Document:

EX-10.9

 Exhibit 10.9 

 
  
  

TPCO HOLDING CORP. 

EQUITY INCENTIVE PLAN 
  

 
  

 TABLE OF CONTENTS 

 

							
	Article 1—DEFINITIONS	  	 	1	 
			
	 Section 1.1
	 	Definitions.	  	 	1	 
		
	Article 2—PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS	  	 	7	 
			
	 Section 2.1
	 	Purpose of the Plan.	  	 	7	 
	 Section 2.2
	 	Implementation and Administration of the Plan.	  	 	7	 
	 Section 2.3
	 	Eligible Participants.	  	 	7	 
	 Section 2.4
	 	Shares Subject to the Plan.	  	 	8	 
	 Section 2.5
	 	Participation Limits.	  	 	8	 
		
	Article 3—OPTIONS	  	 	9	 
			
	 Section 3.1
	 	Nature of Options.	  	 	9	 
	 Section 3.2
	 	Option Awards.	  	 	9	 
	 Section 3.3
	 	Exercise Price.	  	 	9	 
	 Section 3.4
	 	Expiry Date; Blackout Period.	  	 	9	 
	 Section 3.5
	 	Option Agreement.	  	 	10	 
	 Section 3.6
	 	Exercise of Options.	  	 	10	 
	 Section 3.7
	 	Method of Exercise and Payment of Purchase Price.	  	 	10	 
	 Section 3.8
	 	Termination of Employment or Service.	  	 	11	 
	 Section 3.9
	 	Incentive Stock Options	  	 	12	 
		
	Article 4—STOCK APPRECIATION RIGHTS	  	 	13	 
			
	 Section 4.1
	 	Nature of SARs	  	 	13	 
	 Section 4.2
	 	SAR Awards	  	 	13	 
	 Section 4.3
	 	Exercise of SARs	  	 	13	 
		
	Article 5—DEFERRED SHARE UNITS	  	 	13	 
			
	 Section 5.1
	 	Nature of DSUs	  	 	13	 
	 Section 5.2
	 	DSU Awards.	  	 	13	 
	 Section 5.3
	 	Redemption of DSUs.	  	 	14	 
		
	Article 6—SHARE UNITS	  	 	15	 
			
	 Section 6.1
	 	Nature of Share Units.	  	 	15	 
	 Section 6.2
	 	Share Unit Awards.	  	 	15	 
	 Section 6.3
	 	Performance Criteria and Performance Period Applicable to PSU Awards	  	 	16	 
		
	Article 7—GENERAL CONDITIONS	  	 	16	 
			
	 Section 7.1
	 	General Conditions applicable to Awards.	  	 	16	 
	 Section 7.2
	 	Dividend Share Units.	  	 	17	 

  
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	 Section 7.3
	 	Unfunded Plan.	  	 	17	 
		
	Article 8—ADJUSTMENTS AND AMENDMENTS	  	 	18	 
			
	 Section 8.1
	 	Adjustment to Shares Subject to Outstanding Awards.	  	 	18	 
	 Section 8.2
	 	Amendment or Discontinuance of the Plan.	  	 	18	 
	 Section 8.3
	 	Change of Control.	  	 	19	 
		
	Article 9—MISCELLANEOUS	  	 	20	 
			
	 Section 9.1
	 	Currency.	  	 	20	 
	 Section 9.2
	 	Compliance and Award Restrictions.	  	 	21	 
	 Section 9.3
	 	Use of an Administrative Agent and Trustee.	  	 	21	 
	 Section 9.4
	 	Tax Withholding.	  	 	22	 
	 Section 9.5
	 	Reorganization of the Company.	  	 	22	 
	 Section 9.6
	 	Governing Laws.	  	 	23	 
	 Section 9.7
	 	Successors and Assigns.	  	 	23	 
	 Section 9.8
	 	Severability.	  	 	23	 
	 Section 9.9
	 	No liability.	  	 	23	 
	 Section 9.10
	 	Effective Date of the Plan.	  	 	23	 

  
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 TPCO HOLDING CORP. 

EQUITY INCENTIVE PLAN 

TPCO Holding Corp. (the “Company”) hereby establishes an Equity Incentive Plan for certain qualified officers, employees and
Consultants (as defined herein) and non-employee directors, providing ongoing services to the Company and/or its Subsidiaries (as defined herein) that can have a significant impact on the Company’s
long-term results. 
 ARTICLE 1—DEFINITIONS 

Section 1.1     Definitions.  

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall
have the following meanings, respectively, unless the context otherwise requires: 
 “Affiliate” means an affiliate as
defined under National Instrument 45-106 – Prospectus Exemptions, as it exists upon the date hereof, subject to the terms “person” and “issuer” in such instrument being ascribed
the same meaning as the term “Person” herein; 
 “Award Agreement” means, individually or collectively, the Option
Agreement, RSU Agreement, SAR Agreement, PSU Agreement, DSU Agreement and/or the Employment Agreement or Consulting Agreement pursuant to which an Award is granted, as the context requires; 

“Awards” means Options, SARs, RSUs, PSUs and/or DSUs granted to a Participant pursuant to the terms of the Plan; 

“Black-Out Period” means the period of time when, pursuant to any policies or
determinations of the Company, securities of the Company may not be traded by Insiders or other specified persons; 

“Board” means the board of directors of the Company as constituted from time to time; 

“Broker” has the meaning ascribed thereto in Section 3.7(2) hereof; 

“Business Day” means a day other than a Saturday, Sunday or statutory holiday, when banks are generally open for business in
Toronto, Ontario for the transaction of banking business; 
 “Cancellation” has the meaning ascribed thereto in
Section 2.4(1) hereof; 
 “Cash Equivalent” means 

 

	 	(a)	 in the case of Share Units, the amount of money equal to the Market Value multiplied by the number of vested
Share Units in the Participant’s Account, net of any applicable taxes in accordance with Section 9.4, upon settlement; and 

  

	 	(b)	 in the case of DSU Awards, the amount of money equal to the Market Value multiplied by the whole number of DSUs
(including for certainty any Dividend Share Units) then recorded in the Participant’s Account which the Participant redeems pursuant to the DSU Redemption Notice, net of any applicable taxes in accordance with Section 9.4 upon settlement;

 “Change of Control” means unless the Board determines otherwise, the
happening, in a single transaction or in a series of related transactions, of any of the following events: 
  

	 	(a)	 the consummation of any transaction or series of transactions (other than a transaction described in clause
(b) below) pursuant to which any person or group of persons acting jointly or in concert acquires the direct or indirect beneficial ownership of securities of the Company representing 50% or more of the aggregate voting power of all of
the Company’s then issued and outstanding securities entitled to vote in the election of directors of the Company, other than an acquisition by a person that was an Affiliate of the Company at the time of such acquisition, and other than any
such acquisition that occurs upon the exercise or settlement of options or other securities granted by the Company under any of the Company’s equity incentive plans. 

 

	 	(b)	 there is consummated an arrangement, amalgamation, merger, consolidation or similar transaction involving
(directly or indirectly) the Company and, immediately after the consummation of such arrangement, amalgamation, merger, consolidation or similar transaction, the shareholders of the Company immediately prior thereto do not beneficially own, directly
or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving or resulting entity in such amalgamation, merger, consolidation or similar transaction or (B) more
than 50% of the combined outstanding voting power of the parent of the surviving or resulting entity in such arrangement, amalgamation merger, consolidation or similar transaction; 

 

	 	(c)	 any transaction or series of transactions resulting in the consummation of (A) the sale, lease, exchange,
license or other disposition of all or substantially all of the Company’s assets to a person other than a person that was an Affiliate of the Company at the time of such sale, lease, exchange, license or other disposition or (B) a sale,
lease, exchange, license or other disposition to an entity, unless more than fifty percent (50%) of the combined voting power of the voting securities of such entity are beneficially owned by shareholders of the Company in substantially the same
proportions as their beneficial ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, exchange, license or other disposition; 

 

	 	(d)	 the passing of a resolution by the Board or shareholders of the Company to substantially liquidate the assets
of the Company or wind up the Company’s business or significantly rearrange its affairs in one or more transactions or series of transactions or the commencement of proceedings for such a liquidation,
winding-up or re-arrangement (except where such re-arrangement is part of a bona fide reorganization of the Company in
circumstances where the business of the Company is continued and the shareholdings remain substantially the same following the re-arrangement); 

 

	 	(e)	 individuals who, on the Effective Date, are members of the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of 

  
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the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of the Plan, be considered as a member of the Incumbent Board; or 

  

	 	(f)	 any other matter determined by the Board to be a Change of Control. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time and the Treasury Regulations promulgated
thereunder; 
 “Code of Ethics” means any code of ethics adopted by the Company, as modified from time to time; 

“Company” means TPCO Holding Corp., a Company existing under the Business Corporations Act (British Columbia); 

“Consultant” means a person or company, other than an employee, officer or director of the Company or an Affiliate, that: 

 

	 	(a)	 is engaged to provide, on a bona fide basis services to the Company or an Affiliate, other than services
provided in relation to a distribution of securities; 

  

	 	(b)	 provides the services under a written contract between the Company or an Affiliate and the person or company;

  

	 	(c)	 in the reasonable opinion of the Corporation, spends or will spend a significant amount of time and attention
on the affairs and business of the Company or an Affiliate; 

 and includes: 

 

	 	(a)	 for an individual Consultant, a corporation of which the individual Consultant is an employee or shareholder,
and a partnership of which the individual Consultant is an employee or partner; and 

  

	 	(b)	 for a Consultant that is not an individual, an employee, executive officer, or director of the Consultant,
provided that the individual employee, executive officer, or director spends or will spend a significant amount of time and attention on the affairs and business of the Company or an Affiliate. 

“Consulting Agreement” means, with respect to any Participant, any written consulting agreement between the Company or a
Subsidiary and such Participant; 
 “Dividend Share Units” has the meaning ascribed thereto in Section 7.2 hereof; 

“DSU” means a deferred share unit, which is a bookkeeping entry equivalent in value to a Share credited to a
Participant’s Account in accordance with Article 5 hereof; 

  
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 “DSU Agreement” means a written notice from the Company to a Participant
evidencing the grant of DSUs and the terms and conditions thereof, in such form as the Board may approve from time to time; 
 “DSU
Redemption Notice” has the meaning ascribed thereto in Section 5.3(1) hereof; 
 “Eligible
Participants” has the meaning ascribed thereto in Section 2.3(1) hereof; 
 “Employment Agreement” means,
with respect to any Participant, any written employment agreement between the Company or a Subsidiary and such Participant; 

“Exercise Notice” means a notice in writing signed by a Participant and stating the Participant’s intention to exercise
or settle a particular Award, if applicable; 
 “Exercise Price” has the meaning ascribed thereto in Section 3.3
hereof; 
 “Expiry Date” has the meaning ascribed thereto in Section 3.4 hereof; 

“Grant Date” has the meaning ascribed thereto in Section 3.4 hereof; 

“Incentive Stock Option” means an Option that is designated by the Board as an incentive stock option as described in
Section 422 of the Code and otherwise meets the requirements set forth in the Plan; 
 “Insider” has the meaning
attributed to “Related Person” in the NEO Exchange Listing Manual in respect of the rules governing security-based compensation arrangements, as amended from time to time; 

“ISO Entity” has the meaning ascribed thereto in Section 2.3(1); 

“Market Value” means at any date when the market value of Shares of the Company is to be determined, the closing price of the
Shares on the trading day prior to such date on the principal stock exchange on which the Shares are listed, or if the Shares of the Company are not listed on any stock exchange, the value as is determined solely by the Board, acting reasonably and
in good faith based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code or the Tax Act; 

“NEO Exchange” means the Aequitas Neo Exchange Inc.; 

“Nonqualified Stock Option” means an Option that is not designated by the Board as an Incentive Stock Option; 

“Option” means an option granted by the Company to a Participant entitling such Participant to acquire a designated number of
Shares from treasury at the Exercise Price, subject to the provisions hereof; 
 “Option Agreement” means a written notice
from the Company to a Participant evidencing the grant of Options and the terms and conditions thereof, substantially in the form as the Board may approve from time to time; 

“Participants” means Eligible Participants that are granted Awards under the Plan; 

  
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 “Participant’s Account” means an account maintained to reflect each
Participant’s participation in RSUs, PSUs and/or DSUs under the Plan; 
 “Performance Criteria” means criteria
established by the Board which, without limitation, may include criteria based on the Participant’s personal performance, the financial performance of the Company and/or of its Subsidiaries, total shareholder return, the achievement of
corporate goals and strategic initiatives, and that may be used to determine the vesting of the Awards, when applicable; 

“Performance Period” means the period determined by the Board pursuant to Section 6.3 hereof; 

“Person” means an individual, corporation, company, cooperative, partnership, limited partnership, limited liability
partnership, joint venture, venture capital fund, limited liability company, unlimited liability company, trust, trustee, executor, administrator, legal personal representative, estate, unincorporated association or organization, entity with
juridical personality or governmental authority or body, or other entity, whether or not having legal status however designated or constituted, and pronouns which refer to a Person shall have a similarly extended meaning; 

“Plan” means this Equity Incentive Plan, as amended and restated from time to time; 

“Proportionate Voting Shares” means the proportionate voting shares in the capital of the Company; 

“PSU” means a performance share unit awarded to a Participant to receive a payment in the form of cash or Shares as provided
in Article 6 hereof and subject to the terms and conditions of the Plan; 
 “PSU Agreement” means a written
notice from the Company to a Participant evidencing the grant of PSUs and the terms and conditions thereof, in the form as the Board may approve from time to time; 

“RSU” means a restricted share unit awarded to a Participant to receive a payment in the form of cash or Shares as provided in
Article 6 hereof and subject to the terms and conditions of the Plan; 
 “RSU Agreement” means a written notice from the
Company to a Participant evidencing the grant of RSUs and the terms and conditions thereof, in the form as the Board may approve from time to time; 

“SAR” means a stock appreciation rights awarded to a Participant to be settled in cash or Shares as provided in Article 4
and subject to the terms and conditions of the Plan; 
 “SAR Agreement” means a written notice from the Company to a
Participant evidencing the grant of SARs and the terms and conditions thereof, in the form as the Board may approve from time to time; 

“Share Compensation Arrangement” means a stock option, stock option plan, employee stock purchase plan, long-term incentive
plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to one or 

  
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more directors, officers, employees or Consultants of the Company or a Subsidiary. For greater certainty, a “Share Compensation Arrangement” does not include a security based
compensation arrangement used as an inducement to person(s) or company(ies) not previously employed by and not previously an Insider of the Company who become(s) an officer of the Company; 

“Shares” or “Stock” means the common shares in the capital of the Company; 

“Share Limit” has the meaning ascribed thereto in Section 2.4(1) hereof; 

“Share Unit” means a RSU or PSU, as the context requires; 

“Share Unit Settlement Notice” means a notice by a Participant to the Company electing the desired form of settlement of
vested RSUs or PSUs; 
 “Subsidiary” means a corporation, limited liability company, partnership or other body corporate
that is controlled, directly or indirectly, by the Company; 
 “Surrender” has the meaning ascribed thereto in
Section 3.7(3); 
 “Surrender Notice” has the meaning ascribed thereto in Section 3.7(3); 

“Tax Act” means the Income Tax Act (Canada) and its regulations thereunder, as amended from time to time; 

“Termination Date” means, unless otherwise defined in the applicable Award Agreement, (i) with respect to a Participant
who is an employee or officer of the Company or a Subsidiary, such Participant’s last day of active employment and, except as expressly required by applicable employment standards legislation, does not include any period of statutory,
reasonable or contractual notice or any period of deemed employment or salary continuance, and (ii) with respect to a Participant who is a Consultant, the date such Consultant ceases to provide services to the Company or a Subsidiary, and
“Terminate” and “Terminated” have corresponding meanings, but, for greater certainty, a Participant’s absence from active work during a period of vacation, temporary illness, authorized leave of absence,
maternity or parental leave or leave on account of disability shall not be considered to result in a Termination Date; 
 “Trading
Day” means any day on which the NEO Exchange is opened for trading; 
 “transfer” includes any sale, exchange,
assignment, gift, bequest, disposition, mortgage, lien, charge, pledge, encumbrance, grant of security interest or any arrangement by which possession, legal title or beneficial ownership passes from one Person to another, or to the same Person in a
different capacity, whether or not voluntary and whether or not for value, and any agreement to effect any of the foregoing and “transferred”, “transferring” and similar variations have corresponding meanings; and

 “U.S. Participant” means any Participant who is a United States citizen or United States resident alien as defined for
purposes of Section 7701(b)(1)(A) of the Code or for whom an Award is otherwise subject to taxation under the Code. 

  
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 ARTICLE 2—PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS 

Section 2.1     Purpose of the Plan. 

The purpose of the Plan is to: (i) attract and retain employees, officers, Consultants and
non-employee directors capable of assuring the future success of the Company, (ii) offer such persons incentives to put forth maximum efforts, (iii) compensate such persons through various
stock-based arrangements and provide them with opportunities for stock ownership, thereby aligning the interests of such persons and shareholders and advancing the interests of the Company. 

Section 2.2     Implementation and Administration of the Plan. 

 

	(1)	 The Board shall implement, administer and interpret the Plan or may designate such responsibilities to a
committee of the Board. 

  

	(2)	 Subject to the terms and conditions set forth in the Plan and the rules of the NEO Exchange and applicable
laws, the Board, for and on behalf of the Board, shall have the sole and absolute discretion to: (i) designate Participants; (ii) determine the type, size, and terms, and conditions of Awards to be granted; (iii) determine the method
by which an Award may be settled, exercised, canceled, forfeited, or suspended; (iv) determine the circumstances under which the delivery of cash, property, or other amounts payable with respect to an Award may be deferred either automatically
or at the Participant’s or the Board’s election; (v) interpret and administer, reconcile any inconsistency in, correct any defect in, and supply any omission in the Plan and any Award granted under, the Plan; (vi) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Board shall deem appropriate for the proper administration of the Plan; (vii) accelerate the vesting, delivery, or exercisability of, or payment for or lapse of
restrictions on, or waive any condition in respect of, Awards; and (viii) make any other determination and take any other action that the Board deems necessary or desirable for the administration of the Plan, to preserve the tax treatment of
the Awards, preserve the economic equivalent value of the Awards or to comply with any applicable law. 

  

	(3)	 No member of the Board and no officer or employee acting for and on behalf of the Board will be liable for any
action or determination taken or made in good faith in the administration, interpretation, construction or application of the Plan, any Award Agreement or other document or any Awards granted pursuant to the Plan. 

 

	(4)	 The day-to-day administration
of the Plan may be delegated to such officers and employees of the Company as the Board determines. 

  

	(5)	 Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other
decisions regarding the Plan or any Award or any documents evidencing any Award granted pursuant to the Plan shall be within the sole discretion of the Board, may be made at any time, and shall be final, conclusive, and binding upon all persons or
entities, including, without limitation, the Company, any Subsidiary, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company. 

Section 2.3     Eligible Participants. 
  

	(1)	 The Persons who shall be eligible to receive Nonqualified Stock Options, SARs, RSUs, DSUs and PSUs shall be the
directors, officers, employees or Consultants of or to the 

  
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Company or a Subsidiary, providing ongoing services to the Company and/or its Subsidiaries (collectively, “Eligible Participants”). Incentive Stock Options shall be granted only
to Eligible Participants who are employees of the Company or any of the Company’s present or future parent or subsidiaries, as defined in Section 424(e) or (f) of the Code, or other affiliates the employees of which are eligible to
receive Incentive Stock Options under the Code (each an “ISO Entity”). 

  

	(2)	 Participation in the Plan shall be entirely voluntary and may be declined. 

 

	(3)	 Notwithstanding any express or implied term of the Plan to the contrary, the granting of an Award pursuant to
the Plan shall in no way be construed as a guarantee of employment or appointment by the Company or a Subsidiary. 

Section 2.4    Shares Subject to the Plan. 
  

	(1)	 Subject to adjustment pursuant to provisions of Article 8 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to Awards under the Plan shall not exceed ten percent (10%) of the total issued and outstanding Shares (assuming the conversion of all issued and outstanding Proportionate Voting Shares to Shares) from time
to time or such other number as may be approved in accordance with the NEO Exchange policies (the “Share Limit”); provided, however, the Shares available for issuance under the Plan for Incentive Stock Options is 9,890,351 Shares.

  

	(2)	 For greater certainty, any issuance from treasury by the Company either: (i) under any other proposed or
established Share Compensation Arrangement or (ii) that is or was issued in reliance upon an exemption under applicable stock exchange rules applicable to security based compensation arrangements used as an inducement to person(s) or
company(ies) not previously employed by and not previously an Insider of the Company who become(s) an officer of the Company, shall not be included in determining the maximum Shares reserved and available for grant and issuance under
Section 2(4)(1). 

  

	(3)	 Shares in respect of which an Award is exercised, granted under the Plan (or any other Share Compensation
Arrangement) but not exercised prior to the termination of such Award, not vested or settled prior to the termination of such Award due to the expiration, termination, cancellation or lapse of such Award, or settled in cash in lieu of settlement in
Shares, shall, in each case, be available for Awards to be granted thereafter pursuant to the provisions of the Plan; provided, however, that in the case of an Incentive Stock Option, the forgoing shall be subject to any limitations under the
Code. All Shares issued from treasury pursuant to the exercise or the vesting of the Awards granted under the Plan shall be so issued as fully paid and non-assessable Shares. 

Section 2.5    Participation Limits. 
  

	(1)	 Subject to adjustment pursuant to provisions of Article 8 hereof, the aggregate number of Shares
(i) issued to Insiders under the Plan or any other proposed or established Share Compensation Arrangement within any one-year period; and (ii) issuable to Insiders at any time under the Plan or any
other proposed or established Share Compensation Arrangement, shall in each case not exceed ten percent (10%) of the total issued and outstanding Shares (assuming the conversion of all issued and outstanding Proportionate Voting Shares to Shares)
subject to the Plan from time to time. Any Awards granted pursuant to a Share Compensation Arrangement or the Plan, prior to the Participant becoming an Insider, shall be excluded for the purposes of the limits set out in this Section 2.5(1).

  
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 ARTICLE 3—OPTIONS 

Section 3.1     Nature of Options. 

An Option is a right granted by the Company to a Participant entitling such Participant to acquire a designated number of Shares from treasury
at the Exercise Price, subject to the provisions hereof. Eligible Participants may be eligible to receive Nonqualified Stock Options and/or Incentive Stock Options as outlined in this Article 3. All Options granted under the Plan shall be
Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. 

Section 3.2     Option Awards. 
  

	(1)	 The Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants who
may receive Options under the Plan, (ii) determine the number of Options, if any, to be granted to each Eligible Participant, the number of Shares under each such Option, and the date or dates on which such Options shall be granted,
(iii) determine the price per Share to be payable upon the exercise of each such Option (the “Exercise Price”), (iv) determine the relevant vesting provisions (including Performance Criteria, if applicable) and
(v) determine the Expiry Date, the whole subject to the terms and conditions prescribed in the Plan, in any Award Agreement and any applicable rules of the NEO Exchange. 

 

	(2)	 All Options granted herein shall vest in accordance with the terms of the Award Agreement entered into in
respect of such Options. 

 Section 3.3     Exercise Price. 

The Exercise Price for Shares that are the subject of any Option shall be fixed by the Board when such Option is granted, but shall not be less
than the Market Value of such Shares at the time of the grant. Notwithstanding the foregoing, in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company, the Exercise Price per share shall be no less than one hundred ten percent (110%) of the Market Value per share on the Grant Date. 

Section 3.4     Expiry Date; Blackout Period. 

Subject to Section 8.1(1), each Option must be exercised no later than ten (10) years after the date the Option is granted (the
“Grant Date”) or such shorter period as set out in the Participant’s Award Agreement, at which time such Option will expire (the “Expiry Date”). Notwithstanding any other provision of the Plan, each Option that
would expire during or within ten (10) Business Days immediately following a Black-Out Period shall expire on the date that is ten (10) Business Days immediately following the expiration of the Black-Out Period. Where an Option will expire on a date that falls immediately after a Black-Out Period, and for greater certainty, not later than ten (10) Business Days
after the Black-Out Period, then the date such Option will expire will be automatically extended by such number of days equal to ten (10) Business Days less the number of Business Days after the Black-Out Period that the Option expires. Notwithstanding the foregoing, in no event shall the Expiry Period exceed five (5) years from the Grant Date in the case of an Incentive Stock Option granted to an
employee who on the Grant Date owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or an ISO Entity. 

  
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 Section 3.5     Option Agreement. 

Each Option must be confirmed by an Award Agreement. The Award Agreement shall contain such terms that the Company deems necessary and
appropriate and to comply with applicable law. 
 Section 3.6     Exercise of Options. 

 

	(1)	 Subject to the provisions of the Plan, a Participant shall be entitled to exercise an Option granted to such
Participant, subject to vesting limitations which may be imposed by the Board at the time such Option is granted and set out in the Award Agreement. 

  

	(2)	 Prior to its expiration or earlier termination in accordance with the Plan, each Option shall be exercisable as
to all or such number of the optioned Shares and at such time or times and/or pursuant to the achievement of such Performance Criteria and/or other vesting conditions as the Board may determine in its sole discretion. 

 

	(3)	 No fractional Shares will be issued upon the exercise of Options granted under the Plan and, accordingly, if a
Participant would become entitled to a fractional Share upon the exercise of an Option, or from an adjustment pursuant to Section 8.1, such Participant will only have the right to acquire the next lowest whole number of Shares.

 Section 3.7     Method of Exercise and Payment of Purchase Price. 

 

	(1)	 Subject to the provisions of the Plan and the alternative exercise procedures set out herein, an Option granted
under the Plan may be exercisable (from time to time as provided in Section 3.6 hereof) by the Participant (or by the liquidator, executor or administrator, as the case may be, of the estate of the Participant) by delivering an exercise notice
substantially in the form to be attached as a schedule to the Award Agreement (an “Exercise Notice”) to the Company in the form and manner determined by the Board from time to time, together with a bank draft, certified cheque or
other form of payment acceptable to the Company in an amount equal to the aggregate Exercise Price of the Shares to be purchased pursuant to the exercise of the Options and any applicable tax withholdings. 

 

	(2)	 Pursuant to the Exercise Notice and subject to the approval of the Board, a Participant may choose to undertake
a “cashless exercise” with the assistance of a broker (the “Broker”) in order to facilitate the exercise of such Participant’s Options. The “cashless exercise” procedure may include a sale of such number of
Shares as is necessary to raise an amount equal to the aggregate Exercise Price for all Options being exercised by that Participant under an Exercise Notice and any applicable tax withholdings. Pursuant to the Exercise Notice, the Participant may
authorize the broker to sell Shares on the open market by means of a short sale and forward the proceeds of such short sale to the Company to satisfy the Exercise Price and any applicable tax withholdings, promptly following which the Company shall
issue the Shares underlying the number of Options as provided for in the Exercise Notice. 

  

	(3)	 In addition, to the extent specifically provided in an Option Agreement, in lieu of exercising any vested
Option in the manner described in this Section 3.7(1) or Section 3.7(2), and pursuant to the terms of this Section 3.7(3), a Participant may, by 

  
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surrendering an Option (“Surrender”) with a properly endorsed notice of Surrender to the Corporate Secretary of the Company, substantially in the form to be attached as a
schedule to the Award Agreement (a “Surrender Notice”), elect to receive that number of Shares calculated using the following formula, subject to acceptance of such Surrender Notice by the Board and provided that arrangements
satisfactory to the Company have been made to pay any applicable withholding taxes: 

 X = (Y *
(A-B)) / A 
 Where: 

X = the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results in a
negative number, then no Shares shall be issued 
 Y = the number of Shares underlying the Options to be Surrendered 

A = the Market Value of the Shares as at the date of the Surrender 

B = the Exercise Price of such Options 
  

	(4)	 No share certificates shall be issued and no person shall be registered in the share register of the Company as
the holder of Shares until actual receipt by the Company of an Exercise Notice, payment for the Shares to be purchased and satisfaction of any tax withholding requirements. 

 

	(5)	 Subject to Section 3.7(4), upon the exercise of an Option pursuant to Section 3.7(1) or
Section 3.7(2) or a Surrender pursuant to Section 3.7(3), the Company shall, as soon as practicable after such exercise or Surrender, cause the transfer agent and registrar of the Shares to deliver to the Participant (or as the Participant
may otherwise direct) such number of Shares as the Participant shall have then paid for and as are specified in such Exercise Notice or to which the Participant is then entitled in connection with the Surrender. 

Section 3.8     Termination of Employment or Service. 

 

	(1)	 Subject to the provisions of the Plan, a Participant’s Options shall be subject to the terms and
conditions of the Participant’s Award Agreement, as the case may be, in respect of such Participant’s ceasing to be an Eligible Participant. 

  

	(2)	 For the avoidance of doubt, subject to applicable laws, no period of notice, if any, or payment instead of
notice that is given or that ought to have been given under applicable law, whether by statute, imposed by a court or otherwise, in respect of such termination of employment that follows or is in respect of a period after the Participant’s
Termination Date will be considered as extending the Participant’s period of employment for the purposes of determining his or her entitlement under the Plan. 

 

	(3)	 The Participant shall have no entitlement to damages or other compensation arising from or related to not
receiving any awards that would have settled or vested or accrued to the Participant, or from the loss of the opportunity to exercise Options which the Participant would have been entitled to exercise during any period of notice of termination of
employment under common law, contract or otherwise that is or should have been provided, if the Termination Date had not occurred. 

  
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 Section 3.9     Incentive Stock Options 

 

	(1)	 No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the shareholders
of the Company in a manner intended to comply with the shareholder approval requirements of Section 422(b)(1) of the Code; provided, however, that any Option intended to be an Incentive Stock Option shall not fail to be effective solely
on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant
shall be subject to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then,
to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan. 

  

	(2)	 No Incentive Stock Option may be granted more than ten (10) years from the date the Plan is adopted, or
the date the Plan is approved by the shareholders, whichever is earlier. 

  

	(3)	 To the extent to the extent that the aggregate Fair Market Value of Shares subject to a Participant’s
Incentive Stock Options (and other incentive stock options granted by the Company or any “subsidiary” or “parent” of the Company as defined under Code Section 424(e)), which become exercisable for the first time during any
calendar year exceeds $100,000, such excess Options or other options shall be treated as Non-Qualified Stock Options. For purposes of this paragraph, Incentive Stock Options shall be taken into account in the
order in which they were granted, and the Fair Market Value of the Shares shall be determined as of the time of grant 

  

	(4)	 Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing
immediately after the date he or she makes a disqualifying disposition of any Shares acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such
Shares before the later of (i) two (2) years after the Grant Date of the Incentive Stock Option or (ii) one (1) year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Board and in accordance
with procedures established by the Board, retain possession, as agent for the applicable Participant, of any Shares acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence,
subject to complying with any instructions from such Participant as to the sale of such Shares. 

  

	(5)	 To the extent that a Participant has received Incentive Stock Options and that any of the more general language
in this Article 3 conflicts with the language in this Section 3.9, the language of Section 3.9 shall be controlling. 

  
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 Article 4—STOCK APPRECIATION RIGHTS 

Section 4.1     Nature of SARs 

A SAR is stock appreciate right granted to a Participant representing the right to receive, subject to restrictions and conditions as the Board
may determine at the time of grant, a cash payment or Shares in lieu of cash having an aggregate value equal to the product of (i) the excess of (A) the Market Value on the exercise date of one Share divided by (B) the base price per
Share specified in the Award Agreement, multiplied by (ii) the number of Shares specified by the SAR, or the portion thereof, that is exercised. The base price per Share specified in the Award Agreement shall not be less than the Market Value
on the date of grant. 
 Section 4.2     SAR Awards 

Each SAR must be confirmed by an Award Agreement that sets forth the terms, conditions and limitations for each SAR and may include, without
limitation, whether the SAR is settled in cash or Shares, the vesting, expiry and base price per Share of the SAR and the provisions applicable in the event employment or service terminates, and shall contain such terms that may be considered
necessary in order that the SAR will comply with any provisions respecting SARs in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be a resident or citizen or in which the
Participant may perform services for the Company or a Subsidiary or the rules of any regulatory body having jurisdiction over the Company. If, upon the exercise of a SAR, a Participant is to receive a portion of such payment in Shares, the number of
Shares shall be determined by dividing such portion by the Market Value on the exercise date. No fractional Shares will be issued upon the exercise of a SAR granted under the Plan and, accordingly, if a Participant would become entitled to a
fractional Share upon the exercise of a SAR, or from an adjustment pursuant to Section 8.1, such Participant will only have the right to acquire the next lowest whole number of Shares and will receive a cash payment in lieu of such fractional
Shares. 
 Section 4.3     Exercise of SARs 

SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Board as set out in the
Participant’s Award Agreement; provided, however, that SARs granted under the Plan may not have a term in excess of ten years’ duration unless required otherwise by applicable law. 

Article 5—DEFERRED SHARE UNITS 

Section 5.1     Nature of DSUs 

A DSU is a unit granted to a Participant representing the right to receive a Share or the Cash Equivalent, subject to restrictions and
conditions as the Board may determine at the time of grant and the rules of the NEO Exchange. Conditions may be based on continuing service of the Participant and/or achievement of pre-established vesting and
objectives. 
 Section 5.2     DSU Awards. 
  

	(1)	 Subject to the provisions herein set forth and any shareholder or regulatory approval which may be required,
the Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants who may receive DSUs under the Plan, (ii) fix the number of DSUs, if any, to be granted to each Eligible Participant and the date or dates
on which such DSUs shall be granted, and (iii) determine the relevant conditions and vesting provisions (including, any applicable Performance Periods and Performance Criteria), the whole subject to the terms and conditions prescribed in the
Plan and in any Award Agreement, as applicable. 

  
 - 13 - 

	(2)	 Each DSU must be confirmed by an Award Agreement that sets forth the terms, conditions and limitations for each
DSU and may include, without limitation, the vesting and terms of the DSUs and the provisions applicable in the event employment or service terminates, and shall contain such terms that may be considered necessary in order that the DSU will comply
with any provisions respecting DSUs in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be a resident or citizen or in which the Participant may perform services for the Company or a
Subsidiary or the rules of any regulatory body having jurisdiction over the Company. 

  

	(3)	 Any DSUs that are awarded to a Participant who is a resident of Canada or employed in Canada (each for purposes
of the Tax Act) shall be structured so as to be considered to be an agreement described in section 7 of the Tax Act or to meet requirements of paragraph 6801(d) of the Income Tax Regulations adopted under the Tax Act (or any successor to such
provisions). 

  

	(4)	 Subject to vesting and other conditions and provisions set forth herein and in the Award Agreement, the Board
shall determine whether each DSU awarded to a Participant shall entitle the Participant: (i) to receive one Share issued from treasury; (ii) to receive the Cash Equivalent of one Share; or (iii) to elect to receive either one Share
from treasury, the Cash Equivalent of one Share or a combination of cash and Shares. 

 Section 5.3
    Redemption of DSUs. 
  

	(1)	 Subject to Section 5.3(2), each Participant that has been awarded DSUs shall be entitled to redeem his or
her DSUs during the period commencing on the Business Day immediately following the Termination Date and ending on the date that is not later than December 15 of the year following the year that includes the Termination Date, or a shorter such
redemption period set out in the relevant Award Agreement, by providing a written notice of redemption to the Company setting out the number of DSUs to be settled and the particulars regarding the registration of the Shares issuable upon settlement,
if applicable (the “DSU Redemption Notice”). In the event of the death of a Participant, the Notice of Redemption shall be filed by the administrator or liquidator of the estate of the Participant. 

 

	(2)	 if a DSU Redemption Notice is not received by the Company on or before the 90th day following the Termination Date, the Participant shall be deemed to have delivered a DSU Redemption Notice on the 90th day following the
Termination Date, such deemed notice to be effective on December 15 of the then current year, and the Board shall determine the number of DSUs to be settled by way of Shares, the Cash Equivalent or a combination of Shares and the Cash
Equivalent and delivered to the Participant, administrator or liquidator of the estate of the Participant, as applicable. 

  

	(3)	 Subject to Section 9.4 and the Award Agreement, settlement of DSUs shall take place promptly following the
Company’s receipt or deemed receipt of the DSU Redemption Notice through: 

  

	 	(a)	 in the case of settlement DSUs for their Cash Equivalent, delivery of bank draft, certified cheque, electronic
funds transfer or other form of payment to the Participant representing the Cash Equivalent; 

  
 - 14 - 

	 	(b)	 in the case of settlement of DSUs for Shares, delivery of a Share to the Participant; or 

 

	 	(c)	 in the case of settlement of DSUs for a combination of Shares and the Cash Equivalent, a combination of
(a) and (b) above. 

 ARTICLE 6—SHARE UNITS 

Section 6.1     Nature of Share Units. 

A Share Unit is an award that is either a PSU or a RSU entitling the recipient to acquire Shares, at such purchase price as determined by the
Board, subject to such restrictions and conditions as the Board may determine at the time of grant and the rules of the NEO Exchange. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives.     
 Section 6.2
    Share Unit Awards. 
  

	 	(1)	 Subject to the provisions herein set forth and any shareholder or regulatory approval which may be required,
the Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants who may receive RSUs and/or PSUs under the Plan, (ii) fix the number of RSUs and/or PSUs, if any, to be granted to each Eligible
Participant and the date or dates on which such RSUs and/or PSUs shall be granted, and (iii) determine the relevant conditions and vesting provisions (including, in the case of PSUs, the applicable Performance Period and Performance Criteria,
if any) and Restriction Period of such RSUs and/or PSUs, the whole subject to the terms and conditions prescribed in the Plan and in any Award Agreement. 

  

	 	(2)	 Each RSU must be confirmed by an Award Agreement that sets forth the terms, conditions and limitations for each
RSU and may include, without limitation, the vesting and terms of the RSUs and the provisions applicable in the event employment or service terminates, and shall contain such terms that may be considered necessary in order that the RSUs will comply
with any provisions respecting RSUs in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be a resident or citizen or in which the Participant may perform services for the Company or a
Subsidiary or the rules of any regulatory body having jurisdiction over the Company. 

  

	 	(3)	 Each PSU must be confirmed by an Award Agreement that sets forth the terms, conditions and limitations for each
PSU and may include, without limitation, the applicable Performance Period and Performance Criteria, vesting and terms of the PSUs and the provisions applicable in the event employment or service terminates, and shall contain such terms that may be
considered necessary in order that the PSUs will comply with any provisions respecting PSUs in the income tax or other laws in force in any country or jurisdiction of which the Participant may from time to time be a resident or citizen or in which
the Participant may perform services for the Company or a Subsidiary or the rules of any regulatory body having jurisdiction over the Company. 

  

	 	(4)	 Any RSUs or PSUs that are awarded to an Eligible Participant who is a resident of Canada or employed in Canada
(each for purposes of the Tax Act) shall be structured so as to be considered to be an agreement described in section 7 of the Tax Act or in such other manner to ensure that such award is not a “salary deferral arrangement” as defined in
the Tax Act (or any successor to such provisions). 

  
 - 15 - 

	 	(5)	 Subject to the vesting and other conditions and provisions set forth herein and in the Award Agreement, the
Board shall determine whether each RSU and/or PSU awarded to a Participant shall entitle the Participant: (i) to receive one Share issued from treasury; (ii) to receive the Cash Equivalent of one Share; or (iii) to elect to receive
either one Share from treasury, the Cash Equivalent of one Share or a combination of cash and Shares. 

Section 6.3    Performance Criteria and Performance Period Applicable to PSU Awards 

 

	 	(1)	 For each award of PSUs, the Board shall establish the period in which any Performance Criteria and other
vesting conditions must be met in order for a Participant to be entitled to receive Shares in exchange for all or a portion of the PSUs held by such Participant (the “Performance Period”). 

 

	 	(2)	 For each award of PSUs, the Board shall establish any Performance Criteria and other vesting conditions in
order for a Participant to be entitled to receive Shares in exchange for his or her PSUs. 

 ARTICLE 7—GENERAL
CONDITIONS 
 Section 7.1    General Conditions applicable to Awards. 

Each Award, as applicable, shall be subject to the following conditions: 

 

	(1)	 Employment or Service—The granting of an Award to a Participant shall not impose upon the Company
or a Subsidiary any obligation to retain the Participant in its employ or consultancy in any capacity. For greater certainty, the granting of Awards to a Participant shall not impose any obligation on the Company to grant any awards in the future
nor shall it entitle the Participant to receive future grants. 

  

	(2)	 Rights as a Shareholder—Neither the Participant nor such Participant’s personal
representatives or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered by such Participant’s Awards until the date of issuance of Shares to such Participant (or to the liquidator, executor or administrator,
as the case may be, of the estate of the Participant). Without in any way limiting the generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such share certificate is
issued or entry of such person’s name on the share register for the Shares. 

  

	(3)	 Other Forfeitures—Notwithstanding any other provision of this Plan or any Award Agreement, all
unvested Awards held by a Participant shall be forfeited and shall be of no further value whatsoever if such Participant fails to comply with the terms of any confidentiality, non-competition, non-disclosure, non-disparagement or non-solicitation restriction relating to the Company or its Affiliates, as the case may be,
contained in any agreement entered into between such Participant and the Company and/or any Affiliate (including, without limitation, any Award Agreement), whether or not such restriction is deemed enforceable or unenforceable.

  
 - 16 - 

	(4)	 Conformity to Plan – In the event that an Award is granted or an Award Agreement is executed which
does not conform in all particulars with the provisions of the Plan, or purports to grant Awards on terms different from those set out in the Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so
granted will be adjusted to become, in all respects, in conformity with the Plan. 

  

	(5)	 Non-Transferability – Except as set forth herein or as
authorized by the Board, Awards are not transferable and may be exercised only by: 

  

	 	(a)	 the Participant to whom the Awards were granted; 

 

	 	(b)	 upon the Participant’s death, by the legal representative of the Participant’s estate; or

  

	 	(c)	 upon the Participant’s incapacity, the legal representative having authority to deal with the property of
the Participant; 

 provided that any such legal representative shall first deliver evidence satisfactory to the Company of
entitlement to exercise any Award. A person exercising an Award may subscribe for Shares only in the person’s own name or in the person’s capacity as a legal representative. Under no circumstances may Incentive Stock Option awards be
transferred by a Participant, other than by will or the laws of descent and distribution. 
 Section 7.2    Dividend Share
Units. 
 When dividends (other than stock dividends) are paid on Shares, Participants may, subject to the terms and conditions set out
in a Participant’s Award Agreement, receive additional DSUs, RSUs and/or PSUs, as applicable (“Dividend Share Units”) as of the dividend payment date. The number of Dividend Share Units to be granted to the Participant, if any
shall be determined by multiplying the aggregate number of DSUs, RSUs and/or PSUs, as applicable, held by the Participant on the relevant record date by the amount of the dividend paid by the Company on each Share, and dividing the result by the
Market Value on the dividend payment date, which Dividend Share Units shall be in the form of DSUs, RSUs and/or PSUs, as applicable. Dividend Share Units granted to a Participant in accordance with this Section 7.2 shall be subject to the same
vesting conditions applicable to the related DSUs, RSUs and/or PSUs in accordance with the respective Award Agreement. All Dividend Share Units shall settle in the same form as the related DSUs, RSUs and/or PSUs. If and to the extent that the
Dividend Share Units are settled in Shares, such Dividend Share Units shall be counted towards the Share Limit. 

Section 7.3    Unfunded Plan. 

Unless otherwise determined by the Board, the Plan shall be unfunded. To the extent any Participant or his or her estate holds any rights by
virtue of a grant of Awards under the Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Company. 

  
 - 17 - 

 ARTICLE 8—ADJUSTMENTS AND AMENDMENTS 

Section 8.1    Adjustment to Shares Subject to Outstanding Awards. 

 

	(1)	 In the event of any stock dividend, stock split, combination or exchange of Shares, merger, consolidation, spin-off or other distribution (other than normal cash dividends) of the Company’s assets to shareholders or any other change affecting the Shares, the Board will make such proportionate adjustments, if any, as
the Board in its discretion, subject to regulatory approval, may deem appropriate to reflect such change (for the purpose of preserving the value of the Awards at the time of the change affecting the Shares), with respect to (i) the number or
kind of Shares or other securities reserved for issuance pursuant to the Plan; and (ii) the number or kind of Shares or other securities subject to unexercised Awards previously granted and the exercise price, if any, of those Awards provided,
however, that no substitution or adjustment will obligate the Company to issue or sell fractional Shares. The existence of any Awards does not affect in any way the right or power of the Company or an Affiliate or any of their respective
shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the capital structure or the business of, or any amalgamation, merger or consolidation involving, to create or issue any bonds,
debentures, shares or other securities of, or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of or any sale or transfer of all or any part of the assets or the business of, or to effect any other
corporate act or proceeding relating to, whether of a similar character or otherwise, the Company or such Affiliate, whether or not any such action would have an adverse effect on the Plan or any Award granted hereunder. Awards issued in connection
with the assumption of, or in substitution for, outstanding options intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Shares
available for Awards of Incentive Stock Options under the Plan. Any adjustment in Incentive Stock Options under this Article 7 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not constituting a
“modification” within the meaning of Section 424(h)(3) of the Code. 

 Section 8.2    Amendment
or Discontinuance of the Plan. 
  

	(1)	 The Board may, in its sole discretion, suspend or terminate the Plan at any time or from time to time and/or
amend or revise the terms of the Plan or of any Award granted under the Plan and any agreement relating thereto, provided that such suspension, termination, amendment, or revision shall: 

 

	 	(a)	 not adversely alter or impair any Award previously granted except as permitted by the terms of the Plan or upon
the consent of the applicable Participant(s); and 

  

	 	(b)	 be in compliance with applicable law, applicable NEO Exchange policies (or any other stock exchange upon which
the Company has applied to list its Shares) and with the prior approval, if required, of the shareholders of the Company. 

  

	(2)	 If the Plan is terminated, the provisions of the Plan and any administrative guidelines and other rules and
regulations adopted by the Board and in force on the date of termination will continue in effect as long as any Award or any rights awarded or granted under the Plan remain outstanding and, notwithstanding the termination of the Plan, the Board will
have the ability to make such amendments to the Plan or the Awards as they would have been entitled to make if the Plan were still in effect. 

  
 - 18 - 

	(3)	 The Board may from time to time, in its discretion and without the approval of shareholders, make changes to
the Plan or any Award without the approval of Participants or shareholders under Section 8.2(1) which may include but are not limited to: 

  

	 	(a)	 a change to the vesting provisions of any Award granted under the Plan; 

 

	 	(b)	 a change to the provisions governing the effect of termination of a Participant’s employment, contract or
office; 

  

	 	(c)	 a change to accelerate the date on which any Award may be exercised under the Plan; 

 

	 	(d)	 an amendment of the Plan or an Award as necessary to comply with applicable law or the requirements of any
exchange upon which the securities of the Company are then listed or any other regulatory body having authority over the Company, the Plan, the Participants or the shareholders of the Company; 

 

	 	(e)	 any amendment of a “housekeeping” nature, including without limitation those made to clarify the
meaning of an existing provision of the Plan or any agreement, correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan or any agreement, correct any grammatical or typographical errors or amend the
definitions in the Plan regarding administration of the Plan; or 

  

	 	(f)	 any amendment regarding the administration of the Plan. 

 

	(4)	 Notwithstanding the foregoing or any other provision of the Plan, shareholder approval is required for the
following amendments to the Plan: 

  

	 	(a)	 any increase in the maximum number of Shares that may be issuable from treasury pursuant to Awards, other than
an adjustment pursuant to Section 8.1; 

  

	 	(b)	 any reduction in the exercise price of an Award benefitting an Insider, except in the case of an adjustment
pursuant to Section 8.1; 

  

	 	(c)	 any extension of the Expiration Date of an Award benefitting an Insider, except in case of an extension due to
a Black-Out period; 

  

	 	(d)	 any extension of the Expiration Date of an Award where the exercise price is lower than the market price;

  

	 	(e)	 any amendment to remove or to exceed the Insider participation limit set out in Section 2.5(1); and

  

	 	(f)	 any amendment to Section 8.1(1)(3) or Section 8.1(1)(4) of the Plan, as amended by the Addendum for
U.S. Participants. 

 Section 8.3    Change of Control. 

 

	(1)	 Despite any other provision of the Plan and subject to any Award Agreement, in the event of a Change of
Control, all unvested Awards then outstanding may, as determined 

  
 - 19 - 

	 	
by the Board, be substituted by or replaced with awards of the surviving corporation (or any Affiliate thereof) or the potential successor (or any Affiliate thereto) (the “continuing
entity”) on the same terms and conditions as the original Awards, subject to appropriate adjustments that do not materially diminish the value of the original Awards. 

 

	(2)	 No fractional Shares or other security will be issued upon the exercise of any Award and accordingly, if as a
result of a Change of Control, a Participant would become entitled to a fractional Share or other security, such participant will have the right to acquire only the next lowest whole number of Shares or other security and no payment or other
adjustment will be made with respect to the fractional interest so disregarded. 

  

	(3)	 In the event of a potential Change of Control, the vesting terms of Awards shall be subject to the
Participant’s Award Agreement. Notwithstanding the foregoing, despite anything else to the contrary in the Plan, in the event of a potential Change of Control the Board will have the power, in its sole discretion, to modify the terms of the
Plan and/or the Awards to assist the Participants in tendering to a take-over bid or other transaction leading to a Change of Control. For greater certainty, in the event of a take-over bid or other transaction leading to a Change of Control, the
Board has the power, in its sole discretion, and on such terms as it may determine, to accelerate the vesting of Awards and to permit Participants to conditionally exercise or surrender their Awards, such conditional exercise or surrender to be
conditional upon the take-up by such offeror of the Shares or other securities tendered to such take-over bid in accordance with the terms of the take-over bid (or the effectiveness of such other transaction
leading to a Change of Control). 

  

	(4)	 If the Board has, pursuant to the provisions of Section 8.3(3) permitted the conditional exercise of
Awards in connection with a potential Change of Control, then the Board will have the power, in its sole discretion, to terminate, immediately following actual completion of such Change of Control and on such terms as it sees fit, any Awards not
exercised (including all vested and unvested Awards). 

  

	(5)	 Alternatively, the Board may provide for either (A) termination of the Award, whether or not vested, in
exchange for an amount of cash and/or other property, if any, equal to the amount that would have been attained upon the exercise of the vested portion of the Award or realization of the Participant’s vested rights (and, for the avoidance of
doubt, if, as of the date of the occurrence of the Change in Control the Board determines in good faith that no amount would have been attained upon the exercise of the Award or realization of the Participant’s rights, then the Award may be
terminated by Company without any payment) or (B) the replacement of the Award with other rights or property selected by the Board, in its sole discretion. 

 

	(6)	 The Board may treat Awards differently in connection with the Change in Control and need not treat all Awards
or Participants in a uniform manner. 

 ARTICLE 9—MISCELLANEOUS 

Section 9.1    Currency. 

Unless otherwise specifically provided, all references to dollars in the Plan are references to U.S. dollars. 

  
 - 20 - 

 Section 9.2    Compliance and Award Restrictions. 

 

	(1)	 The Company’s obligation to issue and deliver Shares under any Award is subject to: (i) the
completion of such registration or other qualification of such Shares or obtaining approval of such regulatory authority as the Company shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof;
(ii) the admission of such Shares to listing on any stock exchange on which such Shares may then be listed; and (iii) the receipt from the Participant of such representations, agreements and undertakings as to future dealings in such
Shares as the Company determines to be necessary or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. The Company shall take all commercially reasonable steps to obtain such approvals, registrations
and qualifications as may be necessary for the issuance of such Shares in compliance with applicable securities laws and for the listing of such Shares on any stock exchange on which such Shares are then listed. 

 

	(2)	 Each Participant agrees to fully cooperate with the Company in doing all such things, including executing and
delivering all such agreements, undertakings or other documents or furnishing all such information as is reasonably necessary to facilitate compliance by the Company with such laws, rule and requirements, including all tax withholding and remittance
obligations. 

  

	(3)	 No Awards will be granted where such grant is restricted pursuant to the terms of any trading policies or other
restrictions imposed by the Company. 

  

	(4)	 The Company is not obliged by any provision of the Plan or the grant of any Award under the Plan to issue or
sell Shares if, in the opinion of the Board, such action would constitute a violation by the Company or a Participant of any laws, rules and regulations or any condition of such approvals. 

 

	(5)	 If Shares cannot be issued to a Participant upon the exercise or settlement of an Award due to legal or
regulatory restrictions, the obligation of the Company to issue such Shares will terminate and, if applicable, any funds paid to the Company in connection with the exercise of any Options will be returned to the applicable Participant as soon as
practicable. 

  

	(6)	 At the time a Participant ceased to hold Awards which are or may become exercisable, or be settled as provided
herein, the Participant ceases to be a Participant. 

  

	(7)	 Nothing contained herein will prevent the Board from adopting other or additional compensation arrangements for
the benefit of any Participant or any other Person, subject to any required regulatory, shareholder or other approval. 

Section 9.3    Use of an Administrative Agent and Trustee. 

The Board may in its sole discretion appoint from time to time one or more entities to act as administrative agent to administer the Awards
granted under the Plan and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions determined by the Board in its sole discretion. The
Company and the administrative agent will maintain records showing the number of Awards granted to each Participant under the Plan. 

  
 - 21 - 

 Section 9.4    Tax Withholding. 

 

	(1)	 Notwithstanding any other provision of the Plan, all distributions, delivery of Shares or payments to a
Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) under the Plan shall be made net of applicable source deductions. If the event giving rise to the withholding obligation involves an
issuance or delivery of Shares, then with the Board’s approval, the withholding obligation may be satisfied by (a) having the Participant elect to have the appropriate number of such Shares sold by the Company, the Company’s transfer
agent and registrar or any trustee appointed by the Company, on behalf of and as agent for the Participant as soon as permissible and practicable, with the proceeds of such sale being delivered to the Company, which will in turn remit such amounts
to the appropriate governmental authorities, or (b) any other mechanism as may be required or appropriate to conform with local tax and other rules. Notwithstanding any other provision of the Plan, the Company shall not be required to issue any
Shares or make payments under this Plan until arrangements satisfactory to the Company have been made for payment of all applicable withholdings obligations. 

  

	(2)	 The sale of Shares by the Company, or by a Broker, under Section 9.4(1) or under any other provision of
the Plan will be made on the NEO Exchange or any other recognized exchange on which the Company’s Shares are traded. The Participant consents to such sale and grants to the Company an irrevocable power of attorney to effect the sale of such
Shares on his behalf and acknowledges and agrees that (i) the number of Shares sold will be, at a minimum, sufficient to fund the withholding obligations net of all selling costs, which costs are the responsibility of the Participant and which
the Participant hereby authorizes to be deducted from the proceeds of such sale; (ii) in effecting the sale of any such Shares, the Company or the Broker will exercise its sole judgment as to the timing and the manner of sale and will not be
obligated to seek or obtain a minimum price; and (iii) neither the Company nor the Broker will be liable for any loss arising out of such sale of the Shares including any loss relating to the pricing, manner or timing of the sales or any delay
in transferring any Shares to a Participant or otherwise. 

  

	(3)	 The Participant further acknowledges that the sale price of the Shares will fluctuate with the market price of
the Shares and no assurance can be given that any particular price will be received upon any sale. The Company makes no representation or warranty as to the future market value of the Shares or with respect to any income tax matters affecting the
participant resulting from the grant or exercise of an Awards and/or transactions in the Shares. Neither the Company, nor any of its directors, officers, employees, shareholders or agents will be liable for anything done or omitted to be done by
such person or any other person with respect to the price, time, quantity or other conditions and circumstances of the issuance of Shares under the Plan, with respect to any fluctuations in the market price of Shares or in any other manner related
to the Plan. 

  

	(4)	 Notwithstanding the first paragraph of this Section 9.4, the applicable tax withholdings may be waived
where the Participant directs in writing that a payment be made directly to the Participant’s registered retirement savings plan in circumstances to which regulation 100(3) of the regulations of the Tax Act apply.  

Section 9.5    Reorganization of the Company. 

The existence of any Awards shall not affect in any way the right or power of the Company or its shareholders to make or authorize any
adjustment, recapitalization, 

  
 - 22 - 

 
reorganization or other change in the Company’s capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Company or to create or issue any
bonds, debentures, shares or other securities of the Company or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Company or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar nature or otherwise. 
 Section 9.6    Governing Laws. 

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein. 
 Section 9.7    Successors and Assigns. 

The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the personal legal
representatives of a Participant, or any receiver or trustee in bankruptcy or representative of the Company’s or Participant’s creditors. 

Section 9.8    Severability. 

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any
invalid or unenforceable provision shall be severed from the Plan. 
 Section 9.9    No liability. 

No member of the Board, Board or officer of the Company shall be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of the Plan or any Award granted hereunder. 

Section 9.10    Effective Date of the Plan. 

The Plan was approved by the Board for and on behalf of the Board and shall take effect on January 19, 2021. 

  
 - 23 - 

 ADDENDUM FOR U.S. PARTICIPANTS 

TPCO HOLDING CORP. 

EQUITY INCENTIVE PLAN 
 The provisions of
this Addendum apply to Awards held by a U.S. Participant. All capitalized terms used in this Addendum but not defined in Section 1 below have the meanings attributed to them in the Plan. The Section references set forth below match the Section
references in the Plan. This Addendum shall have no other effect on any other terms and provisions of the Plan except as set forth below. 
  

	1.	 Definitions 

“Separation from Service” means, with respect to a U.S. Participant, any event that may qualify as a separation from service under Treasury
Regulation Section 1.409A-1(h). A U.S. Participant shall be deemed to have separated from service if he or she dies, retires, or otherwise has a termination of employment as defined under Treasury
Regulation Section 1.409A-1(h). 
 “Specified Employee” has the meaning set forth in Treasury
Regulation Section 1.409A-1(i). 
 “Termination Date” has the meaning in Section 1.1 of
the Plan, provided that if the Termination Date triggers payment of any Award which is “deferred compensation” under Code Section 409A, the Termination Date shall be the date of the Separation from Service. 

 

	2.	 Section 3.4 is deleted in its entirety and replaced with the following: 

“Subject to Section 8.1(1), each Option must be exercised no later than ten (10) years after the date the Option is granted or
such shorter period as set out in the Participant’s Option Agreement, at which time such Option will expire (the “Expiry Date”). Notwithstanding any other provision of the Plan and provided that any such extension be structured
in a manner that is expected to comply with Code Section 409A (to the extent applicable), each Option that would expire during or within ten (10) Business Days immediately following a Black-Out
Period shall expire on the date that is ten (10) Business Days immediately following the expiration of the Black-Out Period; provided, that in all circumstances, each Incentive Stock Option must be
exercised no later than ten (10) years after the date the Option is granted. Notwithstanding the foregoing, in no event shall the Expiry Period exceed five (5) years from the Grant Date in the case of an Incentive Stock Option granted to
an employee who on the Grant Date owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or an ISO Entity.” 
  

	3.	 Section 5.2 is amended by adding the following new (5): 

With respect to any DSUs awarded to a U.S. Participant the Board shall endeavor to structure the DSU so as to comply with, or be exempt from,
Code Section 409A. 
  

	4.	 Section 6.2 is amended by adding the following new (5): 

With respect to any RSUs or PSUs awarded to a U.S. Participant the Board shall endeavor to structure the RSU and/or PSU so as to comply with,
or be exempt from, Code Section 409A 

	5.	 A new Error! Reference source not found. is is added as follows: 

Notwithstanding the foregoing, if the U.S. Participant vests in his or her Share Units pursuant to the Plan in connection with his or her
Separation from Service, within 30 days following such U.S. Participant’s Separation from Service and subject to Section 9.4, the Company shall (i) issue from treasury the number of Shares that is equal to the number of vested Share
Units held by the U.S. Participant as at the U.S. Participant’s Separation from Service (rounded down to the nearest whole number), as fully paid and non-assessable Shares, (ii) deliver to the U.S.
Participant an amount in cash (net of the applicable tax withholdings) equal to the number of vested Share Units held by the U.S. Participant as at the U.S. Participant’s Separation from Service multiplied by the Market Value as at such date,
or (iii) a combination of (i) and (ii). Upon settlement of such Share Units, the corresponding number of Share Units shall be cancelled and the U.S. Participant shall have no further rights, title or interest with respect thereto.”

  

	6.	 Section 8.2(4) is amended by deleting clauses (b) and (c) thereof in their entirety and
replacing them with the following 

 (a) any reduction in the exercise price of an Award benefitting a U. S. Participant,
except in the case of an adjustment pursuant to Section 8.1; 
 (b) any extension of the Expiration Date of an Award benefitting a U.S.
Participant, except in case of an extension due to a Black-Out Period; provided that any such extension be structured in a manner that is expected to comply with Code Section 409A (to the extent
applicable); 
  

	7.	 No Acceleration 

With respect to any Award held by a U.S. Participant that is subject to Code Section 409A, the acceleration of the time or schedule of any payment except
as provided under the Plan (including this addendum) is prohibited, except as provided in or permitted by regulations and administrative guidance promulgated under Code Section 409A. 

 

	8.	 Code Section 409A 

Each grant of Share Units to a U.S. Participant is intended to be exempt from Code Section 409A. However, to the extent any Award is subject to
Section 409A, then 
  

	 	(a)	 all payments to be made upon a U.S. Participant’s Termination Date shall only be made upon a Separation
from Service. 

  

	 	(b)	 if on the date of the U.S. Participant’s Separation from Service the Company’s shares (or shares of
any other Company that is required to be aggregated with the Company in accordance with the requirements of Code Section 409A) is publicly traded on an established securities market or otherwise and the U.S. Participant is a Specified Employee,
then the benefits payable to the Participant under the Plan that are payable due to the U.S. Participant’s Separation from Service shall be postponed until the earlier of the originally scheduled date and six months following the U.S.
Participant’s Separation from Service. The postponed amount shall be paid to the U.S. Participant in 

  
 - 2 - 

	 	
a lump sum within 30 days after the earlier of the originally scheduled date and the date that is six months following the U.S. Participant’s Separation from Service. If the U.S. Participant
dies during such six month period and prior to the payment of the postponed amounts hereunder, the amounts delayed on account of Code Section 409A shall be paid to the U.S. Participant’s estate within 60 days following the U.S.
Participant’s death. 

 If any provision of the Plan contravenes Code Section 409A or could cause the U.S.
Participant to incur any tax, interest or penalties under Code Section 409A, the Board may, in its sole discretion and without the U.S. Participant’s consent, modify such provision to: (i) comply with, or avoid being subject to, Code
Section 409A, or to avoid incurring taxes, interest and penalties under Code Section 409A; and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable
provision without materially increasing the cost to the Company or contravening Code Section 409A. However, the Company shall have no obligation to modify the Plan or any Share Unit and does not guarantee that Share Units will not be subject to
taxes, interest and penalties under Code Section 409A. U.S. Participants are solely responsible for any taxes, interest and/or penalties they may incur under Code Section 409A and neither the Company or any Subsidiary, nor any of their
respective officers, employees or agents shall have any obligation to US Participants for such taxes, interest or penalties. 
 13046021.5 

  
 - 3 -EX-10.10

 Exhibit 10.10 

TPCO HOLDING CORP. 
 RSU
AWARD AGREEMENT 
  

	To:	 [●] (the “Participant”) 

This Agreement confirms the award by TPCO Holding Corp. (the “Corporation”) of restricted share units (“RSUs”) which
represent the right of the Participant to receive, subject to the satisfaction of certain conditions, common shares in the capital of the Corporation (“Shares”) pursuant to the Corporation’s Equity Incentive Plan established by
the Corporation or any successor plan thereto, as such may be amended from time to time in accordance with its terms (the “Plan”). All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Plan. The Award of RSUs under this Agreement is subject to the terms and conditions of the Plan and to the following specific provisions. 

1.    Award  
  

			
	Number of RSUs:	 	   [●]

	Effective Date:	 	  

	Vesting Period:	 	   {{2021 - 2024 or 2021-2025}}

 2.    Vesting 

2.1    Subject to the Plan and Section 4 of this Grant Agreement, the RSUs shall vest as follows, provided that the Participant is an
Eligible Participant on the date of vesting (each, a “Vesting Date”): 
 {{OPTION 1}} 

 

	 	2.1.1	 25% (the “Initial Vested Amount”) will vest one year after the Effective Date (the
“Initial Vesting Period”); and 

  

	 	2.1.2	 the remaining RSUs will vest in twelve (12) equal quarterly installments beginning on the first day of the
first month following the Initial Vesting Period. 

 {{OPTION 2}} 

2.1.1 25% (the “Initial Vested Amount”) will vest 180 days after the Effective Date (the “Initial Vesting
Period”); and 
 2.1.2 the remaining RSUs will vest in thirty (30) equal monthly installments beginning on the first day of the
first month following the Initial Vesting Period. 
 2.2     For greater certainty, the Participant shall not be considered to be an
Eligible Participant on a Vesting Date if, prior to such Vesting Date, the Participant received a payment in lieu of notice of termination of employment, whether under a contract of employment, as damages or other-wise. 

 3.    Settlement of RSUs 

3.1    The Participant will be entitled to receive, as soon as reasonably practicable following each Vesting Date, in respect of each
vested RSU, either one Share from treasury, the Cash Equivalent of one Share or a combination of cash and Shares, subject to any applicable deductions and withholdings. Notwithstanding the Corporation’s discretion to settle in Shares, Cash
Equivalents or a combination of cash and Shares, it is anticipated that the Corporation will settle in Shares as normal course. 

3.2    For greater certainty, the Participant shall have no right to receive Shares or a cash payment, as compensation, damages or
otherwise, with respect to any RSUs that do not become vested. 
 4.    Termination of Employment of Participant  

{{OPTION 1}} 
 4.1    For purposes of
this section 4, “Cause”, “Good Reason” and “Sale Event” shall have the meanings ascribed thereto in the letter agreement of the Corporation dated [●] setting forth its
binding offer of employment with the Participant. 
 4.2    Subject to the Plan, in the event a Participant’s employment is
Terminated for Cause by the Corporation, or an Affiliate, as applicable, no RSUs that have not vested and been settled prior to the date of the Participant’s Termination for Cause, including Dividend Share Units in respect of such RSUs, shall
vest and all such RSUs shall be forfeited immediately. 
 4.3    Subject to the Plan, in the event a Participant’s employment is
terminated by the Corporation, or an Affiliate, as applicable, without Cause, the Participant resigns for Good Reason or the Participant dies or experiences a disability (“disability means Participant is “disabled” as such term is
defined in Treasury Regulation Section 1.409A-3(i)(4) and any successor provision thereto) (any of the foregoing, a “Non-Cause Termination”), the
Initial Vested Amount, if not already vested, plus unvested RSUs equal to 30% of the RSU’s granted hereunder (or such smaller number of unvested RSU’s) shall be deemed to be vested as of the effective date of such Non-Cause Termination. 
 4.4    Subject to the Plan, in the event of a Sale Event, all unvested RSUs
will vest immediately prior to the closing of the Sale Event. 
 {{OPTION 2} 

4.1     Subject to the Plan, in the event a Participant’s employment is terminated by the Corporation, or an Affiliate, as
applicable, whether terminated voluntarily or involuntarily, no RSUs that have not vested and been settled prior to the date of the Participant’s termination, including Dividend Share Units in respect of such RSUs, shall vest and all such RSUs
shall be forfeited immediately. 

  
 - 2 - 

 5.    Withholding Taxes 

5.1    In addition to any rights of the Corporation or a Subsidiary of the Corporation to withhold taxes and other statutory source
deductions under Applicable Law, effective as of the date on which an Award is exercised or otherwise settled through payment in cash or the issuance of Shares, the Corporation shall have the right to require the Participant to remit to the
Corporation or the Subsidiary of the Corporation, as applicable, an amount sufficient to satisfy any federal, provincial or other law requiring the withholding of tax or other required deductions relating to the payment in cash or the delivery of
Shares. Such withholding obligations may also be accomplished, in whole or in part, by the Corporation requiring the Participant to sell such number of Shares as is sufficient to satisfy such withholdings obligations. 

6.    Participant Acknowledgement 

6.1    The Participant acknowledges that they have received and reviewed a copy of the Plan and that the RSUs have been granted to the
Participant under the Plan and are subject to all of the terms and conditions of the Plan to the same effect as if all of such terms and conditions were set forth in this Agreement. 

7.    Not A Contract of Employment 

7.1    Participant acknowledges and agrees that nothing in this Agreement or the Plan confers on Participant any right to continue an
employment, service or consulting relationship with the Corporation or any of its Affiliates, nor shall it affect in any way your right or the Corporation’s or any of its Affiliate’s right to terminate your employment, service, or
consulting relationship at any time, with or without Cause. 
 8.    Governing Law 

8.1    This Agreement shall be governed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. 
 9.    US Securities Laws 

9.1    NONE OF THE SHARES SUBJECT TO THE RSUs HAVE BEEN OR WILL BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC”) OR UNDER THE STATE SECURITIES LAWS WITH THE SECURITIES COMMISSION OF ANY STATE. ANY ISSUANCE OF SHARES PURSUANT TO THIS AGREEMENT IS MADE IN RELIANCE
UPON RULE 701 OF THE SECURITIES ACT, AN EXEMPTION FROM REGISTRATION PROMULGATED UNDER SECTION 3(b) OF THE SECURITIES ACT, AND APPLICABLE STATE SECURITIES LAW. THE SHARES MAY NOT BE OFFERED OR RESOLD IN THE UNITED STATES, EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW. NEITHER THE SEC NOR THE SECURITIES COMMISSION OF ANY STATE HAS REVIEWED OR PASSED UPON AN 

  
 - 3 - 

 INVESTMENT IN THE SHARES. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 

10.    Binding Agreement 

10.1    This Agreement shall be binding upon the Participant and the legal representatives of their estate and any other person who
acquires the Participant’s rights in respect of the RSUs as provided under the Plan. For greater certainty, in the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will govern. 

[Signature page follows] 

  
 - 4 - 

 
			
	TPCO HOLDING CORP.
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 FOR ALL PARTICIPANTS: 

I hereby request that certificates for any issued Shares underlying the RSUs be issued in the name of the undersigned and, once issued, be delivered to the
following address: 
  

	
	  

	  

	  

 By the signature below, I certify that I am qualified to hold the RSUs. 

Dated this              day of
             20    . 
  

	
	[PARTICIPANT]

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