Document:

EX-4.5

 Exhibit 4.5 

ZEKELMAN INDUSTRIES, INC. 

as the U.S. Company 
 - and - 

[CALLCO] 
 as CallCo 

- and - 
 6582125 CANADA INC.

 as Can HoldCo 
 - and -

 HOLDERS OF EXCHANGEABLE SHARES 
IN THE CAPITAL OF 6582125 CANADA INC. 

as the Holders 
  

 
 EXCHANGE AND SUPPORT AGREEMENT

 ●, 2018 
  

 

 TABLE OF CONTENTS 

 

							
	ARTICLE 1	  

	DEFINITIONS	  

			
	Section 1.1	 	 Defined Terms
	  	 	1	 
	
	ARTICLE 2	  

	EXCHANGE RIGHT AND AUTOMATIC EXCHANGE RIGHT	  

			
	Section 2.1	 	 Exchange Right
	  	 	2	 
	Section 2.2	 	 Automatic Exchange Right
	  	 	4	 
	
	ARTICLE 3	  

	COVENANTS OF THE U.S. COMPANY, CALLCO AND CAN HOLDCO	  

			
	Section 3.1	 	 Covenants Regarding Exchangeable Shares
	  	 	4	 
	Section 3.2	 	 Segregation of Funds
	  	 	5	 
	Section 3.3	 	 Reservation of MVS, SVS and U.S. Company Special Voting Stock
	  	 	5	 
	Section 3.4	 	 Notification of Certain Events
	  	 	6	 
	Section 3.5	 	 Delivery of MVS and SVS to Can HoldCo and CallCo
	  	 	6	 
	Section 3.6	 	 Additional U.S. Company Covenants
	  	 	6	 
	Section 3.7	 	 Economic Equivalence
	  	 	7	 
	Section 3.8	 	 U.S. Company Sale
	  	 	9	 
	Section 3.9	 	 Tender Offers
	  	 	9	 
	Section 3.10	 	 Ownership of Outstanding Shares
	  	 	9	 
	Section 3.11	 	 U.S. Company and Subsidiaries Not to Vote Exchangeable Shares
	  	 	9	 
	Section 3.12	 	 Rule 10b-18 Purchases
	  	 	10	 
	Section 3.13	 	 Restriction on Voluntary Dissolution and Continuance
	  	 	10	 
	Section 3.14	 	 Mailings to Registered Holders of Exchangeable Shares
	  	 	10	 
	Section 3.15	 	 Other Materials
	  	 	10	 
	Section 3.16	 	 Distribution of Written Materials
	  	 	10	 
	Section 3.17	 	 Acknowledgement of Call Rights and Put Rights
	  	 	11	 
	
	ARTICLE 4	  

	U.S. COMPANY SUCCESSORS	  

			
	Section 4.1	 	 Certain Requirements in Respect of Combination, etc.
	  	 	11	 
	Section 4.2	 	 Vesting of Powers in U.S. Company Successor
	  	 	11	 
	Section 4.3	 	 Wholly-Owned Subsidiaries
	  	 	11	 
	
	ARTICLE 5	  

	TRANSFER RESTRICTIONS; U.S. COMPANY SPECIAL VOTING STOCK	  

			
	Section 5.1	 	 Transfer Restrictions; U.S. Company Special Voting Stock
	  	 	12	 
	
	ARTICLE 6	  

	GENERAL	  

			
	Section 6.1	 	 Term
	  	 	12	 
	Section 6.2	 	 Changes in Capital of U.S. Company and Can HoldCo
	  	 	12	 
	Section 6.3	 	 Severability
	  	 	12	 
	Section 6.4	 	 Amendments, Modifications
	  	 	13	 
	Section 6.5	 	 Ministerial Amendments
	  	 	13	 
	Section 6.6	 	 Meeting to Consider Amendments
	  	 	13	 
	Section 6.7	 	 Amendments Only in Writing
	  	 	13	 
	Section 6.8	 	 Notices
	  	 	13	 

							
	Section 6.9	 	 Interpretation
	  	 	14	 
	Section 6.10	 	 Counterparts
	  	 	14	 
	Section 6.11	 	 Governing Law
	  	 	14	 
	Section 6.12	 	 Assignment; Additional Permitted Subsidiaries
	  	 	15	 
	Section 6.13	 	 Enforcement
	  	 	15	 
	Section 6.14	 	 No Waiver
	  	 	15	 
	Section 6.15	 	 Expenses
	  	 	15	 
	Section 6.16	 	 Further Assurances
	  	 	15	 

 EXCHANGE AND SUPPORT AGREEMENT 

This Exchange and Support Agreement (this “Agreement”) is made as of ●, 2018 by and among Zekelman Industries,
Inc., a corporation existing under the laws of the State of Delaware (the “U.S. Company”), [CALLCO], an unlimited liability company existing under the laws of the Province of British Columbia (“CallCo”),
6582125 Canada Inc., a corporation existing under the laws of Canada (“Can HoldCo”), and the Holders. 
 WHEREAS,
the Parties (or their Affiliates) are parties to an exchange and support agreement dated as of December 8, 2006 (the “Original Exchange and Support Agreement”); 

AND, WHEREAS, in connection with the initial public offering of certain shares in the capital of the U.S. Company and the transactions
to be effected in connection therewith, the Parties wish to amend and restate the Original Exchange and Support Agreement in order to set out their understanding with respect to certain rights and obligations in connection with, inter alia,
the exchangeable shares in the capital of Can HoldCo (the “Exchangeable Shares”) and the shares of special voting stock in the capital of the U.S. Company (the “U.S. Company Special Voting Stock”), on and subject to
the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the respective covenants and agreements provided
in this Agreement, and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by the Parties), the Parties covenant and agree as follows: 

ARTICLE 1 
DEFINITIONS 

Section 1.1 Defined Terms 
  

	(1)	 Each term denoted herein by initial capital letters and not otherwise defined herein shall have the meaning
ascribed thereto in the rights, privileges, restrictions and conditions attaching to the Exchangeable Shares (collectively, the “Exchangeable Share Provisions”) in the Articles of Amendment of Can HoldCo dated as of ●, 2018
(the “Can HoldCo Articles”), unless the context requires otherwise. 

  

	(2)	 In addition to the capitalized terms defined elsewhere in this Agreement, for purposes of this Agreement, the
following terms have the meanings ascribed to such terms below: 

 “Automatic Exchange Right” means the
benefit of the obligations of the U.S. Company or CallCo to effect the automatic exchange of Exchangeable Shares for MVS and/or SVS pursuant to Section 2.2. 

“Automatic Exchange Right Consideration” means, in respect of each Exchangeable Share: (a) (i) if the date of the
exchange pursuant to the Automatic Exchange Right occurs prior to the Conversion Date, one MVS or, if a Holder elects by delivering to the U.S. Company written notice not less than two Business Days prior to the date of the exchange,
one SVS, or (ii) if the date of the exchange pursuant to the Automatic Exchange Right occurs on or after the Conversion Date, one SVS, in each case, as adjusted for Stock Splits; and (b) an amount equal to the Outstanding Dividend Amount
calculated as of the date of the exchange pursuant to the Automatic Exchange Right. 
 “Exchange Right Consideration” means,
in respect of each Exchangeable Share: (a) (i) if the date of the applicable exchange pursuant to the Exchange Right occurs prior to the Conversion Date, one MVS or, if a Holder elects in the written notice of exercise delivered to the U.S.
Company pursuant to Section 2.1(2), one SVS, or (ii) if the date of the applicable exchange pursuant to the Exchange Right occurs on or after the Conversion Date, one SVS, in each case, as adjusted for Stock Splits; and (b) an amount
equal to the Outstanding Dividend Amount calculated as of the date of the applicable exchange pursuant to the Exchange Right. 

 “Holders” means the registered holders of Exchangeable Shares from time to time
(other than the U.S. Company or its Subsidiaries). 
 “Parties” means, collectively, the U.S. Company, CallCo, Can HoldCo
and the Holders. 
 “U.S. Company Liquidation Event” means: (a) the institution by the U.S. Company of any
proceeding to be adjudicated a bankrupt or insolvent or to be wound up; (b) the consent of the U.S. Company to the institution of bankruptcy, insolvency or winding-up proceedings against it; (c) the
filing of a petition, answer or consent seeking dissolution or winding-up under any bankruptcy, insolvency or analogous laws, and the failure by the U.S. Company to contest in good faith any such proceedings
commenced in respect of the U.S. Company within 60 days of becoming aware thereof; (d) the consent by the U.S. Company to the filing of any such petition or to the appointment of a receiver; (e) the making by the U.S. Company of a general
assignment for the benefit of creditors; or (f) the admission in writing by the U.S. Company of its inability to pay its debts generally as they become due. 

ARTICLE 2 
EXCHANGE RIGHT AND AUTOMATIC EXCHANGE RIGHT 

Section 2.1 Exchange Right 
  

	(1)	 The U.S. Company hereby grants to each Holder the right (the “Exchange Right”) to require the
U.S. Company or, at the option of the U.S. Company, CallCo, to purchase from such Holder all or any part of the Exchangeable Shares held by such Holder on the terms set forth herein for an amount per Exchangeable Share equal to the Exchange Right
Consideration. The Exchange Right may be exercised at any time and from time to time upon the occurrence and during the continuance of: 

  

	 	(a)	 the failure of Can HoldCo to redeem all of the outstanding Exchangeable Shares following a Liquidation Event as
provided in the Exchangeable Share Provisions; 

  

	 	(b)	 the failure of Can HoldCo to redeem all of the outstanding Exchangeable Shares held by such Holder on the
Redemption Date as provided in the Exchangeable Share Provisions; 

  

	 	(c)	 the failure of Can HoldCo to redeem the Retracted Shares pursuant to a Retraction Request as provided in the
Exchangeable Share Provisions; 

  

	 	(d)	 the failure of the U.S. Company or CallCo to exchange all or any part of the Exchangeable Shares held by such
Holder following the exercise of the Retraction Call Right or the Retraction Put Right as provided in the Exchangeable Share Provisions; 

  

	 	(e)	 the failure of the U.S. Company or CallCo to exchange all or any part of the Exchangeable Shares held by such
Holder following the exercise of the Redemption Call Right or the Redemption Put Right as provided in the Exchangeable Share Provisions; or 

  

	 	(f)	 the failure of the U.S. Company or CallCo to exchange all or any part of the Exchangeable Shares held by such
Holder following the exercise of the Liquidation Call Right or the Liquidation Put Right as provided in the Exchangeable Share Provisions. 

  

	(2)	 To exercise the Exchange Right, a Holder must deliver to the U.S. Company the certificates representing the
Exchangeable Shares to be exchanged together with a written notice stating: 

  
 - 2 - 

	 	(a)	 that the Holder is exercising the Exchange Right; 

 

	 	(b)	 the number of Exchangeable Shares in respect of which the Exchange Right is being exercised;

  

	 	(c)	 that the Holder desires to have all or any number of the Exchangeable Shares in respect of which the Exchange
Right is being exercised exchanged for MVS and/or SVS, as applicable; 

  

	 	(d)	 that the Holder has good title to and owns all of the Exchangeable Shares in respect of which the Exchange
Right is being exercised free and clear of all Liens (other than under the Can HoldCo Articles); 

  

	 	(e)	 whether the Holder is a non-resident of Canada for the purposes of the
Tax Act; 

  

	 	(f)	 the names of the Person(s) in which the MVS and/or SVS issuable in connection with the exercise of the Exchange
Right are to be issued; and 

  

	 	(g)	 the names and addresses of the Persons to whom the MVS and/or SVS issuable in connection with the exercise of
the Exchange Right are to be delivered. 

  

	(3)	 The U.S. Company or CallCo shall, as soon as reasonably practicable and, in any event, no later than five
Business Days following receipt from a Holder pursuant to Section 2.1(2) of a notice of exercise of the Exchange Right and the certificates representing the Exchangeable Shares in respect of which the Exchange Right is being exercised, deliver
or cause to be delivered to the Holder (or any other Persons properly designated by the Holder) the Exchange Right Consideration for each Exchangeable Share in respect of which the Exchange Right is exercised. 

 

	(4)	 Immediately upon receipt by the U.S. Company of the notice of exercise of the Exchange Right and the
certificates representing the Exchangeable Shares in respect of which the Exchange Right is being exercised pursuant to Section 2.1(2): 

  

	 	(a)	 the exchange shall be deemed to have occurred; 

 

	 	(b)	 the Holder shall be deemed to have transferred to the U.S. Company or CallCo all of its interest in the
Exchangeable Share in respect of which the Exchange Right is being exercised; and 

  

	 	(c)	 the Holder (or, if applicable, the other Person(s) specified in the written notice delivered by the Holder
pursuant to Section 2.1(2) to which the MVS and/or SVS are to be issued) shall be deemed to be the holder of the MVS and/or SVS comprising all or part of the Exchange Right Consideration. 

 

	(5)	 If a Holder requires that Can HoldCo redeem the Holder’s Retracted Shares and is notified by Can HoldCo
that Can HoldCo is not permitted, as a result of solvency requirements or other provisions of applicable law, to redeem all of the Retracted Shares, then, if the Retraction Call Right or the Retraction Put Right has not been exercised with respect
to the Retracted Shares and the Holder has not revoked the Retraction Request in accordance with the Exchangeable Share Provisions, the Retraction Request shall constitute the exercise of the Exchange Right with respect to those Retracted Shares
that Can HoldCo is unable to redeem. In any such event, Can HoldCo shall immediately notify the Holder of the prohibition against Can HoldCo redeeming all of the Retracted Shares and shall immediately notify the U.S. Company of the exercise of the
Exchange Right (which notice shall constitute the notice of exercise of the Exchange Right for purposes of Section 2.1(2)). 

  
 - 3 - 

 Section 2.2 Automatic Exchange Right 

 

	(1)	 The U.S. Company shall give the Holders and Can HoldCo written notice of a U.S. Company Liquidation Event at
least 10 Business Days prior to the effective date of the U.S. Company Liquidation Event (the “U.S. Company Liquidation Event Effective Date”). 

 

	(2)	 On the fifth Business Day prior to the U.S. Company Liquidation Event Effective Date: 

 

	 	(a)	 the U.S. Company or CallCo shall deliver or cause to be delivered to each Holder the Automatic Exchange Right
Consideration for each Exchangeable Share held by the Holder; 

  

	 	(b)	 each Holder shall be deemed to have transferred to the U.S. Company or CallCo all of the Holder’s interest
in the Exchangeable Shares (which shall be free and clear of all Liens, other than under the Can HoldCo Articles) and shall cease to be a Holder of those Exchangeable Shares; 

 

	 	(c)	 the Holder shall be deemed to be the holder of the MVS and/or SVS delivered to it; and 

 

	 	(d)	 the certificates held by the Holder previously representing the Exchangeable Shares shall be deemed to
represent the MVS and/or SVS and other Automatic Exchange Right Consideration delivered to the Holder. 

 ARTICLE 3

COVENANTS OF THE U.S. COMPANY, CALLCO AND CAN HOLDCO 
 Section 3.1 Covenants Regarding Exchangeable Shares 

So long as any Exchangeable Shares not owned by the U.S. Company and its Subsidiaries are issued and outstanding, the U.S. Company will: 

 

	(1)	 not declare or pay any dividend on the MVS and/or SVS unless: 

 

	 	(a)	 in the case of a cash dividend on the MVS and/or SVS, (i) Can HoldCo shall simultaneously declare or pay,
as the case may be, an equivalent dividend on the Exchangeable Shares as provided for in Article 5 of the Exchangeable Share Provisions, and (ii) Can HoldCo shall have sufficient money or other assets available to enable the due declaration and
the due and punctual payment, in accordance with applicable law, of any such dividend on the Exchangeable Shares; 

  

	 	(b)	 in the case of a stock dividend on the MVS and/or SVS, (i) Can HoldCo shall subdivide the Exchangeable
Shares in lieu of a stock dividend thereon as contemplated in Article 5 of the Exchangeable Share Provisions and (ii) Can HoldCo shall have sufficient authorized but unissued Exchangeable Shares available to enable such subdivision; or

  

	 	(c)	 in the case of a dividend on the MVS and/or SVS in property other than cash, MVS or SVS, (i) Can HoldCo
shall simultaneously declare or pay, as the case may be, an economically equivalent dividend on the Exchangeable Shares as provided for in Article 5 of the Exchangeable Share Provisions, and (ii) Can HoldCo shall have sufficient assets
available to enable the due declaration and the due and punctual payment, in accordance with applicable law, of any such dividend on the Exchangeable Shares; 

  

	(2)	 advise Can HoldCo sufficiently in advance of the declaration by the U.S. Company of any dividend on the MVS
and/or SVS, and take all such other actions as are reasonably necessary, in co-operation with Can HoldCo, to ensure that: (a) the respective declaration date, record date

  
 - 4 - 

	 	
and payment date for a dividend on the Exchangeable Shares shall be the same as the declaration date, record date and payment date for the corresponding dividend on the MVS and/or SVS; or
(b) the record date and effective date for the subdivision of Exchangeable Shares shall be the same as the record date and payment date for the stock dividend on the MVS and/or SVS; 

 

	(3)	 ensure that the record date for any dividend declared on the MVS and/or SVS is not less than 10 Business Days
after the declaration date of such dividend; 

  

	(4)	 take all such actions, and do all such things, as are reasonably necessary or desirable to enable and permit
Can HoldCo, in accordance with applicable law, to pay and otherwise perform its obligations with respect to the satisfaction of the Liquidation Consideration, the Retraction Consideration or the Redemption Consideration, as applicable, in respect of
each issued and outstanding Exchangeable Share upon (a) the liquidation, dissolution or winding-up of Can HoldCo, or any other distribution of the assets of Can HoldCo among its shareholders for the
purpose of winding up its affairs, (b) the delivery of a Retraction Request by a Holder or (c) the redemption of Exchangeable Shares by Can HoldCo, as the case may be, including all such actions, and all such things, as are necessary or
desirable to enable and permit Can HoldCo to cause to be delivered MVS and/or SVS, as applicable, to the Holders in accordance with the provisions of Article 6, Article 7 and Article 8, respectively, of the Exchangeable Share Provisions; and

  

	(5)	 take all such actions, and do all such things, as are reasonably necessary or desirable to, or to enable and
permit CallCo to, in accordance with applicable law, perform its obligations arising upon the exercise by the U.S. Company or CallCo of the Liquidation Call Right, the Retraction Call Right or the Redemption Call Right, or in connection with the
Exchange Right, as applicable, including all such actions, and all such things, as are necessary or desirable to, or to enable and permit CallCo to, cause to be delivered MVS and/or SVS, as applicable, to the Holders in accordance with the
provisions of the Liquidation Call Right, the Retraction Call Right, the Redemption Call Right and the Exchange Right, respectively. 

Section 3.2 Segregation of Funds 

The U.S. Company and CallCo shall cause Can HoldCo to deposit a sufficient amount of funds in a separate account of Can HoldCo, and segregate a
sufficient amount of such other assets and property as is necessary, to enable Can HoldCo to pay dividends when due, and to pay or otherwise satisfy its respective obligations, under Article 6, Article 7 and Article 8 of the Exchangeable Share
Provisions, as applicable. 
 Section 3.3 Reservation of MVS, SVS and U.S. Company Special Voting Stock 

The U.S. Company hereby represents, warrants and covenants in favour of the Holders, CallCo and Can HoldCo that the U.S. Company has reserved
for issuance and shall, at all times while any Exchangeable Shares (other than Exchangeable Shares held by the U.S. Company or its Subsidiaries) are issued and outstanding, keep available, free from
pre-emptive and other rights, out of its authorized and unissued capital stock, such number of MVS, SVS and shares of U.S. Company Special Voting Stock (or other shares or securities into which such shares may
be reclassified or changed as contemplated by Section 3.7): (a) as is equal to the sum of (i) the number of Exchangeable Shares issued and outstanding from time to time (other than Exchangeable Shares held by the U.S. Company or its
Subsidiaries), and (ii) the number of Exchangeable Shares issuable upon the exercise of all rights to acquire Exchangeable Shares outstanding from time to time; and (b) as are now and may hereafter be required to enable and permit the U.S.
Company or CallCo to meet its obligations under each of the Liquidation Call Right, the Retraction Call Right, the Redemption Call Right and the Exchange Right, to enable and permit the U.S. Company or CallCo to meet its obligations under each of
the Liquidation Put Right, the Retraction Put Right and the Redemption Put Right, and to enable and permit Can HoldCo to meet its respective obligations hereunder and under the Exchangeable Share Provisions. 

  
 - 5 - 

 Section 3.4 Notification of Certain Events 

In order to assist the U.S. Company and CallCo to comply with their respective obligations hereunder, and to permit CallCo to exercise the
Liquidation Call Right, the Retraction Call Right and the Redemption Call Right, Can HoldCo shall notify the U.S. Company and CallCo of each of the following events at the applicable time set forth below: 

 

	(1)	 in the event of any determination by the board of directors of Can HoldCo to institute voluntary liquidation,
dissolution or winding-up proceedings with respect to Can HoldCo, or to effect any other distribution of the assets of Can HoldCo among its shareholders for the purpose of winding up its affairs, at least 60
days prior to the proposed effective date of such liquidation, dissolution, winding-up or other distribution; 

  

	(2)	 promptly, upon the earlier of receipt by Can HoldCo of notice and Can HoldCo otherwise becoming aware of any
threatened or instituted claim, suit, petition or other proceedings with respect to the involuntary liquidation, dissolution or winding-up of Can HoldCo, or to effect any other distribution of the assets of
Can HoldCo among its shareholders for the purpose of winding up its affairs; 

  

	(3)	 promptly, upon receipt by Can HoldCo of a Retraction Request; 

 

	(4)	 on the same date on which notice of redemption is given to the Holders, upon the determination of a Redemption
Date in accordance with the Exchangeable Share Provisions and this Agreement; and 

  

	(5)	 as soon as practicable upon the issuance by Can HoldCo of any Exchangeable Shares or rights to acquire
Exchangeable Shares. 

 Section 3.5 Delivery of MVS and SVS to Can HoldCo and CallCo 

 

	(1)	 In furtherance of its obligations under Section 3.1(4) and Section 3.1(5), upon notice from Can
HoldCo or CallCo of any event that requires Can HoldCo or CallCo to deliver or cause to be delivered MVS and/or SVS to any Holder, the U.S. Company shall, in any manner deemed appropriate by it, provide or cause to be provided to Can HoldCo or
CallCo, either in the form of a share certificate or in book entry form through the direct registration system, the requisite number of MVS and/or SVS to be received by, and issued to or to the order of, the former Holder of the surrendered
Exchangeable Shares, as Can HoldCo or CallCo shall direct. All such MVS and/or SVS shall be duly authorized and validly issued as fully paid and non-assessable, and shall be free and clear of any Lien.

  

	(2)	 In the event that Can HoldCo, the U.S. Company or CallCo are required to deliver MVS and/or SVS to any Holder
in connection with a public offering of SVS, Can HoldCo, the U.S. Company and CallCo shall use all commercially reasonable efforts to cooperate to shorten all applicable timeframes, including the Liquidation Date, Retraction Date or the Redemption
Date, to allow earlier exchange, redemption or retraction of the Exchangeable Shares and settlement of the MVS and/or SVS. 

Section 3.6 Additional U.S. Company Covenants 

The U.S. Company shall use commercially reasonable efforts to ensure that all MVS and SVS issued to Holders hereunder are issued pursuant to an
exemption from the registration or dealer registration and prospectus requirements of applicable securities laws (provided, that such MVS and SVS may be subject to any resale restrictions imposed by such laws). The U.S. Company shall in good faith
expeditiously take all such actions, and do all such things, as are reasonably necessary or desirable to cause all SVS to be delivered hereunder to be listed, quoted or posted for trading on all stock exchanges and quotation systems on which
outstanding SVS have been listed by the U.S. Company and remain listed and are quoted or posted for trading at such time. 

  
 - 6 - 

 Section 3.7 Economic Equivalence 

So long as any Exchangeable Shares not owned by the U.S. Company or its Subsidiaries are issued and outstanding: 

 

	(1)	 Other than as permitted in Section 3.1, the U.S. Company shall not, without the prior approval of Can
HoldCo and Exchangeable Shareholder Approval given in accordance with the Exchangeable Share Provisions: 

  

	 	(a)	 issue or distribute MVS or SVS (or securities exchangeable for or convertible into, or carrying rights to
acquire, MVS or SVS) to the holders of all or substantially all of the then issued outstanding MVS or SVS, as applicable, by way of a stock dividend or other distribution, other than an issue of MVS or SVS, as applicable (or securities exchangeable
for or convertible into, or carrying rights to acquire, MVS or SVS), to holders of MVS or SVS that: (i) exercise an option to receive dividends in MVS or SVS, as applicable (or securities exchangeable for or convertible into, or carrying rights
to acquire, MVS or SVS) in lieu of receiving cash dividends; or (ii) pursuant to any dividend reinvestment plan; or 

  

	 	(b)	 issue or distribute rights, options or warrants to the holders of all or substantially all of the then issued
outstanding MVS or SVS entitling them to subscribe for or to purchase MVS or SVS, as applicable (or securities exchangeable for or convertible into, or carrying rights to acquire, MVS or SVS); or 

 

	 	(c)	 issue or distribute to the holders of all or substantially all of the then issued and outstanding MVS or SVS:
(i) shares or securities of the U.S. Company of any class other than MVS or SVS (other than shares convertible into or exchangeable for, or carrying rights to acquire, MVS or SVS), as applicable; (ii) rights, options or warrants other than
those referred to in Section 3.7(1)(b); (iii) evidences of indebtedness of the U.S. Company; or (iv) assets of the U.S. Company; in each case, unless the same or the economic equivalent on a per share basis of such rights, options,
securities, shares, evidences of indebtedness or other assets is issued or distributed simultaneously to holders of the Exchangeable Shares. 

  

	(2)	 The U.S. Company shall not, without the prior approval of Can HoldCo and Exchangeable Shareholder Approval
given in accordance with the Exchangeable Share Provisions: 

  

	 	(a)	 subdivide, re-divide or change the then outstanding MVS or SVS into a
greater number of MVS or SVS; 

  

	 	(b)	 reduce, combine, consolidate or change the then outstanding MVS or SVS into a lesser number of MVS or SVS; or

  

	 	(c)	 reclassify or otherwise change the MVS or SVS, or effect an amalgamation, merger, reorganization or other
transaction affecting the MVS or SVS, 

 in each case, unless the same or an economically equivalent change shall
simultaneously be made to, or in, the rights of the Holders. 
  

	(3)	 The U.S. Company shall ensure that the record date for any event referred to in Section 3.7(1) or
Section 3.7(2), or (if no record date is applicable for such event) the effective date for any such event, is not less than five Business Days after the date on which such event is declared or announced by the U.S. Company (with contemporaneous
notification thereof by the U.S. Company to Can HoldCo). 

  
 - 7 - 

	(4)	 The Board of Directors shall determine, in good faith and in its reasonable discretion, economic equivalence
for the purposes of any event referred to in Section 3.7(1) or Section 3.7(2), and each such determination shall be conclusive and binding on the U.S. Company and its shareholders. In making each such determination, the following factors
shall, without excluding other factors determined by the Board of Directors to be relevant, be considered by the Board of Directors: 

  

	 	(a)	 in the case of any stock dividend or other distribution payable in MVS or SVS, the number of each such class of
shares issued in proportion to the number of MVS or SVS previously outstanding, as applicable; 

  

	 	(b)	 in the case of the issuance or distribution of any rights, options or warrants to subscribe for or purchase MVS
or SVS (or securities exchangeable for or convertible into, or carrying rights to acquire, MVS or SVS), the relationship between the exercise price of each such right, option or warrant and the Current Market Price; 

 

	 	(c)	 in the case of the issuance or distribution of any other form of property (including any shares or securities
of the U.S. Company of any class other than MVS or SVS, any rights, options or warrants other than those referred to in Section 3.7(4)(b), any evidences of indebtedness of the U.S. Company or any assets of the U.S. Company), the
relationship between the fair market value (as determined by the Board of Directors in good faith and in its reasonable discretion) of such property to be issued or distributed with respect to each outstanding MVS or SVS, as applicable, and the
Current Market Price; 

  

	 	(d)	 in the case of any subdivision, re-division or change of the then
outstanding MVS or SVS into a greater number of MVS or SVS, as applicable, or the reduction, combination, consolidation or change of the then issued outstanding MVS or SVS into a lesser number of MVS or SVS, as applicable, or any amalgamation,
merger, reorganization or other transaction affecting the MVS or SVS, the effect thereof upon the then issued outstanding MVS and SVS; and 

  

	 	(e)	 in all such cases, the general taxation consequences of the relevant event to Holders to the extent that such
consequences may differ from the general taxation consequences to holders of MVS or SVS as a result of differences between taxation laws of Canada and the United States (except for any differing consequences arising as a result of differing marginal
taxation rates and without regard to the individual circumstances of Holders). 

  

	(5)	 Can HoldCo agrees that, to the extent required, upon due notice from the U.S. Company, Can HoldCo shall use its
best efforts to take or cause to be taken such steps as may be necessary for the purposes of ensuring that appropriate dividends are paid, or other distributions are made, by Can HoldCo, or subdivisions,
re-divisions or other changes are made to the Exchangeable Shares, in each case, in order to implement and maintain at all times the required economic equivalence with respect to the MVS and SVS, on the one
hand, and Exchangeable Shares, on the other hand, as provided for in this Section 3.7. Without limiting the generality of the foregoing, the Board of Directors may, acting in good faith, adjust the number of MVS and/or SVS into which an
Exchangeable Share is exchangeable (which initially is one) to reflect the economic equivalence of the relationship between the MVS and/or SVS, on the one hand, and the Exchangeable Shares, on the other hand. 

  
 - 8 - 

 Section 3.8 U.S. Company Sale 

In the case of a Redemption Date established in connection with a U.S. Company Sale, if the U.S. Company Board determines, in good faith and in
its sole discretion, that: (1) it is not reasonably practicable to continue or otherwise to substantially replicate the terms and conditions of the Exchangeable Shares in connection with a U.S. Company Sale; (2) the redemption of all (but
not less than all) of the outstanding Exchangeable Shares is necessary to enable the completion of such U.S. Company Sale in accordance with its terms; or (3) the consideration payable to the holders of SVS in such U.S. Company Sale is cash;
then, in any such instance: (a) the U.S. Company Board may accelerate the Redemption Date to such date prior to the effective date of the U.S. Company Sale as the U.S. Company Board determines, in good faith and in its sole discretion, upon
such number of days’ (not to be less than five Business Days’ in any event) prior written notice to the Holders as the U.S. Company Board determines to be reasonably practicable in such circumstances; and (b) the U.S. Company and the
U.S. Company Board shall use all commercially reasonable efforts to ensure that any such redemption is effective only upon, and is conditional upon, the closing of the transaction (or series of related transactions) constituting the U.S. Company
Sale and only to the extent necessary to enable the Holders to participate in the U.S. Company Sale on an economically equivalent basis to the holders of SVS. 

Section 3.9 Tender Offers 
 In the
event that a tender offer, share exchange offer, issuer bid, take-over bid or similar transaction with respect to the MVS or SVS (an “Offer”), is proposed by the U.S. Company, or is proposed to the U.S. Company or its shareholders
and is recommended by the U.S. Company Board, or is otherwise effected or to be effected with the consent or approval of the U.S. Company Board, and the Exchangeable Shares are not redeemed by Can HoldCo or purchased by CallCo pursuant to the
Redemption Call Right, the U.S. Company shall use its reasonable efforts expeditiously and in good faith to take all such actions, and do all such things, as are necessary or desirable to enable and permit the Holders (other than the U.S. Company
and its Subsidiaries) to participate in such Offer to the same extent or on an economically equivalent basis as the holders of MVS or SVS, without discrimination. Without limiting the generality of the foregoing, the U.S. Company shall use its
reasonable efforts expeditiously and in good faith to ensure that the Holders may participate in each such Offer without being required to retract Exchangeable Shares as against Can HoldCo (or, if so required, to ensure that any such retraction
shall be effective only upon, and shall be conditional upon, the closing of such Offer and only to the extent necessary to tender or deposit to the Offer). Nothing herein shall affect the rights of Can HoldCo to redeem (or CallCo to purchase
pursuant to the Redemption Call Right) Exchangeable Shares, as applicable, in the event of a U.S. Company Sale. 
 Section 3.10 Ownership of
Outstanding Shares 
 Without the prior approval of Can HoldCo and Exchangeable Shareholder Approval given in accordance with the
Exchangeable Share Provisions, the U.S. Company covenants and agrees in favour of Can HoldCo that, as long as any Exchangeable Shares not owned by the U.S. Company or its Subsidiaries are issued and outstanding, the U.S. Company shall be and remain
the direct or indirect beneficial owner of all issued and outstanding voting shares in the capital of Can HoldCo and CallCo. 
 Section 3.11 U.S.
Company and Subsidiaries Not to Vote Exchangeable Shares 
 The U.S. Company covenants and agrees that it shall appoint and cause to be
appointed proxyholders with respect to all Exchangeable Shares held by it and its Subsidiaries for the sole purpose of attending any meeting of the Holders in order to be counted as part of the quorum for any such meeting. The U.S. Company further
covenants and agrees that it shall not, and shall cause its Subsidiaries not to, exercise any voting rights which may be exercisable by the Holders from time to time pursuant to the Exchangeable Share Provisions or pursuant to the provisions of Can
HoldCo’s governing statute (and the regulations promulgated thereunder), or any successor or other statute (and the regulations promulgated thereunder, if any) by which Can HoldCo may in the future be governed, with respect to any Exchangeable
Shares held by it or by its Subsidiaries in respect of any matter considered at any meeting of the Holders. 

  
 - 9 - 

 Section 3.12 Rule 10b-18 Purchases 

Nothing contained in this Agreement, including the obligations of the U.S. Company contained in Section 3.8, shall limit the ability of
the U.S. Company, CallCo or Can HoldCo to make a “Rule 10b-18 Purchase” of MVS or SVS pursuant to Rule 10b-18 of the United States Securities Exchange Act
of 1934, as amended. 
 Section 3.13 Restriction on Voluntary Dissolution and Continuance 

None of the U.S. Company, Can HoldCo or CallCo shall take any action relating to: (a) a voluntary liquidation, dissolution or winding-up of Can HoldCo or its successors, or CallCo or its successors, as the case may be, prior to the Redemption Date; or (b) the continuance or other transfer of the corporate existence of Can HoldCo to
any jurisdiction outside of Canada prior to the Redemption Date. 
 Section 3.14 Mailings to Registered Holders of Exchangeable Shares 

With respect to each meeting of shareholders of the U.S. Company at which holders of MVS and/or SVS are entitled to vote, and with respect to
all written consents sought by the U.S. Company from its shareholders (including the holders of MVS and/or SVS, as applicable), the U.S. Company shall mail or cause to be mailed (or otherwise communicate in the same manner as the U.S. Company
utilizes in communications to holders of MVS and/or SVS, as applicable, subject to applicable regulatory requirements), to the extent not already sent to Holders, to each Holder, such mailing or communication to commence on the same day as the
mailing or notice (or other communication) with respect thereto is commenced by the U.S. Company to its shareholders a copy of such notice, together with any related materials, including any proxy or information statement, to be provided to
shareholders of the U.S. Company. The U.S. Company shall also mail or cause to be mailed (or otherwise communicate in the same manner as the U.S. Company utilizes in communications to holders of MVS and/or SVS, as applicable, subject to applicable
regulatory requirements), to each Holder, such mailing or communication to commence on the same day as the mailing or notice (or other communication) with respect thereto is commenced by the U.S. Company to its shareholders copies of all information
statements, interim and annual financial statements, reports and other materials to be provided to shareholders of the U.S. Company. 
 Section 3.15
Other Materials 
 As soon as reasonably practicable after receipt by the U.S. Company or holders of MVS and/or SVS (if such receipt is
known by the U.S. Company) of any material sent or given by or on behalf of a third party to holders of MVS and/or SVS generally, including dissident proxy and information circulars (and related information and material), and tender and exchange
offer circulars (and related information and material), the U.S. Company shall use its reasonable efforts to obtain and deliver a copy thereof (unless the same has been provided directly to the Holders by such third party) to each Holder as soon as
possible thereafter. The U.S. Company shall also make available for inspection by any Holder at its principal executive offices in Chicago, Illinois copies of all such materials. 

Section 3.16 Distribution of Written Materials 

Any written materials distributed by the U.S. Company pursuant to this Agreement shall be sent by mail (or otherwise communicated in the same
manner as the U.S. Company utilizes in communications to holders of MVS and/or SVS subject to applicable regulatory requirements) to each holder of Exchangeable Shares at its address as shown on the securities register of Can HoldCo. The U.S.
Company agrees not to communicate with holders of MVS and/or SVS with respect to such written 

  
 - 10 - 

 
materials otherwise than by mail unless such method of communication is also used by it for communication with the Holders. Can HoldCo shall provide or cause to be provided to the U.S. Company
for purposes of communication, on a timely basis and without charge or other expense, a current list of the Holders. 
 Section 3.17 Acknowledgement
of Call Rights and Put Rights 
 Each of the Parties acknowledges and agrees that (1) the U.S. Company or CallCo (or any Permitted
Subsidiary other than CallCo) has the right to exercise the Liquidation Call Right, the Redemption Call Right and the Retraction Call Right, and (2) the U.S. Company or CallCo (or any Permitted Subsidiary other than CallCo) hereby grants to
each Holder the Liquidation Put Right, the Redemption Put Right and the Retraction Put Right, in each case, subject to the terms and conditions of this Agreement and the Exchangeable Share Provisions. 

ARTICLE 4 
 U.S.
COMPANY SUCCESSORS 
 Section 4.1 Certain Requirements in Respect of Combination, etc. 

The U.S. Company shall not consummate any transaction (whether by way of reconstruction, reorganization, consolidation, merger, transfer, sale,
lease or otherwise) whereby all or substantially all of its undertaking, property and assets would become the property of any other Person or, in the case of a merger, of the continuing corporation resulting therefrom, unless, but may do so if: 

 

	(1)	 such other Person or continuing corporation (the “U.S. Company Successor”), by operation of
law, becomes bound by the terms and provisions of this Agreement or, if not so bound, executes prior to or contemporaneously with the consummation of such transaction, an agreement supplemental hereto and such other instruments (if any) as are
reasonably necessary or advisable to evidence the assumption by the U.S. Company Successor of liability for all moneys payable and property deliverable hereunder, and the covenant of such U.S. Company Successor to pay and deliver or cause to be
delivered the same, and its agreement to observe and perform all the covenants and obligations of the U.S. Company under this Agreement; and 

  

	(2)	 such transaction shall be upon such terms and conditions as substantially to preserve and not to impair in any
material respect any of the rights, duties, powers and authorities of the other Parties hereunder. 

 Section 4.2 Vesting of
Powers in U.S. Company Successor 
 Whenever the conditions of Section 4.1 have been duly observed and performed, the Parties, if
required by Section 4.1, shall execute and deliver the supplemental agreement provided for in Section 4.1(1) and thereupon the U.S. Company Successor shall possess, and from time to time may exercise, each and every right and power of the
U.S. Company under this Agreement in the name of the U.S. Company or otherwise and any act or proceeding by any provision of this Agreement required to be done or performed by the U.S. Company Board or any officers of the U.S. Company may be done
and performed with like force and effect by the directors or officers of such U.S. Company Successor. 
 Section 4.3 Wholly-Owned Subsidiaries

 Nothing herein shall be construed as preventing the amalgamation or merger of any wholly-owned Subsidiary of the U.S. Company with or
into the U.S. Company or, subject to Section 3.13, the winding-up, liquidation or dissolution of any wholly-owned Subsidiary of the U.S. Company; provided, that, in each case, (1) all of the assets
of such Subsidiary are transferred to the U.S. Company or another wholly-owned Subsidiary of the U.S. Company and (2) any such transactions are expressly permitted by this Article 4. 

  
 - 11 - 

 ARTICLE 5 

TRANSFER RESTRICTIONS; U.S. COMPANY SPECIAL VOTING STOCK 

Section 5.1 Transfer Restrictions; U.S. Company Special Voting Stock 
  

	(1)	 Exchangeable Shares may only be issued by Can HoldCo, or Transferred by a Holder, to Permitted Holders. Any
permitted issuance or Transfer of Exchangeable Shares must also include an issuance by the U.S. Company, or a Transfer by the Holder, as applicable, to the same Person of the same number of shares of U.S. Company Special Voting Stock. Any
redemption, retraction or exchange, or subdivision, re-division or other change, of the Exchangeable Shares must also include a redemption or repurchase by the U.S. Company of the same number of shares of U.S.
Company Special Voting Stock, or a corresponding subdivision, re-division or other change in respect of the U.S. Company Special Voting Stock. 

 

	(2)	 Subject to Section 5.1(1), (a) Can HoldCo shall not issue any Exchangeable Shares, (b) the U.S.
Company shall not issue any shares of U.S. Company Special Voting Stock, (c) and no Holder shall Transfer Exchangeable Shares and shares of U.S. Company Special Voting Stock, in each case, to any Person unless such Person is a party to this
Agreement or agrees to become a party to this Agreement concurrently with such issuance or Transfer, as applicable. 

  

	(3)	 Any purported Transfer of Exchangeable Shares in violation of this Section 5.1 shall be void to the
maximum extent permitted by applicable law. To the maximum extent permitted by applicable law: (a) Can HoldCo and the U.S. Company shall not permit such a purported Transfer to be recorded on the securities registers of Can HoldCo and the U.S.
Company maintained for the Exchangeable Shares and the U.S. Company Special Voting Stock, as applicable; and (b) from the date of any purported Transfer of Exchangeable Shares and/or shares of U.S. Company Special Voting Stock in violation of
this Section 5.1, all rights attaching to such Exchangeable Shares and/or shares of U.S. Company Special Voting Stock shall be suspended and are inoperative until the purported Transfer is rescinded. 

ARTICLE 6 

GENERAL 
 Section 6.1 Term 

This Agreement shall come into force and be effective as of the date hereof and shall terminate and be of no further force and effect at such
time as no Exchangeable Shares (or securities or rights convertible into or exchangeable for, or carrying rights to acquire, Exchangeable Shares) are held by any Person other than the U.S. Company and any of its Subsidiaries. 

Section 6.2 Changes in Capital of U.S. Company and Can HoldCo 

At all times after the occurrence of any event contemplated in Section 3.7, Section 3.8 or otherwise, as a result of which either MVS
and/or SVS or the Exchangeable Shares (or both) are in any way changed, this Agreement shall forthwith be amended and modified as necessary in order that it shall apply with full force and effect, mutatis mutandis, to all new securities into
which MVS and/or SVS or Exchangeable Shares (or both) are so changed, and the Parties shall execute and deliver an agreement in writing giving effect to and evidencing such necessary amendments and modifications. 

Section 6.3 Severability 
 If any
term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or 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 

  
 - 12 - 

 
determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

Section 6.4 Amendments, Modifications 

This Agreement may not be amended or modified except by an agreement in writing executed by all of the Parties and approved by Exchangeable
Shareholder Approval in accordance with the Exchangeable Share Provisions. 
 Section 6.5 Ministerial Amendments 

Notwithstanding the provisions of Section 6.4, the Parties may in writing at any time and from time to time, without Exchangeable
Shareholder Approval, amend or modify this Agreement for the purposes of: 
  

	(1)	 adding to the covenants of any or all Parties; provided, that the board of directors of each of Can HoldCo,
CallCo and the U.S. Company shall be of the good faith opinion that such additions will not be prejudicial to the rights or interests of the Holders; 

  

	(2)	 making such amendments or modifications not inconsistent with this Agreement as may be necessary or desirable
with respect to matters or questions which, in the good faith opinion of the board of directors of each of Can HoldCo, CallCo and the U.S. Company, it may be expedient to make; provided, that each such board of directors shall be of the good faith
opinion that such amendments or modifications will not be prejudicial to the rights or interests of the Holders; or 

  

	(3)	 making such changes or corrections which, on the advice of counsel to Can HoldCo, CallCo and the U.S. Company,
are required for the purpose of curing or correcting any ambiguity or defect, inconsistent provision, clerical omission, mistake or manifest error; provided, that the boards of directors of each of Can HoldCo, CallCo and the U.S. Company shall be of
the good faith opinion that such changes or corrections will not be prejudicial to the rights or interests of the Holders. 

Section 6.6 Meeting to Consider Amendments 

If necessary, Can HoldCo, at the request of the U.S. Company, shall call a meeting or meetings of the Holders for the purpose of considering
any proposed amendment or modification requiring approval pursuant to Section 6.4. Any such meeting or meetings shall be called and held in accordance with the Can HoldCo Articles, the Exchangeable Share Provisions and all applicable laws. 

Section 6.7 Amendments Only in Writing 

No amendment to, or modification of, any of the provisions of this Agreement otherwise permitted hereunder shall be effective unless made in
writing and signed by all of the Parties. 
 Section 6.8 Notices 

All notices, requests, claims, demands, waivers and other communications under this Agreement shall be in writing and shall be deemed given:
(1) five Business Days following sending by registered or certified mail, postage prepaid; (2) when sent, if sent by facsimile (provided, that the facsimile transmission is promptly confirmed by telephone); (3) when delivered, if delivered
personally to the intended recipient; and (4) one Business Day following sending by overnight delivery via a courier service that is nationally recognized in the U.S. and Canada; and, in each case, addressed to a Party at the following address
for such Party: 

  
 - 13 - 

	 	(a)	 If to the U.S. Company, to: 

 
 ● 

 

	 	(b)	 If to Can HoldCo, to: 

 
 ● 

 

	 	(c)	 If to CallCo, to: 

  

● 
  

	 	(d)	 If to the Holders, to the address of each Holder at its address as shown on the securities register of Can
HoldCo 

 or to such other address(es) as shall be furnished in writing by any Party to the other Parties in accordance with the
provisions of this Section 6.8. 
 Section 6.9 Interpretation 

In this Agreement, unless otherwise indicated: 
  

	(1)	 any reference to an Article or a Section shall be to an Article or a Section of this Agreement;

  

	(2)	 the table of contents and headings are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement; 

  

	(3)	 the words “include”, “includes” or “including” shall be
deemed to be followed by the words “without limitation”; 

  

	(4)	 the terms “this Agreement”, “hereof”, “herein” and
“hereunder” and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof, and include any agreement or instrument supplementary or ancillary hereto; 

 

	(5)	 words importing the singular number only shall include the plural and vice versa; 

 

	(6)	 words importing any gender shall include all genders; and 

 

	(7)	 if any date on which any action is required to be taken is not a Business Day, such action shall be required to
be taken on the next succeeding Business Day. 

 Section 6.10 Counterparts 

This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same Agreement and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties. 
 Section 6.11 Governing Law

 This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the laws of Canada
applicable therein, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

  
 - 14 - 

 Section 6.12 Assignment; Additional Permitted Subsidiaries 

 

	(1)	 Neither this Agreement, nor any of the rights, interests or obligations of the Parties under this Agreement,
shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties without the prior written consent of the other Parties. Any purported assignment without such consent shall be void. Subject to the preceding sentence and
to Section 6.12(2), this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. 

 

	(2)	 For the avoidance of doubt, prior to or in connection with the designation by the U.S. Company of a Permitted
Subsidiary other than CallCo to (a) exercise the Liquidation Call Right, the Retraction Call Right or the Redemption Call Right, as applicable, or (b) be subject to the obligations of CallCo in connection with any Exchange Right exercised
by a Holder or the Automatic Exchange Right, such Permitted Subsidiary must become a party to, and agree to be bound by all of the obligations of CallCo under, this Agreement. 

Section 6.13 Enforcement 
 The
Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that any Party shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any court of competent jurisdiction in the Province of Ontario, this being in addition to any
other remedy to which such Party is entitled at law or in equity. In addition, each of the Parties: (1) consents to submit itself to the personal jurisdiction of any court of competent jurisdiction in the Province of Ontario in the event any
dispute arises out of this Agreement; (2) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court; (3) agrees that it shall not bring any action relating to
this Agreement in any court other than any court of competent jurisdiction in the Province of Ontario; and (4) waives any right to trial by jury with respect to any action related to or arising out of this Agreement. 

Section 6.14 No Waiver 
 No provision
of this Agreement shall be deemed waived by any Party unless such waiver is in writing and signed by the Party against whom it is sought to enforce such waiver. 

Section 6.15 Expenses 
 Except as
expressly set forth in this Agreement, all costs, expenses and third party fees paid or incurred in connection with this Agreement shall be paid by the U.S. Company. 

Section 6.16 Further Assurances 

From time to time, as and when requested by any Party, each Party shall execute and deliver, or cause to be executed and delivered, all such
documents and instruments and shall take, or cause to be taken, all such further or other actions, as such other Party may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement. 

  
 - 15 - 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	ZEKELMAN INDUSTRIES, INC.
		
	By:	 	
		 	 Name:

		 	 Title:

	
	[CALLCO]
		
	By:	 	
		 	 Name:

		 	 Title:

	
	6582125 CANADA INC.
		
	By:	 	
		 	 Name:

		 	 Title:

	
	1156676 ONTARIO LTD.
		
	By:	 	
		 	 Name:

		 	 Title:

  
 [SIGNATURE PAGE TO EXCHANGE AND
SUPPORT AGREEMENT] 

 
			
	 [CP], by its partners:
  

1156676 ONTARIO LTD.

		
	By:	 	 
		 	Name:
		 	Title:
	
	[NEWCO]
		
	By:	 	 
		 	Name:
		 	Title:

  
 [SIGNATURE PAGE TO EXCHANGE AND
SUPPORT AGREEMENT]EX-10.1

 Exhibit 10.1 

FORM OF 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”), dated as of
                    , is by and between Zekelman Industries, Inc., a Delaware corporation (the “Company”), and
                     (“Indemnitee”). 

RECITALS 
  

	 	1.	 The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to
serve as officers and directors of the Company and to indemnify its officers and directors so as to provide them with the maximum protection permitted by law. 

 

	 	2.	 In order to address such issues and induce Indemnitee to serve or continue to serve as an officer or director
of the Company, the Company has determined to enter into this Agreement with Indemnitee. 

  

	 	3.	 The indemnification rights provided to Indemnitee pursuant to this Agreement are in addition to any rights for
indemnification provided to Indemnitee pursuant to the Company’s certificate of incorporation (as it may be amended from time to time, the “Certificate of Incorporation”), the Company’s bylaws (as they may be amended from
time to time, the “Bylaws”) and any resolutions adopted pursuant thereto and to any indemnification rights to which Indemnitee may be entitled under the General Corporation Law of the State of Delaware (the “DGCL”).

 AGREEMENT 

Therefore, the Company and Indemnitee agree as follows: 
  

	 	1.	 Definitions. 

  

	 	a.	 A “Change in Control” shall mean the occurrence of any one or more of the following events:

  

	 	i.	 any Person (other than any Permitted Holder as defined in the Company’s Certificate of Incorporation)
becomes the Beneficial Owner (except that a Person shall be deemed to be the Beneficial Owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or
options or otherwise, without regard to the sixty (60) day period referred to in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company, representing thirty percent (30%)
or more of the combined voting power of such entity’s then outstanding securities; 

  

	 	ii.	 during any twelve (12) month period, a majority of the members of the board of directors of the Company is
replaced by individuals who were not members of the board of directors of the Company at the beginning of such twelve (12) month period and whose election by the board of directors of the Company or nomination for election by the Company’s
shareholders was not approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such twelve (12) month period or whose election or nomination for election was previously so
approved; 

  
 1 

	 	iii.	 the consummation of a merger or consolidation of the Company with any other entity, other than a merger or
consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity)
fifty percent (50%) or more of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation; or 

  

	 	iv.	 the consummation of a sale or disposition of all or substantially all of the assets of the Company, other than
such a sale or disposition that would result in the voting securities of the Company outstanding immediately prior thereto representing fifty percent (50%) or more of the combined voting power of the acquiring entity outstanding immediately after
such a sale or disposition. 

 For purposes of this Section 1(a), the following terms shall have the following
meanings: 
 (1) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used
in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 (2) “Beneficial
Owner” shall have the meaning ascribed to such term in Rule13d-3 and Rule 13d-5 of the Exchange Act. 

 

	 	b.	 “Bylaws” shall have the meanings set forth in the Recitals. 

 

	 	c.	 “Certificate of Incorporation” shall have the meaning set forth in the Recitals.

  

	 	d.	 “Corporate Status” describes the status of a person who is or was a director, trustee, general
partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise. 

  

	 	e.	 “DGCL” shall have the meaning set forth in the Recitals. 

 

	 	f.	 “Disinterested Director” means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee. 

  

	 	g.	 “Enterprise” means the Company and any other corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary.

  

	 	h.	 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
the rules, regulations and guidance thereunder, or any successor act thereto. 

  

	 	i.	 “Expenses” include all reasonable and actually incurred attorneys’ fees, retainers, court
costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection
with any appeal resulting from any 

  
 2 

	 	
Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond or other appeal bond or their equivalent, and (ii) for
purposes of Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

 

	 	j.	 “Independent Counsel” means a law firm, or a partner or member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than as Independent Counsel with
respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. 

  

	 	k.	 “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any
appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party
witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting in the capacity of a
director or officer of the Company, or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other
Enterprise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement. 

 

	 	l.	 Construction of Certain Phrases. Reference to “other enterprises” shall include
employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any
service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person
who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement. 

  

	 	2.	 Indemnification in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with
the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the

  
 3 

	 	
Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 

 

	 	3.	 Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim,
issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court of Chancery or
such other court shall deem proper. 

  

	 	4.	 Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the extent that
Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter. 

  

	 	5.	 Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her
Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. 

  

	 	6.	 Additional Indemnification. Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall
indemnify Indemnitee to the fullest extent permitted by applicable law, as such may be amended from time to time, if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right
of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or
matter therein. 

  
 4 

	 	7.	 Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under
this Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding): 

  

	 	a.	 for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy,
indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid; 

  

	 	b.	 for an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange Act or similar
provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements in connection therewith); 

 

	 	c.	 for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act of 2002), if Indemnitee is held
liable therefor (including pursuant to any settlement arrangements in connection therewith); 

  

	 	d.	 initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the
Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12, or (iv) otherwise required by applicable law; or

  

	 	e.	 if prohibited by law. 

 

	 	8.	 Advances of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with
any Proceeding prior to its final disposition, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 90 days, after the receipt by the Company of a written statement or statements requesting such
advances from time to time (which shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would
cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice). Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be
indemnified by the Company, and no other form of undertaking shall be required other than the execution of this Agreement. Such repayment obligation will be unsecured and will not bear interest. This Section 8 shall not apply to the extent
advancement is prohibited by law and shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding (or any part of any Proceeding) referenced in
Section 7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company. 

  

	 	9.	 Procedures for Notification and Defense of Claim. 

 

	 	a.	 Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written 

  
 5 

	 	
notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the
Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to
the extent that such failure or delay materially prejudices the Company. 

  

	 	b.	 If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the
applicable policies. The Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

  

	 	c.	 If the Company is obligated to make any indemnity in connection with a Proceeding, the Company may assume the
defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed, upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of
such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same
Proceeding. Notwithstanding the Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s separate counsel to the extent (i) the employment of separate
counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that
Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations, or (iv) the Company shall not have retained, or shall not continue to retain, counsel to defend
such Proceeding. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without the consent of Indemnitee, to
assume the defense of any claim brought by or in the right of the Company. 

  

	 	d.	 Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be
reasonably appropriate. 

  

	 	e.	 The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part
thereof) without the Company’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 

  

	 	f.	 The Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or
liability on Indemnitee without Indemnitee’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. 

  
 6 

	 	10.	 Procedures upon Application for Indemnification. 

 

	 	a.	 To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding.
The Company shall, as soon as reasonably practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification. Any delay in providing the request will not relieve the Company
from its obligations under this Agreement, except to the extent such failure is prejudicial. 

  

	 	b.	 Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with
respect to Indemnitee’s entitlement thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be
delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (B) by a committee of
Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the stockholders of the
Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within thirty days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and
that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law. 

  

	 	c.	 In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant
to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Company’s board of directors, and the
Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Company’s board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so
selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the
objection shall set forth with particularity the factual basis of such 

  
 7 

	 	
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so
selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee of a written request
for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition the Delaware Court of Chancery
for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other person as
the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any judicial proceeding pursuant
to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

 

	 	d.	 The Company agrees to pay the reasonable fees and expenses of any Independent Counsel. 

 

	 	11.	 Presumptions and Effects of Certain Proceedings. 

 

	 	a.	 In making a determination with respect to entitlement to indemnification hereunder, the person, persons or
entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of
proof to overcome that presumption by clear and convincing evidence. 

  

	 	b.	 The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did
not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her
conduct was unlawful. 

  

	 	c.	 For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the
extent Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the officers or employees of the Enterprise in the course of their
duties, (iii) the advice of legal counsel for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made to the Enterprise by an independent
certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of this Section 11(c) shall not be
deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met any applicable standard of conduct. 

  
 8 

	 	d.	 Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the
Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

  

	 	12.	 Remedies of Indemnitee. 

 

	 	a.	 Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10
of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(d) of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of
indemnification pursuant to this Agreement is not made (A) within thirty days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4, 5 and 12(d) of
this Agreement, within thirty days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee may seek an adjudication by the Delaware Court of Chancery of his or
her entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence such proceeding seeking an adjudication within 180 days after the date on which Indemnitee first has the right to commence such proceeding pursuant to this
Section 12(a). 

  

	 	b.	 Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met
the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this
Section 12 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section 12, the Company
shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, by clear and convincing evidence. 

 

	 	c.	 To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial
proceeding commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this
Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this
Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law. 

  
 9 

	 	d.	 To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are
incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company to the
extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 90 days, after receipt by the Company of a written request therefor) advance such Expenses to
Indemnitee, subject to the provisions of Section 8. 

  

	 	e.	 Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification shall be required to be made prior to the final disposition of the Proceeding. 

  

	 	13.	 Contribution. To the fullest extent permissible under applicable law, if the indemnification provided
for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in
connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents) in connection
with such events and transactions. 

  

	 	14.	 Non-exclusivity. The rights of indemnification and to receive
advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation or Bylaws, any agreement, a vote of
stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the
Certificate of Incorporation and Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein
or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy. 

  

	 	15.	 Primary Responsibility. The Company acknowledges that Indemnitee may have certain rights to
indemnification and/or advancement of expenses provided by other sources (collectively, the “Secondary Indemnitors”). The Company agrees that Indemnitee is not obligated to enforce its rights against such Secondary Indemnitors prior
to obtaining indemnification or advancement of expenses under this Agreement. 

  
 10 

	 	16.	 No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy, contract, agreement or otherwise.

  

	 	17.	 Insurance. The Company shall purchase and maintain a policy or policies of director’s and
officer’s insurance in a sufficient amount as determined by the board of directors of the Company providing the Indemnitee, officers of the Company and members of the board of directors of the Company with coverage for losses from wrongful
acts, and to ensure the Company’s performance of its indemnification obligations under this Agreement. Such insurance shall be with reputable insurance companies with A.M. Best ratings of
“A-VII” or better, and shall be on terms and conditions, including limitations and exclusions, that are customary for similarly situated companies. In all policies of directors’ and
officers’ liability insurance, Indemnitee shall be insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if Indemnitee is a director, or of
the Company’s officers, if Indemnitee is not a director of the Company but is an officer. 

  

	 	18.	 Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights. 

  

	 	19.	 Duration. This Agreement shall continue in effect until the later of (a) ten years after the date
that Indemnitee shall have ceased to serve as a director or an officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as applicable, (b) for as long as
Indemnitee may be subject to any Proceeding, even after Indemnitee has ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other
Enterprise, as applicable. 

  

	 	20.	 Successors. This Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns, and Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. 

  

	 	21.	 Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the
Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

  
 11 

	 	22.	 Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and
assumed the obligations imposed on it hereby in order to induce Indemnitee to serve or continue to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or
officer of the Company. 

  

	 	23.	 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to
and in furtherance of the Certificate of Incorporation, Bylaws and applicable law. 

  

	 	24.	 Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding
unless executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her
Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

  

	 	25.	 Notices. All notices and other communications required or permitted hereunder shall be in writing and
shall be mailed by registered or certified mail, postage prepaid, sent by electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

 

	 	a.	 if to Indemnitee, to Indemnitee’s address, or electronic mail address as shown on the signature page of
this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 

  

	 	b.	 if to the Company, to the attention of
[                    ] at
[                    ]. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid,
specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has
been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, upon confirmation of delivery when directed to the relevant
electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 

 

	 	26.	 Governing Law and Consent to Jurisdiction. This Agreement shall be governed by and construed in
accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. Each party
hereto (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry,
proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees

  
 12 

	 	
not to assert, and agrees not to allow any of its subsidiaries or agents to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper or that this Agreement or the subject matter hereof or
thereof may not be enforced in or by such court and (c) hereby agrees neither to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement, or relating to the subject matter hereof or thereof, other than before one of the above-named courts, nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim,
cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Each party hereto consents to service of
process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 13(c) hereof is reasonably
calculated to give actual notice. 

  

	 	27.	 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY
HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE),
INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO
ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 27 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION 27 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  

	 	28.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile or portable document format (.pdf) and in counterparts, each of which shall
for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. 

  

	 	29.	 Descriptive Headings. The descriptive headings of this Agreement are for convenience of reference only,
are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

  

			
	Zekelman Industries, Inc.
		
	By:	 	 
		 	 Name:
 Title:

  

	
	Indemnitee
	
	   

	[Insert Indemnitee Name]

 [Signature Page to Indemnification Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]