Document:

EX-10.3

 Exhibit 10.3 

CONSULTING SERVICES AGREEMENT 

This Consulting Services Agreement (“Agreement”) is entered into between Mitel Networks Corporation, a Canada corporation, with principal
offices at 350 Legget Drive, Ottawa, Ontario, Canada, on its own behalf and on behalf of its affiliates (collectively “Mitel”), and Anthony P. Shen, residing at 119 Scollard Street, Toronto, Ontario (“You”, “you”
or “your”). This Agreement shall be effective as of the “Effective Date”, as such term is defined in the Arrangement Agreement signed by Mitel Networks Corporation and Aastra Technologies Limited and dated November 10, 2013.

  

	1.	GENERAL 

 Subject to the terms of this Agreement, Mitel and you hereby agree that you will provide
the services and associated deliverables contemplated under Section 3(b) (collectively, the “Services”) to Mitel as an independent contractor during the Term (as defined in Section 2). 

 

	2.	EFFECTIVE DATE AND TERM 

 The term of this Agreement is twelve (12) months from
the Effective Date (“Term”), unless or until terminated by either party in accordance with its terms. Thereafter, this Agreement may be extended by the parties oh mutually agreeable terms. 

 

	3.	SERVICES 

  

	a.	Commercially Reasonable Efforts. You will use your commercially reasonable efforts to perform all Services in a timely and professional manner reasonably satisfactory to Mitel and in accordance with
Mitel’s reasonable instructions. You will not subcontract any of the Services to a third person without Mitel’s prior and written authorization. You will perform the Services in compliance with all applicable laws. You acknowledge that you
will dedicate your full resources and attention to completing the Services. Services will be performed by you for not less than eight (8) hours per day for each business day during the Term. 

 

	b.	Consulting Services. 

  

	 	(i)	Mitel will provide additional details of the Services from time to time as may be required, by written request from Mitel’s President and CEO. Mitel’s President and CEO shall be the sole authorized
representative of Mitel with authority to provide such details. Unless Mitel opts otherwise, in its sole discretion, Mitel shall have no obligation to pay for any Services rendered by you which were not authorized by Mitel’s President and CEO.

  

	 	(ii)	A general description of what the Services shall be comprised of is outlined in Schedule A. 

  

	 	(iii)	Mitel expects to be kept closely updated with your performance of the Service. During the course of this Agreement, Mitel’s President and CEO will have primary responsibility for working with you and the authority
to communicate to you whatever approvals may be required for decisions affecting Mitel and Mitel’s interests. 

  

	c.	Location and Access. You may perform the Services at Mitel’s premises or whatever premises you may deem appropriate. You will have scheduled access to Mitel’s premises and personnel, as required
for the purposes of performing the Services. 

  

	d.	Records and Reports. You will keep accurate records of your performance of the Services. You will provide Mitel (to the attention of Mitel’s President and CEO) with such reports delivered
electronically as may reasonably and periodically be requested. 

  

	4.	FEES 

  

	a.	 Consultant Fees. In consideration for performing the Services, Mitel will pay you a fee of $60000 plus GST/HST for each full month of
Services provided by you (the “Consultant Fees”) during the Term, subject to you providing Mitel with an invoice. If there are insufficient Services to provide a full month of Services, you shall bill a pro-rated amount of Consultant

	 	
Fees based on eight (8) hour days for each business day during the month and agree that, except as otherwise contemplated under Section 4(b), the Consultant Fees constitute the entire
consideration that you will be entitled to receive for performing the Services under this Agreement. 

  

	b.	Expenses. Mitel shall reimburse you for all reasonable travel and related expenses to and from any such location in which Services are to be performed, provided such are incurred in accordance with
Mitel’s applicable travel and expense policies (which shall be made available to you upon request). In order for such expenses to be reimbursable by Mitel, they must be approved by Mitel’s President and CEO. 

 

	c.	Payment. You are required to submit an invoice to Mitel’s President and CEO for approval no more frequently than every month for any Services you have already provided and expenses you have incurred.
Your invoice shall include such requirements and details as Mitel may reasonably request. Mitel will pay you the Consultant Fees and any expenses incurred within 14 days after the receipt of your invoice. All payments will be made in Canadian
dollars, via cheque, electronic transfer or other means agreed to by both parties. 

  

	d.	Taxes. You will be solely responsible for complying with all tax laws and regulations applicable to payments received from Mitel under this Agreement 

 

	e.	Benefits. You will be eligible for health and dental coverage for expense reimbursement under Option B of Mitel’s Employee Benefit Plan, as such plan may be amended by Mitel, in its discretion, during
the Term. 

  

	5.	OWNERSHIP 

 You acknowledge that Mitel or its licensors will own all rights In any ideas,
concepts, inventions and techniques that you may conceive or develop in connection with the Services. You hereby assign to Mitel or its designee all worldwide patents and patent rights, copyrights, trade secrets or other proprietary rights in any
work product that you may create under this Agreement. If, by operation of law, you are deemed to possess any rights in such items, you hereby assign such rights to Mitel (or its designee) and its licensors. To the extent that your rights are
inalienable under applicable law, you hereby waive and agree not to exercise such rights and, if such waiver and agreement are deemed invalid, grant Mitel, its licensors and their designees the exclusive, perpetual, irrevocable, worldwide and
royalty-free right to use, market and modify such items without identifying you or seeking your prior consent. You acknowledge that the Consultant Fees contemplated under this Agreement are sufficient consideration for the assignment, waiver and/or
license of such rights to Mitel, its licensors or their designees. During and after the Term of this Agreement, you will execute the instruments that Mitel or its designee my reasonably request from time to time to give full legal effect to this
Section 5. 
  

	6.	WARRANTY 

 You represent and warrant that you have the knowledge, experience and skill to provide
the Services in a professional and timely manner. 
  

	7.	CONFIDENTIALITY 

  

	a.	Information. You acknowledge that (i) you may have access to certain of Aastra Technology Limited’s, Mitel’s and each of their licensors’ and affiliated entities’ confidential and
proprietary information in connection with this Agreement; and (ii) any deliverables or information arising from the Services will constitute confidential and proprietary information of Mitel or its licensors (collectively, the
“Information”). You will take all reasonable precautions necessary to safeguard the confidentiality of the Information, including (i) those required under this Section 7; (ii) those taken by you to protect your own
confidential information; and (iii) those which may reasonably be requested by Mitel from time to time. 

  

	b.	Use and Disclosure. You will use the Information solely to perform the Services under this Agreement You will not disclose, in whole or in part, the Information to any person, except to Mitel and its
designees and with Mitel’s prior written approval. You will not remove or deface any confidentiality or proprietary notice that Mitel may have affixed to items of Information disclosed to you. You will affix appropriate notices to all
Information that identify the Information as confidential and proprietary information of Mitel. 

  
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	8.	EXTENSION AND TERMINATION 

  

	a.	Automatic Termination. This Agreement will immediately terminate upon your acceptance of employment with a direct competitor of Mitel (as determined in Mitel’s sole discretion). 

 

	b.	Termination for Cause. Mitel may terminate this Agreement immediately upon notice to you, without prejudice to any other remedies, if (i) you breach any of your obligations hereunder and, should
Mitel, in its sole discretion, make such option available, fail to remedy such breach to Mitel’s satisfaction within fifteen (15) days after Mitel demands its cure; or (ii) you become insolvent or bankrupt, assign all or a substantial
part of your business or assets for the benefit of creditors, permit the appointment of a receiver for your business or assets, become subject to any legal proceeding relating to insolvency, reorganization for the protection of creditors’
rights or otherwise cease to conduct business in the normal course. 

  

	c.	Termination for Convenience. Either party may terminate this Agreement, other than as set out in Section 8(b), upon sixty (60) days prior written notice to the other party (“Transition
Notice Period”). During this period, you will work with Mitel to transition any Services to Mitel. If, at the end of the Transition Notice Period, there are still outstanding/unfinished Services, and if requested in writing by Mitel and agreed
to by you, you shall complete any outstanding/unfinished Services specified in such request, and the terms and conditions of this Agreement shall continue to govern same; otherwise, you shall use reasonable commercial efforts to conclude your
activities and minimize any charges to Mitel prior to the effective date of termination. 

  

	9.	CONSEQUENCES OF EXPIRATION OR TERMINATION 

  

	a.	Delivery of Items. Upon the expiration or termination of this Agreement for any reason: 

  

	 	(i)	Mitel will promptly within 14 days pay you the Consultant Fees and reimbursable expenses that may be due and outstanding; and 

  

	 	(ii)	Subject to Section 8(c) above, you shall cause Information and all property of Mitel, in whatever form, including documents obtained from Mitel’s files and all equipment provided to you by Mitel or through
Mitel, to be returned promptly to Mitel. You may retain your own files associated with the Services, which include drafts, notes, internal memoranda, research, administrative records, time and expense reports and accounting records.

  

	b.	Survival. The provisions of Sections 5, 6, 7, 8(c), 9, 11, 12 and 17 will survive the expiration of this Agreement or its termination for any reason. 

 

	10.	INDEPENDENT PARTIES 

 Mitel and you are independent parties. Nothing in this Agreement will be
construed to make you an agent, employee, joint venturer or partner of Mitel. Except as provided for herein, Mitel shall not control or direct the details and means by which you shall perform the Services under this Agreement. Mitel is not required
to obtain, and will not obtain, workers compensation coverage for you, as you are not an employee. If required under Ontario law, you will obtain and maintain coverage under the Workplace Safety and Insurance Act or other similar legislation
in the jurisdiction where the services are performed, and on request of Mitel, shall provide a duplicate certificate confirming that such coverage is in effect. Except as provided for herein, you shall be free to exercise your own business judgment
as to the means and methods for fulfilling the Services under this Agreement. You shall not represent yourself to be an agent, joint venturer, partner, officer, director or employee of Mitel or as being related to Mitel in any way other than as an
independent contractor. You agree not to make any representations or engage in any acts which could establish an apparent relationship of agency, joint venture, partnership or employment with Mitel. For greater certainty, Mitel shall not be bound by
any agreement, contract, representation or warranty made by you with any other person, firm or corporation or by any action of you, except where reasonably necessary for the purposes of providing the Services and where you have first obtained the
prior written consent of Mitel. You have sole responsibility, as an independent contractor, to comply with all laws, rules and regulations relating to the provision of Services, including without limitation, requirements under the Income Tax
Act (Canada), the Employment Insurance Act (Canada), and the Canada Pension Plan Act. You shall be responsible for deducting any and all applicable federal and provincial taxes, deductions, premiums, and amounts owing with respect
to the Consultant Fees paid by Mitel and remitting such 

  
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amounts to those governmental authorities as prescribed by law. As an independent contractor, you shall not be entitled to any employment related benefits, including without limitation, any
payments or benefits or entitlements under application employment standards legislation or the Canada Labour Code. Upon termination of this Agreement, Mitel shall only be responsible for paying the Consultant Fees associated with Services
provided by you up to and including the termination date. With the exception of such amounts, you shall have no further claim or cause of action against Mitel for any cause, matter or thing relating to an alleged employment relationship between you
and Mitel, including, without limitation, any claim for reasonable notice of termination, pay in lieu of notice, termination, severance or vacation pay, expenses, bonus or incentive plan payments, whether arising pursuant to statute, contract,
common law or otherwise. You acknowledge and agree that at ail times, you are not an employee of Mitel. 
  

	11.	INDEMNIFICATION 

 You agree to indemnify, defend, advance funds and hold Mitel harmless from any
and all claims, liabilities, expenses, costs, loss or damage arising to Mitel as a result of any effort by a government agency to collect taxes from Mitel that you have not paid. With the exception of claiming for unpaid Consultant Fees for Services
that have been performed in accordance with this Agreement, you will not be entitled to receive any payment or compensation for actual, consequential, indirect, special or Incidental damages, costs or expenses, whether foreseeable or unforeseeable
(including loss of profits, investments or good will), or Mitel’s subsequent use of any Information or deliverables arising out of the Services. 
  

	12.	NOTICES 

 Any notice or approval required or permitted under this Agreement will be given in
writing and will be sent by email, courier or mail, postage prepaid, to the address specified below or to any other address that may be designated by prior notice. Any notice or approval delivered by email will be deemed to have been received the
day it is sent. Any notice or approval sent by courier will be deemed received one day after its date of posting. Any notice or approval sent by mail will be deemed to have been received on the 5th business day after its date of posting. 

If to Mitel: 
 Mitel Networks Corporation 

350 Leggett Drive 
 Kanata,
Ontario K2k 2W7 
 Canada 
  

			
	Attn.:	  	Mitel’s President and CEO
	CC:	  	Corporate Counsel

 If to you: 
 119
Scollard Street 
 Toronto, Ontario 

Canada 
 M5R 1G4 

 

	13.	ASSIGNMENT 

 You may not assign, delegate or otherwise transfer this Agreement or any of its
rights or obligations hereunder without Mitel’s prior written consent. Any attempt to do so without Mitel’s approval will be void. Mitel may assign this Agreement or any of its rights or obligations hereunder, upon notice to you, to a
related or unrelated person in connection with a sale, consolidation or other reorganization of Mitel’s business, in whole or in part. 
  

	14.	WAIVER. AMENDMENT OR MODIFICATION 

 Any waiver, amendment or other modification of this Agreement
will not be effective unless in writing and signed by the party against whom enforcement is sought. 

  
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	15.	SEVERABILITY 

 If any provision of this Agreement is held to be unenforceable, this holding will
not affect the validity of the other provisions of this Agreement, unless Mitel deems the unenforceable provision to be essential to this Agreement, in which case Mitel may terminate this Agreement, effective immediately upon notice to you. 

 

	16.	GOVERNING LAW 

 This Agreement will be governed by and interpreted in accordance with the laws of
Ontario and the federal laws of Canada applicable therein and the parties submit to the exclusive jurisdiction of the Ontario courts for the purposes of enforcing any claim arising under this Agreement, without prejudice to Mitel’s right to
bring proceedings in any other court having jurisdiction where you are resident from time to time. 
  

	17.	ENTIRE AGREEMENT 

 This Agreement constitute the complete and exclusive statement of the terms,
conditions and representations of the agreement between Mitel and you with respect to the Services and associated deliverables thereunder and supersedes and replaces all other agreements with respect to the subject matter hereof, Neither party shall
have any remedy in respect of any untrue statement made to it upon which it relied in entering into this Agreement (unless such untrue statement was made fraudulently) and that party’s only remedy shall be for breach of contract as provided in
this Agreement. 
 IN WITNESS WHEREOF, you execute this Agreement, and Mitel causes this Agreement to be executed by its duly authorized
representative, on the dates specified below. 
  

									
	Mitel Networks Corporation:	 		 	
			
	 /s/ Richard McBee
	 		 	 /s/ Anthony Shen

					
	Name:	 	 Richard McBee
	 		 	Name:	 	 Anthony Shen

					
	Title:	 	 CEO
	 		 	Title:	 	  

					
	Date:	 	 Dec 11, 2013
	 		 	Date:	 	 Dec 11, 2013

  
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 Schedule A 

Services to be performed: 
  

	•	 	Assistance with the successful Integration, as defined by Mitel in its sole discretion, of Aastra Technologies Limited into Mitel Networks Corporation 

 

	•	 	Assume the position of Chief Operating Officer at Mitel, as such position shall be reasonably defined by Mitel’s President and CEO 

  
 6EX-10.4

 Exhibit 10.4 
  

															
	

	 	 Industry  
 Canada
	  	 Industrie
 Canada
	  		  		  		  		  	

  

			
	Certificate of Amalgamation	  	Certificat de fusion
		
	Canada Business Corporations Act	  	Loi canadienne sur les sociétés par actions

 MITEL NETWORKS CORPORATION 

CORPORATION MITEL NETWORKS 

Corporate name / Dénomination sociale 

873712-6 
 Corporation number /
Numéro de société 

 

 I HEREBY CERTIFY that the above-named corporation resulted from an amalgamation, under section 185 of the
Canada Business Corporations Act, of the corporations set out in the attached articles of amalgamation.

 JE CERTIFIE que la société susmentionnée est issue d’une fusion, en vertu de
l’article 185 de la Loi canadienne sur les sociétés par actions, des sociétés dont les dénominations apparaissent dans les statuts de fusion ci-joints.

 

  
 

 
 Marcie Girouard 

Director / Directeur 
 2014-01-31

 Date of Amalgamation (YYYY-MM-DD) 

Date de fusion (AAAA-MM-JJ) 
  

 

 

 

 SCHEDULE I 
  

	3.	The classes and any maximum number of shares that the Corporation is authorized to issue: 

  

	 	(a)	an unlimited number of common shares; 

  

	 	(b)	an unlimited number of Class A Convertible Preferred Shares, issuable in series (the “Class A Preferred Shares”); 

 

	 	(c)	an unlimited number of Class B Convertible Preferred Shares, issuable in series (the “Class B Preferred Shares”); 

  

	 	(d)	an unlimited number of preferred shares, issuable in series (the “Preferred Shares”) 

 The
following are the rights, privileges, restrictions and conditions attaching to the common shares, the Class A Preferred Shares, the Class A Convertible Preferred Shares, Series 1, the Class B Preferred Shares, the Class B Convertible
Preferred Shares, Series 1 and the Preferred Shares in the capital of the Corporation: 
 COMMON SHARES 

 

	1.	Voting Rights 

 Each holder of common shares shall be entitled to receive notice of and to attend all
meetings of shareholders of the Corporation and to vote thereat, except meetings at which only holders of a specified class of shares (other than common shares) or specified series of shares are entitled to vote. At all meetings of which notice must
be given to the holders of the common shares, each holder of common shares shall be entitled to one vote in respect of each common share held by such holder. 
  

	2.	Dividends 

 The holders of the common shares shall be entitled, subject to the rights, privileges,
restrictions and conditions attaching to any other class or series of shares of the Corporation, to receive any dividend declared by the Corporation. 
  

	3.	Liquidation, Dissolution or Winding-up 

 The holders of the common shares shall be entitled, subject to
the rights, privileges, restrictions and conditions attaching to any other class or series of shares of the Corporation, to receive the remaining property of the Corporation on a liquidation, dissolution or winding-up of the Corporation, whether
voluntary or involuntary. 

 CLASS A CONVERTIBLE PREFERRED SHARES, ISSUABLE IN SERIES 

 

	1.	Directors’ Authority to Issue One or More Series 

 The directors of the Corporation may, at any time
and from time to time, issue the Class A Preferred Shares in one or more series. 
  

	2.	Terms of Each Series 

 Subject to the following provisions, and subject to the filing of articles of
amendment in prescribed form and the endorsement thereon of a certificate of amendment, in accordance with the Canada Business Corporations Act, before the first shares of a particular series are issued, the directors of the Corporation shall
fix the number of shares in such series and shall determine, subject to any limitations set out in the articles of the Corporation, the designation, rights, privileges, restrictions and conditions attaching to the shares of such series including,
without limiting the generality of the foregoing, any right to receive dividends (which may be cumulative, non-cumulative or partially cumulative and variable or fixed), the rate or rates, amount or method or methods of calculation of preferential
dividends and whether such rate or rates, amount or method or methods of calculation shall be subject to change or adjustment in the future, the currency or currencies of payment, the date or dates and place or places of payment thereof and the date
or dates from which such preferential dividends shall accrue, the rights of redemption (if any) and the redemption price and other terms and conditions of redemption, the rights of retraction (if any) and the prices and other terms and conditions of
any rights of retraction and whether any additional rights of retraction may be provided to such holders in the future, the voting rights (if any) and the conversion or exchange rights (if any) and any sinking fund, purchase fund or other provisions
attaching thereto. Before the first shares of a particular series are issued, the directors of the Corporation may change the rights, privileges, restrictions and conditions attaching to such unissued shares. 

 

	3.	Ranking of the Class A Preferred Shares 

 No rights, privileges, restrictions or conditions
attaching to a series of Class A Preferred Shares shall confer upon a series a priority over any other series of Class A Preferred Shares in respect of the payment of dividends or return of capital in the event of the liquidation,
dissolution or winding up of the Corporation. 
 The Class A Preferred Shares of each series shall rank on a parity with the Class A Preferred
Shares of every other series with respect to priority in the payment of dividends and the return of capital in the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other return of
capital of the Corporation among its shareholders for the purpose of winding up its affairs. 

  
 - 2 - 

	4.	Priority 

 The Class A Preferred Shares shall be entitled to priority as hereinafter provided over
the Class B Preferred Shares of the Corporation, the common shares of the Corporation (the “common shares”) and any other shares of any other class of the Corporation ranking junior to the Class A Preferred Shares with respect
to the return of capital, the distribution of assets and the payment of declared but unpaid dividends in the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other distribution of the
assets of the Corporation among its shareholders for the purpose of winding up its affairs. The Class A Preferred Shares shall be entitled to priority over the common shares and any other shares of any other class of the Corporation ranking
junior to the Class A Preferred Shares with respect to priority in the payment of any dividends. 
 In the event of the liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, the holders of the Class A Preferred Shares of any
series shall be entitled, after payment or provision for payment of the debts and other liabilities of the Corporation as may be required by law: 
  

	 	(a)	to receive in respect of the shares of such series, prior to any distribution to the holders of Class B Preferred Shares or common shares, the amount, if any, provided for in the rights, privileges, restrictions and
conditions attached to the shares of such series; and 

  

	 	(b)	if and to the extent provided in the rights, privileges, restrictions and conditions attached to the shares of such series, to share in the remaining assets of the Corporation (subject to the rights, if any, of holders
of Class B Preferred Shares and any other class or series of shares of the Corporation to first receive payment of amounts in such event, if and to the extent provided in the rights, privileges, restrictions and conditions attached to any such
shares). 

  

	5.	Other Preferences 

 The Class A Preferred Shares of any series may also be given such other
preferences, not inconsistent with the articles of the Corporation over the Class B Preferred Shares, the common shares and any other shares of the Corporation ranking junior to the Class A Preferred Shares as may be determined in the case of
such series of Class A Preferred Shares in accordance with paragraph 2 hereof. 
  

	6.	Conversion Right 

 The Class A Preferred Shares of any series may be made convertible into or
exchangeable for common shares of the Corporation. 

  
 - 3 - 

	7.	Redemption Right 

 The Class A Preferred Shares of any series may be made redeemable, in such
circumstances, at such price and upon such other terms and conditions, and with such priority, as may be provided in the rights, privileges, restrictions and conditions attached to the shares of such series. 

 

	8.	Dividend Rights 

 The Corporation may at any time and from time to time declare and pay a dividend on the
Class A Preferred Shares of any series without declaring or paying any dividend on the common shares or any other shares of any other class of the Corporation ranking junior to the Class A Preferred Shares. The rights, privileges,
restrictions and conditions attached to the Class A Preferred Shares of any series may include the right to receive a dividend concurrently with any dividend declared on any other class or series of shares of the Corporation, to be calculated
in the manner set forth in the rights, privileges, restrictions and conditions attached to the shares of such series of Class A Preferred Shares. 
  

	9.	Voting Rights 

 Except as may be otherwise provided in the articles of the Corporation or as otherwise
required by law or in accordance with any voting rights which may from time to time be attached to any series of Class A Preferred Shares, the holders of Class A Preferred Shares as a class shall not be entitled as such to receive notice
of, nor to attend or vote at any meeting of the shareholders of the Corporation. 
  

	10.	Variation of Rights 

 The rights, privileges, restrictions and conditions attaching to the Class A
Preferred Shares as a class may be added to, amended or removed at any time with such approval as may then be required by law to be given by the holders of the Class A Preferred Shares as a class. 

  
 - 4 - 

 CLASS A CONVERTIBLE PREFERRED SHARES, SERIES 1 

The first series of Class A Convertible Preferred Shares of the Corporation shall consist of an unlimited number of shares which shall be designated as
the Class A Convertible Preferred Shares, Series 1 (the “Series A Shares”) and which, in addition and subject to the rights, privileges, restrictions and conditions attached to the Class A Convertible Preferred Shares as a
class, shall have attached thereto the rights, privileges, restrictions and conditions set forth herein. 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	Definitions 

 For purposes of these Series A Share provisions: 

 

	 	(a)	“Act” means the Canada Business Corporations Act. 

  

	 	(b)	“Additional Common Shares” means the Common Shares, if any, issued or issuable pursuant to Section 5.4 or Section 5.5. 

 

	 	(c)	“Affiliate” of a Person means any Person that would be considered to be an “affiliated entity” of such first-mentioned Person under Ontario Securities Commission Rule 45-501 - Exempt
Distributions, as in effect on the Original Issuance Date. 

  

	 	(d)	“Aggregate Preference Redemption Amount” means the Series A Preference Redemption Amount plus the Series B Preference Redemption Amount. 

 

	 	(e)	“Aggregate Participation Redemption Amount” means the Series A Participation Redemption Amount plus the Series B Participation Redemption Amount. 

 

	 	(f)	“Available Funds” has the meaning set out in Section 7.1(a)(i). 

  

	 	(g)	“Board of Directors” means the board of directors of the Corporation. 

  

	 	(h)	“Business Day” means any day, other than a Saturday or Sunday, on which chartered banks in Ottawa, Ontario are open for commercial banking business during normal banking hours. 

 

	 	(i)	“Change of Control Event” means: 

  

	 	(i)	the sale, lease, exclusive and irrevocable licence, abandonment, transfer or other disposition of all or substantially all of the assets of the Corporation to a Person other than a Person that is an Affiliate of the
Corporation; or 

  
 - 5 - 

	 	(ii)	(A) an amalgamation of the Corporation with another corporation (other than with a Subsidiary of the Corporation), (B) a statutory arrangement involving the Corporation or (C) any other transaction
involving the Corporation, whether by a single transaction or series of transactions, pursuant to which, in the case of (A), (B) or (C) above, 

  

	 	(1)	any Person, together with his or its Affiliates hereafter acquires the direct or indirect “beneficial ownership” (as defined in the Act) of all of the issued and outstanding shares in the capital of the
Corporation; and 

  

	 	(2)	the nature of the transaction (or series of transactions) is such that the consideration (whether in the form of cash, securities or other property) in connection with such transaction (or series of transactions) would
not be received by the shareholders of the Corporation, 

 provided, however, that the Series A Majority Holders shall have the
right, on behalf of all Series A Holders, to waive the treatment of any of such event as a “Change of Control Event” (provided that any such waiver must be in writing signed by the Series A Majority Holders and shall only be
effective as to the particular event in respect of which the waiver is executed). 
  

	 	(j)	“Class A Preferred Shares” means the Class A Convertible Preferred Shares in the capital of the Corporation, the first series of which are the Series A Shares. 

 

	 	(k)	“Class B Preferred Shares” means the Class B Convertible Preferred Shares in the capital of the Corporation, the first series of which are the Series B Shares. 

 

	 	(l)	“Common Share Offering” means the offering, issuance and sale by the Corporation of Common Shares within nine months of the Original Issuance Date for an aggregate purchase price of not more than
$10,000,000. 

  

	 	(m)	“Common Shares” means the common shares in the capital of the Corporation. 

  

	 	(n)	“Consideration Per Share” means: 

  

	 	(i)	in respect of the issuance of Common Shares, an amount equal to: 

  

	 	(A)	the total consideration received by the Corporation for the issuance of such Common Shares, divided by 

  

	 	(B)	the number of such Common Shares issued; 

  

	 	(ii)	in respect of the issuance of Derivative Securities, an amount equal to: 

  
 - 6 - 

	 	(A)	the total consideration received by the Corporation for the issuance of such Derivative Securities plus the minimum amount of any additional consideration payable to the Corporation upon exercise, conversion or exchange
of such Derivative Securities; divided by 

  

	 	(B)	the maximum number of Common Shares that would be issued if all such Derivative Securities were exercised, converted or exchanged in accordance with their terms on the effective date of the relevant calculation,

 provided, however, that if the amount determined in accordance with this clause (ii) equals zero in respect of any
particular issuance of Derivative Securities, then the “Consideration Per Share” in respect of such issuance shall be the amount as may be determined by the agreement in writing of the Corporation, the Series A Majority Holders and
the Series B Majority Holders. In the event that the Corporation, the Series A Majority Holders and the Series B Majority Holders do not agree on such amount, the Corporation shall not issue such Derivative Securities. 

 

	 	(o)	“Control” means, with respect to any Person at any time: 

  

	 	(i)	holding, as owner or other beneficiary, other than solely as the beneficiary of an unrealized security interest, directly or indirectly through one or more intermediaries (A) more than fifty percent (50%) of
the voting securities of that Person, or (B) securities of that Person carrying votes sufficient to elect or appoint the majority of individuals who are responsible for the supervision or management of that Person; or 

 

	 	(ii)	the exercise of de facto control of that Person whether direct or indirect and whether through the ownership of securities, by contract or trust or otherwise, 

and the term “Controlled” has a corresponding meaning. 

 

	 	(p)	“Conversion Date” means the date on which the documentation set out in Section 5.8(a) is received by the Corporation. 

 

	 	(q)	“Conversion Value” means the number determined in accordance with Article 6. 

  

	 	(r)	“Corporation” means Mitel Networks Corporation. 

  

	 	(s)	“day” or “days” means calendar day or calendar days, unless otherwise noted. 

  

	 	(t)	“Derivative Securities” means: 

  

	 	(i)	all shares and other securities that are convertible into or exchangeable for Common Shares (including the Series A Shares and Series B Shares); and 

  
 - 7 - 

	 	(ii)	all options, warrants and other rights to acquire Common Shares or securities directly or indirectly convertible into or exchangeable for Common Shares. 

 

	 	(u)	“Excluded Issuances” has the meaning set out in Section 6.4. 

  

	 	(v)	“Fair Market Value” means: 

  

	 	(i)	in respect of assets other than securities, the fair market value thereof as determined in good faith by the Board of Directors, provided, however, that if the Series A Majority Holders and/or the Series B Majority
Holders object in writing to any such determination within 10 days of receiving notice of such determination, the fair market value will be determined by an independent investment banking or business valuation firm mutually agreeable to the Board of
Directors and the Series A Majority Holders and/or the Series B Majority Holders, as the case may be, whose decision is final and binding on all Persons (the costs of which shall be borne by the Corporation); 

 

	 	(ii)	in respect of Common Shares, the fair market value thereof, as determined in accordance with Exhibit “1” attached to these Series A Share provisions; and 

 

	 	(iii)	in respect of securities other than Common Shares: 

  

	 	(A)	if such securities are not subject to any statutory hold periods or contractual restrictions on transfer: 

  

	 	          (1)	if traded on one or more securities exchanges or markets, the weighted average of the closing prices of such securities on the exchange or market on which the securities are primarily traded over the 30-day period
ending three days prior to the relevant date; 

  

	 	          (2)	if actively traded over-the-counter, the weighted average of the closing bid or sale prices (whichever are applicable) over the 30-day period ending three days prior to the relevant date; or 

 

	 	          (3)	if there is no active public market, the fair market value of such securities as determined in good faith by the Board of Directors, but no discount or premium is to be applied to their valuation on the basis of the
securities constituting a minority block or a majority block of securities, or 

  
 - 8 - 

	 	(B)	if such securities are subject to statutory hold periods or contractual restrictions on transfer, or both, the fair market value of such securities as determined by applying an appropriate discount, as determined in
good faith by the Board of Directors, to the value as calculated in accordance with clause (A) above, 

 provided,
however, that if the Series A Majority Holders and/or the Series B Majority Holders object in writing to any determination of the Board of Directors made under clause (A) or (B) above within 10 days of receiving notice of such
determination, the applicable fair market value and/or discount, as the case may be, will be determined by an independent investment banking or business valuation firm mutually agreeable to the Board of Directors and the Series A Majority Holders
and/or the Series B Majority Holders, as the case may be, whose decision is final and binding on all Persons (the costs of which shall be borne by the Corporation). 
  

	 	(w)	“Issue Price” means $1.00, subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original Issuance Date and
affecting the Series A Shares. 

  

	 	(x)	“Junior Shares” has the meaning set out in Section 4. l(a)(i). 

  

	 	(y)	“Liquidation Event” means a liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders
for the purpose of winding up its affairs. 

  

	 	(z)	“Matthews Group” means: 

  

	 	(i)	Dr. Terence H. Matthews, his spouse or former spouse, any lineal descendant of Dr. Terence H. Matthews, any spouse or former spouse of any such lineal descendant, and their respective legal personal
representatives; 

  

	 	(ii)	the trustee or trustees of any trust (including without limitation a testamentary trust) for the exclusive benefit of any one or more members of the Matthews Group; 

 

	 	(iii)	any corporation all of the issued and outstanding shares of which are beneficially owned by any one or more members of the Matthews Group; 

 

	 	(iv)	any partnership all of the partnership interests in which are beneficially owned by any one or more members of the Matthews Group; and 

  
 - 9 - 

	 	(v)	any charitable foundation Controlled by any one or more members of the Matthews Group, and, for this purpose, a trustee or trustees referred to in clause (ii) above shall be deemed to beneficially own any shares or
partnership interests held by them. 

  

	 	(aa)	“Non-Qualified IPO” means any public offering of the Common Shares, other than a Qualified IPO (provided, that, any previous filing of a registration statement or similar instrument with the United
States Securities and Exchange Commission in fulfillment of the Corporation’s existing obligations as a foreign private issuer shall be deemed not to constitute a public offering for the purposes of these Series A Share provisions).

  

	 	(bb)	“Original Issuance Date” means, in respect of Series A Shares, the date on which the first Series A Shares are issued. 

 

	 	(cc)	“Partial Sale Event” means: 

  

	 	(i)	(A) an amalgamation of the Corporation with another corporation (other than with a Subsidiary of the Corporation), (B) a statutory arrangement involving the Corporation, (C) the sale, exchange or other
disposition of outstanding shares of the Corporation, or (D) any other transaction involving the Corporation (other than a public offering of securities of the Corporation), whether by a single transaction or series of transactions, pursuant to
which, in the case of (A), (B), (C) or (D) above, any Person, together with his or its Affiliates (other than members of the Matthews Group), hereafter acquires the direct or indirect “beneficial ownership” (as defined in the
Act) of securities of the Corporation representing more than 50% but less than all of the issued and outstanding shares in the capital of the Corporation; or 

  

	 	(ii)	any event, whether by a single transaction or a series of transactions, that results in Dr. Terence H. Matthews and/or Persons Controlled by Dr. Terence H. Matthews holding in the aggregate less than
100,000,000 of the issued and outstanding shares in the capital of the Corporation (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original
Issuance Date), calculated on an as-if-converted to Common Shares basis. 

 provided, however, that the Series A Majority
Holders shall have the right, on behalf of all Series A Holders, to waive the treatment of any of such event as a “Partial Sale Event” (provided that any such waiver must be in writing signed by the Series A Majority Holders and
shall only be effective as to the particular event in respect of which the waiver is executed). 
  

	 	(dd)	“Person” includes any individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural person in his
capacity as trustee, executor, administrator, or other legal representative. 

  
 - 10 - 

	 	(ee)	“Qualified IPO” means a public offering of Common Shares in which: 

  

	 	(i)	the price per share is at least two times: 

  

	 	(A)	the aggregate Issue Price for all Series A Shares issued by the Corporation. 

  

	 	    	divided by 

  

	 	(B)	the sum of 

  

	 	          (1)	the number of Common Shares (other than Additional Common Shares) into which any Series A Shares have been converted (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital
reorganizations and the like occurring after the Original Issuance Date and affecting the Common Shares); and 

  

	 	          (2)	the number of Common Shares (other than Additional Common Shares) into which any outstanding Series A Shares are then convertible; 

  

	 	(ii)	the aggregate cash proceeds to the Corporation are not less than $ 100,000,000 (before deducting expenses, underwriting discounts and commissions); and 

 

	 	(iii)	immediately following the closing of the public offering, the Common Shares are listed and posted for trading, traded or quoted on one or more of the Toronto Stock Exchange, the New York Stock Exchange, the NASDAQ
National Market System or the AMEX Exchange. 

  

	 	(ff)	“Redemption Notice Period” has the meaning set out in Section 7.3(a)(i). 

  

	 	(gg)	“Redemption Trigger Date” means: (i) if no Series A Shares are issued after the Original Issuance Date, that date which is five years plus one day after the Original Issuance Date; or (ii) if
any Series A Shares are issued after the Original Issuance Date, the earlier of (A) that date which is five years plus one day after the last date of issuance of any Series A Shares, and (B) that date which is five years and four months
plus one day after the Original Issuance Date, or such later date as the Corporation and the Series A Majority Holders may agree in writing. 

  

	 	(hh)	“Series A Holders” means the holders of Series A Shares and “Series A Holder” means any one of them. 

 

	 	(ii)	“Series A Majority Holders” means, as of the relevant time of reference, one or more Series A Holders of record who hold collectively more than 50% of the outstanding Series A Shares.

  
 - 11 - 

	 	(jj)	“Scries A Participation Redemption Amount” has the meaning set out in Section 7. l(a)(ii)(B). 

  

	 	(kk)	“Series A Preference Redemption Amount” has the meaning set out in Section 7.1(a)(ii)(A). 

  

	 	(ll)	“Series A Redemption Amount” has the meaning set out in Section 7. l(a)(ii). 

  

	 	(mm)	“Series A Redemption Amount Per Share” is the amount determined by dividing the Series A Redemption Amount by the total number of Series A Shares outstanding. 

 

	 	(nn)	“Series A Redemption Request” has the meaning set out in Section 7.3(a). 

  

	 	(oo)	“Series A Shares” means the Class A Convertible Preferred Shares, Series 1 in the capital of the Corporation. 

  

	 	(pp)	“Series B Holders” means the holders of Series B Shares and “Series B Holder” means any one of them. 

 

	 	(qq)	“Series B Majority Holders” means, as of the relevant time of reference, one or more Series B Holders of record who hold collectively more than 50% of the outstanding Series B Shares. 

 

	 	(rr)	“Series B Participation Redemption Amount” has the meaning ascribed thereto in the Series B Share Terms. 

  

	 	(ss)	“Series B Preference Redemption Amount” has the meaning ascribed thereto in the Series B Share Terms. 

  

	 	(tt)	“Series B Redemption Amount” has the meaning ascribed thereto in the Series B Share Terms. 

  

	 	(uu)	“Series B Redemption Amount Per Share” has the meaning ascribed thereto in the Series B Share Terms. 

  

	 	(vv)	“Series B Redemption Request” has the meaning ascribed thereto in the Series B Share Terms. 

  

	 	(ww)	“Series B Share Terms” means the rights, privileges, restrictions and conditions attached to the Series B Shares as set out in the articles of the Corporation as same exist on the Original Issuance
Date. 

  

	 	(xx)	“Series B Shares” means the Class B Convertible Preferred Shares, Series 1 in the capital of the Corporation. 

  

	 	(yy)	“Stock Split” means: 

  
 - 12 - 

	 	(i)	the issuance of Common Shares as a dividend or other distribution on outstanding Common Shares; 

  

	 	(ii)	the subdivision of outstanding Common Shares into a greater number of Common Shares; or 

  

	 	(iii)	the combination of outstanding Common Shares into a smaller number of Common Shares. 

  

	 	(zz)	“Subsidiary” has the meaning ascribed thereto in the Act on the Original Issuance Date. 

  

	 	(aaa)	“TPC” means Her Majesty the Queen in Right of Canada, as represented by the Minister of Industry. 

  

	1.2	“As-if-converted to Common Shares Basis” 

 For purposes of these Series A Share provisions,
where a calculation is required to be made on an “as-if-converted to Common Shares basis”, such calculation will be made by determining (in each case as of the applicable date for the determination): 

 

	 	(a)	in respect of the Series A Shares, the number of whole Common Shares into which such Series A Shares are then convertible pursuant to these Series A Share provisions; 

 

	 	(b)	in respect of the Series B Shares, the number of whole Common Shares into which such Series B Shares are then convertible pursuant to the Series B Share Terms; and 

 

	 	(c)	in respect of any other Derivative Securities, the number of whole Common Shares into which such securities are then convertible pursuant to the articles of the Corporation. 

ARTICLE 2 
 VOTING RIGHTS

  

	2.1	Entitlement to Vote and Receive Materials 

  

	 	(a)	Except as otherwise expressly provided in these Series A Share provisions, or as provided by applicable law, each Series A Holder is entitled to vote on all matters submitted to a vote or consent of shareholders of the
Corporation. 

  

	 	(b)	Each Series A Holder is entitled to receive copies of all notices and other materials sent by the Corporation to its shareholders relating to written actions to be taken by shareholders in lieu of a meeting. All such
notices and other materials shall be sent to the Series A Holders concurrently with delivery to the other shareholders. 

  
 - 13 - 

	2.2	Number of Votes 

  

	 	(a)	Within the first two years after the Original Issuance Date, each Series A Share entitles the Series A Holder to the number of votes per share equal to the quotient obtained by dividing the Issue Price by the Conversion
Value. 

  

	 	(b)	After two years from the Original Issuance Date, each Series A Share entitles the Series A Holder to the number of votes per share equal to the sum of (i) the quotient obtained by dividing the Issue Price by the
Conversion Value, and (ii) the quotient obtained by dividing the Issue Price by the fair market value of a Common Share (and for such purposes, the fair market value of a Common Share shall be as determined in good faith by the Board of
Directors at the time of the relevant calculation). 

  

	 	(c)	For purposes of determining the number of votes for each Series A Share calculated in accordance with Section 2.2(a) or 2.2(b), the determination shall be made as of the record date for the determination of
shareholders entitled to vote on such matter, or if no record date is established, the date such vote is taken or any written consent of shareholders is solicited, and shall be calculated based on the Conversion Value in effect on that date.

  

	2.3	Single Class 

 Except as otherwise provided herein, or except as provided by applicable law, the Series A
Holders will vote together with the holders of Series B Shares and Common Shares and any other series or class of shares entitled to vote on such matters as a single class on all matters submitted to a vote of shareholders of the Corporation. 

 

	2.4	Exception to Single Class 

 In addition to any other approvals required by applicable law, any addition
to, change to or removal of any right, privilege, restriction or condition attaching to the Series A Shares as a series or the Class A Preferred Shares as a class requires the affirmative vote or written approval of the Series A Majority
Holders. 
 ARTICLE 3 

DIVIDENDS 
  

	3.1	Entitlement to Dividends 

 The Series A Holders shall be entitled to receive, in respect of the Series A
Shares, non-cumulative dividends if, as and when declared by the Board of Directors out of the monies of the Corporation properly applicable to the payment of dividends, the amount of which the directors, in their absolute discretion, may from time
to time or at any time determine. Any declared but unpaid dividend shall be paid immediately upon the conversion of a Series A Share, if not previously paid. 

  
 - 14 - 

	3.2	Priority of Dividends 

  

	 	(a)	Except as provided in Section 4.1, no dividend or other distribution (other than a stock dividend giving rise to an adjustment under Section 6.5) will be paid or set apart for payment in respect of any share
of any other class or series unless a dividend is concurrently paid or set apart for payment in respect of each outstanding Series A Share in an amount at least equal to the product of: 

 

	 	(i)	the amount of the dividend per share paid in respect of the shares of such other class or series (calculated on an as-if-converted to Common Shares basis); and 

 

	 	(ii)	the number of Common Shares into which each Series A Share is then convertible. 

  

	 	(b)	When any declared non-cumulative dividend or amount payable on a return of capital in respect of Series A Shares is not paid in full, the Series A Holders shall participate rateably in respect of such dividends in
accordance with the sums which would be payable on the Class A Preferred Shares If all such dividends were declared and paid in full, and on any return of capital in accordance with the sums which would be payable on such return of capital if
all sums so payable were paid in full. 

 ARTICLE 4 

LIQUIDATION PREFERENCE 
  

	4.1	Payment of Liquidation Preference 

  

	 	(a)	Subject to the limitation in Section 4.1(b), upon the occurrence of a Liquidation Event or Change of Control Event the Series A Holders are entitled to receive the following amounts: 

 

	 	(i)	Preference on a Liquidation Event. Upon the occurrence of a Liquidation Event, the Series A Holders are entitled to be paid out of the assets of the Corporation available for distribution to its shareholders
(pari passu with the holders of any other series of Class A Preferred Shares), before any payment shall be made to the holders of any series of Class B Preferred Shares, Common Shares or any other class or series of shares ranking on
liquidation, dissolution or winding-up of the Corporation junior to the Series A Shares (collectively, the “Junior Shares”), an amount per Series A Share equal to the Issue Price plus any declared but unpaid dividends payable to
Series A Holders. If, upon such a Liquidation Event, the assets of the Corporation available for distribution to the Corporation’s shareholders shall be insufficient to pay the Series A Holders the full amount to which they are entitled as set
out above, the holders of Series A Shares and any other series of Class A Preferred Shares shall share rateably in any amount remaining available for distribution in proportion to the respective amounts which would otherwise have been payable
on or in 

  
 - 15 - 

	 	    	respect of the shares held by them if all amounts payable on or in respect of such shares were paid in full. 

  

	 	(ii)	Preference on a Change of Control Event. Upon the occurrence of a Change of Control Event, the Series A Holders are entitled to receive an amount of cash, securities or other property per Series A Share, before
any payment shall be made to the holders of Junior Shares, equal to the Issue Price plus any declared but unpaid dividends payable to Series A Holders. If upon the occurrence of a Change of Control Event, the cash, securities or other property
available for payment to the Corporation’s shareholders shall be insufficient to pay the Series A Holders the full amount to which they are entitled as set out above, the holders of Series A Shares and any class or series of shares ranking on
parity with the Series A Shares shall share rateably in any such payment in proportion to the respective amounts which would otherwise have been payable on or in respect of the shares held by them if all amounts payable on or in respect of such
shares were paid in full. 

  

	 	(iii)	Participation Amount. After the distribution to or payment of all preferential amounts required to be paid to the holders of Series B Shares, Series A Shares and any other series of Class A Preferred Shares
or Class B Preferred Shares upon a Liquidation Event or upon a Change of Control Event (or funds necessary for such payments have been set aside in trust so as to be available for such payments), the remaining assets of the Corporation available for
distribution, or cash, securities or other property available for payment to its shareholders, shall be distributed or paid, as the case may be, rateably (subject to the limitation in Section 4.1(b) and to the rights, if any, of holders of any
other class or series of shares of the Corporation to participate in payments or distributions upon a Liquidation Event or Change of Control Event) among the holders of all issued and outstanding: (A) Class A Preferred Shares;
(B) Class B Preferred Shares; and (C) Common Shares (with the holders of any series of Class A Preferred Shares and Class B Preferred Shares deemed to hold that number of shares equal to the number of Common Shares into which such
series of Class A Preferred Shares or Class B Preferred Shares, as the case may be, are then convertible). 

  

	 	(b)	In the event that the applicable Liquidation Event or Change of Control Event occurs within the first two years after the Original Issuance Date, and the Series A Holders would otherwise be entitled to receive a
preferential payment pursuant to Section 4.1(a)(i) or 4.1(a)(ii), if the amount per Series A Share that would be payable upon the occurrence of the Liquidation Event or Change of Control Event pursuant to Section 4.1(a)(iii) to the holders
of all issued and outstanding Common Shares (assuming the conversion of all Class A Preferred Shares and Class B Preferred Shares in accordance with their terms immediately prior to the occurrence of the Liquidation Event or Change of Control
Event, as the case may be) is: 

  
 - 16 - 

	 	(i)	equal to or greater than the sum of (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series A Share, then the Series A Holders shall not be entitled to receive payment of any
preferential amounts pursuant to Section 4.1(a)(i) or 4.1(a)(ii), as the case may be, and shall only be entitled to receive the amount payable pursuant to Section 4.1(a)(iii); or 

 

	 	(ii)	less than the sum (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series A Share, then the maximum amount per Series A Share that the Series A Holders as such are entitled to
receive pursuant to Section 4.1(a) shall be the sum of (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series A Share. 

 

	 	(c)	In the event of any Liquidation Event or Change of Control Event: 

  

	 	(i)	the Corporation will not permit such Liquidation Event or Change of Control Event to occur unless the transaction (or series of transactions) provides for a payment (by dividend or other distribution by the Corporation
or otherwise) to the Series A Holders in connection therewith of their full entitlements pursuant to Section 4.1(a) (subject to the limitation in Section 4.1(b)); or 

 

	 	(ii)	if the Corporation cannot prevent such Liquidation Event or Change of Control Event from occurring, the Corporation shall, subject to applicable laws, pay to the Series A Holders (by dividend or other distribution) the
full amount of their entitlements pursuant to Section 4.1(a) (subject to the limitation in Section 4.1(b)) or, if the Corporation cannot legally pay such amount in full, the amount it is legally able to pay shall be paid and the balance
shall increase at the rate of 15% per annum, compounded annually until such amount is paid, and the Corporation shall not pay any amounts or make any other distributions (other than any payment or distribution made pro rata according to the
respective entitlements of the Series B Holders pursuant to section 4.1(c)(ii) of the Series B Share Terms and of the Series A Holders pursuant to this clause (ii)) in respect of any other class or series of its shares until such entitlements are
fully paid. 

  

	 	(d)	The Corporation will not permit any transaction (or series of transactions) that would constitute, but for Section 1.1 (i)(ii)(2), a “Change of Control Event”, to occur unless the transaction (or series
of transactions) provides for a payment (by dividend or other distribution by the Corporation or otherwise) to the Series A Holders in connection therewith of the their full entitlements pursuant to Sections 4.1(a)(ii) and 4.1(a)(iii) (subject to
the limitation in Section 4.1(b)). 

  

	4.2	Distribution Other than Cash 

 In the case of a Liquidation Event, the Series A Holders may in any event
elect to receive any distribution or payment to which they are entitled in cash, if any. The value of the securities or other assets for this purpose is their Fair Market Value. 

  
 - 17 - 

	4.3	Notice 

 The Corporation shall provide notice in accordance with the provisions of Section 8.2 to
each Series A Holder, at the earliest practicable time, of the date on which a proposed or reasonably anticipated Liquidation Event or Change of Control Event shall take place. Such notice shall also specify the estimated payment date, the amount to
which the Series A Holders would be entitled and the place where such payments are to be made. 
 ARTICLE 5 

CONVERSION 
  

	5.1	Optional Conversion Rights 

 Each Series A Share is convertible, at any time and from time to time at the
option of the Series A Holder into 0.2679946 of a Common Share, without payment of additional consideration. 
  

	5.2	Automatic Conversion 

 The Series A Shares automatically convert into Common Shares: 

 

	 	(a)	immediately prior to, and conditional upon, the closing of a Qualified IPO; or 

  

	 	(b)	with the affirmative vote or written consent of the Series A Majority Holders. 

  

	5.3	Conversion Rate 

 The number of Common Shares into which each Series A Share is convertible is equal to
the quotient obtained by dividing the Issue Price (plus any declared but unpaid dividends) by the Conversion Value, as adjusted from time to time in accordance with Article 6. 

 

	5.4	Additional Common Shares on Conversion 

 In the event of any conversion after two years from the Original
Issuance Date, in addition to the number of Common Shares otherwise issuable to a Series A Holder upon a conversion of Series A Shares, each Series A Holder shall also be entitled, in respect of each Series A Share so converted, to receive an
additional number of Common Shares as is equal to the Issue Price divided by the Fair Market Value of a Common Share as of the date that the conversion is deemed to be effected in accordance with Section 5.6. 

 

	5.5	Additional Common Shares on Conversion in a Non-Qualified IPO 

 In the event of: 

 

	 	(a)	an optional conversion pursuant to Section 5.1 in connection with a Non-Qualified IPO; or 

  

	 	(b)	an automatic conversion pursuant to Section 5.2(b) in connection with a Non-Qualified IPO, 

  

  
 - 18 - 

 that occurs within the first two years after the Original Issuance Date, in addition to the number of Common
Shares otherwise issuable to a Series A Holder upon a conversion of Series A Shares, each Series A Holder shall also be entitled in respect of each Series A Share so converted, to receive that number of additional Common Shares, if any, as is
determined in accordance with the following formula: 
 X – Y 

    Z 

Where: 
  

					
	X	 	=	  	two times the Issue Price
			
	Y	 	=	  	the greater of: (i) the Issue Price; and (ii) the Offering Price
			
	Z	 	=	  	the Offering Price

 For the purposes of this Section 5.5, “Offering Price” means the per share issue price of the Common
Shares issued in connection with the Non-Qualified IPO. 
 For the purposes of this Section 5.5 and Section 5.6(d), a conversion of Series A
Shares into Common Shares shall be deemed to be effected “in connection with a Non-Qualified IPO” if (i) in the case of an optional conversion pursuant to Section 5.1, such conversion was completed at the written request of the
Corporation in order to facilitate the Non-Qualified IPO, or (ii) in the case of an automatic conversion pursuant to Section 5.2(b), the Series A Majority Holders voting to approve or consenting to the automatic conversion agreed to
convert their Series A Shares at the written request of the Corporation in order to facilitate the Non-Qualified IPO; provided that, the Corporation shall not make such a written request to the Series A Holders unless the Corporation concurrently
makes a written request to the Series B Holders pursuant to the Series B Share Terms. 
  

	5.6	Effective Date and Time of Conversion 

 Conversion is deemed to be effected: 

 

	 	(a)	subject to Section 5.6(d), in the case of an optional conversion pursuant to Section 5.1, immediately prior to the close of business on the Conversion Date; 

 

	 	(b)	in the case of automatic conversion pursuant to Section 5.2(a), immediately prior to the closing of the Qualified IPO; 

  

	 	(c)	subject to Section 5.6(d), in the case of automatic conversion pursuant to Section 5.2(b), at the time and on the date specified by the Series A Majority Holders; 

 

	 	(d)	in the case of an optional conversion or an automatic conversion “in connection with a Non-Qualified IPO”, as contemplated in Section 5.5, immediately prior to the closing of the Non-Qualified IPO; and

  
 - 19 - 

	 	(e)	notwithstanding any delay in the delivery of certificates representing the Common Shares into which the Series A Shares have been converted. 

 

	5.7	Effect of Conversion 

 Upon the conversion of the Series A Shares: 

 

	 	(a)	the rights of a Series A Holder as a holder of the converted Series A Shares cease; and 

  

	 	(b)	each person in whose name any certificate for Common Shares is issuable upon such conversion is deemed to have become the holder of record of such Common Shares. 

 

	5.8	Mechanics of Optional Conversion 

  

	 	(a)	To exercise optional conversion rights under Section 5.1, a Series A Holder must: 

  

	 	(i)	give written notice to the Corporation at its principal office or the office of any transfer agent for the Common Shares: 

  

	 	(A)	stating that the Series A Holder elects to convert such shares; and 

  

	 	(B)	providing the name or names (with address or addresses) in which the certificate or certificates for Common Shares issuable upon such conversion are to be issued; 

 

	 	(ii)	surrender the certificate or certificates representing the shares being converted to the Corporation at its principal office or the office of any transfer agent for the Common Shares; and 

 

	 	(iii)	where the Common Shares are to be registered in the name of a person other than the Series A Holder, provide evidence to the Corporation of proper assignment and transfer of the surrendered certificates to the
Corporation, including evidence of compliance with applicable Canadian and United States securities laws and any applicable shareholders agreement. 

  

	 	(b)	As soon as reasonably practicable, but in any event within 10 days after the Conversion Date, the Corporation will issue and deliver to the Series A Holder a certificate or certificates in such denominations as such
Series A Holder requests for the number of full Common Shares issuable upon the conversion of such Series A Shares, together with cash in respect of any fractional Common Shares issuable upon such conversion. 

  
 - 20 - 

	5.9	Mechanics of Automatic Conversion 

  

	 	(a)	Upon the automatic conversion of any Series A Shares into Common Shares, each Series A Holder must surrender the certificate or certificates formerly representing that Series A Holder’s Series A Shares at the
principal office of the Corporation or the office of any transfer agent for the Common Shares. 

  

	 	(b)	Upon receipt by the Corporation of the certificate or certificates, the Corporation will issue and deliver to such Series A Holder, promptly at the office and in the name shown on the surrendered certificate or
certificates, a certificate or certificates for the number of Common Shares into which such Series A Shares are converted, together with cash in respect of any fractional Common Shares issuable upon such conversion. 

 

	 	(c)	The Corporation is not required to issue certificates evidencing the Common Shares issuable upon conversion until certificates formerly evidencing the converted Series A Shares are either delivered to the Corporation or
its transfer agent, or the Series A Holder notifies the Corporation or such transfer agent that such certificates have been lost, stolen or destroyed, and executes and delivers an agreement to indemnify the Corporation from any loss incurred by the
Corporation in connection with the loss, theft or destruction. 

  

	 	(d)	If the Board of Directors expects, acting reasonably, that the Series A Shares will automatically convert, the Corporation will, at least 20 days before the date it reasonably believes will be the date of the automatic
conversion, send by prepaid priority overnight courier or deliver to each person who at the date of mailing or delivery is a registered Series A Holder, a notice in writing of the intention of the Corporation to automatically convert such shares.
That notice shall be sent or delivered to each Series A Holder at the last address of that Series A Holder as it appears on the securities register of the Corporation, or in the event the address of any such Series A Holder does not so appear, then
to the last address of that Series A Holder known to the Corporation. Accidental failure or omission to give that notice to one or more Series A Holder(s) will not affect the validity of such conversion, but if that failure or omission is
discovered, notice shall be given promptly to any Series A Holder that was not given notice. That notice will have the same force and effect as if given in due time. The notice will set out the basis under Section 5.2 for such automatic
conversion, the number of Series A Shares held by the person to whom it is addressed which are to be converted (if known), the number of Common Shares into which those Series A Shares will be converted (including any Additional Common Shares), the
expected date of closing of the Qualified IPO, if applicable, and the place or places in Canada at which Series A Holders may present and surrender the certificate or certificates representing its Series A Shares for conversion. 

  
 - 21 - 

	5.10	Fractional Shares 

 No fractional Common Shares will be issued upon conversion of Series A Shares.
Instead of any fractional Common Shares that would otherwise be issuable upon conversion of Series A Shares, the Corporation will pay to the Series A Holder a cash adjustment in respect of such fraction in an amount equal to the same fraction of the
value per Common Share (as determined in good faith by the Board of Directors) on the effective date of the conversion. For greater certainty, all of a Series A Holder’s Series A Shares will be aggregated for purposes of calculating any
fractional Common Share resulting from a conversion. 
  

	5.11	Partial Conversion 

 If some but not all of the Series A Shares represented by a certificate or
certificates surrendered by a Series A Holder are converted, the Corporation will execute and deliver to or on the order of the Series A Holder, at the expense of the Corporation, a new certificate representing the number of Series A Shares that
were not converted. 
 ARTICLE 6 

CONVERSION VALUE 
  

	6.1	Initial Conversion Value 

 The initial Conversion Value is equal to the Issue Price and remains in effect
until the Conversion Value is adjusted in accordance with the provisions of this Article 6. 
  

	6.2	Adjustments for Dilution 

 If, following the Original Issuance Date, the Corporation issues any
additional Common Shares or Derivative Securities (other than Excluded Issuances or in connection with an event to which Section 6.5, 6.6 or 6.7 applies) for Consideration Per Share that is less than the Conversion Value in effect immediately
prior to such issuance, then the Conversion Value in effect immediately prior to such issuance shall be adjusted so that, upon such issuance, the Conversion Value shall be reduced to an amount equal to the Consideration Per Share of such additional
Common Shares or Derivative Securities. 
  

	6.3	Additional Provisions Regarding Dilution 

 For purposes of Section 6.2: 

 

	 	(a)	if a part or all of the consideration received by the Corporation in connection with the issuance of additional Common Shares or Derivative Securities consists of property other than cash, such consideration is deemed
to have a value equal to its Fair Market Value; 

  

	 	(b)	no adjustment of the Conversion Value is to be made upon the issuance of any Derivative Securities or additional Common Shares that are issued upon the exercise, conversion or exchange of any Derivative Securities;

  
 - 22 - 

	 	(c)	any adjustment of the Conversion Value is to be disregarded if, and to the extent that, all of the Derivative Securities that gave rise to such adjustment expire or are cancelled without having been exercised or
converted, so that the Conversion Value effective immediately upon such cancellation or expiration is equal to the Conversion Value that otherwise would have been in effect immediately prior to the time of the issuance of the expired or cancelled
Derivative Securities, with any additional adjustments as subsequently would have been made to that Conversion Value had the expired or cancelled Derivative Securities not been issued; 

 

	 	(d)	if the terms of any Derivative Securities previously issued by the Corporation are changed (whether by their terms or for any other reason) so as to raise or lower the Consideration Per Share payable with respect to
such Derivative Securities (whether or not the issuance of such Derivative Securities originally gave rise to an adjustment of the Conversion Value), the Conversion Value is adjusted as of the date of such change; 

 

	 	(e)	the Consideration Per Share received by the Corporation in respect of Derivative Securities is determined in each instance as follows: 

 

	 	(i)	the Consideration Per Share is determined as of the date of issuance of Derivative Securities without giving effect to any possible future price adjustments or rate adjustments that might be applicable with respect to
such Derivative Securities and that are contingent upon future events; and 

  

	 	(ii)	in the case of an adjustment to the Conversion Value to be made as a result of a change in terms of any Derivative Securities, the Consideration Per Share for purposes of calculating the adjustment to the Conversion
Value is determined as of the date of such change and, for greater certainty, not as of the date of the issuance of the Derivative Securities; and 

  

	 	(f)	notwithstanding any other provisions contained in these Series A Share provisions, but except as provided in Sections 6.3(d) or 6.5, no adjustment to the Conversion Value is to be made in respect of the issuance of
additional Common Shares or Derivative Securities in any case in which such adjustment would otherwise result in the Conversion Value being greater than the Conversion Value in effect immediately prior to the issuance of such additional Common
Shares or Derivative Securities. 

  

	6.4	Excluded Transactions 

 Notwithstanding Section 6.2, no adjustment to the Conversion Value is to be
made in connection with the following issuances (“Excluded Issuances”): 
  

	 	(a)	any Series B Shares issued on the Original Issuance Date; 

  
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	 	(b)	any Common Shares issued or issuable upon conversion of the Series A Shares or Series B Shares; provided that, any such conversion is effected in accordance with the terms of such shares (including provisions for
adjustment) as such terms exist on the Original Issuance Date; 

  

	 	(c)	any Additional Common Shares; 

  

	 	(d)	any Common Shares issued to the Series B Holders in accordance with the Series B Share Terms; 

  

	 	(e)	any Common Shares issued or issuable upon exercise of any warrants granted to the Series A Holders in connection with such Series A Holders’ subscription for Series A Shares; 

 

	 	(f)	any Common Shares issued pursuant to the Common Share Offering; 

  

	 	(g)	any option to purchase Common Shares or other Derivative Securities granted under any stock option plan, stock purchase plan or other stock compensation program of the Corporation approved by the Board of Directors
and/or Common Shares or other Derivative Securities allotted for issuance, issued or issuable pursuant to any such plan or arrangement, or the issuance of any Common Shares upon the exercise of any such options or other Derivative Securities;

  

	 	(h)	any equity securities issued pursuant to a Qualified IPO or a Non-Qualified IPO; 

  

	 	(i)	any warrants to acquire Common Shares issued to TPC or any permitted assignee of TPC pursuant to obligations of the Corporation to issue such warrants (as such obligations exist on or before the Original Issuance Date
or as such obligations may be amended with the approval of the Board of Directors after the Original Issuance Date), and any issuance of Common Shares pursuant to the exercise of such warrants; 

 

	 	(j)	any Common Shares or Derivative Securities issued as compensation to any agent, broker, sub-agent or sub-broker with respect to the transactions entered into by the Corporation with Series A Holders and certain other
shareholders of the Corporation, and any Common Shares or Derivative Securities issuable upon exercise thereof; 

  

	 	(k)	except as contemplated in Section 6.5, any equity securities issued in respect of subdivisions, stock dividends or capital reorganizations affecting the share capital of the Corporation; 

 

	 	(l)	any equity securities issued to bona fide consultants or professional advisors of the Corporation as part of the consideration for services received by the Corporation from such consultants or professional
advisors; 

  
 - 24 - 

	 	(m)	any Common Shares or Derivative Securities issued in connection with an acquisition of assets or a business; provided that (i) the cost of such acquisition is less than $10,000,000, (ii) any such transaction
is approved by the Board of Directors, and (iii) the maximum aggregate number of Common Shares (including Common Shares issuable on the conversion or exercise of Derivative Securities) that may be issued pursuant to all transactions
contemplated by this clause (m) shall not exceed 5% of the aggregate number of Common Shares issued and outstanding on the Original Issuance Date (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations,
capital reorganizations and the like occurring after the Original Issuance Date), all calculated on an as-if-converted to Common Shares basis; and 

  

	 	(n)	any Common Shares or Derivative Securities issued to or in connection with any of the following (i) licensors of technology to the Corporation, (ii) lending or leasing institutions in connection with obtaining
debt financing, or (iii) any other technology licensing, equipment leasing or other non-equity interim financing transaction; provided that: (A) any such transaction or transactions are approved by the Board of Directors; and (B) the
maximum aggregate number of Common Shares (including Common Shares issuable on the conversion or exercise of Derivative Securities) that may be issued pursuant to all transactions contemplated by this clause (n) shall not exceed 5% of the
aggregate number of Common Shares issued and outstanding on the Original Issuance Date (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original
Issuance Date), all calculated on an as-if-converted to Common Shares basis. 

  

	6.5	Adjustments for Stock Splits 

 After the Original Issuance Date, the Conversion Value shall be adjusted
on the record date in respect of each Stock Split, such that the Conversion Value is equal to the product obtained by multiplying the Conversion Value immediately before the Stock Split by a fraction: 

 

	 	(a)	the numerator of which is the number of Common Shares issued and outstanding immediately before the Stock Split; and 

  

	 	(b)	the denominator of which is the number of Common Shares issued and outstanding immediately after the Stock Split. 

  

	6.6	Adjustments for Capital Reorganizations 

 If, following the Original Issuance Date, the Common Shares are
changed into the same or a different number of shares of any other class or series, whether by capital reorganization, reclassification or otherwise, the Corporation will provide each Series A Holder with the right to convert each Series A Share
into the kind and amount of shares, other securities and property receivable upon such change that a holder of a number of Common Shares equal to the number of Common Shares into which such Series A Share was convertible immediately prior to the
change would be entitled to receive upon such change (subject to any necessary further adjustments after the date of such change). 

  
 - 25 - 

	6.7	Other Distributions 

 In the event the Corporation declares a distribution payable in securities (other
than securities of the Corporation), evidences of indebtedness issued by the Corporation or other persons or assets (excluding cash dividends paid in the ordinary course of business) then, in each such case for the purpose of this Section 6.7,
Series A Holders shall be entitled upon conversion of their Series A Shares to a proportionate share of any such distribution as though they were the holders of the number of Common Shares into which their Series A Shares were convertible as of the
record date fixed for the determination of the holders of Common Shares of the Corporation entitled to receive such distribution. 
  

	6.8	No Impairment 

 The Corporation will not, by amendment of its articles or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Article 6, but will at all times in good faith assist in the carrying out of all the provisions of Article 5 and 6 and in the taking of any action necessary or appropriate in order to protect the conversion rights of the Series A Holders against
impairment. 
  

	6.9	Reservation of Common Shares 

 The Corporation shall at all times reserve and keep available out of its
authorized but unissued Common Shares, solely for the purpose of effecting the conversion of Series A Shares, such number of Common Shares as from time to time is sufficient to effect the conversion of all outstanding Series A Shares, and if at any
time the number of authorized but unissued Common Shares is not sufficient to effect the conversion of all of the then outstanding Series A Shares, then the Corporation will take such corporate action as may, in the opinion of its legal counsel, be
necessary to increase its authorized but unissued Common Shares to such number of shares as is sufficient for such purpose. 
  

	6.10	Disputes 

 If a dispute shall at any time arise with respect to adjustments in the Conversion Value, such
dispute shall be conclusively determined by the Corporation’s auditors, or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by the Board of Directors and any such determination
shall be binding upon the Corporation, the Series A Holders and all other shareholders of the Corporation. Such auditors or accountants shall be provided access to all necessary records of the Corporation. If any such determination is made, the
Corporation shall deliver a certificate to the Series A Holders and Series B Holders describing such determination. 

  
 - 26 - 

	6.11	Certificate as to Adjustments 

 In each case of an adjustment or readjustment of the Conversion Value,
the Corporation will promptly furnish each Series A Holder and Series B Holder with a certificate, prepared by the Corporation’s accountants, showing such adjustment or readjustment, and stating in reasonable detail the facts upon which such
adjustment or readjustment is based. 
  

	6.12	Further Adjustment Provisions 

 If, at any time as a result of an adjustment made pursuant to
Section 6.6, a Series A Holder becomes entitled to receive any shares or other securities of the Corporation other than Common Shares upon surrendering Series A Shares for conversion, the Conversion Value in respect of such other shares or
securities (if such other shares or securities are by their terms convertible securities) will be adjusted after that time, and will be subject to further adjustment from time to time, in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to Series A Shares contained in this Article 6, and the remaining provisions of these Series A Share provisions will apply mutatis mutandis to any such other shares or securities. 

 

	6.13	Waiver of Adjustments 

 Notwithstanding any other provisions of this Article 6, with the written consent
of the Corporation, the Series A Majority Holders shall be entitled, on behalf of all Series A Holders, to waive any entitlement to an adjustment to the Conversion Value under this Article 6. Any such waiver by the Series A Majority Holders must be
in writing and shall only be effective as to the particular adjustment being waived. In such event, notice of such waiver shall be sent to all Series A Holders and Series B Holders in accordance with Section 8.2. 

ARTICLE 7 
 REDEMPTION

  

	7.1	Redemption Following the Redemption Trigger Date 

  

	 	(a)	On or after the Redemption Trigger Date, the Series A Majority Holders shall have the right to request the Corporation to redeem all of the Series A Shares. Upon receipt of such a request, in writing, the Corporation
will: 

  

	 	(i)	deliver to each Series A Holder and Series B Holder within 30 days following the date the written request is received by the Corporation a notice specifying the total funds legally available to the Corporation for
redemption of all of the Series A Shares and Series B Shares outstanding at that time (the “Available Funds”); and 

  

	 	(ii)	 within 90 days, but not before the expiry of 30 days, following the date the written request is received by the Corporation redeem from the Series A
Holders, subject to Section 7.2, all the Series A Shares (and concurrently therewith redeem from the Series B Holders all the Series B Shares in the event that the redemption rights of the Series B Shares have been exercised in accordance with
the Series B Share Terms) to the extent the Corporation 

  
 - 27 - 

	 	
has Available Funds, by paying to the Series A Holders, in accordance with Section 7.1(b), an amount (the “Series A Redemption Amount”) equal to the sum of:

  

	 	(A)	the number of Series A Shares outstanding multiplied by the sum of (x) the Issue Price and (y) the per share amount of any declared but unpaid dividends on the Series A Shares (such amount being the
“Series A Preference Redemption Amount”); and 

  

	 	(B)	the then-current Fair Market Value of the Common Shares (other than Additional Common Shares) into which the Scries A Shares are then convertible (such amount being the “Series A Participation Redemption
Amount”). 

  

	 	(b)	Subject to Section 7.2, each Series A Holder shall be paid that portion of the Series A Redemption Amount equal to the Series A Redemption Amount Per Share multiplied by the number of Series A Shares held by the
holder. 

  

	7.2	Insufficient Funds and Priorities 

  

	 	(a)	If the Available Funds are insufficient to pay in full (i) the Series A Redemption Amount with respect to the total number of Series A Shares outstanding, and (ii) in the event that the redemption rights of
the Series B Shares have been exercised in accordance with the Series B Share Terms, the Series B Redemption Amount with respect to the total number of Series B Shares outstanding, then those funds that are legally available for the redemption of
the Series A Shares in accordance with Section 7.1 and the Series B Shares in accordance with the Series B Share Terms will be used to redeem the maximum possible number of whole shares in accordance with the following priorities:

  

	 	(i)	If the Available Funds are insufficient to pay in full the Series A Preference Redemption Amount, those funds will be used to redeem the maximum possible number of whole shares rateably among the Series A Holders, and
in such case, the number of Series A Shares to be redeemed shall be the number obtained by dividing (x) the Available Funds, by (y) the Series A Redemption Amount Per Share. 

 

	 	(ii)	If the Available Funds are sufficient to pay in full the Series A Preference Redemption Amount, but are insufficient to pay in full the Aggregate Preference Redemption Amount, those funds will be used to redeem:

  

	 	(A)	that proportion of the total number of Series A Shares determined by dividing (x) the Series A Preference Redemption Amount, by (y) the Series A Redemption Amount Per Share; and 

 

	 	(B)	the maximum possible number of whole shares rateably among the Series B Holders, and in such case, the number of Series B Shares to be redeemed shall be the number obtained by dividing (x) the 

  
 - 28 - 

	 	
Available Funds minus the Series A Preference Redemption Amount, by (y) the Series B Redemption Amount Per Share. 

 

	 	(iii)	If the Available Funds are sufficient to pay in full the Aggregate Preference Redemption Amount, but are insufficient to pay in full the Aggregate Preference Redemption Amount plus the Series A Participation Redemption
Amount and Series B Participation Redemption Amount, those funds will be used to redeem: 

  

	 	(A)	that proportion of the total number of Series A Shares determined by dividing (x) the Series A Preference Redemption Amount, by (y) the Series A Redemption Amount Per Share; 

 

	 	(B)	that proportion of the total number of Series B Shares determined by dividing (x) the Series B Preference Redemption Amount, by (y) the Series B Redemption Amount Per Share; and 

 

	 	(C)	the maximum possible number of whole shares rateably among the Series A Holders and Series B Holders, and in such case, 

  

	 	(1)	the number of Series A Shares to be redeemed shall be determined in accordance with the following formula: 

A x B 

    C 
  

	 	(2)	the number of Series B Shares to be redeemed shall be determined in accordance with the following formula: 

A x D 

    E 

Where: 
  

					
	A	 	=	  	the Available Funds minus the Aggregate Preference Redemption Amount
			
	B	 	=	  	the Series A Participation Redemption Amount divided by the Aggregate Participation Redemption Amount
			
	C	 	=	  	the Series A Redemption Amount Per Share
			
	D	 	=	  	the Series B Participation Redemption Amount divided by the Aggregate Participation Redemption Amount
			
	E	 	=	  	the Series B Redemption Amount Per Share

  

	 	(b)	 Any Series A Shares not redeemed in accordance with Section 7.2(a) remain outstanding and remain entitled to all rights and preferences otherwise
provided in 

  
 - 29 - 

	 	
these Series A Share provisions. Any Series B Shares not redeemed remain outstanding and remain entitled to all rights and preferences otherwise provided in the Series B Share Terms. As and when
funds legally available for redemption of Series A Shares and Series B Shares subsequently become available, those funds will be used to redeem the maximum possible number of whole shares rateably among the Series A Holders and Series B Holders in
accordance with clause (i), (ii) and (iii) of Section 7.2(a) above and the Series B Share Terms. The Corporation shall not pay any amounts or make any other distributions in respect of any other class or series of its shares until all
Series A Shares and Series B Shares are redeemed as provided above, and all redemption payments required to be made in accordance with this Section 7.2 are fully paid to the Series A Holders and Series B Holders respectively. 

 

	7.3	Redemption Upon a Partial Sale Event 

  

	 	(a)	In connection with a proposed transaction that would result in a Partial Sale Event, the Series A Majority Holders shall have the right, prior to the completion of the proposed transaction, to request, in writing, the
Corporation to redeem all of the Series A Shares. Upon receipt of such a request (a “Series A Redemption Request”) the Corporation will: 

  

	 	(i)	deliver to each Series A Holder and each Series B Holder within 20 days (or such shorter or longer period as the Corporation, the Series A Majority Holders and the Series B Majority Holders may agree in writing) (the
“Redemption Notice Period”) following the date the Series A Redemption Request is received by the Corporation a copy of such Series A Redemption Request and a notice specifying whether the Corporation has sufficient funds legally
available to the Corporation for the redemption of all of the Series A Shares and (in the event that the Corporation also receives a Series B Redemption Request prior to the expiry of 30 days following the Redemption Notice Period) all of the Series
B Shares outstanding; and 

  

	 	(ii)	redeem, conditional upon and contemporaneously with the completion of the transaction resulting in the Partial Sale Event, from the Series A Holders all the Series A Shares (and concurrently therewith redeem from the
Series B Holders all the Series B Shares in the event that the Corporation also received a Series B Redemption Request within the period specified in clause (i) above) provided the Corporation has funds legally available for such redemption, by
paying to the Series A Holders, in accordance with Section 7.3(b), the Series A Redemption Amount. 

  

	 	(b)	Subject to Section 7.4, each Series A Holder shall be paid that portion of the Series A Redemption Amount equal to the Series A Redemption Amount Per Share multiplied by the number of Series A Shares held by the
holder. 

  
 - 30 - 

	7.4	Insufficient Funds 

 If in connection with the exercise of the redemption rights pursuant to a Series A
Redemption Request the total funds legally available to the Corporation are insufficient to pay in full (i) the Series A Redemption Amount with respect to the total number of Series A Shares outstanding, and (ii) in the event that the
Corporation also received a Series B Redemption Request pursuant to the Series B Share Terms, the Series B Redemption Amount with respect to the total number of Series B Shares outstanding, then: 

 

	 	(a)	the Corporation shall not redeem any of the Series A Shares pursuant to the Series A Redemption Request or any of the Series B Shares pursuant to the Series B Redemption Request; and 

 

	 	(b)	the Corporation will not permit the proposed transaction that would otherwise result in a Partial Sale Event to occur unless Series A Majority Holders and Series B Majority Holders direct, in writing, the Corporation to
permit such a transaction. 

  

	7.5	Surrender of Certificates 

 If a redemption of Series A Shares pursuant to this Article 7 will occur,
each Series A Holder shall surrender to the Corporation the certificates representing the Series A Shares to be redeemed by the Corporation in accordance with this Article 7, in the manner and at the place designated by the Corporation, and
thereupon all redemption amounts to be paid for such shares shall be payable to the order of the Person whose name appears on such certificates as the owner thereof, and each surrendered certificate shall be cancelled and retired. If, in the case of
the exercise of redemption rights in accordance with Sections 7.1 and 7.2, less than all of the Series A Shares represented by such certificates are redeemed, then the Corporation shall promptly issue new certificates representing the shares not
redeemed. 
 ARTICLE 8 

MISCELLANEOUS 
  

	8.1	Notices of Record Dates 

 If: 
  

	 	(a)	the Corporation establishes a record date to determine the Series A Holders who are entitled to receive any dividend or other distribution; or 

 

	 	(b)	there occurs any Stock Split or other capital reorganization of the Corporation, any reclassification of the capital of the Corporation, any Change of Control Event, or any Liquidation Event, 

the Corporation will deliver to each Series A Holder, at least 20 days prior to such record date or the proposed effective date of the relevant
transaction, a notice specifying: 
  

	 	(i)	the date of such record date for the purpose of such dividend or distribution and a description of such dividend or distribution; 

  
 - 31 - 

	 	(ii)	the date on which any such reorganization, reclassification, Change of Control Event or Liquidation Event is expected to become effective; and 

 

	 	(iii)	the time, if any, that is to be fixed as to when the holders of record of Common Shares (or other securities) are entitled to exchange their Common Shares (or other securities) for cash, securities or other property
deliverable upon such reorganization, reclassification, Change of Control Event or Liquidation Event. 

  

	8.2	Notices 

 All notices, requests, payments, instructions or other documents to be given hereunder must be
in writing or given by written telecommunication, and will be deemed to have been duly given if: 
  

	 	(a)	delivered personally (effective upon delivery); 

  

	 	(b)	mailed by certified mail, return receipt requested, postage prepaid (effective five Business Days after dispatch) if the recipient is located in the United States or Canada; 

 

	 	(c)	sent by a reputable, established courier service that guarantees next Business Day delivery (effective the next Business Day) if the recipient is located in the United States or Canada; 

 

	 	(d)	sent by air mail or by commercial express overseas air courier, with receipt acknowledged in writing by the recipient (effective upon the date of such acknowledgement) if the recipient is located outside the United
States or Canada; 

  

	 	(e)	sent by fax confirmed within 24 hours through one of the foregoing methods (effective upon receipt of the fax in complete readable form); and 

addressed as follows (or to such other address as the recipient party furnishes by notice to the sending party for these purposes): (i) if to any Series A
Holder or Series B Holder, to the last address of that Series A Holder or Series B Holder as it appears on the securities register of the Corporation, or in the event the address of any such Series A Holder or Series B Holder does not so appear,
then to the last address of that Series A Holder or Series B Holder known to the Corporation; and (ii) if to the Corporation, to the address of its principal office. 
  

	8.3	Negative Covenants 

 So long as any Series A Shares are outstanding, the Corporation will not, without
the prior written approval of the Series A Majority Holders: 
  

	 	(a)	designate any further series of Class A Preferred Shares or Class B Preferred Shares; 

  

	 	(b)	issue more than 30,000,000 Series A Shares (other than additional Series A Shares issuable in respect of any stock dividends declared by the Corporation); 

  
 - 32 - 

	 	(c)	issue more than 68,000,000 Series B Shares (other than additional Series B Shares issuable in respect of any stock dividends declared by the Corporation); or 

 

	 	(d)	amend the articles of the Corporation to add, change or remove any rights, privileges, restrictions or conditions attached to the Series A Shares or the Series B Shares or otherwise change the Series A Shares or Series
B Shares. 

  

	8.4	Currency 

 All references to dollar amounts in these Series A Share provisions are to the lawful currency
of Canada. 
  

	8.5	Transfer Agents 

 The Corporation may appoint, and from time to time discharge and change, a transfer
agent for the Series A Shares or any other class of shares of the Corporation. Upon any such appointment, discharge or change of a transfer agent, the Corporation will send a written notice of such appointment, discharge or change to each Series A
Holder. 
  

	8.6	Transfer Taxes 

 The Corporation will pay all share transfer taxes, documentary stamp taxes and the like
that may be properly payable by the Corporation in respect of any issuance or delivery of Series A Shares or Common Shares or other securities issued in respect of Series A Shares in accordance with these Series A Share provisions or certificates
representing such shares or securities. The Corporation is not required to pay any such tax that may be payable in respect of any transfer involved in the issuance or delivery of Series A Shares or Common Shares or other securities in a name other
than that in which such shares were registered, or in respect of any payment to any person other than the registered Series A Holder of the shares with respect to any such shares, and is not required to make any such issuance, delivery or payment
unless and until the person otherwise entitled to such issuance, delivery or payment has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid or is not payable.

  
 - 33 - 

 EXHIBIT “1” to 

SERIES A SHARE PROVISIONS 

DETERMINATION OF FAIR MARKET VALUE 

The “Fair Market Value” of Common Shares will be determined in accordance with the following procedures: 

 

	 	(a)	The Board of Directors, the Series A Majority Holders and the Series B Majority Holders will in good faith attempt to agree upon the Fair Market Value of the Common Shares that are the subject of the proposed
determination under this Exhibit “1”. 

  

	 	(b)	Fair Market Value of such Common Shares will in all cases (i) be calculated on the assumption of an arm’s length sale at open market value on a “going concern basis” with no minority discount
applied, and (ii) take into account any conversion rights, liquidation preferences and any other entitlements attached to any other securities of the Corporation. 

 

	 	(c)	If the Fair Market Value has not been agreed upon between the Corporation, the Series A Majority Holders and the Series B Majority Holders within 10 Business Days after commencing their good faith attempt to agree upon
the Fair Market Value under clause (a) above, then within five Business Days after the end of such 10 Business Day period, the Corporation, the Series A Majority Holders and the Series B Majority Holders shall jointly appoint a U.S. or Canadian
nationally recognized independent investment banking or business valuation firm (the “Valuator”) to determine the Fair Market Value of such shares which are subject of the proposed determination under this Exhibit
“1”. If the Corporation, the Series A Majority Holders and the Series B Majority Holders cannot agree on a Valuator within such five Business Day period, any of the Corporation, the Series A Majority Holders or the Series B Majority
Holders may thereafter apply to a court of competent jurisdiction to have the court appoint such Valuator meeting the foregoing criteria to determine the Fair Market Value of the subject shares. The determination by the Valuator shall be final and
binding on the Corporation, the Series A Holders and the Series B Holders, absent manifest error. 

  

	 	(d)	The Corporation shall be responsible for all costs incurred in connection with the independent valuation performed by the Valuator (including the costs of any court proceeding to appoint the Valuator, if applicable).

  

	 	(e)	The Valuator shall be instructed to deliver its determination of Fair Market Value as at the applicable valuation date, as soon as practicable following its appointment and in any event within 30 Business Days
thereafter. 

  
 - 34 - 

	 	(f)	In the event that the Valuator provides a range of fair market values, the middle of such range shall be utilized for purposes of determining the Fair Market Value of the subject shares. 

 

	 	(g)	The Corporation shall immediately provide to the Valuator such information, including confidential information, and allow such firm to conduct “due diligence” and make such investigations and inquiries with
respect to the affairs of the Corporation and its subsidiaries as may be required by such Valuator in order to fulfill its mandate, provided that such firm executes a confidentiality agreement in favour of the Corporation containing standard terms
and conditions. 

  
 - 35 - 

 CLASS B CONVERTIBLE PREFERRED SHARES, ISSUABLE IN SERIES 

 

	1.	Directors’ Authority to Issue One or More Series 

 The directors of the Corporation may, at any time
and from time to time, issue the Class B Preferred Shares in one or more series. 
  

	2.	Terms of Each Series 

 Subject to the following provisions, and subject to the filing of articles of
amendment in prescribed form and the endorsement thereon of a certificate of amendment, in accordance with the Canada Business Corporations Act, before the first shares of a particular series are issued, the directors of the Corporation shall
fix the number of shares in such series and shall determine, subject to any limitations set out in the articles of the Corporation, the designation, rights, privileges, restrictions and conditions attaching to the shares of such series including,
without limiting the generality of the foregoing, any right to receive dividends (which may be cumulative, non-cumulative or partially cumulative and variable or fixed), the rate or rates, amount or method or methods of calculation of preferential
dividends and whether such rate or rates, amount or method or methods of calculation shall be subject to change or adjustment in the future, the currency or currencies of payment, the date or dates and place or places of payment thereof and the date
or dates from which such preferential dividends shall accrue, the rights of redemption (if any) and the redemption price and other terms and conditions of redemption, the rights of retraction (if any) and the prices and other terms and conditions of
any rights of retraction and whether any additional rights of retraction may be provided to such holders in the future, the voting rights (if any) and the conversion or exchange rights (if any) and any sinking fund, purchase fund or other provisions
attaching thereto. Before the first shares of a particular series are issued, the directors of the Corporation may change the rights, privileges, restrictions and conditions attaching to such unissued shares. 

 

	3.	Ranking of the Class B Preferred Shares 

 No rights, privileges, restrictions or conditions attaching to
a series of Class B Preferred Shares shall confer upon a series a priority over any other series of Class B Preferred Shares in respect of the payment of dividends or return of capital in the event of the liquidation, dissolution or winding up of
the Corporation. 
 The Class B Preferred Shares of each series shall rank on a parity with the Class B Preferred Shares of every other series with respect
to priority in the payment of dividends and the return of capital in the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other return of capital of the Corporation among its
shareholders for the purpose of winding up its affairs. 

  
 - 36 - 

	4.	Priority 

 The Class B Preferred Shares shall rank junior to the Class A Convertible Preferred
Shares with respect to priority in the return of capital, the distribution of assets and the payment of declared but unpaid dividends in the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or
any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, but shall be entitled to priority as hereinafter provided over the common shares and any other shares of any other class of the
Corporation ranking junior to the Class B Preferred Shares with respect to the return of capital, the distribution of assets and the payment of declared and unpaid dividends in the event of the liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs. The Class B Preferred Shares shall be entitled to priority over the common
shares and any other shares of any other class of the Corporation ranking junior to the Class B Preferred Shares with respect to priority in the payment of any dividends. 

In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of
the Corporation among its shareholders for the purpose of winding up its affairs, the holders of the Class B Preferred Shares of any series shall be entitled, after payment or provision for payment of the debts and other liabilities of the
Corporation as may be required by law: 
  

	 	(a)	to receive in respect of the shares of such series, after payment or provision for payment of the amounts payable in such event to the holders of Class A Preferred Shares in priority to the holders of Class B
Preferred Shares and prior to any distribution to the holders of common shares, the amount, if any, provided for in the rights, privileges, restrictions and conditions attached to the shares of such series; and 

 

	 	(b)	if and to the extent provided in the rights, privileges, restrictions and conditions attached to the shares of such series, to share in the remaining assets of the Corporation (subject to the rights, if any, of holders
of any other class or series of shares of the Corporation to first receive payment of amounts in such event, if and to the extent provided in the rights, privileges, restrictions and conditions attached to any such shares). 

 

	5.	Other Preferences 

 The Class B Preferred Shares of any series may also be given such other preferences,
not inconsistent with the provisions hereof over the common shares and any other shares of the Corporation ranking junior to the Class B Preferred Shares as may be determined in the case of such series of Class B Preferred Shares in accordance with
paragraph 2 hereof. 
  

	6.	Conversion Right 

 The Class B Preferred Shares of any series may be made convertible into or
exchangeable for common shares of the Corporation. 

  
 - 37 - 

	7.	Redemption Right 

 The Class B Preferred Shares of any series may be made redeemable, in such
circumstances, at such price and upon such other terms and conditions, and with such priority, as may be provided in the rights, privileges, restrictions and conditions attached to the shares of such series. 

 

	8.	Dividend Rights 

 The Corporation may at any time and from time to time declare and pay a dividend on the
Class B Preferred Shares of any series without declaring or paying any dividend on the common shares or any other shares of any other class of the Corporation ranking junior to the Class B Preferred Shares. The rights, privileges, restrictions and
conditions attached to the Class B Preferred Shares of any series may include the right to receive a dividend concurrently with any dividend declared on any other class or series of shares of the Corporation, to be calculated in the manner set forth
in the rights, privileges, restrictions and conditions attached to the shares of such series of Class B Preferred Shares. 
  

	9.	Voting Rights 

 Except as may be otherwise provided in the articles of the Corporation or
as otherwise required by law or in accordance with any voting rights which may from time to time be attached to any series of Class B Preferred Shares, the holders of Class B Preferred Shares as a class shall not be entitled as such to receive
notice of, nor to attend or vote at any meeting of the shareholders of the Corporation. 
  

	10.	Variation of Rights 

 The rights, privileges, restrictions and conditions attaching to the Class B
Preferred Shares as a class may be added to, amended or removed at any time with such approval as may then be required by law to be given by the holders of the Class B Preferred Shares as a class. 

  
 - 38 - 

 CLASS B CONVERTIBLE PREFERRED SHARES, SERIES 1 

The first series of Class B Convertible Preferred Shares of the Corporation shall consist of an unlimited number of shares which shall be designated as the
Class B Convertible Preferred Shares, Series 1 (the “Series B Shares”) and which, in addition and subject to the rights, privileges, restrictions and conditions attached to the Class B Convertible Preferred Shares as a class, shall
have attached thereto the rights, privileges, restrictions and conditions set forth herein. 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	Definitions 

 For purposes of these Series B Share provisions: 

 

	 	(a)	“Act” means the Canada Business Corporations Act. 

  

	 	(b)	“Additional Common Shares” means the Common Shares, if any, issued or issuable pursuant to Section 5.4 or Section 5.5. 

 

	 	(c)	“Affiliate” of a Person means any Person that would be considered to be an “affiliated entity” of such first-mentioned Person under Ontario Securities Commission Rule 45-501 - Exempt
Distributions, as in effect on the Original Issuance Date. 

  

	 	(d)	“Aggregate Preference Redemption Amount” means the Series A Preference Redemption Amount plus the Series B Preference Redemption Amount. 

 

	 	(e)	“Aggregate Participation Redemption Amount” means the Series A Participation Redemption Amount plus the Series B Participation Redemption Amount. 

 

	 	(f)	“Available Funds” has the meaning set out in Section 7.1(a)(i). 

  

	 	(g)	“Board of Directors” means the board of directors of the Corporation. 

  

	 	(h)	“Business Day” means any day, other than a Saturday or Sunday, on which chartered banks in Ottawa, Ontario are open for commercial banking business during normal banking hours. 

 

	 	(i)	“Change of Control Event” means: 

  

	 	(i)	the sale, lease, exclusive and irrevocable licence, abandonment, transfer or other disposition of all or substantially all of the assets of the Corporation to a Person other than a Person that is an Affiliate of the
Corporation; or 

  
 - 39 - 

	 	(ii)	(A) an amalgamation of the Corporation with another corporation (other than with a Subsidiary of the Corporation), (B) a statutory arrangement involving the Corporation or (C) any other transaction
involving the Corporation, whether by a single transaction or series of transactions, pursuant to which, in the case of (A), (B) or (C) above, 

  

	 	(1)	any Person, together with his or its Affiliates hereafter acquires the direct or indirect “beneficial ownership” (as defined in the Act) of all of the issued and outstanding shares in the capital of the
Corporation; and 

  

	 	(2)	the nature of the transaction (or series of transactions) is such that the consideration (whether in the form of cash, securities or other property) in connection with such transaction (or series of transactions) would
not be received by the shareholders of the Corporation, 

 provided, however, that the Series B Majority Holders shall have the
right, on behalf of all Series B Holders to waive the treatment of any of such event as a “Change of Control Event” (provided that any such waiver must be in writing signed by the Series B Majority Holders and shall only be
effective as to the particular event in respect of which the waiver is executed). 
  

	 	(j)	“Class A Preferred Shares” means the Class A Convertible Preferred Shares in the capital of the Corporation, the first series of which are the Series A Shares. 

 

	 	(k)	“Class B Preferred Shares” means the Class B Convertible Preferred Shares in the capital of the Corporation, the first series of which are the Series B Shares. 

 

	 	(1)	“Common Share Offering” means the offering, issuance and sale by the Corporation of Common Shares within nine months of the Original Issuance Date for an aggregate purchase price of not more than
$10,000,000. 

  

	 	(m)	“Common Shares” means the common shares in the capital of the Corporation. 

  

	 	(n)	“Consideration Per Share” means: 

  

	 	(i)	in respect of the issuance of Common Shares, an amount equal to: 

  

	 	(A)	the total consideration received by the Corporation for the issuance of such Common Shares, divided by 

  

	 	(B)	the number of such Common Shares issued; 

  

	 	(ii)	in respect of the issuance of Derivative Securities, an amount equal to: 

  
 - 40 - 

	 	(A)	the total consideration received by the Corporation for the issuance of such Derivative Securities plus the minimum amount of any additional consideration payable to the Corporation upon exercise, conversion or exchange
of such Derivative Securities; divided by 

  

	 	(B)	the maximum number of Common Shares that would be issued if all such Derivative Securities were exercised, converted or exchanged in accordance with their terms on the effective date of the relevant calculation,

 provided, however, that if the amount determined in accordance with this clause (ii) equals zero in respect of any
particular issuance of Derivative Securities, then the “Consideration Per Share” in respect of such issuance shall be the amount as may be determined by the agreement in writing of the Corporation, the Series B Majority Holders and
the Series A Majority Holders. In the event that the Corporation, the Series B Majority Holders and the Series A Majority Holders do not agree on such amount, the Corporation shall not issue such Derivative Securities. 

 

	 	(o)	“Control” means, with respect to any Person at any time: 

  

	 	(i)	holding, as owner or other beneficiary, other than solely as the beneficiary of an unrealized security interest, directly or indirectly through one or more intermediaries (A) more than fifty percent (50%) of
the voting securities of that Person, or (B) securities of that Person carrying votes sufficient to elect or appoint the majority of individuals who are responsible for the supervision or management of that Person; or 

 

	 	(ii)	the exercise of de facto control of that Person whether direct or indirect and whether through the ownership of securities, by contract or trust or otherwise, 

and the term “Controlled” has a corresponding meaning. 

 

	 	(p)	“Conversion Date” means the date on which the documentation set out in Section 5.8(a) is received by the Corporation. 

 

	 	(q)	“Conversion Value” means the number determined in accordance with Article 6. 

  

	 	(r)	“Corporation” means Mitel Networks Corporation. 

  

	 	(s)	“day” or “days” means calendar day or calendar days, unless otherwise noted. 

  

	 	(t)	“Derivative Securities” means: 

  

	 	(i)	all shares and other securities that are convertible into or exchangeable for Common Shares (including the Series A Shares and Series B Shares); and 

  
 - 41 - 

	 	(ii)	all options, warrants and other rights to acquire Common Shares or securities directly or indirectly convertible into or exchangeable for Common Shares. 

 

	 	(u)	“Excluded Issuances” has the meaning set out in Section 6.4. 

  

	 	(v)	“Fair Market Value” means: 

  

	 	(i)	in respect of assets other than securities, the fair market value thereof as determined in good faith by the Board of Directors, provided, however, that if the Series B Majority Holders and/or the Series A Majority
Holders object in writing to any such determination within 10 days of receiving notice of such determination, the fair market value will be determined by an independent investment banking or business valuation firm mutually agreeable to the Board of
Directors and the Series B Majority Holders and/or the Series A Majority Holders, as the case may be, whose decision is final and binding on all Persons (the costs of which shall be borne by the Corporation); 

 

	 	(ii)	in respect of Common Shares, the fair market value thereof, as determined in accordance with Exhibit “1” attached to these Series B Share provisions; and 

 

	 	(iii)	in respect of securities other than Common Shares: 

  

	 	(A)	if such securities are not subject to any statutory hold periods or contractual restrictions on transfer: 

  

	 	(1)	if traded on one or more securities exchanges or markets, the weighted average of the closing prices of such securities on the exchange or market on which the securities are primarily traded over the 30-day period
ending three days prior to the relevant date; 

  

	 	(2)	if actively traded over-the-counter, the weighted average of the closing bid or sale prices (whichever are applicable) over the 30-day period ending three days prior to the relevant date; or 

 

	 	(3)	if there is no active public market, the fair market value of such securities as determined in good faith by the Board of Directors, but no discount or premium is to be applied to their valuation on the basis of the
securities constituting a minority block or a majority block of securities, or 

  
 - 42 - 

	 	(B)	if such securities are subject to statutory hold periods or contractual restrictions on transfer, or both, the fair market value of such securities as determined by applying an appropriate discount, as determined in
good faith by the Board of Directors, to the value as calculated in accordance with clause (A) above, 

 provided,
however, that if the Series B Majority Holders and/or the Series A Majority Holders object in writing to any determination of the Board of Directors made under clause (A) or (B) above within 10 days of receiving notice of such
determination, the applicable fair market value and/or discount, as the case may be, will be determined by an independent investment banking or business valuation firm mutually agreeable to the Board of Directors and the Series B Majority Holders
and/or the Series A Majority Holders, as the case may be, whose decision is final and binding on all Persons (the costs of which shall be borne by the Corporation). 
  

	 	(w)	“Issue Price” means $1.00, subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original Issuance Date and
affecting the Series B Shares. 

  

	 	(x)	“Junior Shares” has the meaning set out in Section 4.1(a)(i). 

  

	 	(y)	“Liquidation Event” means a liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders
for the purpose of winding up its affairs. 

  

	 	(z)	“Matthews Group” means: 

  

	 	(i)	Dr. Terence H. Matthews, his spouse or former spouse, any lineal descendant of Dr. Terence H. Matthews, any spouse or former spouse of any such lineal descendant, and their respective legal personal
representatives; 

  

	 	(ii)	the trustee or trustees of any trust (including without limitation a testamentary trust) for the exclusive benefit of any one or more members of the Matthews Group; 

 

	 	(iii)	any corporation all of the issued and outstanding shares of which are beneficially owned by any one or more members of the Matthews Group; 

 

	 	(iv)	any partnership all of the partnership interests in which are beneficially owned by any one or more members of the Matthews Group; and 

 

	 	(v)	 any charitable foundation Controlled by any one or more members of the Matthews Group,

  
 - 43 - 

	 	
and, for this purpose, a trustee or trustees referred to in clause (ii) above shall be deemed to beneficially own any shares or partnership interests held by them. 

 

	 	(aa)	“Non-Qualified IPO” means any public offering of the Common Shares, other than a Qualified IPO (provided, that, any previous filing of a registration statement or similar instrument with the United
States Securities and Exchange Commission in fulfillment of the Corporation’s existing obligations as a foreign private issuer shall be deemed not to constitute a public offering for the purposes of these Series B Share provisions).

  

	 	(bb)	“Original Issuance Date” means, in respect of Series B Shares, the date on which the first Series B Shares are issued. 

 

	 	(cc)	“Partial Sale Event” means; 

  

	 	(i)	(A) an amalgamation of the Corporation with another corporation (other than with a Subsidiary of the Corporation), (B) a statutory arrangement involving the Corporation, (C) the sale, exchange or other
disposition of outstanding shares of the Corporation, or (D) any other transaction involving the Corporation (other than a public offering of securities of the Corporation), whether by a single transaction or series of transactions, pursuant to
which, in the case of (A), (B), (C) or (D) above, any Person, together with his or its Affiliates (other than members of the Matthews Group), hereafter acquires the direct or indirect “beneficial ownership” (as defined in the
Act) of securities of the Corporation representing more than 50% but less than all of the issued and outstanding shares in the capital of the Corporation; or 

  

	 	(ii)	any event, whether by a single transaction or a series of transactions, that results in Dr. Terence H. Matthews and/or Persons Controlled by Dr. Terence H. Matthews holding in the aggregate less than
100,000,000 of the issued and outstanding shares in the capital of the Corporation (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original
Issuance Date), calculated on an as-if-converted to Common Shares basis. 

 provided, however, that the Series B Majority
Holders shall have the right, on behalf of all Series B Holders, to waive the treatment of any of such event as a “Partial Sale Event” (provided that any such waiver must be in writing signed by the Series B Majority Holders and
shall only be effective as to the particular event in respect of which the waiver is executed). 
  

	 	(dd)	“Person” includes any individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural person in his
capacity as trustee, executor, administrator, or other legal representative. 

  
 - 44 - 

	 	(ee)	“Qualified IPO” means a public offering of Common Shares in which: 

  

	 	(i)	the price per share is at least two times: 

  

	 	(a)	the aggregate Issue Price for all Series A Shares issued by the Corporation, 

  

	 	    	divided by 

  

	 	(b)	the sum of 

  

	 	(i)	the number of Common Shares (other than Additional Common Shares) into which any Series A Shares have been converted (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital
reorganizations and the like occurring after the Original Issuance Date and affecting the Common Shares); and 

  

	 	(ii)	the number of Common Shares (other than Additional Common Shares) into which any outstanding Series A Shares are then convertible; 

  

	 	(ii)	the aggregate cash proceeds to the Corporation are not less than $100,000,000 (before deducting expenses, underwriting discounts and commissions); and 

 

	 	(iii)	immediately following the closing of the public offering, the Common Shares are listed and posted for trading, traded or quoted on one or more of the Toronto Stock Exchange, the New York Stock Exchange, the NASDAQ
National Market System or the AMEX Exchange. 

  

	 	(ff)	“Redemption Notice Period” has the meaning set out in Section 7.3(a)(i). 

  

	 	(gg)	“Redemption Trigger Date” has the meaning ascribed thereto in the Series A Share Terms. 

  

	 	(hh)	“Series A Holders” means the holders of Series A Shares and “Series A Holder” means any one of them. 

 

	 	(ii)	“Series A Majority Holders” means, as of the relevant time of reference, one or more Series A Holders of record who hold collectively more than 50% of the outstanding Series A Shares. 

 

	 	(jj)	“Series A Participation Redemption Amount” has the meaning ascribed thereto in the Series A Share Terms. 

  

	 	(kk)	“Series A Preference Redemption Amount” has the meaning ascribed thereto in the Series A Share Terms. 

  
 - 45 - 

	 	(ll)	“Series A Redemption Amount” has the meaning ascribed thereto in the Series A Share Terms. 

  

	 	(mm)	“Series A Redemption Amount Per Share” has the meaning ascribed thereto in the Series A Share Terms. 

  

	 	(nn)	“Series A Redemption Request” has the meaning ascribed thereto in the Series A Share Terms. 

  

	 	(oo)	“Series A Shares” means the Class A Convertible Preferred Shares, Series l in the capital of the Corporation. 

  

	 	(pp)	“Series A Share Terms” means the rights, privileges, restrictions and conditions attached to the Series A Shares as set out in the articles of the Corporation as same exist on the Original Issuance
Date. 

  

	 	(qq)	“Series B Holders” means the holders of Series B Shares and “Series B Holder” means any one of them. 

 

	 	(rr)	“Series B Majority Holders” means, as of the relevant time of reference, one or more Series B Holders of record who hold collectively more than 50% of the outstanding Series B Shares. 

 

	 	(ss)	“Series B Participation Redemption Amount” has the meaning set out in Section 7.1(a)(ii)(B). 

  

	 	(tt)	“Series B Preference Redemption Amount” has the meaning set out in Section 7.1(a)(ii)(A). 

  

	 	(uu)	“Series B Redemption Amount” has the meaning set out in Section 7.1(a)(ii). 

  

	 	(vv)	“Series B Redemption Amount Per Share” is the amount determined by dividing the Series B Redemption Amount by the total number of Series B Shares outstanding. 

 

	 	(ww)	“Series B Redemption Request” has the meaning set out in Section 7.3(a). 

  

	 	(xx)	“Series B Shares” means the Class B Convertible Preferred Shares, Series l in the capital of the Corporation. 

  

	 	(yy)	“Stock Split” means: 

  

	 	(i)	the issuance of Common Shares as a dividend or other distribution on outstanding Common Shares; 

  

	 	(ii)	the subdivision of outstanding Common Shares into a greater number of Common Shares; or 

  
 - 46 - 

	 	(iii)	the combination of outstanding Common Shares into a smaller number of Common Shares. 

  

	 	(zz)	“Subsidiary” has the meaning ascribed thereto in the Act on the Original Issuance Date. 

  

	 	(aaa)	“TPC” means Her Majesty the Queen in Right of Canada, as represented by the Minister of Industry. 

  

	1.2	“As-if-converted to Common Shares Basis” 

 For purposes of these Series B Share provisions,
where a calculation is required to be made on an “as-if-converted to Common Shares basis”, such calculation will be made by determining (in each case as of the applicable date for the determination): 

 

	 	(a)	in respect of the Series B Shares, the number of whole Common Shares into which such Series B Shares are then convertible pursuant to these Series B Share provisions; 

 

	 	(b)	in respect of the Series A Shares, the number of whole Common Shares into which such Series A Shares are then convertible pursuant to the Series A Share Terms; and 

 

	 	(c)	in respect of any other Derivative Securities, the number of whole Common Shares into which such securities are then convertible pursuant to the articles of the Corporation. 

ARTICLE 2 
 VOTING RIGHTS

  

	2.1	Entitlement to Vote and Receive Materials 

  

	 	(a)	Except as otherwise expressly provided in these Series B Share provisions, or as provided by applicable law, each Series B Holder is entitled to vote on all matters submitted to a vote or consent of shareholders of the
Corporation. 

  

	 	(b)	Each Series B Holder is entitled to receive copies of all notices and other materials sent by the Corporation to its shareholders relating to written actions to be taken by shareholders in lieu of a meeting. All such
notices and other materials shall be sent to the Series B Holders concurrently with delivery to the other shareholders. 

  

	2.2	Number of Votes 

  

	 	(a)	Within the first two years after the Original Issuance Date, each Series B Share entitles the Series B Holder to the number of votes per share equal to the quotient obtained by dividing the Issue Price by the Conversion
Value. 

  
 - 47 - 

	 	(b)	After two years from the Original Issuance Date, each Series B Share entitles the Series B Holder to the number of votes per share equal to the sum of (i) the quotient obtained by dividing the Issue Price by the
Conversion Value, and (ii) the quotient obtained by dividing the Issue Price by the fair market value of a Common Share (and for such purposes, the fair market value of a Common Share shall be as determined in good faith by the Board of
Directors at the time of the relevant calculation). 

  

	 	(c)	For purposes of determining the number of votes for each Series B Share calculated in accordance with Section 2.2(a) or 2.2(b), the determination shall be made as of the record date for the determination of
shareholders entitled to vote on such matter, or if no record date is established, the date such vote is taken or any written consent of shareholders is solicited, and shall be calculated based on the Conversion Value in effect on that date.

  

	2.3	Single Class 

 Except as otherwise provided herein, or except as provided by applicable law, the Series B
Holders will vote together with the holders of Series A Shares and Common Shares and any other series or class of shares entitled to vote on such matters as a single class on all matters submitted to a vote of shareholders of the Corporation. 

 

	2.4	Exception to Single Class 

 In addition to any other approvals required by applicable law, any addition
to, change to or removal of any right, privilege, restriction or condition attaching to the Series B Shares as a series or the Class B Preferred Shares as a class requires the affirmative vote or written approval of the Series B Majority Holders.

 ARTICLE 3 

DIVIDENDS 
  

	3.1	Entitlement to Dividends 

 The Series B Holders shall be entitled to receive, in respect of
the Series B Shares, non-cumulative dividends if, as and when declared by the Board of Directors out of the monies of the Corporation properly applicable to the payment of dividends, the amount of which the directors, in their absolute discretion,
may from time to time or at any time determine. Any declared but unpaid dividend shall be paid immediately upon the conversion of a Series B Share, if not previously paid. 
  

	3.2	Priority of Dividends 

  

	 	(a)	Except as provided in Section 4.1, no dividend or other distribution (other than a stock dividend giving rise to an adjustment under Section 6.5) will be paid or set apart for payment in respect of any share
of any other class or series unless a dividend is concurrently paid or set apart for payment in respect of each outstanding Series B Share in an amount at least equal to the product of: 

  
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	 	(i)	the amount of the dividend per share paid in respect of the shares of such other class or series (calculated on an as-if-converted to Common Shares basis); and 

 

	 	(ii)	the number of Common Shares into which each Series B Share is then convertible. 

  

	 	(b)	When any declared non-cumulative dividend or amount payable on a return of capital in respect of Series B Shares is not paid in full, the Series B Holders shall participate rateably in respect of such dividends in
accordance with the sums which would be payable on the Class B Preferred Shares if all such dividends were declared and paid in full, and on any return of capital in accordance with the sums which would be payable on such return of capital if all
sums so payable were paid in full. 

 ARTICLE 4 

LIQUIDATION PREFERENCE 
  

	4.1	Payment of Liquidation Preference 

  

	 	(a)	Subject to the limitation in Section 4.1(b), upon the occurrence of a Liquidation Event or Change of Control Event the Series B Holders are entitled to receive the following amounts: 

 

	 	(i)	Preference on a Liquidation Event. Upon the occurrence of a Liquidation Event, after the distribution to or payment of all preferential amounts required to be paid to the holders of Series A Shares and any other
series of Class A Preferred Shares (or funds necessary for such payments have been set aside in trust so as to be available for such payments), the Series B Holders are entitled to be paid out of the assets of the Corporation available for
distribution to its shareholders (pari passu with the holders of any other series of Class B Preferred Shares), before any payment shall be made to the holders of Common Shares or any other class or series of shares ranking on liquidation,
dissolution or winding-up of the Corporation junior to the Series B Shares (collectively, the “Junior Shares”), an amount per Series B Share equal to the Issue Price plus any declared but unpaid dividends payable to Series B
Holders. If, upon such a Liquidation Event (and after the distribution to or payment of all preferential amounts required to be paid to the holders of Series A Shares and any other series of Class A Preferred Shares upon a Liquidation Event (or
funds necessary for such payments have been set aside in trust so as to be available for such payments)), the assets of the Corporation available for distribution to the Corporation’s shareholders shall be insufficient to pay the Series B
Holders the full amount to which they are entitled as set out above, the holders of Series B Shares and any other series of Class B Preferred Shares shall share rateably in any amount remaining available for distribution in proportion to the
respective amounts which would otherwise have been payable on or in respect of the shares held by them if all amounts payable on or in respect of such shares were paid in full. 

  
 - 49 - 

	 	(ii)	Preference on a Change of Control Event. Upon the occurrence of a Change of Control Event, after the distribution to or payment of all preferential amounts required to be paid to the holders of Series A Shares
and any other series of Class A Preferred Shares upon a Change of Control Event (or funds necessary for such payments have been set aside in trust so as to be available for such payments), the Series B Holders are entitled to receive an amount
of cash, securities or other property per Series B Share, before any payment shall be made to the holders of Junior Shares, equal to the Issue Price plus any declared but unpaid dividends payable to Series B Holders. If upon the occurrence of a
Change of Control Event (and after the distribution to or payment of all preferential amounts required to be paid to the holders of Series A Shares and any other series of Class A Preferred Shares upon a Change of Control Event (or funds
necessary for such payments have been set aside in trust so as to be available for such payments)), the cash, securities or other property available for payment to the Corporation’s shareholders shall be insufficient to pay the Series B Holders
the full amount to which they are entitled as set out above, the holders of Series B Shares and any class or series of shares ranking on parity with the Series B Shares shall share rateably in any such payment in proportion to the respective amounts
which would otherwise have been payable on or in respect of the shares held by them if all amounts payable on or in respect of such shares were paid in full. 

  

	 	(iii)	Participation Amount. After the distribution to or payment of all preferential amounts required to be paid to the holders of Series A Shares, Series B Shares and any other series of Class A Preferred Shares
or Class B Preferred Shares upon a Liquidation Event or upon a Change of Control Event (or funds necessary for such payments have been set aside in trust so as to be available for such payments), the remaining assets of the Corporation available for
distribution, or cash, securities or other property available for payment to its shareholders, shall be distributed or paid, as the case may be, rateably (subject to the limitation in Section 4.1(b) and to the rights, if any, of holders of any
other class or series of shares of the Corporation to participate in payments or distributions upon a Liquidation Event or Change of Control Event) among the holders of all issued and outstanding: (A) Class A Preferred Shares;
(B) Class B Preferred Shares; and (C) Common Shares (with the holders of any series of Class A Preferred Shares and Class B Preferred Shares deemed to hold that number of shares equal to the number of Common Shares into which such
series of Class A Preferred Shares or Class B Preferred Shares, as the case may be, are then convertible). 

  
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	 	(b)	In the event that the applicable Liquidation Event or Change of Control Event occurs within the first two years after the Original Issuance Date, and the Series B Holders would otherwise be entitled to receive a
preferential payment pursuant to Section 4.1(a)(i) or 4.1(a)(ii), if the amount per Series B Share that would be payable upon the occurrence of the Liquidation Event or Change of Control Event pursuant to Section 4.1(a)(iii) to the holders
of all issued and outstanding Common Shares (assuming the conversion of all Class A Preferred Shares and Class B Preferred Shares in accordance with their terms immediately prior to the occurrence of the Liquidation Event or Change of Control
Event, as the case may be) is: 

  

	 	(i)	equal to or greater than the sum of (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series B Share, then the Series B Holders shall not be entitled to receive payment of any
preferential amounts pursuant to Section 4.1(a)(i) or 4.1(a)(ii), as the case may be, and shall only be entitled to receive the amount payable pursuant to Section 4.1(a)(iii); or 

 

	 	(ii)	less than the sum (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series B Share, then the maximum amount per Series B Share that the Series B Holders as such are entitled to
receive pursuant to Section 4.1(a) shall be the sum of (A) two times the Issue Price, and (B) any declared but unpaid dividends per Series B Share. 

 

	 	(c)	In the event of any Liquidation Event or Change of Control Event: 

  

	 	(i)	the Corporation will not permit such Liquidation Event or Change of Control Event to occur unless the transaction (or series of transactions) provides for a payment (by dividend or other distribution by the Corporation
or otherwise) to the Series B Holders in connection therewith of their full entitlements pursuant to Section 4.1(a) (subject to the limitation in Section 4.1(b)); or 

 

	 	(ii)	if the Corporation cannot prevent such Liquidation Event or Change of Control Event from occurring, the Corporation shall, subject to applicable laws, pay to the Series B Holders (by dividend or other distribution) the
full amount of their entitlements pursuant to Section 4.1(a) (subject to the limitation in Section 4.1(b)) or, if the Corporation cannot legally pay such amount in full, the amount it is legally able to pay shall be paid and the balance
shall increase at the rate of 15% per annum, compounded annually until such amount is paid, and the Corporation shall not pay any amounts or make any other distributions (other than any payment or distribution made pro rata according to the
respective entitlements of the Series A Holders pursuant to section 4.1(c)(ii) of the Series A Share Terms and of the Series B Holders pursuant to this clause (ii)) in respect of any other class or series of its shares until such entitlements are
fully paid. 

  
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	 	(d)	The Corporation will not permit any transaction (or series of transactions) that would constitute, but for Section 1.1(i)(ii)(2), a “Change of Control Event”, to occur unless the transaction (or series of
transactions) provides for a payment (by dividend or other distribution by the Corporation or otherwise) to the Series B Holders in connection therewith of the their full entitlements pursuant to Sections 4.1(a)(ii) and 4.1(a)(iii) (subject to the
limitation in Section 4.1(b)). 

  

	4.2	Distribution Other than Cash 

 In the case of a Liquidation Event, the Series B Holders may in any event
elect to receive any distribution or payment to which they are entitled in cash, if any. The value of the securities or other assets for this purpose is their Fair Market Value. 

 

	4.3	Notice 

 The Corporation shall provide notice in accordance with the provisions of Section 8.2 to
each Series B Holder, at the earliest practicable time, of the date on which a proposed or reasonably anticipated Liquidation Event or Change of Control Event shall take place. Such notice shall also specify the estimated payment date, the amount to
which the Series B Holders would be entitled and the place where such payments are to be made. 
 ARTICLE 5 

CONVERSION 
  

	5.1	Optional Conversion Rights 

 Each Series B Share is convertible, at any time and from time to time at the
option of the Series B Holder and without payment of additional consideration, into Common Shares. 
  

	5.2	Automatic Conversion 

 The Series B Shares automatically convert into Common Shares: 

 

	 	(a)	immediately prior to, and conditional upon, the closing of a Qualified IPO; or 

  

	 	(b)	with the affirmative vote or written consent of the Series B Majority Holders. 

  

	5.3	Conversion Rate 

 The number of Common Shares into which each Series B Share is convertible is equal to
the quotient obtained by dividing the Issue Price (plus any declared but unpaid dividends) by the Conversion Value, as adjusted from time to time in accordance with Article 6. 

 

	5.4	Additional Common Shares on Conversion 

 In the event of any conversion after two years from the Original
Issuance Date, in addition to the number of Common Shares otherwise issuable to a Series B Holder upon a conversion of Series B Shares, each Series B Holder shall also be entitled, in respect of each Series B Share so converted, to receive an
additional number of Common Shares as is equal to the Issue Price 

  
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 divided by the Fair Market Value of a Common Share as of the date that the conversion is deemed to be effected in
accordance with Section 5.6. 
  

	5.5	Additional Common Shares on Conversion in a Non-Qualified IPO 

 In the event of: 

 

	 	(a)	an optional conversion pursuant to Section 5.1 in connection with a Non-Qualified IPO; or 

  

	 	(b)	an automatic conversion pursuant to Section 5.2(b) in connection with a Non-Qualified IPO, 

 that occurs
within the first two years after the Original Issuance Date, in addition to the number of Common Shares otherwise issuable to a Series B Holder upon a conversion of Series B Shares, each Series B Holder shall also be entitled in respect of each
Series B Share so converted, to receive that number of additional Common Shares, if any, as is determined in accordance with the following formula: 
  

					
		 		 	
		 	X – Y	 	
		 	    Z	 	
		
		 	Where:
			
		 	X  =	 	two times the Issue Price
			
		 	Y  =	 	the greater of: (i) the Issue Price; and (ii) the Offering Price
			
		 	Z  =	 	the Offering Price

 For the purposes of this Section 5.5, “Offering Price” means the per share issue price of
the Common Shares issued in connection with the Non-Qualified IPO. 
 For the purposes of this Section 5.5 and Section 5.6(d), a conversion of
Series B Shares into Common Shares shall be deemed to be effected “in connection with a Non-Qualified IPO” if (i) in the case of an optional conversion pursuant to Section 5.1, such conversion was completed at the written request
of the Corporation in order to facilitate the Non-Qualified IPO, or (ii) in the case of an automatic conversion pursuant to Section 5.2(b), the Series B Majority Holders voting to approve or consenting to the automatic conversion agreed to
convert their Series B Shares at the written request of the Corporation in order to facilitate the Non-Qualified IPO; provided that, the Corporation shall not make such a written request to the Series B Holders unless the Corporation concurrently
makes a written request to the Series A Holders pursuant to the Series A Share Terms. 

  
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	5.6	Effective Date and Time of Conversion 

 Conversion is deemed to be effected: 

 

	 	(a)	subject to Section 5.6(d), in the case of an optional conversion pursuant to Section 5.1, immediately prior to the close of business on the Conversion Date; 

 

	 	(b)	in the case of automatic conversion pursuant to Section 5.2(a), immediately prior to the closing of the Qualified IPO; 

  

	 	(c)	subject to Section 5.6(d), in the case of automatic conversion pursuant to Section 5.2(b), at the time and on the date specified by the Series B Majority Holders; 

 

	 	(d)	in the case of an optional conversion or an automatic conversion “in connection with a Non-Qualified IPO”, as contemplated in Section 5.5, immediately prior to the closing of the Non-Qualified IPO; and

  

	 	(e)	notwithstanding any delay in the delivery of certificates representing the Common Shares into which the Series B Shares have been converted. 

 

	5.7	Effect of Conversion 

 Upon the conversion of the Series B Shares: 

 

	 	(a)	the rights of a Series B Holder as a holder of the converted Series B Shares cease; and 

  

	 	(b)	each person in whose name any certificate for Common Shares is issuable upon such conversion is deemed to have become the holder of record of such Common Shares. 

 

	5.8	Mechanics of Optional Conversion 

  

	 	(a)	To exercise optional conversion rights under Section 5.1, a Series B Holder must: 

  

	 	(i)	give written notice to the Corporation at its principal office or the office of any transfer agent for the Common Shares: 

  

	 	(A)	stating that the Series B Holder elects to convert such shares; and 

  

	 	(B)	providing the name or names (with address or addresses) in which the certificate or certificates for Common Shares issuable upon such conversion are to be issued; 

 

	 	(ii)	surrender the certificate or certificates representing the shares being converted to the Corporation at its principal office or the office of any transfer agent for the Common Shares; and 

  
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	 	(iii)	where the Common Shares are to be registered in the name of a person other than the Series B Holder, provide evidence to the Corporation of proper assignment and transfer of the surrendered certificates to the
Corporation, including evidence of compliance with applicable Canadian and United States securities laws and any applicable shareholders agreement. 

  

	 	(b)	As soon as reasonably practicable, but in any event within 10 days after the Conversion Date, the Corporation will issue and deliver to the Series B Holder a certificate or certificates in such denominations as such
Series B Holder requests for the number of full Common Shares issuable upon the conversion of such Series B Shares, together with cash in respect of any fractional Common Shares issuable upon such conversion. 

 

	5.9	Mechanics of Automatic Conversion 

  

	 	(a)	Upon the automatic conversion of any Series B Shares into Common Shares, each Series B Holder must surrender the certificate or certificates formerly representing that Series B Holder’s Series B Shares at the
principal office of the Corporation or the office of any transfer agent for the Common Shares. 

  

	 	(b)	Upon receipt by the Corporation of the certificate or certificates, the Corporation will issue and deliver to such Series B Holder, promptly at the office and in the name shown on the surrendered certificate or
certificates, a certificate or certificates for the number of Common Shares into which such Series B Shares are converted, together with cash in respect of any fractional Common Shares issuable upon such conversion. 

 

	 	(c)	The Corporation is not required to issue certificates evidencing the Common Shares issuable upon conversion until certificates formerly evidencing the converted Series B Shares are either delivered to the Corporation or
its transfer agent, or the Series B Holder notifies the Corporation or such transfer agent that such certificates have been lost, stolen or destroyed, and executes and delivers an agreement to indemnify the Corporation from any loss incurred by the
Corporation in connection with the loss, theft or destruction. 

  

	 	(d)	 If the Board of Directors expects, acting reasonably, that the Series B Shares will automatically convert, the Corporation will, at least 20 days
before the date it reasonably believes will be the date of the automatic conversion, send by prepaid priority overnight courier or deliver to each person who at the date of mailing or delivery is a registered Series B Holder, a notice in writing of
the intention of the Corporation to automatically convert such shares. That notice shall be sent or delivered to each Series B Holder at the last address of that Series B Holder as it appears on the securities register of the Corporation, or in the
event the address of any such Series B Holder does not so appear, then to the last address of that Series B Holder known to the Corporation. Accidental failure or omission to give that notice to one or more Series B Holder(s) will not affect the
validity of such 

  
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	 	conversion, but if that failure or omission is discovered, notice shall be given promptly to any Series B Holder that was not given notice. That notice will have the same force and effect as if given in due time. The
notice will set out the basis under Section 5.2 for such automatic conversion, the number of Series B Shares held by the person to whom it is addressed which are to be converted (if known), the number of Common Shares into which those Series B
Shares will be converted (including any Additional Common Shares), the expected date of closing of the Qualified IPO, if applicable, and the place or places in Canada at which Series B Holders may present and surrender the certificate or
certificates representing its Series B Shares for conversion. 

  

	5.10	Fractional Shares 

 No fractional Common Shares will be issued upon conversion of Series B Shares.
Instead of any fractional Common Shares that would otherwise be issuable upon conversion of Series B Shares, the Corporation will pay to the Series B Holder a cash adjustment in respect of such fraction in an amount equal to the same fraction of the
value per Common Share (as determined in good faith by the Board of Directors) on the effective date of the conversion. For greater certainty, all of a Series B Holder’s Series B Shares will be aggregated for purposes of calculating any
fractional Common Share resulting from a conversion. 
  

	5.11	Partial Conversion 

 If some but not all of the Series B Shares represented by a certificate or
certificates surrendered by a Series B Holder are converted, the Corporation will execute and deliver to or on the order of the Series B Holder, at the expense of the Corporation, a new certificate representing the number of Series B Shares that
were not converted. 
 ARTICLE 6 

CONVERSION VALUE 
  

	6.1	Initial Conversion Value 

 The initial Conversion Value is equal to the Issue Price and remains in effect
until the Conversion Value is adjusted in accordance with the provisions of this Article 6. 
  

	6.2	Adjustments for Dilution 

 If, following the Original Issuance Date, the Corporation issues any
additional Common Shares or Derivative Securities (other than Excluded Issuances or in connection with an event to which Section 6.5, 6.6 or 6.7 applies) for Consideration Per Share that is less than the Conversion Value in effect immediately
prior to such issuance, then the Conversion Value in effect immediately prior to such issuance shall be adjusted so that, upon such issuance, the Conversion Value shall be reduced to an amount equal to the Consideration Per Share of such additional
Common Shares or Derivative Securities. 

  
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	6.3	Additional Provisions Regarding Dilution 

 For purposes of Section 6.2: 

 

	 	(a)	if a part or all of the consideration received by the Corporation in connection with the issuance of additional Common Shares or Derivative Securities consists of property other than cash, such consideration is deemed
to have a value equal to its Fair Market Value; 

  

	 	(b)	no adjustment of the Conversion Value is to be made upon the issuance of any Derivative Securities or additional Common Shares that are issued upon the exercise, conversion or exchange of any Derivative Securities;

  

	 	(c)	any adjustment of the Conversion Value is to be disregarded if, and to the extent that, all of the Derivative Securities that gave rise to such adjustment expire or are cancelled without having been exercised or
converted, so that the Conversion Value effective immediately upon such cancellation or expiration is equal to the Conversion Value that otherwise would have been in effect immediately prior to the time of the issuance of the expired or cancelled
Derivative Securities, with any additional adjustments as subsequently would have been made to that Conversion Value had the expired or cancelled Derivative Securities not been issued; 

 

	 	(d)	if the terms of any Derivative Securities previously issued by the Corporation are changed (whether by their terms or for any other reason) so as to raise or lower the Consideration Per Share payable with respect to
such Derivative Securities (whether or not the issuance of such Derivative Securities originally gave rise to an adjustment of the Conversion Value), the Conversion Value is adjusted as of the date of such change; 

 

	 	(e)	the Consideration Per Share received by the Corporation in respect of Derivative Securities is determined in each instance as follows: 

 

	 	(i)	the Consideration Per Share is determined as of the date of issuance of Derivative Securities without giving effect to any possible future price adjustments or rate adjustments that might be applicable with respect to
such Derivative Securities and that are contingent upon future events; and 

  

	 	(ii)	in the case of an adjustment to the Conversion Value to be made as a result of a change in terms of any Derivative Securities, the Consideration Per Share for purposes of calculating the adjustment to the Conversion
Value is determined as of the date of such change and, for greater certainty, not as of the date of the issuance of the Derivative Securities; and 

  

	 	(f)	notwithstanding any other provisions contained in these Series B Share provisions, but except as provided in
 Sections 6.3(d) or 6.5, no adjustment to the Conversion Value is to be made in respect of the issuance of
additional Common Shares or Derivative Securities in any case in which such adjustment would otherwise result in the Conversion Value being greater than the Conversion Value in effect 

  
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	 	    	immediately prior to the issuance of such additional Common Shares or Derivative Securities. 

  

	6.4	Excluded Transactions 

 Notwithstanding Section 6.2, no adjustment to the Conversion Value is to be
made in connection with the following issuances (“Excluded Issuances”): 
  

	 	(a)	any Series A Shares issued on or after the Original Issuance Date; 

  

	 	(b)	any Common Shares issued or issuable upon conversion of the Series A Shares or Series B Shares; provided that, any such conversion is effected in accordance with the terms of such shares (including provisions for
adjustment) as such terms exist on the Original Issuance Date; 

  

	 	(c)	any Additional Common Shares; 

  

	 	(d)	any Common Shares issued to the Series A Holders in accordance with the Series A Share Terms; 

  

	 	(e)	any Common Shares issued or issuable upon exercise of any warrants granted to the Series A Holders in connection with such Series A Holders’ subscription for Series A Shares; 

 

	 	(f)	any Common Shares issued pursuant to the Common Share Offering; 

  

	 	(g)	any option to purchase Common Shares or other Derivative Securities granted under any stock option plan, stock purchase plan or other stock compensation program of the Corporation approved by the Board of Directors
and/or Common Shares or other Derivative Securities allotted for issuance, issued or issuable pursuant to any such plan or arrangement, or the issuance of any Common Shares upon the exercise of any such options or other Derivative Securities;

  

	 	(h)	any equity securities issued pursuant to a Qualified IPO or a Non-Qualified IPO; 

  

	 	(i)	any warrants to acquire Common Shares issued to TPC or any permitted assignee of TPC pursuant to obligations of the Corporation to issue such warrants (as such obligations exist on or before the Original Issuance Date
or as such obligations may be amended with the approval of the Board of Directors after the Original Issuance Date), and any issuance of Common Shares pursuant to the exercise of such warrants; 

 

	 	(j)	any Common Shares or Derivative Securities issued as compensation to any agent, broker, sub-agent or sub-broker with respect to the transactions entered into by the Corporation with Series A Holders and certain other
shareholders of the Corporation, and any Common Shares or Derivative Securities issuable upon exercise thereof; 

  
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	 	(k)	except as contemplated in Section 6.5, any equity securities issued in respect of subdivisions, stock dividends or capital reorganizations affecting the share capital of the Corporation; 

 

	 	(l)	any equity securities issued to bona fide consultants or professional advisors of the Corporation as part of the consideration for services received by the Corporation from such consultants or professional
advisors; 

  

	 	(m)	any Common Shares or Derivative Securities issued in connection with an acquisition of assets or a business; provided that (i) the cost of such acquisition is less than $10,000,000, (ii) any such transaction
is approved by the Board of Directors, and (iii) the maximum aggregate number of Common Shares (including Common Shares issuable on the conversion or exercise of Derivative Securities) that may be issued pursuant to all transactions
contemplated by this clause (m) shall not exceed 5% of the aggregate number of Common Shares issued and outstanding on the Original Issuance Date (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations,
capital reorganizations and the like occurring after the Original Issuance Date), all calculated on an as-if-converted to Common Shares basis; and 

  

	 	(n)	any Common Shares or Derivative Securities issued to or in connection with any of the following (i) licensors of technology to the Corporation, (ii) lending or leasing institutions in connection with obtaining
debt financing, or (iii) any other technology licensing, equipment leasing or other non-equity interim financing transaction; provided that: (A) any such transaction or transactions are approved by the Board of Directors; and (B) the
maximum aggregate number of Common Shares (including Common Shares issuable on the conversion or exercise of Derivative Securities) that may be issued pursuant to all transactions contemplated by this clause (n) shall not exceed 5% of the
aggregate number of Common Shares issued and outstanding on the Original Issuance Date (subject to appropriate adjustments for stock dividends, stock splits, stock consolidations, capital reorganizations and the like occurring after the Original
Issuance Date), all calculated on an as-if-converted to Common Shares basis. 

  

	6.5	Adjustments for Stock Splits 

 After the Original Issuance Date, the Conversion Value shall be adjusted
on the record date in respect of each Stock Split, such that the Conversion Value is equal to the product obtained by multiplying the Conversion Value immediately before the Stock Split by a fraction: 

 

	 	(a)	the numerator of which is the number of Common Shares issued and outstanding immediately before the Stock Split; and 

  

	 	(b)	the denominator of which is the number of Common Shares issued and outstanding immediately after the Stock Split. 

  
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	6.6	Adjustments for Capital Reorganizations 

 If, following the Original Issuance Date, the Common Shares are
changed into the same or a different number of shares of any other class or series, whether by capital reorganization, reclassification or otherwise, the Corporation will provide each Series B Holder with the right to convert each Series B Share
into the kind and amount of shares, other securities and property receivable upon such change that a holder of a number of Common Shares equal to the number of Common Shares into which such Series B Share was convertible immediately prior to the
change would be entitled to receive upon such change (subject to any necessary further adjustments after the date of such change). 
  

	6.7	Other Distributions 

 In the event the Corporation declares a distribution payable in securities (other
than securities of the Corporation), evidences of indebtedness issued by the Corporation or other persons or assets (excluding cash dividends paid in the ordinary course of business) then, in each such case for the purpose of this Section 6.7,
Series B Holders shall be entitled upon conversion of their Series B Shares to a proportionate share of any such distribution as though they were the holders of the number of Common Shares into which their Series B Shares were convertible as of the
record date fixed for the determination of the holders of Common Shares of the Corporation entitled to receive such distribution. 
  

	6.8	No Impairment 

 The Corporation will not, by amendment of its articles or through any reorganization,
recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Article 6, but will at all times in good faith assist in the carrying out of all the provisions of Article 5 and 6 and in the taking of any action necessary or appropriate in order to protect the conversion rights of the Series B Holders against
impairment. 
  

	6.9	Reservation of Common Shares 

 The Corporation shall at all times reserve and keep available out of its
authorized but unissued Common Shares, solely for the purpose of effecting the conversion of Series B Shares, such number of Common Shares as from time to time is sufficient to effect the conversion of all outstanding Series B Shares, and if at any
time the number of authorized but unissued Common Shares is not sufficient to effect the conversion of all of the then outstanding Series B Shares, then the Corporation will take such corporate action as may, in the opinion of its legal counsel, be
necessary to increase its authorized but unissued Common Shares to such number of shares as is sufficient for such purpose. 

  
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	6.10	Disputes 

 If a dispute shall at any time arise with respect to adjustments in the Conversion Value,
such dispute shall be conclusively determined by the Corporation’s auditors, or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by the Board of Directors and any such
determination shall be binding upon the Corporation, the Series B Holders and all other shareholders of the Corporation. Such auditors or accountants shall be provided access to all necessary records of the Corporation. If any such determination is
made, the Corporation shall deliver a certificate to the Series B Holders and Series A Holders describing such determination. 
  

	6.11	Certificate as to Adjustments 

 In each case of an adjustment or readjustment of the Conversion Value,
the Corporation will promptly furnish each Series B Holder and Series A Holder with a certificate, prepared by the Corporation’s accountants, showing such adjustment or readjustment, and stating in reasonable detail the facts upon which such
adjustment or readjustment is based. 
  

	6.12	Further Adjustment Provisions 

 If, at any time as a result of an adjustment made pursuant to
Section 6.6, a Series B Holder becomes entitled to receive any shares or other securities of the Corporation other than Common Shares upon surrendering Series B Shares for conversion, the Conversion Value in respect of such other shares or
securities (if such other shares or securities are by their terms convertible securities) will be adjusted after that time, and will be subject to further adjustment from time to time, in a manner and on terms as nearly equivalent as practicable to
the provisions with respect to Series B Shares contained in this Article 6, and the remaining provisions of these Series B Share provisions will apply mutatis mutandis to any such other shares or securities. 

 

	6.13	Waiver of Adjustments 

 Notwithstanding any other provisions of this Article 6, with the written consent
of the Corporation, the Series B Majority Holders shall be entitled, on behalf of all Series B Holders, to waive any entitlement to an adjustment to the Conversion Value under this Article 6. Any such waiver by the Series B Majority Holders must be
in writing and shall only be effective as to the particular adjustment being waived. In such event, notice of such waiver shall be sent to all Series B Holders and Series A Holders in accordance with Section 8.2. 

ARTICLE 7 
 REDEMPTION

  

	7.1	Redemption Following the Redemption Trigger Date 

  

	 	(a)	On or after the Redemption Trigger Date, the Series B Majority Holders shall have the right to request the Corporation to redeem all of the Series B Shares. Upon receipt of such a request, in writing, the Corporation
will: 

  
 - 61 - 

	 	(i)	deliver to each Series B Holder and Series A Holder within 30 days following the date the written request is received by the Corporation a notice specifying the total funds legally available to the Corporation for
redemption of all of the Series B Shares and Series A Shares outstanding at that time (the “Available Funds”); and 

  

	 	(ii)	within 90 days, but not before the expiry of 30 days, following the date the written request is received by the Corporation redeem from the Series B Holders, subject to Section 7.2, all the Series B Shares (and
concurrently therewith redeem from the Series A Holders all the Series A Shares in the event that the redemption rights of the Series A Shares have been exercised in accordance with the Series A Share Terms) to the extent the Corporation has
Available Funds, by paying to the Series B Holders, in accordance with Section 7.1(b), an amount (the “Series B Redemption Amount”) equal to the sum of: 

 

	 	(A)	the number of Series B Shares outstanding multiplied by the sum of (x) the Issue Price and (y) the per share amount of any declared but unpaid dividends on the Series B Shares (such amount being the “Series
B Preference Redemption Amount”); and 

  

	 	(B)	the then-current Fair Market Value of the Common Shares (other than Additional Common Shares) into which the Series B Shares are then convertible (such amount being the “Series B Participation Redemption
Amount”). 

  

	 	(b)	Subject to Section 7.2, each Series B Holder shall be paid that portion of the Series B Redemption Amount equal to the Series B Redemption Amount Per Share multiplied by the number of Series B Shares held by the
holder. 

  

	7.2	Insufficient Funds and Priorities 

  

	 	(a)	If the Available Funds are insufficient to pay in full (i) in the event that the redemption rights of the Series A Shares have been exercised in accordance with the Series A Share Terms, the Series A Redemption
Amount with respect to the total number of Series A Shares outstanding, and (ii) the Series B Redemption Amount with respect to the total number of Series B Shares outstanding, then those funds that are legally available for the redemption of
the Series A Shares in accordance with the Series A Share Terms and the Series B Shares in accordance with Section 7.1 will be used to redeem the maximum possible number of whole shares in accordance with the following priorities:

  

	 	(i)	If the Available Funds are insufficient to pay in full the Series A Preference Redemption Amount, those funds will be used to redeem the maximum possible number of whole shares rateably among the Series A Holders, and
in such case, the number of Series A Shares to be redeemed shall be the number obtained by dividing (x) the Available Funds, by (y) the Series A Redemption Amount Per Share. 

  
 - 62 - 

	 	(ii)	If the Available Funds are sufficient to pay in full the Series A Preference Redemption Amount, but are insufficient to pay in full the Aggregate Preference Redemption Amount, those funds will be used to redeem:

  

	 	(A)	that proportion of the total number of Series A Shares determined by dividing (x) the Series A Preference Redemption Amount, by (y) the Series A Redemption Amount Per Share; and 

 

	 	(B)	the maximum possible number of whole shares rateably among the Series B Holders, and in such case, the number of Series B Shares to be redeemed shall be the number obtained by dividing (x) the Available Funds minus
the Series A Preference Redemption Amount, by (y) the Series B Redemption Amount Per Share. 

  

	 	(iii)	If the Available Funds are sufficient to pay in full the Aggregate Preference Redemption Amount, but are insufficient to pay in full the Aggregate Preference Redemption Amount plus the Series A Participation Redemption
Amount and Series B Participation Redemption Amount, those funds will be used to redeem: 

  

	 	(A)	that proportion of the total number of Series A Shares determined by dividing (x) the Series A Preference Redemption Amount, by (y) the Series A Redemption Amount Per Share; 

 

	 	(B)	that proportion of the total number of Series B Shares determined by dividing (x) the Series B Preference Redemption Amount, by (y) the Series B Redemption Amount Per Share; and 

 

	 	(C)	the maximum possible number of whole shares rateably among the Series A Holders and Series B Holders, and in such case, 

  

	 	(1)	the number of Series A Shares to be redeemed shall be determined in accordance with the following formula: 

  

	 	    	A x B 

	 	    	    C 

  

	 	(2)	the number of Series B Shares to be redeemed shall be determined in accordance with the following formula: 

  

	 	    	A x D 

	 	    	    E 

  

	 	    	Where: 

  

	 	A	=     the Available Funds minus the Aggregate Preference Redemption Amount 

  
 - 63 - 

	 	B	=     the Series A Participation Redemption Amount divided by the Aggregate Participation Redemption Amount 

  

	 	C	=     the Series A Redemption Amount Per Share 

  

	 	D	=     the Series B Participation Redemption Amount divided by the Aggregate Participation Redemption Amount 

  

	 	E	=     the Series B Redemption Amount Per Share 

  

	 	(b)	Any Series A Shares not redeemed remain outstanding and remain entitled to all rights and preferences otherwise provided in the Series A Share Terms. Any Series B Shares not redeemed in accordance with
Section 7.2(a) remain outstanding and remain entitled to all rights and preferences otherwise provided in these Series B Share provisions. As and when funds legally available for redemption of Series A Shares and Series B Shares subsequently
become available, those funds will be used to redeem the maximum possible number of whole shares rateably among the Series A Holders and Series B Holders in accordance with clause (i), (ii) and (iii) of Section 7.2(a) above and the
Series A Share Terms. The Corporation shall not pay any amounts or make any other distributions in respect of any other class or series of its shares until all Series B Shares and Series A Shares are redeemed as provided above, and all redemption
payments required to be made in accordance with this Section 7.2 are fully paid to the Series B Holders and Series A Holders respectively. 

  

	7.3	Redemption Upon a Partial Sale Event 

  

	 	(a)	In connection with a proposed transaction that would result in a Partial Sale Event, the Series B Majority Holders shall have the right, prior to the completion of the proposed transaction, to request, in writing, the
Corporation to redeem all of the Series B Shares. Upon receipt of such a request (a “Series B Redemption Request”) the Corporation will: 

  

	 	(i)	deliver to each Series B Holder and each Series A Holder within 20 days (or such shorter or longer period as the Corporation, the Series B Majority Holders and the Series A Majority Holders may agree in writing) (the
“Redemption Notice Period”) following the date the Series B Redemption Request is received by the Corporation a copy of such Series B Redemption Request and a notice specifying whether the Corporation has sufficient funds legally
available to the Corporation for the redemption of all of the Series B Shares and (in the event that the Corporation also receives a Series A Redemption Request prior to the expiry of 30 days following the Redemption Notice Period) all of the Series
A Shares outstanding; and 

  
 - 64 - 

	 	(ii)	redeem, conditional upon and contemporaneously with the completion of the transaction resulting in the Partial Sale Event, from the Series B Holders all the Series B Shares (and concurrently therewith redeem from the
Series A Holders all the Series A Shares in the event that the Corporation also received a Series A Redemption Request within the period specified in clause (i) above) provided the Corporation has funds legally available for such redemption, by
paying to the Series B Holders, in accordance with Section 7.3(b), the Series B Redemption Amount. 

  

	 	(b)	Subject to Section 7.4, each Series B Holder shall be paid that portion of the Series B Redemption Amount equal to the Series B Redemption Amount Per Share multiplied by the number of Series B Shares held by the
holder. 

  

	7.4	Insufficient Funds 

 If in connection with the exercise of the redemption rights pursuant to a Series B
Redemption Request the total funds legally available to the Corporation are insufficient to pay in full (i) the Series B Redemption Amount with respect to the total number of Series B Shares outstanding, and (ii) in the event that the
Corporation also received a Series A Redemption Request pursuant to the Series A Share Terms, the Series A Redemption Amount with respect to the total number of Series A Shares outstanding, then: 

 

	 	(a)	the Corporation shall not redeem any of the Series B Shares pursuant to the Series B Redemption Request or any of the Series A Shares pursuant to the Series A Redemption Request; and 

 

	 	(b)	the Corporation will not permit the proposed transaction that would otherwise result in a Partial Sale Event to occur unless Series B Majority Holders and Series A Majority Holders direct, in writing, the Corporation to
permit such a transaction. 

  

	7.5	Surrender of Certificates 

 If a redemption of Series B Shares pursuant to this Article 7 will occur,
each Series B Holder shall surrender to the Corporation the certificates representing the Series B Shares to be redeemed by the Corporation in accordance with this Article 7, in the manner and at the place designated by the Corporation, and
thereupon all redemption amounts to be paid for such shares shall be payable to the order of the Person whose name appears on such certificates as the owner thereof, and each surrendered certificate shall be cancelled and retired. If, in the case of
the exercise of redemption rights in accordance with Sections 7.1 and 7.2, less than all of the Series B Shares represented by such certificates are redeemed, then the Corporation shall promptly issue new certificates representing the shares not
redeemed. 

  
 - 65 - 

 ARTICLE 8 

MISCELLANEOUS 
  

	8.1	Notices of Record Dates 

 If: 
  

	 	(a)	the Corporation establishes a record date to determine the Series B Holders who are entitled to receive any dividend or other distribution; or 

 

	 	(b)	there occurs any Stock Split or other capital reorganization of the Corporation, any reclassification of the capital of the Corporation, any Change of Control Event, or any Liquidation Event, 

the Corporation will deliver to each Series B Holder, at least 20 days prior to such record date or the proposed effective date of the relevant
transaction, a notice specifying: 
  

	 	(i)	the date of such record date for the purpose of such dividend or distribution and a description of such dividend or distribution; 

  

	 	(ii)	the date on which any such reorganization, reclassification, Change of Control Event or Liquidation Event is expected to become effective; and 

 

	 	(iii)	the time, if any, that is to be fixed as to when the holders of record of Common Shares (or other securities) are entitled to exchange their Common Shares (or other securities) for cash, securities or other property
deliverable upon such reorganization, reclassification, Change of Control Event or Liquidation Event. 

  

	8.2	Notices 

 All notices, requests, payments, instructions or other documents to be given hereunder must be
in writing or given by written telecommunication, and will be deemed to have been duly given if: 
  

	 	(a)	delivered personally (effective upon delivery); 

  

	 	(b)	mailed by certified mail, return receipt requested, postage prepaid (effective five Business Days after dispatch) if the recipient is located in the United States or Canada; 

 

	 	(c)	sent by a reputable, established courier service that guarantees next Business Day delivery (effective the next Business Day) if the recipient is located in the United States or Canada; 

 

	 	(d)	sent by air mail or by commercial express overseas air courier, with receipt acknowledged in writing by the recipient (effective upon the date of such acknowledgement) if the recipient is located outside the United
States or Canada; 

  
 - 66 - 

	 	(e)	sent by fax confirmed within 24 hours through one of the foregoing methods (effective upon receipt of the fax in complete readable form); and 

addressed as follows (or to such other address as the recipient party furnishes by notice to the sending party for these purposes): (i) if to any Series
B Holder or Series A Holder, to the last address of that Series B Holder or Series A Holder as it appears on the securities register of the Corporation, or in the event the address of any such Series B Holder or Series A Holder does not so appear,
then to the last address of that Series B Holder or Series A Holder known to the Corporation; and (ii) if to the Corporation, to the address of its principal office. 
  

	8.3	Negative Covenants 

 So long as any Series B Shares are outstanding, the Corporation will not, without
the prior written approval of one or more Series B Holders of record who hold collectively more than 80% of the then outstanding Series B Shares: 
  

	 	(a)	designate any further series of Class A Preferred Shares or Class B Preferred Shares; 

  

	 	(b)	issue more than 30,000,000 Series A Shares (other than additional Series A Shares issuable in respect of any stock dividends declared by the Corporation); 

 

	 	(c)	issue more than 68,000,000 Series B Shares (other than additional Series B Shares issuable in respect of any stock dividends declared by the Corporation); or 

 

	 	(d)	amend the articles of the Corporation to add, change or remove any rights, privileges, restrictions or conditions attached to the Series A Shares or the Series B Shares or otherwise change the Series A Shares or Series
B Shares. 

  

	8.4	Currency 

 All references to dollar amounts in these Series B Share provisions are to the lawful currency
of Canada. 
  

	8.5	Transfer Agents 

 The Corporation may appoint, and from time to time discharge and change, a transfer
agent for the Series B Shares or any other class of shares of the Corporation. Upon any such appointment, discharge or change of a transfer agent, the Corporation will send a written notice of such appointment, discharge or change to each Series B
Holder. 
  

	8.6	Transfer Taxes 

 The Corporation will pay all share transfer taxes, documentary stamp taxes and the like
that may be properly payable by the Corporation in respect of any issuance or delivery of Series B Shares or Common Shares or other securities issued in respect of Series B Shares in accordance with these Series B Share provisions or certificates
representing such shares or securities. The Corporation is not required to pay any such tax that may be payable in respect of any transfer 

  
 - 67 - 

 
involved in the issuance or delivery of Series B Shares or Common Shares or other securities in a name other than that in which such shares were registered, or in respect of any payment to any
person other than the registered Series B Holder of the shares with respect to any such shares, and is not required to make any such issuance, delivery or payment unless and until the person otherwise entitled to such issuance, delivery or payment
has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid or is not payable. 

  
 - 68 - 

 EXHIBIT “1” to 

SERIES B SHARE PROVISIONS 

DETERMINATION OF FAIR MARKET VALUE 

The “Fair Market Value” of Common Shares will be determined in accordance with the following procedures: 

 

	 	(a)	The Board of Directors, the Series B Majority Holders and the Series A Majority Holders will in good faith attempt to agree upon the Fair Market Value of the Common Shares that are the subject of the proposed
determination under this Exhibit “1”. 

  

	 	(b)	Fair Market Value of such Common Shares will in all cases (i) be calculated on the assumption of an arm’s length sale at open market value on a “going concern basis” with no minority discount
applied, and (ii) take into account any conversion rights, liquidation preferences and any other entitlements attached to any other securities of the Corporation. 

 

	 	(c)	If the Fair Market Value has not been agreed upon between the Corporation, the Series B Majority Holders and the Series A Majority Holders within 10 Business Days after commencing their good faith attempt to agree upon
the Fair Market Value under clause (a) above, then within five Business Days after the end of such 10 Business Day period, the Corporation, the Series B Majority Holders and the Series A Majority Holders shall jointly appoint a U.S. or Canadian
nationally recognized independent investment banking or business valuation firm (the “Valuator”) to determine the Fair Market Value of such shares which are subject of the proposed determination under this Exhibit
“1”. If the Corporation, the Series B Majority Holders and the Series A Majority Holders cannot agree on a Valuator within such five Business Day period, any of the Corporation, the Series B Majority Holders or the Series A Majority
Holders may thereafter apply to a court of competent jurisdiction to have the court appoint such Valuator meeting the foregoing criteria to determine the Fair Market Value of the subject shares. The determination by the Valuator shall be final and
binding on the Corporation, the Series B Holders and the Series A Holders, absent manifest error. 

  

	 	(d)	The Corporation shall be responsible for all costs incurred in connection with the independent valuation performed by the Valuator (including the costs of any court proceeding to appoint the Valuator, if applicable).

  

	 	(e)	The Valuator shall be instructed to deliver its determination of Fair Market Value as at the applicable valuation date, as soon as practicable following its appointment and in any event within 30 Business Days
thereafter. 

  
 - 69 - 

	 	(f)	In the event that the Valuator provides a range of fair market values, the middle of such range shall be utilized for purposes of determining the Fair Market Value of the subject shares. 

 

	 	(g)	The Corporation shall immediately provide to the Valuator such information, including confidential information, and allow such firm to conduct “due diligence” and make such investigations and inquiries with
respect to the affairs of the Corporation and its subsidiaries as may be required by such Valuator in order to fulfill its mandate, provided that such firm executes a confidentiality agreement in favour of the Corporation containing standard terms
and conditions. 

  
 - 70 - 

 PREFERRED SHARES, ISSUABLE IN SERIES 

 

	1.	Directors’ Authority to Issue One or More Series 

 The directors of the Corporation may, at any time
and from time to time, issue the Preferred Shares in one or more series. 
  

	2.	Terms of Each Series 

 Subject to the following provisions, and subject to the filing of articles of
amendment in prescribed form and the endorsement thereon of a certificate of amendment, in accordance with the Canada Business Corporations Act, before the first shares of a particular series are issued, the directors of the Corporation shall
fix the number of shares in such series and shall determine, subject to any limitations set out in the articles of the Corporation, the designation, rights, privileges, restrictions and conditions attaching to the shares of such series including,
without limiting the generality of the foregoing, any right to receive dividends (which may be cumulative, non-cumulative or partially cumulative and variable or fixed), the rate or rates, amount or method or methods of calculation of preferential
dividends and whether such rate or rates, amount or method or methods of calculation shall be subject to change or adjustment in the future, the currency or currencies of payment, the date or dates and place or places of payment thereof and the date
or dates from which such preferential dividends shall accrue, the rights of redemption (if any) and the redemption price and other terms and conditions of redemption, the rights of retraction (if any) and the prices and other terms and conditions of
any rights of retraction and whether any additional rights of retraction may be provided to such holders in the future, the voting rights (if any) and the conversion or exchange rights (if any) and any sinking fund, purchase fund or other provisions
attaching thereto. Before the first shares of a particular series are issued, the directors of the Corporation may change the rights, privileges, restrictions and conditions attaching to such unissued shares. 

 

	3.	First Shares of Each Series 

 Before the issue of the first shares of a series, the board of directors of
the Corporation shall send to the Director (as defined in the Canada Business Corporations Act) articles of amendment containing a description of such series including the designations, rights, privileges, restrictions and conditions
determined by the directors. 
  

	4.	Ranking of Each Series of Preferred Shares 

 No rights, privileges, restrictions or conditions attaching
to a series of Preferred Shares shall confer upon a series a priority over any other series of Preferred Shares in respect of redemption, the payment of dividends, the return of capital or the distribution of assets in the event of the liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary. 
 The Preferred Shares of each series shall rank on parity with the
Preferred Shares of every other series with respect to priority in redemption, the payment of dividends, the return of capital and in the distribution of assets in the event of the liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary. 

  
 - 71 - 

	5.	Priority 

 The Preferred Shares shall be entitled to priority as hereinafter provided over the common
shares and any other shares of any other class of the Corporation ranking junior to the Preferred Shares with respect to the return of capital, the distribution of assets and the payment of declared but unpaid dividends in the event of the
liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs. The Preferred Shares shall be
entitled to priority over the common shares and any other shares of any other class of the Corporation ranking junior to the Preferred Shares with respect to priority in the payment of any dividends. 

In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, or any other distribution of the assets of
the Corporation among its shareholders for the purpose of winding up its affairs, the holders of the Preferred Shares of any series shall be entitled, after payment or provision for payment of the debts and other liabilities of the Corporation as
may be required by law: 
  

	 	(a)	to receive in respect of the shares of such series, prior to any distribution to the holders of common shares, the amount, if any, provided for in the rights, privileges, restrictions and conditions attached to the
shares of such series; and 

  

	 	(b)	if and to the extent provided in the rights, privileges, restrictions and conditions attached to the shares of such series, to share in the remaining assets of the Corporation (subject to the rights, if any, of holders
of any other class or series of shares of the Corporation to first receive payment of amounts in such event, if and to the extent provided in the rights, privileges, restrictions and conditions attached to any such shares). 

 

	6.	Other Preferences 

 The Preferred Shares of any series may also be given such other preferences, not
inconsistent with the articles of the Corporation over the common shares and any other shares of the Corporation ranking junior to the Preferred Shares as may be determined in the case of such series of Preferred Shares in accordance with paragraph
2 hereof. 
  

	7.	Conversion Right 

 The Preferred Shares of any series may be made convertible into or exchangeable for
common shares of the Corporation. 
  

	8.	Redemption Right 

 The Preferred Shares of any series may be made redeemable, in such circumstances, at
such price and upon such other terms and conditions, and with such priority, as may be provided in the rights, privileges, restrictions and conditions attached to the shares of such series. 

  
 - 72 - 

	9.	Dividend Rights 

 The Corporation may at any time and from time to time declare and pay a dividend on the
Preferred Shares of any series without declaring or paying any dividend on the common shares or any other shares of any other class of the Corporation ranking junior to the Preferred Shares. 

The rights, privileges, restrictions and conditions attached to the Preferred Shares of any series may include the right to receive a dividend concurrently
with any dividend declared on any other class or series of shares of the Corporation, to be calculated in the manner set forth in the rights, privileges, restrictions and conditions attached to the shares of such series of Preferred Shares. 

 

	10.	Voting Rights 

 Except as may be otherwise provided in the articles of the Corporation or as otherwise
required by law or in accordance with any voting rights which may from time to time be attached to any series of Preferred Shares, the holders of Preferred Shares as a class shall not be entitled as such to receive notice of, nor to attend or vote
at any meeting of the shareholders of the Corporation. 
  

	11.	Variation of Rights 

 The rights, privileges, restrictions and conditions attaching to the Preferred
Shares as a class may be added to, amended or removed at any time with such approval as may then be required by law to be given by the holders of the Preferred Shares as a class. 

  
 - 73 - 

 SCHEDULE II 
  

	7.	Other provisions, if any 

  

	 	(a)	The directors may appoint from time to time one or more additional directors in accordance with the Canada Business Corporations Act with such fixed number of directors from time to time authorized by the
directors of the Corporation. 

 

 

 SCHEDULE A 

FORM 2 – INITIAL REGISTERED OFFICE ADDRESS AND FIRST BOARD OF DIRECTORS 

MITEL NETWORKS CORPORATION 

CORPORATION MITEL NETWORKS 
  

	4.	Members of the board of directors 

  

					
	 First and Last Name
	  	 Address
	  	 Canadian resident

(Yes/No)

			
	 Sir Terence H. Matthews
	  	 3 Oakeswood Lane
 Kanata ON K2K 2B3
	  	Yes
			
	 Peter Charbonneau
	  	 1301 Agincourt Road 
 Ottawa ON K2C
2J3
	  	Yes
			
	 Richard McBee
	  	 6314 Lavendale Avenue
 Dallas TX 75230
U.S.A.
	  	No
			
	 Benjamin Ball
	  	 1425 Edgewood Drive
 Palo Alto CA
94301
	  	No
			
	 Andrew Kowal
	  	 75 Monterey Drive
 Tiburon CA 94920
U.S.A.
	  	No
			
	 John McHugh
	  	 8055 Santini Lane
 Newcastle CA 95658
U.S.A.
	  	No

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