Document:

EXHIBIT 4.(A).5

 

[FREE
TRANSLATION]

 

SUBLEASE
AUTOMATIC TELLER MACHINE CONTRACT

 

SMU
S.A. ET AL

 

AND

 

CORPBANCA

 

IN SANTIAGO, CHILE, on the twenty-sixth day of November of the year
two thousand eight, the companies SMU S.A.,
Taxpayer ID Number seventy-six million, twelve thousand, six hundred
seventy-six dash four, RENDIC HERMANOS S.A., Taxpayer
ID Number seventy-six million, twelve thousand, six hundred seventy-six dash
four, SUPERMERCADOS BRYC S.A., Taxpayer ID
Number seventy-six million, fifteen thousand, four hundred fifty-four dash
seven, DISTRIBUIDORA SUPER DIEZ S.A., Taxpayer
ID Number seventy-six million, fifteen thousand, four hundred forty-two dash
three, all represented by Mrs. PILAR DAÑOBEITIA ESTADES, Chilean,
single, accountant, national identification number eight million, six hundred
sixty-eight thousand, one hundred ninety-five dash one, domiciled for these
purposes at Rosario Norte number six hundred sixty, twenty-second floor, in the
district of Las Condes, Metropolitan Region, hereinafter the “Companies” or the
“Sublessors”, and CORPBANCA, joint
stock corporation, Taxpayer ID Number ninety-seven million, twenty-three
thousand dash nine, represented by Mr. MARIO
CHAMORRO CARRIZO, Chilean, married, degree in Business
Administration, national identification number seven million, eight hundred
ninety-three thousand, three hundred sixteen dash K, both domiciled in this
city at Rosario Norte number six hundred sixty, tenth floor in the district of
Las Condes, Metropolitan Region, hereinafter the “Bank”
or the “Sublessee”; each of legal age and accrediting their identity with the
aforementioned national identification cards do hereby declare:

 

FIRST:  The Companies manage and operate various supermarkets in Chile,
hereinafter referred to collectively as the Supermarkets and individually
listed in the Appendix to this Contract, which shall be duly signed by the
Companies and the Bank and is understood to form part of this contract for all
legal and contractual purposes.

 

SECOND:  By this instrument, the Companies agree to sublease to the Bank one or
more spaces inside each of the Supermarkets they lease, so the Bank may install
Automated Teller Machines therein.

 

The Companies declare that the lease contracts
for the property containing the physical spaces subleased by virtue of this
instrument shall remain in force for a term equal to or greater than the term
of this instrument and that these contracts give the Companies authorization to
sublease.

 

Automated Teller Machines shall mean cash
dispensing machines activated using a card and personal identification number,
used to carry out transactions that this device is or in the future will be
equipped for and that are connected to the Chilean ATM Network, hereinafter
referred to indiscriminately as the Automated Teller Machines or simply the ATMs. By
virtue of this Contract, the Bank undertakes the obligation to install
cabinetry for the ATMs, their equipment, fixtures and any other necessary
component, within the subleased spaces.

 

THIRD:  The Appendix referred to in the first clause of this Contract contains
the name of the Sublessor of the respective Supermarket, the address where the
Supermarket is located, a referential number of ATMs that shall be installed in
each Supermarket and a referential installation date.

 

 

The number of ATMs to be installed in each
Supermarket, contained in the aforementioned Appendix, has been determined
based on a technical-economic assessment performed by the parties, by mutual
agreement, considering at least one ATM per Supermarket and a minimum [OMITTED](1) ATMs for all of the Supermarkets referred
to in the Appendix.

 

FOURTH: The Companies shall not interfere in any way with management of the ATMs
or access to or use of them by their users, at all times maintaining access to
them free of obstacles of any kind and allowing the general public to access
the space where the Automated Teller Machines are located on all days and at
all times when the Supermarket is open to the public.

 

The Companies shall provide access to personnel
from both the Bank and any security companies hired to that effect, to all of
the areas where ATMs are installed, for inspection, supply, maintenance and
cleaning purposes, during the times scheduled for these purposes by the
Companies.

 

The Automated Teller Machines shall operate on
the days and hours in which the Supermarket is open to the general public.

 

FIFTH:  The ATMs shall be installed by the Bank, which can make any
improvements, modifications and alterations to the subleased space for installation
purposes that do not affect normal business operations, with prior
authorization from the Companies.

 

All costs for installation, dedicated telephone
lines, security devices, maintenance and other components needed for the ATMs
to operate shall be incurred and borne directly by the Bank, except for the
cost of electricity that the ATMs need to operate, which will be borne by the
Companies.

 

Property tax on the subleased space and other
required services shall be borne by the Companies.

 

For the purpose of delivering possession of the
space for installing each ATM, the parties agree to draft a statement, signed
by each party, to leave record of the delivery date.

 

SIXTH:  
The Companies shall not
extend the  lease or sublease contracts
currently in force or grant new leases or subleases to other financial
institutions for spaces in the Supermarkets to install Automated Teller
Machines.

 

The Bank is authorized to install, maintain and
operate Automated Teller Machines in the places and within the real estate
properties it deems appropriate, including other Supermarkets or Supermarket
Chains, without requiring authorization from any of the Companies for such
purposes.

 

SEVENTH:  By this
instrument, the Bank prepays the Companies the total of the sublease rent
payments for all of the subleased spaces to install a maximum of [OMITTED](2) ATMs, and for the full term of the contract
(i.e. until the thirtieth day of June of the year two thousand nineteen),
equivalent to one million, one hundred fifty-two thousand, two hundred thirteen
Unidades de Fomento (“UF”), which, as
of this date, amount to twenty-four billion, six hundred thirty-nine million,
six hundred thirty-seven thousand, one hundred sixty-four pesos, which the
Companies, represented as indicated above, declare to receive in full
conformity and, therefore, they consider all sublease rent for the spaces in
which a maximum of [OMITTED](3) Automated
Teller Machines shall be installed, to be fully paid.

 

(1)          Confidential portion omitted and filed separately with the
SEC.

(2)          Confidential portion omitted and filed separately with the
SEC.

(3)          Confidential portion omitted and filed separately with the
SEC.

 

2

 

It is hereby expressly stated that:

 

a) The sublease rent during the full term of
this contract amounts to the equivalent of [OMITTED](4) UF
for each of the ATM spaces located in the Supermarkets itemized in the Appendix
referred to in the first clause;

 

b) That the sum paid in this act of twenty-four
billion, six hundred thirty-nine million, six hundred thirty-seven thousand,
one hundred sixty-four pesos, includes a discount for prepayment of the monthly
sublease rent, at a discount rate of UF plus seven point zero zero percent per
annum, calculated using the delivery dates contained in the Appendix, in
accordance with which the sublease rent being prepaid amounts to: two thousand,
seven hundred fifty UF each month in January, February and March of
the year two thousand nine; five thousand, five hundred UF each month in April,
May and June of the year two thousand nine;  eight thousand, two hundred fifty UF each
month in July, August and September of the year two thousand nine;
eleven thousand UF each month in October, November and December of
the year two thousand nine; thirteen thousand, seven hundred fifty UF each
month from January of the year two thousand ten until the last month of
the contract’s term;

 

c) Rent shall be paid by the Bank at SMU’s
legal address on the fifteenth day of each month of the sublease or the
following banking business day if that day were a bank holiday. The payment
shall be made in accordance with the value of the UF on the seventh day of each
month. A receipt and voucher shall be issued with each sublease rent payment.

 

In the event that the UF were eliminated as an
indexation measurement, or it were frozen, substituted, discounted or devalued
with respect to the legal currency in force, it shall immediately be set at its
last equivalent value and, from that day forward, the last sublease rent paid
at that equivalent shall be converted into pesos and indexed each quarter to
the variation during the immediately preceding month in the Consumer Price
Index established by the National Institute of Statistics, or its successor
institution.

 

In the event of default or simple delay in
making full and timely payment of any of the sublease rent payments for any
reason whatsoever, the unpaid balance shall accrue interest from the date of
maturity until the date of full payment at the respective maximum conventional
interest rate for indexed transactions.

 

EIGHTH:  The parties declare that differences may arise between the sublease rent
agreed upon in the preceding seventh clause and the amount prepaid in this act;
such differences shall be resolved between the Bank and the Companies through
payment or reimbursement, as appropriate, in conformity with the rules indicated
below.

 

In addition to the payment referred to in the
preceding seventh clause, the Bank shall pay the Companies monthly prepaid
instalments of the peso equivalent of [OMITTED](5) UF
for each of the subleased spaces, starting from the installation date of the
respective ATM until the last day of the month prior to which, in accordance
with the seventh clause, the sublease rent is paid.

 

In any case, at the beginning of each of the
quarters mentioned in the seventh clause of this contract, the Bank shall have
installed a minimum of [OMITTED](6) ATMs.

 

(4)           Confidential
portion omitted and filed separately with the SEC.

(5)           Confidential
portion omitted and filed separately with the SEC.

(6)           Confidential
portion omitted and filed separately with the SEC.

 

3

 

In the event that, for any reason, the
Sublessors were to lose their position as lessee of one or more Supermarkets in
which ATMs covered by this contract are located, the Parties, by mutual
agreement, shall be able to designate other Supermarkets in which to install
the respective ATMs and their withdrawal and subsequent installation shall be
the responsibility of the Companies.  In
the case that the parties do not agree on reinstallation of these ATMs, the
Companies shall reimburse the Bank for the sublease rent that it received for
that ATM.

 

If, due to causes attributable to negligence or
wilful misconduct by the Companies, possession of one or more of the spaces for
installing ATMs was not delivered by them to the Bank on the agreed-upon date,
they shall reimburse the Bank one thirtieth of the sublease rent for each day
of delay in delivering the committed space.

 

Notwithstanding the foregoing, if due to causes
attributable to negligence or wilful misconduct by the Companies, as of the
thirty-first day of December of the year two thousand nine, the Companies
have not delivered possession of at least [OMITTED](7) of
the spaces assigned for installing ATMs, the Bank shall have the right to
terminate the Contract in advance of its expiration, request reimbursement of
prepaid sublease rent and demand payment of compensation for damages caused,
particularly, a sum equivalent to all remaining sublease rent payments for the
original duration of the contract.

 

In addition, if due to causes attributable to
negligence or wilful misconduct by the Companies, the ATMs were not made
accessible to the general public for more than five days during the same
calendar month, the Companies shall pay the Bank one thirtieth of the Monthly
Rent of [OMITTED](8) UF for each unavailable
ATM, for the total days during which the ATMs were not accessible to the general
public.

 

Lastly, in the event that, for any reason or
circumstance, the Bank has paid excess sublease rent, meaning rent it is not
contractually or legally obligated to pay, it should be reimbursed by the
Companies.

 

Lastly, if more than [OMITTED](9) spaces
are subleased for installing ATMs, the Bank shall pay the Companies monthly
rent equivalent to [OMITTED](10) UF
for each additional ATM.   This payment
should be made in advance each month once possession of the space has been
delivered, and, in any case, the provisions of the sixteenth clause should have
been met.

 

NINTH:  The payments referred to in the preceding eighth clause shall be made
and settled on a quarterly basis, on the dates indicated below:

 

a) on the fifteenth day of April or the following
banking business day if that day were a bank holiday for the quarter between
the months of January and March;

 

b) on the fifteenth day of July or the
following banking business day if that day were a bank holiday for the quarter
between the months of April and June;

 

c) on the fifteenth day of October or the
following banking business day if that day were a bank holiday for the quarter
between the months of July and September;

 

d) on the fifteenth day of January or the
following banking business day if that day were a bank holiday for the quarter
between the months of October and December.

 

(7)           Confidential
portion omitted and filed separately with the SEC.

(8)           Confidential
portion omitted and filed separately with the SEC.

(9)           Confidential
portion omitted and filed separately with the SEC.

(10)         Confidential
portion omitted and filed separately with the SEC.

 

4

 

For these purposes, the parties, by way of the
Coordinators designated herein and within the last five days of the respective
quarter, shall perform the respective calculation; the payments must be made by
the corresponding party on the aforementioned dates.

 

TENTH:  Partial or untimely payment of any of the amounts mentioned in the
preceding eighth and ninth clauses will subject the non-compliant party to the
following sanctions:

 

a) Monthly moratory interest equal to the
maximum allowed for indexed credit transactions in local currency;

 

b) Indexations based on variations in the UF,
or the indexation unit that replaces it, of all owed amounts, from the moment
when the non-compliant Party is in default until the effective date of payment;

 

c) All court costs and fees such as attorney
fees based on existing rates or, if such rates do not exist, customary attorney
fees over the total amount owed, whether it took place in court or out-of-court
but involving attorneys, and whether for sublease rent or any other amount
that, for any concept, is owed by one of the Parties.

 

All of these sanctions are in addition to any
corresponding taxes and notwithstanding any action the compliant Party may
exercise of the rights bestowed it by law.

 

ELEVENTH: In order to guarantee full and timely performance of all obligations
undertaken by this instrument, the Companies shall provide the Bank with an
Insurance Policy equivalent to five percent of the total sublease rent
payments.

 

TWELFTH:  This contract takes effect on the date of this instrument and remains in
force until the thirtieth day of June of the year two thousand nineteen.

 

THIRTEENTH:  It is expressly stated that the Companies shall not be liable for
damages caused to the Automated Teller Machines and their electronic components
by third parties not dependent on the Companies. Nevertheless, the Companies
shall consider the ATMs objects that need to be safeguarded as do all other
things within the Supermarket and, therefore, shall adopt the same security
measures for these purposes.

 

FOURTEENTH: 
Notwithstanding the
obligation undertaken by the Bank in the twenty-fourth clause, the Bank remains
expressly exempt from all liability and resulting indemnities for robbery,
accidents and any other damage that may be inflicted on the leased or subleased
stores, their owners, employees or users, by persons that use the Automated
Teller Machines or by third parties that commit acts against or attempt to
steal them.

 

FIFTEENTH: 
The number of ATMs to be
installed in each Supermarket shall be determined by mutual agreement of the
Parties, based on a technical-economic assessment conducted jointly,
considering at all times at least one ATM per Supermarket and a minimum of [OMITTED](11) ATMs for all of the Supermarkets referred to in
the Appendix. For these purposes, the Parties declare that the quantity of ATMs
assigned to each Supermarket in the Appendix, is merely referential.

 

Notwithstanding the foregoing, the Bank shall
only be obligated to receive the spaces for installing the ATMs from the
Companies, and to install them, once the Companies have accredited termination
of prior lease or sublease contracts, should that be the case, and delivered
possession of the space, completely 

 

(11)         Confidential portion
omitted and filed separately with the SEC.

 

5

 

unoccupied and in conditions to install the
number of ATMs agreed upon in the Appendix. 
Thus, for example, if the Appendix specifies installation of three ATMS
in one Supermarket, and this Supermarket has one ATM belonging to a third party
with a contract in force, the Bank shall only install two ATMs, exempting it
from installing the third ATM until termination of said contract is accredited
in the aforementioned conditions.

 

In the event that the Companies expand or
remodel the Supermarkets, and as a result need to install new Automated Teller
Machines, the Bank shall install the requested ATMs, in accordance with the rules stated
hereafter, but with a maximum of [OMITTED](12)
additional ATMs.

 

In those Supermarkets in which as of the date
of the respective expansion or remodelling:

 

i) there was an ATM installed by the Bank, it
shall install an additional ATM only to the extent that the square meters of
sales area of this Supermarket increased by at least twenty percent; and

 

ii) there were two or more ATMs installed by
the Bank, it shall install an additional ATM only to the extent that the square
meters of sales area of this Supermarket increased by at least thirty percent.

 

The lease term for the spaces in which the
additional ATMs are installed as a result of the aforementioned expansion or
remodelling shall expire jointly with this contract.

 

The Automated Teller Machines shall be
installed in the spaces designed for that purpose by the Companies.  At any moment, the Sublessors are authorized
to order that the location of the spaces covered by this contract be changed to
other spaces with similar characteristics within the Supermarket, providing at
least twenty days advance notice. Relocation expenses shall be borne by the
Sublessors.

 

The cabinetry to be installed by the Bank must
first be approved by the Companies, at the Bank’s proposal, taking into
consideration the respective spaces where the ATMs will be installed.

 

The Bank shall always maintain the Automated
Teller Machines in perfect condition, upholding at all times quality and
service standards befitting a first-class Bank.

 

The Bank undertakes to faithfully comply with
the hours established by the Companies for replenishing, maintaining and
cleaning the Automated Teller Machines in each Supermarket, so as to avoid
incidents that may be detrimental to the security of the users of this
establishment, in accordance with security standards in force and instructions
from the Chilean National Police.

 

The Bank undertakes to pay, in a timely manner,
all telephone bills and bills for other public utilities used by the ATM in the
leased spaces, whether charged directly to the Bank or through the Companies,
expressly exempting electricity.

 

Processing and payment of each and every one of
the connections to the Chilean ATM Network needed for the ATMs to function
shall be the Bank’s responsibility.

 

SIXTEENTH:  In the event
that the Companies request additional ATMs to be installed in Supermarkets
other than those indicated in the Appendix to this Contract, the Bank shall be
obligated to install at least one ATM in these Supermarkets. For these
purposes, the Bank shall notify the Companies if it will 

 

(12)         Confidential
portion omitted and filed separately with the SEC.

 

6

 

install more than one ATM in these Supermarkets
within fifteen days of receiving notice requesting installation of additional
ATMs.

 

The lease term for the spaces in which the
additional ATMs are installed shall expire jointly with this contract.

 

SEVENTEENTH: During the entire effective period of this Contract,
the Bank may display advertising for the Bank or for Redbanc in the subleased
spaces and the corresponding ATMs as deemed reasonable in accordance with the
leased space.   For these purposes, the
Bank shall present the respective advertising designs to the Companies for
their express prior authorization.

 

EIGHTEENTH: The Parties shall determine jointly the installation
date for the ATMs in the Supermarkets indicated in the Appendix. In the event
that the Companies consider that the respective space is not available and
equipped for installing the respective ATM, they shall notify the Bank of this
situation a minimum of ten days before the agreed-upon delivery date, thus
suspending the installation date.

 

For the purposes of standardizing the various
processes for ATMs that are not itemized in the Appendix, specifically with
respect to i) Requests for new ATMs from the Companies; ii) physical delivery
of the spaces to be subleased in which the ATMs shall be installed; and iii)
relocation of Automated Teller Machines.

 

The parties agree upon the following procedure:

 

a) ATM Requests: Requests for installing
new ATMs shall be made by the Companies to the Bank at least ninety days before
the date scheduled for them to begin operating, providing a copy of the
blueprints of the Supermarket containing the ATM space and the address of the
Supermarket.  As of that date, the Bank
may begin to perform any connection work needed for the ATMs to operate.

 

b) Physical Delivery of Spaces: The
Companies shall physically deliver the subleased spaces to the Bank, at least
five days before the requested installation,

 

c) Relocation: The relocation
agreed-upon by the parties shall occur within sixty days of the date of the
agreement.

 

NINETEENTH: In the case of any breach by the Bank, the Companies
may exercise, at their discretion, one or more of the following powers:

 

a) Request immediate termination of the
Sublease Contract and initiate steps to obtain restitution of the subleased
spaces and simultaneously demand payment of the corresponding indemnification
for damages and, particularly, the power to take as indemnification any prepaid
sublease rent;

 

b) Seek payment of the amounts owed or
performance of the Bank’s obligations and indemnification for any damages
caused by the Bank;

 

c) Impose fines for each Automated Teller
Machine that breaches the provisions of this Contract, equivalent to one
thirtieth of the Monthly Rent of [OMITTED](13) UF
for each day of breach.  In the case of
repeated breach, which is defined as two or more violations of the same
obligation within two consecutive months, the fine shall be tripled beginning
on the date of the second violation. The previously agreed-upon fines are an
advanced appraisal of the damages that, by mutual agreement, the parties have
made and shall pay based on the value of the UF in force as of the date of
payment,

 

(13)         Confidential portion
omitted and filed separately with the SEC.

 

7

 

d) If the breach consists of failure to supply
the ATMs with cash or an operative failure of one of the ATMs on any of the
dates mentioned hereafter, the fine for breach of contract shall be triple the
previously established amount. The aforementioned dates are as follows: the
fourteenth day of February, back-to-school events, Children’s Day, Mother’s
Day, Father’s Day, midnight sales, holidays, weekends, the first and fifteenth
day of each month and daily during the fifteen days prior to the twenty-fifth
day of December of each year.

 

The rights established in favour of the
Companies may be exercised by them in the case of any breach by the Bank and,
particularly, in the following cases:

 

i) If the Bank does not comply with any one of
its obligations and commitments as established by law and by this Lease
Contract;

 

ii) If the Bank abandons the leased spaces;

 

iii) If the Bank does not comply with the
obligation to accept relocation of the Automated Teller Machines as established
in this Contract;

 

iv) If the Bank does not comply with its
obligation to increase the number of ATMs in the event of expansion or
remodelling or its obligation to install ATMs in the various Supermarkets
mentioned in the Appendix, all in conformity with the provisions of this contract;

 

v) If the Bank is repeatedly delayed in
performing its obligations.  The Bank
will be understood to be repeatedly delayed when it is five or more days late
on three or more occasions, consecutive or not, in performing any of its
obligations.

 

All of the above shall not impede the Companies
from exercising the other rights bestowed upon them by law or by this
instrument, particularly, the power to terminate the Contract and collect the
agreed-upon indemnification for damages. Neither shall it impede collection on
further damages that the Companies may accredit for the concept in question.

 

Notwithstanding the foregoing, in the event
that the breach consists of not supplying the ATMs with cash, the Companies may
invoke these grounds for early termination of the contract for repeated breach
of obligations, even when the Bank is up to date in performing its obligations.
However, this power of early termination may only be invoked by the Companies
in the event that any one of the following conditions is met:

 

One. The breach should have occurred in ten
percent or more of the ATMs installed by the Bank, on two occasions verified
within a period of twelve calendar months. The sole express exception to this
condition is if the breach were caused by a strike at the transport company
that provides the Bank with ATM supply services. For these purposes, the
Companies shall have notified the Bank in writing of the occurrence of this
breach between the first breach and verification of the second breach.

 

Two. The breach should have occurred in five
ATMs and have repeated itself on ten or more occasions in each of these ATMs
during the same month. For these purposes, the Companies shall have notified
the Bank in writing, on two occasions, before verification of the eighth breach
for each of the ATMs.

 

TWENTIETH: The Bank shall adopt all measures necessary to
guarantee correct and secure installation of each ATM, particularly, it shall
implement a firm and safe anchoring system, in accordance with best market
practice and security standards on these matters. Within ten days following the
respective 

 

8

 

installation of each ATM, the Bank shall
provide the Companies with an original certificate issued by the relevant
authority indicating that the installation complies with current standards.

 

TWENTY FIRST: The Companies recognize the Bank’s ownership of each
of the ATMs to be installed in the Supermarkets and undertakes to not commit
any act that may alter such title.

 

TWENTY SECOND:   In the event
the Contract is terminated, regardless of the cause, the Bank shall have sixty
days from the termination date to remove the Automated Teller Machines and the
Companies are obligated to do all things necessary to facilitate swift and
expedite removal.

 

The removal cost shall be borne by the Bank,
which shall have no obligation other than clearing the subleased space,
restoring it to the same state in which it was received.

 

Once the sixty day period has elapsed, the
Monthly Rent of [OMITTED](14) UF for each ATM
shall increase two hundred percent per day for each day of delay in removing
them.

 

Once ninety days have elapsed from the date of
termination of the Contract, the Companies shall be expressly authorized to
remove the ATMs from the Supermarkets at their own expense, without being
liable for any wear or damage caused during disconnection and storage.

 

Once disconnected, the Bank shall be notified
of their location so it can remove them within thirty calendar days. Once this
term has expired, the Companies may freely dispose of the ATMs.

 

TWENTY THIRD: In order to ensure continuous and fluent
communication, coordination and follow-up of the various aspects of the
Contract, and to anticipate and provide solutions to different problems that
may arise in executing the Contract, the parties agree to designate the
following individuals as Coordinators, who may be replaced by the parties at
any time, sending written notice to the other party:

 

a) The Companies designate Mr. Marco
Saravia Quezada.

 

b) The Bank designates Mr. Alberto Riveros
Cornejo.

 

Likewise, any request, complaint,
recommendation or suggestion shall be made in writing through the Coordinator
designated by each party.

 

TWENTY FOURTH: The Bank shall take out an insurance policy to cover
possible damages caused to persons and third parties in general by their
employees, representatives and staff within the subleased spaces in the
Supermarkets, with the full cost of any repair or alteration expenses being
borne by the Bank, notwithstanding coverage for losses and damages to foreign
property and persons arising out of the injurious acts. This policy shall be
presented at least five days before the date on which the installation of the
ATMs begins and shall have minimum coverage of one thousand UF per Supermarket.

 

The Companies do not assume liability for
damages the Bank may experience because of potential robbery, mistreatment,
damage or total or partial destruction of the ATMs by third parties or for
problems that ATM users may experience, whether because of assault, alteration
or cloning of cards or another similar situation. The Bank shall assume
liability for any damage suffered by users of the ATMs and for any actions
these users may initiate against the Companies, and shall indemnify the
Companies for any damages arising from such actions.

(14)         Confidential
portion omitted and filed separately with the SEC.

 

9

 

TWENTY FIFTH: Each and every one of the obligations undertaken by
the companies SMU S.A., Rendic Hermanos S.A., Supermercados Bryc S.A. and
Distribuidora Super Diez S.A. by virtue of this contract are understood as
undertaken jointly and severally and, therefore, the Bank can demand
performance and payment from each of them individually or all of them
collectively.

 

TWENTY SIXTH: Any doubt, dispute or controversy arising between
the parties with respect to this instrument, its complementary documents or
amendments, whether in terms of interpretation, compliance, validity,
termination or any other grounds related to this contract, shall be settled by
an arbitrator or mediator, who shall decide matters out-of-court in a sole
instance, and whose decision shall be final, for which the parties hereto
expressly waive any right they may have to any appeal against such decision.
The arbitrator shall be expressly empowered to resolve any matters relating to
his powers and/or jurisdiction. For these effects, the parties appoint Mr. Enrique
Barros Bourie as arbitrator. In the event he could or would not accept the
arbitration, Mr. Arturo Yrarrazabal Covarrubias would succeed him. In the
event the latter individual could or would not accept the arbitration,
appointment and arbitration would be conducted in conformity with the Arbitration
Rules of the Santiago Chamber of Commerce. 
For this purpose, the parties confer special power to this Chamber to
appoint any of the arbitrators on the roster of its Arbitration Centre.  The parties agree that the proceedings shall
be conducted in accordance with the Centre’s Arbitration Rules, as recorded in
public deed on the tenth of December of the year nineteen ninety-two,
granted before Santiago Notary Public Mr. Sergio Rodríguez Garcés. The
parties reserve the right to recuse the arbitrator appointed by the Santiago
Chamber of Commerce, a maximum of two times, without giving reason.

 

TWENTY SEVENTH: The parties establish legal domicile in the District
and City of Santiago and bind themselves to the previously agreed-upon
arbitration jurisdiction.

 

*    *    *    *    *    *

 

10

 

Appendix

 

[OMITTED](15)

 

(15)        Confidential
portion omitted and filed separately with the SEC.Exhibit 4.1

 

 

HYDROGENICS CORPORATION 

STOCK OPTION PLAN

 

 

HYDROGENICS CORPORATION

STOCK OPTION PLAN

 

SECTION 1                               INTERPRETATION
AND ADMINISTRATIVE PROVISIONS

 

1.1                               Purposes

 

The purposes of this Plan are to assist the
Company and its affiliates to attract, retain and motivate key employees,
directors and consultants by granting to them options to purchase common shares
in its capital.

 

1.2                               Definitions

 

When used herein, unless the context
otherwise requires, the following terms have the following meanings,
respectively:

 

“affiliate”, “associate” and “jointly or in concert”
have the respective meanings set forth in the Securities
Act (Ontario), as amended from time to time.

 

“Applicable Deductions”
has the meaning set out in Section 2.4.

 

“Award Date” means the date the Board
awards Options under this Plan.

 

“Blackout Period”
means any period imposed by the Company, during which specified individuals,
including insiders of the Company, may not trade in the Company’s securities
(including for greater certainty any period during which specific individuals
are restricted from trading because they have material non-public information),
but does not include any period when a regulator has halted trading in the
Company’s securities.

 

“Board” means
the Board of Directors of the Company.

 

“Business Day” means a day other than a
Saturday, Sunday or other day when banks in the City of Toronto, Ontario are
not generally open for business.

 

“Cause” has the
meaning attributed to such term by the Courts of Ontario from time to time.

 

“Change of Control”
means the occurrence of any of the following events:

 

(a)                                  any change in the holding,
direct or indirect, of shares of the Company as a result of which a Person or
group of Persons acting jointly or in concert, or a Person who is an associate
or affiliate of such Person or group, becomes the beneficial owner, directly or
indirectly, of shares and/or other securities in excess of the number which,
directly or following conversion thereof would entitle the holders thereof to
cast more than fifty percent (50%) of the votes attaching to all shares of the
Company which may be cast to elect directors of the Company;

 

 

(b)                                 a sale or other disposition of
all or substantially all of the property or assets of the Company to a Person,
other than to a Person that was an affiliate of the Company immediately prior
to the completion of such sale or disposition; and

 

(c)                                  the dissolution or liquidation
of the Company (other than in connection with the distribution of the assets of
the Company to one or more Persons which were affiliates of the Company
immediately prior to the completion of such transfer).

 

“Committee”
means the committee of the Board responsible for recommending to the Board the
compensation of the key employees, directors and Consultants, which, as at the
effective date of the Plan, is the Human Resources & Corporate
Governance Committee.

 

“Company” means
Hydrogenics Corporation.

 

“Consultant” has the meaning set out in National Instrument
45-106 - Prospectus and Registration Exemptions as amended from time to time.

 

“Exercise  Notice” means a notice in writing substantially in the form
set out in Schedule “A” hereto signed by a Participant and stating the
Participant’s intention to exercise a particular Option.

 

“Exercise Period”
means the period of time during which an Option granted under this Plan may be
exercised.

 

“Exercise  Price” means the price at which Shares may be purchased on
the exercise of an Option.

 

“Market Value”
means the closing price of Shares on the Toronto Stock Exchange on the last
trading day on which the Company’s Shares were traded occurring immediately
prior to the applicable date, or if the Shares are not then traded on the
Toronto Stock Exchange means the fair market value per Share as determined by
the Board in its discretion.

 

“Option” means a
right granted to a Participant to purchase Shares on the terms set out in the
Plan.

 

“Option  Agreement” means a signed, written agreement between a
Participant and the Company, substantially in the form attached as Schedule “B”
hereto, subject to any amendments or additions thereto as may, in the
discretion of the Board, be necessary or advisable, evidencing the terms and
conditions on which an Option has been granted under this Plan.

 

“Participant”
means an employee, director or Consultant of a Participating Entity who the
Board determines may participate in this Plan.

 

2

 

“Participating Entity”
means the Company and any affiliate of the Company which is designated by the
Board from time to time.

 

“Person” means
any individual, sole proprietorship, partnership, unincorporated association,
unincorporated syndicate, unincorporated organization, trust, body corporate,
and a natural person in such person’s capacity as trustee, executor,
administrator or other legal representative.

 

“Plan” means
this Hydrogenics Corporation Stock Option Plan.

 

“Retirement” means resignation in circumstances which the
Board, in its discretion, determines is Retirement and on such terms as the
Board may specify.

 

“Share” means a
common share of the Company.

 

“Termination  Date” means a Participant’s last day of active employment or
the end of his or her term as a director or Consultant, as applicable, and does
not include any period of statutory, contractual or reasonable notice or any
period of salary continuance or deemed employment.

 

“Vested” means
that an Option has become exercisable and “Vest” has a
corresponding meaning.

 

1.3                               Interpretation

 

The Plan is to be interpreted as follows:

 

(a)                                  The use of headings is for
ease of reference only and does not affect construction or interpretation of
this Plan.

 

(b)                                 Where the context so requires,
words importing the singular number include the plural and vice versa, and
words importing the masculine gender include the feminine and neuter genders.

 

(c)                                  References to Sections and
Subsections are references to sections and subsections in this Plan, unless
otherwise specified.

 

(d)                                 All amounts paid or values to
be determined under the Plan shall be in Canadian dollars.

 

(e)                                  Whenever the Board is to
exercise discretion in the administration of the terms and conditions of this
Plan or any Option, the term “discretion” means the “sole and absolute
discretion” of the Board.

 

(f)                                    Where the words “including” or
“includes” appear in this Plan, they mean “including (or includes) without
limitation”.

 

3

 

SECTION 2                               ADMINISTRATION

 

2.1                               Administration

 

This Plan will be administered by the Board
and the Board has complete authority, in its discretion, to interpret the
provisions of this Plan.  In
administering and interpreting the Plan, the Board may adopt, amend and rescind
administrative guidelines and other rules and regulations relating to this
Plan and make all other determinations and take all other actions necessary or
advisable for the implementation and administration of this Plan which the
Board determines, in its discretion, are necessary or advisable.  The Board’s determinations and actions within
its authority under this Plan are final, conclusive and binding on the Company,
its affiliates and all other Persons.

 

2.2                               Delegation to Committee

 

To the extent permitted by applicable law,
the Board may, from time to time, delegate to the Committee all or any of the
powers conferred on the Board under the Plan. In such event, references to the
Board mean and include the Committee and the Committee will exercise the powers
delegated to it by the Board in the manner and on the terms authorized by the
Board. Any decisions made or actions taken by the Committee arising out of or
in connection with the administration or interpretation of this Plan within its
authority under this Plan, are final, conclusive and binding on the
Participating Entities and all other Persons.

 

2.3                               Eligibility

 

(a)                                  Participation in the Plan is
entirely voluntary.

 

(b)                                 All employees and directors of
Participating Entities are eligible to participate in this Plan.  In addition, and subject to applicable laws,
the Board may determine in its discretion which Consultants are eligible to
participate in this Plan.

 

(c)                                  Eligibility to participate in
the Plan does not confer upon any Person any right to be granted Options
pursuant to this Plan.  In addition, no
Participant has any claim or right to be granted an Option (including, without
limitation, an Option granted in substitution for any Option that has expired
pursuant to the terms of this Plan).

 

2.4                               Taxes and Other Source
Deductions

 

The Company is authorized to deduct from
any amount payable or credited hereunder such taxes and other amounts as it may
be required by law to deduct or withhold, in such manner as it determines (the
“Applicable Deductions”).

 

4

 

2.5                               Information

 

Each Participant shall provide the Company
with all information the Company requires from that Participant in order to
administer this Plan.

 

2.6                               Indemnification

 

Each member of the Board and Committee is
indemnified and held harmless by the Company against any cost or expense
arising out of any act or omission to act in connection with this Plan to the
extent permitted by applicable law.  This
indemnification is in addition to any rights of indemnification a Board or
Committee member may have as director or otherwise.

 

2.7                               Governing Law

 

This Plan shall be governed by and
construed and interpreted in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein.

 

2.8                               Total Shares Subject to
Options

 

The grant of Options under the Plan is
subject to the following limitations:

 

(a)                                  12,000,000 Shares are reserved
for issuance under the Plan.

 

(b)                                 No more than 10% of the
Company’s outstanding issue may be issued under the Plan or pursuant to any
other security based compensation arrangements of the Company in any one (1) year
period.

 

(c)                                  No more than 5% of the
Company’s outstanding issue may be issued under the Plan or pursuant to any
other security based compensation arrangements of the Company to any one
Person.

 

(d)                                 No more than 10% of the
Company’s outstanding issue may be issued to insiders under the Plan or under
any other security based compensation arrangements of the Company within any
one year period or be issuable to insiders at any time.

 

(e)                                  For the purposes of this Plan,
“insider” and “security based compensation arrangement” have the meanings set
out in the TSX Company Manual.

 

If, for any reason, any Shares subject to
issuance on the exercise of Options granted under this Plan are not issued, or
are re-acquired by the Company, for reasons including a termination, expiration
or cancellation of an Option, such Shares will again become available for
issuance under this Plan.

 

5

 

2.9                               Option Agreements

 

All grants of Options under this Plan will be
evidenced by Option Agreements.  Any one
of the President or Treasurer of the Company is authorized and empowered to
execute on behalf of the Company and deliver an Option Agreement to a
Participant.

 

SECTION 3                               GRANT OF
OPTIONS

 

3.1                               Grant of Options

 

The Board may, in its discretion, from time
to time, subject to the provisions of this Plan and such other terms and
conditions as the Board may prescribe, grant Options to any Participant, and
the Participant shall execute an Option Agreement evidencing the same.

 

3.2                               Exercise Price

 

The Exercise Price under any Option will be
as determined by the Board but may not be less than the Market Value of a Share
at the Award Date, except where an Option is granted in exchange for another
Option.

 

3.3                               Term of Options

 

Subject to Section 3.8 and to any
accelerated termination pursuant to the Plan, each Option, expires on the tenth
anniversary of its Date of Grant unless an earlier date is specified by the
Board.

 

3.4                               Vesting

 

Unless otherwise specified in the Participant’s
Option Agreement, Options will Vest and become exercisable as to one third of
the Option on each of the first, second and third anniversaries of the Award
Date.

 

3.5                               Payment of Exercise Price

 

Subject to the provisions of this Plan and
any Option Agreement, Options may be exercised by delivery of a fully completed
Exercise Notice to the Chief Financial Officer of the Company accompanied by
payment in full of the applicable Exercise Price. The Exercise Price may be
paid by certified cheque, bank draft or money order payable to the Company.

 

3.6                               Issue of Shares

 

No Shares will be issued or transferred
until full payment of the Exercise Price therefor has been received by the
Company and all conditions to the issue of the Shares have been met. As soon as
practicable after receipt of any Exercise Notice and full payment of the
Exercise Price and the satisfaction of all conditions to the issue of the
Shares, the Company will deliver to the Participant a certificate or
certificates representing the acquired Shares.

 

6

 

3.7                               Conditions to Delivery of
Shares

 

The Company’s obligation to issue and
deliver Shares upon the exercise of any Option is subject to:

 

(a)                                  the satisfaction of all
requirements under applicable laws in respect thereof and obtaining all
approvals the Company shall determine to be necessary or advisable in
connection with the authorization, issuance or sale thereof, including
shareholder approval, if required; and

 

(b)                                 if such Shares are listed on any
stock exchange or quotation market in Canada or the United States, compliance
with the requirements of such stock exchanges or quotation markets.

 

3.8                               Extension
of Options that Expire During a Blackout Period

 

If an Option would otherwise expire during
a Blackout Period, the term of such Option shall automatically be extended
until 10 Business Days after the end of the Blackout Period.

 

3.9                               Effect of Exercise

 

A Participant shall have no further rights,
title or interest with respect to any Option that has been exercised.

 

SECTION 4                               TERMINATION
OF EMPLOYMENT

 

4.1                               Resignation

 

If a Participant resigns from employment or
as a director or Consultant with a Participating Entity, the Participant shall
forfeit all rights, title and interest in the Participant’s Options which are
not Vested on the date the notice of resignation is delivered to the Company
and the Participant may exercise the Participant’s Options which are Vested on
the date the notice of resignation is delivered to the Company until the earlier
of: (i) the end of the Exercise Period; and (ii) 90 days after the
date the notice of resignation is delivered to the Company, after which time
all Options expire.

 

4.2                               Termination for Cause

 

If a Participant’s employment is terminated
by a Participating Entity for Cause or the Participant ceases to be a director
or Consultant on a similar basis, the Participant shall forfeit all rights,
title and interest in all the Participant’s Options, whether Vested or not
Vested at the Termination Date.

 

7

 

4.3                               Retirement, Death, Disability
and Disposition of a Participating Entity

 

If a Participant’s employment or other
position with a Participating Entity ceases because of the death, disability or
Retirement of the Participant, or because the Person which employs the
Participant or to which the Participant is a director or Consultant, ceases to
be a Participating Entity, all of the Participant’s Options will Vest
immediately prior to the Termination Date and the Participant or his or her
legal representatives, as applicable, may exercise such Options for 180 days
following the Termination Date after which time all Options expire.

 

4.4                               Termination without Cause

 

If a Participant’s employment is terminated
without Cause, the Participant resigns because he or she has been
constructively dismissed, or the Participant ceases to be a director or
Consultant on a similar basis then all of the Participant’s Options which would
have Vested during the period of contractual or reasonable notice of
termination of employment, as applicable, and all such Vested Options may be
exercised until the earlier of the end of the expiry period or 90 days after
the Termination Date, after which time all Options expire.

 

4.5                               Discretion to Permit Exercise

 

Subject to applicable laws, the Board may,
in its discretion, at any time permit the exercise of any or all Options held
by the Participant or by the Participant’s estate, as the case may be, in the
manner and on the terms authorized by the Board in its discretion, provided
that the Board may not, in any case, authorize the exercise of an Option
pursuant to this Section beyond the expiration of the Exercise Period of
the particular Option.

 

SECTION 5                               ADJUSTMENTS

 

5.1                               General

 

The provisions contained in this Plan and
any Option Agreement and the existence of any Options shall not affect in any
way the right of the Company or its shareholders or affiliates to take any
action, including any change in the Company’s capital structure or its
business, or any acquisition, disposition, amalgamation, combination, merger or
consolidation, or the creation or issuance of any bonds, debentures, shares or
other securities of the Company or of an affiliate  thereof or the determination of the rights
and conditions attaching thereto, or the dissolution or liquidation of the
Company or of any of its affiliates or any sale or transfer of all or any part
of their respective assets or businesses, whether or not any such corporate
action or proceeding would have an adverse effect on this Plan or any Options
granted hereunder.

 

5.2                               Reorganization of Company’s
Capital

 

If the Company effects a subdivision or
consolidation of Shares or any similar capital reorganization or a payment of a
stock dividend (other than a stock dividend that is in lieu of an ordinary cash
dividend), or if any other change is made in the capitalization of the Company 

 

8

 

that, in the opinion of the Board, would
warrant the amendment or replacement of any existing Options in order to
adjust:

 

(a)                                  the number of Shares that may
be acquired on the exercise of any outstanding Options; or

 

(b)                                 the Exercise Price of any
outstanding Options,

 

in order to preserve proportionately the
rights and obligations of the Participants, the Board will authorize such steps
to be taken as may be equitable and appropriate to that end.

 

5.3                               Other Events Affecting the
Company

 

In the event of an amalgamation,
combination, or other reorganization involving the Company that, in the opinion
of the Board, warrants the amendment or replacement of any existing Options in
order to adjust:

 

(a)                                  the number of Shares that may
be acquired on the exercise of any outstanding Options; or

 

(b)                                 the Exercise Price of any
outstanding Options,

 

in order to preserve proportionately the
rights and obligations of the Participants, the Board will authorize such steps
to be taken as may be equitable and appropriate to that end.

 

5.4                               Immediate Exercise of Awards

 

Where the Board determines that the steps
provided in Sections 5.2 and 5.3 would not preserve proportionately the
rights and obligations of the Participants in the circumstances or the Board
otherwise determines that it is appropriate, the Board may permit the Vesting
and exercise, effective no later than the Business Day immediately prior to the
date on which the event referenced in Sections 5.2 and 5.3, as applicable,
is consummated, of any outstanding Options that are not then otherwise Vested
and the cancellation of any outstanding Options which are not exercised within
any specified period.

 

5.5                               Change of Control

 

In the event of a Change of Control, the
Board may accelerate the expiry of Options granted under this Plan to the
Business Day immediately following the date on which such Change of Control is
consummated provided that:

 

(a)                                  the Board accelerates the
Vesting of the Options prior to the date on which the Change of Control is
consummated; and

 

9

 

(b)                                 the Company gives notice of
the accelerated Vesting and expiry to all Participants not less than 10
Business Days prior to the date of consummation of the Change of Control.

 

5.6                               Fractional Shares

 

No fractional Shares will be issued on the
exercise of an Option. Accordingly, if as a result of any adjustment to either
the Exercise Price or the number of Shares issuable on exercise is made
pursuant to the Plan, a Participant would become entitled to receive a
fractional Share on the exercise of an Option, the Participant has the right to
acquire only the number of full Shares and no payment or other adjustment will
be made with respect to the fractional Shares so disregarded.

 

5.7                               Legal Requirement

 

The Company is not obligated to grant any
Options, issue any Shares or other securities, make any payments or take any
other action if, in the opinion of the Board, in its discretion, such action
would constitute a violation by a Participant or the Company of any provision
of any applicable statutory or regulatory requirement of any government or
governmental authority.

 

5.8                               Participant’s Entitlement

 

Except as otherwise provided in this Plan,
Options previously granted under this Plan, whether or not then exercisable,
are not affected by any change in the relationship between or ownership of the
Company and an affiliate.

 

5.9                               Rights of Participant

 

The granting of any Option is not to be
construed as giving a Participant a right to remain in the employ of the
Company or a Participating Entity nor to continue to serve as a director or
Consultant.

 

5.10                        Amendment or Discontinuance

 

The Board may amend, suspend or terminate
the Plan, or any portion thereof, at any time, subject to those provisions of
applicable law (including, without limitation, the applicable rules,
regulations and policies of any exchange, if any) that require the approval of
shareholders or any governmental or regulatory body.  The Board may make amendments to the Plan or
to any Option outstanding thereunder without seeking shareholder approval,
except for the following types of amendments:

 

(a)                                  increasing the number of
Shares reserved for issuance under the Plan;

 

(b)                                 reducing the Exercise Price of
an Option, except pursuant to Sections 5.2 and 5.3;

 

10

 

(c)                                  extending the term of an
Option beyond its original expiry date or beyond 10 years from its grant date,
except the automatic extension of an Option pursuant to Section 3.8;

 

(d)                                 extending the participation in
the Plan of non-employee directors and non-Consultants;

 

(e)                                  permitting Options to be
transferred other than by testate or intestate succession;

 

(f)                                    permitting the addition or
modification of a cashless exercise feature, payable in cash or Shares, unless
it provides for a full deduction of the number of underlying Shares from the
Plan reserve; or

 

(g)                                 permitting awards, other than
Options, to be made under the Plan.

 

Except as expressly set forth in the Plan,
no action of the Board may adversely alter or impair the rights of a Participant
under any Option previously granted to the Participant without the consent of
the affected Participant.

 

5.11                        Severability

 

If any provision of this Plan or any Option
Agreement is determined to be illegal or unenforceable by any court of law in
any jurisdiction, the remaining provisions are severable and enforceable in
accordance with their terms, and all provisions will remain enforceable in any
other jurisdiction.

 

5.12                        General
Restrictions and Assignment

 

(a)                                  Except as required by law, the rights of a Participant under this Plan are
not capable of being anticipated, assigned, transferred, alienated, sold,
encumbered, pledged, mortgaged or charged and are not capable of being subject
to attachment or legal process for the payment of any debts or obligations of
the Participant.

 

(b)                                 Rights and obligations under this Plan may be assigned by the Company to a
successor in the business of the Company, any corporation resulting from any
amalgamation, reorganization, combination, merger or arrangement of the Company,
or any corporation acquiring all or substantially all of the assets or business
of the Company.

 

5.13                        Market
Fluctuations

 

(a)                                  No amount will be paid to, or in respect of, a Participant under this Plan
to compensate for a downward fluctuation in the price of the Shares, nor will
any 

 

11

 

other form
of benefit be conferred upon, or in respect of, a Participant for such purpose.

 

(b)                                 The Company makes no representations or warranties to Participants with
respect to this Plan or the Options whatsoever. 
Participants are expressly advised that the value of any Options will
fluctuate as the trading price of the Shares fluctuates.

 

(c)                                  In seeking the benefits of participation in this Plan, a Participant agrees
to exclusively accept all risks associated with a decline in the market price
of the Shares and all other risks associated with the Options.

 

5.14                        No
Shareholder Rights

 

Under no circumstances
shall Options be considered Shares or other
securities of the Company, nor shall they entitle any Participant to exercise
voting rights or any other rights attaching to the ownership of Shares or other securities of the Company, nor shall any Participant be considered the owner of Shares
by virtue of the award of Options.

 

5.15                        Unfunded and
Unsecured Plan

 

This Plan shall be unfunded and the Company will not secure its obligations
under this Plan.  To the extent any Participant or his or her estate holds any
rights by virtue of a grant of Options under this Plan, such rights shall be no
greater than the rights of an unsecured creditor of the Company.

 

5.16                        Non-Exclusivity

 

Nothing contained in this Plan prevents the
Board from adopting other or additional compensation arrangements for the
benefit of any Participant, subject to any required regulatory or shareholder
approval.

 

5.17                        Other Employee Benefits

 

The amount of any compensation deemed to be
received by a Participant as a result of the exercise of an Option will not
constitute compensation with respect to which any other employee benefits of
that Participant are determined including, without limitation, benefits under
any bonus, pension, profit-sharing, insurance or salary continuation plan,
except as otherwise specifically determined by the Board in writing.

 

5.18                        Tax Consequences

 

It is the responsibility of the Participant
to complete and file any tax returns and pay all taxes that may be required
under Canadian or other tax laws within the periods specified in those laws as
a result of the Participant’s participation in the Plan.  No Participating Entity shall be 

 

12

 

held responsible for any tax consequences
to a Participant as a result of the Participant’s participation in the Plan.

 

5.19                        Effective Date

 

This Plan will become effective June 22,
2009.

 

13

 

SCHEDULE “A”

OPTION EXERCISE FORM

 

I, ·, hereby exercise the option to purchase · Shares of Company at an
Exercise Price of $· per Share. This Exercise
Notice is delivered in respect of the Option to purchase · Shares of the Company that
was granted to me on · pursuant to the Option
Agreement entered into between the Company and me. In connection with the
foregoing, I enclose a certified cheque, bank draft or money order payable to
the Company in the amount of $· in full payment for the Shares to be
received upon exercise of the Option.

 

 

	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Participant’s
  Signature

  

 

 

SCHEDULE “B”

 

HYDROGENICS CORPORATION

 

OPTION AGREEMENT

 

The Company hereby grants to the
Participant named below, an option (the “Option”) to
purchase, in accordance with and subject to the terms, conditions and
restrictions of this Agreement together with the provisions of the Stock Option
Plan (the “Plan”) of the Company, a copy of
which is attached to this Option Agreement, the number and class of shares of
the Company at the price per share set forth below:

 

Name of
Participant:

 

Date of Grant:

 

Class and
Number of Shares subject to Option (the “Shares”):

 

Exercise
Price:

 

1.                                       The terms and conditions of
the Plan are incorporated by reference as terms and conditions of this
Agreement.  All capitalized terms used in
this Agreement have the meanings ascribed thereto in the Plan. The Participant
acknowledges that the Participant has received, read and understands the Plan.

 

2.                                       Each Option vests and is
exercisable as set out in Section 2.4 of the Plan.

 

3.                                       Each notice relating to the
Option, including the exercise thereof, shall be in writing. All notices to the
Company shall be delivered personally or by prepaid registered mail and shall
be addressed to:

 

Hydrogenics
Corporation

5985 McLaughlin Road

Mississauga, Ontario

L5Y 1B8

 

Attention:
Chief Financial Officer

 

All notices to
the Participant shall be addressed to the principal address of the Participant
on file with the Company. Either the Company or the Participant may designate a
different address by written notice to the other. Such notices shall be deemed
to be received, if delivered personally, on the date of delivery, and if sent
by prepaid, registered mail, on the fifth (5th) Business Day following the date
of mailing. Any notice given by either the Participant or the Company shall not
be binding on the recipient thereof until received.

 

 

4.                                       This Agreement has been made
in and shall be construed under and in accordance with the laws of the Province
of Ontario and the federal laws of Canada applicable therein.

 

	
   

  	
   

  	
  HYDROGENICS
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

	
  SIGNED, SEALED AND DELIVERED

  In the presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Name of Participant

  

 

2

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