s Work. 

The Tenant’s Work is as follows: 
  

	 	(1)	 Invest $700,000.00 to $900,000.00 as part of a kitchen and cafeteria expansion. Landlord agrees that section
4.15(ii) of the Lease shall not apply to the kitchen and cafeteria expansion although any equipment in this expansion may be removed by Tenant at Tenant’s discretion. 

 

	 	(2)	 Rectify plumbing issues in the main entrance washrooms which have been an issue since Tenant’s initial
occupancy of the Leased Premises. 

 Landlord acknowledges that Tenant has recently completed the
following work to the Leased Premises: 
  

	 	·	 	 Installed LED lighting in approximately half of the Leased Premises. 

 

	 	·	 	 Provided and installed air conditioning throughout the entire Leased Premises. 

 

	 	·	 	 Provided and installed make up air units to service the Leased Premises. 

 

	 	·	 	 Renovated, refreshed and/or upgraded all washrooms. 

 

	 	·	 	 Replaced all six (6) unit heaters in the woodshop area to sealed units. 

 

	 	·	 	 Renovated the mezzanine areas. 

 

	 	·	 	 Upgraded power systems. 

 

	 	·	 	 Installed two (2) new dock doors including levelers and automated openers. 

 

	 	·	 	 Installed card access system throughout. 

 

	 	·	 	 Installed video surveillance system throughout.” 

 

	11.	 Section 17.5, Termination of Prior Lease, of Special Provisions of Basic Terms, has been satisfied and
shall be deleted in its entirety. 

  

	12.	 The Lease shall be amended by deleting subsection (ii) of section 4.15, Removal of Alterations and
Restoration of Leased Premises, and replacing with the following: 

  

	 	“(ii)	 at the Landlord’s option to be exercised by reasonable prior written notice to such effect, remove all
(or part, as designated by Landlord) Alterations, including all office and built out areas, and excepting the mezzanine areas and any structural components related to the mezzanines, regardless of the condition of the Leased Premises at the
Commencement Date of the Term, failing which all Alterations will be removed by the Landlord at the Tenant’s cost subject to a Supervision Fee. Tenant shall be responsible for all repairs/capping off of penetrations and/or venting resulting
from restoration of the kitchen and cafeteria areas.” 

 4 
  

	13.	 The Lease shall be amended by adding the following as a new paragraph at the end of section 4.15, Removal of
Alterations and Restoration of Leased Premises: 

 “Notwithstanding the foregoing, the air-conditioning system and makeup air units (the “MUA’s) for the warehouse areas shall be considered Tenant’s trade fixtures and not an Alteration. Therefore Tenant shall have the responsibility to
maintain, repair and replace these systems servicing the warehouse and be permitted to remove the MUA’s at the end of the extended Term and/or any subsequent renewals thereof. Tenant is responsible for all repairs/capping off of penetrations
and/or venting resulting from the removal of such equipment.” 
  

	14.	 The Lease shall be amended by deleting Section 5.5, Relocation, in its entirety. 

 

	15.	 The Lease shall be amended to incorporate the Scheduled Roof Replacements as Schedule “A-1”, attached hereto. 

  

	16.	 The Lease shall be amended by deleting Schedule “C”, Landlord’s Work, in its entirety and
replacing with the following: 

 “The Landlord’s Work, as set out below, shall be performed by
Landlord at its sole cost on a “once only” basis in the Premises. Tenant acknowledges Landlord and its contractors shall have the right to complete the Landlord’s Work, in common with the construction of Tenant’s Leasehold
Improvements and Tenant shall exhibit best efforts to minimize interference to Landlord with the construction of the Landlord’s Work. 

The Landlord’s Work is as follows: 
  

			
	
(1)   Landlord has inspected all exterior doors (including all loading doors and man
doors). The following work is to be completed:
  

·   Install
 brush weather seals on dock doors #1, 2, 5 and 6. Shim lips on dock levelers on dock doors #2 and 3. Replace dock seals on door #10, and replace side weather seals on doors #7, 9, 15 and 19 (to confirm, it has been agreed with the Tenant that only
overhead doors that are being used will be serviced).
  
	  	  

 
 Completion Date: October 31, 2016

	
·   Remove
 and replace weather stripping on 20 steel man doors and frames, as well as service pivots on 2 aluminum doors and replace one steel door and frame.
  
	  	 Completion Date:
October 31, 2016

	
(2)   The parking area west of door P-15 often has standing water which does not flow north to the drain. Landlord will correct issue by grinding pavement to the nearest catch basin, resurfacing to create a slight swale to direct drainage.

 
	  	 Completion Date:
October 31, 2016

	
(3)   Repaint the metal railings and stairs at door

 
	  	 Completion Date:
October 31, 2016

 5 
  

 

			
	 P-15.
  
	  	 
	
(4)   Install railings at door P-18.

 
	  	 Completion Date:
October 31, 2016

	 	 
	
(5)   Cut back existing bushes outside door P-18 in order to accommodate regrowth in spring.
  
	  	 Completion Date:
October 31, 2016

	 	 
	
(6)   Renovate the internal staircase located approximately in
the middle of the west side of the building to match the staircase at the north end of the building (requires removal of VCT tile and stair edge to be replaced with rubber molded stair/landing covering)

 
	  	 Completion Date:
December 31, 2016

	 	 
	
(7)   During rain events excessive water is building up at the
rear of the building which could impact emergency exits/staircases. Landlord will install/repair/replace as necessary railings and stairs, as well as add gravel on the ground to ensure there is no gap between staircase and ground, for all rear doors
that are in use as emergency exits.
  
	  	  

Completion Date: February 28, 2017

	 	 
	
(8)   Concrete on the exterior staircase landings has
deteriorated and temporary steel plates have been installed which are not an adequate solution as Tenant does not deem this to be safe and/or presentable. Landlord shall provide a permanent fix such as resurfacing the concrete.

 
	  	 Completion Date:
December 31, 2017

	
(9)   Landlord shall transform the three small green spaces on
the west side of the building into usable outdoor sitting areas through levelling of landscaping or other means:
  

·   Landlord will
remove grass mound along the west wall of the factory (exterior area from door P-6 to P-7) and replace pavers to create hardscaped usable area, including small retaining
wall near staircase and planter.

·   Existing curb at
door P-9 to P-10 to remain, however dirt to be removed and replaced with pavers to create hardscaped area.

·   Landlord will
examine the last area along the new concrete side walk from P-10, P-11 and P-12 as the steep surfaces extend under the dust
collectors.

·   Remove curb (grass
peninsula) in front of door P-18, align new curb with existing
	  	 Completion Date for this section
(9): December 31, 2017

 6 
  

 

			
	
curb and use hardscape materials to accommodate steep slope.

 
	  	 
	
(10)   Remove small grass peninsula & curb just in
front of the dust collectors, to allow for one more parking stall. Align new curb with existing curb. Use hardscape material to replace mulch along the steep slope.

 
	  	 Completion Date:
December 31, 2017

	
(11)   Improve/add parking lot lighting by adding two light
posts in a location to be determined by the contractor.
  
	  	 Completion Date:
December 31, 2017

	
(12)   Replace 22 windows on the building.

 
	  	 Completion Date: December 31, 2017

	
(13)   Undertake sectioned roof replacement as per annual plan
as outlined on Schedule “A-l” attached hereto.
  
	  	
Completion Dates: as per Schedule “A-l” attached hereto.

 Landlord will leave the northern most grassed curb area intact to remain as separation between
DIRTT and Trans Freight McNamara’s parking assignments.” 
  

	 	17.	 Ratification of Lease: Except as herein provided, the terms and conditions of
the Lease shall continue in full force and effect and the Lease as extended and amended herein is hereby ratified and affirmed by each of Landlord and Tenant and shall be binding upon the parties hereto and their respective successors and permitted
assigns. 

  

	 	18.	 General: Time, in all respects, shall remain of the essence. The section
headings in this Agreement have been inserted for convenience of reference only and shall not be referred to in the interpretation of this Agreement nor the Lease. This Agreement shall be interpreted according to and governed by the laws having
application in the Province of Alberta. 

 -END OF TEXT ON THIS PAGE- 

 7 
  

	19.	 Status of Manager: Tenant acknowledges that Dream Industrial Management Corp.
(“DIMC”) has executed this Agreement solely in its representative capacity as property manager for Landlord and that DIMC shall have no personal liability under the provisions of this Agreement or the Lease. Subject to the
foregoing, DIMC shall represent and act for and on behalf of Landlord for all purposes of this Agreement and the Lease. 

IN WITNESS WHEREOF the parties hereto have executed this Agreement. 
  

					
	 LANDLORD
	 	 DREAM INDUSTRIAL TWOFER (GP) INC.,

by its Manager, Dream Industrial Management Corp.

			
		 	 Per:
	 	 /s/ Dave McLean

		 	 Name:
	 	 Dave McLean

		 	 Title:
	 	 VP, Portfolio Management

		
		 	 I have authority to bind the corporation

		
	 TENANT:
	 	 DIRTT ENVIRONMENTAL SOLUTIONS LTD.

			
		 	 Per:
	 	 /s/ Derek Payne

		 	 Name:
	 	 Derek Payne

		 	 Title:
	 	 CFO

			
		 	 Per:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
		
		 	 I have authority to bind the corporation

 8 
  

SCHEDULE “A-1” 

SCHEDULED ROOF REPLACEMENTS

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