Document:

LBRD_Ex10_22

		

			Exhibit 10.22

		

		
			RESTRICTED STOCK AWARD AGREEMENT
		

		
			 
		

		
			THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”) is made as of the date set forth on Schedule I hereto (the “Grant Date”), by and between the issuer identified in Schedule I hereto (the “Company”), and the recipient (the “Grantee”) of an Award of Restricted Shares granted by the Plan Administrator (as defined in Schedule I hereto) as set forth in this Agreement.    
		

		
			 
		

		
			The Company has adopted the incentive plan identified on Schedule I hereto (as has been or may hereafter be amended, the “Plan”), a copy of which is attached via a link at the end of this online Agreement as Exhibit A and by this reference made a part hereof, for the benefit of eligible persons as specified in the Plan.  Capitalized terms used and not otherwise defined in this Agreement will have the meanings ascribed to them in the Plan.    
		

		
			 
		

		
			Pursuant to the Plan, the Plan Administrator has determined that it would be in the interest of the Company and its stockholders to award shares of common stock to the Grantee, subject to the conditions and restrictions set forth herein and in the Plan, in order to provide the Grantee with additional remuneration for services rendered, to encourage the Grantee to remain in the service or employ of the Company or its Subsidiaries and to increase the Grantee’s personal interest in the continued success and progress of the Company.
		

		
			 
		

		
			The Company and the Grantee therefore agree as follows:
		

		
			 
		

			
	
			
				 1.
			Definitions.  The following terms, when used in this Agreement, have the following meanings:

		
			“Cause” has the meaning specified as “cause” in Section 10.2(b) of the Plan.
		

		
			“Common Stock” has the meaning specified in Section 2. 
		

		
			“Company” has the meaning specified in the preamble to this Agreement.
		

		
			“Grant Date” has the meaning specified in the preamble to this Agreement.
		

		
			“Grantee” has the meaning specified in the preamble to this Agreement.
		

		
			“Plan” has the meaning specified in Schedule I hereto.
		

		
			“Plan Administrator” has the meaning specified in the preamble to this Agreement.
		

		
			“Restricted Shares” has the meaning specified in Section 2.
		

		
			“Retained Distributions” has the meaning specified in Section 4.
		

		
			“Section 409(A)” has the meaning specified in Section 23.
		

		
			“Unvested Fractional Restricted Share” has the meaning specified in Section 5.
		

		
			

		 

 

“Vesting Date” has the meaning specified in Section 5.
		

		
			“Vesting Percentage” has the meaning specified in Section 5.
		

			
	
			
				 2.
			Award.  Pursuant to the terms of the Plan and in consideration of the covenants and promises of the Grantee herein contained, the Company hereby awards to the Grantee as of the Grant Date the number and type of shares of Common Stock authorized by the Plan Administrator and set forth in the notice of online grant delivered to the Grantee pursuant to the Company’s online grant and administration program, subject to the conditions and restrictions set forth in this Agreement and in the Plan (the “Restricted Shares”).

			
	
			
				 3.
			Issuance of Restricted Shares at Beginning of the Restriction Period.  Upon issuance of the Restricted Shares, such Restricted Shares will be registered in a book entry account in the name of the Grantee. During the Restriction Period, any statement of ownership representing the Restricted Shares that may be issued during the Restriction Period, and any securities constituting Retained Distributions will bear a restrictive legend to the effect that ownership of the Restricted Shares (and such Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms and conditions provided in the Plan and this Agreement.

			
	
			
				 4.
			Restrictions.  The Restricted Shares will constitute issued and outstanding shares of Common Stock for all corporate purposes. The Grantee will have the right to vote such Restricted Shares, to receive and retain such dividends and distributions paid or distributed on such Restricted Shares as the Plan Administrator may in its sole discretion designate and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to such Restricted Shares, except that (a) the Grantee will not be entitled to delivery of the Restricted Shares until the Restriction Period shall have expired and unless all other vesting requirements with respect thereto shall have been fulfilled or waived, (b) the Company or its designee will retain custody of the Restricted Shares during the Restriction Period as provided in Section 8.2 of the Plan, (c) other than such dividends and distributions as the Plan Administrator may in its sole discretion designate, the Company or its designee will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted Shares (and such Retained Distributions will be subject to the same restrictions, terms and vesting and other conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions will not bear interest or be segregated in a separate account, (d) except as provided in Section 11, the Grantee may not sell, assign, transfer, pledge, exchange, encumber or dispose of the Restricted Shares or any Retained Distributions or the Grantee’s interest in any of them during the Restriction Period and (e) a breach of any restrictions, terms or conditions provided in the Plan or established by the Plan Administrator with respect to any Restricted Shares or Retained Distributions will cause a forfeiture of such Restricted Shares and any Retained Distributions with respect thereto.

			
	
			
				 5.
			Vesting and Forfeiture of Restricted Shares.  Subject to earlier vesting in accordance with Section 6, the Grantee will become vested as to that number of each type of Restricted Shares (if any) subject to this Agreement that is equal to the fraction or percentage set forth on Schedule I hereto (the “Vesting Percentage”) of the total number of such type of Restricted 

		 

		

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	Shares that are subject to this Agreement (in each case, rounded down to the nearest whole number of such type of Restricted Shares) on each of the dates indicated on Schedule I hereto (each such date, together with any other date on which Restricted Shares vest pursuant to this Agreement, a “Vesting Date”).  If rounding pursuant to the preceding sentence prevents any portion of a Restricted Share from becoming vested on a particular Vesting Date (any such portion, an “Unvested Fractional Restricted Share”), one additional Restricted Share of such type of Restricted Share will become vested on the earliest succeeding Vesting Date on which the cumulative fractional amount of all Unvested Fractional Restricted Shares of such type of Restricted Share (including any Unvested Fractional Restricted Share created on such succeeding Vesting Date) equals or exceeds one whole Restricted Share, with any excess treated as an Unvested Fractional Restricted Share thereafter subject to the application of this sentence and the following sentence. Any Unvested Fractional Restricted Share comprising part of a whole Restricted Share that vests pursuant to the preceding sentence will thereafter cease to be an Unvested Fractional Restricted Share. Notwithstanding the foregoing, (a) the Grantee will not vest, pursuant to this Section 5, in Restricted Shares as to which the Grantee would otherwise vest as of a given date if the Grantee has not been continuously employed by the Company or its Subsidiaries from the date of this Agreement through such date, or, if the Grantee is a non-employee director, the Grantee has not been continuously providing services as a non-employee director through such date (the vesting or forfeiture of such shares to be governed instead by the provisions of Section 6), and (b) in the event that any date on which vesting would otherwise occur is a Saturday, Sunday or a holiday, such vesting will instead occur on the business day next following such date.  Unless otherwise determined by the Plan Administrator in its sole discretion, Retained Distributions will be subject to the same vesting and forfeiture conditions that are applicable to the Restricted Shares to which such Retained Distributions relate.

			
	
			
				 6.
			Early Termination or Vesting.    Unless otherwise determined by the Plan Administrator in its sole discretion:

			
	
			
				 (a)
			If the Grantee’s employment with the Company or a Subsidiary terminates or, if the Grantee is a non-employee director of the Company, if the Grantee’s service to the Company as such terminates, in each case for any reason other than death or Disability or a termination by the Company or such Subsidiary without Cause,  then the Award, to the extent not theretofore vested, will be forfeited immediately;

		
			 
		

			
	
			
				 (b)
			If the Grantee dies while employed by the Company or a Subsidiary or while serving as a non-employee director of the Company,  as applicable, then the Award, to the extent not theretofore vested, will immediately become fully vested;

		
			 
		

			
	
			
				 (c)
			If the Grantee’s employment with the Company or a Subsidiary or service as a non-employee director, as applicable, terminates by reason of Disability, then the Award, to the extent not theretofore vested, will immediately become fully vested; and

		
			 
		

			
	
			
				 (d)
			If the Grantee’s employment with the Company or a Subsidiary is terminated by the Company or such Subsidiary without Cause, or, if the Grantee is a non-employee director of the Company, if the Grantee’s service to the Company as such is terminated by the Company or such Subsidiary without Cause, then the Award, to the extent not 

		 

		

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	theretofore vested, will be forfeited immediately, except to the extent, if any, otherwise specified on Schedule I hereto.

		
			 
		

		
			Unless the Plan Administrator otherwise determines, a change of the Grantee’s employment from the Company to a Subsidiary or from a Subsidiary to the Company or another Subsidiary will not be considered a termination of the Grantee’s employment for purposes of this Agreement if such change of employment is made at the request or with the express consent of the Company.  Unless the Plan Administrator otherwise determines, however, any such change of employment that is not made at the request or with the express consent of the Company will be a termination of the Grantee’s employment within the meaning of this Agreement.  
		

			
	
			
				 7.
			Completion of the Restriction Period.  On the Vesting Date with respect to each award of Restricted Shares, and the satisfaction of any other applicable restrictions, terms and conditions (a) all or the applicable portion of such Restricted Shares will become vested and (b) any Retained Distributions with respect to such Restricted Shares will become vested to the extent that the Restricted Shares related thereto shall have become vested, all in accordance with the terms of this Agreement.  Any such Restricted Shares and Retained Distributions that shall not become vested will be forfeited to the Company, and the Grantee will not thereafter have any rights (including dividend and voting rights) with respect to such Restricted Shares or any Retained Distributions that are so forfeited.  

			
	
			
				 8.
			Adjustments; Early Vesting in Certain Events.

			
	
			
				 (a)
			The Restricted Shares will be subject to adjustment (including, without limitation, as to the number of Restricted Shares) in such manner as the Plan Administrator, in its sole discretion, deems equitable and appropriate in connection with the occurrence of any of the events described in Section 4.2 of the Plan following the Grant Date.

			
	
			
				 (b)
			In the event of any Approved Transaction, Board Change or Control Purchase following the Grant Date, the restrictions in Sections 3 and 4 may lapse in accordance with Section 10.1(b) of the Plan.  

			
	
			
				 9.
			Mandatory Withholding for Taxes.    The Grantee acknowledges and agrees that, upon the expiration of the Restriction Period, the Company will deduct from the shares of applicable Common Stock otherwise deliverable to the Grantee (or the Grantee’s beneficiary, if applicable) that number of shares of such Common Stock (valued at the Fair Market Value on the applicable Vesting Date) that is equal to the amount, as determined by the Company, of all federal, state or other governmental taxes required to be withheld by the Company or any Subsidiary of the Company with respect to the vesting of Restricted Shares and any related Retained Distributions, unless other provisions to pay such withholding requirements have been made to the satisfaction of the Company.  Upon the payment of any cash dividends with respect to Restricted Shares during the Restriction Period, the amount of such dividends will be reduced to the extent necessary to satisfy any withholding tax requirements applicable thereto prior to payment to the Grantee.  

			
	
			
				 10.
			Delivery by the Company.  As soon as practicable after the vesting of Restricted Shares pursuant to Sections 5, 6 or 8, but no later than 30 days after such vesting occurs, and 

		 

		

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	subject to the withholding referred to in Section 9, the Company will (a) cause to be removed from the Restricted Shares that have vested the restriction described in Section 3 or cause to be issued and delivered to the Grantee (in certificate or electronic form) shares of Common Stock equal to the number of Restricted Shares that have vested, and (b) shall cause to be delivered to the Grantee any Retained Distributions with respect to such vested shares.  If delivery of certificates is by mail, delivery of shares of Common Stock will be deemed effected for all purposes when a stock transfer agent of the Company has deposited the certificates in the United States mail, addressed to the Grantee.

			
	
			
				 11.
			Nontransferability of Restricted Shares Before Vesting.    Restricted Shares that have not vested are not transferable (either voluntarily or involuntarily), before or after the Grantee’s death, except as follows: (a) during the Grantee’s lifetime, pursuant to a domestic relations order, issued by a court of competent jurisdiction, that is not contrary to the terms and conditions of the Plan or this Agreement, and in a form acceptable to the Committee; or (b) after the Grantee’s death, by will or pursuant to the applicable laws of descent and distribution, as may be the case.  Any person to whom Restricted Shares are transferred in accordance with the provisions of the preceding sentence shall take such Restricted Shares subject to all of the terms and conditions of the Plan and this Agreement, including that the vesting and termination provisions of this Agreement will continue to be applied with respect to the Grantee.  Certificates representing Restricted Shares that have vested may be delivered (or, in the case of book entry registration, registered) only to the Grantee (or during the Grantee’s lifetime, to the Grantee’s court appointed legal representative) or to a person to whom the Restricted Shares have been transferred in accordance with this Section.

			
	
			
				 12.
			Company’s Rights.  The existence of this Agreement will not affect in any way the right or power of the Company or its stockholders to accomplish any corporate act, including without limitation, the acts referred to in Section 10.15 or Section 10.16 of the Plan, as applicable.

			
	
			
				 13.
			Restrictions Imposed by Law.  Without limiting the generality of Section 10.7 or Section 10.8 of the Plan, as applicable, the Grantee will not require the Company to deliver any Restricted Shares and the Company will not be obligated to deliver any Restricted Shares if counsel to the Company determines that such exercise, delivery or payment would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which shares of Common Stock are listed or quoted.  The Company will in no event be obligated to take any affirmative action in order to cause the delivery of any Restricted Shares to comply with any such law, rule, regulation or agreement.

			
	
			
				 14.
			Notice.  Unless the Company notifies the Grantee in writing of a different procedure or address, any notice or other communication to the Company with respect to this Agreement will be in writing and will be delivered personally or sent by first class mail, postage prepaid, to the address specified for the Company in Schedule I hereto.  Unless the Company elects to notify the Grantee electronically pursuant to the online grant and administration program or via email, any notice or other communication to the Grantee with respect to this Agreement will be in writing and will be delivered personally, or will be sent by first class mail, postage prepaid, to the Grantee’s address as listed in the records of the Company or any Subsidiary of the Company on 

		 

		

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	the Grant Date, unless the Company has received written notification from the Grantee of a change of address.

			
	
			
				 15.
			Amendment.  Notwithstanding any other provision hereof, this Agreement may be supplemented or amended from time to time as approved by the Plan Administrator as contemplated by Section 10.6(b) or Section 10.7(b) of the Plan, as applicable.  Without limiting the generality of the foregoing, without the consent of the Grantee:

			
	
			
				 (a)
			this Agreement may be amended or supplemented from time to time as approved by the Plan Administrator (i) to cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent with any other provision herein, (ii) to add to the covenants and agreements of the Company for the benefit of the Grantee or surrender any right or power reserved to or conferred upon the Company in this Agreement, subject to any required approval of the Company’s stockholders, and provided, in each case, that such changes or corrections will not adversely affect the rights of the Grantee with respect to the Award evidenced hereby or (iii) to make such other changes as the Company, upon advice of counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in the interpretation of, any law or governmental rule or regulation, including any applicable federal or state securities laws; and

			
	
			
				 (b)
			subject to any required action by the Board of Directors or the stockholders of the Company, the Award evidenced by this Agreement may be canceled by the Plan Administrator and a new Award made in substitution therefor, provided that the Award so substituted will satisfy all of the requirements of the Plan as of the date such new Award is made and no such action will adversely affect the Restricted Shares to the extent then vested.

			
	
			
				 16.
			Grantee Employment or Status as a Director.  Nothing contained in this Agreement, and no action of the Company or the Plan Administrator with respect hereto, will confer or be construed to confer on the Grantee any right to continue in the employ of the Company or any Subsidiary or to continue as a non-employee director of the Company, or interfere in any way with the right of the Company or any employing Subsidiary (or the Company’s stockholders in the case of a non-employee director) to terminate the Grantee’s employment or service, as applicable, at any time, with or without Cause, subject to the provisions of any employment agreement between the Grantee and the Company or any Subsidiary.

			
	
			
				 17.
			Nonalienation of Benefits.    Except as provided in Section 11 and prior to the vesting of any Restricted Share, (a) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (b) no right or benefit hereunder will in any manner be subjected to or liable for the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

			
	
			
				 18.
			Governing Law.  This Agreement will be governed by, and construed in accordance with, the internal laws of the State of Colorado.  Each party irrevocably submits to the general jurisdiction of the state and federal courts located in the State of Colorado in any action to 

		 

		

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	interpret or enforce this Agreement and irrevocably waives any objection to jurisdiction that such party may have based on inconvenience of forum.

			
	
			
				 19.
			Construction.    References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all Exhibits and Schedules appended hereto, including the Plan.  All references to “Sections” in this Agreement shall be to Sections of this Agreement unless explicitly stated otherwise.  The word “include” and all variations thereof are used in an illustrative sense and not in a limiting sense.    All decisions of the Plan Administrator upon questions regarding the Plan or this Agreement will be conclusive.  Unless otherwise expressly stated herein, in the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan will control.  The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

			
	
			
				 20.
			Rules by Plan Administrator.  The rights of the Grantee and the obligations of the Company hereunder will be subject to such reasonable rules and regulations as the Plan Administrator may adopt from time to time.

			
	
			
				 21.
			Entire Agreement.  This Agreement is in satisfaction of and in lieu of all prior discussions and agreements, oral or written, between the Company and the Grantee regarding the subject matter hereof.  The Grantee and the Company hereby declare and represent that no promise or agreement not herein expressed has been made and that this Agreement contains the entire agreement between the parties hereto with respect to the Restricted Shares and replaces and makes null and void any prior agreements between the Grantee and the Company regarding the Restricted Shares.  Subject to the restrictions set forth in Sections 11 and 17, this Agreement will be binding upon and inure to the benefit of the parties and their respective heirs, successors and assigns.  

			
	
			
				 22.
			Grantee Acknowledgment.  The Grantee will signify acceptance of the terms and conditions of this Agreement by acknowledging the acceptance of this Agreement via the procedures described in the online grant and administration program utilized by the Company.

			
	
			
				 23.
			Code Section 409A Compliance.    To the extent that Section 409A of the Code or the related regulations and Treasury pronouncements (“Section 409A”) is applicable to the Grantee in connection with the Award, if any provision of this Agreement would result in the imposition of an excise tax under Section 409A, that provision will be reformed to avoid imposition of the excise tax and no action taken to comply with Section 409A shall be deemed to impair a benefit under this Agreement.

		
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Schedule I
		

		
			to Liberty Broadband Corporation
		

		
			Restricted Stock Award Agreement
		

		
			BDR____________
		

		
			 
		

			
					
						Grant Date:

					
					
						____________, 20___

				
	
					
						Issuer/Company:

					
					
						Liberty Broadband Corporation, a Delaware corporation

				
	
					
						Plan:

					
					
						Liberty Broadband Corporation 2014 Omnibus Incentive Plan

					
						(Amended and Restated as of March 11, 2015)

					
						 

				
	
					
						Plan Administrator:

					
					
						The Board of Directors of the Company

				
	
					
						Common Stock:

					
					
						Series C Common Stock

				
	
					
						Vesting Percentage:

					
					
						100%

				
	
					
						Vesting Date:

					
					
						____________, 20___

				
	
					
						Company Notice Address:

					
					
						Liberty Broadband Corporation

					
						12300 Liberty Boulevard

					
						Englewood, Colorado 80112

					
						Attn:  General Counsel

					
						 

				

		
			 
		

		 

		

			8EX-4.1

 Exhibit 4.1 

BY-LAW NUMBER 1 
 A
BY-LAW RELATING TO THE BUSINESS AND AFFAIRS OF 
 MERCARI ACQUISITION CORP. 

ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

In this by-law: 

“Act” means the Business Corporations Act (Ontario) and the regulations enacted pursuant to it and any statute
and regulations that may be substituted for them, as amended from time to time; 
 “articles” means the articles,
as that term is defined in the Act, of the Corporation; 
 “auditor” means the auditor of the Corporation; 

“board” means the board of directors of the Corporation; 

“by-law” means a by-law of the Corporation; 

“Corporation” means the corporation incorporated on January 20, 2010 under the name “Mercari Acquisition
Corp.”; 
 “director” means a director of the Corporation; 

“officer” means an officer of the Corporation, and reference to any specific officer is to the individual holding
that office of the Corporation; 
 “person” means an individual, body corporate, partnership, joint venture, trust,
unincorporated organization, association, the Crown or any agency or instrumentality thereof, or any entity recognized by law; 

“proxyholder” means an individual holding a valid proxy for a shareholder; 

“resident Canadian” has the meaning ascribed to that phrase in the Act; 

“shareholder” means a shareholder of the Corporation; 

“telephonic or electronic means” means telephone calls or messages, facsimile messages, electronic mail, transmission
of data or information through automated touch-tone telephone systems, transmission of data or information through computer networks, any other similar means or any other means prescribed by the Act; and 

“voting person” means, in respect of a meeting of shareholders, an individual who is either a shareholder entitled to
vote at that meeting, a duly authorized representative of a shareholder entitled to vote at the meeting or a proxyholder entitled to vote at that meeting. 

	1.2	 Number, Gender and Headings 

In this by-law, words in the singular include the plural and vice-versa and words in one gender include all genders. The
insertion of headings in this by-law and its division into articles, sections and other subdivisions are for convenience of reference only, and shall not affect the interpretation of this by-law. 

 

	1.3	 By-Law Subordinate to Other Documents 

This by-law is subordinate to, and should be read in conjunction with, the Act, the articles and any unanimous shareholder
agreement of the Corporation. 
  

	1.4	 Computation of Time 

The computation of time and any period of days shall be determined in accordance with the Act. 

ARTICLE 2 
 DIRECTORS

  

	2.1	 Notice of Meeting 

Any director or the president may call a meeting of the board by giving notice stating the date, time and place of the meeting
to each of the directors other than the director giving that notice. Notices sent by delivery or by telephonic or electronic means shall be sent no less than 48 hours before the time of the meeting. Notices sent by mail shall be sent no less than 5
days before the day of the meeting. 
 The board may appoint, by resolution, dates, time and places for meetings of the
board. A copy of any such resolution shall be sent to each director forthwith after being passed, but no other notice is required for any such meeting. 
  

	2.2	 Meetings Without Notice 

A meeting of the board may be held without notice immediately following the first or any annual meeting of shareholders. 

 

	2.3	 Place of Meeting 

A meeting of the board may be held at any place within or outside Ontario, and no such meeting need be held at a place within
Canada. 
  

	2.4	 No Notice to Newly Appointed Director 

An individual need not be given notice of the meeting at which that individual is appointed by the other directors to fill a
vacancy on the board, if that individual is present at that meeting. 

  
 - 2 - 

	2.5	 Quorum for Board Meetings 

If there are 1 or 2 directors, all of the directors constitute a quorum at a meeting of the board. If there are 3, 4 or 5
directors, a majority of the directors constitute a quorum at a meeting of the board. Otherwise, such a quorum consists of the next whole number not less than 2/5the of the number of directors. In this section, the “number of directors” is
either: 
  

	 	(a)	 the number of directors specified in the articles; or 

  

	 	(b)	 if a minimum and maximum number of directors is provided for in the articles, the number determined from time to time by special resolution or, if
the special resolution empowers the directors to determine the number, by resolution of the directors, or if no such resolution has been passed, the number of directors named in the articles. 

 

	2.6	 Chairman of Board Meetings 

The chairman of a meeting of the board must be a director present at the meeting who consents to preside as chairman. The
first-mentioned of the chairman of the board, the managing director or the president who so qualifies shall preside as chairman of the meeting. If none of them is so qualified, the directors present at the meeting shall choose a director to preside
as chairman of the meeting. 
  

	2.7	 Votes at Board Meetings 

Each director present at a meeting of the board shall have 1 vote on each motion arising. Motions arising at meetings of the
board shall be decided by a majority vote. The chairman of the meeting shall not have a second or casting vote. 
  

	2.8	 Officers 

Each officer shall hold office during the pleasure of the board. Any officer may, however, resign at any time by giving notice
to the Corporation. 
 ARTICLE 3 

MEETINGS OF SHAREHOLDERS 
  

	3.1	 Notice of Shareholders’ Meetings 

The board may call a meeting of shareholders by causing notice of the date, time and place of the meeting to be sent to each
shareholder entitled to vote at the meeting, each director and the auditor. Such notice shall be sent no less than 21 days and no more than 50 days before the meeting, if the Corporation is an offering corporation (as defined in the Act), or no less
than 10 days and no more than 50 days before the meeting if the Corporation is not an offering corporation. 

  
 - 3 - 

	3.2	 Quorum at Meetings of Shareholders 

If the Corporation has only 1 shareholder entitled to vote at a meeting of shareholders, that shareholder constitutes a quorum.
Otherwise, any 2 voting persons present shall constitute a quorum, but only to appoint a chairman and adjourn the meeting. For all other purposes, a quorum consists of at least 2 voting persons present and authorized to cast in the aggregate not
less than 10% of the total number of votes attaching to all shares carrying the right to vote at that meeting. 
  

	3.3	 Chairman’s Vote 

The chairman of any meeting of shareholders shall not have a second or casting vote. 

 

	3.4	 Voting 

Unless the chairman of a meeting of shareholders directs a ballot, or a voting person demands one, each motion shall be voted
upon by a show of hands. Each voting person has 1 vote in a vote by show of hands. A ballot may be directed or demanded either before or after a vote by show of hands. If a ballot is taken, a prior vote by show of hands has no effect. 

 

	3.5	 Scrutineers 

The chairman of a meeting of shareholders may appoint for that meeting 1 or more scrutineers, who need not be voting persons.

  

	3.6	 Who May Attend Shareholders’ Meeting 

The only persons entitled to attend a meeting of shareholders are voting persons, the directors, the auditor and, if any, the
chairman, the managing director and the President, as well as others permitted by the chairman of the meeting. 
  

	3.7	 Meeting by Telephonic or Electronic Means 

A meeting of the shareholders may be held by telephonic or electronic means and a shareholder who, through those means, votes
at the meeting or establishes a communications link to the meeting shall be deemed for the purposes of the Act to be present at the meeting. 

ARTICLE 4 
 SECURITY
CERTIFICATES, PAYMENTS 
  

	4.1	 Certificates 

  

	 	(a)	 Subject to Section 4.1(b), security certificates shall be in such form as the board may approve or the Corporation adopt. The president or the
board may order the cancellation of any security certificate that has become defaced and the issuance of a replacement certificate for it when the defaced certificate is delivered to the Corporation or to a transfer agent or branch transfer agent of
the Corporation. 

  
 - 4 - 

	 	(b)	 Unless otherwise provided in the articles, the board may provide by resolution that any or all classes and series of shares or other securities
shall be uncertificated securities, provided that such resolution shall not apply to securities represented by a certificate until such certificate is surrendered to the Corporation. 

 

	4.2	 Cheques 

Any amount payable in cash to shareholders (including dividends payable in cash) may be paid by cheque drawn on any of the
Corporation’s bankers to the order of each registered holder of shares of the class or series in respect of which such amount is to be paid. Cheques may be sent by delivery or first class mail to such registered holder at that holder’s
address appearing on the register of shareholders, unless that holder otherwise directs in writing. By sending a cheque, as provided in this by-law, in the amount of the dividend less any tax that the Corporation is required to withhold, the
Corporation discharges its liability to pay the amount of that dividend, unless the cheque is not paid on due presentation. 
  

	4.3	 Cheques to Joint Shareholders 

Cheques payable to joint shareholders shall be made payable to the order of all such joint shareholders unless such joint
shareholders direct otherwise. Such cheques may be sent to the joint shareholders at the address appearing on the register of shareholders in respect of that joint holding, to the first address so appealing if there is more than one, or to such
other address as those joint shareholders direct in writing. 
  

	4.4	 Non-Receipt of Cheques 

The Corporation shall issue a replacement cheque in the same amount to any person who does not receive a cheque sent as
provided in this by-law, if that person has satisfied the conditions regarding indemnity, evidence of non-receipt and title set by the board from time to time, either generally or for that particular case. 

 

	4.5	 Currency of Dividends 

Dividends or other distributions payable in cash may be paid to some shareholders in Canadian currency and to other
shareholders in equivalent amounts of a currency or currencies other than Canadian currency. The board may declare dividends or other distributions in any currency or in alternative currencies and make such provisions as it deems advisable for the
payment of such dividends or other distributions. 
 ARTICLE 5 

SIGNATORIES, INFORMATION 
  

	5.1	 Signatories 

Except for documents executed in the usual and ordinary course of the Corporation’s business, which may be signed by any
officer or employee of the Corporation acting within the scope of his or her authority, the following are the only persons authorized to sign any document on behalf of the Corporation: 

  
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	 	(a)	 any individual appointed by resolution of the board to sign the specific document, that type of document or documents generally on behalf of the
Corporation; or 

  

	 	(b)	 any director or any officer appointed to office by the board. 

Any document so signed may, but need not, have the corporate seal of the Corporation applied, if there is one. 

 

	5.2	 Facsimile or Electronic Signatures 

The signature of any individual authorized to sign on behalf of the Corporation may, if specifically authorized by resolution
of the board, be written, printed, stamped, engraved, lithographed or otherwise mechanically reproduced or may be an electronic signature. Anything so signed shall be as valid as if it had been signed manually, even if that individual has ceased to
hold office when anything so signed is issued or delivered, until revoked by resolution of the board. 
  

	5.3	 Restriction on Information Disclosed 

Except as required by the Act or authorized by the board, no shareholder is entitled by virtue of being a shareholder to
disclosure of any information, document or records respecting the Corporation or its business. 
 ARTICLE 6 

PROTECTION AND INDEMNITY 
  

	6.1	 Transactions with the Corporation 

No director or officer shall be disqualified, by virtue of being a director, or by holding any other office of, or place of
profit under, the Corporation or any body corporate in which the Corporation is a shareholder or is otherwise interested, from entering into, or from being concerned or interested in any manner in, any contract, transaction or arrangement made, or
proposed to be made, with the Corporation or any body corporate in which the Corporation is interested and no such contract, transaction or arrangement shall be void or voidable for any such reason. No director or officer shall be liable to account
to the Corporation for any profit arising from any such office or place of profit or realized in respect of any such contract, transaction or arrangement. Except as required by the Act, no director or officer must make any declaration or disclosure
of interest or, in the case of a director, refrain from voting in respect of any such contract, transaction or arrangement. 
  

	6.2	 Limitation of Liability 

Subject to the Act, no director or officer shall be liable for: 

 

	 	(a)	 the acts, receipts, neglects or defaults of any other person; 

 

	 	(b)	 joining in any receipt or act for conformity; 

  

	 	(c)	 any loss, damage or expense to the Corporation arising from the insufficiency or deficiency of title to any property acquired by or on behalf of
the Corporation; 

  
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	 	(d)	 the insufficiency or deficiency of any security in or upon which any moneys of the Corporation are invested; 

 

	 	(e)	 any loss, damage or expense arising from the bankruptcy, insolvency, act or omission of any person with whom any monies, securities or other
property of the Corporation are lodged or deposited; 

  

	 	(f)	 any loss, damage or expense occasioned by any error of judgment or oversight; or 

 

	 	(g)	 any other loss, damage or expense related to the performance or non-performance of the duties of that individual’s office.

  

	6.3	 Contracts on Behalf of the Corporation 

Subject to the Act, any contract entered into, or action taken or omitted, by or on behalf of the Corporation shall, if duly
approved by a resolution of the shareholders, be deemed for all purposes to have had the prior authorization of the shareholders. 
  

	6.4	 Indemnity of Directors and Officers 

As required or permitted by the Act, the Corporation shall indemnify each Indemnified Person (as defined in this section)
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, which that Indemnified Person reasonably incurs in respect of any civil, criminal or administrative, investigative or other proceeding to
which that Indemnified Person is made a party by reason of being or having been a director or officer of the Corporation or of a body corporate or by reason of having acted in a similar capacity for an entity if: 

 

	 	(a)	 the Indemnified Person acted honestly and in good faith with a view to the best interests of the Corporation; and 

 

	 	(b)	 in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the Indemnified Person had reasonable
grounds for believing that the conduct was lawful. 

 “Indemnified Person” means 

 

	 	(i)	 each director and former director of the Corporation; 

  

	 	(ii)	 each officer and former officer of the Corporation; 

  

	 	(iii)	 each individual who acts or acted at the Corporation’s request as a director or officer of a body corporate or an individual acting in a
similar capacity of another entity; and 

  

	 	(iv)	 the respective heirs and legal representatives of each of the persons designated in the preceding paragraphs (i) through (iii).

  
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	6.5	 Advances by the Corporation 

The Corporation shall advance monies to an Indemnified Person for the costs, charges and expenses of a proceeding referred to
in Section 6.4 provided the Indemnified Person shall repay such monies if the Indemnified Person does not fulfil the duties of Subsections 6.4(a) and (b). 
  

	6.6	 Indemnities Not Limiting 

The provisions of this Article 6 shall be in addition to and not in substitution for any rights, immunities and protections to
which an Indemnified Person is otherwise entitled under the Act or as the law may permit or require. 
  

	6.7	 Insurance 

Subject to the Act, the Corporation may purchase and maintain such insurance for the benefit of any individual referred to in
Subsection 6.4 as the board may determine. 
 ARTICLE 7 

NOTICES 
  

	7.1	 Procedure for Sending Notices 

Notice shall be deemed to have been sufficiently sent if sent in writing to the address of the addressee on the books of the
Corporation and delivered in person, sent by prepaid first class mail or sent by any telephonic or electronic means of sending messages, including telex or facsimile transmission, which produces a paper record. Notice shall not be sent by mail if
there is any general interruption of postal services in the municipality in which or to which it is mailed. Each notice so sent shall be deemed to have been received on the day it was delivered or sent by telephonic or electronic means or on the
fifth day after it was mailed. 
  

	7.2	 Notices to Successors in Title 

Notice to a shareholder is sufficient notice to each successor in title to that shareholder until the name and address of that
successor have been entered on the Corporation’s share register. 
  

	7.3	 Notice to Joint Shareholders 

Notice to one joint shareholder is sufficient notice to all of them. Such notice shall be addressed to all such joint
shareholders and sent to the address for them on the Corporation’s register of shareholders, or to the first such address if there is more than one. 
  

	7.4	 Signatures on Notices 

The signature on any notice or other communication or document to be sent by the Corporation may be written, printed, stamped,
engraved, lithographed or otherwise mechanically reproduced or may be an electronic signature. 

  
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	7.5	 Omission of Notice Does Not Invalidate Actions 

All actions taken at a meeting in respect of which a notice has been sent shall be valid even if: 

 

	 	(a)	 by accident, notice was not sent to any person; 

  

	 	(b)	 notice was not received by any person; or 

  

	 	(c)	 there was an error in a notice that did not affect the substance of that notice. 

 

	7.6	 Waiver of Notice 

Any person entitled to notice under the Act, the articles or the by-laws may waive that notice. Waiver, either before or after
the event referred to in the notice, shall cure any default in sending that notice. 
 ARTICLE 8 

REPEAL OF FORMER BY-LAWS 
  

	8.1	 Former By-Laws May be Repealed 

The board may repeal one or more by-laws by passing a by-law that contains provisions to that effect. 

 

	8.2	 Effect of Repeal of By-Laws 

The repeal of any by-law in whole or part shall not in any way affect the validity of any act done or right, privilege,
obligation or liability acquired or incurred thereunder prior to such repeal. All directors, officers and other persons acting under any by-law repealed in whole or part shall continue to act as if elected or appointed under the provisions of this
by-law. 
 MADE by the board on the 21st day of January, 2010.

  
 

 

  
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 BY-LAW NO. 2 

A by-law relating to 
 the
nomination of persons for 
 election to the board of directors of: 

CONCORDIA HEALTHCARE CORP. 

(the “Corporation”) 

Nomination of Directors 
  

	1.	 Nomination Procedures. Except as otherwise provided by applicable law, the articles of the Corporation (the “Articles”) or
the by-laws of the Corporation, only persons who are nominated in accordance with the following procedures will be eligible for election as a director of the Corporation. Nominations of a person for election to the board of directors of the
Corporation (the “Board”) may be made at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the special meeting was called was the election of directors,

  

	 	(a)	 by or at the direction of the Board or an authorized officer of the Corporation, including, without limitation, pursuant to a notice of meeting;

  

	 	(b)	 by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Business
Corporations Act (Ontario) (the “Act”) or a requisition of the shareholders made in accordance with the provisions of the Act; or 

  

	 	(c)	 by any person (a “Nominating Shareholder”) (i) who, at the close of business on the date of the giving of the notice provided
for in Section 3 below and on the record date for notice of such meeting, is entered in the securities register of the Corporation as a holder of one or more shares carrying the right to vote at such meeting or who beneficially owns shares that
are entitled to be voted at such meeting, and (ii) who complies with the notice procedures set forth below in this By-law No. 2. 

  

	2.	 Nominations for Election. The procedures set out in this By-law No. 2 will be the exclusive means for any person to bring
nominations for election to the Board before any annual or special meeting of shareholders of the Corporation. 

  

	3.	 Timely Notice. In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, the Nominating
Shareholder must have given timely notice thereof in proper written form to the Secretary of the Corporation at the registered office of the Corporation in accordance with this By-law No. 2. 

	4.	 Manner of Timely Notice. To be timely, a Nominating Shareholder’s notice to the Secretary of the Corporation must be made:

  

	 	(a)	 in the case of an annual meeting of shareholders, not less than 30 days prior to the date of the annual meeting of shareholders; provided, however,
that in the event that the annual meeting of shareholders is called for a date that is less than 50 days after the date (the “Notice Date”) on which the first Public Announcement (as defined below) of the date of the annual meeting
was made, notice by the Nominating Shareholder may be made not later than the close of business on the 10th day following the Notice Date; and 

 

	 	(b)	 in the case of a special meeting (other than an annual meeting) of shareholders called for the purpose of electing directors (whether or not called
for other purposes), not later than the close of business on the 15th day following the day on which the first Public Announcement of the date of the special meeting of shareholders was made.

  

	5.	 Proper Form of Notice. To be in proper written form, a Nominating Shareholder’s notice to the Secretary of the Corporation must set
forth: 

  

	 	(a)	 as to each person (a “Nominee”) whom the Nominating Shareholder proposes to nominate for election as a director:

  

	 	(i)	 the name, age, business address and residential address of the Nominee; 

 

	 	(ii)	 the Nominee’s status as a “resident Canadian” (as such term is defined in the Act); 

 

	 	(iii)	 the principal occupation, business or employment of the Nominee, both present and within the five years preceding the notice;

  

	 	(iv)	 the designation and number or principal amount of securities of the Corporation which are, directly or indirectly, controlled or directed, or which
are owned beneficially or of record, by the Nominee or his or her associates or affiliates as of the record date for the meeting of shareholders (if such date has been made publicly available and has occurred) and as of the date of such notice and
the date or dates on which such securities were acquired; 

  

	 	(v)	 full particulars of all direct and indirect arrangements and understandings, between or among such Nominating Shareholder and beneficial owner, if
any, and their respective Representatives, on the one hand, and the Nominee and his or her Representatives, on the other hand; 

  

	 	(vi)	 any other information relating to the Nominee that would be required to be disclosed in a dissident’s information circular in connection with
solicitations of proxies for election of directors pursuant to the Act or Applicable Securities Laws (as defined below); and 

  
 - 2 - 

	 	(vii)	 a duly completed personal information form in respect of the Nominee in the form prescribed by the principal stock exchange on which the securities
of the Corporation are then listed for trading; 

  

	 	(b)	 as to the Nominating Shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made: 

 

	 	(i)	 the name and address of such Nominating Shareholder, as they appear on the Corporation’s securities register, and of such beneficial owner, if
any, and of their respective Representatives; 

  

	 	(ii)	 the designation and number or principal amount of securities of the Corporation which are, directly or indirectly, controlled or which are owned
beneficially or of record by such Nominating Shareholder, such beneficial owner, if any, or any of their respective Representatives and the date or dates on which such securities were acquired; and 

 

	 	(iii)	 any other information that would be required to be made in a dissident’s information circular in connection with solicitations of proxies for
election of directors pursuant to the Act or Applicable Securities Laws. 

  

	6.	 Notice to be updated. In addition, to be considered timely and in proper written form, a Nominating Shareholder’s notice will be
promptly updated and supplemented, if necessary, so that the information provided or required to be provided in such notice will be true and correct as of the date that is ten days prior to the date of the meeting, or any adjournment or postponement
thereof. 

  

	7.	 Shareholder Discussion. No person will be eligible for election as a director of the Corporation unless nominated in accordance with the
provisions of this By-law No. 2; provided, however, that nothing in this By-law No. 2 will be deemed to preclude discussion by a shareholder (as distinct from the nomination of directors) at a meeting of shareholders of any matter in respect of
which it would have been entitled to submit a proposal pursuant to the provisions of the Act. 

  

	8.	 Disclosure of Nominee Information. The Corporation shall make all information requested and received from the Nominee and Nominating
Shareholder publicly available to the shareholders of the Corporation. 

  

	9.	 Delivery of Notice. Notwithstanding any other provision of the by-laws of the Corporation, notice given to the Secretary of the Corporation
pursuant to this By-law No. 2 may only be given by personal delivery, facsimile transmission or by email (at such email address as stipulated from time to time by the Secretary of the Corporation for purposes of this notice), and will be deemed
to have been given and made only at the time it is served by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Secretary at
the address of the principal executive offices of the Corporation; provided that if such delivery or electronic communication is made on a day which is not a Business Day or later than 5:00 p.m. (Eastern Time) on a day which is a

  
 - 3 - 

 
Business Day, then such delivery or electronic communication will be deemed to have been made on the subsequent day that is a Business Day. 

 

	10.	 Board Discretion. Notwithstanding the foregoing, the Board may, in its sole discretion, waive any requirement in this By-law No. 2.

  

	11.	 Definitions. For purposes of this By-law No. 2: 

 

	 	(a)	 “Applicable Securities Laws” means the applicable securities legislation of each relevant province and territory of Canada, as
amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the securities commission and similar
regulatory authority of each province and territory of Canada. 

  

	 	(b)	 “Business Day” means any day other than a Saturday, Sunday or statutory holiday in the Province of Ontario. 

 

	 	(c)	 “person” includes individuals, corporations, limited and unlimited liability companies, general and limited partnerships,
associations, trusts, unincorporated organizations, joint ventures and any domestic or foreign legislative, executive, judicial or administrative body or person having or purporting to have jurisdiction in the relevant circumstances.

  

	 	(d)	 “Public Announcement” means disclosure in a press release reported by a national news service in Canada, or in a document publicly
filed by the Corporation under its profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com. 

  

	 	(e)	 “Representative” of a person means the affiliates and associates of such person, all persons acting jointly or in concert with any
of the foregoing, and the affiliates and associates of any of such persons acting jointly or in concert. 

 The by-laws of
the Corporation, as amended from time to time, will be read together and will have effect, so far as practicable, as though all the provisions thereof were contained in one by- law of the Corporation. 

  
 - 4 -

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