Document:

Dollarama Capital Corporation Management Option Plan

 Exhibit 10.1 
  

 Dollarama Capital Corporation 
 Management Option Plan 
 November 18, 2004 
  

 Dollarama Capital Corporation 
 Management Option Plan 
 ARTICLE 1 
 PURPOSE 
  

	1.1	Purpose 

 The purpose of this Plan is to advance the interests of
Dollarama Capital Corporation (the “Corporation”) and its subsidiaries by enhancing their ability to attract and retain employees, managers and directors, to reward such individuals for their contributions and to encourage such
individuals to take into account the long-term interests of the Corporation and its Affiliates through their participation in the Corporation’s share capital by receiving Common Shares and Class B Shares. 
 ARTICLE 2 
 INTERPRETATION

  

	2.1	Definitions 

 When used herein the following terms have the
following meanings, respectively: 
 “Affiliate” or “Affiliated” means any other Person which directly or
indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person other than a natural Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Affiliated Funds” has the meaning set forth in the Securityholders Agreement. 
 “Board” means the
board of directors of the Corporation. 
 “Canadian Securities Authorities” means any of British Columbia Securities
Commission, Alberta Securities Commission, Saskatchewan Securities Commission, Manitoba Securities Commission, Ontario Securities Commission, Autorité des marchés financiers du Québec, New Brunswick Securities Commission, Nova
Scotia Securities Commission, Registrar of Securities (Prince Edward Island), Newfoundland and Labrador Securities Commission, Registrar of Securities (Northwest Territories Justice Securities Registry), Registrar of Securities (Yukon Justice),
Nunavut Legal Registries, and any of their successors. 
 “Canadian Securities Laws” means the securities legislation of each
of the provinces and territories of Canada, as amended from time to time, and the rules, regulations, 

 
blanket orders and orders having application to the Corporation and forms made or promulgated under that legislation and the policies, instruments, bulletins
and notices of one or more of the Canadian Securities Authorities. 
 “Cause” with respect to any Participant (a) shall
have the meaning, if any, set forth in the employment agreement then in effect, if any, between such Participant and the Corporation or its Affiliates or (b) if there is no such meaning in such employment agreement or there is no such
employment agreement then in effect, shall mean the following events or conditions, as determined by the Chief Executive Officer of the Corporation and the Board in their reasonable judgment: (i) the refusal or failure to perform (other than by
reason of disability), or material negligence in the performance of the Participant’s duties and responsibilities to the Corporation or any of its Affiliates, or refusal or failure to follow or carry out any reasonable direction of the Chief
Executive Officer of the Corporation and the Board, and the continuance of such refusal, failure or negligence for a period of ten days after notice to the Participant, (ii) the material breach by the Participant of any provision of any
agreement to which the Participant and the Corporation or any of its Affiliates are party, (iii) the commission of fraud, embezzlement, theft or other dishonesty by the Participant; (iv) the conviction of the Participant of, or plea by the
Participant of nolo contendere to, any felony or any other crime involving dishonesty or moral turpitude; and (v) any other conduct that involves a breach of fiduciary obligation on the part of the Participant or otherwise could
reasonably be expected to have a material adverse effect upon the business, interests or reputation of the Corporation or any of its Affiliates. 
 “Change of Control” means the mean the occurrence of (a) prior to the consummation of the Initial Public Offering, any consolidation, plan of arrangement or merger of the Corporation with or into any other corporation
or other Person, or any other corporate reorganization or transaction (including the acquisition of shares of the Corporation), whether or not the Corporation is a party thereto, in which the securityholders of the Corporation immediately prior to
such consolidation, plan of arrangement, merger, reorganization or transaction, own shares (i) representing directly, or indirectly through one or more entities, less than fifty percent (50%) of the economic interests in or voting power of
the Corporation or other surviving entity immediately after such consolidation, plan of arrangement, merger, reorganization or transaction and (ii) that do not directly, or indirectly through one or more entities, have the power to elect a
majority of the entire board of directors of the Corporation or other surviving entity immediately after such consolidation, plan of arrangement, merger, reorganization or transaction, (b) at any time, any transaction or series of related
transactions, whether or not the Corporation is a party thereto, after giving effect to which in excess of fifty percent (50%) of the Corporation’s voting power is owned directly, or indirectly through one or more entities, by any Person
and its “affiliates” or “associates” (as such terms are defined in the rules adopted by the United States Securities and Exchange Commission under the United States Securities Exchange Act of 1934, as from time to time amended
and in effect), other than the Investors and their respective Affiliated Funds, excluding, in any case referred to in clause (b), any Initial Public Offering or any bona fide primary or secondary public offering following the occurrence of an
Initial Public Offering; or (c) a sale, lease or other disposition of all or substantially all of the assets of the Corporation; 
  

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 “Class B Shares” means the Class B Preferred Shares in the capital of the Corporation;

 “Committee” has the meaning set forth in Section 3.2 of this Plan; 
 “Common Shares” means the common shares of the Corporation; 
 “Corporation” has the meaning set forth in Section 1.1 of this Plan; 
 “Date of
Grant” means, for any Option, the date specified by the Board at the time it grants the Option or, if no such date is specified, the date upon which the Option was granted; 
 “Director” means a member of the Board or of the board of directors of an Affiliate; 
 “Disabled” or “Disability” means, for purposes of the Plan only, the inability of an Optionee to perform substantially all of such
Optionee’s duties and responsibilities to the Corporation and its Affiliates as a result of any illness, injury, accident or condition of either a physical or psychological nature suffered by such Optionee, with or without reasonable
accommodation, for 90 days during any period of 180 consecutive calendar days, as determined by a physician selected by the Corporation to whom the Optionee has no reasonable objection. 
 “Exercise Notice” means a notice in writing, in the form set out in Schedule A, signed by an Optionee and stating the Optionee’s
intention to exercise a particular Option; 
 “Exercise Price” means the price at which a Common Share or Class B Share, as
applicable, may be purchased pursuant to the exercise of an Option; 
 “Exercise Period” means the period of time during
which an Option granted under this Plan may be exercised (provided however that the Exercise Period may not exceed 10 years from the relevant Date of Grant); 
 “Initial Public Offering” means the first sale of Common Shares (whether in a primary offering of new shares or a secondary offering of issued and outstanding shares) to an underwriter for reoffering
to the public in a Public Offering pursuant to (i) an effective registration statement filed with the SEC on Form S-1 (or any successor form), (ii) a preliminary and final prospectus filed with any Canadian Securities Authority under
Canadian Securities Laws or (iii) comparable mechanics under the securities laws of any other jurisdiction; 
 “Investors” has the meaning set forth in the Securityholders Agreement; 
 “Option” means a
non-assignable, non-transferable right to purchase Common Shares and Class B Shares under this Plan; 
 “Optionee” means a
Participant who has been granted one or more Options; 
 “Option Agreement” means a signed, written agreement between an
Optionee and the Corporation evidencing the terms and conditions on which an Option has been granted. 
  

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 “Participant” means a Director or an officer of the Corporation or of an Affiliate, a
current full-time or part-time employee of the Corporation or of an Affiliate. “Participant” includes Registered Retirement Savings Plans or Registered Retirement Income Funds established by or for the Director, officer or individual
employee (or under which such individual is the beneficiary) and a subsidiary entity of such individual; 
 “Person” means
any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof;

 “Plan” means this Management Option Plan; 
 “Public Offering” a public offering and sale of Common Shares for cash pursuant to (i) an effective registration statement under the United States Securities Act of 1933, as in effect from
time to time, (ii) a preliminary and final prospectus filed with any Canadian Securities Authority under Canadian Securities Laws or (iii) comparable mechanics under the securities laws of any other jurisdiction. 
 “Retirement” means retirement from active employment with the Corporation and an Affiliate at or after age 65 or at or after such earlier
age and upon the completion of such years of service as the Board may specify; 
 “Securityholders Agreement” means the
Securityholders Agreement dated as of November 18, 2004 among the Corporation, Dollar A.M.A. Inc., S. Rossy Inc. and certain other securityholders of the Corporation party thereto as it may be amended, supplemented or restated from time to
time; 
 “Shares” means the Common Shares and Class B Shares of the Corporation 
 “Termination Date” means in the case of a Participant whose employment or term of office with the Corporation or an Affiliate terminates
in the circumstances set out in Section 4.6(b) or 4.6(c), the date that is designated by the Corporation or such Affiliate, as the case may be, as the last day of the Optionee’s employment or term of office with the Corporation or such
Affiliate, as the case may be, provided that in the case of termination of employment by voluntary resignation by the Optionee, such date shall not be earlier than the date notice of resignation was given, and “Termination Date”
specifically does not mean the date on which any period of reasonable notice that the Corporation or such Affiliate (as the case may be) may be required at law to provide to the Optionee, would expire. 
  

	2.2	Interpretation 

  

	 	(a)	Whenever the Board or, where applicable, the Committee is to exercise discretion in the administration of the terms and conditions of this Plan, the term “discretion”
means the sole and absolute discretion of the Board or the Committee, as the case may be. 

  

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	 	(b)	As used herein, the terms “Article”, “Section”, “Subsection” and “clause” mean and refer to the specified Article, Section, Subsection and
clause of this Plan, respectively. 

  

	 	(c)	Words importing the singular include the plural and vice versa and words importing any gender include any other gender. 

  

	 	(d)	In this Plan, a Person is considered to be a “subsidiary entity” of another Person if: 

  

	 	(i)	it is controlled by, 

  

	 	(A)	that other, or 

  

	 	(B)	that other and one or more Persons, each of which is controlled by that other, or 

  

	 	(C)	two or more Persons, each of which is controlled by that other; or 

  

	 	(ii)	it is a subsidiary entity of a Person that is that other’s subsidiary entity. 

  

	 	(e)	In this Plan, a Person is considered to be “controlled” by a Person if: 

  

	 	(i)	in the case of a Person, 

  

	 	(A)	voting securities of the first-mentioned Person carrying more than 50% of the votes for the election of directors are held, otherwise than by way of security only, by or for the
benefit of the other Person, and 

  

	 	(B)	the votes carried by the securities are entitled, if exercised, to elect a majority of the directors of the first-mentioned Person; 

  

	 	(ii)	in the case of a partnership that does not have directors, other than a limited partnership, the second-mentioned Person holds more than 50% of the interests in the partnership; or

  

	 	(iii)	in the case of a limited partnership, the general partner is the second-mentioned Person. 

  

	 	(f)	Unless otherwise specified, all references to money amounts are to Canadian currency. 

 ARTICLE 3 
 ADMINISTRATION 
  

	3.1	Administration 

 Subject to Section 3.2, this Plan will be
administered by the Board and the Board has sole and complete authority, in its discretion, to: 
  

	 	(a)	determine the individuals (from among the Participants) to whom Options may be granted; 

  

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	 	(b)	grant Options in such amounts and, subject to the provisions of this Plan, on such terms and conditions as it determines including: 

  

	 	(i)	the time or times at which Options may be granted; 

  

	 	(ii)	the Exercise Price; 

  

	 	(iii)	the time or times when each Option vests and becomes exercisable and, subject to Section 4.2, the duration of the Exercise Period; 

  

	 	(iv)	whether restrictions or limitations are to be imposed on the Shares and the nature of such restrictions or limitations (including, without limitation, the conditions of exercise set
forth in ARTICLE 4); and 

  

	 	(v)	any acceleration of exercisability or waiver of termination regarding any Option, based on such factors as the Board may determine; 

  

	 	(c)	interpret this Plan and adopt, amend and rescind administrative guidelines and other rules and regulations relating to this Plan; and 

  

	 	(d)	make all other determinations, settle all controversies and disputes that may arise under this Plan and take all other actions necessary or advisable for the implementation and
administration of this Plan. 

 The Board’s determinations and actions under this Plan are conclusive and binding on the Corporation and
all other Persons. The day-to-day administration of the Plan may be delegated to such officers and employees of the Corporation or of an Affiliate as the Board determines. 
  

	3.2	Delegation to Committee 

 To the extent permitted by applicable law,
the Board may, from time to time, delegate to a committee (the “Committee”) of the Board all or any of the powers conferred on the Board under the Plan. In such event, the Committee will exercise the powers delegated to it by the
Board in the manner and on the terms authorized by the Board. Any decision made or action taken by the Committee arising out of or in connection with the administration or interpretation of this Plan in this context is final and conclusive.

  

	3.3	Eligibility 

 All Participants are eligible to participate in the
Plan, subject to Sections 4.51(b) and 4.6(d). Eligibility to participate does not confer upon any Participant any right to be granted Options pursuant to the Plan. The extent to which any Participant is entitled to be granted Options pursuant to the
Plan will be determined in the sole and absolute discretion of the Board. 
  

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	3.4	Total Shares Subject to Options 

  

	 	(a)	The aggregate number of Common Shares and Class B Shares that may be issued pursuant to the exercise of Options must not exceed 13,500,000 and 27,000,000, respectively.

  

	 	(b)	No Option may be granted if such grant would have the effect of causing the total number of Common Shares and Class B Shares subject to Options to exceed any of the total numbers of
Common Shares and Class B Shares reserved for issuance pursuant to the exercise of Options and set forth in Section 3.4(a). Subject to applicable law and the provisions of the Securityholders Agreement, the Board may, in its discretion, amend
the Plan to increase such numbers of Common Shares and Class B Shares without notice to any Optionees. 

  

	 	(c)	To the extent Options terminate for any reason prior to exercise in full or are cancelled (with the consent of the Optionee), the Common Shares and Class B Shares subject to such
Options shall be added back to the applicable number of Common Shares and Class B Shares reserved for issuance under the Plan and such Common Shares and Class B Shares will again become available for grant under this Plan as set forth in
Section 3.4(a). 

  

	3.5	Option Agreements 

 All grants of Options under Section 4.1 of
this Plan will be evidenced by Option Agreements. Such Option Agreements will be subject to the applicable provisions of this Plan and contain such provisions as are required by this Plan and any other provisions that the Board may, in its
discretion, direct. Any one officer of the Corporation is authorized and empowered to execute and deliver, for and on behalf of the Corporation, an Option Agreement to each Optionee. 
  

	3.6	Non-transferability 

 Subject to Section 4.5 and except as
specifically provided in an Option Agreement approved by the Board, Options granted under this Plan may only be exercised during the lifetime of the Optionee by such Optionee personally. No sale, assignment, encumbrance or other transfer of Options,
whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Options whatsoever in any assignee or transferee (except that an Optionee may transfer Options to a corporation in respect of which the Optionee is
the sole shareholder) and immediately upon any assignment or transfer, or any attempt to make the same, such Options will terminate and be of no further force or effect. If any Optionee (the “Original Optionee”) has transferred
Options to a corporation pursuant to this Section 3.6, such Options will terminate and be of no further force or effect if at any time the Original Optionee should cease to own all of the issued shares of such corporation other than by reason
of death, in which case the provisions of Section 4.5 shall apply, mutatis mutandis. 
  

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 ARTICLE 4 
 GRANT OF OPTIONS 
  

	4.1	Grant of Options 

 The Board may, 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. 
  

	4.2	Expiration of Options 

 Subject to any accelerated termination as
set forth in this Plan (including, without limitation, as provided in Sections 4.5, 4.6 and 4.7), each Option expires on the 10th anniversary of the Date of Grant. 
  

	4.3	Vesting, Conditions of Exercise and Exercise Period 

 The Board may
determine the time or times at and the conditions upon which an Option will vest and become exercisable. Once an Option has vested and become exercisable, it remains exercisable until expiration or termination of the Option, unless otherwise
specified by the Board in the Option Agreement entered into in connection with the grant of such Option. Each Option may be exercised at any time or from time to time, in whole or in part, for up to the total number of Shares with respect to which
it is then exercisable. The Board has the right to accelerate the date upon which any Option becomes exercisable notwithstanding the vesting schedule set forth in such Option, regardless of any adverse or potentially adverse tax consequences
resulting from such acceleration. 
 Subject to the provisions of this Plan and any Option Agreement, Options shall be exercised by means of a fully
completed Exercise Notice delivered to the Corporation. 
  

	4.4	Payment of Exercise Price 

 The Exercise Notice must be accompanied
by payment in full of the purchase price for the Shares to be purchased. The Exercise Price must be fully paid in cash or by certified cheque, bank draft or money order payable to the Corporation or by such other means as might be specified from
time to time by the Board. No Shares will be issued or transferred until full payment therefor has been received by the Corporation. As soon as practicable after receipt of any Exercise Notice and full payment, the Corporation will deliver to the
Optionee a certificate or certificates representing the acquired Shares. 
  

	4.5	Exercise upon Retirement, Death or Disability of Optionee 

 If a
Participant dies or becomes Disabled while an employee, director or officer of the Corporation or an Affiliate or if the employment or term of office of the Optionee with the Corporation or an Affiliate terminates due to Retirement: 
  

	 	(a)	 the executor, liquidator or administrator of the Optionee’s estate or the Optionee, as the case may be, may exercise any Options of the Optionee to the extent
that the Options were exercisable at the date of such death, Disability or Retirement and the right to exercise such Options terminates on the earlier of: (i) in the case of the Optionee’s death, the date that is 365 days from the date of
the Optionee’s 

  

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death, and in the case of Optionee’s Disability or Retirement, the date that is 90 days from the date of the Optionee’s Disability or Retirement;
and (ii) the date on which the Exercise Period of the particular Option expires. Any Options held by the Optionee that were not exercisable at the date of death, Disability or Retirement immediately expire and are cancelled on such date; and

  

	 	(b)	such Optionee’s eligibility to receive further grants of Options under the Plan ceases as of the date of the Optionee’s death, Disability or Retirement, as the case may
be. 

  

	4.6	Exercise upon Termination of Employment or Services 

  

	 	(a)	Where, in the case of a Participant, an Optionee’s employment or term of office with the Corporation or an Affiliate ceases by reason of the Optionee’s death, Disability
or Retirement, then the provisions of Section 4.5 will apply. 

  

	 	(b)	Where, in the case of a Participant, an Optionee’s employment or term of office terminates by reason of termination by the Corporation or an Affiliate without Cause (whether
such termination occurs with or without any or adequate reasonable notice, or with or without any or adequate compensation in lieu of such reasonable notice), then any Options held by the Optionee that are exercisable at the Termination Date
continue to be exercisable by the Optionee until the earlier of: (A) the date that is 30 days after the Termination Date; and (B) the date on which the Exercise Period of the particular Option expires. Any Options held by the Optionee that
are not exercisable at the Termination Date immediately expire and are cancelled on the Termination Date. 

  

	 	(c)	Where, in the case of a Participant, an Optionee’s employment or term of office terminates by reason of (i) termination by the Corporation or an Affiliate for Cause or
(ii) voluntarily resignation by the Optionee, then any Options held by the Optionee, whether or not exercisable at the Termination Date, immediately expire and are cancelled on such date or at a time as may be determined by the Board, in its
sole discretion. 

  

	 	(d)	An Optionee’s eligibility to receive further grants of Options under the Plan ceases as of the date that the Corporation or an Affiliate, as the case may be, provides the
Optionee with written notification that the Optionee’s employment or term of office, as the case may be, is terminated, notwithstanding that such date may be prior to the Termination Date. 

  

	 	(e)	Unless the Board, in its discretion, otherwise determines, at any time and from time to time, Options are not affected by a change of employment within or among the Corporation or
an Affiliate for so long as the Participant continues to be an employee, director or officer of the Corporation or an Affiliate, as the case may be. 

  

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	4.7	Call on Optionee Stock 

 The Shares obtained by a Participant
through the exercise of an Option shall be subject to the call option described in Section 5 of the Securityholders Agreement upon the conditions described therein. 
  

	4.8	Discretion to Permit Exercise 

 Notwithstanding the provisions of
Sections 4.5 and 4.6, the Board may, in its discretion, at any time prior to or following the events contemplated in such sections and in any Option Agreement, permit the exercise of any or all Options held by the Optionee in the manner and on the
terms authorized by the Board, provided that the Board will 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. 
  

	4.9	Change of Control 

 Except as otherwise set forth in any Option
Agreement, in the event of any Change of Control transaction in which there is an acquiring or surviving entity, the Board may provide for substitute or replacement options of similar value from, or the assumption of outstanding Options by, the
acquiring or surviving entity or one or more of its subsidiaries, any such substitution, replacement or assumption to be on such terms as the Board in good faith determines; provided, however, that in the event of a Change of Control
transaction the Board may take, as to any outstanding Option, any one or more of the following actions: 
  

	 	(a)	provide that any or all Option shall thereupon terminate; provided that any such outstanding Options that have vested shall remain exercisable until consummation of such Change of
Control; 

  

	 	(b)	make any outstanding Option exercisable in full. 

  

	4.10	Securityholders Agreement and Exchange Agreement 

 Each Optionee
must, at the time of granting an Option, sign and deliver a counterpart and acknowledgement to the Securityholders Agreement and the Exchange Agreement (if such Optionee is not already a party to such agreements and if such agreements are still in
effect) through an Option Agreement or otherwise in the forms attached as Schedule B and Schedule C to this Plan. Each Optionee acknowledges that the Securityholders Agreement restricts transfers of Shares. 
  

	4.11	Conditions of Exercise 

 Each Optionee will, when requested by the
Corporation, sign and deliver all such documents relating to the granting or exercise of Options which the Corporation deems necessary or desirable. 
  

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 ARTICLE 5 
 SHARE CAPITAL ADJUSTMENTS 
  

	5.1	General 

 The existence of any Options does not affect in any way
the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Corporation’s capital structure or its business, or any amalgamation,
combination, plan of arrangement, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, Common Shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to
effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such
action referred to in this section would have an adverse effect on this Plan or any Option granted hereunder. 
  

	5.2	Reorganization of Corporation’s Capital 

 Should the
Corporation effect a subdivision or consolidation of Common Shares or Class B Shares or any similar capital reorganization or a payment of a stock dividend (other than a stock dividend that is in lieu of a cash dividend), or should any other change
be made in the capitalization of the Corporation that, in the opinion of the Board, would warrant the replacement of any existing Options in order to adjust: (a) the number of Common Shares or Class B Shares that may be acquired on the exercise
of any outstanding Options; and/or (b) the Exercise Price of any outstanding Options in order to preserve proportionately the rights and obligations of the Optionees, the Board will authorize such steps to be taken as may be equitable and
appropriate to that end. 
  

	5.3	Other Events Affecting the Corporation 

 In the event of an
amalgamation, combination, plan of arrangement, merger or other reorganization involving the Corporation by exchange of Common Shares or Class B Shares, by sale or lease of assets or otherwise, including without limitation by the exchange (the
“Exchange”) of Class B Shares for limited partnership units in Dollarama II L.P. (the “Units”) as contemplated by the Exchange Agreement and the articles of association of the Corporation, as amended, that, in the
opinion of the Board, warrants the replacement of any existing Options in order to adjust: (a) the number of Common Shares or Class B Shares that may be acquired on the exercise of any outstanding Options; (b) the Exercise Price of any
outstanding Options in order to preserve proportionately the rights and obligations of the Optionees and/or (c) the type of securities that may be acquired by the Optionees on the exercise of any outstanding Options, the Board will authorize
such steps to be taken as may be equitable and appropriate to that end. Without limiting the generality of the foregoing, if the Corporation effects the Exchange, the Board will arrange for an equivalent award exercisable for Units to be granted to
each Optionee in substitution for that portion of an each Option outstanding immediately prior to the Exchange which is exercisable for Class B Shares and will arrange for Dollarama II L.P. to purchase Class B Shares upon the exercise by any
Optionee of any such substitution award. 
  

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	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 Optionees in the circumstances or otherwise determines that it is appropriate, the Board may permit the immediate exercise of any outstanding
Options that are not otherwise exercisable. 
  

	5.5	Issue by Corporation of Additional Shares 

 Except as expressly
provided in this Article 5, neither the issue by the Corporation of shares of any class or securities convertible into or exchangeable for shares of any class, nor the conversion or exchange of such shares or securities, affects, and no adjustment
by reason thereof is to be made with respect to: (a) the number of Common Shares or Class B Shares that may be acquired on the exercise of any outstanding Options; or (b) the Exercise Price of any outstanding Options. 
  

	5.6	Fractions 

 No fractional Shares will be issued on the exercise of
an Option. Accordingly, if, as a result of any adjustment under Sections 5.2 to 5.4 inclusive, an Optionee would become entitled to a fractional Share, the Optionee has the right to acquire only the adjusted number of Shares and no payment or other
adjustment will be made with respect to the fractional Shares so disregarded. 
  

	5.7	Conditions of Exercise 

 The Plan and each Option are subject to the
requirement that if at any time the Board determines that the listing, registration or qualification of the Shares subject to such Option upon any stock exchange or under any provincial, state or federal law, or the consent or approval of any
governmental body, stock exchange or of the holders of the Shares generally, is necessary or desirable, as a condition of, or in connection with, the granting of such Option or the issue or purchase of Shares thereunder, no such Option may be
granted or exercised in whole or in part unless such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Board. The Optionees shall, to the extent applicable, cooperate
with the Corporation in relation to such listing, registration, qualification, consent or other approval and shall have no claim or cause of action against the Corporation or any of its officers or directors as a result of any failure by the
Corporation to obtain or to take any steps to obtain any such registration, qualification or approval. 
 ARTICLE 6 
 MISCELLANEOUS PROVISIONS 
  

	6.1	Legal Requirement 

 The Corporation 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 sole discretion, such action would constitute a violation by an Optionee or the Corporation of any provision of any
applicable statutory or regulatory enactment of any government or government agency. 
  

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	6.2	Optionee’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 Corporation and an Affiliate. For greater certainty, all Options remain valid and
exercisable in accordance with the terms and conditions of this Plan and are not affected by reason only that, at any time, an Affiliate ceases to be an Affiliate. 
  

	6.3	Withholding Taxes 

 The exercise of each Option granted under this
Plan is subject to the condition that if at any time the Corporation determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such exercise, such exercise is not
effective unless such withholding has been effected to the satisfaction of the Corporation. In such circumstances, the Corporation may require that an Optionee pay to the Corporation, in addition to and in the same manner as the Exercise Price for
the Shares, such amount as the Corporation is obliged to remit to the relevant taxing authority in respect of the exercise of the Option. Any such additional payment is due no later than the date as of which any amount with respect to the Option
must be withheld by the Corporation. 
  

	6.4	Rights of Participant/Optionee 

 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), and the granting of any Option is not to be construed as giving an Optionee a right
to remain in the employ of the Corporation or an Affiliate. No Optionee has any rights as a shareholder of the Corporation in respect of Shares issuable on the exercise of rights to acquire Shares under any Option (including, without limitation, the
payment of dividends or other distributions) until the allotment and issuance to the Optionee of certificates representing such Shares. The loss of existing or potential profit in Options granted under this Plan shall not constitute an element of
damages in the event of termination of an Optionee’s employment or service in any office or otherwise. 
  

	6.5	Termination; Amendment 

  

	 	(a)	The Plan will terminate and, for greater certainty, all unexercised Options shall terminate and expire on the date upon which no further Shares remain available for issuance
pursuant to Options which may be granted under the Plan and no Options remain outstanding unless renewed for such further period and upon such terms and conditions as the Board may determine. 

  

	 	(b)	The Board may, without notice, at any time or from time to time, amend, suspend or terminate this Plan or any provisions hereof in such respects as it, in its sole discretion,
determines appropriate. No such amendment, suspension or termination of this Plan, without the consent of any Optionee or the representatives of his or her estate, as applicable, alters or impairs any rights or obligations arising from any Option
previously granted to an Optionee under this Plan. 

  

 - 13 - 

	6.6	Indemnification 

 Every Director or member of the Committee will at
all times be indemnified and saved harmless by the Corporation from and against all costs, charges and expenses whatsoever including any income tax liability arising from any such indemnification, that such Director or member of the Committee may
sustain or incur by reason of any action, suit or proceeding, taken or threatened against the Director or member of the Committee, otherwise than by the Corporation, for or in respect of any act done or omitted by the Director or member of the
Committee in respect of this Plan, such costs, charges and expenses to include any amount paid to settle such action, suit or proceeding or in satisfaction of any judgement rendered therein. 
  

	6.7	Participation in the Plan 

 The participation of any Participant in
the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the
Plan does not constitute a condition of employment nor a commitment on the part of the Corporation to ensure the continued employment of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in
the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and they are advised to consult with their own tax advisors. 
  

	6.8	Effective Date 

 This Plan becomes effective on a date to be
determined by the Board. 
 6.9 Language 
 The parties
have expressly requested that this Plan and all related documents be drafted in English only. Les parties ont expressément requis que ce regime et tous les documents qui s’y rattachent soient rédigés en anglais
seulement. 
  

	6.10	Governing Law 

 This Plan is created under and is to be governed,
construed and administered in accordance with the laws of the Province of Quebec and the laws of Canada applicable therein. 
  

 - 14 - 

 SCHEDULE A 
 Stock Option Plan Exercise Notice Form - Options 
 I,
                                        
                                        
    , hereby exercise the option to purchase                      Common Shares of 
                                     (print name) 

Dollarama Capital Corporation (the “Corporation”) at a purchase price of $             
per Common Share and ______ Class B Shares of the Corporation at a purchase price of $_______ per Class B Share. This Exercise Notice is delivered in respect of the option to purchase
                     Common Shares of the Corporation and ____ Class B Shares of the Corporation that was granted to me on
                     pursuant to the Option Agreement entered into between the Corporation and me. In connection with the foregoing, I enclose
cash, a certified cheque, bank draft or money order payable to the Corporation in the amount of $              as full payment for the Common Shares and Class B Shares to be received
upon exercise of the Option. 
  

					
			
	   	 		 	   
	 Date
	 		 	 Optionee’s Signature

 SCHEDULE B 
 Form of Counterpart and Acknowledgement 
 Acknowledgement and Counterpart to the Securityholders
Agreement dated as of November 18, 2004, among Dollarama Capital Corporation (the “Corporation”), Dollar A.M.A. Inc., S. Rossy Inc. and certain other securityholders party thereto, as the same may be amended, restated or replaced (the
“Securityholders Agreement”). 
 The undersigned agrees to be bound, at the time he or she acquires shares of the Corporation, by all the
provisions of the Securityholders Agreement including, without limitation, all covenants, agreements, obligations, representations and warranties made by a Manager in the Securityholders Agreement and will be entitled to all the benefits and
entitlements of a Manager under the Securityholders Agreement, except as otherwise set out therein, and the Securityholders Agreement will apply to the undersigned mutatis mutandis without further action by the undersigned or any party
thereto. This Option and any securities issued upon exercise of this Option constitute Management Securities as defined in the Securityholders Agreement. The undersigned confirms that he or she has received a copy of the Securityholders Agreement or
has been given the opportunity to review the Securityholders Agreement, and has obtained, or has had the opportunity to obtain, independent legal advice prior to entering into this counterpart and acknowledgement of this agreement.
(DATED this __________ day of _________________, _______. 
  

					
			
	   	 		 	   
	 Witness:
	 		 	 Optionee:

 SCHEDULE C 
 Form of Counterpart and Acknowledgement 
 Acknowledgement and Counterpart to the Exchange
Agreement dated as of November 18, 2004, among Dollarama Capital Corporation (the “Corporation”), Dollarama Investment II, L.P., Dollar A.M.A. Inc., S. Rossy Inc. and certain other entities and persons party thereto, as the same may
be amended, restated or replaced (the “Exchange Agreement”). 
 The undersigned agrees to be bound, at the time he or she acquires shares of
the Corporation, by all the provisions of the Exchange Agreement including, without limitation, all covenants, agreements, obligations, representations and warranties made by a Holder in the Exchange Agreement and will be entitled to all the
benefits and entitlements of a Holder under the Exchange Agreement, except as otherwise set out therein, and the Exchange Agreement will apply to the undersigned mutatis mutandis without further action by the undersigned or any party thereto.
The undersigned confirms that he or she has received a copy of the Exchange Agreement or has been given the opportunity to review the Exchange Agreement, and has obtained, or has had the opportunity to obtain, independent legal advice prior to
entering into this counterpart and acknowledgement of this agreement. (DATED this __________ day of _________________, _______. 
  

					
			
	   	 		 	   
	 Witness:
	 		 	 Optionee:

  

 - 2 -Employment Agreement between Dollarama L.P. and Larry Rossy

 Exhibit 10.2 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This Employment Agreement, dated as of October 4, 2004 (the
“Agreement”), between S. Rossy Inc. and together with any permitted assignee (collectively referred to as the “Employer”) and Larry Rossy (the “Executive”). 
 RECITALS 
 WHEREAS, the Executive has
been and is expected to continue to be an important contributor to the Business (as defined below) and has and will acquire knowledge of highly confidential information pertaining to the Business and the affairs of the Employer; 
 WHEREAS, the Executive has experience and expertise that qualify him to provide the direction and leadership required by the Employer and its Affiliates
(as defined below); 
 WHEREAS the parties agree that the Employer, its Affiliates and their successors and assigns require protection of
their legitimate business interests; and 
 WHEREAS, subject to the terms and conditions hereinafter set forth, the Employer therefore wishes
to confirm the terms and conditions of employment of the Executive as its Chief Executive Officer (the “CEO”) and the Executive wishes to accept such employment. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises and the
mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree: 
 1. Employment. Subject to
the terms and conditions set forth in this Agreement, the Employer hereby offers and the Executive hereby accepts employment. 
 2.
Term. Subject to Section 5, this Agreement shall have an original term of five years commencing on the date hereof and shall be automatically renewed thereafter for successive terms of one year each, unless either party provides notice
to the other at least three months prior to the expiration of the original or any successive term that the Agreement is not to be renewed. In the event that notice is given to the effect that this Agreement is not renewed, this Agreement and
Executive’s employment shall automatically terminate upon the expiry of such term. The term of this Agreement, as from time to time extended or renewed, is hereafter referred to as the “Term”. 
 3. Capacity and Performance. 
 (a) During the Term, the Executive shall serve the Employer as its CEO with such customary responsibilities, duties and authority as may from time to time be assigned to him by the Board of Directors of the Employer (the
“Board”). In addition and without further compensation, the Executive shall serve as a director and/or officer of one or more of the Employer’s operating subsidiaries if so elected or appointed from time to time, provided that
the Employer shall provide to the Executive at all times, and pay all of the costs of, directors’ and officers’ liability insurance coverage with respect to such service as required by Section 4 hereof. 
  

					
	 Employment Agreement for Larry Rossy
	  		  	

 (b) During the Term, the Executive shall be employed by the Employer on a full-time basis
and shall perform such duties and responsibilities on behalf of the Employer and its Affiliates as may be designated from time to time by the Board. The duties to be performed by the Executive hereunder shall be performed primarily at the principal
office of the Employer in the City of Montreal, Quebec, subject to reasonable travel requirements. 
 (c) During the Term, the
Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the Business and interests of the Employer and its Affiliates and to the discharge of his duties and
responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the Term, except as may be approved by the Board. The foregoing
provisions of this Section 3(c) shall not, however, preclude the Executive from devoting a reasonable amount of time to engaging in civic, charitable or religious activities, devoting a reasonable amount of time to private investment
activities, and/or serving as a director, officer or trustee of family-owned companies, trusts or foundations, provided in each case that such involvement is in compliance with the provisions of Section 8(a) hereof and does not otherwise
conflict with the Executive’s responsibilities to the Employer. 
 4. Compensation and Benefits. As compensation for all services
performed by the Executive under and during the Term and subject to performance of the Executive’s duties and of the obligations of the Executive to the Employer and its Affiliates, pursuant to this Agreement or otherwise: 
 (a) Base Salary. During the Term, the Employer shall pay the Executive a base salary at the rate of three hundred thousand dollars
per annum, less all applicable withholdings, payable in accordance with the payroll practices of the Employer for its executives (the “Base Salary”). 
 (b) Annual Bonus. During the Term, with respect to each of the Employer’s fiscal years that begins on or after
February 1, 2005, the Executive will be eligible to receive a bonus (the “Annual Bonus”) of up to a maximum of 200% of his Base Salary, except that, for the fiscal year ending on January 31, 2006, the Executive will be
eligible to receive an annual bonus of up to a maximum of 233.33% of his Base Salary. The Annual Bonus will be based on the achievement of targets which shall be determined by the Board. 
 For greater certainty, no notice, pay in lieu of notice, statutory notice, severance pay or any other payment whatsoever that is given or
that ought to have been given under this Agreement or any applicable law in respect of the Executive’s termination of employment will be utilized in determining entitlement to payment of the Annual Bonus. 
 (c) Other Benefits. During the Term and subject to any contribution therefor generally required of executives of the Employer, the
Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executives 
  

					
	 Employment Agreement for Larry Rossy
	  	-2-	  	

 of the Employer generally. Such participation shall be subject to the terms of the applicable plan
documents and generally applicable Employer policies. The Employer may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole judgment, determines to be appropriate and the whole subject to applicable law. The
Executive shall be entitled to paid vacation consistent with the Employer’s vacation policy and reasonable holidays and illness days in accordance with the Employer’s policies as may be established and modified from time to time.

 (d) Short-term Disability. Subject to Section 5(b), in the event the Executive becomes disabled during the Term
through any illness, injury, accident or condition of either a physical or psychological nature, and, as a result, is unable to perform all his duties and responsibilities hereunder, the Employer will pay to the Executive the equivalent of the
Executive’s Base Salary for the lesser of: 
 (i) a period of one hundred and nineteen consecutive days; or 
 (ii) until terminated in accordance with Section 5(b) of this Agreement. 
 (e) Directors’ and Officers’ Insurance. The Employer shall provide to the Executive the benefit of at all times during
the Term, and pay all of the costs of, the directors’ and officers’ liability insurance policy or policies obtained by the Employer, which shall cover the Executive for his service hereunder, whether as director, and/or officer of the
Employer or as director and/or officer of any of the Employer’s Affiliates. 
 (f) Business Expenses. The Employer
shall pay or reimburse the Executive for all reasonable, customary and necessary business expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder in accordance with the Employer’s expense
reimbursement policy. 
 5. Termination of Employment and Severance Benefits. Notwithstanding the provisions of Section 2 hereof,
the Executive’s employment hereunder shall terminate under the following circumstances: 
 (a) Death. In the event
of the Executive’s death during the Term, the Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Employer shall pay to the Executive’s designated beneficiary or, if no beneficiary has
been designated by the Executive, to his estate, (i) the Base Salary earned but not paid through the date of termination, and (ii) any business expenses incurred by the Executive but not reimbursed on the date of termination, and
(iii) any bonus compensation (other than Annual Bonus with respect to the fiscal year in which the date of termination occurs) awarded but unpaid on the date of termination (collectively, “Final Compensation”); and
(iv) the portion of the Annual Bonus earned for the fiscal year in which the date of termination occurs, prorated for the time of the Executive’s employment during the relevant fiscal year (the “Prorated Bonus”), it being
understood that the Prorated Bonus will be paid following the end of the relevant fiscal year or such other time as per the Employer’s normal practice. 
  

					
	 Employment Agreement for Larry Rossy
	  	-3-	  	

 (b) Disability 
 (i) The Employer may terminate the Executive’s employment hereunder, upon written notice to the Executive, in the event that the
Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities
hereunder, with or without reasonable accommodation, for ninety (90) days during any period of one hundred eighty (180) consecutive calendar days. In the event of such termination, the Employer shall have no further obligation to the
Executive, other than for payment of Final Compensation and any Prorated Bonus. 
 (ii) The Board may designate another
employee to act in the Executive’s place during any period of the Executive’s disability. While receiving disability income payments under Employer’s disability income plan, the Executive shall continue to participate in Employer
benefit plans, if any, in accordance with the terms of such plans, until the termination of his employment. 
 (c) By the
Employer for Cause. The Employer may terminate the Executive’s employment hereunder immediately for Cause at any time upon written notice to the Executive setting forth in reasonable detail the nature of such Cause. 
 Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the Employer shall have no further obligation to the
Executive, other than for Final Compensation and any requirement of applicable law. 
 (d) By the Employer Other than for
Cause. The Employer may terminate the Executive’s employment at any time, other than for Cause, Death and Disability by (a) paying to the Executive Final Compensation and any Prorated Bonus; and (b) provided the Executive
continues to fulfill the remainder of his contractual obligations towards the Employer, by providing the Executive with a written notice of termination of employment of twenty-four months or severance pay in lieu of notice representing the
Executive’s Base Salary for twenty-four months, payable by way of salary continuance in accordance with the Employer’s payroll practices at the date of termination or in a lump sum payment, at the sole discretion of the Employer.

 Any obligation of the Employer to the Executive hereunder is conditional, however, upon the Executive signing a release, reasonably
acceptable to the Employer, of any and all claims related to the employment of the Executive or the termination thereof. 
 (e) By the Executive for Constructive Termination. The Executive may terminate his employment hereunder immediately for Constructive Termination at any time upon written notice to the Employer setting forth in reasonable detail the
nature of the Constructive Termination. In the event of such termination, the Employer shall (i) pay the Executive’s Final Compensation and any Prorated Bonus, and (ii) conditional upon the Executive continuing to fulfill his
contractual obligations toward the Employer, by way of salary continuance, in accordance with the Employer’s payroll practices at the time of 
  

					
	 Employment Agreement for Larry Rossy
	  	-4-	  	

 Constructive Termination, the Executive’s Base Salary for twenty-four months following termination
or an amount representing twenty-four months of the Executive’s Base Salary, in a lump sum payment, at the sole discretion of the Employer. 
 Any obligation of the Employer to the Executive hereunder is conditional, however, upon the Executive signing a release, reasonably acceptable to the Employer, of any and all claims related to the employment of the Executive or the
termination thereof. 
 (f) By the Executive other than for Constructive Termination. The Executive may terminate his
employment hereunder at any time upon sixty days written notice to the Employer. In the event of termination of the Executive pursuant to Section 5(f), the Board may elect to waive the period of notice, or any portion thereof. The Employer
shall have no further obligation to the Executive, other than for Final Compensation due to him. 
 6. Effect of Termination. The
provisions of this Section 6 shall apply to any termination of employment in accordance with Section 2 or Section 5. 
 (a) Payments or provision of benefits by the Employer pursuant to Section 5 shall constitute the entire obligation of the Employer to the Executive. 
 (b) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable to accomplish the
purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 7, 8 and 9 hereof. The obligation of the Employer to make payments to the Executive under Section 5(d) or 5(e) hereof is
expressly conditioned upon the Executive’s continued full performance of obligations under Sections 7, 8 and 9 hereof. The Executive recognizes that, except as expressly provided in Section 5(d) or 5(e), no compensation is earned
after termination of employment. 
 7. Confidential Information. 
 (a) The Executive acknowledges that the Employer developed Confidential Information and that the Employer and its Affiliates continually
develop Confidential Information, that the Executive may develop Confidential Information for the Employer and its Affiliates, that the Executive may learn of Confidential Information during the course of employment. The Executive will comply with
the policies and procedures of the Employer and its Affiliates for protecting Confidential Information and shall not disclose to any Person or use, other than as required by applicable law or for the proper performance of his duties and
responsibilities to the Employer and its Affiliates, any Confidential Information obtained by the Executive incident to his employment or other association with the Employer and its Affiliates, whether prior to, at the time of, or subsequent to any
assignment of this Agreement pursuant to Section 16. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. 
 (b) All documents, records, tapes and other media of every kind and description relating to the Business, present or otherwise, of the
Employer or its Affiliates and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the 
  

					
	 Employment Agreement for Larry Rossy
	  	-5-	  	

 Executive, shall be the sole and exclusive property of the Employer and its Affiliates. The Executive
shall safeguard all Documents and shall surrender to the Employer at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or control.

 8. Restricted Activities. The Executive agrees that some restrictions on his activities during and after his employment are
necessary to protect the goodwill, Confidential Information and other legitimate interests of the Employer and its Affiliates: 
 (a) Non-Competition. While the Executive is employed by the Employer and for a period of twenty-four months after his employment terminates for any reason, the Executive shall not, directly or indirectly, engage in any business
competitive with the Business within the Territory. However, no ownership of less than five percent of the outstanding stock of any publicly traded corporation will be deemed to be in violation of this Section 8(a) solely by reason thereof.

 (b) Loyalty. The Executive agrees that, during his employment with the Employer, he will not undertake any outside
activity, whether or not competitive with the Business, the Employer or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Employer or any of its Affiliates.

 (c) Non-Solicitation of Employees. The Executive further agrees that while he is employed by the Employer and during
a twenty-four months period after his employment terminates for any reason, the Executive shall not, directly or indirectly, recruit, offer employment, employ, engage as a consultant, lure or entice away, or in any other manner persuade or attempt
to persuade any Person who is an employee of Aris Import Inc. (hereinafter “Aris”), any Person employed by the Employer or its Affiliate as a store manager or in any other position of equal or greater responsibility, or any Person
working in the corporate office of the Employer or its Affiliate, to leave the employ of the Employer, its Affiliate or Aris, as the case may be. 
 (d) Non-Solicitation of Suppliers. The Executive agrees that while he is employed by the Employer and during a twenty-four months period after his employment terminates for any reason, the Executive shall not
lure, entice away, or in any other manner persuade or attempt to persuade any Supplier to cease or materially reduce its business with the Employer or any of its Affiliates. 
 9. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Employer. The
Executive hereby assigns and agrees to assign to the Employer (or as otherwise directed by the Employer) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all
applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Employer
to assign the Intellectual Property to the Employer and to permit the Employer to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the Employer for time spent in complying with
these obligations. All copyrightable works that the Executive creates shall be considered work made in the course of employment. 
  

					
	 Employment Agreement for Larry Rossy
	  	-6-	  	

 10. Enforcement of Covenants. The Executive acknowledges that he has carefully read and considered
all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 7, 8 and 9 hereof. The Executive agrees that said restraints are necessary for the reasonable and proper protection of the Employer and
its Affiliates and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further acknowledges that, were he to breach any of the covenants contained in Sections 7, 8
and 9 hereof, the damage to the Employer would be irreparable. The Executive therefore agrees that the Employer, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach
or threatened breach by the Executive of any of said covenants, without having to post bond. 
 11. Definitions. Words or phrases
which are initially capitalized or are within quotation marks shall have the meanings provided in this Section and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 
 (a) “Affiliates” means, with respect to any specified Person, any other Person that directly or indirectly controls, is
controlled by, or is under common control with, such specified Person. For purposes of this definition, “control”, when used in connection with any specified Person, means the power to direct the management or policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controls, “controlling” and “controlled” have correlative meanings. 
 (b) “Business” means the Business as conducted by the Employer and its Affiliates on the date hereof being the ownership
and operation of retail stores in Canada selling a variety of merchandise, as well as any business of the Employer and its Affiliates at any time during the employment of the Executive and at the time of termination of the Executive’s
employment. 
 (c) “Cause” means the following events or conditions, as determined by the Board, in its
reasonable judgment: (i) the refusal or failure to perform (other than by reason of disability) or material negligence in the performance of the Executive’s duties and responsibilities to the Employer or any of its Affiliates, or refusal
or failure to follow or carry out any reasonable direction of the Board and the continuance of such refusal, failure or negligence for a period of fifteen days after notice to the Executive; (ii) the commission of fraud, embezzlement or theft
by the Executive; (iii) the conviction of the Executive of, or plea by the Executive of nolo contendere to, any felony or any other crime involving dishonesty or moral turpitude; and (iv) any other conduct that involves a
breach of fiduciary obligation on the part of the Executive or otherwise could reasonably be expected to have material adverse effect upon the Business. 
 (d) “Confidential Information” means any and all information of the Employer, Aris and their Affiliates, that is not generally available to the public. Confidential Information also includes any
information received by the Employer, Aris and their 
  

					
	 Employment Agreement for Larry Rossy
	  	-7-	  	

 Affiliates, whether prior to, at the time of, or subsequent to any assignment of this Agreement pursuant
to Section 16, from any Person with any understanding, express or implied, that it will not be disclosed. Confidential Information does not include information that enters the public domain, other than through a breach by the Executive or any
other Person of an obligation of confidentiality in favor of the Employer, Aris and their Affiliates. 
 (e)
“Constructive Termination” means the following events or conditions: (i) the Employer’s material breach of this Agreement including, without limitation, the failure of the Employer to pay Base Salary or, subject to
achievement of targets determined by the Board in accordance with Section 4(b), Annual Bonus or provide any material benefits that the Employer is obligated to pay or provide pursuant hereto, and the continuance of such breach for a period of
fifteen days after written notice to the Employer; and (ii) if the Employer requires that the Executive move involuntarily from the Montreal metropolitan area in order to retain employment with the Employer. 
 (f) “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works,
concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or
on or off Employer premises) during the Executive’s employment and during the period of three months immediately following termination of his/her employment that relate to either the Business or any prospective activity of the Employer or any
of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Employer or any of its Affiliates. 
 (g) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Employer or any of
its Affiliates. 
 (h) “Supplier” means any and all persons, located anywhere in the world, having supplied
goods to the Employer, Aris and their Affiliates in connection with the Business; and any and all persons located anywhere in the world retained or utilized by the Employer, Aris and their Affiliates to supply goods in connection with the Business,
in both cases, at any time during the five-year period preceding the termination of Executive’s employment. 
 (i)
“Territory” means Canada. 
 12. Entire agreement. This Agreement constitutes the entire agreement between the
parties on the subject matter thereof and replaces any and all other representations, understandings, negotiations and previous agreements, written or oral, expressed or implied. 
 13. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of his
obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order or
other legal obligation that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Employer any proprietary information of a third party without such party’s consent. 
  

					
	 Employment Agreement for Larry Rossy
	  	-8-	  	

 14. Withholding. All payments made by the Employer under this Agreement shall be reduced by any
tax or other amounts required to be withheld by the Employer under applicable law. 
 15. Currency. All and any amount of money
referred to or mentioned in this Agreement shall be in Canadian Dollars. 
 16. Assignment. This Agreement shall be assigned without
any consent or formality required to any Person who acquires the Business of Employer and upon such assignment, such Person shall be considered as and be deemed to be the “Employer” for purposes of this Agreement. Once this Agreement is
assigned to a Person which purchases the Business pursuant to this Section 16, it is understood that the Executive will report to the board of directors of such Person, and in the event such Person is a limited partnership, the Executive will
report to the board of directors of the general partner of such limited partnership. Otherwise, neither the Employer nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the
prior written consent of the other; provided, however, that the Employer may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the Employer may hereafter affect a reorganization,
consolidate with, or merge into, any Person or transfer all or substantially all of its properties or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Employer and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns. 
 17. Severability. In the event that any provision hereof would, under
applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions
hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 
 18. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either
party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach. 
 19. Notices. Any and all notices, requests, demands and other communications provided for by this Agreement
shall be in writing and shall be effective when delivered in person or deposited in the Canadian or American mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Employer or, in
the case of the Employer, at its principal place of business, attention of the chief legal officer, or to such other address as either party may specify by notice to the other actually received. 
  

					
	 Employment Agreement for Larry Rossy
	  	-9-	  	

 20. Amendment. This Agreement may be amended or modified only by a written instrument signed by
the Executive and by an expressly authorized representative of the Employer. 
 21. Headings. The headings and captions in this
Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
 22.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 
 23. Governing Law; Consent to Jurisdiction and Venue. 
 (a) This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Québec and the federal laws
of Canada applicable therein. 
 (b) All actions and proceedings arising out of or relating to this Agreement shall be heard
and determined by the courts of the Province of Québec, and the Parties to this Agreement hereby irrevocably submit to the exclusive jurisdiction of such courts in any such action or proceeding and irrevocably waive the defense of an
inconvenient forum to the maintenance of any such action or proceeding. The Parties hereto hereby consent to service of process by mail (in accordance with Section 19 or any other manner permitted by law.) 
 24. Language. The Parties hereby acknowledge that they have expressly required this Agreement and any documents ancillary hereto be drafted in the
English language only. Les parties reconnaissent par les présentes avoir expressément exigé que cette entente et tout document y afférent soient rédigés en langue anglaise seulement. 
 [Remainder of page intentionally left blank] 
  

					
	 Employment Agreement for Larry Rossy
	  	-10-	  	

 Employment Agreement 
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer, by its duly authorized representative, and by the Executive, as of the date first above written. 
  

					
	THE EXECUTIVE	 	S. ROSSY INC.
			
	 /s/ Larry Rossy
	 	By:	 	 /s/ Larry Rossy

	Larry Rossy	 	Name:	 	Larry Rossy
		 	Title:	 	President and Chief Executive Officer

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