Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 NOTE
PURCHASE AGREEMENT 
 This NOTE PURCHASE AGREEMENT (the “Agreement”), dated May 5, 2022, is being entered
into by and between Li-Cycle Holdings Corp., a corporation incorporated under the laws of the Province of Ontario with offices located at 207 Queen’s Quay West, Suite 590, Toronto, Ontario M5J 1A7 (the
“Company”), and Glencore Ltd., a Swiss company having an office at 330 Madison Ave., New York, NY 10017 (the “Purchaser”). 

RECITALS 
 WHEREAS, the
Purchaser desires to purchase from the Company, and the Company desires to issue and sell to the Purchaser, the Convertible Note due five years from its date of issue in the aggregate amount of $200,000,000 (referred to herein as the
“Note”) in the form attached as Exhibit A and to be issued in accordance with the terms and conditions of the form of Note; and 

WHEREAS, the Company and the Purchaser desire to set forth certain agreements herein. 

NOW, THEREFORE, in consideration of the premises and the representations, warranties and agreements herein contained and intending to be
legally bound hereby, the parties hereby agree as follows: 
  

	1.	 PURCHASE AND SALE OF CONVERTIBLE NOTE. 

(a) Purchase of Note. Subject to the terms and conditions of this Agreement, at the Closing the Company shall issue and sell to the
Purchaser, and the Purchaser shall purchase and acquire from the Company, the Note for a purchase price equal to $200,000,000 (the “Purchase Price”). 

(b) Closing. The closing (the “Closing”) of the purchase of the Note by the Purchaser shall occur on the second
Business Day (as defined in the Note) following the date on which the conditions to the Closing set forth in Section 4 of this Agreement have been satisfied or, to the extent permitted by Applicable Law (as defined below), waived by the party
entitled to the benefit thereof (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at such time), or on such other Business Day to be agreed in writing
between the Company and the Purchaser, at the offices of Freshfields Bruckhaus Deringer LLP, 601 Lexington Avenue, 31st Floor, New York, NY 10022 or remotely by electronic exchange of documents. The date on which the Closing occurs is referred to
herein as the “Closing Date”. 
 (c) Form of Payment for Note. At the Closing, (i) the Purchaser shall pay the
Purchase Price to the Company for the Note, and (ii) the Company shall deliver to Purchaser the Note in the aggregate principal amount of $200,000,000. 

	2.	 PURCHASER’S REPRESENTATIONS AND WARRANTIES. 

Purchaser represents and warrants to the Company as follows: 

(a) Organization. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization. 
 (b) Authorization; Validity; Enforcement. The Purchaser has full corporate power and authority to execute and
deliver this Agreement, the Note, the Registration Rights Agreement attached hereto as Exhibit B (the “Registration Rights Agreement”) and the Amended and Restated Standstill Agreement attached hereto as Exhibit C (the
“Standstill Agreement”, and together with this Agreement, the Note and the Registration Rights Agreement, the “Transaction Documents”) and to consummate the transactions contemplated by this Agreement (the
“Transactions”) to which it is a party. The execution, delivery and performance by the Purchaser of the Transaction Documents and the consummation of the Transactions to which it is a party have been duly authorized by all necessary
corporate action on behalf of the Purchaser. No other proceedings on the part of the Purchaser are necessary to authorize the execution, delivery and performance by the Purchaser of any of the Transaction Documents and consummation of the
Transactions to which it is a party. Each of the Transaction Documents has been duly and validly executed and delivered by the Purchaser. Assuming each of the Transaction Documents constitutes the valid and binding obligation of the Company, each of
the Transaction Documents is a valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, subject to the limitation of such enforcement by the effect of bankruptcy, insolvency, reorganization,
receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or the rules governing the availability of specific performance, injunctive relief or other equitable remedies and general
principles of equity, regardless of whether considered in a proceeding in equity or at law (the “Enforceability Exceptions”). 

(c) Sufficiency of Funds. At and immediately prior to the Closing, the Purchaser will have cash and equity capital commitments in excess
of the Purchase Price. 
 (d) No Conflicts. The execution and delivery by the Purchaser of the Transaction Documents, and the
performance by the Purchaser of its obligations under the Transaction Documents, including the transactions contemplated herein, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Purchaser pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license
or other agreement or instrument to which the Purchaser is a party or by which the Purchaser is bound or to which any of the property or assets of the Purchaser is subject, which would reasonably be expected to have, individually or in the
aggregate, a material adverse effect on the ability of the Purchaser to perform its obligations hereunder; or (ii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over the Company or any of its properties that would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Purchaser to perform its obligations hereunder. 

  
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 (e) Consents and Approvals. No consent, approval, order or authorization of,
or registration, declaration or filing with, or exemption or review by, any court, administrative agency or commission or other governmental authority or instrumentality, whether federal, state, provincial, local or foreign, and any applicable
industry self-regulatory organization (each, a “Governmental Entity”) is required on the part of the Purchaser in connection with the execution, delivery and performance by the Purchaser of the Transaction Documents and the
consummation by the Purchaser of the Transactions to which it is a party, except for any required filings or approvals under any applicable antitrust laws or foreign investment laws, requirements or regulations in connection with the issuance of
common shares of the Company (“Common Shares”) upon the conversion of the Note, or the exercise of any warrants issued to the Purchaser upon the redemption of the Note in accordance with the terms and conditions thereof (the
“Redemption Warrants”), any required filings pursuant to the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”) or the rules of the United States Securities Exchange Commission (the
“SEC”) and any consent, approval, order, authorization, registration, declaration, filing, exemption or review, the failure of which to be obtained or made, individually or in the aggregate, would not reasonably be expected to
adversely affect or delay the consummation of the Transactions by the Purchaser. 
 (f) Purchase for Investment. The purchase of the
Note is for the Purchaser’s own account and not with a view to the distribution thereof, provided that the disposition of the Purchaser’s property shall at all times be within the Purchaser’s control. The Purchaser understands
that neither the Note nor any Common Share issuable upon the conversion of the Note has been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may be resold only if registered pursuant
to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the
Note. 
 (g) Accredited Investor; Restricted Securities. The Purchaser is an accredited investor (as defined in Rule 501 of the
Securities Act) and is aware that the offering and sale of the Note is being made in reliance on a private placement exemption from registration under the Securities Act and may be resold only if registered pursuant to the provisions of the
Securities Act or if an exemption from registration is available. 
 (h) No Qualification in Canada. The Purchaser acknowledges having
been informed by the Company that the Note and the Common Shares issuable upon conversion of the Note: (i) have not been qualified for distribution by prospectus in any jurisdiction of Canada, and (ii) may not be offered or sold in
any jurisdiction of Canada during the course of their distribution except pursuant to a prospectus or exemption from the prospectus requirement under applicable securities laws in Canada. 

(i) Investment Decision. The Purchaser has made its own investment decision based upon its own judgment, due diligence and advice from
such advisors as it has deemed necessary and not upon any view expressed by any other Person (as defined herein). Neither such inquiries nor any other due diligence investigations conducted by it or its advisors or representatives, if any, shall
modify, amend or affect its right to rely on the Company’s representations and warranties contained herein. It is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of
the Company, including, without limitation, except for the express statements, representations and warranties of the Company made or contained in this Agreement. Furthermore, it acknowledges that nothing in this Agreement or any other materials
presented by or on behalf of the Company to it in connection with the purchase 

  
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of the Note constitutes legal, tax or investment advice. The Purchaser has adequate means of providing for its current needs and contingencies, has no need for liquidity with respect to its
investment in the Note, and can withstand a complete loss of such investment in the Note. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and any Governmental Entity (as defined below) or any department or agency thereof. 

(j) Accuracy of Representations. The Purchaser understands the Company is relying and will rely upon the truth and accuracy of the
foregoing representations, acknowledgments and agreements in connection with the transactions contemplated by this Agreement. 
  

	3.	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to Purchaser as follows: 

(a) Organization; Authority. The Company has been duly incorporated and is validly existing as a corporation under the laws of the
Province of Ontario, in good standing under the laws of the Province of Ontario (to the extent such concept exists in such jurisdiction), with the corporate power and capacity (as such term is interpreted under the laws of the Province of Ontario)
to own, lease and operate its properties and conduct its business as presently conducted. 
 (b) Common Shares. The Common Shares
issuable upon conversion of the Note, or the exercise of any Redemption Warrants, as applicable, will be duly and validly authorized and, when and if issued and delivered to Purchaser in accordance with the terms of the Note and this Agreement, such
Common Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any statutory or contractual preemptive or similar rights. 

(c) Authorization; Validity; Enforcement. The Company has the corporate power and capacity (as such term is interpreted under the laws
of the Province of Ontario) to enter into, deliver and perform its obligations under this Agreement. The execution, delivery and performance of the Transaction Documents and the consummation by the Company of the Transactions to which it is a
party have been duly authorized by the board of directors of the Company (the “Board of Directors”) and all other necessary corporate action on the part of the Company. Assuming each of the Transaction Documents constitutes the
valid and binding obligation of the Purchaser, each of the Transaction Documents is, or will at the Closing constitute, a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the
Enforceability Exceptions. 
 (d) No Conflicts. The execution and delivery by the Company of the Transaction Documents, and the
performance by the Company of its obligations under the Transaction Documents, including the issuance and sale of the Note or the Common Shares issuable upon conversion of the Note or upon exercise of any Redemption Warrants, as applicable, and the
consummation of the other transactions contemplated herein, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan 

  
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agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject,
which would reasonably be expected to have, a Company Material Adverse Effect or materially affect the validity of the Note or such Common Shares or the legal authority of the Company to comply in all material respects with the terms of this
Agreement; (ii) the organizational documents of the Company; or (iii) subject to compliance with applicable antitrust laws and foreign investment laws, any statute or any judgment, order, rule or regulation of any court or governmental
agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that, for purposes of this clause (iii), would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect or
materially affect the validity of the Note or such Common Shares or the legal authority of the Company to comply in all material respects with this Agreement. For purposes of this Agreement, (x) “Company Material Adverse Effect”
means any event, change or development that has had, or would reasonably be likely to have, individually or in the aggregate, a material adverse effect on the results of operations or financial condition of the Company and its Subsidiaries, taken as
a whole, but, in each case shall not include the effect of any event, change or development relating to (i) the industries and markets in which the Company and its Subsidiaries operate, (ii) macroeconomic factors, exchange rates, interest
rates or general financial, credit, debt or capital market conditions (including changes in interest or exchange rates), (iii) earthquakes, floods, hurricanes, tornadoes, natural disasters, epidemics, pandemics, endemics or disease outbreaks
(including COVID-19), (iv) global, national or regional political conditions, including hostilities, acts of war, sabotage or terrorism or military actions or any escalation, worsening or diminution of any
such hostilities, acts of war, sabotage or terrorism or military actions existing or underway as of the date hereof, (v) changes in Applicable Law (including any COVID-19 Measures), generally accepted
accounting principles or interpretations of the foregoing, (vi) compliance with this Agreement or the other Transaction Documents or any action taken or omitted to be taken by the Company at the written request of, or with the prior written
consent of, the Purchaser, (vii) consummation of the transactions contemplated hereby or any announcement of this Agreement or the other Transaction Documents or the identity of the Purchaser or any of its Affiliates (as defined in the Note),
(viii) any failure by the Company to meet projections, forecasts or estimates (but not the underlying cause thereof), or (ix) any breach by the Purchaser of this Agreement or the other Transaction Documents; provided, however,
that with respect to the foregoing clauses (i) through (v), any such event, change or development may be taken into account in determining whether there has been or is a “Company Material Adverse Effect” to the extent it
disproportionately impacts the results of operations or financial condition of the Company and its Subsidiaries, taken as a whole, as compared to similarly situated participants in the same industry, (y)
“COVID-19” means SARS-CoV-2 or COVID-19, and any evolutions or mutations
thereof or related or associated epidemics, pandemic or disease outbreaks, and (z) “COVID-19 Measures” means any quarantine, “shelter in place,” “stay at home,” workforce
reduction, social distancing, shut down, closure, sequester, safety or similar Law, directive, guidelines or recommendations promulgated by any Governmental Authority, including the Centers for Disease Control and Prevention, Health Canada and the
World Health Organization, in each case, in connection with or in response to COVID-19, including the CARES Act and Families First Act. 

  
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 (e) Governmental Authorization. The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other Person in connection with the execution,
delivery and performance by the Company of this Agreement (including, without limitation, the issuance of the Note), other than (i) filings required by applicable state, provincial or federal securities laws, (ii) consents, waivers,
authorizations, orders, notices, filings or registrations required under applicable antitrust laws or foreign investment laws in connection with the issuance of Common Shares upon the conversion of the Note, or the exercise of any warrants issued to
the Purchaser upon the redemption of the Note in accordance with the terms and conditions thereof, and (iii) consents, waivers, authorizations, orders, notices, filings or registrations the failure of which to obtain would not reasonably be
expected to be, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole. 
 (f) Non-contravention. The Company is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or
provision of (i) the organizational documents of the Company, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Company is now a party or by which the
Company’s properties or assets are bound, or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties,
except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably be expected to be, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole. 

(g) Exchange Act Registration of Common Shares; Canadian Reporting Issuer Status. All of the issued and outstanding Common Shares have
been registered pursuant to Section 12(b) of the Exchange Act and are listed for trading on the New York Stock Exchange (the “NYSE”). The Company currently qualifies as a “foreign private issuer” as such term is
defined in Rule 3b-4(b) under the Exchange Act. There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE or the SEC with
respect to any intention by such entity to deregister the Common Shares, or prohibit or terminate the listing of the Common Shares, on the NYSE. The Company has taken no action that is designed to terminate the registration of the Common Shares
under the Exchange Act. The Company is not on a list of reporting issuers that is in default in the Province of Ontario. To the knowledge of the Company, there is no suit, action, proceeding or investigation pending or threatened against the Company
by the Ontario Securities Commission to terminate the Company’s status as a reporting issuer, nor has the Company taken any action that is intentionally designed to terminate the Company’s status as a reporting issuer in the Province of
Ontario. 
 (h) Reports; Financial Statements. 

(i) The Company has filed with or furnished to the SEC, as applicable, its shell company report on Form
20-F and other statements required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since August 9, 2021 (collectively, the “Company Reports”). As
of its respective date, and, if amended, as of the date of the last such amendment, each Company Report complied in all material respects as to form with the applicable requirements of the Securities Act and the Exchange Act, and any rules and
regulations promulgated thereunder applicable to such Company Report. As of its respective date, and, if amended, as of the date of the last such amendment, no Company Report contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading. 

  
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 (ii) Each of the consolidated balance sheets and the related consolidated statements of
operations, shareholders’ equity (deficit) and cash flows included in the Company Reports filed with the SEC under the Exchange Act have been prepared from, and are in accordance with, the books and records of the Company and its 100% owned
consolidated subsidiary entities (“Subsidiaries”), fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the dates shown and the results of the consolidated loss and
comprehensive loss, changes in equity and cash flows of the Company and its consolidated Subsidiaries for the respective fiscal periods set forth therein, subject, in the case of any unaudited financial statements, to normal recurring year-end audit adjustments, have been prepared in accordance with IFRS consistently applied during the periods involved, and, except in the case of unaudited financial statements for the absence of footnote
disclosure, otherwise comply in all material respects with the requirements of the SEC. 
 (iii) Since August 9, 2021, (A) the
Company and its Subsidiaries have conducted their respective businesses in all material respects in the ordinary course of business, and (B) no events, changes or developments have occurred that, individually or in the aggregate, have had or
would reasonably be expected to have a Company Material Adverse Effect. 
 (i) Capitalization. The authorized capital of the Company
consists of an unlimited number of Common Shares and an unlimited number of preferred shares. As of the date of this Agreement, there were issued and outstanding: (i) 169,080,622 Common Shares of the Company (the “Outstanding
Shares”); (ii) no preferred shares of the Company; (iii) options (the “Options”) to acquire an aggregate of 5,793,766 Common Shares of the Company and (iv) restricted share units (the “RSUs”) to
acquire an aggregate of 2,196,215 Common Shares of the Company. Except for the Outstanding Shares, there are no other shares of any class or series in the capital of the Company outstanding. Except for the Options and the RSUs, there are no options,
warrants, convertible securities or other rights, agreements or commitments requiring or which may require the issuance or sale by the Company or any of its Subsidiaries of any securities of the Company or any of its Subsidiaries. 

(j) Litigation. Except as set forth on Section 3(j) of the Company Disclosure Schedules, there is no (and since May 1, 2019,
there has not been any) proceeding pending or, to the Company’s knowledge, threatened by or against the Company and its Subsidiaries that, if adversely decided or resolved, has been or would reasonably be expected to be, individually or in the
aggregate, material to the Company and its Subsidiaries, taken as a whole, or that would reasonably be expected to prevent, materially delay or materially impair the ability of the Company to timely consummate the transactions contemplated hereby.
None of the Company and its Subsidiaries nor any of their respective properties or assets is subject to any material order (including any order that would prevent, materially delay or materially impair the ability of the Company to timely consummate
the transactions contemplated hereby). 

  
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 (k) Compliance with Law. Each of the Company and its Subsidiaries (i) conducts,
and since May 1, 2019 has conducted, its business in accordance with all laws and orders applicable to the Company or such Subsidiary, as applicable, and is not in violation of any such law or order, including any law or order related to COVID-19, and (ii) has not received any written communications from a Governmental Entity that alleges that the Company or any of its Subsidiaries is not in compliance with any such law or order, except, in the
case of each of clauses (i) and (ii), as is not and would not reasonably be expected to be, individually or in the aggregate, material to the Company and its Subsidiaries, taken as a whole. 

(l) Intellectual Property. 

(i) To the Company’s knowledge, the Company and its Subsidiaries have sufficient rights to all Company owned Intellectual Property Rights
used in or necessary for the operation of the businesses of the Company and its Subsidiaries as currently conducted. 
 (ii) The Company and
its Subsidiaries have taken commercially reasonable steps to safeguard and maintain the secrecy of any Trade Secrets owned by the Company or any Subsidiary, except which would not reasonably be expected to have, individually or in the aggregate, a
material adverse effect on the Company and its Subsidiaries, taken as a whole. To the Company’s knowledge, there has been no violation or unauthorized access to or disclosure of any material Trade Secrets of or in the possession of or processed
by the Company or any Subsidiary of the Company, or of any written obligations with respect to such. 
 (iii) To the Company’s
knowledge, since May 1, 2019, no Person is or was infringing, misappropriating, misusing, diluting or violating any Company owned Intellectual Property Right in any material respect. None of the Company or any Subsidiary has made any written
claim commencing legal action against any Person alleging any infringement, misappropriation or other violation of any Company owned Intellectual Property Right in any material respect. 

(iv) “Intellectual Property Rights” means all (A) patents and patent applications, industrial designs and design patent
rights, including any continuations, divisionals, continuations-in-part and provisional applications and statutory invention registrations, and any patents issuing on
any of the foregoing and any reissues, reexaminations, substitutes, supplementary protection certificates, extensions of any of the foregoing; (B) trademarks, service marks, trade names, service names, brand names, trade dress rights, logos,
Internet domain names, corporate names and other source or business identifiers, together with the goodwill associated with any of the foregoing, and all applications, registrations, extensions and renewals of any of the foregoing;
(C) copyrights, works of authorship, data, database and design rights, and mask work rights, whether or not registered or published, and all registrations, applications renewals, extensions and reversions of any of any of the foregoing;
(D) trade secrets, know-how, confidential or proprietary information, including invention disclosures, inventions, ideas, algorithms, formulae, processes, methods, techniques, and models, technologies,
protocols, methodologies, formulations, layouts, specifications, discoveries, compositions, industrial models, architectures, drawings, plans, ideas, research and development, customer and supplier lists, pricing and cost information, and business
and marketing plans and proposals, in each case whether patentable or not and whether reduced to practice or not (collectively, “Trade Secrets”); (E) rights in software, and (F) any other intellectual or proprietary rights.

  
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 (m) Environmental Matters. 

(i) Neither the Company or its Subsidiaries have received any written notice, report, order, communication or other information from any United
States, Canadian or other Governmental Entity or any other Person regarding any actual, alleged, or potential violation in any material respect of, failure to comply in any material respect with, or material liability under, any laws and orders
concerning pollution, the storage, use, treatment, transportation, handling, importation, exportation, sale, distribution, labeling, recycling, processing or testing of Hazardous Substance (as defined below) or the protection of the environment, or
the protection of human health or safety (to the extent relating to exposure to Hazardous Substances) (collectively, “Environmental Laws”). 

(ii) Except as would not reasonably be expected to have a Company Material Adverse Effect: 

(A) The Company and its Subsidiaries are (and, since May 1, 2019, have been) in compliance with all Environmental Laws, which compliance
has included obtaining, maintaining and complying with all approvals, authorizations, clearances, licenses, registrations, permits or certificates of a Governmental Entity (collectively, “Permits”) that are required pursuant to
Environmental Laws for the ownership or occupation of their facilities and the operation of their business; 
 (B) There is no lawsuit,
litigation, action, claim, complaint, charge, proceeding, administrative enforcement proceeding, suit or arbitration (in each case, whether civil, criminal or administrative and whether public or private) pending by or before or otherwise involving
any Governmental Entity, or, to the Company’s knowledge, threatened against the Company or its Subsidiaries pursuant to Environmental Laws; 

(C) The Company and its Subsidiaries have not manufactured, released, treated, stored, disposed, arranged for disposal, transport or handling
of, contaminated, or exposed any Person to, any material, substance, waste or other pollutant or contaminant that is regulated by, or for which standards of conduct are imposed or may give rise to liability pursuant to, any Environmental Law,
including any petroleum products or byproducts, noise, odor, mold, asbestos, lead, polychlorinated biphenyls, per- and poly-fluoroalkyl substances, or radon (each, a “Hazardous Substance”),
except, in each case, in compliance with Environmental Law; 
 (D) The Company and its Subsidiaries have not assumed, undertaken, provided
an indemnity with respect to or otherwise knowingly become subject to any liabilities of any other Person under Environmental Law; and 

(E) The Company has made available to the Purchaser copies of all written environmental reports, audits, and assessments and all other
material environmental, health and safety documents that are in the Company’s possession or control relating to the current or former operations, properties or facilities of the Company or its Subsidiaries. 

  
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 (n) Compliance with Sanctions Laws, Anti-Corruption Laws and Anti-Money Laundering Laws.
 
 (i) Neither the Company, its Subsidiaries, nor any of their directors or officers, nor, to the Company’s knowledge, any of their
employees, agents, or other third-party representatives acting for or on behalf of any of the foregoing is or has been a person, organization or vessel (A) designated on the OFAC list of Specially Designated Nationals and Blocked Persons, the
Consolidated List of Financial Sanctions Targets maintained by Her Majesty’s Treasury, and person listed by Canada under the regulations to the Special Economic Measures Act, the Freezing Assets of Corrupt Foreign Officials Act,
the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) the United Nations Act, the Criminal Code, or any other similar Canadian law, or subject of any economic or financial sanctions administered
or enforced by the United Nations Security Council, the European Union or Switzerland, or on any list of targeted Persons issued under any such economic or financial sanctions laws, including those administered by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the U.S. Department of State, any other agency of the US government, or the government of Canada (“Sanctions Laws”), (B) that is, or is part of, a government of any country or other
territory subject to a general export, import, financial or investment embargo under Sanctions Law including, for the avoidance of doubt, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea territory, Cuba, Iran, North Korea, and Syria (“Sanctioned Territory”), (C) owned or controlled by, or acting on behalf of, any of the foregoing,
(D) organized, resident, located within or operating from a Sanctioned Territory, or (E) otherwise targeted under any Sanctions Law (a “Sanctioned Person”), or otherwise is engaging or has engaged in dealings with any
Sanctioned Person; 
 (ii) The entering into of this Agreement and the completion of the transactions contemplated in the Transaction
Documents will not violate, and the Company and its Subsidiaries have not violated in any material respect, or have not at any time engaged in activity, practice or conduct which would constitute a material breach of, any Sanctions Laws, any
applicable anti-money laundering and counter-terrorism laws in all applicable jurisdictions, the rules and regulations thereunder and any applicable related or similar rules, regulations or guidelines issued, administered or enforced by any
Governmental Entity, including without limitation, the Criminal Code (Canada); the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), 18 U.S.C. §§ 1956-1957, and regulations and guidance thereunder
(“Anti-Money Laundering Laws”), all applicable laws relating to export, re-export, transfer and import controls, including the Export and Import Permits Act and the regulations
thereunder and the Export Administration Regulations and the customs and import laws administered by U.S. Customs and Border Protection (“Ex-In Laws”), or the (A) U.S. Foreign Corrupt
Practices Act (FCPA), (B) the Corruption of Foreign Public Officials Act (Canada), (C) the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or (D) any other applicable anti-bribery
or anti-corruption laws related to combatting bribery, corruption and money laundering (“Anti-Corruption Laws”). 
 (iii)
Neither the Company, its Subsidiaries, nor any of their directors or officers nor, to the Company’s knowledge, any of their employees, agents, or any third-party representatives acting for or on behalf of any of the foregoing has, in
contravention of any Anti-Corruption Laws, (A) made, offered, promised, paid or received any unlawful bribes, kickbacks or other similar payments to or from any person, (B) made or paid any contributions, directly or indirectly, to a
domestic or foreign political party or candidate which was not in compliance with domestic law or (C) otherwise made, offered, received, authorized, promised or paid any improper 

  
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payment under any Anti-Corruption Laws and the transactions contemplated by the Transaction Documents and any benefit derived thereof will not, directly or indirectly, be used to provide any
unlawful payment, gift or any other improper benefit to any (1) any employee, officer or associated person of, or any person otherwise acting in an official capacity for or on behalf of, a Government Entity or (2) a person holding a
legislative, administrative or judicial position of any kind, regardless of whether elected or appointed, of a Government Entity (a “Public Official”) or their agents, or any other company or entity owed, directly or indirectly, by
a Public Official or its agent, in each case in contravention of applicable Anti-Corruption Laws. 
 (iv) None of the Company or its
Subsidiaries has, to the Company’s knowledge, been the subject of any allegation, voluntary disclosure, investigation, prosecution or enforcement action related to any Sanctions Laws, Anti-Corruption Laws, Ex-Im Laws, Anti-Money Laundering Laws
or Part 3 of the UK Criminal Finances Act 2017 (Corporate Offences of Failure to Prevent Facilitation of Tax Evasion), any rules or regulations thereunder and any other laws, rules and regulations relating to tax evasion applicable to the Company or
its Subsidiaries and to the Company’s knowledge, no such allegation, voluntary disclosure, investigation, prosecution or enforcement action is pending or has been threatened in writing. 

(v) Notwithstanding anything in this Agreement, including but not limited to the representations made under Section 3
of this Agreement, nothing in this Agreement shall require the Company or its Subsidiaries, or any director, officer, employee or agent of the foregoing, to commit an act or omissions that contravenes the Foreign Extraterritorial Measures Act
(Canada), or any order promulgated thereunder. 
 (vi) All the documents and information the Company has provided, and/or will provide,
to the Purchaser, including, without limitation, any “know-your-counterparty” information and documents requested by the Purchaser, is, and/or will be, accurate, complete and up to date in all material respects; 

(vii) The Company and its Subsidiaries have instituted and maintained policies, procedures, systems and controls, including a compliance
program (the “Compliance Program”), reasonably designed to (A) promote and achieve compliance with Sanctions Laws, Anti-Corruption Laws, or Anti-Money Laundering Laws and (B) prevent any person acting on behalf of the
Company or otherwise performing any services for or on the Company’s behalf, including without limitation its directors, officers, employees, contractors, sub-contractors and agents (an
“Affiliated Person”), from any conduct that would give rise to an offence under Sanctions Laws, Anti-Corruption Laws, or Anti-Money Laundering Laws . 

(viii) The Company, its Subsidiaries and its directors and officers are not (A) a Public Official or (B) (1) a Public Official’s
spouse; (2) a Public Official and his or her spouse’s grandparents, parents, siblings, children, nieces, nephews, aunts, uncles and first cousins; (3) the spouse of any persons listed in subcategories (1) or (2); and (4) any
other person who shares the same household with the individual, personal, business, or other relationship or association with a Public Official who may have responsibility for or oversight of the business of the Company or its Subsidiaries. 

  
 11 

 (ix) No Sanctioned Person has any beneficial or other property interest in the Agreement nor
will have any participation in or derive any other financial or economic benefit from the Agreement; and 
 (x) The Company will not use, or
make available, the funds provided by the Purchaser pursuant to the Agreement (A) to fund or facilitate any activities or business of, with or related to any Sanctioned Territory or Sanctioned Person, (B) in any manner that would result in
a violation of Sanctions Laws, or (C) for any activities or business that could result in the designation of the Purchaser as a Sanctioned Person. 

(xi) For purposes of this Agreement, “Applicable Law” means all laws (statutory or common), rules, ordinances, regulations,
grants, concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature, having
application, directly or indirectly, to the Company, and includes the rules and policies of any stock exchange upon which the Company has securities listed or quoted. 

(o) Record Keeping. In connection with the business of the Company and its Subsidiaries, the Company has, at all times in the last five
(5) years, maintained books, records and accounts that were accurate and complete, in all material respects, and complied, in all material respects, with the requirements of Applicable Laws. 

(p) No Registration of Note or Common Shares; Ontario Prospectus Exemption. Assuming the accuracy of the Purchaser’s
representations and warranties set forth in Section 2, no registration under the Securities Act and no registration or qualification under any applicable state securities laws is required for the offer and sale of the Note
by the Company to the Purchaser in the manner contemplated by this Agreement or for the issuance of the Common Shares issuable upon the conversion of the Note or any Redemption Warrants. The distribution of the Note to the Purchaser is exempt from
the prospectus requirements of the Securities Act (Ontario) under Section 2.3 of Ontario Securities Commission Rule 72-503 Distributions Outside Canada. The distribution of the Common Shares
issuable upon conversion of the Note or the exercise of any Redemption Warrants would, if issued on the date hereof, be exempt from the prospectus requirements of the Securities Act (Ontario) under Section 2.42(1)(a) of National
Instrument 45-106 Prospectus Exemptions of the Canadian Securities Administrators. 
  

	4.	 CONDITIONS TO CLOSING 

(a) Mutual Conditions. The obligations of each of the Company and the Purchaser to consummate the Transactions are subject to the
satisfaction or, to the extent permitted by Applicable Law, waiver of the following condition, which condition is for the mutual benefit of the Company and the Purchaser and may be waived only by the mutual consent of the Company and the Purchaser:

 (i) no Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise preventing or prohibiting consummation of the
transactions contemplated hereby, and no Governmental Entity shall have instituted or threatened in writing a proceeding seeking to impose any such prevention or prohibition. 

  
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 (b) Additional Conditions to the Purchaser’s Obligation to Close. The
obligations of the Purchaser to consummate the Transactions are subject to the satisfaction or, to the extent permitted by Applicable Law, waiver by the Purchaser of each of the following conditions: 

(i) (A) the representations and warranties of the Company set forth in Section 3 of this Agreement (other than the representations and
warranties set forth in Section 3(a) (Organization; Authority), Section 3(b) (Common Shares), Section 3(c) (Authorization; Validity;
Enforcement) and Section 3(i) (Capitalization) (collectively, the “Fundamental Company Representations”) and Section 3(h)(iii)(B) (Absence of a Company MAE))
shall be true and correct (without giving effect to any limitations as to “materiality” or “Company Material Adverse Effect” set forth therein) as of the date hereof and as of the Closing Date as though made on and as of the
Closing Date (except for such representations and warranties that are made expressly as of a specific date, which representations and warranties shall be true and correct as of such date), in each case, except for such failures to be so true and
correct as have not had, individually or in the aggregate, a Company Material Adverse Effect, (B) each of the Fundamental Company Representations shall be true and correct in all material respects as of the date hereof and as of the Closing
Date as though made on and as of the Closing Date (except for such representations and warranties that are made expressly as of a specific date, which representations and warranties shall be so true and correct as of such date), and (C) the
representation and warranty of the Company set forth in Section 3(h)(iii)(B) (Absence of a Company MAE) shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and
as of the Closing Date; 
 (ii) the Company shall have performed and complied in all material respects with all covenants, agreements and
conditions required by this Agreement to be performed or complied with by it at or prior to the Closing and after giving effect to the issue and sale of the Note (and the application of the proceeds thereof), no Default or Event of Default (each as
defined in the Note) shall have occurred and be continuing; 
 (iii) the Company shall have delivered a certificate signed by an executive
officer thereof confirming the satisfaction of the conditions in clauses (i) and (ii) above as of the Closing; 
 (iv) the commercial
agreements contemplated by the term sheet, dated as of the date hereof (the “Commercial Term Sheet”), agreed between the parties (collectively, the “Commercial Agreements”) shall have been duly executed and
delivered by the Company to the Purchaser on substantially the terms set forth in the Commercial Term Sheet and otherwise on terms and conditions reasonably acceptable to the Purchaser; and 

(v) the Purchaser shall have received customary opinions of outside counsel to the Company substantially in the forms attached hereto as
Exhibit D. 

  
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 (c) Additional Conditions to the Company’s Obligation to Close. The obligations
of the Company to consummate the Transactions are subject to the satisfaction or, to the extent permitted by Applicable Law, waiver by the Company of each of the following conditions: 

(i) each of the representations and warranties of the Purchaser contained in Section 2 shall be true and correct in
all material respects (other than such representations and warranties that are qualified as to materiality or material adverse effect, which representations and warranties shall be true and correct in all respects) as of the date hereof and as of
the Closing Date as though made on and as of the Closing Date (except for such representations and warranties that are made expressly as of a specific date, which representations and warranties shall be so true and correct as of such date); 

(ii) the Purchaser shall have performed and complied in all material respects with all covenants, agreements and conditions required by this
Agreement to be performed or complied with by it at or prior to the Closing; 
 (iii) the Purchaser shall have delivered a certificate signed
by an executive officer thereof confirming the satisfaction of the conditions in clauses (i) and (ii) above as of the Closing; and 

(iv) the Commercial Agreements shall have been duly executed and delivered by the Purchaser to the Company on substantially the terms set forth
in the Commercial Term Sheet and otherwise on terms and conditions reasonably acceptable to the Company. 
  

	5.	 COVENANTS. 

(a) Use of Proceeds. The Company will use the net proceeds from the sale of the Note for hub and spoke development and general corporate
purposes. 
 (b) Listing; Canadian Securities Law Compliance. The Company shall use its reasonable best efforts to promptly secure the
listing on the NYSE of all of the Common Shares issuable upon conversion of the Note or upon exercise of any Redemption Warrants, as applicable (subject to official notice of issuance). Until the date (the “Reference Date”) that is
the earlier of (i) the date on which the Note has been fully converted in accordance with its terms, and (ii) the later of (x) the Maturity Date and, if applicable, (y) the expiration date of any Redemption Warrants, the Company
shall use its reasonable best efforts to maintain the listing or authorization for quotation (as the case may be) of all Common Shares from time to time issuable under the terms of the Note or, if Redemption Warrants are issued, upon exercise of the
Redemption Warrants on the NYSE, the NYSE American, Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or the OTC US Market so long
as, in the case of the OTC US Market only, the market capitalization of the Company is $150,000,000 or more (each, an “Eligible Market”). Until the Reference Date, the Company shall not take any action which could be reasonably
expected to result in the delisting or suspension of the Common Shares on an Eligible Market. Until the Reference Date, the Company shall use its reasonable best efforts to remain a reporting issuer in the Province of Ontario. The Company shall
timely file a Form 72-503F under OSC Rule 72-503 Distributions Outside Ontario in respect of the distribution of the Note to the Purchaser. 

  
 14 

 (c) Expenses. Except as otherwise provided herein, all costs and expenses incurred in
connection with this Agreement shall be paid by the party incurring such cost or expense. 
 (d) Commercially Reasonable Efforts. Each
of the parties hereto shall use its commercially reasonable efforts to cause the Closing to occur as promptly as practicable following the date hereof, including by using such efforts to satisfy each of the conditions to Closing; provided,
such obligation shall not require any party hereto to waive any such condition; and provided, further, that in the case of each of the Commercial Agreements, each party hereto shall be obligated to (and, to the extent applicable, shall cause
any Affiliates to) meet and confer with the other party hereto concerning the possible terms of such Commercial Agreements, as applicable, but no such party shall have any obligation to agree to any such terms except in its sole discretion and this
Agreement shall not be deemed an “agreement to agree” with respect thereto. 
 (e) Transfer Restrictions. 

(i) The Purchaser shall not offer, sell, assign or transfer (including through hedging or derivative transactions) any Common Shares issued or
issuable upon conversion of the Note for a period of two (2) years after the date hereof, other than to one or more Permitted Transferees (as defined in the Note). 

(ii) The Purchaser shall not offer, sell, assign or transfer any Common Shares issued upon conversion of the Note to any Activist Investor
(excluding for the purposes of this limitation transfers through broad underwritten offerings or ordinary brokerage transactions that result in an Activist Investor transferee without the knowledge by the Purchaser that such transfer would result in
an Activist Investor transferee). “Activist Investor” means, as of the date of the proposed transfer, any Person identified on the most recently available “SharkWatch 50” list (or, if “SharkWatch 50” is no longer
available, then the prevailing comparable list as reasonably determined by the Company), or any Person who, to the knowledge of the transferor, is an Affiliate of any such Person. 

(iii) If the Purchaser transfers any Common Shares to a third party that would, upon the consummation of such transfer, beneficially own 5% or
more of the Company’s total outstanding Common Shares on an as-converted basis (excluding broad underwritten offerings and ordinary brokerage transactions), then the Purchaser shall cause the transferee,
as a condition to such transfer, to become bound by the Standstill Agreement and the terms of this Section 5(e) (as if the transferee were the Purchaser). 

(iv) Upon the occurrence of any transfer pursuant to Section 5(e)(i) or Section 5(e)(iii),
the Purchaser shall cause the transferee to sign a joinder to this Agreement whereby the transferee shall be bound by, and assume, all of the terms and conditions hereof. 

  
 15 

 (f) Disclosure of Transactions and Other Material Information. The Company shall, on
or before 9:15 a.m., New York time, on or about May 5, 2022, issue a press release (the “Press Release”) reasonably acceptable to Purchaser disclosing all the material terms of the transactions contemplated by the Transaction
Documents; provided that nothing contained herein will restrict the ability of the Company to issue the Press Release in order to comply with Applicable Law. After the Closing Date, the Company may file or furnish (i) a Current Report on
Form 6-K with the SEC and a material change report with the Ontario Securities Commission, in each case describing all the material terms of the transactions contemplated by the Transaction Documents, and
(ii) the Press Release with the Ontario Securities Commission. 
 (g) Reservation of Shares. So long as the Note (or any
Redemption Warrants) remains outstanding, the Company shall take all action necessary to at all times have authorized and reserved for the purpose of issuance, the maximum number of Common Shares to provide for the full conversion of the Note (or
exercise of such Redemption Warrants, as applicable) and any payment of accrued and unpaid interest thereon. At no time shall the number of Common Shares reserved pursuant to this Section 5(g) be reduced other than in
connection with any stock combination, reverse stock split or other similar transaction or proportionally in connection with any conversion and/or redemption, as applicable, of the Note. 

(h) Antitrust Approval. The Company and the Purchaser acknowledge that one or more filings under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (the “HSR Act”) or antitrust laws of other jurisdictions and/or foreign investment laws may be necessary in connection with the issuance of the Common Shares upon conversion of the Note. The Purchaser will
promptly notify the Company if any such filing is required on the part of the Purchaser or the Company. The Company, the Purchaser and any other applicable Purchaser Affiliate will use reasonable best efforts to cooperate in making or causing to be
made all applications and filings under the HSR Act or any antitrust laws of other jurisdictions or any foreign investment laws required in connection with the issuance of the Common Shares upon conversion of the Note held by the Purchaser or any
Purchaser Affiliate in a timely manner and as required by the law of the applicable jurisdiction; provided, that, notwithstanding anything in this Agreement to the contrary, the Company shall not have any responsibility or liability for
failure of Purchaser or any of its Affiliates to comply with any Applicable Law. For as long as the Note is outstanding, the Company shall as promptly as reasonably practicable provide (no more than four (4) times per calendar year) such
information regarding the Company and its Subsidiaries as the Purchaser may reasonably request in order to determine what antitrust or foreign investment requirements may exist with respect to any potential conversion of the Note. Promptly upon
request by the Purchaser, the Company will use its reasonable best efforts to make all such filings and obtain all approvals and clearances as required under applicable antitrust or foreign investment laws in connection with the issuance of the
Common Shares and investment in the Common Shares upon conversion of the Note. Notwithstanding anything in this Agreement to the contrary, it is expressly understood and agreed that: (i) neither the Purchaser nor the Company shall have any
obligation to litigate or contest any administrative or judicial action or proceeding or any decree, judgment, injunction or other order, whether temporary, preliminary or permanent; and (ii) neither the Purchaser nor the Company shall be under
any obligation to make proposals, execute or carry out agreements, enter into consent decrees or submit to orders providing for (A) the sale, divestiture, license or other disposition or holding separate (through the establishment of a trust or
otherwise) of any assets or categories of assets of the Purchaser or any of its Affiliates or the Company or any of its Subsidiaries or Affiliates, (B) the imposition of any limitation or regulation on the ability of the Purchaser or any of its
Affiliates or the Company or any of its Subsidiaries or Affiliates to freely conduct their business or own such assets, or (C) the holding separate of the Common Shares or any limitation or regulation on the ability of Purchaser or any of its
Affiliates to exercise full rights of ownership of the Common Shares. The Company and Purchaser will cooperate, provide all necessary information, and keep each other fully apprised with respect to such filing and regulatory processes. The Purchaser
shall be responsible for the payment of the filing fees associated with any such applications or filings. 

  
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 (i) Board Position.  

(i) Subject to (x) Section 5(i)(vii) below, (y) Applicable Law (including, for the avoidance
of doubt, the director eligibility requirements of the Business Corporations Act (Ontario), the SEC, the Ontario Securities Commission and any Eligible Market on which Common Shares trade, in each case, as they exist from time to time), and
(z) the occurrence of the Closing, the Purchaser shall be entitled to designate one nominee for election or appointment to the Board of Directors (the “Purchaser’s Nominee”) by giving written notice to the
Company not later than thirty (30) days after receiving notice of the date of the applicable meeting of shareholders of the Company provided to investors in the case of an election to the Board of Directors, provided that (A) the
Purchaser’s Nominee has: (1) provided the Company with the Purchaser’s Nominee’s written consent to a customary background check, which consent shall be provided promptly after the Purchaser’s Nominee is proposed;
(2) provided the Company with a completed director questionnaire (in the form to be provided by the Company within three (3) Business Days of the Purchaser’s Nominee being identified) and such other information as may be reasonably
requested by the Board of Directors, and (3) upon request by the Company, completed a reasonably satisfactory interview with the Company’s Nominating and Governance Committee (or similarly designated committee), and (B) the
Company’s Nominating and Governance Committee determines the Purchaser’s Nominee is reasonably acceptable. If the Purchaser fails to give notice of the Purchaser’s Nominee as provided above, then the Purchaser’s Nominee shall be
deemed to be the incumbent Purchaser’s Nominee director. In the event the Nominating and Governance Committee determines the Purchaser’s Nominee is not reasonably acceptable, the Purchaser may propose a new nominee, subject to the approval
process described above, until the Purchaser’s Nominee is approved in accordance with this Section 5(i)(i). Subject to the process contemplated by this
Section 5(i)(i), the initial Purchaser’s Nominee shall be Kunal Sinha. 
 (ii)
Following a determination by the Company’s Nominating and Governance Committee that the Purchaser’s Nominee is reasonably acceptable, the Company shall ensure that: (A) the Purchaser’s Nominee is included in the Board of
Director’s slate of nominees to the shareholders of the Company for each election of directors and recommended by the Board of Directors at any meeting of shareholders of the Company called for the purpose of electing directors; (B) the
Purchaser’s Nominee is included in the proxy statement prepared by management of the Company in connection with the Company’s solicitation of proxies or consents in favor of the foregoing for every meeting of the shareholders of the
Company called with respect to the election of members of the Board of Directors, and at every adjournment or postponement thereof, and on every action or approval by written resolution of the shareholders of the Company or the Board of Directors
with respect to the election of members of the Board of Directors; and (C) the Company uses the same level of efforts to solicit proxies or consents in favor of the Purchaser’s Nominee as is expended for the other director nominees of the
Company with respect to the applicable meeting of shareholders or consent solicitation. 

  
 17 

 (iii) If a vacancy occurs because of the death, disability, disqualification, resignation or
removal of the Purchaser Director or for any other reason, and at such time, the Purchaser’s right to designate a Purchaser’s Nominee has not ended pursuant to Section 5(i)(vii) then the Purchaser shall be
entitled to designate such person’s successor, and the Company shall take all necessary actions within its control, in accordance with and subject to the process set forth in Section 5(i)(i), such that such vacancy
shall be filled with such successor Purchaser’s Nominee, it being understood that any such successor designee shall serve the remainder of the term of the director whom such designee replaces. For purposes of this Agreement, the
“Purchaser Director” means an individual elected to the Board of Directors that has been nominated by the Purchaser pursuant to this Agreement. 

(iv) If at any time the Purchaser ceases to have the right to designate a Purchaser’s Nominee, then within ten (10) days thereof, if
so requested by the Company, the Purchaser shall cause the Purchaser Director to tender his or her resignation to the Board of Directors for the Board of Directors’ consideration. 

(v) Subject to Applicable Law (including, for the avoidance of doubt, applicable independence requirements of the Business Corporations Act
(Ontario), the SEC, the Ontario Securities Commission and any Eligible Market on which Common Shares trade, in each case, as they exist from time to time), for so long as the Purchaser Director serves as a member of the Board of Directors, such
Purchaser Director shall be eligible to serve on any committee of the Board of Directors (it being understood that any such appointment shall be determined by the Company’s Nominating and Governance Committee and the Board of Directors in
accordance with their usual procedures). 
 (vi) Each non-employee Purchaser Director shall be
entitled to any retainer, equity compensation or other fees or compensation paid to the other non-employee directors of the Company for their service as a director, including any service on any committee of
the Board of Directors. Each Purchaser Director shall be entitled to the same expense reimbursement and advancement, exculpation and indemnification in connection with his or her role as a director as the other members of the Board of Directors, as
well as reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board of Directors or any committee of the Board of
Directors of which such Purchaser Director is a member, if any, in each case to the same extent as the other members of the Board of Directors. 

(vii) The Purchaser’s right to designate a Purchaser’s Nominee for election or appointment to the Board of Directors in accordance
with this Section 5(i) shall end on the earlier to occur of (A) the Purchaser and its subsidiaries and Affiliates having ceased to beneficially own voting securities (or securities or notes convertible into voting
securities) of the Company having voting rights equal to or greater than fifty percent (50%) of the voting securities into which the Note is convertible as of the Closing Date (assuming receipt of all required regulatory clearances and the
expiration of all required waiting periods under Applicable Law) and (B) the breach by the Purchaser or Glencore plc of any terms or conditions set forth in the Standstill Agreement. 

  
 18 

 (j) Compliance with Laws. Until the Reference Date, the Company shall
comply, in all material respects, with all Applicable Laws, including applicable Sanctions Laws, Anti-Corruption Laws and Anti-Money Laundering Laws; provided, that any failure to comply with this Section 5(j) that
primarily arises or results from the Purchaser or its Affiliates’ actions or omissions shall not constitute a breach of this Section 5(j). Until the Reference Date, if an instance of corruption, bribery of fraud is
alleged or detected by the Company and known by its executive officers, it shall be promptly reported to the Board of Directors, and/or in accordance with the adequate procedures, in the discretion of the Company, to any competent authorities. 

 

	6.	 THE CLOSING. 

(a) Closing Deliverables by the Purchaser. At the Closing, the Purchaser shall deliver to the Company: 

(i) the Standstill Agreement, duly executed by the Purchaser and the Purchaser’s ultimate parent company; 

(ii) the Registration Rights Agreement, duly executed by the Purchaser; 

(iii) the Commercial Agreements, duly executed by the Purchaser and any of its Affiliates that is contemplated as a party thereto; 

(iv) the certificate required by Section 4(c)(iii), duly executed by the Purchaser; 

(v) the Purchase Price by wire transfer of immediately available funds; and 

(vi) such other documents, instruments or certificates relating to the Transactions as the Company or its counsel may have reasonably
requested, duly executed by the Purchaser. 
 (b) Closing Deliverables by the Company. At the Closing, the Company shall deliver to
Purchaser: 
 (i) the Note, duly executed by the Company; 

(ii) the Registration Rights Agreement, duly executed by the Company; 

(iii) the certificate required by Section 4(b)(iii), duly executed by the Company; 

(iv) the opinions of outside counsel to the Company required by Section 4(b)(v); 

(v) the Commercial Agreements, duly executed by the Company and any of its Affiliates that is contemplated as a party thereto; 

(vi) evidence satisfactory to the Purchaser of the conditional acceptance of the NYSE for the listing of the Ordinary Shares issuable upon
conversion of the Note on the NYSE; 
 (vii) evidence satisfactory to the Purchaser that, as of the Closing, the size of the Board of
Directors shall have been increased by one and, subject to the process contemplated by Section 5(i)(i), Kunal Sinha shall have been appointed to fill the vacancy resulting therefrom; and 

  
 19 

 (viii) such other documents, instruments or certificates relating to the Transactions as
Purchaser or its counsel may have reasonably requested, duly executed by the Company. 
  

	7.	 TERMINATION. 

(a) This Agreement may be terminated at any time prior to the Closing Date: 

(i) by mutual written agreement of the parties hereto; 

(ii) if any Governmental Entity of competent jurisdiction shall have enacted, issued, promulgated, enforced, or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions, and such
judgment, order, law, rule or regulation shall have become final and nonappealable; provided, however, that the right to terminate this Agreement pursuant to this Section 7(a)(ii) shall not be available to any
party whose breach of any representation, warranty, covenant, or agreement set forth in this Agreement has been the principal cause of, or primarily resulted in, the issuance, promulgation, enforcement or entry of any such law or order; 

(iii) by the Purchaser, if (A) there shall have been a breach by the Company of any representation, warranty, covenant or agreement
contained herein that would result in the failure of any of the conditions set forth in Section 4(b) to be satisfied, (B) the Purchaser is not then in material breach of any provision of this Agreement or the
Standstill Agreement and (C) such breach by the Company shall not have been cured on or prior to the earlier of (1) the Outside Date (as defined below) and (2) twenty (20) Business Days after receipt by the Company of written notice
of such breach from the Purchaser; provided, that (I) no such cure period shall be available with respect to any such breach by the Company if such breach was intentional and (II) any such cure period shall terminate at any time the
Company is not exercising reasonable efforts to cure such breach; 
 (iv) by the Company, if (A) there shall have been a breach by the
Purchaser of any representation, warranty, covenant or agreement contained herein that would result in the failure of any of the conditions set forth in Section 4(c) to be satisfied, (B) the Company is not then in
material breach of any provision of this Agreement and (C) such breach by the Purchaser shall not have been cured on or prior to the earlier of (1) the Outside Date (as defined below) and (2) twenty (20) days after receipt by the
Purchaser of written notice of such breach from the Company; provided, that (I) no such cure period shall be available with respect to any such breach by the Purchaser if such breach was intentional and (II) any such cure period
shall terminate at any time the Purchaser is not exercising reasonable efforts to cure such breach; and 
 (v) by either the Purchaser or the
Company if the Closing shall not have been consummated on or before May 31, 2022 (the “Outside Date”); provided, however, that the right to terminate this Agreement pursuant to this Section 7(a)(v) shall not
be available to any party whose breach of any representation, warranty, covenant, or agreement set forth in this Agreement has been the principal cause of, or primarily resulted in, the failure of the Closing to occur on or prior to the Outside
Date. 

  
 20 

 The party desiring to terminate this Agreement pursuant to this Section 7(a),
shall give written notice of such termination to the other party. 
 (b) If this Agreement is terminated as permitted by
Section 7(a), this Agreement shall become null and void and of no further force or effect, and such termination shall relieve each party to this Agreement from any liability or obligation under this Agreement except that
nothing herein shall relieve any party from any liability or obligation for any willful breach of this Agreement or fraud that occurred prior to such termination. 
  

	8.	 MISCELLANEOUS. 

(a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any conflict of law that would require the application of the laws of any other jurisdiction. Each of the parties hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any
transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. 
 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
ACTION OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF EITHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT
OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER; (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) IT MAKES THIS WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH. 
 (b) Counterparts; Electronic
Signatures. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page

  
 21 

 
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof. A party’s electronic signature (complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other Applicable
Law) of this Agreement shall have the same validity and effect as a signature affixed by the party’s hand. 
 (c) Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include
the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found. 

(d) Severability; Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid
or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or
unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the
subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as
possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained in this Agreement or any other Transaction Document (and without implication that the following is required or applicable),
it is the intention of the parties that in no event shall amounts and value paid by the Company, or payable to or received by Purchaser, under the Transaction Documents (including without limitation, any amounts that would be characterized as
“interest” under Applicable Law) exceed amounts permitted under any Applicable Law. Accordingly, if any obligation to pay, payment made to Purchaser, or collection by Purchaser pursuant the Transaction Documents is finally judicially
determined to be contrary to any such Applicable Law, such obligation to pay, payment or collection shall be deemed to have been made by mutual mistake of Purchaser, the Company and such amount shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by the Applicable Law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of Purchaser, the amount
of interest or any other amounts which would constitute unlawful amounts required to be paid or actually paid to Purchaser under the Transaction Documents. For greater certainty, to the extent that any interest, charges, fees, expenses or other
amounts required to be paid to or received by Purchaser under any of the Transaction Documents or related thereto are held to be within the meaning of “interest” or another applicable term to otherwise be violative of Applicable Law, such
amounts shall be pro-rated over the period of time to which they relate. 

  
 22 

 (e) Entire Agreement; Amendments. This Agreement, the other Transaction Documents and
the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between Purchaser, the Company and their Affiliates and Persons acting on their behalf,
including any transactions by Purchaser with respect to Common Shares or the securities of the Company, and the other matters contained herein and therein, and this Agreement, the other Transaction Documents, the schedules and exhibits attached
hereto and thereto and the instruments referenced herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein; Except as specifically set forth herein or therein, neither the
Company, nor Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and Purchaser. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. 

(f) Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt by the recipient, when delivered personally; (ii) upon receipt by the recipient, when sent by electronic mail (provided that such sent email is kept on
file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server that such e-mail could not be
delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall be: 
 (i) If to the Company: 

Li-Cycle Holdings Corp. 

207 Queen’s Quay West, Suite 590 

Toronto, Ontario M5J 1A7 

Attention: Ajay Kochhar 
 Email:
ajay.kochhar@li-cycle.com 
 with a copy (which shall not constitute notice) to: 

Freshfields Bruckhaus Deringer LLP 

601 Lexington Avenue, 31st Floor 

New York, New York 10022 

Attention: Paul M. Tiger, Andrea M. Basham 

Email: Paul.Tiger@Freshfields.com 

Andrea.Basham@Freshfields.com 

(ii) If to the Purchaser: 

 Glencore Ltd. 
  330
Madison Ave. 
  New York, New York 10017 

 Attention: Legal Department 

 E-Mail: legalnotices@glencore-us.com 

  
 23 

 with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 
 Attention: Heather Emmel 

Email: heather.emmel@weil.com 

and 
 Glencore International AG

 Baarermattstrasse 3 
 CH
– 6340 Baar 
 Switzerland 

Attn: General Counsel 
 Email:
general.counsel@glencore.com 
 or to such other address or e-mail address and/or to the attention of such other
Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or
other communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time and date or (C) provided by an overnight courier service shall be rebuttable evidence
of personal service, receipt by e-mail or receipt from an overnight courier service in accordance with clauses (i), (ii) or (iii) above, respectively. 

(g) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of Purchaser, including by way of a Change of Control Transaction (as defined in the Note) (unless the Company is in
compliance with the applicable provisions governing Change of Control Transactions set forth in the Note). Purchaser may assign some or all of its rights hereunder to Permitted Transferees in connection with any transfer of any of its securities
without the consent of the Company, provided that any assignee agrees in writing to be bound by the provisions hereof and the Standstill Agreement that apply to Purchaser in which event such assignee shall be deemed to be a Purchaser
hereunder with respect to such assigned rights. 
 (h) No Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

(i) Survival. The representations, warranties, agreements and covenants shall survive the Closing for so long as the Company owes any
amount to the Purchaser under the Note or any Redemption Warrants remain outstanding. 

  
 24 

 (j) Further Assurances. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of
this Agreement and the consummation of the transactions contemplated hereby. 
 (k) Construction. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality or applicability of a
more general representation or warranty. Each and every reference to share prices, Common Shares and any other numbers in this Agreement that relate to the Common Shares shall be automatically adjusted for any stock splits, stock dividends, stock
combinations, recapitalizations or other similar transactions that occur with respect to the Common Shares after the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the Company in order for
Purchaser (or its broker or other financial representative) to effect short sales or similar transactions in the future. 
 (l)
Remedies. Each party hereto shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which it has have been granted at any time under any other agreement or contract and all of the rights which it
has under any law. Any Person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights granted by law. Furthermore, each party hereto recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Transaction Documents, any remedy at
law would be inadequate relief to the other party hereto. Each party hereto therefore agrees that the other party hereto shall be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from
any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security. The remedies provided in this Agreement and the other Transaction Documents shall be cumulative and in
addition to all other remedies available under this Agreement and the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief). 

(m) Currency; Payments. 

(i) Currency. Unless otherwise specified or the context otherwise requires all dollar amounts referred to in this Agreement are in
United States Dollars (“U.S. Dollars”). 
 (ii) Payments. Whenever any payment of cash is to be made by the Company
to any Person pursuant to this Note, unless otherwise expressly set forth herein, such payment shall be made in U.S. Dollars by wire transfer of immediately available funds. Whenever any amount expressed to be due by the terms of this Note is due on
any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day. 
 [signature page
follows] 

  
 25 

 IN WITNESS WHEREOF, each of the Company and the Purchaser has caused their respective
signature page to this Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	LI-CYCLE HOLDINGS CORP.
		
	By:	 	 /s/ Ajay Kochhar

		 	Name: Ajay Kochhar
		 	Title:   Chief Executive Officer
	
	PURCHASER:
	
	GLENCORE LTD.
		
	By:	 	 /s/ Cheryl Driscoll

		 	Name: Cheryl Driscoll
		 	Title:   Secretary

  

  
 [SIGNATURE
PAGE TO NOTE PURCHASE AGREEMENT] 

 Exhibit A 

Form of Note 
 See
attached. 

 Exhibit A 

CONVERTIBLE NOTE1 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. TRANSFER OF THESE SECURITIES AND THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. 

THIS SECURITY AND THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE ARE FURTHER SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECTION 13
HEREOF, AND THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 
 LI-CYCLE HOLDINGS CORP. 
 CONVERTIBLE NOTE 

 

			
	Issuance Date: [•], 2022	  	 Original Principal Amount:

$200,000,000.00

		
	(the “Issuance Date”)	  	

 FOR VALUE RECEIVED, Li-Cycle Holdings Corp., a company existing under the laws
of the Province of Ontario, Canada (the “Company”), hereby promises to pay to the order of Glencore Ltd., a Swiss company having an office at 330 Madison Ave., New York, NY 10017, or its permitted assigns (the
“Holder”) the amount set forth above as the Original Principal Amount (as increased or reduced pursuant to the terms hereof pursuant to PIK, redemption, conversion or otherwise in accordance with the terms of this Convertible Note,
the “Principal”) when due, whether upon the Maturity Date, or upon acceleration, redemption or otherwise (in each case, in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding
Principal at the applicable Interest Rate on each Interest Date until the same becomes due and payable, whether upon the Maturity Date or upon acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This
Convertible Note (including any convertible note issued in exchange, transfer or replacement hereof in accordance with Section 14, this “Note”) is issued pursuant to the note purchase agreement (the
“Note Purchase Agreement”) dated as of May 5, 2022 between the Company and the Holder, as amended from time to time. 

 

	1 	 Note: If the 2021 Convertible Note has been or is amended or modified in a manner that is favorable to the
holder thereof between signing of the Note Purchase Agreement and the Issuance Date, the Company shall simultaneously offer to amend or modify this Note to reflect similar terms. The Note will also be modified to include the debt covenant from
the 2021 Convertible Note in effect on the issue date of the Note. 

  
 1 

 Exhibit A 
  

 Certain capitalized terms used herein are defined in Section 27. Capitalized terms
used but not defined herein shall have the meanings ascribed to such terms in the Note Purchase Agreement. 
  

	1.	 PAYMENTS OF PRINCIPAL. On the Maturity Date, the Company shall pay to the Holder an amount in cash
representing all outstanding Principal, together with all accrued and unpaid Interest (if any) on such Principal on the Maturity Date. 

  

	2.	 INTEREST; INTEREST RATE. 

 

	 	(a)	 Interest on this Note shall (i) commence accruing on the Issuance Date, (ii) be computed on the basis
of actual number of days in a 360-day year, and (iii) be payable in cash or PIK (as defined below) on the first Trading Day of each semi-annual period in which Interest accrues hereunder in respect of the
interest accrued during the immediately preceding semi-annual period (each, an “Interest Date”) beginning on [•], 2022 in accordance with the terms of this Note. All such Interest shall accrue at the Interest Rate. In the case
of a conversion in accordance with Section 4, a redemption in accordance with Section 5 or any required payment upon a Change of Control Transaction or Event of Default, in each case, prior to the
payment of Interest on an Interest Date, accrued and unpaid Interest on this Note as of the date of any such event shall be payable by way of inclusion of such Interest in the Conversion Amount or the Redemption Price, as applicable, on the
applicable date of conversion or Redemption Date. 

  

	 	(b)	 Subject to Applicable Law, if at any time required under the terms and conditions of this Note with respect to
Interest due and payable hereunder, such amounts shall be paid in cash, or, at the option of the Company with no less than five (5) Business Days’ notice, prior to the applicable Interest Date, in writing to the Holder, may be paid in
additional Notes (such amount to be paid in additional Notes hereunder, each, a “PIK Amount”). In the event any such PIK Amount is due hereunder, a new note shall be issued on the applicable Interest Date having the same terms as
this Note (each, a “PIK”), except that the principal amount shall be equal to the PIK Amount and the issuance date of the new note shall be the applicable Interest Date. Notwithstanding the foregoing, Interest must be paid in cash
in the event that shareholder approval would be required in order to issue the Common Shares upon conversion of such additional Notes in respect of any PIK Amount. 

 

	 	(c)	 For purposes of the Interest Act (Canada), whenever any Interest under this Note is calculated using a rate
based on a year of 360 days the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (i) the applicable rate based on a year of 360 days (ii) multiplied by the actual number of days in the
calendar year in which the period for which such Interest is payable (or compounded) ends, and (iii) divided by 360. The principle of deemed reinvestment of interest does not apply to any Interest calculation under this Note and the rates of
Interest stipulated in this Note are intended to be nominal rates and not effective rates or yields. 

  
 2 

 Exhibit A 
  

	 	(d)	 If any provision of this Note or of any of the other Transaction Documents would obligate the Company to make
any payment of Interest or any other amount payable to the Holder in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by the Holder of interest at a criminal rate (as such terms are construed
under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
by Applicable Law or so result in a receipt by the Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: firstly, by reducing the amount or rate of interest required to be paid to the Holder
under the applicable Transaction Document, and thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to the Holder which would constitute “interest” for purposes of Section 347 of the Criminal
Code (Canada). 

  

	3.	 TAX WITHHOLDING. The Company shall be entitled to deduct and withhold any applicable taxes or similar
charges (including without limitation interest, penalties or similar amounts in respect thereof) imposed or levied by or on behalf of the Canadian government or of any province or territory thereof or any authority or agency therein or thereof or by
any state, local or foreign tax law having power to tax, including pursuant to the Income Tax Act (Canada) (the “Tax Act”), from any payment to be made on or in connection with this Note (including in connection with a
conversion, redemption or repayment of this Note), the Company remits such withheld amount to such government authority or agency and files all required forms in respect thereof and, at the same time, provides copies of such remittance and filing to
the Holder, the amount of any such deduction or withholding will be considered an amount paid in satisfaction of the Company’s obligations under this Note. 

 

	4.	 CONVERSION OF NOTE. This Note shall be convertible, in whole or in part, into validly issued, fully paid
and non-assessable Common Shares, on the terms and conditions set forth in this Section 4. 

  

	 	(a)	 Holder Conversion Right. The Holder shall be entitled at its option at any time to convert all or a
portion of the Conversion Amount into validly issued, fully paid and non-assessable Common Shares at the Conversion Rate. To convert any Conversion Amount into Common Shares on any Trading Day (the date of
such conversion, a “Conversion Date”), the Holder shall deliver, for receipt by no earlier than 4:00 p.m. New York time, and no later than 11:59 p.m., New York time, on the Conversion Date, a copy of an executed notice of conversion
in the form attached hereto as Exhibit I (the “Holder Conversion Notice”) to the Company, which Holder Conversion Notice shall set forth (i) the Conversion Amount, (ii) the detailed calculation of the accrued
and unpaid Interest included in the Conversion Amount as of the Conversion Date, and (iii) the detailed calculation of the number of Common Shares required to be delivered in respect of such Holder Conversion Notice. 

  
 3 

 Exhibit A 
  

	 	(b)	 [Reserved]. 

  

	 	(c)	 Mechanics of Conversion. 

 

	 	(i)	 Satisfaction of Conversion. Any conversion in accordance with this Section 4
shall be deemed satisfied upon delivery of the appropriate number of Common Shares to the Holder by the end of the third Trading Day after a Holder Conversion Notice is delivered (the “Conversion Share Delivery Deadline”). For
greater certainty, the day that the Holder Conversion Notice is delivered does not count as a Trading Day. The Person or Persons entitled to receive the Common Shares issuable upon a conversion of this Note shall be treated for all purposes as the
record holder or holders of such Common Shares on the Conversion Date. 

  

	 	(ii)	 Return of Note. Following a conversion of this Note in accordance with this
Section 4, the Holder shall as soon as practicable and in no event later than two (2) Business Days after such conversion and at its own expense, surrender this Note to a nationally recognized overnight delivery
service for delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 14(b)). If this Note is physically surrendered for
conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than two (2) Business Days after receipt
of this Note and at its own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance with Section 14(d)) representing the outstanding Principal not converted. 

 

	 	(iii)	 The Company shall not issue any fraction of a Common Share upon any conversion. If the conversion would result
in the issuance of a fraction of a Common Share, the Company shall round such fraction of a Common Shares down to the nearest whole share. 

  

	 	(d)	 Market Regulation. The Company shall only issue Common Shares upon conversion of this Note or otherwise
pursuant to the terms of this Note to the extent the issuance of such Common Shares would not exceed the aggregate number of Common Shares that the Company may issue without violating the rules or regulations of any Eligible Market on which the
Common Shares are then listed (including without limitation Section 312.03(c) of the NYSE Listed Company Manual), except that such limitation shall not apply in the event that the Company (i) obtains the approval of its shareholders as
required by the applicable rules of any Eligible Market on which the Common Shares are then listed for issuances of Common Shares in excess of such amount or (ii) obtains a written opinion from counsel to the Company that such approval is not
required. In the event that shareholder approval is required with respect to the issuance of Common Shares upon conversion of this Note (or otherwise pursuant to the terms of this Note) under the rules or regulations of any Eligible Market on which
the 

  
 4 

 Exhibit A 
  

	 	
Common Shares are then listed, as contemplated by clause (i) above, the Company shall use its reasonable best efforts to promptly obtain such approval. For the avoidance of doubt, the
Company’s non-compliance with the limitations contained in this Section 4(d) shall not constitute an Event of Default or breach of this Note by the Company, and the Company shall
not have any liability under this Note resulting therefrom. 

  

	 	(e)	 Antitrust and Foreign Investment Laws. The Company shall only issue Common Shares upon conversion of
this Note or otherwise pursuant to the terms of this Note to the extent the issuance of such Common Shares would not exceed the aggregate number of Common Shares that the Company may issue without violating the U.S. Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (the “HSR Act”) or any antitrust laws of other jurisdictions or any foreign investment laws applicable in connection with the issuance of the Common Shares upon conversion of this Note, except that such
limitation shall not apply in the event that (i) the Holder (and, if applicable, the Company) obtains the necessary regulatory approvals as required by any applicable antitrust laws or foreign investment laws or (ii) the Holder (and, if
applicable, the Company) obtains a written opinion from counsel to the Holder (or, in the case of the Company, counsel to the Company) that such approval(s) are not required. For the avoidance of doubt, the Company’s non-compliance with the limitations contained in this Section 4(e) shall not constitute an Event of Default or breach of this Note by the Company, and the Company shall not have any
liability under this Note or otherwise resulting therefrom, but in the event that conversion of this Note requires any filing or approval under the HSR Act or any applicable antitrust laws of any other jurisdiction and any foreign investment laws
the Holder and, if applicable, the Company shall endeavor to make such filings and obtain such approval in accordance with, and subject to the limitations set forth in, Section 5(h) of the Note Purchase Agreement. 

 

	5.	 OPTIONAL REDEMPTION BY THE COMPANY. 

 

	 	(a)	 Redemption Right. The Company shall be entitled to redeem (an “Optional Redemption”)
all, but not less than all, of this Note at any time for a cash purchase price (the “Optional Redemption Price”) equal to the sum of: 

  

	 	(i)	 100% of the Principal; plus 

 

	 	(ii)	 all accrued and unpaid Interest on this Note as of the Redemption Date (as defined below).

  

	 	(b)	 Mechanics of Redemption. 

 

	 	(i)	 Optional Redemption Notice. To exercise its redemption right pursuant to this
Section 5, the Company shall deliver to the Holder, a copy of an executed notice of redemption in the form attached hereto as Exhibit II (when used in connection with a redemption pursuant to this
Section 5, the “Optional Redemption Notice”), which Optional Redemption Notice shall set forth (i) the Optional Redemption Price and (ii) detailed calculations of the Principal plus accrued and
unpaid Interest included in the Optional Redemption Price as of the Redemption Date. 

  
 5 

 Exhibit A 
  

	 	(ii)	 Satisfaction of Redemption. Any redemption on a Redemption Date in accordance with this
Section 5 shall be deemed satisfied upon payment of the Optional Redemption Price in cash to the Holder by the end of the third Trading Day after the Optional Redemption Notice is delivered. For greater certainty, the day
that the Optional Redemption Notice is given shall not count as a Trading Day. 

  

	 	(iii)	 Return of Note. Following a redemption of this Note in accordance with this
Section 5, the Holder shall as soon as practicable and in no event later than two (2) Business Days after receipt of the Optional Redemption Price and at its own expense surrender this Note to a nationally recognized
overnight delivery service for delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 14(b)). 

 

	 	(iv)	 Conversion Prior to Redemption. Holder may convert this Note at its option pursuant to
Section 4(a) hereof at any time after receipt of an Optional Redemption Notice and prior to payment of the Optional Redemption Price. 

 

	 	(c)	 Warrants. 

  

	 	(i)	 The Company shall not issue an Optional Redemption Notice under Section 5(b)(i)
unless the Company has prior to the issuance of the Optional Redemption Notice obtained shareholder approval, to the extent required, under Applicable Law and, for the avoidance of doubt, rules and regulations of any Eligible Market, to issue the
Holder the number of Redemption Warrants (as defined herein) as contemplated by Section 5(c)(ii) and the number of Common Shares on exercise of such Redemption Warrants. 

 

	 	(ii)	 Provided the Holder has not elected to convert this Note in whole into Common Shares in accordance with
Section 5(b)(iv) following receipt of an Optional Redemption Notice, the Company shall issue to the Holder, on the date of redemption of this Note, a number of share warrants of the Company (the “Redemption
Warrants”) entitling the Holder to acquire a number of Common Shares equal to the Principal redeemed divided by the then applicable Conversion Price and expiring on the Maturity Date. The initial exercise price of the Redemption Warrants
will be equal to the applicable Conversion Price as of the date of redemption of this Note. The form of Warrant certificate for such Redemption Warrants is attached hereto as Exhibit III. The Holder shall have the right to reasonably request
that the Company deliver, upon issuance of the Redemption Warrants, customary opinions of counsel, in form and substance substantially as set forth in Exhibit D to the Note Purchase Agreement. 

  
 6 

 Exhibit A 
  

	6.	 RIGHTS UPON EVENT OF DEFAULT. 

 

	 	(a)	 Events of Default. Each of the following events shall constitute an “Event of Default”:

  

	 	(i)	 default in any payment of interest on this Note when due and payable that has continued for a period of thirty
(30) days; 

  

	 	(ii)	 default in the payment of Principal when due and payable on the Maturity Date, upon Optional Redemption by the
Company or upon declaration of acceleration hereunder; 

  

	 	(iii)	 failure by the Company to comply with its obligation to convert this Note in accordance with this Note upon
exercise of the Holder’s conversion right in accordance with the terms hereof and such failure continues for a period of five (5) Business Days; 

  

	 	(iv)	 failure by the Company to comply with its obligation to redeem the Note upon a Change of Control Transaction
that has continued for a period of ten (10) days; 

  

	 	(v)	 failure by the Company for sixty (60) days after written notice from the Holder has been received by the
Company to comply with any of its other agreements contained in this Note, the Note Purchase Agreement or the Registration Rights Agreement; 

  

	 	(vi)	 (A) any “Event of Default” (howsoever defined) under the 2021 Convertible Note, or (B) default
by the Company or any subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed of $100,000,000 or
more (or its foreign currency equivalent) in the aggregate of the Company or such subsidiary, whether such indebtedness now exists or shall hereafter be created, (1) resulting in such indebtedness becoming or being declared due and payable
prior to its stated maturity date or (2) constituting a failure to pay the principal of any such debt when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise, and in the cases of clauses (1) and (2), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness is not paid or
discharged, as the case may be, within thirty (30) days after written notice of such default to the Company by the Holder; 

  
 7 

 Exhibit A 
  

	 	(vii)	 one or more final, non-appealable judgments or orders is rendered
against the Company or any subsidiary of the Company, which requires the payment in money by the Company or any subsidiary of the Company, individually or in the aggregate, of an amount (net of amounts covered by insurance or bonded) in excess of
$150,000,000, and such judgment or judgments have not been satisfied, stayed, paid, discharged, vacated, bonded, annulled or rescinded within thirty (30) days after the later of (A) the date on which the right to appeal thereof has expired
if no such appeal has commenced, and (B) the date on which all rights to appeal have been extinguished; 

  

	 	(viii)	 commencement by the Company or a Significant Subsidiary of a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to the Company or a Significant Subsidiary or their respective debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or a Significant Subsidiary or any substantial part of their respective property, or shall consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors; 

  

	 	(ix)	 an involuntary case or other proceeding having been commenced against the Company or a Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company or a Significant Subsidiary or their respective debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of the Company or a Significant Subsidiary or any substantial part of their respective property, and such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of thirty (30) consecutive days; or 

  

	 	(x)	 the Common Shares cease to be listed on an Eligible Market. 

 

	 	(b)	 Notice of Default; Accelerated Redemption Right. Upon the occurrence of a Default with respect to this
Note the Company shall within three (3) Business Days deliver written notice thereof (a “Default Notice”) to the Holder that includes (i) a reasonable description of the applicable Default, (ii) a certification as to
whether, in the opinion of the Company, such Default is capable of being cured and, if applicable, a reasonable description of any existing plans of the Company to cure such Default and (iii) a certification as to the date the Default occurred
and, if cured on or prior to the date of such Default Notice, the applicable Event of Default Right Expiration Date (as defined below). At any time after the earlier of (A) the Holder’s receipt of a Default Notice and the subsequent
occurrence of an Event of Default and (B) the Holder becoming aware 

  
 8 

 Exhibit A 
  

	 	
of an Event of Default and ending (such ending date, the “Event of Default Right Expiration Date”) on the twentieth (20th) Trading Day after the later of (x) the date such
Default is cured and (y) the Holder’s receipt of a Default Notice and the subsequent occurrence of an Event of Default, the Holder may require the Company to redeem (unless such Event of Default has been cured on or prior to the Event of
Default Right Expiration Date) all or any portion of this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company, which Event of Default Redemption Notice shall indicate the portion of
this Note the Holder is electing to require the Company to redeem. Each portion of this Note subject to redemption by the Company pursuant to this Section 6(b) shall be redeemed by the Company for a cash purchase price
equal to the Forced Redemption Price. Any redemption upon an Event of Default in accordance with this Section 6(b) shall not constitute an election of remedies by the Holder, and all other rights and remedies of the Holder
shall be preserved. 

  

	 	(c)	 Satisfaction of Accelerated Redemption. The Company’s obligation to redeem in accordance with this
Section 6 shall be deemed satisfied upon payment of the Forced Redemption Price in cash to the Holder by the end of the fifth Trading Day after the Event of Default Redemption Notice is given. For greater certainty, the day
that the Event of Default Redemption Notice is given does not count as a Trading Day. 

  

	 	(d)	 Return of Note. Following a redemption of this Note in accordance with this
Section 6, the Holder shall as soon as practicable and in no event later than two (2) Business Days after receipt of the Forced Redemption Price and at its own expense surrender this Note to a nationally recognized
overnight delivery service for delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 14(b)). 

 

	 	(e)	 In addition to the foregoing: 

 

	 	(i)	 Automatic Acceleration. If an Event of Default set forth in Section 6(a)(viii) or
Section 6(a)(ix) occurs, then the Principal of, and all accrued and unpaid interest and Make-Whole Amount on, this Note will immediately become due and payable without any further action or notice by any Person. 

 

	 	(ii)	 Optional Acceleration. If an Event of Default (other than an Event of Default set forth in
Section 6(a)(viii) or Section 6(a)(ix)) occurs and is continuing, then the Holder may, by notice to the Company, declare the Principal, and all accrued and unpaid Interest on, this Note to become due and payable immediately.

  
 9 

 Exhibit A 
  

	 	(iii)	 Rescission of Acceleration. Notwithstanding anything to the contrary in this Note, the Holder, by notice
to the Company, may rescind any acceleration of this Note and its consequences if (A) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (B) all existing Events of Default (except the non-payment of Principal of, or Interest on, this Note that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right
consequent thereto. 

  

	7.	 RIGHTS UPON CHANGE OF CONTROL TRANSACTION. 

 

	 	(a)	 Mandatory Redemption upon Change of Control Transaction. Upon the consummation of a Change of Control
Transaction, the Company shall redeem all, but not less than all, of this Note remaining outstanding and unconverted at such time for a cash purchase price equal to the Forced Redemption Price (a “Mandatory Redemption”).

  

	 	(b)	 Mechanics of Redemption. 

 

	 	(i)	 Redemption Notice. Upon a redemption by the Company pursuant to this
Section 7, the Company shall deliver to the Holder, a copy of an executed notice of redemption in the form attached hereto as Exhibit II (when used in connection with a redemption pursuant to this
Section 7, the “CoC Redemption Notice”) to the Holder, which CoC Redemption Notice shall, for greater certainty, set forth (i) the Forced Redemption Price and (ii) calculations of the accrued and
unpaid Interest and Make-Whole Amount included in the Forced Redemption Price as of the Redemption Date. 

  

	 	(ii)	 Satisfaction of Redemption. Any redemption on a Redemption Date in accordance with this
Section 7 shall be deemed satisfied upon payment of the Forced Redemption Price in cash to the Holder by the end of the third Trading Day after the CoC Redemption Notice is given. For greater certainty, the day that the CoC
Redemption Notice is given does not count as a Trading Day. 

  

	 	(iii)	 Return of Note. Following a redemption of this Note in accordance with this
Section 7, the Holder shall as soon as practicable and in no event later than two (2) Business Days after receipt of the Forced Redemption Price and at its own expense surrender this Note to a nationally recognized
overnight delivery service for delivery to the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated by Section 14(b)). 

 

	 	(iv)	 Conversion Prior to Redemption. Holder may convert this note at its option pursuant to
Section 4(a) hereof at any time after receipt of a CoC Redemption Notice and prior to payment of the Forced Redemption Price. 

  
 10 

 Exhibit A 
  

	8.	 ADJUSTMENTS. 

  

	 	(a)	 If and whenever, at any time after the Issuance Date and prior to the Maturity Date, the Company shall:
(i) subdivide or re-divide its outstanding Common Shares into a greater number of Common Shares; (ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number of Common
Shares; (iii) issue options, rights, warrants or similar securities to the holders of all of the outstanding Common Shares; or (iv) issue Common Shares or securities convertible into Common Shares to the holders of all of the outstanding
Common Shares by way of a dividend or distribution; the number of Common Shares issuable upon conversion of this Note on the date of the subdivision, re-division, reduction, combination or consolidation or on
the record date for the issue of options, rights, warrants or similar securities or on the record date for the issue of Common Shares or securities convertible into Common Shares by way of a dividend or distribution, as the case may be, shall be
adjusted so that the Holder shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or been entitled to receive after the happening of any of the events described in this
Section 8(a) had this Note been converted immediately prior to the happening of such event or any record date with respect thereto. Any adjustments made pursuant to this Section 8(a) shall become
effective immediately after the effective time of such event retroactive to the record date, if any, for such event. 

  

	 	(b)	 If and whenever at any time after the Issuance Date and prior to the Maturity Date, there is a reclassification
of the Common Shares or a capital reorganization of the Company other than as described in Section 8(a) or a consolidation, amalgamation, arrangement, binding share exchange, merger of the Company with or into any other
Person or other entity or acquisition of the Company or other combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale or conveyance of the property and assets of the Company as
an entirety or substantially as an entirety to any other Person (other than a direct or indirect wholly-owned subsidiary of the Company) or other entity or a liquidation, dissolution or winding-up of the
Company (in any of the foregoing cases, that is not a Change of Control Transaction), the Holder, if it has not exercised its right of conversion prior to the effective date of such reclassification, capital reorganization, consolidation,
amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, upon the exercise of such right thereafter, shall be entitled to
receive and shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such amount of cash or the number of shares or other securities or property of the Company or of the Person or other entity resulting from such
merger, amalgamation, arrangement, acquisition, combination or consolidation, or to which such sale or conveyance may be made or which holders of Common Shares receive pursuant to such liquidation, dissolution or
winding-up, as the case may be, that the Holder would have been entitled to receive on such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, share exchange,
acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, if, on the record date or the effective date thereof, as the case may be, the Holder had been the registered holder of
the number of Common Shares sought to be acquired by it and to which it was entitled to acquire upon the exercise of its conversion right at the Conversion Price. 

  
 11 

 Exhibit A 
  

	 	(c)	 If, and whenever at any time after the Issuance Date and prior to the Maturity Date, the Company shall issue
Additional Shares of Common Stock, without consideration or for a consideration per share less than Fair Market Value as of the date of issue thereof, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated
to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

CP2 = CP1* (A + B) ÷ (A + C). 

For purposes of the foregoing formula, the following definitions shall apply: 

 

	 	(i)	 “CP2” shall mean the Conversion Price in effect immediately after such issue of Additional Shares of
Common Stock; 

  

	 	(ii)	 “CP1” shall mean the Conversion Price in effect immediately prior to such issue of Additional Shares
of Common Stock; 

  

	 	(iii)	 “A” shall mean the number of Common Shares outstanding immediately prior to such issue of Additional
Shares of Common Stock (treating for this purpose as outstanding all Common Shares issuable upon exercise of options outstanding immediately prior to such issue or upon conversion or exchange of securities or notes convertible into Common Shares
outstanding immediately prior to such issue); 

  

	 	(iv)	 “B” shall mean the number of Common Shares that would have been issued if such Additional Shares of
Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received by the Company (as determined in good faith by the Company’s board of directors) in respect of such issue by CP1); and

  

	 	(v)	 “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction.

  

	 	(d)	 If the Company or any of its subsidiaries makes a payment in respect of a tender offer or exchange offer for
Common Shares (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the 1934 Act), and the value (determined as of the Expiration
Time by the Company’s board of directors) of the cash and other consideration paid per Common Share in such tender or exchange offer exceeds the last reported sale price per Common Share on the Trading Day immediately after the last date (the
“Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula: 

  
 12 

 Exhibit A 
  

  
 

 
 where: 
  

			
	CR0	  	= the Conversion Rate in effect immediately before the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
	CR1	  	= the Conversion Rate in effect immediately after the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
	AC	  	= the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Company’s board of directors) of all cash and other consideration paid for Common Shares
purchased or exchanged in such tender or exchange offer;
	OS0	  	= the number of Common Shares outstanding immediately before the Expiration Time (including all Common Shares accepted for purchase or exchange in such tender or exchange offer);
	OS1	  	= the number of Common Shares outstanding immediately after the Expiration Time (excluding Common Shares accepted for purchase or exchange in such tender or exchange offer); and
	SP	  	= the average of the last reported sale prices per Common Shares over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day
immediately after the Expiration Date;

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to
this Section 8(d), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 8(d), if the Conversion Date for this Note to be
converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Price for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to
consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. To the extent such tender or exchange offer is announced but not consummated
(including as a result of the Company being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of Common Shares in such tender or exchange offer are rescinded, the Conversion Rate will be
readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of Common Shares, if any, actually made, and not rescinded, in such tender or exchange offer. 

  
 13 

 Exhibit A 
  

	 	(e)	 If, and whenever at any time after the Issuance Date and prior to the Maturity Date, the Company shall make or
issue, or fix a record date for the determination of holders of Common Shares entitled to receive (and subsequently make or issue), a dividend or other distribution payable in cash or other property not involving Common Shares or securities
convertible into Common Shares (which is the subject of Section 8(a)), then and in each such event the Holder of this Note shall receive, and shall accept, upon the conversion of this Note into Common Shares, a dividend or
other distribution of such cash or other property in an amount equal to the amount of such cash or other property as it would have received if this Note had been converted into Common Shares on the date of such event. 

 

	 	(f)	 On the occurrence of any reclassification of, or other change in, the outstanding Common Shares or any other
event which is not a Change of Control Transaction or addressed in Section 8(a), 8(b), 8(c), 8(d) or 8(e) (each, an “Unanticipated Event”), the parties will, in good faith, make
such further adjustments and changes and take all necessary actions, subject to the approval of the Holder, so as to ensure that the Holder receives, upon the conversion of this Note occurring at any time after the date of the occurrence of the
Unanticipated Event, such shares, securities, rights, cash or property that the Holder would have received if, immediately prior to the date of such Unanticipated Event, the Holder had been the registered holder of the number of Common Shares to
which the Holder would be entitled upon the conversion of this Note into Common Shares. 

  

	 	(g)	 The adjustments provided for in Sections 8(a), 8(b), 8(c), 8(d), 8(e) and
8(f) are cumulative and will be made successively whenever an event referred to therein occurs. 

  

	 	(h)	 If at any time a question or dispute arises with respect to the adjustments provided for in Sections
8(a), 8(b), 8(c), 8(d), 8(e) or 8(f), such question or dispute will be conclusively determined by a firm of nationally recognized chartered professional accountants appointed by the Company (who may be the
auditors of the Company) and acceptable to the Holder. Such accountants shall have access to all necessary records of the Company and any such determination will be binding upon the Company and the Holder. 

 

	 	(i)	 The Company shall, from time to time immediately after the occurrence of any event which requires an adjustment
or re-adjustment as provided in Sections 8(a), 8(b), 8(c), 8(d), 8(e) or 8(f), deliver a certificate of the Company to the Holder specifying the nature of the event
requiring the same and the amount of the necessary adjustment (or, in the case of Section 8(e), entitlement to cash or other property upon conversion) and setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based, and, if reasonably required by the Holder, such certificate and the amount of the adjustment specified therein shall be verified by an opinion of a firm of nationally recognized chartered professional
accountants appointed by the Company (who may be the auditors of the Company) and acceptable to the Holder. 

  
 14 

 Exhibit A 
  

	 	(j)	 Notwithstanding anything to the contrary in Sections 8(a), 8(b), 8(c), 8(d),
8(e) or 8(f), if the Holder would otherwise be entitled to receive, upon the exercise of its right of conversion, any property (including cash) or securities that would not constitute “prescribed securities” for the purposes
of clause 212(1)(b)(vii)(E) of the Tax Act as it applied immediately before January 1, 2008 (“Ineligible Consideration”), the Holder shall not be entitled to receive such Ineligible Consideration and the Company or the
successor or acquiror, as the case may be, shall have the right (at the sole option of the Company or the successor or acquiror, as the case may be) to deliver to the Holder “prescribed securities” for the purposes of clause
212(1)(b)(vii)(E) of the Tax Act as it applied immediately before January 1, 2008 with a market value (as conclusively determined by the board of directors of the Company) equal to the market value of such Ineligible Consideration.

  

	9.	 COVENANTS 

  

	 	(a)	 Covenant to Pay. The Company will pay or cause to be paid all the Principal of, the Redemption Price
for, Interest on, and other amounts due with respect to, this Note on the dates and in the manner set forth in this Note. 

  

	 	(b)	 Amendments to 2021 Convertible Note. If, on or after the date of issuance of the 2021 Convertible Note,
any term of the 2021 Convertible Note has been or is amended or modified in a manner that is favorable to the holder thereof, the Company shall simultaneously offer to amend or modify this Note to reflect similar terms and, if Holder accepts such
offer, the Company shall promptly effect such amendment or modification. 

  

	 	(c)	 Corporate Existence. Subject to Section 7, until the Reference Date, the
Company shall do or cause to be done, at its own cost and expense, all things necessary to preserve and keep in full force and effect its corporate existence in accordance with the organizational documents (as the same may be amended from time to
time) of the Company. 

  

	 	(d)	 Stay, Extension and Usury Laws. To the extent that it may lawfully do so, the Company (i) agrees
that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of
this Note; and (ii) expressly waives all benefits or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Holder by this Note, but will suffer and
permit the execution of every such power as though no such law has been enacted. 

  
 15 

 Exhibit A 
  

	 	(e)	 Payment of Taxes. Until the Reference Date, the Company shall pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges (including withholding taxes and any penalties, interest and additions to taxes) levied or imposed upon it or its properties except
(i) where the failure to effect such payment or discharge is not adverse in any material respect to the Holder or (ii) where such taxes are being contested in good faith and by appropriate negotiations or proceedings and with respect to
which appropriate reserves have been taken in accordance with applicable accounting standards. 

  

	10.	 VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by
Applicable Law (including the Business Corporations Act (Ontario)). 

  

	11.	 ADDITIONAL COVENANTS. Until the Reference Date, the Company shall comply with those covenants as set
forth in Section 5 of the Note Purchase Agreement and the Registration Rights Agreement. 

  

	12.	 AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any
change, modification, waiver or amendment to this Note. Any change, amendment, modification or waiver so approved shall be binding upon all existing and future holders of this Note. 

 

	13.	 TRANSFER. 

  

	 	(a)	 The Company shall maintain a register (the “Register”) for the recordation of the name and
address of the Holder and the principal amount of this Note and Interest accrued and unpaid thereon (the “Registered Note”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The
Company shall treat the Holder for all purposes (including the right to receive payments of Principal and Interest hereunder) as the owner hereof notwithstanding notice to the contrary, however, that upon its receipt of a written request to assign,
transfer or sell all or part of the Registered Note by the Holder to a Permitted Transferee, the Company shall record the information contained therein in the Register and issue one or more new Registered Notes in the same aggregate principal amount
as the principal amount of the surrendered Registered Note to the designated assignee or transferee pursuant to Section 14; provided, however, that the Company will not register any assignment, transfer or sale of this Note
not made in accordance with Regulation S or pursuant to registration under the 1933 Act or an available exemption therefrom. Notwithstanding anything to the contrary set forth in this Section 13, following conversion of any
portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by this Note is being converted (in which event this
Note shall be delivered to the Company following conversion thereof as contemplated by Section 4(c)) or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Holder
Conversion 

  
 16 

 Exhibit A 
  

	 	
Notice) requesting reissuance of this Note upon physical surrender of this Note. If the Company does not update the Register to record the Principal, Interest converted and/or paid (as the case
may be) and the dates of such conversions and/or payments (as the case may be), then the Register shall be automatically deemed updated to reflect such occurrence on the Business Day immediately prior to such occurrence. 

 

	 	(b)	 This Note may not be offered, sold, assigned or transferred (including through hedging or derivative
transactions) by the Holder other than to one or more Permitted Transferees in accordance with the provisions of Regulation S of the 1933 Act or pursuant to registration under the 1933 Act or an available exemption therefrom and by registration of
such assignment or sale on the Register. Notwithstanding the foregoing, upon the occurrence of an Event of Default pursuant to Section 6(a) (in the case of 6(a)(v), only in the event of material breaches) and for so long as such Event of
Default is continuing and has not been cured or waived, the Holder may offer, sell, assign or transfer this Note (including through hedging or derivative transactions) to any person in accordance with applicable law, and the Register shall be deemed
updated to reflect such offer, sale, assignment, transfer, hedge or derivative transaction on the date of such offer, sale, assignment, transfer, hedge or derivative transaction. 

 

	14.	 REISSUANCE OF THIS NOTE. 

 

	 	(a)	 Transfer. If this Note is to be transferred in accordance with the terms hereof, the Holder shall
surrender this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 14(d)), registered as the Holder may request, representing the
outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note (in accordance with Section 14(d)) to the Holder representing the outstanding
Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this Note following conversion or redemption of any portion of this Note, the outstanding Principal
represented by this Note may be less than the Principal stated on the face of this Note. 

  

	 	(b)	 Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any
indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance
with Section 14(d)) representing the outstanding Principal. 

  
 17 

 Exhibit A 
  

	 	(c)	 Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Note or Notes (in accordance with Section 14(d) and in principal amounts of at least $5,000,000) representing in the aggregate the outstanding Principal of this
Note, and each such new Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender. 

  

	 	(d)	 Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of
this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (or in the case of a new Note being issued pursuant to
Section 14(a) or Section 14(c), the Principal designated by the Holder which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed
the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall
have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest from the Issuance Date. 

  

	15.	 REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in
this Note shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing
herein shall limit the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. No failure on the part of the Holder to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Holder of any right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. In
addition, the exercise of any right or remedy of the Holder at law or equity or under this Note or any of the documents shall not be deemed to be an election of Holder’s rights or remedies under such documents or at law or equity. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation
thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled,
in addition to all other available remedies, to seek specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving
actual damages and without posting a bond or other security. The Company shall provide all information and documentation to the Holder that is reasonably requested by the Holder to enable the Holder to confirm the Company’s compliance with the
terms and conditions of this Note. 

  
 18 

 Exhibit A 
  

	16.	 PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an
attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note or (b) there occurs any
bankruptcy, reorganization, receivership of the Company or other proceedings affecting the Holder’s rights and involving a claim under this Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or
action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including attorneys’ fees and disbursements. The Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or
limited, by the fact that the purchase price paid for this Note was less than the original Principal amount hereof. 

  

	17.	 CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial
Holder and shall not be construed against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note. Unless the context clearly indicates
otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed
broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Note instead of just the provision in which they are found.
Unless expressly indicated otherwise, all section references are to sections of this Note. 

  

	18.	 FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any
power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver
shall be effective unless it is in writing and signed by an authorized representative of the waiving party. 

  

	19.	 DISPUTE RESOLUTION. 

 

	 	(a)	 Submission to Dispute Resolution. 

 

	 	(i)	 In the case of a dispute relating to a Conversion Price or the arithmetic calculation of a Conversion Rate, the
Optional Redemption Price or the Forced Redemption Price (as the case may be) (including a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via
electronic mail or otherwise (A) if by the Company, within five (5) Business Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder within five (5) Business Days after the Holder
learned of the circumstances giving rise to such dispute. If the 

  
 19 

 Exhibit A 
  

	 	
Holder and the Company are unable to promptly resolve such dispute relating to such Conversion Price or the arithmetic calculation of such Conversion Rate or such Redemption Price (as the case
may be), at any time after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be) of such dispute to the Company or the Holder (as the case may be), then the Company shall select an independent,
reputable investment bank acceptable to the Holder, acting reasonably, to resolve such dispute and the Company shall promptly send written confirmation of such joint selection to the Holder. 

 

	 	(ii)	 The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute
submission so delivered in accordance with the first sentence of this Section 19 and (B) written documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m., New York time,
by the fifth (5th) Business Day immediately following the date on which the Company provided notice to the Holder of the joint selection of such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the
immediately preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the
Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written
documentation or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the
Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written
documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation). Any and all communications between the Company, on the one hand, and the Holder, on the other hand, and such
investment bank shall be made in writing and a copy provided simultaneously to the Company and the Holder and no meeting between such investment bank and the Company or the Holder shall take place unless each of the Company and the Holder are in
attendance. 

  

	 	(iii)	 The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and
notify the Company and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be shared equally between the Company and the
Holder, and such investment bank’s resolution of such dispute shall be final and binding upon all parties absent manifest error. 

  
 20 

 Exhibit A 
  

	20.	 NOTICES; CURRENCY; PAYMENTS. 

 

	 	(a)	 Notices. Any notices, consents, waivers or other communications required or permitted to be given under
the terms of this Note must be in writing and will be deemed to have been delivered: (i) upon receipt by the recipient, when delivered personally; (ii) upon receipt by the recipient, when sent by electronic mail (provided that such
sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server that such
e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the
party to receive the same. The addresses and e-mail addresses for such communications shall be: 

If to the Company: 
 Li-Cycle Holdings Corp. 
 207 Queen’s Quay West, Suite 590 

Toronto, Ontario M5J 1A7 

Attention: Ajay Kochhar 
 Email:
ajay.kochhar@li-cycle.com 
 with a copy (which shall not constitute notice) to: 

Freshfields Bruckhaus Deringer LLP 

601 Lexington Avenue, 31st Floor 

New York, New York 10022 

Attention: Paul M. Tiger, Andrea M. Basham 

Email: Paul.Tiger@Freshfields.com 

Andrea.Basham@Freshfields.com 

If to the Holder: 
 Glencore Ltd. 

330 Madison Ave. 
 New York, NY
10017 
 Attention: Legal Department 

Email: legalnotices@glencore-us.com 

with a copy to: 
 Glencore
International AG 
 Baarermattstrasse 3 

CH – 6340 Baar 

Switzerland 
 Attention: General
Counsel 

  
 21 

 Exhibit A 
  

 Email: general.counsel@glencore.com 

with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 5th Avenue 
 New York, NY
10153 
 Attention: Heather Emmel, David Avery-Gee 

Email: Heather.emmel@weil.com 

    David.Avery-Gee@weil.com 

or to such other address or e-mail address and/or to the attention of such other Person as the
recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time and date or (C) provided by an overnight courier service shall be rebuttable evidence of
personal service, receipt by e-mail or receipt from an overnight courier service in accordance with clauses (i), (ii) or (iii) above, respectively. 

 

	 	(b)	 The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Note,
including in reasonable detail a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) within three (3) Business Days after any
adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Common Shares, (B) with respect to any grant, issuances, or sales of any or rights to purchase shares, warrants, securities or other property to holders of Common Shares or
(C) for determining rights to vote with respect to any Change of Control Transaction, dissolution or liquidation, provided in each case that any material non-public information in any such notice shall be
made known to the public prior to or in conjunction with such notice being provided to the Holder. 

  

	 	(c)	 Calculation of Time. When computing any time period in this Note, the following rules shall apply:

  

	 	(i)	 the day marking the commencement of the time period shall be excluded but the day of the deadline or expiry of
the time period shall be included; 

  

	 	(ii)	 for time periods measured in Business Days, any day that is not a Business Day shall be excluded in the
calculation of the time period; and, if the day of the deadline or expiry of the time period falls on a day which is not a Business Day, the deadline or time period shall be extended to the next following Business Day; 

  
 22 

 Exhibit A 
  

	 	(iii)	 for time periods measured in Trading Days, any day that is not a Trading Day shall be excluded in the
calculation of the time period; and, if the day of the deadline or expiry of the time period falls on a day which is not a Trading Day, the deadline or time period shall be extended to the next following Trading Day; 

 

	 	(iv)	 if the end date of any deadline or time period in this Note refers to a specific calendar date and that date is
not a Business Day, the deadline or time period shall be extended to the next Business Day following the specific calendar date; and 

  

	 	(v)	 when used in this Note the term “month” shall mean a calendar month. 

 

	 	(d)	 Currency. Unless otherwise specified or the context otherwise requires all dollar amounts referred to in
this Note are in United States Dollars (“U.S. Dollars”). 

  

	 	(e)	 Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note,
unless otherwise expressly set forth herein, such payment shall be made in U.S. Dollars by wire transfer of immediately available funds. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day,
the same shall instead be due on the next succeeding day which is a Business Day. 

  

	21.	 CANCELLATION. After all Principal, accrued and unpaid Interest, the Make-Whole Amount, if any, and other
amounts at any time owed on this Note have been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued. 

 

	22.	 WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice,
presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, the Note Purchase Agreement and the Registration Rights Agreement. 

 

	23.	 GOVERNING LAW. All questions concerning the construction, validity, enforcement and interpretation of
this Note shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or under any of the other Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or

  
 23 

 Exhibit A 
  

	 	
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to
such party at the address for such notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude a Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s
obligations to a Holder or to enforce a judgment or other court ruling in favor of a Holder. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY ACTION OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS NOTE IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT:
(A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER;
(B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) IT MAKES THIS WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH. 

  

	24.	 SEVERABILITY. If any provision of this Note is prohibited by law or otherwise determined to be invalid
or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or
unenforceability of such provision shall not affect the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits
that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to
that of the prohibited, invalid or unenforceable provision(s). 

  

	25.	 MAXIMUM PAYMENTS. Without limiting Section 8(d) of the Note Purchase Agreement, nothing contained
herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by Applicable Law. In the event that the rate of interest required to be paid or other charges hereunder exceed the
maximum permitted by such Applicable Law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company. 

  
 24 

 Exhibit A 
  

	26.	 RANKING; SUBORDINATION. The Company, for itself, its successors and assigns, covenants and agrees, and
the Holder likewise covenants and agrees by its acceptance of this Note, that the obligations of the Company to make any payment on account of the principal of and interest on this Note shall be subordinate and junior in right of payment and upon
liquidation to the Company’s obligations to the holders of all Senior Debt of the Company now existing or hereinafter assumed. 

  

	27.	 CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

  

	 	(a)	 “1933 Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations
thereunder. 

  

	 	(b)	 “1934 Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder. 

  

	 	(c)	 “2021 Convertible Note” means the unsecured convertible note issued by the Company to Spring
Creek Capital, LLC pursuant to a note purchase agreement on September 29, 2021. 

  

	 	(d)	 “Additional Shares of Common Stock” shall mean all Common Shares or securities or notes
convertible or exchangeable for Common Shares issued by the Company after the Issuance Date, other than (1) the following Common Shares and (2) Common Shares deemed issued pursuant to the following options and securities or notes
convertible into or exchangeable for Common Shares: 

  

	 	(i)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued by way of a
dividend or distribution that is covered by Section 8(a); 

  

	 	(ii)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued to employees or
directors of, or consultants or advisors to, the Company or any of its subsidiaries, whether issued before or after the Issuance Date, pursuant to any option or incentive plan of the Company adopted by the board of directors of the Company (or any
predecessor governing body); and 

  

	 	(iii)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued upon the
exercise of options or warrants or Common Shares issued upon the conversion or exchange of securities or notes convertible into or exchangeable for Common Shares (including this Note (and any Note issued as PIK hereunder)) which are outstanding as
of the date hereof, in each case provided such issuance is pursuant to the terms of such option or warrants or securities or notes convertible into or exchangeable for Common Shares. 

  
 25 

 Exhibit A 
  

	 	(e)	 “Affiliate” means, in relation to any Person (the “first named person”), any
other Person that controls, is controlled by or is under common control with the first named person; provided that, for greater certainty, the Company is not an Affiliate of the Holder or any of its subsidiaries for the purposes of this Note.

  

	 	(f)	 “Applicable Law” means all laws (statutory or common), rules, ordinances, regulations, grants,
concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature, having
application, directly or indirectly, to the Company, and includes the rules and policies of any stock exchange upon which the Company has securities listed or quoted. 

 

	 	(g)	 “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in New York City or the City of Toronto are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in New York City or the City of Toronto
generally are open for use by customers on such day. 

  

	 	(h)	 “Change of Control Transaction” means any of the following events: (i) a
“person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or one or more employee benefit plans of the Company, files any report with the SEC indicating that such person or
group has become the direct or indirect “beneficial owner” (as defined below) of Common Shares representing more than fifty percent (50%) of the Company’s then outstanding Common Shares (other than Common Shares held by the Company as
treasury stock or owned by a subsidiary of the Company); (ii) the consummation of (A) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company, taken as a whole,
to any Person; or (B) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, amalgamation, arrangement, share exchange, combination, reclassification, recapitalization,
acquisition, liquidation or otherwise) more than fifty percent (50%) of the outstanding Common Shares (other than Common Shares held by the Company as treasury stock or owned by a subsidiary of the Company) are exchanged for, converted into,
acquired for, or constitute solely the right to receive, other securities, cash or other property (other than a subdivision or combination, or solely a change in par value, of the Common Shares); provided, however, that any merger,
consolidation, amalgamation, arrangement, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity
immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or

  
 26 

 Exhibit A 
  

	 	
acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions
vis-à-vis each other as immediately before such transaction will be deemed not to be a Change of Control Transaction pursuant to this clause (ii); (iii)
the Company’s shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or (iv) the Common Shares cease to be listed on any Eligible Market. For the purposes of this definition, whether a Person is a
“beneficial owner” and whether shares are “beneficially owned” will be determined in accordance with Rule 13d-3 under the Exchange Act. 

 

	 	(i)	 “Common Shares” means (i) the Company’s common shares, (ii) any share capital
into which such common shares shall have been changed or any share capital resulting from a reclassification of such common shares and (iii) for purposes of Section 8(a)(iv) only, the common shares or other securities
of any of the Company’s subsidiaries in addition to the common shares of the Company. 

  

	 	(j)	 “Conversion Amount” means the sum of (i) the portion of the Principal to be converted
with respect to which this determination is being made; and (ii) all accrued and unpaid Interest with respect to such portion of the Principal, if any. 

  

	 	(k)	 “Conversion Price” means, as of any Conversion Date or other date of determination, $9.95 per
Common Share, subject to adjustment as provided herein. 

  

	 	(l)	 “Conversion Rate” means the number of Common Shares issuable upon conversion of any Conversion
Amount pursuant to Section 4(a) determined by dividing (i) $1,000 by (ii) the Conversion Price. 

  

	 	(m)	 “Default” means any event that is (or, after notice, passage of time or both, would be) an
Event of Default. 

  

	 	(n)	 “Eligible Market” means the New York Stock Exchange, the NYSE American, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or the OTC US Market so long as, in the case of the OTC US Market only, the market
capitalization of the Company is $150,000,000 or more. 

  

	 	(o)	 “Fair Market Value” means, with respect to any issuance of Additional Shares of Common Stock,
the volume weighted average price of the Common Shares for the seven (7) Trading Days immediately preceding the issue date of such Additional Shares of Common Stock. 

 

	 	(p)	 “Floating Rate” means, with respect to each Interest Date, the rate per annum equal to the sum
of (A) Term SOFR plus (B) 0.42826%; provided, that in no event shall the Floating Rate be less than 1% per annum nor more than 2% per annum. 

  
 27 

 Exhibit A 
  

	 	(q)	 “Forced Redemption Price” means a cash purchase price equal to the sum of (i) 100% of the
Principal, (ii) accrued and unpaid Interest on this Note as of the Redemption Date and (iii) the Make-Whole Amount. 

  

	 	(r)	 “Ineligible Consideration” has the meaning given to such term in
Section 8(j).  

  

	 	(s)	 “Interest Date” has the meaning given to such term in
Section 2(a).  

  

	 	(t)	 “Interest Rate” means (i) the Floating Rate plus five percent (5%) per annum if interest
is to be paid in cash at the applicable Interest Date, and (ii) the Floating Rate plus six percent (6%) per annum if, at the option of the Company, interest is to be paid in PIK at the applicable Interest Date. 

 

	 	(u)	 “Make-Whole Amount” means, with respect to any required redemption pursuant to delivery of an
Event of Default Redemption Notice pursuant to Section 6(b) or any required redemption upon the consummation of a Change of Control Transaction pursuant to Section 7, the sum of the undiscounted
cash Interest payments that would have been payable under the Note beginning the day after such conversion or redemption through the Maturity Date but for the occurrence of such conversion or redemption. 

 

	 	(v)	 “Maturity Date” shall mean [•], 2027. 

 

	 	(w)	 “Optional Redemption Notice” has the meaning given to such term in
Section 5(b)(i). 

  

	 	(x)	 “Optional Redemption Price” has the meaning given to it in
Section 5(a). 

  

	 	(y)	 “Permitted Transferees” means as to the Holder, any of the following: (i) if a natural
person, his/her ancestors, descendants, siblings, or spouse, any executor or administrator of his/her estate, or to a custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary primarily for the account of the Holder or
his/her ancestors, descendants, siblings, or spouse, whether step, in-law or adopted, and, in the case of any such trust or fiduciary, to the Holder who transferred this Note to such trust or fiduciary, but
only with respect to transfers made for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy; (ii) if an entity, (A) the then-existing shareholders or other investors in the Holder in
connection with the dissolution or winding-up of the Holder, or (B) any Person in connection with any consolidation or reorganization of the Holder directly or indirectly with or into one or more other
investment vehicles; or (iii) any Affiliate of the Holder (other than any investment portfolio company of the Holder that is an Affiliate). 

  

	 	(z)	 “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency thereof. 

  

	 	(aa)	 “PIK” has the meaning given to such term in Section 2(b).

  
 28 

 Exhibit A 
  

	 	(bb)	 “PIK Amount” has the meaning given to such term in Section 2(b).

  

	 	(cc)	 “Principal” has the meaning given to such term in the recitals hereto. 

 

	 	(dd)	 “Principal Market” means The New York Stock Exchange or any Eligible Market on which the
Company’s Common Shares are listed (and, in the case of simultaneous listings on multiple markets, the majority of the Company’s Common Shares trade) at the applicable time. 

 

	 	(ee)	 “Redemption Date” means the date on which the Note is redeemed pursuant to an Optional
Redemption by the Company, Mandatory Redemption upon a Change of Control Transaction or redemption due to an Event of Default. 

  

	 	(ff)	 “Redemption Price” means the cash purchase price for which the Note is to be redeemed pursuant
to an Optional Redemption, Mandatory Redemption upon a Change of Control or redemption due to an Event of Default. 

  

	 	(gg)	 “Registration Rights Agreement” means the registration rights agreement dated as of [•],
2022 between the Company and the Holder, as amended from time to time. 

  

	 	(hh)	 “SEC” means the United States Securities and Exchange Commission or any successor thereto.

  

	 	(ii)	 “Senior Debt” means all present and future indebtedness for money borrowed of the Company from
institutional lenders, commercial credit companies, commercial banks, credit unions, government agencies and other commercial lenders, which may be, from time to time, incurred by the Company, including, but not limited to, any negotiable
instruments evidencing the same, all guaranties, debts, demands, monies, indebtedness, liabilities and obligations owed or to become owing, including interest, principal, costs, and other charges, and all claims, rights, causes of action, judgments,
decrees, remedies, or other obligations of any kind whatsoever and howsoever arising, whether voluntary, involuntary, absolute, contingent, direct, indirect, or by operation of law, which indebtedness does not by its terms rank pari passu
with or subordinate to this Note. 

  

	 	(jj)	 “Significant Subsidiary” means, with respect to any Person, any subsidiary of such Person that
constitutes, or any group of subsidiaries of such Person that, in the aggregate, would constitute, a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation
S-X under the 1934 Act) of such Person. 

  

	 	(kk)	 “SOFR” means a rate equal to the secured overnight financing rate as administered by the
Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). 

  

	 	(ll)	 “Tax Act” has the meaning given to such term in Section 3.

  
 29 

 Exhibit A 
  

	 	(mm)	 “Term SOFR” means, for any calculation of Interest, the Term SOFR Reference Rate for a tenor
comparable to the interest period on the Note on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such interest period, as such
rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for
such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination
Day. 

  

	 	(nn)	 “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a
successor administrator of the Term SOFR Reference Rate selected by the Holder (in consultation with the Company) in its reasonable discretion). 

  

	 	(oo)	 “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.

  

	 	(pp)	 “Trading Day” means, as applicable, (i) with respect to all price or trading volume
determinations relating to the Common Shares, any day on which the Common Shares are traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Shares, then on the principal securities exchange or
securities market on which the Common Shares are then traded, provided that “Trading Day” shall not include any day on which the Common Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Shares are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at
4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or (ii) with respect to all determinations other than price determinations relating to the Common Shares, any day on which the
Principal Market (or any successor thereto) is open for trading of securities. 

  

	 	(qq)	 “Transaction Documents” means, collectively, this Note, the Note Purchase Agreement, and each
of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. 

 

	 	(rr)	 “U.S. Government Securities Business Day” means any day other than a Saturday, a Sunday or a
day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  
 30 

 Exhibit A 
  

	28.	 DISCLOSURE. Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of
any notice in accordance with the terms of this Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information relating to the
Company, the Company shall on or prior to 9:00 a.m., New York City time on the Business Day immediately following such notice delivery date, publicly disclose such material, non-public information on a Current
Report on Form 6-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company, the Company so
shall indicate to the Holder explicitly in writing in such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written indication in such notice (or notification from the Company immediately
upon receipt of notice from the Holder), the Holder shall be entitled to presume that information contained in the notice does not constitute material, non-public information relating to the Company.

  

	29.	 ABSENCE OF TRADING AND DISCLOSURE RESTRICTIONS. The Company acknowledges and agrees that the Holder is
not a fiduciary or agent of the Company and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain from trading any securities while in possession of such
information in the absence of a written non-disclosure agreement signed by an officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an
executed, written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company, may possess and use any information provided by the Company in
connection with such trading activity, and may disclose any such information to any third party. 

 [signature page
follows] 

  
 31 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set
forth above. 
  

			
	LI-CYCLE HOLDINGS CORP.
		
	By:	 	  

	Name: Ajay Kochhar
	Title: Chief Executive Officer

  
 Signature Page –
Convertible Note 

 EXHIBIT I 

LI-CYCLE HOLDINGS CORP. HOLDER CONVERSION NOTICE 

Reference is made to the Convertible Note (the “Note”) issued to the undersigned by Li-Cycle Holdings
Corp., a company incorporated under the laws of the Province of Ontario, Canada (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of
the Note indicated below into Common Shares, no par value per share (the “Common Shares”), of the Company, as of the date specified below. Capitalized terms not defined herein shall have the meaning as set forth in the Note. 

 

			
	Date of Conversion:	 	  

	Aggregate Principal to be converted:	 	  

		
	Aggregate accrued and unpaid Interest with respect to such portion of the Aggregate Principal and such Aggregate Interest to be converted:	 	  

		
	AGGREGATE CONVERSION AMOUNT TO BE CONVERTED:	 	  

 Please confirm the following information: 
  

					
	 Conversion Price:
	 	  

  

			
	 Number of Common Shares to be issued:
	 	  

  
 I-I 

 ☐ Check here if the Holder not a U.S. person (as defined in Regulation S) and is not acting for the
account or benefit of a U.S. Person. 
 Please issue the Common Shares into which the Note is being converted (in the form of uncertificated shares
represented by an electronic position) to Holder, or for its benefit, as follows: 
  

			
	Issue to:	  	Name of registered holder:
		
		  	Mailing Address:
		
		  	Email Address:
		
		  	Phone Number:

 ☐ Check here if requesting the shares be certificated (if permitted by law) and the delivery of a paper certificate to
the following mailing address: 
  

			
	Issue a certificate in paper form and deliver the certificate to:	 	  

 ☐ Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows: 

 

			
	 DTC
 Participant:
	 	  

		
	 DTC
 Number:
	 	  

		
	 Account
 Number:
	 	  

 Date: 
 ___________ __, 

 

	
	 Name of Registered Holder

  
 I-2 

			
	By:	 	  

		
		 	Name:
		
		 	Title:
		
	Tax ID:	 	  

	
	E-mail Address:
	
	Phone Number:

  
 I-3 

 EXHIBIT II 

LI-CYCLE HOLDINGS CORP. REDEMPTION NOTICE 

Reference is made to the Convertible Note (the “Note”) issued to the undersigned by Li-Cycle Holdings
Corp., a company incorporated under the laws of the Province of Ontario, Canada (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects to redeem 100% of the Note indicated below in exchange for
(as indicated below) cash as of the date specified below, and warrants to acquire Common Shares. Capitalized terms not defined herein shall have the meaning as set forth in the Note. 

 

			
	Date of Redemption:	 	  

		
	Aggregate Principal to be redeemed:	 	  

		
	Aggregate accrued and unpaid Interest with respect to such portion of the Aggregate Principal and such Aggregate Interest to be redeemed:	 	  

		
	AGGREGATE CONVERSION AMOUNT TO BE REDEEMED:	 	  

		
	Number of Redemption Warrants to be Issued:	 	  

  

	
	 Please confirm the following information:

	
	 Redemption Price:

  
 II-I 

			
	Pay to:	  	Name of registered holder:
		
		  	Mailing Address:
		
		  	Email Address:
		
		  	Phone Number:
		
		  	ABA Routing Number:
		
		  	Account Number:
		
		  	Attention:

  

			
	Tax ID:	 	  

		
	E-mail Address:	 	
		
	Phone Number:	 	

  
 II-2 

 EXHIBIT III 

FORM OF REDEMPTION WARRANT CERTIFICATE 

  
 III-I 

	
	Number: [•]

 WARRANTS 

THIS WARRANT CERTIFICATE SHALL BE VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR BELOW. 

THE WARRANTS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT. HEDGING TRANSACTIONS MAY NOT
BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. 
 Li-Cycle Holdings Corp. 

Incorporated Under the Laws of Ontario 

Warrant Certificate 
 This Warrant
Certificate certifies that [                 ], or registered assigns, is the registered holder (the “Holder”) of
[                 ] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase common shares (“Common Shares”), of Li-Cycle Holdings Corp., an Ontario corporation (the “Company”). 
 This Warrant Certificate is issued in
connection with the redemption and cancellation of the convertible note issued by the Company to Glencore Ltd. as of [•], 2022 (the “Note”). 

Each Warrant entitles the Holder, upon exercise during the period set forth in this Warrant Certificate, to receive from the Company that number of fully paid
and nonassessable Common Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to this Warrant Certificate, payable in lawful money of the United States of America upon surrender of this
Warrant Certificate and payment of the Exercise Price at the principal office of the Company, located at 207 Queen’s Quay West, Suite 590, Toronto, Ontario M5J 1A7 (Attention: Ajay Kochhar; Email:
ajay.kochhar@li-cycle.com), subject to the conditions set forth herein. 
 Each whole Warrant is initially
exercisable for one fully paid and non-assessable Common Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a Holder would be entitled to receive a
fractional interest in a Common Share, the Company shall, upon exercise, round down to the nearest whole number the number of Common Shares to be issued to the Holder. 

The initial Exercise Price per one Common Share for any Warrant is equal to $[•]1 per share. The
Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in this Warrant Certificate. 
  

	1 	 NTD: Equal to the applicable Conversion Price as of the date of redemption of the Note. 

 Subject to the conditions set forth in this Warrant Certificate, the Warrants may be exercised only during
the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 
 Reference is hereby made to the
further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 

IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly authorized officer as of this ____ day of
                 ,
20                . 
  

	
	LI-CYCLE HOLDINGS CORP.
	
	By:
	
	  

	
	Name:
	Title:

  
 2 

 [Form of Warrant Certificate] 

[Reverse] 
  

	1.	 Terms and Exercise of Warrants. 

 

	 	1.1.	 Exercise Price. Each Warrant shall entitle the Holder thereof, subject to the provisions of this Warrant
Certificate, to purchase from the Company the number of Common Shares stated herein, at the price of $[•] per share, subject to the adjustments provided in Section 2 hereof and in the last sentence of this Section 1.1. The term
“Exercise Price” as used in this Warrant Certificate shall mean the price per share described in the prior sentence at which Common Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may
lower the Exercise Price at any time prior to the Expiry Date (as defined below) for a period of not less than fifteen (15) Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are
listed or Applicable Law); provided that the Company shall provide at least five days’ prior written notice of such reduction to Holders of the Warrants; and provided further, that any such reduction shall be identical among all
of the Warrants. 

  

	 	1.2.	 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise
Period”) commencing on the date hereof and terminating on the earliest to occur (the “Expiry Time”) of (i) 5:00 p.m., New York City time, on [•], 2027 (the “Exercise Period”) and (ii) immediately
prior to the closing of a Change of Control Transaction. Each Warrant not exercised on or before the Expiry Time shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Certificate shall cease at the Expiry
Time. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiry Time; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Holders of the
Warrants and, provided further that any such extension shall be identical in duration among all the Warrants. 

  

	 	1.3.	 Exercise of Warrants. 

 

	 	1.3.1.	 Payment. Subject to the provisions of this Warrant Certificate, a Warrant may be exercised by the Holder
thereof by delivering to the Company at its principal office (i) this definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry position, the Warrants to be exercised (the
“Book-Entry Warrants”) on the records of the applicable Warrant Agent (the “Agent”) to an account of the Company or its agent at the Agent designated for such purposes in writing by the Company to the Holder from
time to time, (ii) a subscription form (“Subscription Form”) for any Common Shares to be issued pursuant to the exercise of a Warrant, properly completed and executed by the Holder on the reverse of this definitive Warrant
Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Holder in accordance with the Agent’s procedures, and (iii) the payment in full of the Exercise Price for each Common Share as to which

  
 3 

	 	
the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Shares and the issuance of such Common
Shares, in lawful money of the United States, in good certified check or good bank draft payable to the order of the Company, or by transmitting same day payable funds in the lawful money of the United States by wire to such account as the Company
shall direct to the Holder. Any Warrant Certificate so surrendered shall be deemed to be surrendered only upon delivery thereof to the Company at its principal office set forth herein in the manner provided in Section 12 (or to such other
address as the Company may notify the Holder). 

  

	 	1.3.2.	 Issuance of Common Shares on Exercise. As soon as practicable (and in any event within 5 Business Days)
after the exercise of any Warrant and the clearance of the funds in payment of the Exercise Price, the Company shall issue to the Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Common Shares to which it
is entitled, registered in such name or names as may be directed by him, her or it on the register of shareholders of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant
Certificate, as applicable, for the number of Common Shares as to which such Warrant shall not have been exercised. 

  

	 	1.3.3.	 Valid Issuance. All Common Shares issued upon the proper exercise of a Warrant in conformity with this
Warrant Certificate shall be validly issued, fully paid and nonassessable. 

  

	 	1.3.4.	 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for
Common Shares is issued and who is registered in the register of shareholders of the Company shall for all purposes be deemed to have become the holder of record of such Common Shares on the date on which the Warrant, or book-entry position
representing such Warrant, was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date
when the register of shareholders of the Company or book-entry system of the Company are closed, such person shall be deemed to have become the holder of such Common Shares at the close of business on the next succeeding date on which the share
transfer books or book-entry system are open. 

  

	 	1.3.5.	 Market Regulation. The Company shall only issue Common Shares upon exercise of the Warrants evidenced by
this Warrant Certificate or otherwise pursuant to the terms of this Warrant Certificate to the extent the issuance of such Common Shares would not exceed the aggregate number of Common Shares that the Company may issue without violating the rules or
regulations of any Eligible Market on which the Common Shares are then listed (including without limitation Section 312.03(c) of the NYSE Listed Company Manual), except that such limitation shall not

  
 4 

	 	
apply in the event that the Company (i) obtains the approval of its shareholders as required by the applicable rules of any Eligible Market on which the Common Shares are then listed for
issuances of Common Shares in excess of such amount or (ii) obtains a written opinion from counsel to the Company that such approval is not required. In the event that shareholder approval is required with respect to the issuance of Common
Shares upon exercise of the Warrants evidenced by this Warrant Certificate (or otherwise pursuant to the terms of this Warrant Certificate) under the rules or regulations of any Eligible Market on which the Common Shares are then listed, as
contemplated by clause (i) above, the Company shall use its reasonable best efforts to promptly obtain such approval. For the avoidance of doubt, the Company’s non-compliance with the limitations
contained in this Section 1.3.5 shall not constitute a breach of this Warrant Certificate by the Company, and the Company shall not have any liability under this Warrant Certificate resulting therefrom. 

 

	 	1.3.6.	 Antitrust and Foreign Investment Laws. The Company shall only issue Common Shares upon exercise of the
Warrants evidenced by this Warrant Certificate or otherwise pursuant to the terms of this Warrant Certificate to the extent the issuance of such Common Shares would not exceed the aggregate number of Common Shares that the Company may issue without
violating the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) or any antitrust laws of other jurisdictions or any foreign investment laws applicable in connection with the issuance of the Common Shares upon
exercise of the Warrants evidenced by this Warrant Certificate, except that such limitation shall not apply in the event that (i) the Holder (and, if applicable, the Company) obtains the necessary regulatory approvals as required by any
applicable antitrust laws or foreign investment laws or (ii) the Holder (and, if applicable, the Company) obtains a written opinion from counsel to the Holder (or, in the case of the Company, counsel to the Company) that such approval(s) are
not required. For the avoidance of doubt, the Company’s non-compliance with the limitations contained in this Section 1.3.6 shall not constitute a breach of this Warrant Certificate by the Company,
and the Company shall not have any liability under this Warrant Certificate or otherwise resulting therefrom, but in the event that exercise of the Warrants evidenced by this Warrant Certificate requires any filing or approval under the HSR Act or
any applicable antitrust laws of any other jurisdiction and any foreign investment laws the Holder and, if applicable, the Company shall endeavor to make such filings and obtain such approval in accordance with, and subject to the following
limitations: 

  

	 	1.3.6.1.	 The Company and the Holder acknowledge that one or more filings under the HSR Act or antitrust laws of other
jurisdictions and/or foreign investment laws may be necessary in connection with the issuance of the Common Shares upon exercise of the Warrants evidenced by this Warrant Certificate. The Holder will promptly notify the Company if any such filing is
required on the part of the Holder or the Company. The Company, the 

  
 5 

	 	
Holder and any other applicable Holder Affiliate will use reasonable best efforts to cooperate in making or causing to be made all applications and filings under the HSR Act or any antitrust laws
of other jurisdictions or any foreign investment laws required in connection with the issuance of the Common Shares upon exercise of the Warrants evidenced by this Warrant Certificate held by the Holder or any Holder Affiliate in a timely manner and
as required by the law of the applicable jurisdiction; provided, that, notwithstanding anything in this Warrant Certificate to the contrary, the Company shall not have any responsibility or liability for failure of the Holder or any of its
Affiliates to comply with any Applicable Law. For as long as this Warrant Certificate is outstanding, the Company shall as promptly as reasonably practicable provide (no more than four (4) times per calendar year) such information regarding the
Company and its Subsidiaries as the Holder may reasonably request in order to determine what antitrust or foreign investment requirements may exist with respect to any potential exercise of the Warrants evidenced by this Warrant Certificate.
Promptly upon request by the Holder, the Company will use its reasonable best efforts to make all such filings and obtain all approvals and clearances as required under applicable antitrust or foreign investment laws in connection with the issuance
of the Common Shares and investment in the Common Shares upon exercise of the Warrants evidenced by this Warrant Certificate. 

  

	 	1.3.6.2.	 Notwithstanding anything in this Warrant Certificate to the contrary, it is expressly understood and agreed
that: (i) the Company shall not have any obligation to litigate or contest any administrative or judicial action or proceeding or any decree, judgment, injunction or other order, whether temporary, preliminary or permanent; and (ii) the
Company shall not be under any obligation to make proposals, execute or carry out agreements, enter into consent decrees or submit to orders providing for (A) the sale, divestiture, license or other disposition or holding separate (through the
establishment of a trust or otherwise) of any assets or categories of assets of the Company or any of its subsidiaries or Affiliates, (B) the imposition of any limitation or regulation on the ability of the Company or any of its subsidiaries or
Affiliates to freely conduct their business or own such assets or (C) the holding separate of the Common Shares or any limitation or regulation on the ability of the Holder or any of its Affiliates to exercise full rights of ownership of the
Common Shares. The Company and the Holder will cooperate, provide all necessary information, and keep each other fully apprised with respect to such filing and regulatory processes. The Holder shall be responsible for the payment of the filing fees
associated with any such applications or filings. 

  
 6 

	2.	 Adjustments. 

  

	 	2.1.	 If and whenever, at any time prior to the Expiry Time, the Company shall: (i) subdivide or re-divide its outstanding Common Shares into a greater number of Common Shares; (ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number of Common Shares; (iii) issue
options, rights, warrants or similar securities to the holders of all of the outstanding Common Shares; or (iv) issue Common Shares or securities convertible into Common Shares to the holders of all of the outstanding Common Shares by way of a
dividend or distribution; the number of Common Shares issuable upon exercise of the Warrants on the date of the subdivision, re-division, reduction, combination or consolidation or on the record date for the
issue of options, rights, warrants or similar securities or on the record date for the issue of Common Shares or securities convertible into Common Shares by way of a dividend or distribution, as the case may be, shall be adjusted so that the Holder
shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned or been entitled to receive after the happening of any of the events described in this Section 2.1 had the Warrants
evidenced by this Warrant Certificate been exercised immediately prior to the happening of such event or any record date with respect thereto. Any adjustments made pursuant to this Section 2.1 shall become effective immediately after the
effective time of such event retroactive to the record date, if any, for such event. 

  

	 	2.2.	 If and whenever at any time prior to the Expiry Time, there is a reclassification of the Common Shares or a
capital reorganization of the Company other than as described in Section 2.1 or a consolidation, amalgamation, arrangement, binding share exchange, merger of the Company with or into any other Person or other entity or acquisition of the
Company or other combination pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale or conveyance of the property and assets of the Company as an entirety or substantially as an entirety
to any other Person (other than a direct or indirect wholly-owned subsidiary of the Company) or other entity or a liquidation, dissolution or winding-up of the Company, the Holder, if it has not exercised its
Warrants prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, upon the exercise of such Warrants thereafter, shall be entitled to receive and shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such amount of cash or the number of
shares or other securities or property of the Company or of the Person or other entity resulting from such merger, amalgamation, arrangement, acquisition, combination or consolidation, or to which such sale or conveyance may be made or which holders
of Common Shares receive pursuant to such liquidation, dissolution or winding-up, as the case may be, that the Holder would have been entitled to receive on such reclassification, capital reorganization,
consolidation, amalgamation, arrangement, merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, if, on the record date or the effective date thereof,
as the case may be, the Holder had been the registered holder of the number of Common Shares sought to be acquired by it and to which it was entitled to acquire upon the exercise of its Warrants at the Exercise Price. 

  
 7 

	 	2.3.	 If, and whenever at any time prior to the Expiry Time, the Company shall issue Additional Shares of Common
Stock, without consideration or for a consideration per share less than Fair Market Value as of the date of issue thereof, then the Exercise Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

 EP2 =
EP1* (A + B) ÷ (A + C). 
 For purposes of the foregoing formula, the following definitions shall apply: 

“EP2” shall mean the Exercise Price in effect immediately after such issue of Additional Shares of Common Stock; 

“EP1” shall mean the Exercise Price in effect immediately prior to such issue of Additional Shares of Common Stock; 

“A” shall mean the number of Common Shares outstanding immediately prior to such issue of Additional Shares of Common Stock
(treating for this purpose as outstanding all Common Shares issuable upon exercise of options outstanding immediately prior to such issue or upon conversion or exchange of securities or notes convertible into Common Shares outstanding immediately
prior to such issue); 
 “B” shall mean the number of Common Shares that would have been issued if such Additional Shares
of Common Stock had been issued at a price per share equal to EP1 (determined by dividing the aggregate consideration received by the Company (as determined in good faith by the Company’s board of directors) in respect of such issue by EP1);
and 
 “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction. 

 

	 	2.4.	 If the Company or any of its subsidiaries makes a payment in respect of a tender offer or exchange offer for
Common Shares (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the 1934 Act), and the value (determined as of the Expiration
Time by the Company’s board of directors) of the cash and other consideration paid per Common Share in such tender or exchange offer exceeds the last reported sale price per Common Share on the Trading Day immediately after the last date (the
“Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Exercise Rate will be increased based on the following formula: 

 
 

 

  
 8 

 where: 

 

			
	ER0	  	= the Exercise Rate in effect immediately before the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
	ER1	  	= the Exercise Rate in effect immediately after the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
	AC	  	= the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Company’s board of directors) of all cash and other consideration paid for Common Shares
purchased or exchanged in such tender or exchange offer;
	OS0	  	= the number of Common Shares outstanding immediately before the Expiration Time (including all Common Shares accepted for purchase or exchange in such tender or exchange offer);
	OS1	  	= the number of Common Shares outstanding immediately after the Expiration Time (excluding Common Shares accepted for purchase or exchange in such tender or exchange offer); and
	SP	  	= the average of the last reported sale prices per Common Shares over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day
immediately after the Expiration Date;

 provided, however, that the Exercise Rate will in no event be adjusted down pursuant to
this Section 2.4, except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 2.4, if the date of exercise of the Warrants occurs during the Tender/Exchange Offer Valuation
Period for such tender or exchange offer, then, solely for purposes of determining the Exercise Price for such exercise, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and
including, the Trading Day imediately after the Expiration Date to, and including, such date of exercise. To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from
consummating such tender or exchange offer under Applicable Law), or any purchases or exchanges of Common Shares in such tender or exchange offer are rescinded, the Exercise Rate will be readjusted to the Exercise Rate that would then be in effect
had the adjustment been made on the basis of only the purchases or exchanges of Common Shares, if any, actually made, and not rescinded, in such tender or exchange offer. 

  
 9 

	 	2.5.	 If, and whenever at any time prior to the Expiry Time, the Company shall make or issue, or fix a record date
for the determination of holders of Common Shares entitled to receive (and subsequently make or issue), a dividend or other distribution payable in cash or other property not involving Common Shares or securities convertible into Common Shares
(which is the subject of Section 2.1), then and in each such event the Holder of a Warrant shall receive, and shall accept, upon the exercise of a Warrant for Common Shares, a dividend or other distribution of such cash or other property in an
amount equal to the amount of such cash or other property as it would have received if this Warrant had been exercised for Common Shares on the date of such event. 

 

	 	2.6.	 On the occurrence of any reclassification of, or other change in, the outstanding Common Shares or any other
event or addressed in Sections 2.1, 2.2, 2.3, 2.4 or 2.5 (each, an “Unanticipated Event”), the parties will, in good faith, make such further adjustments and changes and take all necessary actions, subject to the approval of the
Holder, so as to ensure that the Holder receives, upon the exercise of a Warrant occurring at any time after the date of the occurrence of the Unanticipated Event, such shares, securities, rights, cash or property that the Holder would have received
if, immediately prior to the date of such Unanticipated Event, the Holder had been the registered holder of the number of Common Shares to which the Holder would be entitled upon the exercise of a Warrant for Common Shares. 

 

	 	2.7.	 The adjustments provided for in Sections 2.1, 2.2, 2.3, 2.4, 2.5 and 2.6 are cumulative and will be made
successively whenever an event referred to therein occurs. 

  

	 	2.8.	 If at any time a question or dispute arises with respect to the adjustments provided for in Sections 2.1, 2.2,
2.3, 2.4, 2.5 or 2.6, such question or dispute will be conclusively determined by a firm of nationally recognized chartered professional accountants appointed by the Company (who may be the auditors of the Company) and acceptable to the Holder. Such
accountants shall have access to all necessary records of the Company and any such determination will be binding upon the Company and the Holder. 

  

	 	2.9.	 The Company shall, from time to time immediately after the occurrence of any event which requires an adjustment
or re-adjustment as provided in Sections 2.1, 2.2, 2.3, 2.4, 2.5 or 2.6, deliver a certificate of the Company to the Holder specifying the nature of the event requiring the same and the amount of the necessary
adjustment (or, in the case of Section 2.5, entitlement to cash or other property upon conversion) and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, and, if reasonably required
by the Holder, such certificate and the amount of the adjustment specified therein shall be verified by an opinion of a firm of nationally recognized chartered professional accountants appointed by the Company (who may be the auditors of the
Company) and acceptable to the Holder. 

  

	 	2.10.	 Notwithstanding anything to the contrary in Sections 2.1, 2.2, 2.3, 2.4, 2.5 or 2.6, if the Holder would
otherwise be entitled to receive, upon the exercise of its right of conversion, any property (including cash) or securities that would not constitute “prescribed securities” for the purposes of clause 212(1)(b)(vii)(E) of

  
 10 

	 	
the Tax Act as it applied immediately before January 1, 2008 (“Ineligible Consideration”), the Holder shall not be entitled to receive such Ineligible Consideration and the
Company or the successor or acquiror, as the case may be, shall have the right (at the sole option of the Company or the successor or acquiror, as the case may be) to deliver to the Holder “prescribed securities” for the purposes of clause
212(1)(b)(vii)(E) of the Tax Act as it applied immediately before January 1, 2008 with a market value (as conclusively determined by the board of directors of the Company) equal to the market value of such Ineligible Consideration.

  

	 	2.11.	 No Fractional Shares. Notwithstanding any provision contained in this Warrant Certificate to the
contrary, the Company shall not issue fractional Common Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 2, the Holder of any Warrant would be entitled, upon the exercise of such Warrant, to
receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Common Shares to be issued to such holder. 

 

	 	2.12.	 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this
Section 2, and Warrants issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Warrant Certificate; provided, however, that the Company
may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

  

	 	2.13.	 To the extent any amendment or modification is made to Section 8 of the Note, the Company shall
simultaneously amend or modify this Warrant Certificate to reflect similar terms. 

  

	3.	 Register and Transferability. 

 

	 	3.1.	 The Company shall use reasonable best efforts to maintain a register (the “Register”) for the
registration in book-entry form of the original issuance of the Warrants and the registration of transfer of any Warrants. Upon the initial issuance of the Warrants in book-entry form, the Agent shall issue and register the Warrants in the names of
the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Agent by the Company. The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
shall treat the Holder for all purposes as the owner hereof notwithstanding notice to the contrary, however, that upon its receipt of a written request to assign, transfer or sell all or part of the Warrants evidenced by this Warrant Certificate by
the Holder to a Permitted Transferee, the Company shall record the information contained therein in the Register and issue a new certificate in respect of the remaining balance of the Warrants evidenced by this Warrant Certificate; provided,
however, that the Company will not register any assignment, transfer or sale of any Warrants not made in accordance with Regulation S or pursuant to registration under the 1933 Act or an available exemption therefrom.

  
 11 

	 	
Notwithstanding anything to the contrary set forth in this Section 3, following exercise of the Warrants evidenced by this Warrant Certificate in accordance with the
terms hereof, the Holder shall not be required to physically surrender this Warrant Certificate to the Company unless (A) all Warrants represented by this Warrant Certificate are being exercised (in which event this Warrant Certificate shall be
delivered to the Company following exercise thereof as contemplated by Section 1.3) or (B) the Holder has provided the Company with prior written notice requesting reissuance of this Warrant Certificate upon physical
surrender of this Warrant Certificate. If the Company does not update the Register to record the exercise of the Warrants evidenced by this Warrant Certificate and the dates of such exercise and/or payments (as the case may be), then the Register
shall be automatically deemed updated to reflect such occurrence on the Business Day immediately prior to such occurrence. 

  

	 	3.2.	 The Company may appoint an Agent for the purpose of maintaining the Register, issuing the Common Shares or
other securities then issuable upon the exercise of the rights under the Warrants, exchanging the Warrants, replacing the Warrants or conducting related activities. 

 

	 	3.3.	 The Warrants may not be offered, sold, assigned or transferred (including through hedging or derivative
transactions) by the Holder other than to one or more Permitted Transferees in each case in accordance with the provisions of Regulation S of the 1933 Act or pursuant to registration under the 1933 Act or an available exemption therefrom and by
registration of such assignment or sale on the Register. 

  

	4.	 No Rights as Shareholder. A Warrant does not entitle the Holder thereof to any of the rights of a
shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders
or the election of directors of the Company or any other matter. 

  

	5.	 No Obligation to Purchase. Nothing herein contained or done pursuant hereto shall obligate the
Holder to subscribe for, or the Company to issue, any shares except those shares in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein. 

 

	6.	 U.S. Legend. Certificates representing Common Shares issued pursuant to the Subscription Form, and all
certificates issued in exchange thereof or in substitution therefor, until such time as it is no longer required under the applicable requirements of the 1933 Act or applicable United States state laws and regulations, shall bear the following
legend: 

 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED,
DIRECTLY OR INDIRECTLY, ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE LOCAL LAWS AND REGULATONS, (C) PURSUANT TO

  
 12 

 
THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR
(D) PURSUANT TO ANOTHER APPLICABLE EXEMPTION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C) OR (D), PROVIDING TO THE COMPANY A LEGAL OPINION OR OTHER EVIDENCE
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER, TO THE EFFECT THAT SUCH TRANSFER DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT.” 

Notwithstanding the foregoing, the Company or the Company’s transfer agent may impose additional requirements for the removal of legends
from securities sold in compliance with Rule 904 of Regulation S of the 1933 Act in the future. 
  

	7.	 Covenants: 

  

	 	7.1.	 So long as any Warrants evidenced hereby remain outstanding, the Company shall at all times reserve and keep
available a number of its authorized but unissued Common Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Certificate. 

 

	 	7.2.	 The Company covenants and agrees that until the Expiry Time, while the Warrants (or remaining portion thereof)
shall be outstanding, the Company shall use its commercially reasonable efforts to remain listed on the Principal Market, and to maintain its status as a “reporting issuer” not in default of the requirements of the applicable securities
laws in the jurisdictions in which the Company is currently a reporting issuer, provided that this covenant shall not prevent the Company from completing any transaction which would result in the Company to cease to be listed on the Principal Market
or cease to be a reporting issuer, respectively, so long as the holders of the Common Shares receive securities of an entity which is listed on an Eligible Market or cash or the holders of the Common Shares have approved the transaction in
accordance with the requirements of applicable corporate laws and the rules and policies of the Principal Market. 

  

	 	7.3.	 The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required for the carrying out or performing of the provisions of this Warrant Certificate. 

 

	 	7.4.	 In the event of a Change of Control Transaction in which the consideration to be received by the Company’s
shareholders consists of cash and/or marketable securities, if this Warrant Certificate is outstanding upon the consummation of such Change of Control Transaction then (a) if the Fair Market Value of one Common Share is greater than the then
applicable Exercise Price, this Warrant Certificate may be exercised at the election of the Holder on a net exercise issue basis as of immediately prior to such Change of Control Transaction and (b) if the Fair Market Value of one Common Share
is less than or equal to the then applicable Exercise Price, this Warrant Certificate will expire immediately prior to the consummation of such Change of Control Transaction. 

  
 13 

	 	7.5.	 The covenants of the Company referenced in Sections 9(c), (d), (e) and (f) of the Note are incorporated
herein by reference. Such covenants of the Company shall not merge in or be prejudiced by and shall survive the redemption of the Note and shall continue in full force and effect so long as the Warrants are outstanding. 

 

	 	7.6.	 Upon request of the Holder, the Company shall use commercially reasonable efforts to issue to the Holder
Book-Entry Warrants settled through the Agent in lieu of this Warrant Certificate. 

  

	8.	 Lost, Stolen or Mutilated Warrant Certificate. Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant Certificate (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or
destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall execute and deliver to the
Holder a new Warrant Certificate representing the outstanding number of Warrants. 

  

	9.	 Payment of Collection, Enforcement and Other Costs. If (a) this Warrant Certificate is
placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this Warrant Certificate or to enforce the provisions of this
Warrant Certificate or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting the Holder’s rights and involving a claim under this Warrant Certificate, then the Company shall pay the
costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including attorneys’ fees and disbursements. 

 

	10.	 Construction; Headings. This Warrant Certificate shall be deemed to be jointly drafted by the
Company and the initial Holder and shall not be construed against any such Person as the drafter hereof. The headings of this Warrant Certificate are for convenience of reference and shall not form part of, or affect the interpretation of, this
Warrant Certificate. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire
Warrant Certificate instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections of this Warrant Certificate. 

 

	11.	 Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise
of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No
waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. 

  
 14 

	12.	 Dispute Resolution. 

 

	 	12.1.	 Submission to Dispute Resolution. 

 

	 	12.1.1.	 In the case of a dispute relating to the Exercise Price, Exercise Rate or the arithmetic calculation thereof,
the Company or the Holder (as the case may be) shall submit the dispute to the other party via electronic mail or otherwise (A) if by the Company, within five (5) Business Days after the occurrence of the circumstances giving rise to such
dispute or (B) if by the Holder within five (5) Business Days after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise
Price or the arithmetic calculation of such Exercise Rate (as the case may be) at any time after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be) of such dispute to the Company or the
Holder (as the case may be), then the Company shall select an independent, reputable investment bank acceptable to the Holder, acting reasonably, to resolve such dispute and the Company shall promptly send written confirmation of such joint
selection to the Holder. 

  

	 	12.1.2.	 The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute
submission so delivered in accordance with the first sentence of this Section 12.1 and (B) written documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m., New York time, by the fifth (5th)
Business Day immediately following the date on which the Company provided notice to the Holder of the joint selection of such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the immediately
preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of the Required Dispute
Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other
support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such
investment bank in connection with such dispute (other than the Required Dispute Documentation). Any and all communications between the Company, on the one hand, and the Holder, on the other hand, and such investment bank shall be made in writing
and a copy provided simultaneously to the Company and the Holder and no meeting between such investment bank and the Company or the Holder shall take place unless each of the Company and the Holder are in attendance. 

  
 15 

	 	12.1.3.	 The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and
notify the Company and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be shared equally between the Company and the
Holder, and such investment bank’s resolution of such dispute shall be final and binding upon all parties absent manifest error. 

  

	13.	 Notices; Currency; Payments.  

 

	 	13.1.	 Notices. Any notices, consents, waivers or other communications required or permitted to be given under
the terms of this Warrant Certificate must be in writing and will be deemed to have been delivered: (i) upon receipt by the recipient, when delivered personally; (ii) upon receipt by the recipient, when sent by electronic mail
(provided that such sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to
receive the same. The addresses and e-mail addresses for such communications shall be: 

If to the Company: 
 Li-Cycle Holdings Corp. 
 207 Queen’s Quay West, Suite 590 

Toronto, Ontario M5J 1A7 

Attention: Ajay Kochhar 
 Email:
ajay.kochhar@li-cycle.com 
 with a copy (which shall not constitute notice) to: 

Freshfields Bruckhaus Deringer LLP 

601 Lexington Avenue, 31st Floor 

New York, New York 
 Attention:
Paul M. Tiger, Andrea M. Basham 
 Email: Paul.Tiger@Freshfields.com 

Andrea.Basham@Freshfields.com 

If to the Holder: 
 Glencore
Ltd. 
 330 Madison Ave. 
 New
York, NY 10017 
 Attention: Legal Department 

Email: legalnotices@glencore-us.com 

  
 16 

 with a copy to: 

Glencore International AG 

Baarermattstrasse 3 
 CH –
6340 Baar 
 Switzerland 

Attention: General Counsel 

Email: general.counsel@glencore.com 

with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 5th Avenue 
 New York, NY
10153 
 Attention: Heather Emmel, David Avery-Gee 

Email: Heather.emmel@weil.com 

David.Avery-Gee@weil.com 

or to such other address or e-mail address and/or to the attention of such other Person as the
recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s e-mail containing the time and date or (C) provided by an overnight courier service shall be rebuttable evidence of
personal service, receipt by e-mail or receipt from an overnight courier service in accordance with clauses (i), (ii) or (iii) above, respectively. 

 

	 	13.2.	 The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant
Certificate, including in reasonable detail a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) within three (3) Business Days
after any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a
record (A) with respect to any dividend or distribution upon the Common Shares, (B) with respect to any grant, issuances, or sales of any or rights to purchase shares, warrants, securities or other property to holders of Common Shares or
(C) for determining rights to vote with respect to any change of control transaction, dissolution or liquidation, provided in each case that any material non-public information in any such notice shall be
made known to the public prior to or in conjunction with such notice being provided to the Holder. 

  

	 	13.3.	 Calculation of Time. When computing any time period in this Warrant Certificate, the following rules
shall apply: 

  

	 	13.3.1.	 the day marking the commencement of the time period shall be excluded but the day of the deadline or expiry of
the time period shall be included; 

  

	 	13.3.2.	 for time periods measured in Business Days, any day that is not a Business Day shall be excluded in the
calculation of the time period; and, if the day of the deadline or expiry of the time period falls on a day which is not a Business Day, the deadline or time period shall be extended to the next following Business Day; 

  
 17 

	 	13.3.3.	 for time periods measured in Trading Days, any day that is not a Trading Day shall be excluded in the
calculation of the time period; and, if the day of the deadline or expiry of the time period falls on a day which is not a Trading Day, the deadline or time period shall be extended to the next following Trading Day; 

 

	 	13.3.4.	 if the end date of any deadline or time period in this Warrant Certificate refers to a specific calendar date
and that date is not a Business Day, the deadline or time period shall be extended to the next Business Day following the specific calendar date; and 

  

	 	13.3.5.	 when used in this Warrant Certificate the term “month” shall mean a calendar month.

  

	 	13.4.	 Currency. Unless otherwise specified or the context otherwise requires all dollar amounts referred to in
this Warrant Certificate are in United States Dollars (“U.S. Dollars”). 

  

	 	13.5.	 Payments. Whenever any payment of cash is to be made pursuant to this Warrant Certificate, unless
otherwise expressly set forth herein, such payment shall be made in U.S Dollars by wire transfer of immediately available funds. Whenever any amount expressed to be due by the terms of this Warrant Certificate is due on any day which is not a
Business Day, the same shall instead be due on the next succeeding day which is a Business Day. 

  

	14.	 Waiver of Notice. To the extent permitted by law, the Company hereby irrevocably waives demand, notice,
presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Warrant Certificate and the Registration Rights Agreement. 

 

	15.	 Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant Certificate shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of
Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Warrant Certificate and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner 

  
 18 

	 	
permitted by law. Nothing contained herein shall be deemed or operate to preclude a Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to a Holder or to enforce a judgment or other court ruling in favor of a Holder. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY ACTION OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS WARRANT
CERTIFICATE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF SUCH ACTION OR PROCEEDING. EACH PARTY
CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE
FOREGOING WAIVER; (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) IT MAKES THIS WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS WARRANT CERTIFICATE
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH. 

  

	16.	 Severability. If any provision of this Warrant Certificate is prohibited by law or otherwise
determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and
enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant Certificate so long as this Warrant Certificate as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a
valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 

  

	17.	 Certain Definitions. For purposes of this Warrant Certificate, the following terms shall have the
following meanings: 

  

	 	(a)	 “1933 Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations
thereunder. 

  

	 	(b)	 “1934 Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder. 

  
 19 

	 	(c)	 “Additional Shares of Common Stock” shall mean all Common Shares or securities or notes
convertible or exchangeable for Common Shares issued by the Company after the date of this Warrant Certificate, other than (1) the following Common Shares and (2) Common Shares deemed issued pursuant to the following options and securities
or notes convertible into or exchangeable for Common Shares: 

	 	(i)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued by way of a
dividend or distribution that is covered by Section 2.1; 

  

	 	(ii)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued to employees or
directors of, or consultants or advisors to, the Company or any of its subsidiaries, whether issued before or after the date of this Warrant Certificate, pursuant to any option or incentive plan of the Company adopted by the board of directors of
the Company (or any predecessor governing body); and 

  

	 	(iii)	 Common Shares or securities or notes convertible into or exchangeable for Common Shares issued upon the
exercise of options or warrants or Common Shares issued upon the conversion or exchange of securities or notes convertible into or exchangeable for Common Shares which are outstanding as of the date hereof, in each case provided such issuance is
pursuant to the terms of such option or warrants or securities or notes convertible into or exchangeable for Common Shares. 

  

	 	(d)	 “Affiliate” means, in relation to any Person (the “first named person”), any
other Person that controls, is controlled by or is under common control with the first named person; provided that, for greater certainty, the Company is not an Affiliate of the Holder or any of its subsidiaries for the purposes of this Warrant
Certificate. 

  

	 	(e)	 “Applicable Law” means all laws (statutory or common), rules, ordinances, regulations, grants,
concessions, franchises, licenses, orders, directives, judgments, decrees, and other governmental restrictions, including permits and other similar requirements, whether legislative, municipal, administrative or judicial in nature, having
application, directly or indirectly, to the Company, and includes the rules and policies of any stock exchange upon which the Company has securities listed or quoted. 

 

	 	(f)	 “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in New York City or the City of Toronto are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to
“stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or
restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in New York City or the City of Toronto
generally are open for use by customers on such day. 

  
 20 

	 	(g)	 “Change of Control Transaction” means any of the following events: (i) a
“person” or “group” (within the meaning of Section 13(d)(3) of the 1934 Act), other than the Company or one or more employee benefit plans of the Company, files any report with the SEC indicating that such person or group
has become the direct or indirect “beneficial owner” (as defined below) of Common Shares representing more than fifty percent (50%) of the Company’s then outstanding Common Shares (other than Common Shares held by the Company as
treasury stock or owned by a subsidiary of the Company); (ii) the consummation of (A) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company, taken as a whole,
to any Person; or (B) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, amalgamation, arrangement, share exchange, combination, reclassification, recapitalization,
acquisition, liquidation or otherwise) more than fifty percent (50%) of the outstanding Common Shares (other than Common Shares held by the Company as treasury stock or owned by a subsidiary of the Company) are exchanged for, converted into,
acquired for, or constitute solely the right to receive, other securities, cash or other property (other than a subdivision or combination, or solely a change in par value, of the Common Shares); provided, however, that any merger,
consolidation, amalgamation, arrangement, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity
immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other
transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed
not to be a Change of Control Transaction pursuant to this clause (ii); (iii) the Company’s shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or (iv) the Common Shares cease to be listed on
any Eligible Market. For the purposes of this definition, whether a Person is a “beneficial owner” and whether shares are “beneficially owned” will be determined in accordance with Rule
13d-3 under the 1934 Act. 

  

	 	(h)	 “Common Shares” means (i) the Company’s common shares, (ii) any share capital
into which such common shares shall have been changed or any share capital resulting from a reclassification of such common shares and (iii) for purposes of Section 2.1(iv) only, the common shares or other securities of any of the
Company’s subsidiaries in addition to the common shares of the Company. 

  

	 	(i)	 “Eligible Market” means the New York Stock Exchange, the NYSE American, the Nasdaq Capital
Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or the OTC US Market so long as, in the case of the OTC US Market only, the market
capitalization of the Company is $150,000,000 or more. 

  

	 	(j)	 “Exercise Period” has the meaning given to such term in Section 1.2.

  

	 	(k)	 “Exercise Price” has the meaning given to such term in Section 1.1.

  
 21 

	 	(l)	 “Exercise Rate” means the number of Common Shares issuable upon exercise of the Warrants
pursuant to Section 1 determined by dividing (i) $1,000 by (ii) the Exercise Price. 

  

	 	(m)	 “Expiry Time” has the meaning given to such term in Section 1.2. 

 

	 	(n)	 “Fair Market Value” means, with respect to any issuance of Additional Shares of Common Stock,
the volume weighted average price of the Common Shares for the seven (7) Trading Days immediately preceding the issue date of such Additional Shares of Common Stock. 

 

	 	(o)	 “Ineligible Consideration” has the meaning given to such term in Section 2.10.

  

	 	(p)	 “Permitted Transferees” means as to the Holder, any of the following: (i) if a natural
person, his/her ancestors, descendants, siblings, or spouse, any executor or administrator of his/her estate, or to a custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary primarily for the account of the Holder or
his/her ancestors, descendants, siblings, or spouse, whether step, in-law or adopted, and, in the case of any such trust or fiduciary, to the Holder who transferred this Note to such trust or fiduciary, but
only with respect to transfers made for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy; (ii) if an entity, (A) the then-existing members, shareholders or other investors in the Holder
in connection with the dissolution or winding-up of the Holder, or (B) any Person in connection with any consolidation or reorganization of the Holder directly or indirectly with or into one or more other
investment vehicles; or (iii) any Affiliate of the Holder (in respect of clause (iii) only, other than any investment portfolio company of the Holder that is an Affiliate). 

 

	 	(q)	 “Person” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency thereof. 

  

	 	(r)	 “Principal Market” means The New York Stock Exchange or any Eligible Market on which the
Company’s Common Shares are listed (and, in the case of multiple listing, the majority of the Company’s Common Shares trade) at the applicable time. 

 

	 	(s)	 “Registration Rights Agreement” means the registration rights agreement dated as of [•],
2022 between the Company and the Holder, as amended from time to time. 

  

	 	(t)	 “SEC” means the United States Securities and Exchange Commission or any successor thereto.

  

	 	(u)	 “Subscription Form” means the subscription form attached hereto as Exhibit A.

  

	 	(v)	 “Tax Act” means the Income Tax Act (Canada). 

  
 22 

	 	(w)	 “Trading Day” means, as applicable, (i) with respect to all price or trading volume
determinations relating to the Common Shares, any day on which the Common Shares are traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Shares, then on the principal securities exchange or
securities market on which the Common Shares are then traded, provided that “Trading Day” shall not include any day on which the Common Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Shares are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at
4:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or (ii) with respect to all determinations other than price determinations relating to the Common Shares, any day on which the Principal
Market (or any successor thereto) is open for trading of securities. 

  

	 	(x)	 “Transfer Form” means the transfer form attached hereto as Exhibit B. 

 

	18.	 Disclosure. Upon delivery by the Company to the Holder (or receipt by the Company from the
Holder) of any notice in accordance with the terms of this Warrant Certificate, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public
information relating to the Company, the Company shall on or prior to 9:00 a.m., New York City time on the Business Day immediately following such notice delivery date, publicly disclose such material,
non-public information on a Current Report on Form 6-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company, the Company so shall indicate to the Holder explicitly in writing in such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the
absence of any such written indication in such notice (or notification from the Company immediately upon receipt of notice from the Holder), the Holder shall be entitled to presume that information contained in the notice does not constitute
material, non-public information relating to the Company. 

  

	19.	 Absence of trading and disclosure restrictions. The Company acknowledges and agrees that the
Holder is not a fiduciary or agent of the Company and that the Holder shall have no obligation to (a) maintain the confidentiality of any information provided by the Company or (b) refrain from trading any securities while in possession of
such information in the absence of a written non-disclosure agreement signed by an officer of the Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an
executed, written non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company, may possess and use any information provided by the Company in
connection with such trading activity, and may disclose any such information to any third party. 

  
 23 

 Exhibit A 

Subscription Form 
 Capitalized terms used
herein have the meanings ascribed thereto in the Warrant Certificate (the “Warrant Certificate”) to which this Subscription Form is attached. 

The undersigned holder of the attached Warrant Certificate hereby subscribes for ______________ common shares (the “Shares”) of LI-CYCLE HOLDINGS CORP. (the “Company”) pursuant to the terms of the Warrant Certificate at the Exercise Price on the terms specified in the Warrant Certificate and contemporaneously with the
execution and delivery hereof makes payment therefor on the terms specified in the Warrant Certificate. If any Warrants represented by this Warrant Certificate are not being exercised, a new Warrant Certificate representing the unexercised Warrants
will be issued and delivered with the certificate representing the Shares. 
 The undersigned hereby directs that the Shares be issued as follows: 

 

					
	 	 	 
	Names(s) in Full	  	Address(es)	  	Number of Common Shares
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 

  

			
	Date: [                ], 20
	
	[            ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 24 

 Exhibit B 

Transfer Form 
 Assignor:
                                         
                                

Company: LI-CYCLE HOLDINGS CORP. (the “Company”) 

Warrant: Warrant No. _______ to purchase common shares issued on ______________________ (the “Warrant”) 

Date: 
 In the case of a warrant certificate that contains the
U.S. restricted legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked): 
  

			
	☐	  	(A) the transfer is being made only to the Company;
		
	☐	  	(B) the transfer is being made outside the United States in compliance with Rule 904 of Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and in compliance with any applicable
local securities laws and regulations and the undersigned has furnished to the Company any other evidence in form and substance required by the Company to such effect, or
		
	☐	  	(C) the transfer is being made in a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws or the filing of a prospectus or similar document under the securities laws of
any jurisdiction of Canada, including, without limitation, the Securities Act (Ontario) and the rules and regulations made thereunder, and the undersigned has furnished to the Company an opinion of counsel of recognized standing or other evidence in
form and substance reasonably satisfactory to the Company to such effect.

 Assignment. The undersigned registered holder of the Warrant (the “Assignor”) assigns and transfers to the
assignee named below all of the rights of Assignor under the accompanying Warrant Certificate with respect to the number of Warrants set forth below: 

Name of Assignee:
                                         
                                     

Address of Assignee:
                                         
                                     

Number of Warrants Assigned:
                                         
                         
 and does
irrevocably constitute and appoint ______________________ as attorney to make such transfer on the books of LI-CYCLE HOLDINGS CORP. maintained for the purpose, with full power of substitution in the premises.

 In the event of the transfer of less than the total number of Warrants represented by the accompanying
Warrant Certificate, the Company is hereby instructed to deliver to or as directed by the Assignor, without charge, a new Warrant Certificate in respect of the balance of the Warrants which have not been transferred. 

 

	
	ASSIGNOR
	
	  

	(Print name of Assignor)
	
	  

	(Signature of Assignor)
	
	  

	(Print name of signatory, if applicable)
	
	  

	(Print title of signatory, if applicable)
	
	Address:
	
	  

	  

  
 26 

 Exhibit B 

Form of Registration Rights Agreement 

See attached. 

 EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) dated as of May [•], 2022 is by and between Li-Cycle Holdings Corp., an Ontario corporation (the “Company”), and Glencore Ltd., a Swiss company having an office at 330 Madison Ave., New York, NY 10017, or its permitted assigns (the
“Holder”). 
 WHEREAS, pursuant to the Note Purchase Agreement, dated as of May 5, 2022 (the “Note Purchase
Agreement”), between the Company and the Holder, on the Closing Date, the Company issued to the Holder $200,000,000 original principal amount of Convertible Notes due [•], 2027 (the “Initial Convertible Note” and,
together with any additional notes that may be issued to the Holder in respect of any interest paid by the Company in kind as permitted by the Initial Note, the “Convertible Notes”); 

WHEREAS, upon any conversion of the Convertible Notes in accordance with their terms, the Company will issue to the Holder Common Shares in
accordance with the terms of the Convertible Notes (such Common Shares, the “Conversion Shares”); 
 WHEREAS, in connection
with any redemption of the Convertible Notes by the Company in accordance with their terms, the Company is required to issue to the Holder a warrant (the “Redemption Warrants”) to acquire Common Shares (such Common Shares, the
“Redemption Warrant Shares”); 
 WHEREAS, the Company is party to that Investor and Registration Rights Agreement by and
between the Company and the parties thereto dated as of August 10, 2021 (the “IRA”); and 
 WHEREAS, the entry into
this Agreement is a condition precedent to the Holder’s obligation to purchase the Initial Convertible Note. 
 NOW, THEREFORE, in
consideration of the foregoing, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1. Definitions. For purposes of this Agreement, the following terms and variations thereof have the
meanings set forth below: 
 “Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the Company, after consultation with outside counsel to the Company, (i) would
be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain a Misstatement, (ii) would not be required to be made at such time if the Registration Statement
were not being filed, and (iii) the Company has a bona fide business purpose for not making public. 
 “Affiliate”
means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common Control with, such specified Person. 

 
For purposes of this Agreement, no party to this Agreement shall be deemed to be an Affiliate of another party to this Agreement solely by reason of the execution and delivery of this Agreement.
For purposes of this Agreement, neither Sponsor nor its Affiliates shall be considered to be an Affiliate of the Company or any Person Controlled by the Company. 

“Agreement” shall have the meaning given in the Preamble. 

“Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting of, such security and/or (b) investment power, which includes the power to dispose of, or to direct the
disposition of, such security. The term “Beneficially Own” shall have a correlative meaning. 
 “Business
Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 

“Closing” means the closing of the Transactions. 

“Closing Date” means the date hereof or such other date and/or time as may be agreed pursuant to the Note Purchase
Agreement. 
 “Commission” means the Securities and Exchange Commission. 

“Common Shares” means the common shares of the Company. 

“Company” shall have the meaning given in the Preamble. 

“Control” (including the terms “Controls,” “Controlled by” and
“under common Control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract
or otherwise. 
 “Conversion Shares” shall have the meaning given in the Recitals. 

“Convertible Notes” shall have the meaning given in the Recitals. 

“Demand Registration” shall have the meaning given in subsection 2.1.1. 

“Effective Time” means the moment in time at which the Closing occurs. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time. 

“Form F-1” means a Registration Statement on Form F-1 or any comparable successor form or forms thereto. 
 “Form
F-3” means a Registration Statement on Form F-3 or any comparable successor form or forms thereto. 

  
 2 

 “Form S-1” means a
Registration Statement on Form S-1 or any comparable successor form or forms thereto. 

“Form S-3” means a Registration Statement on Form S-3 or any comparable successor form or forms thereto. 
 “Governmental Entity”
means any United States, Canadian or other (a) federal, state, provincial, local, municipal or other government, (b) governmental or quasi-governmental entity of any nature (including any governmental agency, branch, department,
official, or entity and any court or other tribunal) or (c) body exercising or entitled to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature, including any arbitral
tribunal (public or private). 
 “Holder” shall have the meaning given in the Preamble. 

“Initial Convertible Note” shall have the meaning given in the Recitals. 

“IRA” shall have the meaning given in the Recitals. 

“Law” means any federal, state, provincial, local, foreign, national or supranational statute, law (including common
law), act, statute, ordinance, treaty, rule, Order, code, regulation or other binding directive or guidance issued, promulgated or enforced by a Governmental Entity having jurisdiction over a given matter. 

“Maximum Number of Securities” shall have the meaning given in subsection 2.1.4. 

“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required to
be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading. 

“New Registration Statement” shall have the meaning given in subsection 2.3.3. 

“Note Purchase Agreement” shall have the meaning given in the Recitals. 

“Order” means any writ, order, judgment, injunction, decision, determination, award, ruling, subpoena, verdict or
decree entered, issued or rendered by any Governmental Entity. 
 “Person” means any individual, corporation, firm,
partnership, joint venture, limited liability company, estate, trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or
foreign and any subdivision thereof or other entity, and also includes any managed investment account. 
 “Piggyback
Registration” shall have the meaning given in subsection 2.2.1. 

  
 3 

 “Prospectus” shall mean the prospectus included in any Registration
Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

“Redemption Warrants” shall have the meaning given in the Recitals. 

“Redemption Warrant Shares” shall have the meaning given in the Recitals. 

“Registrable Security” and “Registrable Securities” shall mean the Conversion Shares and the
Redemption Warrant Shares, and any other equity security of the Company issued or issuable with respect to any Conversion Shares, Redemption Warrant Shares or Redemption Warrants by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any Registrable Securities, such securities shall cease to be Registrable Securities upon the earlier of: (a) when
the following conditions have been satisfied: (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or
exchanged in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the
Company to the transferee, and subsequent public distribution of such securities shall not require registration under the Securities Act; (iii) such securities shall have ceased to be outstanding; (iv) such securities have been sold under
Rule 144 (or other similar exemption under the Securities Act then in force); or (v) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction and (b) the
later of (x) the date on which Rule 144 (or other similar exemption under the Securities Act then in force) is available for the sale of all of the Holder’s Common Shares without regard to volume limitations or manner of sale requirements
and (y)(1) with respect to the Holder’s right to request a Demand Registration pursuant to Section 2.1 or a Resale Shelf Registration Statement pursuant to Section 2.3, three (3) years
after the Holder’s receipt of the Conversion Shares or the Redemption Warrant Shares, as applicable, in respect of the entire outstanding principal amount of the Convertible Notes or the exercise in full of the Redemption Warrant, as applicable
and (2) with respect to any Piggyback Registration pursuant to Section 2.2, five (5) years the Holder’s receipt of the Conversion Shares or the Redemption Warrant Shares, as applicable, in respect of the entire outstanding
principal amount of the Convertible Notes or the exercise in full of the Redemption Warrant, as applicable. 

“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in
compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

“Registration Expenses” shall mean the
out-of-pocket expenses of a Registration or Underwritten Offering, as applicable, including, without limitation, the following: 

(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any fees of the securities exchange on which Common Shares are then listed; 

  
 4 

 (B) fees and expenses of compliance with securities or blue sky laws (including reasonable
fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities); 
 (C)
printing, messenger, telephone and delivery expenses; 
 (D) reasonable fees and disbursements of counsel for the Company; and 

(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with
such Registration or Underwritten Offering. 
 “Registration Statement” shall mean any registration statement under
the Securities Act that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such
registration statement, and all exhibits to and all material incorporated by reference in such registration statement. 
 “Resale
Shelf Registration” shall have the meaning given in subsection 2.1.1. 
 “Resale Shelf Registration
Statement” shall have the meaning given in subsection 2.3.1. 
 “Rule 144” shall mean such
rule promulgated under the Securities Act, as the same shall be amended from time to time, or any successor rule then in force. 

“SEC Guidance” shall have the meaning given in subsection 2.3.3. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Transactions” means the issuance of the Initial Convertible Note pursuant to the Note Purchase Agreement. 

“Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly
dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any interest
owned by a Person or any interest (including a beneficial interest) in, or the ownership, control or possession of, any interest owned by a Person. 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities. 
 “Underwritten Registration” or
“Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public, including for the avoidance of doubt an
Underwritten Shelf Takedown. 

  
 5 

 “Underwritten Shelf Takedown” shall have the meaning given in
subsection 2.3.4. 
 ARTICLE II 

REGISTRATION 

Section 2.1. Demand Registration. 

2.1.1 Request for Registration. Subject to the provisions of subsection 2.1.5 and Section 2.4 hereof,
at any time and from time to time, the Holder may make a written demand for Registration of all or part of its Registrable Securities on Form F-3 (or, if Form F-3 is not
available to be used by the Company at such time, on Form F-1 or another appropriate form permitting Registration of such Registrable Securities for resale by the Holder) (or, if the Company is not a foreign
private issuer, Form S-3) (or, if Form S-3 is not available to be used by the Company at such time, on Form S-1 or another
appropriate form permitting Registration of such Registrable Securities for resale by the Holder), which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution
thereof (such written demand a “Demand Registration”). The Holder when making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Resale Shelf Registration).
The Company shall comply in all respects with all notification requirements and obligations to include other holders in such registration pursuant to Section 2.2 of the IRA. The Company shall effect, as soon thereafter as practicable, the
Registration of all Registrable Securities requested by the Holder pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than two (2) Demand Registrations for the Holder. 

2.1.2 Holder Information. The Company’s obligations to include the Registrable Securities held by the Holder in any Registration
Statement are contingent upon the Holder furnishing in writing to the Company such information regarding the Holder, the securities of the Company held by the Holder and the intended method of disposition of the Registrable Securities as shall be
reasonably requested by the Company to effect the registration of the Registrable Securities, and the Holder shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling
shareholder in similar situations. 
 2.1.3 Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or
any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand
Registration has been declared effective by the Commission and remains effective for not less than 180 days (or such shorter period as shall terminate when all Registrable Securities covered by such Registration Statement have been sold or
withdrawn), or if such Registration Statement relates to an Underwritten Offering, such longer period as, in the opinion of counsel for the Underwriter or Underwriters, a Prospectus is required by law to be delivered in connection with sales of
Registrable Securities by an Underwriter or dealer and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, however, that if, after such Registration
Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or 

  
 6 

 
injunction of the Commission, federal or state court or any other governmental agency, the Registration Statement with respect to such Registration shall be deemed not to have been declared
effective for purposes of counting Registrations under subsection 2.1.1 above unless and until (i) such stop order or injunction is removed, rescinded or otherwise terminated, and the Holder thereafter affirmatively elects to continue
with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, however, that the Company shall not be obligated or required to file
another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or has been terminated. 

2.1.4 Underwritten Offering. Subject to the provisions of subsection 2.1.5 and Section 2.4 hereof, if
the Holder advises the Company as part of its Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of the Holder to include its
Registrable Securities in such Registration shall be conditioned upon the Holder’s participation in such Underwritten Offering and the inclusion of the Holder’s Registrable Securities in such Underwritten Offering to the extent provided
herein. In the event the Holder is proposing to distribute its Registrable Securities through an Underwritten Offering under this subsection 2.1.4, it shall enter into an underwriting agreement in customary form with the Underwriter(s)
selected for such Underwritten Offering by the Holder, which Underwriter(s) shall be reasonably acceptable to the Company. 
 2.1.5
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company and the Holder in writing that the dollar amount or number
of Registrable Securities that the Holder desires to sell, taken together with all other Common Shares or other equity securities that the Company desires to sell, if any, as to which a Registration has been requested pursuant to separate written
contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of Securities”), then
the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Holder that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (i), Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Common Shares or other equity securities of other Persons that the Company is obligated to register in a Registration pursuant to
separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of Securities; 

  
 7 

 2.1.6 Demand Registration Withdrawal. The Holder shall have the right to withdraw
from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter(s) (if any) of their intention to withdraw from such Registration (i) in the case of an
Underwritten Offering, prior to the launch of the roadshow for the offering, and (ii) otherwise, prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities
pursuant to such Demand Registration. If the Holder initiating a Demand Registration withdraws from a proposed offering pursuant to this Section 2.1.6, then such registration shall not count as a Demand Registration
provided for in Section 2.1. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand
Registration prior to its withdrawal under this subsection 2.1.6. 
 Section 2.2. Piggyback
Registration. 
 2.2.1 Piggyback Rights. If at any time or from time to time, the Company proposes to file a Registration
Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of
the Company, other than a Registration Statement (i) filed pursuant to Section 2.1, (ii) filed in connection with any employee stock option or other benefit plan, (iii) for an exchange offer or offering of
securities solely to the Company’s existing shareholders, (iv) for an offering of debt that is convertible into equity securities of the Company, (v) to register the offering of securities in connection with a transaction to be
registered on Form F-4 or S-4 or (vi) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to the Holder as soon as
practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of
distribution, and the name of the proposed managing Underwriter(s), if any, in such offering, and (B) subject to the expiration or waiver by the Company of any applicable lock up with respect to the Common Shares pursuant to the Note Purchase
Agreement, offer to the Holder the opportunity to register the sale of such number of Registrable Securities as the Holder may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback
Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter(s) of a proposed Underwritten
Offering to permit the Registrable Securities requested by the Holder pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such
Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The Holder when proposing to distribute Registrable Securities through an Underwritten
Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter(s) in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holder when participating in the Piggyback Registration in writing that the dollar amount or number of Common Shares that the Company desires to sell, taken together with (i) Common
Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with Persons other than the Holder, (ii) the Registrable Securities as to which registration has been requested pursuant to
Section 2.2 hereof, and (iii) Common Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum Number of Securities, then: 

  
 8 

	 	(i)	 If the Registration is undertaken for the Company’s account, the Company shall include in any such
Registration (A) first, Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing section (A), the Registrable Securities of the Holder exercising its rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof and any other Common Shares or other equity
securities for the account of other Persons as to which Registration has been requested pursuant to written contractual piggy-back registration rights of such other Persons, in each case pro rata, based on the respective number of Registrable
Securities that the Holder and such other shareholders have requested be included, which can be sold without exceeding the Maximum Number of Securities; and 

  

	 	(ii)	 If the Registration is pursuant to a request by Persons or entities other than the Holder, then the Company
shall include in any such Registration (A) first, Common Shares or other equity securities, if any, of such requesting Persons, other than the Holder, which can be sold without exceeding the Maximum Number of Securities; (B) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing section (A), the Registrable Securities of the Holder exercising its rights to register its Registrable Securities pursuant to subsection 2.2.1, and
any other Common Shares or other equity securities for the account of other Persons as to which Registration has been requested pursuant to separate written contractual arrangements with such Persons, in each case pro rata based on the respective
number of Registrable Securities that the Holder and such other shareholders have requested be included, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities. 

2.2.3 Piggyback Registration Withdrawal. The Holder shall have the right to withdraw from a Piggyback Registration for any or no reason
whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback Registration prior to (i) in the case of an Underwritten Offering, the date on which the roadshow
for the offering is launched, and (ii) otherwise, the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result
of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this
subsection 2.2.3. 

  
 9 

 2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any
Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof, and there shall be no limit on the
number of Piggyback Registrations. 
 2.2.5 Right to Terminate Registration. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder of Registrable Securities has elected to include securities in such registration. 

Section 2.3. Resale Shelf Registrations. 

2.3.1 Registration Statement Covering Resale of Registrable Securities. Notwithstanding the right of the Holder to request a Resale
Shelf Registration pursuant to Section 2.1.1, upon the written request of the Holder, the Company shall prepare and file or cause to be prepared and filed with the Commission as soon as practicable (but in any case no later
than 45 calendar days after notice from the Holder) a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act or any successor thereto registering the resale from time to time by Holder of
all of the Registrable Securities held by the Holder (the “Resale Shelf Registration Statement”). The Company shall use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as
practicable after filing, but no later than the earlier of (i) forty-five (45) calendar days after the filing of the Resale Shelf Registration Statement (or seventy-five (75) calendar days after the filing of the Resale Shelf
Registration Statement if the Commission notifies the Company that it will “review” the Registration Statement) and (ii) fifteen (15) Business Days after the Company is notified (orally or in writing, whichever is earlier) by the
Commission that the Registration Statement will not be “reviewed” or will not be subject to further review. The Company shall cause the Resale Registration Statement or a replacement Resale Registration Statement to remain effective until
three (3) years after the Holder’s receipt of the Conversion Shares or the Redemption Warrant Shares, as applicable, in respect of the entire outstanding principal amount of the Convertible Notes or the exercise in full of the Redemption
Warrant, as applicable. The Resale Shelf Registration Statement shall be filed on any then applicable form. If the Resale Shelf Registration Statement is initially filed on Form F-1 and thereafter the Company
becomes eligible to use Form F-3 for secondary sales, the Company shall, as promptly as practicable, cause such Resale Shelf Registration Statement to be amended, or shall file a new replacement Resale Shelf
Registration Statement, such that the Resale Shelf Registration Statement is on Form F-3. If any Resale Shelf Registration Statement filed pursuant to Section 2.3.1 is filed on Form F-3 and thereafter the Company becomes ineligible to use Form F-3 for secondary sales, the Company shall promptly notify the Holder of such ineligibility and use its best
efforts to file a shelf registration on an appropriate form as promptly as practicable to replace the shelf registration statement on Form F-3 and have such replacement Resale Shelf Registration Statement
declared effective as promptly as practicable and to cause such 

  
 10 

 
replacement Resale Shelf Registration Statement to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is
available or, if not available, that another Resale Shelf Registration Statement is available, for the resale of all the Registrable Securities held by the Holder until all such Registrable Securities have ceased to be Registrable Securities;
provided, however that at any time the Company once again becomes eligible to use Form F-3, the Company shall cause such replacement Resale Shelf Registration Statement to be amended, or shall
file a new replacement Resale Shelf Registration Statement, such that the Resale Shelf Registration Statement is once again on Form F-3. Once effective, the Company shall use reasonable best efforts to keep
the Resale Shelf Registration Statement that is required to be filed pursuant to this Section 2.3.1 and Prospectus included therein continuously effective and to be supplemented and amended to the extent necessary to ensure
that such Registration Statement is available at all times until the date on which the Holder ceases to hold any Registrable Securities. The Registration Statement filed with the Commission pursuant to this subsection 2.3.1 shall contain a
Prospectus in such form as to permit the Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective
date for such Registration Statement (subject to compliance or waiver by the Company of any lock up provisions contained in the Note Purchase Agreement), and shall provide that such Registrable Securities may be sold pursuant to any method or
combination of methods legally available to, and requested by, the Holder. To the extent the Company is not a foreign private issuer, the references to Form F-1 and F-3
above shall be, instead, to Form S-1 and S-3, respectively. The Resale Shelf Registration Statement filed hereunder may also register Common Shares or other securities
other than Registrable Securities pursuant to this Agreement, including shares sold by the Company to other shareholders. 
 2.3.2
Notification and Distribution of Materials. The Company shall notify the Holder in writing of the effectiveness of the Resale Shelf Registration Statement as soon as practicable, and in any event within three (3) Business Days after the
Resale Shelf Registration Statement becomes effective (which may be accomplished by the issuance of a press release with such information), and shall furnish to the Holder, without charge, at its request, such number of copies of the Resale Shelf
Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the
Resale Shelf Registration Statement or such other documents as the Holder may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement (to the extent any of
such documents are not available on EDGAR). 
 2.3.3 SEC Cutback. Notwithstanding the registration obligations set forth in this
Section 2.3, in the event the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single
registration statement, the Company agrees to promptly (i) inform the Holder and use its reasonable best efforts to file amendments to the Resale Shelf Registration Statement as required by the Commission and/or (ii) withdraw the Resale
Shelf Registration Statement and file a new registration statement (a “New Registration Statement”) on Form F-3 (or Form S-3, as applicable), or
if Form F-3 (or Form S-3, as applicable) is not then available to the Company for such registration statement, on such other form available to register for resale the
Registrable Securities as a secondary offering; provided, however that prior to filing such 

  
 11 

 
amendment or New Registration Statement, the Company shall use its reasonable best efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance
with any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff (the “SEC Guidance”). Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a
limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the
registration of all or a greater number of Registrable Securities), unless otherwise directed in writing by the Holder as to further limit its Registrable Securities to be included on the Registration Statement, the number of Registrable Securities
to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of Registrable Securities held by the Holder, subject to a determination by the Commission that the Holder must be reduced first based on
the number of Registrable Securities held by the Holder. In the event the Company amends the Resale Shelf Registration Statement or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use
its reasonable best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Resale Shelf Registration Statement, as amended, or the New Registration Statement.

 2.3.4 Underwritten Shelf Takedown. At any time and from time to time after a Resale Shelf Registration Statement has been declared
effective by the Commission, to the extent such Resale Shelf Registration may be used for an underwritten offering, the Holder may request to sell all or any portion of the Registrable Securities in an underwritten offering that is registered
pursuant to the Resale Shelf Registration Statement (each, an “Underwritten Shelf Takedown”); provided, however that the Company shall only be obligated to effect an Underwritten Shelf Takedown if such offering
shall include securities with a total offering price (including piggyback securities and before deduction of underwriting discounts) reasonably expected to exceed, in the aggregate, $10,000,000. All requests for Underwritten Shelf Takedowns shall be
made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. The Company shall comply in all respects with all notification requirements
and obligations to include other holders in such Underwritten Shelf Takedown pursuant to Section 2.3.4 of the IRA. The Holder when proposing to distribute its Registrable Securities through an Underwritten Shelf Takedown under this
subsection 2.3.4 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Holder (who must be reasonably acceptable to the Company). 

2.3.5 Reduction of Underwritten Shelf Takedown. If the managing Underwriter(s) in an Underwritten Shelf Takedown, in good faith, advise
the Company and the Holder in writing that the dollar amount or number of Registrable Securities that the Holder desires to sell, taken together with all other Common Shares or other equity securities that the Company desires to sell, taken together
with (i) Common Shares, if any, as to which participation in the Underwritten Shelf Takedown has been demanded pursuant to separate written contractual arrangements with Persons other than the Holder, and (ii) Common Shares, if any, as to
which participation in the Underwritten Shelf Takedown has been requested pursuant 

  
 12 

 
to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then the Company shall include in such Underwritten
Shelf Takedown, as follows: (i) first, the Registrable Securities of the Holder that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing section (i), any other Common Shares or other equity securities for the account of other Persons as to which inclusion in such Underwritten Shelf Takedown has been requested pursuant to separate written contractual arrangements
with such Persons, in each case pro rata based on the respective number of Registrable Securities that the Holder and such other shareholders have requested be included; and (iii) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (i) and (ii), Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities. 

2.3.6 Registrations effected by the Company pursuant to Section 2.3.1 or Section 2.3.6
shall not be counted as Demand Registrations effected pursuant to Section 2.1. 
 2.3.7 Under no circumstances
shall the Company be obligated to effect more than two (2) Underwritten Shelf Takedowns for the Holder. 

Section 2.4. Restrictions on Registration Rights. Notwithstanding anything to the contrary contained herein,
the Company shall not be obligated to (but may, at its sole option) file a Registration Statement pursuant to a Demand Registration request made under Section 2.1 during the period starting with the date thirty (30) days prior to
Company’s good faith estimate of the date of the filing of, and ending on a date ninety (90) days after the effective date of, a Company initiated Registration and provided that Company has delivered written notice to the Holder prior to
receipt of a Demand Registration pursuant to subsection 2.1.1 and the Company continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective. 

Section 2.5. Other Registration Rights. The Company represents that, as of the date hereof and other than as
set forth herein, no Person has the right to request or require it to register any equity securities issued by it, other than such registration rights granted pursuant (i) to those certain subscription agreements, entered into as of
February 15, 2021, with investors participating in the private placement of securities of the Company in connection with the financing of the Company’s completed business combination, (ii) IRA and (iii) the Note Purchase
Agreement dated as of September 29, 2021. The Company will not grant any Person any registration rights with respect to the capital shares of the Company that are prior in right or in conflict or inconsistent with the rights of the Holder as
set forth in this Article II in any material respect (it being understood that this shall not preclude the grant of additional demand and piggyback registration rights in and of themselves so long as such rights are not prior in right to the rights
under this Agreement). 

  
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 ARTICLE III 

COMPANY PROCEDURES 

Section 3.1. General Procedures. If at any time on or after the Effective Time the Company is required to
effect the Registration of Registrable Securities, the Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and
pursuant thereto the Company shall, as expeditiously as possible: 
 3.1.1 prepare and file with the Commission as soon as practicable a
Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration
Statement have been sold or are no longer outstanding; 
 3.1.2 prepare and file with the Commission such amendments and post-effective
amendments to the Registration Statement, and such supplements to the Prospectus, as may be reasonably requested by the Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to
the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with
the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer outstanding; 

3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriter(s), if any, and the Holder, and the Holder’s legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holder or the legal counsel for any the Holder may
reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Holder; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available on the
Commission’s EDGAR system; 
 3.1.4 prior to any public offering of Registrable Securities, use its reasonable best efforts to:
(i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holder (in light of its intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business
and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holder to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that
the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such
jurisdiction where it is not then otherwise so subject; 

  
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 3.1.5 cause all such Registrable Securities to be listed on each securities exchange or
automated quotation system on which similar securities issued by the Company are then listed; 
 3.1.6 provide a transfer agent or warrant
agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement; 

3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of
any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order
or to obtain its withdrawal if such stop order should be issued; 
 3.1.8 advise the Holder, promptly after the Company receives notice
thereof, of the time when such registration statement has been declared effective or a supplement to any Prospectus forming a part of such registration statement has been filed (provided that any such notice may be made by the issuance of a press
release including such information); 
 3.1.9 at least five (5) days prior to the filing of any Registration Statement or Prospectus or
any amendment or supplement to such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel; provided, that the Company will not have any obligation to provide any document
pursuant to this clause that is or will become available on the Commission’s EDGAR system; 
 3.1.10 notify the Holder at any time when
a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a
Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof; 
 3.1.11 permit a
representative of the Holder, the Underwriter(s), if any, and any attorney or accountant retained by the Holder or such Underwriter(s) to participate, at each such Person’s own expense, in the preparation of the Registration Statement, and
cause the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter(s), attorney or accountant in connection with the Registration; provided, however, that
such representatives or Underwriter(s) enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 

3.1.12 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an
Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter(s) may reasonably request, and reasonably satisfactory the Holder and such managing
Underwriter; 

  
 15 

 3.1.13 on the date the Registrable Securities are delivered for sale pursuant to such
Registration, in the event of an Underwritten Offering, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering such legal matters with respect
to the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably request and as are customarily included in such opinions and negative assurance letters; 

3.1.14 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriter(s) of such offering; 
 3.1.15 make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 

3.1.16 if a Registration, including an Underwritten Offering, involves the Registration of Registrable Securities involving gross proceeds in
excess of $10,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter(s) in any Underwritten Offering;
and 
 3.1.17 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Holder, in connection with such Registration. 
 Section 3.2. Registration Expenses. All Registration
Expenses shall be borne by the Company. It is acknowledged by the Holder that the Holder shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage
fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holder. 

Section 3.3. Requirements for Participation in Underwritten Offerings. No Person may participate in any
Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be
reasonably required under the terms of such underwriting arrangements. 
 Section 3.4. Suspension of Sales;
Adverse Disclosure. The Company shall promptly notify the Holder in writing if a Registration Statement or Prospectus contains a Misstatement and, upon receipt of such written notice from the Company, the Holder shall forthwith discontinue
disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement, provided that the Company hereby covenants promptly to prepare and file any required supplement or
amendment correcting any Misstatement promptly after the time of such notice and, if necessary, to request the immediate effectiveness thereof. If the filing, initial effectiveness or continued use of a

  
 16 

 
Registration Statement or Prospectus included in any Registration Statement at any time (a) would require the Company to make an Adverse Disclosure, (b) would require the inclusion in
such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, (c) requires the Company to update the financial statements contained in such Registration Statement pursuant
to the rules and regulations of the Commission through the filing of a post-effective amendment which is subject to potential Commission review, or (d) in the good faith judgment of the Chief Executive Officer or Chief Financial Officer of the
Company, which judgment shall be documented in writing and provided to the Holder in the form of a written certificate signed by such officer, such filing, initial effectiveness or continued use of a Registration Statement would be materially
detrimental to the Company. The Company shall have the right to defer the filing, initial effectiveness or continued use of any Registration Statement pursuant to (a), (b) or (c) for a period of not more than ninety (90) days in any three
hundred and sixty (360)-day period. In the event the Company exercises its rights under the preceding sentence, the Holder agrees to suspend, immediately upon their receipt of the notice referred to above,
their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. 

Section 3.5. Reporting Obligations. As long the Holder shall own Registrable Securities, the Company, at all
times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof
pursuant to Sections 13(a) or 15(d) of the Exchange Act and to, upon request, promptly furnish the Holder with true and complete copies of all such filings. The Company further covenants that it shall take such further action as the Holder may
reasonably request, all to the extent required from time to time to enable the Holder to sell Common Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities
Act (or any successor rule promulgated thereafter by the Commission), including using commercially reasonable efforts to provide any legal opinions. Upon the request of the Holder, the Company shall deliver to the Holder a written certification of a
duly authorized officer as to whether it has complied with such requirements. 
 Section 3.6. Limitations on
Registration Rights. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the Holder and in the event of any conflict between any such agreement or
agreements and this Agreement, the terms of this Agreement shall prevail. 
 ARTICLE IV 

INDEMNIFICATION AND CONTRIBUTION 

Section 4.1. Indemnification. 

4.1.1 The Company agrees to indemnify, to the extent permitted by law, the Holder, its officers and directors and agents and each Person who
controls the Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material 

  
 17 

 
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading, except insofar as the same are caused by
or contained in any information furnished in writing to the Company by the Holder expressly for use therein. The Company shall indemnify the Underwriter(s), their officers and directors and each Person who controls (within the meaning of the
Securities Act) such Underwriter(s) to the same extent as provided in the foregoing with respect to the indemnification of the Holder. 

4.1.2 In connection with any Registration Statement in which the Holder is participating, the Holder shall furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors
and officers and agents and each Person who controls (within the meaning of the Securities Act) the Company against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from
any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by the Holder expressly for use therein; provided, however, that
the obligation to indemnify shall be several, not joint and several, among the Holder, and the liability of the Holder shall be in proportion to and limited to the net proceeds received by the Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holder of shall indemnify the Underwriter(s), their officers, directors and each Person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same extent as provided in the foregoing
with respect to indemnification of the Company. 
 4.1.3 Any Person entitled to indemnification herein shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, however, that the failure to give prompt notice shall not impair any Person’s right to indemnification hereunder to the extent
such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all
respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or litigation. 

  
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 4.1.4 The indemnification provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or Affiliate of such indemnified party and shall survive the transfer of securities. The Company and the Holder to the extent participating
in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution (pursuant to subsection 4.1.5) to such party in the event the Company’s or the Holder’s indemnification is
unavailable for any reason. 
 4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying
party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall to
the extent permitted by law contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by a court of law by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified
party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of the Holder under this
subsection 4.1.5 shall be limited to the amount of the net proceeds received by the Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth in subsections 4.1.2, 4.1.2 and 4.13 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable
considerations referred to in this subsection 4.1.5. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(D of the Securities Act) shall be entitled to contribution pursuant to this
subsection 4.1.5 from any Person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE V 

Section 5.1. [Reserved] 

ARTICLE VI 

Section 6.1. [Reserved] 

  
 19 

 ARTICLE VII 

TERMINATION 

Section 7.1. Termination. The Company’s obligations under Article II and Article III of this Agreement
shall terminate upon the date on which neither the Holder nor any of its permitted assignees holds any Registrable Securities. 
 ARTICLE
VIII 
 GENERAL PROVISIONS 

Section 8.1. Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email address for a party as shall be specified in a notice given in accordance with this
Section 8.1): 
 If to the Company, to it at: 

Li-Cycle Holdings Corp. 

207 Queen’s Quay West, Suite 590 

Toronto, Ontario M5J 1A7 
 Attn:
Ajay Kochhar 
 Email: ajay.kochhar@li-cycle.com 

with a copy (which shall not constitute notice) to: 

McCarthy Tétrault LLP 

66 Wellington St W Suite 5300 

Toronto, ON M5K 1E6 Attn: Jonathan Grant and Fraser Bourne 

Email: jgrant@mccarthy.ca; fbourne@mccarthy.ca 

with a copy (which shall not constitute notice) to: 

Freshfields Bruckhaus Deringer US LLP 

601 Lexington Avenue, 31st Floor New York, NY 10022 

Attn: Paul M. Tiger; Andrea Basham 

Email: paul.tiger@freshfields.com; andrea.basham@freshfields.com 

If to the Holder, to the address or email address set forth for the Holder on the signature page hereof. 

Section 8.2. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 20 

 Section 8.3. Entire Agreement; Assignment. This Agreement
constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.
This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto; except that the Holder may, without consent, assign its rights
under this Agreement to any transferee of Common Shares permitted under the Note Purchase Agreement. 

Section 8.4. Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of
each party hereto (and its respective permitted assigns), and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. 
 Section 8.5. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Agreement shall be heard and determined
exclusively in any Delaware Chancery Court; provided, however, that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal action may be brought in any federal court located in the State of Delaware
or any other Delaware state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties for the purpose of any action arising out
of or relating to this Agreement brought by any party hereto, and (b) agree not to commence any action relating thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce any
judgment, decree or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that
such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action arising out of or relating to this Agreement or the
transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any
such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the action in any
such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

  
 21 

 Section 8.6. Waiver of Jury Trial. EACH OF THE PARTIES
HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES
HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
Section 8.6.. 
 Section 8.7. Headings; Interpretation. The descriptive headings
contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The parties have participated jointly in the negotiation and drafting of this Agreement. If
any ambiguity or question of intent arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this
Agreement. Unless the context of this Agreement clearly requires otherwise, use of the masculine gender shall include the feminine and neutral genders and vice versa, and the definitions of terms contained in this Agreement are applicable to the
singular as well as the plural forms of such terms. The words “includes” or “including” shall mean “including without limitation.” The words “hereof,” “hereby,” “herein,”
“hereunder” and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which such words appear, the word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” Any reference to a law shall include any rules and regulations promulgated thereunder, and shall mean such law as from time to time amended,
modified or supplemented. References herein to any contract (including this Agreement) mean such contract as amended, supplemented or modified from time to time in accordance with the terms thereof. 

Section 8.8. Counterparts. This Agreement may be executed and delivered (including by facsimile or portable
document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. 
 Section 8.9. Specific Performance. The parties hereto agree that irreparable damage would
occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of
the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable
relief. 
 Section 8.10. Expenses. Except as otherwise provided herein, all costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated. 

  
 22 

 Section 8.11. Amendment. This Agreement may not be amended,
and no provision herein may be waived, except by an instrument in writing signed by the Company and the Holder. 

Section 8.12. Waiver. At any time, (i) the Company may (a) extend the time for the performance of
any obligation or other act of any Holder, (b) waive any inaccuracy in the representations and warranties of any Holder contained herein or in any document delivered by the Holder pursuant hereto and (c) waive compliance with any agreement
of the Holder or any condition to its own obligations contained herein. At any time, (i) the Holder may (a) extend the time for the performance of any obligation or other act of the Company, (b) waive any inaccuracy in the
representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto and (c) waive compliance with any agreement of the Company or any condition to their own obligations contained herein.
Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby. 

Section 8.13. Further Assurances. At the request of the Company, in the case of any Holder, or at the request
of the Holder, in the case of the Company, and without further consideration, each party shall execute and deliver or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably
necessary to consummate the transactions contemplated by this Agreement. 
 Section 8.14. No Strict
Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party. 

(Next Page is Signature Page) 

  
 23 

 IN WITNESS WHEREOF, each of the Company and the Holder has caused their respective signature
page to this Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	LI-CYCLE HOLDINGS CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HOLDER:
	
	GLENCORE LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 24 

 Exhibit C 

Form of Standstill Agreement 

See attached. 
  

 AMENDED AND RESTATED STANDSTILL AGREEMENT 

This AMENDED AND RESTATED STANDSTILL AGREEMENT (this “Standstill Agreement”) is entered into as of [_], 2022, by and between Li-Cycle Holdings Corp., a company incorporated under the laws of the Province of Ontario, Canada (the “Company”), Glencore Ltd., a company organized and existing under the laws of Switzerland
(“Glencore”) and Glencore plc, a company organized under the laws of Jersey (“Glencore Parent” and together with Glencore, the “Glencore Parties”). 

WHEREAS, Glencore and the Company previously entered into that certain Standstill Agreement, dated March 2, 2022 (the “Original
Standstill Agreement”). 
 WHEREAS, concurrently with the execution and delivery of this Standstill Agreement, the Company is
entering into a Note Purchase Agreement with Glencore (the “Note Purchase Agreement”), pursuant to which Glencore shall purchase from the Company a convertible note (the “Note”) in the aggregate principal amount of
$200,000,000 (such transaction and the other transactions to be consummated pursuant to the Note Purchase Agreement (including the Commercial Agreements contemplated thereby), the “Transactions”); and 

WHEREAS, in consideration of, and as a condition to, the issuance of the Note and the rights granted to Glencore under the Note Purchase
Agreement, the Company and the Glencore Parties desire to amend and restate the Original Standstill Agreement in its entirety by entering into this Standstill Agreement on the term set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as set forth below. 
 Defined terms used but
not defined herein shall have the meaning ascribed to them in the Note Purchase Agreement. 
  

	1.	 Standstill. 

Each of the Glencore Parties hereby agrees that, until the fifth anniversary of the date hereof (such period, the “Standstill Period”),
unless specifically invited in writing by the board of directors or other authorized representatives who have been designated in writing by the Company (and only to the extent set forth in such invitation), neither Glencore Party shall, and each
shall cause any other Person that controls, is controlled by or is under common control with the Glencore Party (“Affiliates”) and its representatives (in the case of such representatives, acting on behalf, or at the direction, of
such Glencore Party or its Affiliates) to not, in any manner, directly or indirectly: 
  

	 	(a)	 effect or seek, offer or propose (whether publicly or otherwise) to effect, or participate in, facilitate or
knowingly encourage (including, without limitation, through the provision of financing) any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in: 

 

	 	(i)	 any acquisition of any voting securities (or beneficial ownership thereof), or rights or options to acquire any
voting securities (or beneficial ownership thereof), of the Company or its subsidiaries; 

  

	 	(ii)	 any acquisition of any material assets, indebtedness or businesses of the Company or its subsidiaries (other
than (i) any acquisition of commodities or other products of the Company in the ordinary course of business or (ii) trade credit extended to the Company in the ordinary course of business); 

	 	(iii)	 any tender offer or exchange offer, merger or other business combination involving the Company, or any of the
subsidiaries or assets of the Company or its subsidiaries constituting a material portion of the consolidated assets of the Company and its subsidiaries; 

  

	 	(iv)	 any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect
to the Company or any of its subsidiaries; or 

  

	 	(v)	 any “solicitation” of “proxies” (as such terms are used in the proxy rules of the
Securities and Exchange Commission) or votes or any other attempt to influence votes from or by any holder of any voting securities of the Company in connection with any vote of the holders of any such securities; 

 

	 	(b)	 form, join or in any way communicate or associate with other security-holders or participate in a
“group” (as such term is defined under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), with respect to the Company or any voting securities of the Company;

  

	 	(c)	 otherwise act, alone or in concert with others, (i) to seek or obtain representation on or to control,
change, advise or influence the management, board of directors or policies of the Company or any of its subsidiaries, or (ii) to propose any matter to be voted upon by the shareholders of the Company or that any meeting of the shareholders of
the Company be called or held; 

  

	 	(d)	 disclose or direct any person to disclose any intention, plan or arrangement inconsistent with the foregoing;
or 

  

	 	(e)	 advise, assist or encourage or direct any person (including serving as a financing source for any other person)
to advise, assist or encourage any other persons in connection with any of the foregoing. 

 Each Glencore Party hereby represents and
warrants that, as of the date hereof, neither such Glencore Party nor any of its Affiliates owns, beneficially or of record, any common shares or other securities of the Company. 

Each Glencore Party hereby agrees that neither it nor its Affiliates or its or their representatives (in the case of such representatives, acting on behalf,
or at the direction, of such Glencore Party or its Affiliates will in any manner, directly or indirectly, request the Company or any of its representatives to, directly or indirectly, amend or waive any provision of this
Section 1 (including this sentence) if the making of such request would require the Company or either of the Glencore Parties to make a public disclosure regarding such request under applicable laws, provided that nothing
in this paragraph will obligate the Company to agree to such amendment or waiver. 
 Notwithstanding the foregoing, (x) none of (i) the purchase
by Glencore of the Note, (ii) the partial or full conversion of the Note by Glencore, or (iii) the exercise of any warrants received by Glencore in connection with the redemption of the Note, shall violate or breach or result in a
violation or breach of any terms or conditions of this Standstill Agreement, (y) the Glencore Parties shall be permitted to acquire additional voting securities (or beneficial ownership thereof), or rights to acquire voting securities (or
beneficial ownership thereof), of the Company pursuant to this clause (y) so long as the aggregate beneficial ownership of voting securities or rights to acquire voting securities of the Company acquired

  
 2 

 
pursuant to this clause (y) (on an as-converted, as-exercised basis) does not exceed 5.0% of the then-outstanding
voting securities of the Company; and (z) the Glencore Parties may initiate and engage in private, nonpublic discussions with, and submit confidential proposals to, the board of directors of the Company or other authorized representatives who
have been designated in writing by the Company, in each case with respect to a potential transaction or any other matter described in this Section 1; provided, in the case of this clause (z), that any such proposal
(i) shall be conditioned on the written approval of the board of directors of the Company and (ii) shall not reasonably require any public disclosure. 

The provisions of this Section 1 will be of no further force and effect in the event: 

 

	 	i.	 any person or group shall have acquired or entered into a definitive agreement with the Company to acquire more
than 50% of the outstanding voting equity securities of the Company or assets of the Company representing more than 50% of its consolidated earning power; 

  

	 	ii.	 the Company or its board of directors enters into, agrees to enter into, gives notice of a meeting of its
securityholders to consider, publicly indicates its support of, or announces an intention to proceed with any amalgamation, arrangement, merger, takeover bid or any other similar business combination or transaction involving the Company and another
party or any other transaction relating to the acquisition of at least a majority of the securities or assets of the Company; or 

  

	 	iii.	 any third party (A) concurrently (x) “commences a tender offer” (within the meaning of Rule 14d-2 under the Exchange Act) or exchange offer for more than 50% of the outstanding voting securities of the Company and (y) makes a “takeover bid” (within the meaning of National Instrument 62-104 — Take-Over Bids and Issuer Bids (“NI 62-104”)) for such number of the outstanding voting securities of the Company which constitute more than 50% of the
votes attaching to all outstanding voting securities of the Company that is not exempt from Part 2 of NI 62-104, and (B) within 15 Business Days thereafter, the Company’s board of directors does not
recommend that its shareholders reject such offer and take-over bid. 

  

	2.	 Termination. This Standstill Agreement shall terminate and be void and of no further force and effect,
and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier of (a) the end of the Standstill Period, and (b) the occurrence of any of
the circumstances contemplated by the last paragraph of Section 1 hereof; provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each
party will be entitled to any remedies at law or in equity to recover out-of-pocket losses, liabilities or damages arising from such breach. 

 

	3.	 Representations and Warranties. 

Each party represents and warrants to the other parties as follows: 
  

	 	(a)	 Organization. Such party is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization. 

  

	 	(b)	 Authorization: Validity; Enforcement. Such party has the requisite power and authority to execute and
deliver this Standstill Agreement. The execution, delivery and performance by such party of this Standstill Agreement have been duly authorized by all necessary action on behalf of such party. No other proceedings on the part of such party are
necessary to authorize the execution, delivery and performance by such party of this Standstill Agreement. This Standstill Agreement has been duly and validly executed and delivered by such party. Assuming this Standstill Agreement has been duly and
validly authorized, executed and delivered on behalf of the other parties hereto, this Standstill Agreement is a valid and binding obligation of such party, enforceable against such party in accordance with its terms. 

  
 3 

	 	(c)	 No Conflicts. The execution and delivery by such party of this Standstill Agreement, and the performance
by such party of its obligations under this Standstill Agreement, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any of the property or assets of such party pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which such party is a party
or by which such party is bound or to which any of the property or assets of such party is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of such party to perform its
obligations hereunder; or (ii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over such party or any of its properties that would reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the ability of such party to perform its obligations hereunder. 

  

	 	(d)	 Consents and Approvals. No consent, approval, order or authorization of, or registration, declaration or
filing with, or exemption or review by any governmental entity is required on the part of such party in connection with the execution, delivery and performance by such party of this Standstill Agreement, except for any consent, approval, order,
authorization, registration, declaration, filing, exemption or review, the failure of which to be obtained or made, individually or in the aggregate, would not reasonably be expected to adversely affect or delay the consummation of the transactions
contemplated by this Standstill Agreement. 

  

	 	(e)	 Accuracy of Representations. Such party understands that the other parties hereto are relying and will
rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgments and agreements in connection with the transactions contemplated by this Standstill Agreement. 

 

	4.	 Miscellaneous. 

 

	 	(a)	 Each of the Glencore Parties acknowledges that the Company will rely on the acknowledgments, understandings and
agreements contained in this Standstill Agreement. For the avoidance of doubt and notwithstanding any provision to the contrary in this Standstill Agreement, no party hereto shall have any obligation to enter into any further discussions,
negotiations or agreements with respect to the subject matter hereof or any other potential transaction, to make diligence materials available or to negotiate in good faith or at all, and either Glencore (on behalf of the Glencore Parties) or the
Company may at any time determine to terminate any such discussions or negotiations or the furnishing of diligence materials, for any reason or no reason at all. 

 

	 	(b)	 Notwithstanding anything to the contrary in this Standstill Agreement, this Standstill Agreement shall not be
assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto. 

  
 4 

	 	(c)	 All the agreements made by each party hereto in this Standstill Agreement shall survive the Closing and the
purchase of the Note. 

  

	 	(d)	 This Standstill Agreement may not be modified, waived or terminated except by an instrument in writing, signed
by the party against whom enforcement of such modification, waiver, or termination is sought. It is understood and agreed that no failure or delay by the Company in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

 

	 	(e)	 This Standstill Agreement, the Note Purchase Agreement, the Note, the Commercial Agreements and the Mutual
Nondisclosure Agreement, dated March 1, 2022, by and between the Company and Glencore constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, between or
among the parties, with respect to the subject matter hereof, including the Original Standstill Agreement. 

  

	 	(f)	 Except as otherwise provided herein, this Standstill Agreement shall be binding upon, and inure to the benefit
of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made
by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 

  

	 	(g)	 If any provision of this Standstill Agreement shall be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of this Standstill Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect. 

 

	 	(h)	 Each party shall pay all of its own costs and expenses in connection with this Standstill Agreement and the
transactions contemplated hereby. 

  

	 	(i)	 Any notice or communication required or permitted hereunder shall be in writing and either delivered
personally, emailed, sent by overnight mail via an internationally recognized carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent,
with no mail undeliverable or other rejection notice, if sent by email, or (iii) five (5) business days after the date of mailing to the address below or to such other address or addresses as such person may hereafter designate by notice given
hereunder: 

 if to Glencore: 

Glencore Ltd. 
 330 Madison
Avenue 
 New York, NY 10017 

Attention: Andy Smith 
 Email: Andy.Smith@glencore-us.com 

  
 5 

 with a required copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention:    David Avery-Gee 

Eoghan P. Keenan 
 Email:         David.Avery-Gee@weil.com 

eoghan.keenan@weil.com 
 if to
Glencore Parent: 
 Glencore plc 

Baarermattstrasse 3, CH-6340 

Baar, Switzerland 

Attention:    General Counsel 

Email:          general.counsel@glencore.com 

with a required copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention:    David Avery-Gee 

Eoghan P. Keenan 
 Email:         David.Avery-Gee@weil.com 

eoghan.keenan@weil.com 
 if to
the Company, to: 
 Li-Cycle Holdings Corp. 

207 Queen’s Quay West 

Suite 590 
 Toronto, Ontario M5J
1A7 
 Attention:     Carl DeLuca 

Email:          Carl.DeLuca@li-cycle.com 

with a required copy (which shall not constitute notice) to: 

Freshfields Bruckhaus Deringer US LLP 

601 Lexington Avenue, 31st Floor 

New York, NY 10022 

Attention:    Paul M. Tiger 

Andrea Merediz Basham 

Email:         paul.tiger@freshfields.com 

andrea.basham@freshfields.com 
  

	 	(j)	 This Standstill Agreement, and any claim or cause of action hereunder based upon, arising out of or related to
this Standstill Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution, performance or enforcement of this Standstill Agreement, shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to any conflicts of law principles that would require the application of any other law. 

  
 6 

 THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF NEW YORK WITH RESPECT TO THE INTERPRETATION AND ENFORCEMENT OF THE
PROVISIONS OF THIS STANDSTILL AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR THAT SUCH ACTION, SUIT OR
PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS STANDSTILL AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY
AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER
THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 4(j) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID
AND SUFFICIENT SERVICE THEREOF. 
 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS STANDSTILL AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS STANDSTILL AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS STANDSTILL AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTIES HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER;
(III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS STANDSTILL AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 4(j). 

 

	 	(k)	 Each of the Glencore Parties hereby agrees that the Company would be irreparably injured by a breach of this
Standstill Agreement by such Glencore Party, its Affiliates or representatives and that money damages are an inadequate remedy for an actual or threatened breach of this Standstill Agreement because of the difficulty of ascertaining the amount of
damage that will be suffered by the Company in the event that this Standstill Agreement is breached. Therefore, each of the Glencore Parties agrees to the granting of specific performance of this Standstill Agreement and injunctive or other
equitable relief in favor of the Company as a remedy for any such breach by such 

  
 7 

	 	
Glencore Party, its Affiliates or representatives, without proof of actual damages. Each of the Glencore Parties further agrees to waive any requirement for the securing or posting of any bond in
connection with any such remedy. Such remedy shall not be deemed to be the exclusive remedy for either of the Glencore Parties’ or their respective Affiliates or representatives’ breach of this Standstill Agreement but shall be in addition
to all other remedies available at law or in equity to the Company. Each of the Glencore Parties also agrees to reimburse the Company for all costs and expenses, including without limitation reasonable attorneys’ fees, incurred by the Company
(as applicable) in enforcing such Glencore Party’s obligations hereunder. 

 [Signature pages follow.] 

  
 8 

 IN WITNESS WHEREOF, each of the Company, Glencore and Glencore Parent has executed or
caused this Standstill Agreement to be executed by its duly authorized representative as of the date set forth above. 
  

			
	LI-CYCLE HOLDINGS CORP.
		
	By:	 	  

		 	 Name: Ajay Kochhar
 Title: Chief Executive
Officer

 [Signature Page to A&R Standstill Agreement] 

			
	 GLENCORE:
 GLENCORE
LTD.

		
	By:	 	  

		
		 	 Name:
 Title:

  

			
	 GLENCORE PARENT:
 GLENCORE
PLC

		
	By:	 	  

		 	 Name:
 Title:

 [Signature Page to A&R Standstill Agreement] 

 Exhibit D 

Opinions 
 See attached.Exhibit 10.1

 

GILEAD SCIENCES, INC.

2022 EQUITY INCENTIVE PLAN

 

	1.	Purpose of the Plan. The purpose of this Plan is to provide incentives to attract, retain
and motivate eligible persons whose present and potential contributions are important to the success of the Company by offering them an
opportunity to participate in the Company’s future performance and rewarding them for contributing toward the Company’s short-
and long-term growth.

 

	2.	Definitions. As used herein, the following definitions shall apply:

 

		(a)	“Administrator” means the Board or any of the Committees appointed to administer
the Plan.

 

		(b)	“Applicable Acceleration Period” has the meaning assigned to such term in the
applicable Award Agreement or if such term is not defined in the applicable Award Agreement, means (i) 24 months, in the case of
the Company’s Executive Chairman (if any) or Chief Executive Officer, (ii) 18 months, in the case of an Executive Vice President
or Senior Vice President of the Company, and (iii) 12 months, in the case of all other Grantees.

 

		(c)	“Applicable Laws” means the legal requirements relating to the Plan and the Awards
under applicable provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable
stock exchange, and the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein.

 

		(d)	“Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted
Stock, Restricted Stock Unit, Performance Unit, Performance Share, Phantom Share, or other right or benefit under the Plan.

 

		(e)	“Award Agreement” means the written agreement evidencing the grant of an Award
executed by the Company, including any amendments thereto. The Award Agreement may be in electronic form.

 

		(f)	“Board” means the Board of Directors of the Company.

 

		(g)	“Cause” has the meaning ascribed to such term in a written agreement between the
Grantee and the Company or a Related Entity (including an Award Agreement) or if no such agreement exists or such term is not defined
in such agreement, means, as determined in the sole discretion of the Administrator, the Grantee’s (i) performance of any act,
or failure to perform any act, in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, fraud, misconduct,
material violation of any applicable Company or a Related Entity policy, or material breach of any agreement with the Company or a Related
Entity; (iii) conviction or plea of nolo contendere to a crime involving dishonesty, breach of trust, or physical or emotional harm
to any person; or (iv) poor performance, nonperformance, or neglect of the Grantee’s duties to the Company or a Related Entity
or insubordination.

 

     

     

    

 

		(h)	“Change in Control” means, for purposes of all Awards at the time outstanding
under the Plan, and unless otherwise defined in an Award Agreement, a change in ownership or control of the Company effected through the
consummation of any of the following transactions:

 

		(i)	a sale, transfer or other disposition of all or substantially all of the Company’s assets,

 

		(ii)	the closing of any transaction or series of related transactions (including without limitation a merger
or reorganization in which the Company is the surviving entity) pursuant to which any person or any group of persons comprising a “group”
within the meaning of Rule 13d-5(b)(1) of the Exchange Act (other than the Company or a person that, prior to such transaction
or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) becomes
directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month
period ending with the most recent acquisition) the beneficial owner (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing (or convertible into or exercisable for securities possessing) more than fifty percent (50%) of the total combined voting
power of the Company’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding
immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance
from the Company, the acquisition of outstanding securities held by one or more of the Company’s existing stockholders or an acquisition,
consolidation or other reorganization to which the Company is a party,

 

		(iii)	a change in the composition of the Board over a period of twelve (12) consecutive months or less
such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of
individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected
or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who
were still in office at the time the Board approved such election or nomination, or

 

		(iv)	the dissolution or liquidation of the Company or a merger, consolidation, or reorganization of the Company
with one or more other entities in which the Company is not the surviving entity which results in any person or entity (other than the
Company or a person or entity that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled
by or is under common control with, the Company) owning 50% or more of the combined voting power of all classes of stock of such surviving
entity.

 

In no event, however, shall a Change in
Control be deemed to occur upon a merger, consolidation or other reorganization effected primarily to change the domicile of the Company’s
incorporation or to create a holding company structure pursuant to 

 

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which the Company becomes a wholly-owned subsidiary of an entity whose
outstanding voting securities immediately after its formation are beneficially owned, directly or indirectly and in substantially the
same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately prior to the formation
of such entity.

 

		(i)	“Code” means the Internal Revenue Code of 1986, as amended.

 

		(j)	“Committee” means any committee composed of members of the Board appointed by
the Board to administer the Plan. The Compensation and Talent Committee of the Board is appointed as the initial Committee with authority
to administer this Plan.

 

		(k)	“Common Stock” means the common stock of the Company.

 

		(l)	“Company” means Gilead Sciences, Inc., a Delaware corporation.

 

		(m)	“Constructive Termination” has the meaning assigned to such term in the applicable
Award Agreement or if such term is not defined in the applicable Award Agreement, means the occurrence of any of the following events
or conditions: (i) (A) a change in the Grantee’s status, title, position or responsibilities (including reporting responsibilities)
which represents an adverse change from the Grantee’s status, title, position or responsibilities as in effect immediately prior
to the Change in Control; (B) the assignment to the Grantee of any duties or responsibilities which are inconsistent with the Grantee’s
status, title, position or responsibilities as in effect immediately prior to the Change in Control; or (C) any removal of the Grantee
from or failure to reappoint or reelect the Grantee to any of the offices or positions held by the Grantee immediately prior to the Change
in Control, except in connection with the termination of the Grantee’s Continuous Service for Cause, as a result of the Grantee’s
Disability or death or by the Grantee other than as a result of Constructive Termination; (ii) a material reduction in the Grantee’s
annual base compensation or any failure to pay the Grantee any compensation or benefits to which the Grantee is entitled within five days
of the date due; (iii) the Company’s requiring the Grantee to relocate to any place outside a 50 mile radius of the location
serving as Grantee’s principal work site immediately prior to the Change in Control, except for reasonably required travel on the
business of the Company or a Related Entity which is materially consistent with the travel requirements applicable to the Grantee prior
to such Change in Control; (iv) the failure by the Company to (A) continue in effect (without reduction in benefit level and/or
reward opportunities) any material compensation or employee benefit plan in which the Grantee was participating at any time within the
90-day period immediately prior to the Change in Control, unless such plan is replaced with a plan that provides substantially equivalent
compensation or benefits to the Grantee, or (B) provide the Grantee with compensation and benefits, in the aggregate, at least equal
(in terms of benefit levels and/or reward opportunities) to those provided the Grantee under each other employee benefit plan, program
and practice in which he or she was participating at any time within the 90-day period immediately prior to the Change in Control; (v) any
material breach by the Company of any provision of an agreement between the Company and the Grantee, whether pursuant to this Plan or
otherwise, other than a breach which is cured by the Company within 15 days following notice by the 

 

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Grantee of such breach; or (vi) the failure of the Company to obtain an agreement, satisfactory to the Grantee, from any successors
and assigns to assume and agree to perform the obligations created under this Plan.

 

		(n)	“Consultant” means any person, including an advisor, who is compensated by the
Company or any Related Entity for services performed as a non-employee; provided, however, that the term “Consultant” shall
not include non-employee Directors serving in their capacity as Board members. The term “Consultant” shall include a member
of the board of directors of a Related Entity.

 

		(o)	“Continuous Service” has the meaning assigned to such term in the applicable Award
Agreement or if such term is not defined in the applicable Award Agreement, means the performance of services for the Company or a Related
Entity (whether now existing or subsequently established) by a person in the capacity of an Employee, a Director or a Consultant. For
purposes of the Plan, a Grantee shall be deemed to cease Continuous Service immediately upon the occurrence of either of the following
events: (i) the Grantee no longer performs services in any of the foregoing capacities for the Company or any Related Entity or (ii) the
entity for which the Grantee is performing such services ceases to remain a Related Entity of the Company, even though the Grantee may
subsequently continue to perform services for that entity; provided, however, that the event the Grantee’s Award is subject to Section 409A
of the Code and payable upon his or her separation from service, then his or her Continuous Service shall, with respect to that Award,
be deemed to terminate when such Grantee is deemed to have a separation from service under Treasury Regulations Section 1.409A-1(h).
In jurisdictions requiring notice in advance of an effective termination of a Grantee’s service as an Employee, Director or Consultant,
Continuous Service shall be deemed terminated upon the actual cessation of active service to the Company or a Related Entity notwithstanding
any required notice period that must be fulfilled before such individual’s termination as an Employee, Director or Consultant can
be effective under Applicable Laws. The Administrator shall have authority to determine whether Continuous Service is deemed to cease
during any leave of absence.

 

		(p)	“Director” means a member of the Board.

 

		(q)	“Disability” has the meaning assigned to such term in the applicable Award Agreement
or if such term is not defined in the applicable Award Agreement, means the inability of the Grantee to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration
of twelve (12) months or more, as determined in the good faith discretion of the Administrator.

 

		(r)	“Dividend Equivalent Right” means a right entitling the Grantee to compensation
measured by dividends declared or paid with respect to the Common Stock underlying his or her Award (other than an Option or SAR Award).

 

		(s)	“Domestic Partner” means a person who shares a household with the Grantee and
otherwise meets and continues to meet all of the criteria detailed in the Gilead Sciences Affidavit of Domestic Partnership, which domestic
partnership has been internally 

 

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registered with the Company by filing with the Company an original, properly completed, notarized Gilead Sciences Affidavit of Domestic
Partnership.

 

		(t)	“Employee” means any person, including an Officer or Director, who is in the employ
of the Company or any Related Entity, subject to the control and direction of the Company or any Related Entity as to both the work to
be performed and the manner and method of performance. Neither service as a Director nor payment of a director’s fee by the Company
or a Related Entity shall be sufficient to constitute “employment” by the Company.

 

		(u)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

		(v)	“Fair Market Value” means, as of any date, the value of Common Stock determined
as follows:

 

		(i)	If the Common Stock is on the date of determination listed on any established stock exchange, including
without limitation the Nasdaq Global or Global Select Market, the American Stock Exchange or the New York Stock Exchange, its Fair Market
Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange on the
date of determination (or, if no closing sales price or closing bid was quoted on that date, as applicable, on the last preceding trading
date such closing sales price or closing bid was quoted), as the applicable quoted price is reported in The Wall Street Journal or such
other source as the Board deems reliable;

 

		(ii)	If the Common Stock is on the date of determination regularly quoted on an automated quotation system
(including the OTC Bulletin Board) or by a recognized securities dealer, but selling prices are not reported, the Fair Market Value per
share of Common Stock shall be the mean between the high bid and high asked prices for the Common Stock on the date of determination (or,
if no such prices were reported on that date, on the last preceding date such prices were quoted), as the applicable quoted prices are
reported in The Wall Street Journal or such other source as the Board deems reliable; or

 

		(iii)	In the absence of an established market for the Common Stock of the type described in (i) and (ii),
above, the Fair Market Value thereof shall, for purposes of any Award other than an Incentive Stock Option, be determined by the Board
through the reasonable application of a reasonable valuation method that takes into account the applicable valuation factors set forth
in the Treasury Regulations issued under Section 409A of the Code and shall, for purposes of an Incentive Stock Option, be determined
by the Board in good faith in accordance with the standards of Section 422 of the Code and the applicable Treasury Regulations thereunder.

 

		(w)	“Grantee” means an Employee, Director or Consultant who receives an Award under
the Plan.

 

		(x)	“Immediate Family” means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive 

 

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relationships, Domestic Partner, a trust in which such persons (or the Grantee) have more than 50% of the beneficial interest, a foundation
in which such persons (or the Grantee) control the management of assets, and any other entity in which such persons (or the Grantee) own
more than fifty percent (50%) of the voting interests.

 

		(y)	“Incentive Stock Option” means an Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

		(z)	“Non-statutory Stock Option” means an Option not intended to qualify as an Incentive
Stock Option.

 

		(aa)	“Officer” means a person who is an officer of the Company or a Related Entity
within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

		(bb)	“Option” means an option to purchase Shares pursuant to an Award Agreement granted
under the Plan.

 

		(cc)	“Parent” means a “parent corporation,” whether now or hereafter existing,
as defined in Section 424(e) of the Code.

 

		(dd)	“Performance Shares” or “Performance Share Units” means an Award denominated
in Shares which may be earned in whole or in part upon attainment of one or more performance criteria established by the Administrator
and settled in actual Shares, except to the extent the Administrator may determine to settle such Award in whole or in part in cash.

 

		(ee)	“Performance Units” means an Award denominated in U.S. dollars which may be earned
in whole or in part based upon attainment of performance criteria established by the Administrator and settled for cash, except to the
extent that the Administrator may determine to settle such Award in whole or in part in Shares.

 

		(ff)	“Phantom Share” means an Award denominated in Shares in which the Grantee has
the right to receive an amount equal to the value of a specified number of Shares at a designated time or over a designated period and
which will be payable in cash or Shares as established by the Administrator.

 

		(gg)	“Plan” means this Gilead Sciences, Inc. 2022 Equity Incentive Plan, as amended
from time to time.

 

		(hh)	“Prior Plans” means the Gilead Sciences, Inc. 2004 Equity Incentive Plan and the
Gilead Sciences, Inc. 2018 Equity Incentive Plan, each as amended.

 

		(ii)	“Related Entity” means (i) any Parent or Subsidiary of the Company and (ii) any
other entity in which the Company or any Parent or Subsidiary holds a substantial ownership interest, directly or indirectly.

 

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		(jj)	“Restricted Stock” means Shares issued under the Plan to the Grantee for such
consideration (including any cash consideration) and subject to such restrictions on transfer, rights of first refusal, repurchase provisions,
forfeiture provisions, and other terms and conditions as established by the Administrator.

  

		(kk)	“Restricted Stock Unit” means an Award in the form of a contractual right to receive
Shares in one or more installments over a defined period of Continuous Service or upon the attainment of one or more performance goals
established by the Administrator or in one or more deferred installments following the completion of such period of Continuous Service
or the attainment of such performance goals.

 

		(ll)	“Retirement” has the meaning assigned to such term in the applicable Award Agreement
or if such term is not defined in the applicable Award Agreement, means a cessation of Continuous Service on or after the date on which
the Grantee (i) attains age 55 and completes at least ten (10) years of Continuous Service or (ii) attains age 65.

 

		(mm)	“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or
any successor thereto.

 

		(nn)	“SAR” means a stock appreciation right entitling the Grantee to Shares or cash
compensation, as established by the Administrator, measured by appreciation in the value of the Common Stock underlying such Award.

 

		(oo)	“Share” means a share of the Common Stock.

 

		(pp)	“Subsidiary” means a “subsidiary corporation,” whether now or hereafter
existing, as defined in Section 424(f) of the Code.

 

		(qq)	“Withholding Taxes” mean the applicable income, employment or similar taxes required
or permitted to be withheld in connection with the issuance, exercise, vesting or settlement of an Award, as determined by the Administrator.

 

		3.	Stock Subject to the Plan.

 

		(a)	Subject to the provisions of Section 9 below and adjustments pursuant to Section 3(b) below,
the maximum number of Shares which may be issued in the aggregate under the Plan pursuant to all Awards made hereunder (including, without
limitation, Restricted Stock, Restricted Stock Units, Performance Shares, Options, SARs, Dividend Equivalent Rights, and Phantom Shares)
shall be limited to 132,000,000 Shares, less one Share for every one Share granted under an award of options or stock appreciation rights
under the Prior Plans after February 18, 2022 and prior to the effective date of the Plan and less 2.5 Shares for every one Share
granted under an award other than options or stock appreciation rights under the Prior Plans after February 18, 2022 and prior to
the effective date of the Plan. The Shares to be issued pursuant to Awards may be authorized, but unissued, or reacquired Common Stock.
The maximum number of Shares that may be issued pursuant to Incentive Stock Options that are granted under the Plan shall be limited to
132,000,000 Shares. After the effective date of the Plan, no awards may be granted under any Prior Plans.

 

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		(b)	If (i) any Shares covered by an Award (or portion of an Award) is forfeited, canceled or expires
(whether voluntarily or involuntarily), is settled in cash, or otherwise does not result in the issuance of all or a portion of the Shares
subject to such Award, or (ii) after February 18, 2022, any Shares covered by an award granted under any Prior Plan is forfeited,
canceled or expires (whether voluntarily or involuntarily), is settled in cash, or otherwise does not result in the issuance of all or
a portion of the Shares subject to such award, then in each such case the Shares subject to such Award or such Prior Plan award shall,
to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, be deemed not to have been issued, or added
to the Shares available for grant, as applicable in accordance with Section 3(d) below, for purposes of determining the maximum
aggregate number of Shares which may be issued under the Plan. If the exercise price of an Option is paid with Shares (whether tendered
by the Participant or withheld by the Company), then the maximum aggregate number of Shares available under the Plan shall be reduced
by the gross number of Shares for which that Option is exercised, and not by the net number of Shares actually issued by the Company upon
such exercise. Upon the exercise of any SAR under the Plan, the maximum aggregate number of Shares available under the Plan shall be reduced
by the gross number of Shares as to which such right is exercised, and not by the net number of Shares actually issued by the Company
upon such exercise. Shares that are tendered by a Participant or withheld by the Company in satisfaction of any Withholding Taxes related
to an Option or SAR shall not again be available for issuance under the Plan. Shares that are tendered by a Participant or withheld by
the Company in satisfaction of any Withholding Taxes related to an Award other than an Option or SAR, or that otherwise are subject to
but not actually issued under an Award other than an Option or SAR, or Shares that are tendered or withheld after February 18, 2022
to satisfy Withholding Taxes related to an award other than an option or stock appreciation right granted under any Prior Plan, shall
in each such case not be deemed to have been issued and shall be available for future issuance under the Plan in accordance with Section 3(d) for
purposes of determining the maximum aggregate number of Shares which may be issued under the Plan.

  

		(c)	The Administrator may issue Awards under the Plan in settlement of, or in assumption or substitution for,
outstanding awards or obligations to grant future awards in connection with the acquisition by the Company or a Related Entity of another
entity, an interest in another entity or an additional interest in a Related Entity, whether by merger, stock purchase, asset purchase
or other form of transaction (“Substitute Awards”). Substitute Awards shall not reduce the Shares authorized for issuance
under the Plan. Additionally, in the event that a company acquired by the Company or a Related Entity or with which the Company or a Related
Entity combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition
or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate,
using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan
and shall not reduce the Shares authorized for issuance under the Plan; provided that Awards using such available shares shall only be
made (i) until the last date that awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition
or combination, 

 

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and (ii) to individuals who were not Employees, Directors or Consultants prior to such acquisition or combination.

 

		(d)	Any Shares issued under the Plan pursuant to any Awards of Options or SARs shall be counted against the
limit set forth in Section 3(a) as one Share for every one Share issued. Any Shares issued under the Plan pursuant to any Awards
other than Options or SARs shall be counted against the limit set forth in Section 3(a) as 2.5 Shares for every one Share issued.
Any Shares that again become available for Awards under the Plan pursuant to this Section 3 shall be added as (i) one Share
for every one Share subject to Awards of Options or SARs granted under the Plan or awards of options or stock appreciation rights granted
under any Prior Plan, and (ii) as 2.5 Shares for every one Share subject to Awards other than Options or SARs granted under the Plan
or awards other than options or stock appreciation rights granted under any Prior Plan.

 

	4.	Administration of the Plan.

 

		(a)	Plan Administrator:

 

		(i)	Administration with Respect to Directors and Officers. With respect to grants of Awards to
Directors or Employees who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or (B) a
Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy Applicable Laws and to permit such
grants and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3.
Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board.

 

		(ii)	Administration With Respect to Consultants and Other Employees. With respect to grants of
Awards to Employees or Consultants who are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the
Board or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy Applicable
Laws. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. The Board
or such Committee may authorize one or more Officers of the Company to grant such Awards, subject to such terms and conditions as the
Board or Committee may impose; provided, however, that any delegation of such authority shall in all events be subject to the limitations
and restrictions of Applicable Laws, including any required limitation on the maximum of Shares for which Awards may be made by such Officer
or Officers.

 

		(b)	Powers of the Administrator: Subject to Applicable Laws and the provisions of the Plan (including
any other powers given to the Administrator hereunder), and except as otherwise provided by the Board, the Administrator shall have the
authority, in its discretion:

 

		(i)	to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

		(ii)	to determine when and to what extent Awards are to be granted hereunder;

 

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		(iii)	to determine the number of Shares or the amount of other consideration to be covered by each Award granted
hereunder;

 

		(iv)	to approve forms of Award Agreements for use under the Plan;

 

		(v)	to determine the terms and conditions of any Award granted hereunder;

 

		(vi)	to amend the terms of any outstanding Award granted under the Plan, including to accelerate vesting or
waive any other terms and conditions of an Award, provided that (A) any amendment that would materially and adversely affect the
Grantee’s rights under an outstanding Award without adequate compensation therefor shall not be made without the Grantee’s
written consent, (B) the reduction of the exercise price of any Option or SAR awarded under the Plan shall be subject to stockholder
approval as provided in Section 7(b), and (C) canceling an Option or SAR at a time when its exercise price exceeds the Fair
Market Value of the underlying Shares, in exchange for a cash payment, another Option, SAR, Restricted Stock or other Award or any other
property shall be subject to stockholder approval as provided in Section 7(b), unless the cancellation and exchange occurs in connection
with a Change in Control as provided in Section 11 or pursuant to an adjustment effected in accordance with Section 10;

 

		(vii)	to construe and interpret the terms of the Plan and Awards, including without limitation, any notice of
Award or Award Agreement, granted pursuant to the Plan;

 

		(viii)	to construe, interpret, and adjust performance criteria, or the assessment of any performance criteria,
applicable to any Award, including to account for any unusual in nature or infrequently occurring items;

 

		(ix)	to establish additional terms, conditions, rules or procedures to accommodate the rules or laws
of applicable non-U.S. jurisdictions and to afford Grantees favorable treatment under such rules or laws; provided, however, that
no Award shall be granted under any such additional terms, conditions, rules or procedures with terms or conditions which are inconsistent
with the provisions of the Plan; and

 

		(x)	to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems necessary
or appropriate.

 

		(c)	Indemnification. In addition to such other rights of indemnification as they may have as members
of the Board or as Officers or Employees of the Company or a Related Entity, members of the Board and any Officers or Employees of the
Company or a Related Entity to whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and
indemnified by the Company to the extent permitted by law against all reasonable expenses (including attorneys’ fees), actually
and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with
any appeal thereof, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection
with the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is
approved by the Company) or paid by them in satisfaction of a judgment 

 

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in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such claim,
investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct; provided,
however, that within 30 days after the institution of such claim, investigation, action, suit or proceeding, such person shall offer to
the Company, in writing, the opportunity at the Company’s expense to handle and defend the same.

 

	5.	Eligibility.

 

		(a)	Generally. Awards other than Incentive Stock Options may be granted to Employees, Directors and
Consultants. Incentive Stock Options may be granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee,
Director or Consultant who has been granted an Award may, if otherwise eligible, be granted additional Awards.

 

		(b)	Non-Employee Director Limitations. A non-employee Director may not be paid or granted cash compensation
or equity-based awards under this Plan or otherwise for services provided as a director with an aggregate value (based on the grant date
fair value of equity-based awards) in excess of $750,000 in any calendar year for any non-employee Director other than the Chairman of
the Board and in excess of $1,00,000 in any calendar year for any non-employee Director serving as the Chairman of the Board. Such limitation
shall apply to both continuing non-employee Directors and newly-elected or appointed non-employee Directors. For the avoidance of doubt,
cash compensation shall be counted towards this limit in the year earned (regardless of whether deferred), and any interest or other earnings
on such compensation shall not count towards the limit.

 

	6.	Terms and Conditions of Awards

 

		(a)	Types of Awards. The Administrator is authorized under the Plan to grant Options, SARs, Dividend
Equivalent Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Phantom Shares, and any other cash
bonus or right or benefit denominated in or valued by reference to Shares. Any Award may consist of one such security or benefit, or two
or more of them in any combination or alternative.

 

		(b)	Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions,
terms, and conditions of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first
refusal, forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies,
and satisfaction of any performance criteria.

 

		(c)	Minimum Vesting. Notwithstanding any other provision of the Plan to the contrary, Awards granted
under the Plan (other than cash-based Awards) shall vest no earlier than the first anniversary of the date on which the Award is granted;
provided, however, that the following Awards shall not be subject to the foregoing minimum vesting requirement: (i) Substitute Awards,
(ii) Shares delivered in lieu of fully-vested cash obligations, (iii) Awards to non-employee Directors that vest on the earlier
of the one-year anniversary of the date of grant and the next annual meeting of stockholders which is at least 50 weeks 

 

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after the immediately preceding year’s annual meeting, and (iv) any Shares issued under additional Awards the Administrator
may grant, up to a maximum of 5% of the available share reserve authorized for issuance under the Plan pursuant to Section 3(a) (subject
to adjustment under Section 9); provided, further, that the foregoing restriction does not apply to the Administrator’s discretion
to provide for accelerated exercisability or vesting of any Award, including in cases of Retirement, death, Disability or a Change in
Control, in the terms of the Award Agreement or otherwise.

 

		(d)	Deferral of Award Payment. The Administrator may establish one or more programs under the Plan
to permit selected Grantees the opportunity to elect to defer receipt of the Shares or other consideration due upon the settlement of
an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt
of Shares or other consideration under an Award. The Administrator may establish the election procedures, the timing of such elections,
the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred,
and such other terms, conditions, rules and procedures that the Administrator deems advisable for the administration of any such
deferral program. Notwithstanding the foregoing, each such deferral opportunity shall be structured by the Administrator so as to comply
with all applicable requirements of Code Section 409A and the Treasury Regulations thereunder.

 

		(e)	Special Provisions Applicable to Options and SARs.

 

		(i)	Award Designation. Each Option shall be designated in the Award Agreement as either an Incentive
Stock Option or a Non-statutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Shares for which one or more Options designated as Incentive Stock Options become first exercisable by a Grantee during any
calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds $100,000, the excess number of Shares shall be treated
as subject to Non-statutory Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in
which they were granted, except to the extent otherwise provided by Applicable Law, and the Fair Market Value of the Shares shall be determined
as of the grant date of the relevant Option.

 

		(ii)	Term. The term of each Option and SAR shall be the term stated in the Award Agreement; provided,
however, that the term of an Option and SAR shall be no more than ten years from the date of grant thereof. However, in the case of an
Incentive Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing more than 10% of the voting
power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the term of the Incentive Stock Option shall
be five years from the date of grant thereof or such shorter term as may be provided in the Award Agreement.

 

		(iii)	Exercise or Purchase Price. The per Share exercise price for each Option shall be not less
than 100% of the Fair Market Value per Share on the date of grant; provided; however, that in the case of an Incentive Stock Option granted
to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than 

 

    12

     

    

 

10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise price
shall be not less than 110% of the Fair Market Value per Share on the date of grant. The exercise price or the base amount on which the
stock appreciation for an SAR is calculated shall be not less than 100% of the Fair Market Value per Share on the date of grant.

 

		(iv)	Post-Termination Exercise. Any Award designated as an Incentive Stock Option to the extent not
exercised within the time permitted by law for the exercise of Incentive Stock Options following the termination of Employee status shall
convert automatically to a Non-statutory Stock Option and thereafter shall be exercisable as such to the extent exercisable by its terms
for the period specified in the Award Agreement.

 

		(v)	No Authority to Reprice. Without the consent of stockholders of the Company, no Award may
be repriced, replaced, regranted through cancellation, or modified (except as provided in Section 10) if the effect is to reduce
the exercise or purchase price for the Shares underlying such Award. In addition, the replacement or substitution of one Award for another
Award is prohibited, absent stockholder consent, to the extent it has the effect of reducing the exercise or purchase price of the underlying
Shares. No Award with an exercise price per Share in excess of the then current Fair Market Value per Share may be cancelled or exchanged
for a payment of cash, other Award, or other property, except in connection with a Change in Control transaction.

 

		(f)	Dividends and Dividend Equivalent Rights. The Administrator may provide that any Awards earn
dividends or Dividend Equivalent Rights; provided, however, that Dividend Equivalent Rights may not be granted in connection with any
Option or SAR. No payment shall be made with respect to any dividend or Dividend Equivalent Right granted in connection with an Award
unless, until and only to the extent that the related vesting conditions of such Award are satisfied. Any crediting of dividends or Dividend
Equivalent Rights may be subject to such restrictions and conditions as the Administrator may establish, including reinvestment in additional
Shares or Restricted Stock Units, and may be settled in cash or in Shares as determined by the Administrator.

 

		(g)	Transferability of Awards. Incentive Stock Options may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Grantee, only by the Grantee. Options may not be transferred to third party financial institutions for value. Other Awards
shall be transferable by will and by the laws of descent and distribution, and during the lifetime of the Grantee, such Awards shall be
transferable, by gift or pursuant to a domestic relations order, to members of the Grantee’s Immediate Family to the extent and
in the manner determined by the Administrator. Notwithstanding the foregoing, the Grantee may designate a beneficiary of the Grantee’s
Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.

 

	7.	Payment of Exercise or Purchase Price and Withholding Taxes. The Company’s obligation to
settle an Award, including to deliver Shares upon the exercise, vesting or settlement of an Award, shall be subject to the satisfaction
of all applicable Withholding Taxes and the payment of any applicable exercise price, purchase price or other consideration. The method
of payment 

 

 

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	 	of such Withholding Taxes, exercise price, purchase price or other consideration,
as applicable, shall be determined in the sole discretion of the Administrator. In addition to any other payment methods that the Administrator
may approve, the Administrator is authorized to accept the following, provided that the portion of the consideration equal to the par
value of the Shares must be paid in cash or other legal consideration to the extent required under Applicable Law:

 

		(a)	cash;

 

		(b)	check;

 

		(c)	surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the
Administrator may require (including withholding of Shares otherwise deliverable upon exercise of the Award);

 

		(d)	payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall
provide instructions (either in writing or electronically) to a Company-designated brokerage firm (or, with respect to Grantees subject
to Section 16 of the Securities Exchange Act, a broker reasonably satisfactory to the Company for purposes of administering such
procedure in accordance with the Company’s pre-clearance/pre-notification policies) to effect the immediate sale of some or all
of the purchased Shares and remit to the Company on the settlement date sufficient funds to cover the aggregate exercise price payable
for the purchased Shares and any applicable Withholding Taxes and (B) shall provide directives (either in writing or electronically)
to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm on the settlement date in order to
complete the sale transaction; or

 

		(e)	any combination of the foregoing.

 

	8.	Conditions Upon Issuance of Shares.

 

		(a)	Shares shall not be issued pursuant to the exercise, vesting or settlement of an Award unless the exercise,
vesting or settlement of such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws
as determined by counsel for the Company. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall
not have been obtained.

 

		(b)	As a condition to the issuance of any Shares in connection with the exercise, vesting or settlement of
an Award, the Company may require the person holding such Award to represent and warrant at the time of such issuance that the Shares
are being acquired only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel
for the Company, such a representation is required by any Applicable Laws.

 

	9.	Adjustments Upon Changes in Capitalization. Should any change be made to the Common Stock by reason
of any stock split, stock dividend, recapitalization, combination of shares, 

 

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exchange of shares, spin-off transaction or other change affecting the outstanding Common Stock as a class, or should the value of the
outstanding shares of Common Stock change as a result of a spin-off transaction or an extraordinary dividend or distribution, or should
there occur any merger, consolidation or other reorganization, then equitable and proportional adjustments shall be made by the Administrator
to the maximum number and class(es) of securities issuable under the Plan and the maximum number and class(es) of securities which may
be issued pursuant to Incentive Stock Options granted under the Plan pursuant to Section 3(a), and the outstanding Awards will be
equitably and proportionally adjusted as to the number and class(es) of securities and exercise price (or other cash consideration) payable
per Share subject to such outstanding Awards. The adjustments shall be made in such manner as the Administrator deems appropriate in order
to prevent the dilution or enlargement of benefits under the Plan and the outstanding Awards thereunder, and such adjustments shall be
final, binding and conclusive. In the event of a Change in Control, however, the adjustments (if any) shall be made solely in accordance
with the applicable provisions of Section 10.

 

	10.	Change in Control

 

		(a)	Effect of Change in Control on Awards.

 

		(i)	In the event of a Change in Control, the Board in its sole discretion may, to the extent permitted by
Applicable Law, provide for the following treatment of outstanding Options and SARs: (w) such Awards shall fully vest and become
exercisable prior to the effective date of the Change in Control; (x) any surviving corporation shall assume any Options or SARs
outstanding under the Plan or shall substitute economically equivalent awards for the Options and SARs outstanding under the Plan, (y) the
time during which such Options or SARs may be exercised shall be accelerated so that those Awards may be exercised for fully-vested Shares
and those Awards shall terminate if not exercised prior to the Change in Control, or (z) such Options or SARs shall continue in full
force and effect. In addition, the Board may provide that Options and SARs outstanding as of the date of the Change in Control shall be
cancelled and terminated without payment if the Fair Market Value of one Share as of the date of the Change in Control is less than the
per Share Option exercise price or SAR grant price.

 

		(ii)	In the event of a Change in Control, the Board in its sole discretion may, to the extent permitted by
Applicable Law, provide for the following treatment of any other Award outstanding under the Plan at the time of the Change in Control:
such Award may be assumed by the surviving corporation, replaced with an economically-equivalent substitute award or otherwise continued
in full force in effect. To the extent any such Award is not assumed, replaced with an economically-equivalent substitute award or otherwise
continued in effect, that Award shall vest, and the shares of Common Stock subject to that Award shall be issued as fully-vested shares,
immediately prior to the effective date of the Change in Control.

 

		(iii)	Any Award which is assumed in connection with a Change in Control or otherwise continued in effect shall
be adjusted immediately after the consummation of that Change in Control so as to apply to the number and class of securities into which
the shares of Common Stock subject to that Award immediately prior to the Change in

 

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Control would have been converted in consummation of such Change in Control had those shares been outstanding at that time, and appropriate
adjustments shall also be made to the exercise price or any other consideration payable per share thereunder. To the extent the holders
of the Company’s outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control,
the successor corporation may, in connection with the assumption or continuation of the outstanding Awards and subject to the approval
of the Administrator prior to the Change in Control, substitute one or more shares of its own common stock with a fair market value equivalent
to the cash consideration paid per share of Common Stock in such Change in Control transaction, provided such common stock is readily
traded on an established U.S. securities exchange or market.

 

		(iv)	The Administrator may structure one or more Awards so that the Shares subject to those Awards shall vest
(or shall vest and become issuable) immediately prior to the effective date of a Change in Control, whether or not those Awards are assumed,
replaced with an economically-equivalent substitute award or otherwise continued in full force and effect.

 

		(v)	Awards subject to performance-vesting requirements shall be treated as provided for in the applicable
Award Agreements, and may be structured so that upon the occurrence of a Change in Control prior to the completion of the applicable performance
measurement period, the applicable performance goal or goals established for those Awards will be deemed to have been met at the level
pre-specified in the Award Agreement based on actual performance, if calculable, or at target (either in full or pro-rata) or may be structured
to convert into Restricted Stock or Restricted Stock Unit Awards based on actual achievement of performance goals or based on target performance
at the time of the Change in Control (either in full or pro-rata).

 

		(b)	Acceleration of Award Upon Cessation of Continuous Service In Connection With a Change in Control. Notwithstanding
any other provisions of this Plan to the contrary, if during the Applicable Acceleration Period following the consummation of a Change
in Control, the Continuous Service of an Employee or a Consultant terminates due to an involuntary termination (not including death or
Disability) without Cause or a voluntary termination by the Grantee due to Constructive Termination, then the vesting and exercisability
of all Awards held by such Grantee shall be accelerated, or any reacquisition or repurchase rights held by the Company with respect to
an Award shall lapse, as follows:

 

		·	With respect to Options and SARs held by a Grantee at the time of such termination, such Options and SARs
shall become immediately exercisable as to all the underlying Shares and may be exercised for any or all of those Shares as fully-vested
shares until the expiration or sooner termination date of those Awards as set forth in the applicable Award Agreement.

 

		·	With respect to all other Awards held by the Grantee at the time of such termination, the underlying Shares
shall immediately vest at that time and shall be issued in accordance with the terms of the applicable Award Agreement (with the treatment
and payout of any Awards subject to performance-based vesting conditions to be 

 

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governed by the applicable Award Agreement), and any reacquisition or repurchase rights held by the Company with respect to any such Shares
shall lapse as of the date of such termination.

 

	11.	Effective Date and Term of Plan. The Plan was approved by the Board on March 12, 2022, and shall
become effective upon its approval by the stockholders of the Company. It shall continue in effect until May 4, 2032 unless sooner
terminated.

 

	12.	Amendment, Suspension or Termination of the Plan. The Board may at any time amend, suspend or terminate
the Plan; provided, however, that no such amendment shall be made without the approval of the Company’s stockholders to the extent
such approval is required by NASDAQ Stock Market Rule 5635(c), Section 422 of the Code and regulations promulgated thereunder,
or any other Applicable Laws, or if such amendment would change any of the provisions of Section 4(b)(vi) or this Section 12(a).
No Award may be granted during any suspension of the Plan or after termination of the Plan. No suspension or termination of the Plan (including
termination of the Plan under Section 11, above) shall adversely affect any rights under Awards previously granted hereunder, and
such Awards shall continue in effect following such Plan termination.

 

	13.	No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any
Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the
right of the Company or any Related Entity to terminate the Grantee’s Continuous Service at any time, with or without Cause, and
with or without notice to the extent permitted by Applicable Law. The ability of the Company or any Related Entity to terminate the employment
of a Grantee who is employed at will is in no way affected by its determination that the Grantee’s Continuous Service has been terminated
for Cause for the purposes of this Plan.

 

	14.	No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement
or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or
contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit
plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of
compensation. The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement Income Security
Act of 1974, as amended.

 

	15.	Unfunded Obligation. Grantees shall have the status of general unsecured creditors of the
Company. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including,
without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related
Entity shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with
respect to such obligations.

 

	16.	Governing Law. The Plan and all agreements thereunder shall be governed by and construed in
accordance with the laws of the State of Delaware, without resort to that State’s conflict-of-law provisions.

 

    17

     

    

 

	17.	Section 409A Compliance. The Board reserves the right, to the extent it deems it necessary
or advisable in its sole discretion, to alter or modify the Plan and any outstanding Awards under the Plan, without the consent of the
Grantees, so as to ensure that all Awards and Award Agreements provided to Grantees who are subject to U.S. income taxation either qualify
for an exemption from the requirements of Section 409A of the Code or are structured in a manner that complies with those requirements;
provided, however, that neither the Company nor any Related Entity makes any representations that any Awards made under the Plan will
in fact be exempt from the requirements of Section 409A of the Code or otherwise comply with those requirements, and each Grantee
shall accordingly be solely responsible for any taxes, penalties or other amounts which may become payable with respect to his or her
Awards by reason of Section 409A of the Code.

 

	18.	Deferred Issuance Date. Notwithstanding any provision to the contrary in this Plan or any
outstanding Award Agreement, to the extent any Award under this Plan may be deemed to create a deferred compensation arrangement under
Section 409A of the Code, then the following limitations shall apply to such Award and the applicable Award Agreement (if not otherwise
expressly provided therein):

 

		·	No shares of Common Stock or other amounts which become issuable or distributable under such Award Agreement
by reason of the Grantee’s cessation of Continuous Service shall actually be issued or distributed to such Grantee until the date
of his or her separation from service (as determined in accordance with the provisions of Section 1.409A-1(h) of the Treasury
Regulations) or as soon thereafter as administratively practicable, but in no event later than the later of (i) the close of the
calendar year in which such separation from service occurs or (ii) the fifteenth day of the third calendar month following the date
of such separation from service.

 

		·	No shares of Common Stock or other amounts which become issuable or distributable under such Award Agreement
by reason of the Grantee’s cessation of Continuous Service shall actually be issued or distributed to such Grantee prior to the
earlier of (i) the first day of the seventh (7th) month following the date of the Grantee’s separation from service or
(ii) the date of Grantee’s death, if he or she is deemed at the time of such separation from service to be a specified employee
under Section 1.409A-1(i) of the Treasury Regulations as determined by the Administrator in accordance with consistent and uniform
standards applied to all other Code Section 409A arrangements of the Company, and such delayed commencement is otherwise required
in order to avoid a prohibited distribution under Code Section 409A(a)(2). The deferred Shares or other distributable amount shall
be issued or distributed in a lump sum on the first day of the seventh (7th) month following the date of the Grantee’s separation
from service or (if earlier) the first day of the month immediately following the date the Company receives proof of his or her death.

 

		19.	Clawback/Recoupment. All Awards granted hereunder are subject to the terms of the Company’s
clawback policy, as it may be amended from time to time. In addition, and notwithstanding any other provisions herein to the contrary,
any performance-based compensation, or any other amount paid to a Grantee pursuant to an Award which is subject to recovery under any
law, government regulation, stock exchange listing requirement, or any 

 

    18

     

    

 

policy adopted by the Company will be subject to forfeiture and clawback as may be required to be made pursuant to such law, government
regulation, stock exchange listing requirement, or policy adopted by the Company.

 

    19

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